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Filed Pursuant to Rule 4979k0

1933 Act  File No. 033-21718

10440 ACT File No. 811-05549


Reynolds Blue Chip Growth Fnd (RBCGX)

a portfolio of Reynolds Funds, Inc.
(the "Fund") 
April 22, 2024

Supplement to the
Summary Prospectus
dated January 31, 2024

 

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 Effective  immediactely, the paragraph on the cover page of the Summsry Psoepctus is nereby atteneded and reinstated in its entirety:

 

Before you invest, you may want to review the Fund‘s Prospectus, which contains more information about the Fund and its risks. The Fund’s Prospectus and Statement of Additional Information, both dated January 31, 2024, are incorporated by references into this Summary Prospectus. You can find the Fund’Fund’s Prospectus, reports to shareholders, and other information about the fund onlctus, which contains more information about the Fund and its risks. The Fund’s Prospectus and Statement of Additional Information, both dated January 31, 2024, are incorporated by references into this Summary Prospectus. You can find the Fund's Prospectus, reports to shareholders, and other information about the fund online at https://reynoldsfunds.com. You can also get this information at no cost by calling (800) 773-9665 or by sending an email to freynolds@reynoldsfunds.com.

 

Please retain this Suppkement with your Summary Prospectus for future reference.

 

 



A No-Load Mutual Fund


(800) 773-9665

www.reynoldsfunds.com


SUMMARY INFORMATION ABOUT THE FUND

Investment Objective

Reynolds Blue Chip Growth Fund seeks long-term capital appreciation.

Fees and Expenses of the Fund

The table below describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.

SHAREHOLDER FEES

(fees paid directly from your investment)

Maximum Sales Charge (Load) Imposed on

Purchases None

Maximum Deferred Sales Charge (Load) None Maximum Sales Charge (Load) Imposed on

Reinvested Dividends and other Distributions None Redemption Fee (transfer agent charge of $15

for each wire redemption) None

Exchange Fee None

ANNUAL FUND OPERATING EXPENSES

(expenses that you pay each year as a percentage of the value of your investment)

Management Fees 1.00%

Distribution and/or Service (12b-1) Fees 0.12%

Other Expenses 1.06%

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Acquired Fund Fees and Expenses(1) 0.01% Total Annual Fund Operating Expenses 2.19% Fee Waiver and/or Expense Reimbursement -0.18%

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reflects the operating expenses of the Fund and does not include indirect expenses such as AFFE.

(2) Reynolds Capital Management, LLC (the “Adviser”) has contractually agreed to waive management fees and/or reimburse expenses (excluding interest, taxes, brokerage commissions and other costs incurred in connection with the purchase or sale of portfolio securities, acquired fund fees and expenses, if any, and extraordinary items) to ensure that Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement do not exceed 2.00%.

Example. This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year, that dividends and distributions are reinvested, and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

  1 Year     3 Years    5 Years   10 Years  

$204 $668 $1,158 $2,510

Portfolio Turnover. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 431% of the average value of its portfolio.

Principal Investment Strategies

The Fund under normal market conditions invests at least 80% of its net assets in the common stocks of “growth” companies that, in the view of the Fund’s investment adviser,

Total Annual Fund Operating Expenses After

Fee Waiver and/or Expense Reimbursement(2)

2.01%

are well-established in their industries and have a minimum market capitalization of at least $1 billion at the time of initial

() Acquired Fund Fees and Expenses (”AFFE”) are indirect fees and expenses that the Fund incurs from investing in the shares of other investment companies, including money market funds and other mutual funds, closed-end funds, or business development companies. The Total Annual Fund Operating Expenses does not correlate to the “Ratio of expenses to average net assets, net of reimbursement” or “Ratio of expenses to average net assets, before reimbursement” in the “Financial Highlights,” which

purchase (these companies are commonly referred to as “blue chip” companies). The Fund invests in securities of both domestic and foreign “blue chip” growth companies, in any industry, with the Fund’s investments in foreign companies generally being effected through American Depositary Receipts or “ADRs,” which are dollar-denominated securities of foreign issuers traded in the U.S. The Fund may invest in ADRs through both sponsored and unsponsored arrangements.

Although the Fund does not concentrate its investments in any industry, it may focus its investments from time to time on one or more economic sectors, including the information technology sector and the consumer discretionary sector.

The Fund’s investment adviser bases investment decisions on company-specific factors (bottom-up investment approach) and general economic conditions (top-down investment approach). When purchasing “blue chip” growth companies for the Fund, the Fund’s investment adviser looks for companies that have some or all of the following attributes:

publicity. In particular, events like the Russian military invasion of Ukraine and the resulting actions taken by the United States and European Union in levying broad economic sanctions against Russia could continue to have adverse effects on the price and liquidity of investments, which could adversely affect financial markets, and therefore, Fund performance. Similarly, the recent conflict between Israel and Hamas in Gaza, and the threat of future hostilites in the broader Middle East region, may have similar adverse effects on market volatility and global economic growth which could adversely affect Fund performance. The impact of any epidemic, pandemic or natural disaster, such as COVID-19, or widespread fear that such events may occur, could also negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. The risk of trade disputes with other countries, the possibility of changes to some international trade agreements, and government or regulatory actions, including the imposition of tariffs or other protectionist actions, could affect the economies of many nations, including the United States, in ways that cannot necessarily be foreseen at the present time. The price declines of common stocks, in particular, may be steep, sudden and/or prolonged. Price and liquidity changes may occur in the market as a whole, or they may occur in only a particular company, industry, sector, or geographical region of the market. These effects could negatively impact the Fund’s performance.

advisors regarding the impact of them to possible changes in tax laws.

Because of these risks the Fund is a suitable investment only for those investors who have long-term investment goals and who are comfortable with an investment that will fluctuate in value.

Performance

The following performance information indicates some of the risks of investing in the Fund. The bar chart shows changes in the Fund’s performance from year to year. The table shows how the Fund’s average annual returns for 1, 5 and 10 years compare to the performance of the S&P 500® Index, a broad-based securities market index. For additional information on this index, please see “Index Description” in this Prospectus. Please keep in mind that the Fund’s past performance, before and after taxes, does not necessarily

After-tax returns are calculated using the historical highest individual stated federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after- tax returns depend on an investor’s individual tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or IRAs.

The Fund’s return after taxes on distributions and sale of Fund shares may be higher than its returns before taxes and after taxes on distributions when a capital loss occurs upon the redemption of Fund shares.

Average Annual Total Returns

(for the periods ended December 31, 2023)

1 5 10

Year Years Years

indicate how it will perform in the future. Updated

Return Before Taxes

28.83%

13.64%

8.66%

performance information is available on the Fund’s website at

www.reynoldsfunds.com or by calling the Fund toll-free at

Return After Taxes on Distributions


28.83%


11.12%


5.62%

(800) 773-9665.

Return After Taxes on




REYNOLDS BLUE CHIP GROWTH FUND

(Total return per calendar year)

Distributions and

Sale of Fund Shares

S&P 500® Index

17.07%

10.65%

6.08%

50%

(reflects no deductions




43.88%

for fees, expenses or





taxes)

26.29%

15.69%

12.03%


25%


0%


-25%

28.83%

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24.71%

25.52%

16.51%

3.70% 1.50%

-4.46%

-3.46%

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-30.09%


2014 2015 2016 2017 2018 2019 2020 2021 2022 2023


Management

Investment Adviser - Reynolds Capital Management, LLC is the investment adviser to the Fund.

Portfolio Manager - Frederick L. Reynolds is the portfolio manager and sole owner of the adviser and is primarily responsible for the day-to-day management of the Fund’s portfolio. Mr. Reynolds has managed the Fund since its inception in 1988.

Purchase and Sale of Fund Shares

You may purchase, exchange (into or from the First American Treasury Obligations Fund), or redeem Fund shares on any business day by written request via mail (Reynolds Blue Chip Growth Fund, c/o U.S. Bank Global Fund Services,

During the ten-year period shown on the bar chart, the Fund’s highest total return for a quarter was 28.42% (quarter ended June 30, 2020) and the lowest total return for a quarter was -20.59% (quarter ended June 30, 2022).

P.O. Box 701, Milwaukee, Wisconsin 53201-0701), by telephone at 1-800-773-9665, or through a financial intermediary. You may also purchase or redeem Fund shares by wire transfer. Investors who wish to purchase, or redeem

Fund shares through a broker-dealer or other financial intermediary should contact the financial intermediary directly. The minimum initial and subsequent investment amounts are shown below.

Minimum Investment - New Accounts

All Accounts $1,000

Minimum Investment - Existing Accounts

All Accounts $100

Automatic Investment Plan $50

Tax Information

The Fund’s distributions generally will be taxable to you, whether they are paid in cash or reinvested in Fund shares, unless you invest through a tax-deferred arrangement, such as a 401(k) plan or an IRA, in which case such distributions may be taxable at a later date.

Payments to Broker-Dealers and Other Financial Intermediaries

If you purchase Fund shares through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create conflicts of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary’s website for more information.