INVESTMENT STRATEGY

In the last six months we implemented a temporary defensive strategy by temporarily raising the cash in the Reynolds Blue Chip Growth Fund to a high level. We are continuing with this temporary defensive strategy and continue to have a high level of cash in the Blue Chip Fund. We are closely watching events unfold and will invest this cash when we believe appropriate.

OPPORTUNISTIC INVESTING IN COMPANIES OF VARIOUS SIZES

Opportunistic Investing in Companies of Various Sizes The Reynolds Blue Chip Growth Fund usually invests in companies of various sizes as classified by their market capitalizations. The Fund usually emphasizes investments in larger companies. A company’s market capitalization is calculated by taking the number of shares the company has outstanding multiplied by its current market price. Other considerations in selecting companies for the Fund include revenue growth rates, product innovations, financial strength, management’s knowledge and experience plus the overall economic and geopolitical environments and interest rates.

Reynolds Blue Chip Growth Fund