Reynolds Blue Chip Growth Fund | ||||||||
SCHEDULE OF INVESTMENTS | ||||||||
June 30, 2021 (Unaudited) | ||||||||
Shares | Value | |||||||
COMMON STOCKS - 99.6% | ||||||||
Aerospace & Defense - 0.2% | ||||||||
The Boeing Company (n) | 200 | $ | 47,912 | |||||
Lockheed Martin Corp. | 100 | 37,835 | ||||||
TransDigm Group, Inc. (n) | 100 | 64,729 | ||||||
150,476 | ||||||||
Air Freight & Logistics - 1.0% | ||||||||
FedEx Corp. | 1,400 | 417,662 | ||||||
United Parcel Service, Inc., Class B | 1,600 | 332,752 | ||||||
XPO Logistics, Inc. (n) | 350 | 48,962 | ||||||
799,376 | ||||||||
Airlines - 0.2% | ||||||||
Alaska Air Group, Inc. (n) | 700 | 42,217 | ||||||
Delta Air Lines, Inc. (n) | 900 | 38,934 | ||||||
Southwest Airlines Company (n) | 800 | 42,472 | ||||||
123,623 | ||||||||
Automobiles - 1.1% | ||||||||
Tesla, Inc. (n) | 1,300 | 883,610 | ||||||
Banks - 0.1% | ||||||||
Bank of America Corp. | 1,200 | 49,476 | ||||||
JPMorgan Chase & Company | 300 | 46,662 | ||||||
96,138 | ||||||||
Beverages - 0.0% | ||||||||
PepsiCo, Inc. | 250 | 37,043 | ||||||
Biotechnology - 2.8% | ||||||||
Alexion Pharmaceuticals, Inc. (n) | 250 | 45,927 | ||||||
Alnylam Pharmaceuticals, Inc. (n) | 550 | 93,236 | ||||||
Amgen, Inc. | 1,750 | 426,563 | ||||||
BioCryst Pharmaceuticals, Inc. (n) | 1,800 | 28,458 | ||||||
Biogen, Inc. (n) | 450 | 155,822 | ||||||
BioNTech SE - ADR (n) | 1,000 | 223,880 | ||||||
CRISPR Therapeutics AG (n) | 1,100 | 178,079 | ||||||
Exact Sciences Corp. (n) | 400 | 49,724 | ||||||
Inovio Pharmaceuticals, Inc. (n) | 1,200 | 11,124 | ||||||
Invitae Corp. (n) | 2,600 | 87,698 | ||||||
Ligand Pharmaceuticals, Inc. (n) | 300 | 39,357 | ||||||
Moderna, Inc. (n) | 700 | 164,486 | ||||||
Neurocrine Biosciences, Inc. (n) | 400 | 38,928 | ||||||
Novavax, Inc. (n) | 600 | 127,386 | ||||||
PTC Therapeutics, Inc. (n) | 200 | 8,454 | ||||||
Regeneron Pharmaceuticals, Inc. (n) | 550 | 307,197 | ||||||
Sarepta Therapeutics, Inc. (n) | 100 | 7,774 | ||||||
Sorrento Therapeutics, Inc. (n) | 7,500 | 72,675 | ||||||
United Therapeutics Corp. (n) | 200 | 35,882 | ||||||
Vaxart, Inc. (n) | 1,500 | 11,235 | ||||||
Vertex Pharmaceuticals, Inc. (n) | 300 | 60,489 | ||||||
Vir Biotechnology, Inc. (n) | 700 | 33,096 | ||||||
2,207,470 | ||||||||
Building Products - 0.2% | ||||||||
Johnson Controls International PLC | 1,200 | 82,356 | ||||||
Trane Technologies PLC | 300 | 55,242 | ||||||
137,598 | ||||||||
Capital Markets - 2.2% | ||||||||
The Blackstone Group, Inc. | 3,300 | 320,562 | ||||||
The Charles Schwab Corp. | 5,400 | 393,174 | ||||||
Coinbase Global, Inc., Class A (n) | 250 | 63,325 | ||||||
Futu Holdings Ltd. - ADR (n) | 300 | 53,727 | ||||||
The Goldman Sachs Group, Inc. | 500 | 189,765 | ||||||
Intercontinental Exchange, Inc. | 400 | 47,480 | ||||||
Invesco Ltd. | 2,400 | 64,152 | ||||||
MarketAxess Holdings, Inc. | 100 | 46,359 | ||||||
Morgan Stanley | 1,400 | 128,366 | ||||||
Morningstar, Inc. | 300 | 77,133 | ||||||
Nasdaq, Inc. | 300 | 52,740 | ||||||
T. Rowe Price Group, Inc. | 1,150 | 227,665 | ||||||
Virtus Investment Partners, Inc. | 150 | 41,666 | ||||||
1,706,114 | ||||||||
Commercial Services & Supplies - 0.8% | ||||||||
Copart, Inc. (n) | 1,700 | 224,111 | ||||||
Waste Connections, Inc. | 1,200 | 143,316 | ||||||
Waste Management, Inc. | 1,800 | 252,198 | ||||||
619,625 | ||||||||
Communications Equipment - 0.4% | ||||||||
Cisco Systems, Inc. | 2,900 | 153,700 | ||||||
Infinera Corp. (n) | 1,500 | 15,300 | ||||||
Motorola Solutions, Inc. | 700 | 151,795 | ||||||
320,795 | ||||||||
Consumer Finance - 0.1% | ||||||||
SoFi Technologies, Inc. (n) | 2,400 | 46,008 | ||||||
Upstart Holdings, Inc. (n) | 200 | 24,980 | ||||||
70,988 | ||||||||
Diversified Consumer Services - 0.1% | ||||||||
2U, Inc. (n) | 1,200 | 50,004 | ||||||
New Oriental Education & Technology Group, Inc. - ADR (n) | 5,400 | 44,226 | ||||||
94,230 | ||||||||
Electrical Equipment - 0.2% | ||||||||
AMETEK, Inc. | 300 | 40,050 | ||||||
Sunrun, Inc. (n) | 2,100 | 117,138 | ||||||
157,188 | ||||||||
Electronic Equipment, Instruments & Components - 0.3% | ||||||||
Amphenol Corp., Class A | 600 | 41,046 | ||||||
Coherent, Inc. (n) | 200 | 52,868 | ||||||
Keysight Technologies, Inc. (n) | 300 | 46,323 | ||||||
Littelfuse, Inc. | 100 | 25,479 | ||||||
TE Connectivity Ltd. | 800 | 108,168 | ||||||
273,884 | ||||||||
Energy Equipment & Services - 0.2% | ||||||||
Schlumberger N.V. | 3,800 | 121,638 | ||||||
Entertainment - 3.7% | ||||||||
Bilibili, Inc. - ADR (n) | 200 | 24,368 | ||||||
iQIYI, Inc. - ADR (n) | 3,900 | 60,762 | ||||||
NetEase, Inc. - ADR | 200 | 23,050 | ||||||
Netflix, Inc. (n) | 3,400 | 1,795,914 | ||||||
ROBLOX Corp., Class A (n) | 300 | 26,994 | ||||||
Roku, Inc. (n) | 1,000 | 459,250 | ||||||
Sea Ltd. - ADR (n) | 200 | 54,920 | ||||||
Spotify Technology SA (n) | 750 | 206,693 | ||||||
Take-Two Interactive Software, Inc. (n) | 200 | 35,404 | ||||||
The Walt Disney Company (n) | 1,400 | 246,078 | ||||||
2,933,433 | ||||||||
Equity Real Estate Investment Trusts - 0.5% | ||||||||
Crown Castle International Corp. | 200 | 39,020 | ||||||
Extra Space Storage, Inc. | 500 | 81,910 | ||||||
Kimco Realty Corp. | 2,100 | 43,785 | ||||||
Life Storage, Inc. | 900 | 96,615 | ||||||
Public Storage | 450 | 135,310 | ||||||
396,640 | ||||||||
Food & Staples Retailing - 3.7% | ||||||||
Costco Wholesale Corp. | 3,750 | 1,483,763 | ||||||
Walmart, Inc. | 9,900 | 1,396,098 | ||||||
2,879,861 | ||||||||
Health Care Equipment & Supplies - 2.3% | ||||||||
Abbott Laboratories | 500 | 57,965 | ||||||
ABIOMED, Inc. (n) | 50 | 15,605 | ||||||
Align Technology, Inc. (n) | 100 | 61,100 | ||||||
Baxter International, Inc. | 600 | 48,300 | ||||||
Boston Scientific Corp. (n) | 1,200 | 51,312 | ||||||
Danaher Corp. | 150 | 40,254 | ||||||
Dexcom, Inc. (n) | 450 | 192,150 | ||||||
Edwards Lifesciences Corp. (n) | 1,100 | 113,927 | ||||||
Intuitive Surgical, Inc. (n) | 650 | 597,766 | ||||||
Masimo Corp. (n) | 200 | 48,490 | ||||||
Novocure Ltd. (n) | 1,300 | 288,366 | ||||||
ResMed, Inc. | 150 | 36,978 | ||||||
STERIS PLC | 200 | 41,260 | ||||||
Stryker Corp. | 700 | 181,811 | ||||||
Tandem Diabetes Care, Inc. (n) | 500 | 48,700 | ||||||
1,823,984 | ||||||||
Health Care Providers & Services - 0.4% | ||||||||
Brookdale Senior Living, Inc. (n) | 2,400 | 18,960 | ||||||
DaVita, Inc. (n) | 600 | 72,258 | ||||||
Fulgent Genetics, Inc. (n) | 400 | 36,892 | ||||||
HCA Healthcare, Inc. | 200 | 41,348 | ||||||
Quest Diagnostics, Inc. | 1,400 | 184,758 | ||||||
354,216 | ||||||||
Health Care Technology - 0.3% | ||||||||
Cerner Corp. | 600 | 46,896 | ||||||
Omnicell, Inc. (n) | 250 | 37,863 | ||||||
Teladoc Health, Inc. (n) | 236 | 39,244 | ||||||
Veeva Systems, Inc., Class A (n) | 300 | 93,285 | ||||||
217,288 | ||||||||
Hotels, Restaurants & Leisure - 4.3% | ||||||||
Airbnb, Inc., Class A (n) | 1,000 | 153,140 | ||||||
Booking Holdings, Inc. (n) | 250 | 547,022 | ||||||
Chipotle Mexican Grill, Inc. (n) | 500 | 775,170 | ||||||
Darden Restaurants, Inc. | 700 | 102,193 | ||||||
Domino's Pizza, Inc. | 100 | 46,649 | ||||||
DraftKings, Inc., Class A (n) | 800 | 41,736 | ||||||
Expedia Group, Inc. (n) | 4,600 | 753,066 | ||||||
Hilton Worldwide Holdings, Inc. (n) | 500 | 60,310 | ||||||
Hyatt Hotels Corp., Class A (n) | 700 | 54,348 | ||||||
International Game Technology PLC (n) | 1,400 | 33,544 | ||||||
Las Vegas Sands Corp. (n) | 800 | 42,152 | ||||||
Marriott International, Inc., Class A (n) | 300 | 40,956 | ||||||
Marriott Vacations Worldwide Corp. (n) | 200 | 31,860 | ||||||
McDonald's Corp. | 200 | 46,198 | ||||||
MGM Resorts International | 4,600 | 196,190 | ||||||
Starbucks Corp. | 2,600 | 290,706 | ||||||
Travel + Leisure Company | 800 | 47,560 | ||||||
Wynn Resorts Ltd. (n) | 700 | 85,610 | ||||||
3,348,410 | ||||||||
Household Durables - 0.3% | ||||||||
iRobot Corp. (n) | 1,400 | 130,746 | ||||||
Lennar Corp., Class A | 500 | 49,675 | ||||||
Sony Group Corp. - ADR | 400 | 38,888 | ||||||
219,309 | ||||||||
Interactive Media & Services - 15.6% | ||||||||
Alphabet, Inc., Class A (n) | 1,500 | 3,662,685 | ||||||
Alphabet, Inc., Class C (n) | 1,750 | 4,386,060 | ||||||
Baidu, Inc. - ADR (n) | 1,500 | 305,850 | ||||||
Bumble, Inc., Class A (n) | 900 | 51,840 | ||||||
Facebook, Inc., Class A (n) | 6,700 | 2,329,657 | ||||||
fuboTV, Inc. (n) | 1,200 | 38,532 | ||||||
Match Group, Inc. (n) | 1,840 | 296,700 | ||||||
Snap, Inc., Class A (n) | 1,400 | 95,396 | ||||||
TripAdvisor, Inc. (n) | 5,100 | 205,530 | ||||||
Twitter, Inc. (n) | 3,300 | 227,073 | ||||||
Zillow Group, Inc., Class C (n) | 5,100 | 623,322 | ||||||
ZoomInfo Technologies, Inc., Class A (n) | 700 | 36,519 | ||||||
12,259,164 | ||||||||
Internet & Direct Marketing Retail - 14.9% | ||||||||
Alibaba Group Holding Ltd. - ADR (n) | 6,000 | 1,360,680 | ||||||
Amazon.com, Inc. (n) | 2,800 | 9,632,448 | ||||||
Chewy, Inc., Class A (n) | 600 | 47,826 | ||||||
DoorDash, Inc., Class A (n) | 250 | 44,582 | ||||||
eBay, Inc. | 2,700 | 189,567 | ||||||
Etsy, Inc. (n) | 200 | 41,168 | ||||||
Fiverr International Ltd. (n) | 200 | 48,498 | ||||||
Overstock.com, Inc. (n) | 400 | 36,880 | ||||||
Stitch Fix, Inc., Class A (n) | 1,600 | 96,480 | ||||||
Wayfair, Inc., Class A (n) | 550 | 173,641 | ||||||
11,671,770 | ||||||||
IT Services - 6.6% | ||||||||
Accenture PLC, Class A | 150 | 44,219 | ||||||
Affirm Holdings, Inc. (n) | 500 | 33,675 | ||||||
Akamai Technologies, Inc. (n) | 3,700 | 431,420 | ||||||
Automatic Data Processing, Inc. | 500 | 99,310 | ||||||
Cognizant Technology Solutions Corp., Class A | 400 | 27,704 | ||||||
DXC Technology Company (n) | 900 | 35,046 | ||||||
Euronet Worldwide, Inc. (n) | 200 | 27,070 | ||||||
Fastly, Inc., Class A (n) | 200 | 11,920 | ||||||
Fidelity National Information Services, Inc. | 550 | 77,918 | ||||||
Fiserv, Inc. (n) | 2,600 | 277,914 | ||||||
Gartner, Inc. (n) | 500 | 121,100 | ||||||
Jack Henry & Associates, Inc. | 250 | 40,877 | ||||||
Marathon Digital Holdings, Inc. (n) | 200 | 6,274 | ||||||
Mastercard, Inc., Class A | 1,450 | 529,380 | ||||||
Okta, Inc. (n) | 400 | 97,872 | ||||||
Paychex, Inc. | 4,500 | 482,850 | ||||||
PayPal Holdings, Inc. (n) | 2,800 | 816,144 | ||||||
Sabre Corp. (n) | 1,800 | 22,464 | ||||||
Snowflake, Inc., Class A (n) | 150 | 36,270 | ||||||
Square, Inc., Class A (n) | 1,500 | 365,700 | ||||||
Twilio, Inc., Class A (n) | 400 | 157,664 | ||||||
VeriSign, Inc. (n) | 450 | 102,461 | ||||||
Visa, Inc., Class A | 5,100 | 1,192,482 | ||||||
Wix.com Ltd. (n) | 550 | 159,654 | ||||||
5,197,388 | ||||||||
Life Sciences Tools & Services - 0.4% | ||||||||
Agilent Technologies, Inc. | 300 | 44,343 | ||||||
Repligen Corp. (n) | 300 | 59,886 | ||||||
Thermo Fisher Scientific, Inc. | 200 | 100,894 | ||||||
Waters Corp. (n) | 250 | 86,402 | ||||||
291,525 | ||||||||
Machinery - 0.1% | ||||||||
The Middleby Corp. (n) | 250 | 43,315 | ||||||
Media - 0.0% | ||||||||
Criteo SA - ADR (n) | 200 | 9,046 | ||||||
Metals & Mining - 0.1% | ||||||||
Freeport-McMoRan, Inc. | 1,500 | 55,665 | ||||||
Multiline Retail - 1.2% | ||||||||
Dollar General Corp. | 700 | 151,473 | ||||||
Dollar Tree, Inc. (n) | 400 | 39,800 | ||||||
Nordstrom, Inc. (n) | 1,200 | 43,884 | ||||||
Target Corp. | 3,100 | 749,394 | ||||||
984,551 | ||||||||
Oil, Gas & Consumable Fuels - 0.3% | ||||||||
Cheniere Energy, Inc. (n) | 400 | 34,696 | ||||||
ConocoPhillips | 600 | 36,540 | ||||||
Denbury, Inc. (n) | 600 | 46,068 | ||||||
Exxon Mobil Corp. | 800 | 50,464 | ||||||
Texas Pacific Land Corp. | 50 | 79,987 | ||||||
247,755 | ||||||||
Personal Products - 0.1% | ||||||||
The Estee Lauder Companies, Inc., Class A | 150 | 47,712 | ||||||
Unilever PLC - ADR | 600 | 35,100 | ||||||
82,812 | ||||||||
Pharmaceuticals - 0.3% | ||||||||
AstraZeneca PLC - ADR | 1,600 | 95,840 | ||||||
Organon & Company (n) | 10 | 303 | ||||||
Pfizer, Inc. | 1,000 | 39,160 | ||||||
Viatris, Inc. | 645 | 9,217 | ||||||
Zoetis, Inc. | 550 | 102,498 | ||||||
247,018 | ||||||||
Professional Services - 0.6% | ||||||||
ASGN, Inc. (n) | 100 | 9,693 | ||||||
Equifax, Inc. | 100 | 23,951 | ||||||
Verisk Analytics, Inc. | 2,500 | 436,800 | ||||||
470,444 | ||||||||
Real Estate Management & Development - 0.3% | ||||||||
Redfin Corp. (n) | 3,700 | 234,617 | ||||||
Road & Rail - 0.1% | ||||||||
Old Dominion Freight Line, Inc. | 200 | 50,760 | ||||||
Union Pacific Corp. | 300 | 65,979 | ||||||
116,739 | ||||||||
Semiconductors & Semiconductor Equipment - 7.9% | ||||||||
Advanced Micro Devices, Inc. (n) | 400 | 37,572 | ||||||
Ambarella, Inc. (n) | 200 | 21,326 | ||||||
Analog Devices, Inc. | 900 | 154,944 | ||||||
Broadcom, Inc. | 100 | 47,684 | ||||||
Entegris, Inc. | 750 | 92,227 | ||||||
Lam Research Corp. | 250 | 162,675 | ||||||
Marvell Technology, Inc. | 1,900 | 110,827 | ||||||
Micron Technology, Inc. (n) | 500 | 42,490 | ||||||
NVIDIA Corp. | 5,050 | 4,040,505 | ||||||
NXP Semiconductors N.V. | 2,800 | 576,016 | ||||||
Qorvo, Inc. (n) | 200 | 39,130 | ||||||
QUALCOMM, Inc. | 2,400 | 343,032 | ||||||
Skyworks Solutions, Inc. | 1,050 | 201,338 | ||||||
SolarEdge Technologies, Inc. (n) | 200 | 55,274 | ||||||
Synaptics, Inc. (n) | 200 | 31,116 | ||||||
Taiwan Semiconductor Manufacturing Company Ltd. - ADR | 500 | 60,080 | ||||||
Texas Instruments, Inc. | 800 | 153,840 | ||||||
6,170,076 | ||||||||
Software - 13.3% | ||||||||
Adobe, Inc. (n) | 700 | 409,948 | ||||||
Autodesk, Inc. (n) | 1,200 | 350,280 | ||||||
C3.ai, Inc., Class A (n) | 400 | 25,012 | ||||||
Cadence Design Systems, Inc. (n) | 1,900 | 259,958 | ||||||
Check Point Software Technologies Ltd. (n) | 400 | 46,452 | ||||||
Citrix Systems, Inc. | 1,200 | 140,724 | ||||||
Cloudflare, Inc., Class A (n) | 1,400 | 148,176 | ||||||
Coupa Software, Inc. (n) | 300 | 78,633 | ||||||
Crowdstrike Holdings, Inc., Class A (n) | 1,800 | 452,358 | ||||||
CyberArk Software Ltd. (n) | 1,400 | 182,378 | ||||||
Datadog, Inc., Class A (n) | 1,800 | 187,344 | ||||||
DocuSign, Inc. (n) | 500 | 139,785 | ||||||
Dropbox, Inc., Class A (n) | 5,600 | 169,736 | ||||||
Five9, Inc. (n) | 400 | 73,356 | ||||||
Fortinet, Inc. (n) | 450 | 107,185 | ||||||
Guidewire Software, Inc. (n) | 500 | 56,360 | ||||||
Intuit, Inc. | 350 | 171,559 | ||||||
j2 Global, Inc. (n) | 300 | 41,265 | ||||||
Microsoft Corp. | 6,800 | 1,842,120 | ||||||
Nutanix, Inc. - Class A (n) | 2,000 | 76,440 | ||||||
Oracle Corp. | 4,500 | 350,280 | ||||||
Palantir Technologies, Inc., Class A (n) | 1,400 | 36,904 | ||||||
Palo Alto Networks, Inc. (n) | 400 | 148,420 | ||||||
Paycom Software, Inc. (n) | 200 | 72,694 | ||||||
Paylocity Holding Corp. (n) | 500 | 95,400 | ||||||
Pegasystems, Inc. | 450 | 62,635 | ||||||
PTC, Inc. (n) | 800 | 113,008 | ||||||
RingCentral, Inc., Class A (n) | 350 | 101,703 | ||||||
Salesforce.com, Inc. (n) | 10,550 | 2,577,048 | ||||||
SAP SE - ADR | 700 | 98,322 | ||||||
ServiceNow, Inc. (n) | 50 | 27,478 | ||||||
Splunk, Inc. (n) | 300 | 43,374 | ||||||
Synopsys, Inc. (n) | 550 | 151,685 | ||||||
The Trade Desk, Inc., Class A (n) | 1,000 | 77,360 | ||||||
Unity Software, Inc. (n) | 300 | 32,949 | ||||||
Varonis Systems, Inc. (n) | 1,800 | 103,716 | ||||||
VMware, Inc., Class A (n) | 4,650 | 743,861 | ||||||
Workday, Inc., Class A (n) | 800 | 190,992 | ||||||
Zendesk, Inc. (n) | 300 | 43,302 | ||||||
Zoom Video Communications, Inc., Class A (n) | 700 | 270,921 | ||||||
Zscaler, Inc. (n) | 500 | 108,030 | ||||||
10,409,151 | ||||||||
Specialty Retail - 7.0% | ||||||||
Academy Sports & Outdoors, Inc. (n) | 2,800 | 115,472 | ||||||
AutoZone, Inc. (n) | 200 | 298,444 | ||||||
Best Buy Company, Inc. | 7,700 | 885,346 | ||||||
Carvana Company (n) | 200 | 60,364 | ||||||
Dick's Sporting Goods, Inc. | 1,200 | 120,228 | ||||||
The Home Depot, Inc. | 3,400 | 1,084,226 | ||||||
L Brands, Inc. | 600 | 43,236 | ||||||
Lowe's Companies, Inc. | 6,850 | 1,328,694 | ||||||
O'Reilly Automotive, Inc. (n) | 100 | 56,621 | ||||||
Rent-A-Center, Inc. | 500 | 26,535 | ||||||
RH (n) | 1,400 | 950,600 | ||||||
Ross Stores, Inc. | 1,000 | 124,000 | ||||||
The TJX Companies, Inc. | 2,500 | 168,550 | ||||||
Tractor Supply Company | 850 | 158,151 | ||||||
Ulta Beauty, Inc. (n) | 150 | 51,866 | ||||||
5,472,333 | ||||||||
Technology Hardware, Storage & Peripherals - 4.3% | ||||||||
Apple, Inc. | 21,400 | 2,930,944 | ||||||
Dell Technologies, Inc., Class C (n) | 3,200 | 318,944 | ||||||
HP, Inc. | 1,800 | 54,342 | ||||||
NetApp, Inc. | 500 | 40,910 | ||||||
3,345,140 | ||||||||
Textiles, Apparel & Luxury Goods - 0.9% | ||||||||
Lululemon Athletica, Inc. (n) | 1,400 | 510,958 | ||||||
NIKE, Inc., Class B | 900 | 139,041 | ||||||
Ralph Lauren Corp. | 400 | 47,124 | ||||||
697,123 | ||||||||
Thrifts & Mortgage Finance - 0.0% | ||||||||
Rocket Companies, Inc., Class A | 800 | 15,480 | ||||||
Trading Companies & Distributors - 0.1% | ||||||||
Fastenal Company | 1,400 | 72,800 | ||||||
Wireless Telecommunication Services - 0.1% | ||||||||
T-Mobile US, Inc. (n) | 700 | 101,381 | ||||||
TOTAL COMMON STOCKS | ||||||||
(cost $54,134,846) | 78,168,230 | |||||||
RIGHTS - 0.0% | ||||||||
Biotechnology - 0.0% | ||||||||
Achillion Pharmaceuticals, Inc. (n) (f) | 3,000 | 0 | ||||||
TOTAL RIGHTS | ||||||||
(cost $0) | 0 | |||||||
MONEY MARKET FUND - 0.5% | ||||||||
First American Government Obligations Fund, Class X, 0.03% (y) | 412,564 | 412,564 | ||||||
TOTAL MONEY MARKET FUND | ||||||||
(cost $412,564) | 412,564 | |||||||
TOTAL INVESTMENTS - 100.1% | ||||||||
(cost $54,547,410) | 78,580,794 | |||||||
Other assets and liabilities, net - (0.1)% | (90,989 | ) | ||||||
TOTAL NET ASSETS - 100.0% | $ | 78,489,805 | ||||||
Percentages for the various classifications are based on net assets. | ||||||||
(f) - Security valued at fair value as determined by the investment adviser under the supervision of the Board of Directors. Value determined using significant unobservable inputs. | ||||||||
(n) - Non-income producing security. | ||||||||
(y) - Rate shown in the 7-day effective yield as of June 30, 2021. | ||||||||
ADR - American Depositary Receipt | ||||||||
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC. |
The following is a summary of the Fund’s pricing procedures. It is intended to be a general discussion and may not necessarily reflect all pricing procedures followed by the Fund.
Each security, excluding short-term investments and money market funds, is valued at the last sale price reported by the principal security exchange on which the issue is traded (other than The Nasdaq OMX Group, Inc., referred to as “Nasdaq”), or if no sale is reported, the latest bid price. Securities which are traded on Nasdaq (including closed-end funds) under one of its three listing tiers, Nasdaq Global Market, Nasdaq Global Select Market and Nasdaq Capital Market, are valued at the Nasdaq Official Closing Price, or if no sale is reported, the latest bid price. Short-term investments with maturities of 60 days or less may be valued on an amortized cost basis to the extent it is equivalent to fair value, which involves valuing an instrument at its cost and thereafter assuming a constant amortization to maturity of any discount or premium, regardless of the impact of fluctuating rates on the fair value of the instrument. Amortized cost will not be used if its use would be inappropriate due to credit or other impairments of the issuer. Money market funds are valued at their net asset value per share. Securities for which quotations are not readily available are valued at fair value as determined by the investment adviser under the supervision of the Board of Directors. The fair value of a security is the amount which the Fund might receive upon a current sale. The fair value of a security may differ from the last quoted price and the Fund may not be able to sell a security at the fair value. Market quotations may not be available, for example, if trading in particular securities was halted during the day and not resumed prior to the close of trading on the NYSE.
Under accounting principles generally accepted in the United States of America (“GAAP”), fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date.
In determining fair value, the Fund uses various valuation approaches. GAAP establishes a fair value hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by generally requiring that the most observable inputs be used when available. Observable inputs are those that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund’s assumptions about the inputs market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The inputs or methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities.
Each security, excluding short-term investments and money market funds, is valued at the last sale price reported by the principal security exchange on which the issue is traded (other than The Nasdaq OMX Group, Inc., referred to as “Nasdaq”), or if no sale is reported, the latest bid price. Securities which are traded on Nasdaq (including closed-end funds) under one of its three listing tiers, Nasdaq Global Market, Nasdaq Global Select Market and Nasdaq Capital Market, are valued at the Nasdaq Official Closing Price, or if no sale is reported, the latest bid price. Short-term investments with maturities of 60 days or less may be valued on an amortized cost basis to the extent it is equivalent to fair value, which involves valuing an instrument at its cost and thereafter assuming a constant amortization to maturity of any discount or premium, regardless of the impact of fluctuating rates on the fair value of the instrument. Amortized cost will not be used if its use would be inappropriate due to credit or other impairments of the issuer. Money market funds are valued at their net asset value per share. Securities for which quotations are not readily available are valued at fair value as determined by the investment adviser under the supervision of the Board of Directors. The fair value of a security is the amount which the Fund might receive upon a current sale. The fair value of a security may differ from the last quoted price and the Fund may not be able to sell a security at the fair value. Market quotations may not be available, for example, if trading in particular securities was halted during the day and not resumed prior to the close of trading on the NYSE.
Under accounting principles generally accepted in the United States of America (“GAAP”), fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date.
In determining fair value, the Fund uses various valuation approaches. GAAP establishes a fair value hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by generally requiring that the most observable inputs be used when available. Observable inputs are those that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund’s assumptions about the inputs market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The inputs or methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities.
The fair value hierarchy is categorized into three levels based on the inputs as follows:
Level 1 – Valuations based on unadjusted quoted prices in active markets for identical assets that the Fund has the ability to access.
Level 2 – Valuations based on quoted prices for similar securities or in markets that are not active or for which all significant inputs are observable, either directly or indirectly.
Level 3 – Valuations based on inputs that are unobservable and significant to the overall fair value measurement.
The following table summarizes the Fund’s investments as of June 30, 2021, based on the inputs used to value them:
Valuation Inputs | Investments in Securities | |||
Level 1 - Common Stocks* | $ | 78,168,230 | ||
Money Market Fund | 412,564 | |||
Total Level 1 | 78,580,794 | |||
Level 2 - None | - | |||
Level 3 - Rights | 0 | |||
Total | $ | 78,580,794 | ||
* Please refer to the Schedule of Investments to view common stocks segregated by industry type. |