# EDGAR Filing Document

**Accession Number:** 0000832574
**File Stem:** 0001133228-26-008570
**Filing Date:** 2026-6
**Character Count:** 72541
**Document Hash:** 9cdf584c6ea1880993887509e41ab157
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-008570.hdr.sgml**: 20260601

**ACCESSION NUMBER**: 0001133228-26-008570

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 18

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260601

**DATE AS OF CHANGE**: 20260529

**EFFECTIVENESS DATE**: 20260601

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** REYNOLDS FUNDS INC
- **CENTRAL INDEX KEY:** 0000832574

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05549
- **FILM NUMBER:** 261046564

**BUSINESS ADDRESS:**
- **STREET 1:** C/O US BANCORP FUND SERVICES, LLC
- **STREET 2:** 615 EAST MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 8007739665

**MAIL ADDRESS:**
- **STREET 1:** C/O US BANCORP FUND SERVICES, LLC
- **STREET 2:** 615 EAST MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** REYNOLDS BLUE CHIP GROWTH FUND INC
- **DATE OF NAME CHANGE:** 19920528

## Series and Classes Contracts Data

### REYNOLDS BLUE CHIP GROWTH FUND (Series ID: S000000865)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000002481 | REYNOLDS BLUE CHIP GROWTH FUND | RBCGX           |

?xml version='1.0' encoding='ASCII'? 2026-02-24226110_ReynoldsBlueChipGrowthFund_TF_TSRSemiAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number: **<u>811-05549</u>**

**<u>Reynolds Funds, Inc.</u>**

(Exact name of registrant as specified in charter)

**<u>c/o U.S. Bank Global Fund Services</u>**

**<u>615 East Michigan Street</u>**

**<u>Milwaukee, Wisconsin 53202</u>**

(Address of principal executive offices) (Zip code)

**<u>Frederick L. Reynolds</u>**

**<u>Reynolds Capital Management, LLC</u>**

**<u>125 East Harmon Avenue #102</u>**

**<u>Las Vegas, Nevada 89109</u>**

(Name and address of agent for service)

**<u>1-800-773-9665</u>**

Registrant's telephone number, including area code

Date of fiscal year end: **<u>September 30, 2026</u>**

Date of reporting period: **<u>March 31, 2026</u>**

**<u>Item 1. Reports to Stockholders.</u>**

(a) ---

| | |
|:---|:---|
| ![image](img172480_202410141236851.jpg) | **Reynolds Blue Chip Growth Fund**  |
| ![image](img172480_202410141236851.jpg) | RBCGX  |
| ![image](img172480_202410141236851.jpg) | Semi-Annual Shareholder Report \| March 31, 2026  |

---

This semi-annual shareholder report contains important information about the Reynolds Blue Chip Growth Fund for the period of October 1, 2025, to March 31, 2026. You can find additional information about the Fund at https://reynoldsfunds.com. You can also request this information by contacting us at 800-773-9665.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Reynolds Blue Chip Growth Fund | $90 | 1.90% |

---

\* Annualized

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $64853619 |
| **Number of Holdings** | 59 |
| **Portfolio Turnover** | 272% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Top Sectors** | **(% of net** **assets)** |
|  Communication Services  | 22.1% |
|  Information Technology  | 18.2% |
|  Consumer Discretionary  | 11.2% |
|  Consumer Staples  | 1.1% |
|  Energy  | 0.5% |
|  Financials  | 0.3% |
|  Health Care  | 0.2% |
|  Industrials  | 0.2% |
|  Cash & Other  | 46.2% |

---

---

| | |
|:---|:---|
| **Top Holdings** | **(% of net** **assets)** |
|  NVIDIA Corp.  | 10.5% |
|  STIT - Government & Agency Portfolio - Class Institutional  | 9.8% |
|  Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Class Institutional  | 9.8% |
|  Fidelity Institutional Government Portfolio - Class Institutional  | 9.8% |
|  First American Government Obligations Fund - Class X  | 9.8% |
|  Netflix, Inc.  | 7.5% |
|  Amazon.com, Inc.  | 6.8% |
|  Goldman Sachs Financial Square Government Fund - Class Institutional  | 6.6% |
|  Meta Platforms, Inc. - Class A  | 5.6% |
|  Alphabet, Inc. - Class C  | 5.1% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://reynoldsfunds.com.

Reynolds Blue Chip Growth Fund PAGE 1 TSR-SAR-761724103

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Reynolds Capital Management, LLC documents not be householded, please contact Reynolds Capital Management, LLC at 800-773-9665, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Reynolds Capital Management, LLC or your financial intermediary.

Reynolds Blue Chip Growth Fund PAGE 2 TSR-SAR-761724103

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**<u>Item 2. Code of Ethics.</u>**

Not applicable for semi-annual reports.

**<u>Item 3. Audit Committee Financial Expert.</u>**

Not applicable for semi-annual reports.

**<u>Item 4. Principal Accountant Fees and Services.</u>**

Not applicable for semi-annual reports.

**<u>Item 5. Audit Committee of Listed Registrants.</u>**

Not applicable.

**<u>Item 6. Investments.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments is included within the financial statements filed under Item 7(a)
 of this Form.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**<u>Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.</u>**

(a) ![](reynolds-logo.jpg)

**REYNOLDS BLUE CHIP GROWTH FUND** 

**Semi-Annual Financial Statements and Additional Information** 

**March 31, 2026** 

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page**  |
| [Schedule of Investments](#soi) | [1](#soi) |
| [Statement of Assets and Liabilities](#sal) | [3](#sal) |
| [Statement of Operations](#sop) | [4](#sop) |
| [Statements of Changes in Net Assets](#scna) | [5](#scna) |
| [Financial Highlights](#fihi) | [6](#fihi) |
| [Notes to Financial Statements](#notes) | [7](#notes) |
| [Additional Information](#ai1) | [11](#ai1) |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**REYNOLDS BLUE CHIP GROWTH FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 53.8%**<br>|  |  |
| **Banks - 0.1%**<br>|  |  |
| PNC Financial Services Group, Inc. | 200 | $41618  |
| US Bancorp | 800 | 41608  |
|  |  | 83226  |
| **Broadline Retail - 6.8%**<br>|  |  |
| Amazon.com, Inc.<sup>(a)</sup> | 21150 | 4404910  |
| Dillard's, Inc. - Class A | 50 | 28606  |
|  |  | 4433516  |
| **Capital Markets - 0.2%**<br>|  |  |
| Charles Schwab Corp. | 400 | 37592  |
| Goldman Sachs Group, Inc. | 109 | 92213  |
| Piper Sandler Cos. | 40 | 3062  |
|  |  | 132867  |
| **Consumer Staples Distribution & Retail - 1.1%** | **Consumer Staples Distribution & Retail - 1.1%** |  |
| Costco Wholesale Corp. | 105 | 104625  |
| Walmart, Inc. | 5025 | 624507  |
|  |  | 729132  |
| **Diversified Telecommunication Services - 0.1%** | **Diversified Telecommunication Services - 0.1%** |  |
| AT&T Inc. | 1500 | 43485  |
| **Energy Equipment & Services - 0.0%<sup>(b)</sup>** | **Energy Equipment & Services - 0.0%<sup>(b)</sup>** |  |
| Halliburton Co. | 600 | 23394  |
| **Entertainment - 7.7%**<br>|  |  |
| Live Nation Entertainment, Inc.<sup>(a)</sup> | 75 | 11438  |
| Netflix, Inc.<sup>(a)</sup> | 50500 | 4855575  |
| Warner Bros Discovery, Inc.<sup>(a)</sup> | 4700 | 129062  |
|  |  | 4996075  |
| **Financial Services - 0.0%<sup>(b)</sup>**<br>|  |  |
| Apollo Global Management, Inc. | 100 | 11142  |
| Sony Financial Group, Inc. - ADR<sup>(a)</sup> | 160 | 722  |
|  |  | 11864  |
| **Hotels, Restaurants & Leisure - 2.7%**<br>|  |  |
| Booking Holdings, Inc. | 410 | 1726231  |
| DraftKings, Inc. - Class A<sup>(a)</sup> | 800 | 17296  |
| Norwegian Cruise Line Holdings Ltd.<sup>(a)</sup> | 720 | 13464  |
|  |  | 1756991  |
| **Interactive Media & Services - 14.3%**<br>|  |  |
| Alphabet, Inc. - Class A | 8000 | 2300480  |
| Alphabet, Inc. - Class C | 11475 | 3291718  |
| Meta Platforms, Inc. - Class A | 6400 | 3661632  |
|  |  | 9253830  |
| **IT Services - 0.0%<sup>(b)</sup>**<br>|  |  |
| Snowflake, Inc. - Class A<sup>(a)</sup> | 75 | 11312  |
| **Life Sciences Tools & Services - 0.0%<sup>(b)</sup>** | **Life Sciences Tools & Services - 0.0%<sup>(b)</sup>** |  |
| OmniAb, Inc.<sup>(a)</sup> | 2450 | 3847  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Oil, Gas & Consumable Fuels - 0.5%**<br>|  |  |
| EOG Resources, Inc. | 250 | $36142  |
| Occidental Petroleum Corp. | 500 | 32500  |
| Phillips 66 | 250 | 45545  |
| Texas Pacific Land Corp. | 450 | 213552  |
|  |  | 327739  |
| **Passenger Airlines - 0.2%**<br>|  |  |
| Allegiant Travel Co.<sup>(a)</sup> | 400 | 32416  |
| American Airlines Group, Inc.<sup>(a)</sup> | 3500 | 37590  |
| Delta Air Lines, Inc. | 900 | 59832  |
|  |  | 129838  |
| **Pharmaceuticals - 0.2%**<br>|  |  |
| Eli Lilly & Co. | 50 | 45988  |
| Johnson & Johnson | 150 | 36666  |
| Novartis AG - ADR | 250 | 38188  |
| Novo Nordisk AS - ADR | 800 | 29400  |
|  |  | 150242  |
| **Professional Services - 0.0%<sup>(b)</sup>**<br>|  |  |
| Amentum Holdings, Inc.<sup>(a)</sup> | 36 | 939  |
|  **Semiconductors & Semiconductor Equipment - 10.8%**<br>|  |  |
| Advanced Micro Devices, Inc.<sup>(a)</sup> | 400 | 81372  |
| ARM Holdings PLC - ADR<sup>(a)</sup> | 200 | 30256  |
| Broadcom, Inc. | 150 | 46427  |
| Micron Technology, Inc. | 85 | 28716  |
| NVIDIA Corp. | 39000 | 6801600  |
|  |  | 6988371  |
| **Software - 3.3%**<br>|  |  |
| AppLovin Corp. - Class A<sup>(a)</sup> | 200 | 79600  |
| D-Wave Quantum, Inc.<sup>(a)</sup> | 600 | 8658  |
| Fair Isaac Corp.<sup>(a)</sup> | 150 | 160131  |
| Microsoft Corp. | 4700 | 1739799  |
| Palantir Technologies, Inc. - Class A<sup>(a)</sup> | 50 | 7314  |
| Palo Alto Networks, Inc.<sup>(a)</sup> | 420 | 67334  |
| ServiceNow, Inc.<sup>(a)</sup> | 400 | 41820  |
| Synopsys, Inc.<sup>(a)</sup> | 50 | 19824  |
|  |  | 2124480  |
| **Specialty Retail - 1.7%**<br>|  |  |
| AutoZone, Inc.<sup>(a)</sup> | 300 | 1013334  |
| Best Buy Co., Inc. | 900 | 57780  |
|  |  | 1071114  |
|  **Technology Hardware, Storage & Peripherals - 4.1%**<br>|  |  |
| Apple, Inc. | 10425 | 2645761  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $13,142,702)** |  | 34918023  |

---

The accompanying notes are an integral part of these financial statements.

1<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**REYNOLDS BLUE CHIP GROWTH FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **RIGHTS - 0.0%<sup>(b)</sup>**<br>|  |  |
| **Life Sciences Tools & Services - 0.0%<sup>(b)</sup>** | **Life Sciences Tools & Services - 0.0%<sup>(b)</sup>** |  |
| &nbsp;&nbsp;&nbsp; OmniAb, Inc. - $12.50 <br>Earnout Shares<sup>(a)(c)</sup> | 189 | $0  |
| &nbsp;&nbsp;&nbsp; OmniAb, Inc. - $15.00 <br>Earnout Shares<sup>(a)(c)</sup> | 189 | 0  |
| &nbsp;&nbsp;&nbsp; **TOTAL RIGHTS** <br>**(Cost $0)** |  | 0  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS - 45.8%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Fidelity Institutional Government Portfolio - Institutional Class, <br>3.53%<sup>(d)</sup> | 6355636 | 6355636  |
|  First American Government Obligations Fund - Class X, 3.58%<sup>(d)</sup> | 6355636 | 6355636  |
|  Goldman Sachs Financial Square Government Fund - Institutional Class, 3.56%<sup>(d)</sup> | 4269378 | 4269378  |
|  Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class, 3.57%<sup>(d)</sup> | 6355636 | 6355636  |
|  STIT - Government & Agency Portfolio - Institutional Class, 3.58%<sup>(d)</sup> | 6355636 | 6355636  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $29,691,922)** |  | 29691922  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.6%** <br>**(Cost $42,834,624)** |  | $64609945  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.4% |  | 243674  |
| **TOTAL NET ASSETS - 100.0%** |  | $64853619 |

---

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

PLC - Public Limited Company

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Represents less than 0.05% of net assets.

<sup>(c)</sup> Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $0 or 0.0% of net assets as of March 31, 2026.

<sup>(d)</sup> The rate shown represents the 7-day annualized yield as of March 31, 2026.

The accompanying notes are an integral part of these financial statements.

2<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**REYNOLDS BLUE CHIP GROWTH FUND** 

**STATEMENT OF ASSETS AND LIABILITIES** 

**March 31, 2026 (UNAUDITED)** 

---

| | |
|:---|:---|
| **ASSETS:**<br>|  |
| Investments, at value | $64609945  |
| Receivable for investments sold | 349359  |
| Dividends receivable | 77596  |
| Dividend tax reclaims receivable | 1418  |
| Receivable for fund shares sold | 170  |
| Prepaid expenses and other assets | 20574  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 65059062  |
| **LIABILITIES:**<br>|  |
| Payable to Adviser | 56386  |
| Payable for capital shares redeemed | 44768  |
| Payable for fund administration and accounting fees | 32267  |
| Payable for legal fees | 27382  |
| Payable for transfer agent fees and expenses | 19872  |
| Payable for audit fees | 10471  |
| Payable for distribution and shareholder servicing fees | 6181  |
| Payable for expenses and other liabilities | 8116  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 205443  |
| **NET ASSETS** | $64853619  |
| **Net Assets Consists of:**<br>|  |
| Capital stock ($0.01 per share) | $10514  |
| Additional paid-in capital | 44151452  |
| Total distributable earnings | 20691653  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $64853619  |
| Net assets | $64853619  |
| Capital shares issued and outstanding (40,000,000 shares authorized, 0.01 par value) | 1051482  |
| Net asset value per share | $61.68  |
| **Cost:**<br>|  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $42834624 |

---

The accompanying notes are an integral part of these financial statements.

3<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**REYNOLDS BLUE CHIP GROWTH FUND** 

**STATEMENT OF OPERATIONS** 

**For the Period Ended March 31, 2026 (Unaudited)** 

---

| | |
|:---|:---|
| **INVESTMENT INCOME:**<br>|  |
| Dividend income | $407303  |
| Less: issuance fees | (47)  |
| Less: dividend withholding taxes | (480)  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 406776  |
| **EXPENSES:**<br>|  |
| Investment advisory fee | 359446  |
| Fund administration and accounting fees | 69032  |
| Distribution expenses | 44787  |
| Transfer agent fees | 40078  |
| Custodian fees | 24159  |
| Legal fees | 23957  |
| Shareholder service costs | 23293  |
| Federal and state registration fees | 18878  |
| Compliance fees | 15067  |
| Trustees' fees | 13961  |
| Audit fees | 10471  |
| Reports to shareholders | 5798  |
| Other expenses and fees | 33721  |
| &nbsp;&nbsp;&nbsp; Total expenses | 682648  |
| **Net investment loss** | (275872)  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |
| Net realized gain (loss) from:<br>|  |
| &nbsp;&nbsp;&nbsp; Investments | 3358587  |
| Net realized gain (loss) | 3358587  |
| Net change in unrealized appreciation (depreciation) on:<br>|  |
| &nbsp;&nbsp;&nbsp; Investments | (9842196)  |
| Net change in unrealized appreciation (depreciation) | (9842196)  |
| **Net realized and unrealized gain (loss)** | (6483609)  |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(6759481) |

---

The accompanying notes are an integral part of these financial statements.

4<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**REYNOLDS BLUE CHIP GROWTH FUND** 

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | |
|:---|:---|:---|
|  | **Period Ended** <br>**March 31, 2026** <br>(Unaudited) | **Year Ended** <br>**September 30,** <br>**2025**  |
| **OPERATIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(275872) | $(795503)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 3358587 | 11074386  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (9842196) | 6970002  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | (6759481) | 17248885  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (10564813) | (5176459)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (10564813) | (5176459)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 322670 | 9831842  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions | 10316661 | 5042467  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (5230333) | (15058837)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 5408998 | (184528)  |
| **Net increase (decrease) in net assets** | (11915296) | 11887898  |
| **NET ASSETS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 76768915 | 64881017  |
| &nbsp;&nbsp;&nbsp; End of the period | $64853619 | $76768915  |
| **SHARES TRANSACTIONS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 4622 | 138075  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions | 152343 | 72025  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (76030) | (210882)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 80935 | (782) |

---

The accompanying notes are an integral part of these financial statements.

5<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**REYNOLDS BLUE CHIP GROWTH FUND** 

**FINANCIAL HIGHLIGHTS** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**March 31, 2026** <br>(Unaudited) | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  |
|  | **Period Ended** <br>**March 31, 2026** <br>(Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $79.10 | $66.80 | $47.40 | $44.70 | $77.51 | $68.96  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment loss<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; (0.27) | (0.80) | (0.78) | (0.44) | (0.68) | (0.93)  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; (6.08) | 18.39 | 20.18 | 5.78 | (14.00) | 16.45  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp; (6.35) | 17.59 | 19.40 | 5.34 | (14.68) | 15.52  |
| Net realized gains | &nbsp;&nbsp;&nbsp; (11.07) | (5.29) |  | (2.64) | (18.13) | (6.97)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (11.07) | (5.29) |  | (2.64) | (18.13) | (6.97)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $61.68 | $79.10 | $66.80 | $47.40 | $44.70 | $77.51  |
| Total return<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; -9.28% | 27.35% | 40.93% | 12.53% | -25.97% | 23.72%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $64854 | $76769 | $64881 | $52610 | $51797 | $77991  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/ recoupment<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 1.90% | 2.00% | 2.00% | 2.18% | 1.95% | 1.85%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/ recoupment<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 1.90% | 2.00% | 2.00% | 2.00% | 1.95% | 1.85%  |
|  Ratio of net investment income (loss) to average net assets<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; (0.77)% | (1.13)% | (1.34)% | (0.95)% | (1.18)% | (1.25)%  |
| Portfolio turnover rate<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 272% | 411% | 269% | 431% | 623% | 279% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(c)</sup> Not annualized for periods less than one year.

<sup>(d)</sup> Annualized for periods less than one year.

The accompanying notes are an integral part of these financial statements.

6<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**REYNOLDS BLUE CHIP GROWTH FUND** 

**NOTES TO FINANCIAL STATEMENTS** 

**March 31, 2026 (Unaudited)** 

(1) Summary of Significant Accounting Policies —

The following is a summary of significant accounting policies of the Reynolds Funds, Inc. (the "Company"), which is registered as a diversified, open-end management investment company under the Investment Company Act of 1940 (the "Act"), as amended. The Company consists of one fund: Reynolds Blue Chip Growth Fund (the "Fund"). The Company was incorporated under the laws of Maryland on April 28, 1988. The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946 Financial Services – Investment Companies.

The investment objective of the Fund is to produce long-term growth of capital by investing in a diversified portfolio of common stocks issued by well-established growth companies commonly referred to as "blue chip" companies, as defined in the Fund's prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) 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 of the Fund, Reynolds Capital Management, LLC (the "Adviser"), as the valuation designee appointed by the Board of Directors (the "Board"), in accordance with fair value methodologies established and applied by the Adviser. 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.

7<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**REYNOLDS BLUE CHIP GROWTH FUND** 

**NOTES TO FINANCIAL STATEMENTS** 

**March 31, 2026 (Unaudited)(Continued)** 

The following table summarizes the Fund's investments as of March 31, 2026, based on the inputs used to value them:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Investments:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $34918023 | $— | $— | $34918023  |
| &nbsp;&nbsp;&nbsp; Rights |  |  | 0 | 0  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 29691922 |  |  | 29691922  |
| **Total Investments** | $64609945 | $— | $0 | $64609945 |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Investment transactions are accounted for on a trade date basis for financial reporting purposes. Net realized gains and losses on sales of securities are computed on the highest amortized cost basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund records dividend income on the ex-dividend date and interest income on an accrual basis. Withholding taxes on foreign dividends have been provided for in accordance with the Fund's understanding of the applicable country's tax rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. For the year ended September 30, 2025, the Fund had no permanent differences.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from these estimates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) No provision has been made for Federal income taxes since the Fund has elected to be taxed as a "regulated investment company" and intends to distribute substantially all net investment company taxable income and net capital gains to shareholders and otherwise comply with the provisions of the Internal Revenue Code applicable to regulated investment companies. The Fund may utilize earnings and profits distributed to shareholders on redemption of shares as part of the dividends paid deduction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Fund has reviewed all open tax years and major jurisdictions, which include Federal and the state of Maryland, and concluded that there are no significant uncertain tax positions that would require recognition in the financial statements as of and for the year ended September 30, 2025. Open tax years are those that are open for exam by taxing authorities and, as of March 31, 2026, open Federal tax years include the tax years ended September 30, 2022 through 2025. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Fund's Statement of Operations. During the six months ended March 31, 2026, the Fund did not incur any interest or penalties. The Fund has no examinations in progress and is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Fund's cash is held in accounts with balances which may exceed the amount of related federal insurance. The Fund has not experienced any loss in such accounts and believes it is not exposed to significant credit risk.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not isolate the portion of realized gains or losses and unrealized appreciation or depreciation resulting from changes in foreign exchange rates on securities from the fluctuations arising from changes in market prices of securities held. Reported net realized foreign exchange gains or losses arise from sales of securities, currency gains or losses realized between the trade and settlement dates on securities transactions and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Management has evaluated the impact of adopting Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures with respect to the financial statements and disclosures

8<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**REYNOLDS BLUE CHIP GROWTH FUND** 

**NOTES TO FINANCIAL STATEMENTS** 

**March 31, 2026 (Unaudited)(Continued)** 

and determined there is no material impact for the Fund. The Fund operates as a single segment entity. The Fund's income, expenses, assets, and performance are regularly monitored and assessed by the Principal Executive Officer and Principal Financial Officer, who serves as the chief operating decision maker, using the information presented in the financial statements and financial highlights.

(2) Investment Advisory Agreement and Transactions With Related Parties —

The Fund has an investment advisory agreement (the "agreement") with the Adviser, to serve as investment adviser. The sole owner of the Adviser is Mr. Frederick L. Reynolds. Mr. Reynolds is also an officer and interested director of the Fund. Under the terms of the agreement, the Fund will pay the Adviser a monthly management fee at the annual rate of 1.00% of the daily net assets of the Fund.

The agreement further stipulates that the Adviser will reimburse the Fund for all expenses exceeding an annual rate of 2.00% of its daily average net assets (excluding interest, taxes, brokerage commissions and extraordinary items). The Fund is not obligated to reimburse the Adviser for any expenses reimbursed in previous fiscal years. No such reimbursements were required for the six months ended March 31, 2026.

The Fund has engaged Northern Lights Compliance Services, LLC ("Northern Lights") to provide compliance services including the appointment of the Fund's Chief Compliance Officer. Northern Lights was paid $15,067 for services provided for the six months ended March 31, 2026.

The Fund has adopted a Distribution and Service Plan (the "Plan") pursuant to Rule 12b-1 under the Act. The Plan provides that the Fund may incur certain costs which may not exceed a maximum amount equal to 0.25% per annum of the Fund's average daily net assets. Payments made pursuant to the Plan may only be used to pay distribution expenses incurred in the current year, and may be less than the maximum amount allowed by the Plan.

Under the Fund's organizational documents, each director, officer, employee or other agent of the Fund (including the Fund's investment manager) is indemnified, to the extent permitted by the Act, against certain liabilities that may arise out of performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts that contain a variety of indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. However, the Fund has not had prior claims or losses pursuant to these contracts and believes the risk of loss to be remote.

(3) Distributions to Shareholders —

Net investment income and net realized gains, if any, for the Fund are distributed to shareholders at least annually and are recorded on the ex-dividend date. Please see Note 5 for more information.

(4) Investment Transactions —

For the six months ended March 31, 2026, purchases and proceeds of sales of investment securities (excluding short-term securities) were $153,815,764 and $184,986,878, respectively. There were no purchases or sales of U.S. Government securities.

(5) Income Tax Information —

The following information for the Fund is presented on an income tax basis as of September 30, 2025:

---

| | |
|:---|:---|
| Tax cost of investments | $47827461  |
| Gross tax unrealized appreciation | $31806578  |
| Gross tax unrealized depreciation | (4207015)  |
| Net unrealized appreciation (depreciation) | 27599563  |
| Distributable ordinary income | 3741046  |
| Distributable long-term capital gains | 6675338  |
| Other accumulated gain (loss) | —  |
| Total distributable earnings | $38015947 |

---

9<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**REYNOLDS BLUE CHIP GROWTH FUND** 

**NOTES TO FINANCIAL STATEMENTS** 

**March 31, 2026 (Unaudited)(Continued)** 

The difference between the cost amount for financial statement and federal income tax purposes is due to wash sales. The tax character of distributions paid during the six months ended March 31, 2026 and the year ended September 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Six Months Ended March 31, 2026** | **Six Months Ended March 31, 2026** | **Year Ended September 30, 2025**  | **Year Ended September 30, 2025**  |
| **Ordinary Income** <br>**Distributions** | **Long-Term Capital** <br>**Gains Distributions** | **Ordinary Income** <br>**Distributions** | **Long-Term Capital** <br>**Gains Distributions**  |
| $3822317 | &nbsp;&nbsp;&nbsp;&nbsp; $6742496 | &nbsp;&nbsp; $2054535 | &nbsp;&nbsp;&nbsp;&nbsp; $3121924 |

---

The Fund designated as long-term capital gain dividend, pursuant to Internal Revenue Code Section 852(b)(3), the amount necessary to reduce the earnings and profits of the Fund related to net capital gain to zero for the tax year ended September 30, 2025.

As of September 30, 2025, the Fund had no late year ordinary loss, capital loss carryforward, or post-October capital loss.

(6) Subsequent Events —

Management has evaluated events and transactions after March 31, 2026 through the date that the financial statements were issued, and has determined that no additional disclosure or recognition in the financial statements is required.

10<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**REYNOLDS BLUE CHIP GROWTH FUND** 

**ADDITIONAL INFORMATION (Unaudited)** 

**Qualified Dividend Income/Dividend Received Deduction** 

The Fund designated 11.43% of dividends declared and paid during the year ended September 30, 2025 from net investment income as qualified dividend income under the Jobs Growth and Tax Relief Reconciliation Act of 2003.

Corporate shareholders may be eligible for a dividend received deduction for certain ordinary income distributions paid by the Fund. The Fund designated 10.46% of dividends declared and paid during the year ended September 30, 2025 from net investment income as qualifying for the dividends received deduction. The deduction is a pass through of dividends paid by domestic corporations (i.e. only equities) subject to taxation.

The percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Section 871(k)(2)(c) for the Fund was 100.00%.

**The below information is required disclosure from Form N-CSR:**

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** 

There were no changes in or disagreements with accountants during the period covered by this report.

**Item 9. Proxy Disclosure for Open-End Management Investment Companies.** 

There were no matters submitted to a vote of shareholders during the period covered by this report.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** 

Remuneration paid to directors, officers, and others is included in the Statement of Operations under the line items "Trustees' fees" and "Compliance fees" as part of the financial statements filed under Item 7(a) of the Form N-CSR.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** 

On November 19, 2025, the Board of Directors of Reynolds Funds, Inc. (the "<u>Directors</u>") approved the continuation of the investment advisory agreement for the Reynolds Blue Chip Growth Fund (the "<u>Fund</u>") with the investment adviser, Reynolds Capital Management, LLC (the "<u>Adviser</u>"). As part of the process of approving the continuation of the advisory agreement, the Directors reviewed their fiduciary duties with respect to approving the advisory agreement and the relevant factors to be considered, and the members of the Board of Directors who are not deemed "interested persons" (as that term is defined by the Investment Company Act of 1940, as amended) of the Fund (the "<u>Independent Directors</u>") met in executive session to discuss the approval of the advisory agreement.

In advance of the meeting, the Adviser provided detailed information to assist the Directors in their evaluation of the investment advisory agreement, and additional information was provided at the meeting. This information included, but was not limited to, a memorandum from Fund counsel summarizing the legal standards applicable to the Directors' consideration of the advisory agreement; comparative information relating to the Fund's management fees and other expenses; information regarding fees paid and other payments; information on the Adviser's profitability; information about brokerage commissions and soft-dollar practices; comparative information relating to the Fund's performance; information about sales and redemptions of the Fund; information about the Fund's compliance program; and other information the Directors believed was useful in evaluating the approval of the advisory agreement.

The Directors considered all of the factors discussed below as a whole, and no single factor was the principal or determinative factor in their decision. The Directors also recognized that the management and fee arrangements for the Fund are the result of years of review and discussion between the Independent Directors and the Adviser, and that their conclusions may be based, in part, on their consideration of these arrangements and information received during the course of the year and in prior years.

Prior to approving the continuation of the investment advisory agreement, the Directors, including the Independent Directors meeting in executive session, considered, among other things: (i) the nature and quality of the investment advisory services provided by the Adviser; (ii) a comparison of the fees and expenses of the Fund to those of similar funds; (iii) a comparison of the fee structures of other accounts managed by the Adviser; (iv) whether economies of scale are recognized by the Fund; (v) the costs and profitability of the Fund to the Adviser; (vi) the performance of the Fund; and (vii) the other benefits to the Adviser from serving as investment adviser to the Fund (in addition to the advisory fee).

11<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**REYNOLDS BLUE CHIP GROWTH FUND** 

**ADDITIONAL INFORMATION (Unaudited)(Continued)** 

The material considerations and determinations of the Board of Directors, including all of the Independent Directors, are summarized below.

**Nature and Quality of Investment Advisory Services** 

The Directors discussed with management the nature of the Adviser's investment process and the resources required to implement that process. They reviewed the Fund's principal investment strategy and the resources the Adviser deploys to conduct research on target companies, monitor portfolio positions and market developments, manage brokerage relationships, oversee compliance matters and ensure compliance with the Fund's strategy and applicable investment restrictions.

The Directors considered the background and experience of Mr. Reynolds and the expertise of, and amount of attention given to the Fund by, Mr. Reynolds. They determined that Mr. Reynolds is qualified to manage the portfolio of the Fund. They also considered the Adviser's responsibilities beyond day-to-day portfolio management, including compliance oversight, shareholder communications, Fund operations oversight and coordination with the Fund's administrator, distributor and Chief Compliance Officer, as well as the quality of the Fund's other service providers, who are overseen by the Adviser.

Based on the foregoing, the Directors concluded that the Adviser provides high quality services to the Fund and that they were satisfied with the nature, extent and quality of the investment advisory services provided.

**Comparative Fees and Expenses** 

The Directors discussed with management the variables, in addition to management fees, that affect the costs borne by shareholders of the Fund. Management reviewed with the Directors a comparison of the Fund's advisory fee and expense ratio to those of similar funds, a Morningstar comparison group. The Directors reviewed the criteria used to determine the funds included in the Morningstar comparison group and were satisfied with that methodology.

The Directors noted that the Fund's advisory fee and net expense ratio are on the high end of the industry average. They also noted that the Fund's advisory fee was at the top of the reported Morningstar range for the relevant category, and that the Fund's net expense ratio exceeded the category average net expense ratio. At the same time, the Directors determined that the comparative fee data confirmed that the Fund's advisory fee and total expense ratio are within a reasonable range of comparable funds.

In determining the reasonableness of the advisory fee and overall Fund expense ratio, the Directors considered the research-intensive nature of the Fund's strategy, the Fund's relatively small asset size, the services provided by the Adviser, the significant intermediary servicing costs absorbed by the Adviser, and the additional risks and complexity associated with managing a retail mutual fund. Based on these considerations, the Directors concluded that the advisory fee and overall Fund expense ratio are reasonable.

**Comparison of Fee Structures of Other Accounts** 

The Directors inquired of management regarding the differences between the services performed by the Adviser for separate accounts and those performed for the Fund. The Adviser noted that management of the Fund involves more comprehensive and substantive duties than management of institutional separate accounts, including accommodating shareholder purchase and redemption activity, servicing a broad shareholder base through direct and intermediary channels, maintaining shareholder communications, and coordinating with the Fund's Chief Compliance Officer and other service providers to ensure compliance with Federal law and the Internal Revenue Code.

The Directors concluded that the services performed by the Adviser for the Fund require a higher level of service and oversight than those performed for separate accounts. Based on this determination, the Directors concluded that the differential in advisory fees between the Fund and separate accounts is reasonable.

**Economies of Scale** 

The Directors discussed with management whether economies of scale are recognized by the Fund. They noted that, as Fund assets grow, certain fixed costs may be spread over a larger asset base, which can lead to economies of scale. They also noted, however, that many of the Fund's expenses are subject to diseconomies of scale, such as intermediary service fees, which generally increase as Fund assets grow.

12<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**REYNOLDS BLUE CHIP GROWTH FUND** 

**ADDITIONAL INFORMATION (Unaudited)(Continued)** 

Based on these considerations, the Directors concluded that, at the Fund's current asset level and foreseeable asset levels, economies of scale have not yet reached a point where investment advisory fee breakpoints are warranted.

**Costs and Profitability** 

The Directors discussed the Adviser's profitability and the impact of intermediary service fees on profitability. They reviewed the Adviser's financial information for the twelve months ended September 30, 2025, and considered the Fund's net advisory fee for the fiscal year ended September 30, 2025. They also considered the resources and revenues the Adviser has devoted to managing and distributing the Fund.

Based on the information presented, the Directors concluded that the level of profitability realized by the Adviser from its relationship with the Fund is reasonable.

**Performance** 

Mr. Reynolds discussed the performance of the Fund for different time periods compared to benchmark indices. The Directors noted that they review reports at each quarterly meeting comparing the Fund's investment performance to various indices. Based on the information provided at the meeting and the quarterly discussions during the year, the Directors concluded that the Adviser manages the Fund in a manner that is materially consistent with the Fund's stated investment objective and style.

The Directors noted that, for the 12-month period ended September 30, 2025, the Fund outperformed its benchmark, the S&P 500 Index. They also reviewed the Fund's average annual total returns for the one-, five- and ten-year periods ended September 30, 2025, which were 27.35%, 13.05% and 13.57%, respectively, compared to 17.60%, 16.47% and 15.30%, respectively, for the S&P 500 Index. The Directors concluded that the Fund's investment performance is satisfactory on an absolute and relative basis over relevant time periods.

**Fall-Out Benefits** 

The Directors considered other benefits to the Adviser from serving as investment adviser to the Fund, in addition to the advisory fee. They noted that the Adviser may derive ancillary benefits from its association with the Fund in the form of proprietary and third-party research products and services received from broker-dealers that execute portfolio trades for the Fund.

The Directors also reviewed the Adviser's soft-dollar report. The Directors concluded that the products and services obtained were used for legitimate purposes relating to the Fund by assisting in the investment decision-making process, and that the other benefits realized by the Adviser from its relationship with the Fund were reasonable.

**Conclusion** 

After reviewing the materials provided for the meeting, management's presentation, and other information regularly provided at the Board's quarterly meetings throughout the year regarding the quality of services provided by the Adviser, the performance of the Fund, expense information, regulatory compliance issues, trading information and related matters, and other factors deemed relevant by the Board, the Directors, including all of the Independent Directors, approved the continuation of the investment advisory agreement.

The Directors considered all of the factors discussed above, both as a group and separately in an executive session held by the Independent Directors, and the Directors concluded that the continuation of the investment advisory agreement is in the best interests of the Fund and its shareholders.

13<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial Highlights are included within the financial statements filed under Item 7(a)
 of this Form.

**<u>Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.</u>**

There were no changes in or disagreements with accountants during the period covered by this report.

**<u>Item 9. Proxy Disclosure for Open-End Management Investment Companies.</u>**

There were no matters submitted to a vote of shareholders during the period covered by this report.

**<u>Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.</u>**

Remuneration paid to directors, officers, and others is included in the Statement of Operations under the line items "Trustees' fees" and "Compliance fees" as part of the financial statements filed under Item 7(a) of the Form N-CSR.

**<u>Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.</u>**

On November 19, 2025, the Board of Directors of Reynolds Funds, Inc. (the "<u>Directors</u>") approved the continuation of the investment advisory agreement for the Reynolds Blue Chip Growth Fund (the "<u>Fund</u>") with the investment adviser, Reynolds Capital Management, LLC (the "<u>Adviser</u>"). As part of the process of approving the continuation of the advisory agreement, the Directors reviewed their fiduciary duties with respect to approving the advisory agreement and the relevant factors to be considered, and the members of the Board of Directors who are not deemed "interested persons" (as that term is defined by the Investment Company Act of 1940, as amended) of the Fund (the "<u>Independent Directors</u>") met in executive session to discuss the approval of the advisory agreement.

In advance of the meeting, the Adviser provided detailed information to assist the Directors in their evaluation of the investment advisory agreement, and additional information was provided at the meeting. This information included, but was not limited to, a memorandum from Fund counsel summarizing the legal standards applicable to the Directors' consideration of the advisory agreement; comparative information relating to the Fund's management fees and other expenses; information regarding fees paid and other payments; information on the Adviser's profitability; information about brokerage commissions and soft-dollar practices; comparative information relating to the Fund's performance; information about sales and redemptions of the Fund; information about the Fund's compliance program; and other information the Directors believed was useful in evaluating the approval of the advisory agreement.

The Directors considered all of the factors discussed below as a whole, and no single factor was the principal or determinative factor in their decision. The Directors also recognized that the management and fee arrangements for the Fund are the result of years of review and discussion between the Independent Directors and the Adviser, and that their conclusions may be based, in part, on their consideration of these arrangements and information received during the course of the year and in prior years.

Prior to approving the continuation of the investment advisory agreement, the Directors, including the Independent Directors meeting in executive session, considered, among other things: (i) the nature and quality of the investment advisory services provided by the Adviser; (ii) a comparison of the fees and expenses of the Fund to those of similar funds; (iii) a comparison of the fee structures of other accounts managed by the Adviser; (iv) whether economies of scale are recognized by the Fund; (v) the costs and profitability of the Fund to the Adviser; (vi) the performance of the Fund; and (vii) the other benefits to the Adviser from serving as investment adviser to the Fund (in addition to the advisory fee).

The material considerations and determinations of the Board of Directors, including all of the Independent Directors, are summarized below.

**Nature and Quality of Investment Advisory Services**

The Directors discussed with management the nature of the Adviser's investment process and the resources required to implement that process. They reviewed the Fund's principal investment strategy and the resources the Adviser deploys to conduct research on target companies, monitor portfolio positions and market developments, manage brokerage relationships, oversee compliance matters and ensure compliance with the Fund's strategy and applicable investment restrictions.

The Directors considered the background and experience of Mr. Reynolds and the expertise of, and amount of attention given to the Fund by, Mr. Reynolds. They determined that Mr. Reynolds is qualified to manage the portfolio of the Fund. They also considered the Adviser's responsibilities beyond day-to-day portfolio management, including compliance oversight, shareholder communications, Fund operations oversight and coordination with the Fund's administrator, distributor and Chief Compliance Officer, as well as the quality of the Fund's other service providers, who are overseen by the Adviser.

Based on the foregoing, the Directors concluded that the Adviser provides high quality services to the Fund and that they were satisfied with the nature, extent and quality of the investment advisory services provided.

**Comparative Fees and Expenses**

The Directors discussed with management the variables, in addition to management fees, that affect the costs borne by shareholders of the Fund. Management reviewed with the Directors a comparison of the Fund's advisory fee and expense ratio to those of similar funds, a Morningstar comparison group. The Directors reviewed the criteria used to determine the funds included in the Morningstar comparison group and were satisfied with that methodology.

The Directors noted that the Fund's advisory fee and net expense ratio are on the high end of the industry average. They also noted that the Fund's advisory fee was at the top of the reported Morningstar range for the relevant category, and that the Fund's net expense ratio exceeded the category average net expense ratio. At the same time, the Directors determined that the comparative fee data confirmed that the Fund's advisory fee and total expense ratio are within a reasonable range of comparable funds.

In determining the reasonableness of the advisory fee and overall Fund expense ratio, the Directors considered the research-intensive nature of the Fund's strategy, the Fund's relatively small asset size, the services provided by the Adviser, the significant intermediary servicing costs absorbed by the Adviser, and the additional risks and complexity associated with managing a retail mutual fund. Based on these considerations, the Directors concluded that the advisory fee and overall Fund expense ratio are reasonable.

**Comparison of Fee Structures of Other Accounts**

The Directors inquired of management regarding the differences between the services performed by the Adviser for separate accounts and those performed for the Fund. The Adviser noted that management of the Fund involves more comprehensive and substantive duties than management of institutional separate accounts, including accommodating shareholder purchase and redemption activity, servicing a broad shareholder base through direct and intermediary channels, maintaining shareholder communications, and coordinating with the Fund's Chief Compliance Officer and other service providers to ensure compliance with Federal law and the Internal Revenue Code.

The Directors concluded that the services performed by the Adviser for the Fund require a higher level of service and oversight than those performed for separate accounts. Based on this determination, the Directors concluded that the differential in advisory fees between the Fund and separate accounts is reasonable.

**Economies of Scale**

The Directors discussed with management whether economies of scale are recognized by the Fund. They noted that, as Fund assets grow, certain fixed costs may be spread over a larger asset base, which can lead to economies of scale. They also noted, however, that many of the Fund's expenses are subject to diseconomies of scale, such as intermediary service fees, which generally increase as Fund assets grow.

Based on these considerations, the Directors concluded that, at the Fund's current asset level and foreseeable asset levels, economies of scale have not yet reached a point where investment advisory fee breakpoints are warranted.

**Costs and Profitability**

The Directors discussed the Adviser's profitability and the impact of intermediary service fees on profitability. They reviewed the Adviser's financial information for the twelve months ended September 30, 2025, and considered the Fund's net advisory fee for the fiscal year ended September 30, 2025. They also considered the resources and revenues the Adviser has devoted to managing and distributing the Fund.

Based on the information presented, the Directors concluded that the level of profitability realized by the Adviser from its relationship with the Fund is reasonable.

**Performance**

Mr. Reynolds discussed the performance of the Fund for different time periods compared to benchmark indices. The Directors noted that they review reports at each quarterly meeting comparing the Fund's investment performance to various indices. Based on the information provided at the meeting and the quarterly discussions during the year, the Directors concluded that the Adviser manages the Fund in a manner that is materially consistent with the Fund's stated investment objective and style.

The Directors noted that, for the 12-month period ended September 30, 2025, the Fund outperformed its benchmark, the S&P 500 Index. They also reviewed the Fund's average annual total returns for the one-, five- and ten-year periods ended September 30, 2025, which were 27.35%, 13.05% and 13.57%, respectively, compared to 17.60%, 16.47% and 15.30%, respectively, for the S&P 500 Index. The Directors concluded that the Fund's investment performance is satisfactory on an absolute and relative basis over relevant time periods.

**Fall-Out Benefits**

The Directors considered other benefits to the Adviser from serving as investment adviser to the Fund, in addition to the advisory fee. They noted that the Adviser may derive ancillary benefits from its association with the Fund in the form of proprietary and third-party research products and services received from broker-dealers that execute portfolio trades for the Fund.

The Directors also reviewed the Adviser's soft-dollar report. The Directors concluded that the products and services obtained were used for legitimate purposes relating to the Fund by assisting in the investment decision-making process, and that the other benefits realized by the Adviser from its relationship with the Fund were reasonable.

**Conclusion**

After reviewing the materials provided for the meeting, management's presentation, and other information regularly provided at the Board's quarterly meetings throughout the year regarding the quality of services provided by the Adviser, the performance of the Fund, expense information, regulatory compliance issues, trading information and related matters, and other factors deemed relevant by the Board, the Directors, including all of the Independent Directors, approved the continuation of the investment advisory agreement.

The Directors considered all of the factors discussed above, both as a group and separately in an executive session held by the Independent Directors, and the Directors concluded that the continuation of the investment advisory agreement is in the best interests of the Fund and its shareholders.

**<u>Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to open-end management investment companies.

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

 

Not applicable to open-end management investment companies.

**<u>Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable to open-end management investment companies.

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

Not applicable.

**<u>Item 16. Controls and Procedures.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's Principal Executive Officer and Principal Financial Officer have
 reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940
 (the "Act")) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules
 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure
 controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded,
 processed, summarized and reported and made known to them by others within the Registrant and by the Registrant's service provider.

&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting
 (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are
 reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>**

Not applicable to open-end management investment companies.

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

Not applicable.

**<u>Item 19. Exhibits.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* (1) *Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.* Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed. Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(3) *A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)).* Filed herewith.](rf-efp24885_ex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) *Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.* Not applicable to open-end management investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Change in the registrant's independent public accountant. Provide the information called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308). Unless otherwise specified by Item 4, or related to and necessary for a complete understanding of information not previously disclosed, the information should relate to events occurring during the reporting period. Not applicable to open-end management investment companies.

 

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Furnished herewith.](rf-efp24885_ex99906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Registrant) Reynolds Funds, Inc.

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Frederick L. Reynolds |
|  | Frederick L. Reynolds, Principal Executive Officer and Principal Financial Officer |

---

Date <u>5/29/26</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Frederick L. Reynolds |
|  | Frederick L. Reynolds, Principal Executive Officer and Principal Financial Officer |

---

Date <u>5/29/26</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Frederick L. Reynolds |
|  | Frederick L. Reynolds, Principal Financial Officer and Principal Financial Officer |

---

Date <u>5/29/26</u>

## Ex-99.Cert

**EX.99.CERT**

**<u>CERTIFICATIONS</u>**

I, Frederick L. Reynolds, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Reynolds Funds, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officer(s) and I are responsible for establishing and
 maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment
 Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d)
 under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 5/29/26 | /s/ Frederick L. Reynolds |
|  |  | Frederick L. Reynolds |
|  |  | Principal Executive Officer and Principal Financial Officer |

---

## Exhibit 99.906

**EX.99.906CERT**

**<u>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act</u>**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the Reynolds Funds, Inc., does hereby certify, to such officer's knowledge, that the report on Form N-CSR of the Reynolds Funds, Inc. for the period ended March 31, 2026 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Reynolds Funds, Inc. for the stated period.

---

| |
|:---|
| /s/ Frederick L. Reynolds |
| Frederick L. Reynolds |
| Principal Executive Officer and Principal Financial Officer |
| Reynolds Funds, Inc. |

---

Dated: <u>5/29/26</u>

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by Reynolds Funds, Inc. for purposes of Section 18 of the Securities Exchange Act of 1934.