| Buffalo Flexible Allocation Fund | |
| Schedule of Investments | |
| December 31, 2024 (Unaudited) | |
| | |
| COMMON STOCKS - 96.5% | | Shares | | | Value | |
Communication Services - 3.3% | | | | |
| Diversified Telecommunication Services - 2.5% | | | | | | |
| AT&T, Inc. | | | 100,000 | | | $ | 2,277,000 | |
| Verizon Communications, Inc. | | | 230,000 | | | | 9,197,700 | |
| | | | | | | | 11,474,700 | |
| Entertainment - 0.8% | | | | | | | | |
Lions Gate Entertainment Corp. - Class B (a) | | | 500,000 | | | | 3,775,000 | |
| Total Communication Services | | | | 15,249,700 | |
| | | | | | | | | |
Consumer Staples - 20.0% | | | | | |
| Beverages - 4.5% | | | | | | | | |
| Coca-Cola Co. | | | 150,000 | | | | 9,339,000 | |
| PepsiCo, Inc. | | | 75,000 | | | | 11,404,500 | |
| | | | | | | | 20,743,500 | |
| Consumer Staples Distribution & Retail - 5.0% | | | | | | | | |
| Costco Wholesale Corp. | | | 25,000 | | | | 22,906,750 | |
| | | | | | | $ | – | |
| Food Products - 3.5% | | | | | | | | |
| Conagra Brands, Inc. | | | 100,000 | | | | 2,775,000 | |
| General Mills, Inc. | | | 150,000 | | | | 9,565,500 | |
| Kellanova | | | 50,000 | | | | 4,048,500 | |
| | | | | | | | 16,389,000 | |
| Household Products - 7.0% | | | | | | | | |
| Clorox Co. | | | 50,000 | | | | 8,120,500 | |
| Colgate-Palmolive Co. | | | 25,000 | | | | 2,272,750 | |
| Kimberly-Clark Corp. | | | 70,000 | | | | 9,172,800 | |
| Procter & Gamble Co. | | | 75,000 | | | | 12,573,750 | |
| | | | | | | | 32,139,800 | |
| Total Consumer Staples | | | | 92,179,050 | |
| | | | | | | | | |
Energy - 25.0% | | | | | |
| Energy Equipment & Services - 1.5% | | | | | | | | |
| Schlumberger NV | | | 180,000 | | | | 6,901,200 | |
| | | | | | | $ | – | |
| Oil, Gas & Consumable Fuels - 23.5% | | | | | | | | |
| APA Corp. | | | 400,000 | | | | 9,236,000 | |
| BP PLC - ADR | | | 23,000 | | | | 679,880 | |
| Chevron Corp. | | | 125,000 | | | | 18,105,000 | |
| ConocoPhillips | | | 150,000 | | | | 14,875,500 | |
| Delek Logistics Partners LP | | | 140,000 | | | | 5,916,400 | |
| Exxon Mobil Corp. | | | 165,000 | | | | 17,749,050 | |
| Hess Corp. | | | 125,000 | | | | 16,626,250 | |
| HF Sinclair Corp. | | | 72,500 | | | | 2,541,125 | |
| Kinder Morgan, Inc. | | | 560,000 | | | | 15,344,000 | |
| Marathon Petroleum Corp. | | | 50,000 | | | | 6,975,000 | |
| | | | | | | | 108,048,205 | |
| Total Energy | | | | 114,949,405 | |
| | | | | | | | | |
Financials - 9.7% | | | | | |
| Banks - 1.9% | | | | | | | | |
| Truist Financial Corp. | | | 200,000 | | | | 8,676,000 | |
| | | | | | | $ | – | |
| Insurance - 7.8% | | | | | | | | |
| Allstate Corp. | | | 90,000 | | | | 17,351,100 | |
| Arthur J. Gallagher & Co. | | | 65,000 | | | | 18,450,250 | |
| | | | | | | | 35,801,350 | |
| Total Financials | | | | 44,477,350 | |
| | | | | | | | | |
Health Care - 15.3% | | | | | |
| Biotechnology - 1.8% | | | | | | | | |
| Gilead Sciences, Inc. | | | 91,000 | | | | 8,405,670 | |
| | | | | | | $ | – | |
| Health Care Equipment & Supplies - 1.9% | | | | | | | | |
| Abbott Laboratories | | | 75,000 | | | | 8,483,250 | |
| | | | | | | $ | – | |
| Pharmaceuticals - 11.6% | | | | | | | | |
| Bristol-Myers Squibb Co. | | | 9,000 | | | | 509,040 | |
| Eli Lilly & Co. | | | 35,000 | | | | 27,020,000 | |
| Johnson & Johnson | | | 75,000 | | | | 10,846,500 | |
| Merck & Co., Inc. | | | 80,000 | | | | 7,958,400 | |
| Pfizer, Inc. | | | 270,000 | | | | 7,163,100 | |
| | | | | | | | 53,497,040 | |
| Total Health Care | | | | 70,385,960 | |
| | | | | | | | | |
Industrials - 3.8% | | | | | |
| Commercial Services & Supplies - 3.3% | | | | | | | | |
| Pitney Bowes, Inc. | | | 285,000 | | | | 2,063,400 | |
| Waste Management, Inc. | | | 65,000 | | | | 13,116,350 | |
| | | | | | | | 15,179,750 | |
| Electrical Equipment - 0.5% | | | | | | | | |
| ABB Ltd. - ADR | | | 45,000 | | | | 2,416,950 | |
| Total Industrials | | | | 17,596,700 | |
| | | | | | | | | |
Information Technology - 18.3% | | | | | |
| Communications Equipment - 2.3% | | | | | | | | |
| Cisco Systems, Inc. | | | 175,000 | | | | 10,360,000 | |
| | | | | | | $ | – | |
| IT Services - 3.3% | | | | | | | | |
| International Business Machines Corp. | | | 70,000 | | | | 15,388,100 | |
| | | | | | | $ | – | |
| Semiconductors & Semiconductor Equipment - 2.8% | | | | | | | | |
| QUALCOMM, Inc. | | | 85,000 | | | | 13,057,700 | |
| | | | | | | $ | – | |
| Software - 9.9% | | | | | | | | |
| Microsoft Corp. | | | 108,000 | | | | 45,522,000 | |
| Total Information Technology | | | | 84,327,800 | |
| | | | | | | | | |
Materials - 1.1% | | | | | |
| Chemicals - 0.4% | | | | | | | | |
| Dow, Inc. | | | 49,000 | | | | 1,966,370 | |
| | | | | | | $ | – | |
| Metals & Mining - 0.7% | | | | | | | | |
| Rio Tinto PLC - ADR | | | 50,000 | | | | 2,940,500 | |
| Total Materials | | | | 4,906,870 | |
TOTAL COMMON STOCKS (Cost $173,089,264) | | | | 444,072,835 | |
| | | | | | | | | |
| REAL ESTATE INVESTMENT TRUSTS - 3.3% | | Shares | | | Value | |
Real Estate - 3.3% | | | | | |
| Specialized REITs - 3.3% | | | | | | | | |
| Digital Realty Trust, Inc. | | | 85,300 | | | | 15,126,249 | |
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $4,977,727) | | | | 15,126,249 | |
| | | | | | | | | |
| SHORT-TERM INVESTMENTS - 0.2% | | Shares | | | Value | |
| Money Market Funds - 0.2% | | | | | | | | |
Fidelity Money Market Government Portfolio - Class I, 4.38% (b) | | | 804,751 | | | | 804,751 | |
TOTAL SHORT-TERM INVESTMENTS (Cost $804,751) | | | | 804,751 | |
| | | | | | | | | |
TOTAL INVESTMENTS - 100.0% (Cost $178,871,742) | | | | 460,003,835 | |
Liabilities in Excess of Other Assets - (0.0)% (c) | | | | (200,280 | ) |
| TOTAL NET ASSETS - 100.0% | | | | | | $ | 459,803,555 | |
| two | | | | – | % |
| Percentages are stated as a percent of net assets. | | | | – | % |
| | |
The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") 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. Bank Global Fund Services. | |
| ADR - American Depositary Receipt |
| LP - Limited Partnership |
| NV - Naamloze Vennootschap |
| PLC - Public Limited Company |
| REIT - Real Estate Investment Trust |
| (a) | Non-income producing security. |
| (b) | The rate shown represents the 7-day annualized effective yield as of December 31, 2024. |
| (c) | Represents less than 0.05% of net assets. |
Summary of Fair Value Disclosure as of December 31, 2024 (Unaudited)
Buffalo Flexible Allocation Fund has adopted authoritative fair value accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.
The following is a summary of the fair valuation hierarchy of the Fund’s securities as of December 31, 2024:
| | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Investments: | | | | | | | | | | | | |
| Common Stocks | | $ | 444,072,835 | | | $ | – | | | $ | – | | | $ | 444,072,835 | |
| Real Estate Investment Trusts | | | 15,126,249 | | | | – | | | | – | | | | 15,126,249 | |
| Money Market Funds | | | 804,751 | | | | – | | | | – | | | | 804,751 | |
| Total Investments | | $ | 460,003,835 | | | $ | – | | | $ | – | | | $ | 460,003,835 | |
| | |
| Refer to the Schedule of Investments for further disaggregation of investment categories. | |
