40-24B2 1 bluehtml.htm MAY 2009 PERFORMANCE bluehtml.htm - Generated by SEC Publisher for SEC Filing

        Reynolds Blue Chip Fund 
 
     Reynolds Blue Chip    The long-term strategy of the Reynolds Blue 
    Growth Fund    Chip Growth Fund is to emphasize 
        investment in “blue chip” growth 
    Reynolds    companies. In the long-term these 
    Opportunity Fund    companies build value as their earnings 
      grow. This growth in value should 
   

Reynolds Fund 

 ultimately be recognized in higher stock
prices for these companies.

Performance Discussion & Analysis
For our latest market comments, please see the latest Annual Report

Portfolio Manager
Frederick L. Reynolds

Investment Objective
Seeking Long-term Capital Appreciation.

General             
 
Category:             Equity    Minimum Investment     
Symbol:             RBCGX    Initial:                       $1000 
Inception Date:             8/12/88    Subsequent:                       $100 
Net Assets in Millions:             $24.9    Initial IRA:                       $1000 
(as of 03/31/09)        Subsequent IRA:                       $100 
        Automatic Investment Plan:                       $50 
 
 
 
Performance Data         
 
                             Average Annual Total Return         
                                   (as of 5/31/09)         
     Return         
Year to Date     +15.24%         
1 Year     +11.67%         
3 Year     +5.45%         
5 Year     +3.42%         
10 Year     (3.68)%         
Life of Fund     +6.99%         
 
                             Average Annual Total Return    Cumulative Total Return 
                                   (as of 03/31/09)    (as of 03/31/09) 
    Return        Return 
1 Year    (1.48)%             1 Year    (1.48)% 
3 Year    (0.71)%             3 Year    (2.12)% 
5 Year    (0.08)%             5 Year    (0.39)% 
10 Year    (5.30)%             10 Year    (41.97)% 
Life of Fund    +6.37%             Life of Fund    +257.40% 

                               Calendar Year End Data             
Year    2008    2007    2006    2005    2004    2003    2002    2001    2000    1999 
Total Return    -5.09%    +8.29%    +1.37%    (3.33)%    (1.43)%    +41.8%    (36.6)%    (29.0)%    (31.8)%    +50.9% 
Capital Gains    0    0    0    0    0    0    0    0    0    0.0052 
Dividends    0    0.2104    0    0    0    0    0    0    0    0 
Total Assets ($millions) $21.4    $25.5    $34.4    $49.3    $90.1    $125.0    $88.7    $196.1    $397.7    $589.7 
Value $10,000    $35,363    $37,258    $34,405    $33,940    $35,109    $35,619    $25,115    $39,589    $55,742    $81,754 
invested on 8/12/88                                         

Operations Data
Front end Load: None
Redemption Fee: None
Expense Ratio1 (after reimbursement): 2.00%
Expense Ratio1 (before reimbursement): 3.11%
(as of 03/31/09)

            Asset Allocation         
Date    03/31/09    12/31/08    09/30/08    06/30/08    03/31/08 
Equities    47.06%    0.00%    0.57%    0.76%    0.62% 
Preferred Stock    0.00%    0.00%    0.00%    0.00%    0.00% 
Cash    52.94%    100.00%    99.43%    99.24%    99.38% 
 
Turnover Rate: 258%                     
(as of 03/31/09)                     
 
Top Ten Investment Holdings     Top Ten Industry Weightings         
(as of 03/31/09)         (as of 03/31/09)             
Apple Inc.    2.11%     Specialty Retail        4.19%     
International Business Machines Corp. 1.17%     Computers & Peripherals    3.53%     
Costco Wholesale Corp.    1.11%     Hotels, Restaurants & Leisure    2.75%     
McDonald's Corp.    1.09%     Pharmaceuticals        2.69%     
Deere & Co.    0.99%     Food & Staples Retailing    2.57%     
The Coca-Cola Co.    0.88%     Machinery        2.36%     
China Mobile Ltd. SP-ADR    0.87%     Communications Equipment    2.17%     
Wal-Mart Stores, Inc.    0.84%     Metals & Mining        2.01%     
Barrick Gold Corp.    0.78%     Software        1.87%     
Newmont Mining Corp.    0.72%     Energy Equipment & Services    1.85%     

1The Adviser has undertaken to reimburse the Fund to the extent that the aggregate annual operating expenses, including investment advisory fees and administration fees but excluding interest, taxes, brokerage commissions and other costs incurred in connection with the purchase or sale of portfolio securities, and extraordinary items, exceed that percentage of the average net assets of the Fund for the year, as determined by valuations made as of the close of each business day of the year, which is the most restrictive percentage provided by the state laws of the various states in which the shares of the Fund are qualified for sale or, if the states in which the shares of the Fund are qualified for sale impose no such restrictions, 2%. As of the date hereof, no such state law provision was applicable to the Fund. The Fund monitors its expense ratio on a monthly basis. If the accrued amount of the expenses of the Fund exceeds the expense limitation, the Fund creates an account receivable from the Adviser for the amount of such excess. The above expense ratios are presented before and after this expense reimbursement agreement. Refer to the current Prospectus and Statement of Additional Information for other historical performance information.

Past performance is not a guarantee of future performance. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost.

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