Buffalo Mid Cap Discovery Fund
  
Schedule of Investments
  
June 30, 2025 (Unaudited)
  
   
COMMON STOCKS - 97.1%
  
Shares
    
Value
 
Communication Services - 4.4%
        
Entertainment - 1.6%
            
Live Nation Entertainment, Inc. (a)
    
63,000
    
$
9,530,640
  
           
$
–
  
Interactive Media & Services - 1.3%
                
Pinterest, Inc. - Class A (a)
    
206,094
      
7,390,531
  
           
$
–
  
Media - 1.5%
                
DoubleVerify Holdings, Inc. (a)
    
368,744
      
5,520,098
  
Trade Desk, Inc. - Class A (a)
    
50,000
      
3,599,500
  
             
9,119,598
  
Total Communication Services
      
26,040,769
  
                 
Consumer Discretionary - 6.2%
          
Hotels, Restaurants & Leisure - 3.0%
                
DraftKings, Inc. - Class A (a)
    
143,000
      
6,133,270
  
Expedia Group, Inc.
    
27,952
      
4,714,944
  
Wingstop, Inc.
    
20,350
      
6,852,659
  
             
17,700,873
  
Specialty Retail - 1.7%
                
CarMax, Inc. (a)
    
87,000
      
5,847,270
  
Ross Stores, Inc.
    
30,255
      
3,859,933
  
             
9,707,203
  
Textiles, Apparel & Luxury Goods - 1.5%
                
Birkenstock Holding PLC (a)
    
72,600
      
3,570,468
  
lululemon athletica, Inc. (a)
    
22,985
      
5,460,776
  
             
9,031,244
  
Total Consumer Discretionary
      
36,439,320
  
                 
Consumer Staples - 2.7%
          
Consumer Staples Distribution & Retail - 1.3%
                
Maplebear, Inc. (a)
    
163,000
      
7,374,120
  
           
$
–
  
Personal Care Products - 1.4%
                
elf Beauty, Inc. (a)
    
67,600
      
8,412,144
  
Total Consumer Staples
      
15,786,264
  
                 
Energy - 1.1%
          
Energy Equipment & Services - 1.1%
                
Schlumberger NV
    
193,290
      
6,533,202
  
                 
Financials - 11.0%
          
Capital Markets - 6.3%
                
FactSet Research Systems, Inc.
    
11,100
      
4,964,808
  
Intercontinental Exchange, Inc.
    
33,438
      
6,134,870
  
MarketAxess Holdings, Inc.
    
36,500
      
8,151,910
  
MSCI, Inc.
    
30,940
      
17,844,335
  
             
37,095,923
  
Financial Services - 3.4%
                
Corpay, Inc. (a)
    
22,754
      
7,550,232
  
Shift4 Payments, Inc. - Class A (a)
    
126,667
      
12,553,967
  
             
20,104,199
  
Insurance - 1.3%
                
Kinsale Capital Group, Inc.
    
14,960
      
7,239,144
  
Total Financials
      
64,439,266
  
                 
Health Care - 20.1%
          
Biotechnology - 2.4%
                
Alnylam Pharmaceuticals, Inc. (a)
    
21,514
      
7,015,501
  
Natera, Inc. (a)
    
41,581
      
7,024,694
  
             
14,040,195
  
Health Care Equipment & Supplies - 6.5%
                
Alcon AG
    
76,641
      
6,765,867
  
DexCom, Inc. (a)
    
73,711
      
6,434,233
  
Edwards Lifesciences Corp. (a)
    
92,000
      
7,195,320
  
IDEXX Laboratories, Inc. (a)
    
18,299
      
9,814,486
  
Insulet Corp. (a)
    
25,200
      
7,917,336
  
             
38,127,242
  
Health Care Providers & Services - 3.3%
                
Cencora, Inc.
    
39,860
      
11,952,021
  
Progyny, Inc. (a)
    
340,147
      
7,483,234
  
             
19,435,255
  
Health Care Technology - 3.0%
                
Veeva Systems, Inc. - Class A (a)
    
60,687
      
17,476,642
  
           
$
–
  
Life Sciences Tools & Services - 4.9%
                
Agilent Technologies, Inc.
    
46,471
      
5,484,043
  
Bio-Techne Corp.
    
115,975
      
5,966,914
  
ICON PLC (a)
    
35,000
      
5,090,750
  
IQVIA Holdings, Inc. (a)
    
45,662
      
7,195,874
  
West Pharmaceutical Services, Inc.
    
21,000
      
4,594,800
  
             
28,332,381
  
Total Health Care
      
117,411,715
  
                 
Industrials - 18.5%
          
Aerospace & Defense - 1.7%
                
HEICO Corp. - Class A
    
38,600
      
9,987,750
  
           
$
–
  
Building Products - 1.8%
                
Advanced Drainage Systems, Inc.
    
48,500
      
5,570,710
  
Trex Co., Inc. (a)
    
91,000
      
4,948,580
  
             
10,519,290
  
Commercial Services & Supplies - 1.7%
                
Copart, Inc. (a)
    
197,088
      
9,671,108
  
           
$
–
  
Electrical Equipment - 4.3%
                
AMETEK, Inc.
    
67,600
      
12,232,896
  
Vertiv Holdings Co. - Class A
    
102,500
      
13,162,025
  
             
25,394,921
  
Machinery - 0.5%
                
Xylem, Inc.
    
20,200
      
2,613,072
  
           
$
–
  
Professional Services - 7.0%
                
Equifax, Inc.
    
29,662
      
7,693,433
  
KBR, Inc.
    
151,500
      
7,262,910
  
TransUnion
    
145,063
      
12,765,544
  
Verisk Analytics, Inc.
    
42,223
      
13,152,465
  
             
40,874,352
  
Trading Companies & Distributors - 1.5%
                
Ferguson Enterprises, Inc.
    
41,384
      
9,011,366
  
Total Industrials
      
108,071,859
  
                 
Information Technology - 26.9%(b)
          
Electronic Equipment, Instruments & Components - 1.5%
                
Amphenol Corp. - Class A
    
91,602
      
9,045,698
  
           
$
–
  
IT Services - 5.6%
                
Gartner, Inc. (a)
    
30,756
      
12,432,190
  
GoDaddy, Inc. - Class A (a)
    
30,339
      
5,462,841
  
MongoDB, Inc. (a)
    
27,200
      
5,711,728
  
Snowflake, Inc. - Class A (a)
    
41,000
      
9,174,570
  
             
32,781,329
  
Semiconductors & Semiconductor Equipment - 2.8%
                
Analog Devices, Inc.
    
17,500
      
4,165,350
  
Monolithic Power Systems, Inc.
    
5,227
      
3,822,923
  
Universal Display Corp.
    
53,894
      
8,324,467
  
             
16,312,740
  
Software - 17.0%
                
Autodesk, Inc. (a)
    
32,365
      
10,019,233
  
CCC Intelligent Solutions Holdings, Inc. (a)
    
610,000
      
5,740,100
  
CyberArk Software Ltd. (a)
    
20,600
      
8,381,728
  
Datadog, Inc. - Class A (a)
    
45,000
      
6,044,850
  
Fair Isaac Corp. (a)
    
3,720
      
6,800,011
  
Guidewire Software, Inc. (a)
    
39,875
      
9,388,569
  
HubSpot, Inc. (a)
    
13,950
      
7,764,989
  
Manhattan Associates, Inc. (a)
    
30,600
      
6,042,582
  
Nutanix, Inc. - Class A (a)
    
87,500
      
6,688,500
  
Procore Technologies, Inc. (a)
    
154,000
      
10,536,680
  
Synopsys, Inc. (a)
    
14,655
      
7,513,325
  
Tyler Technologies, Inc. (a)
    
14,000
      
8,299,760
  
Zscaler, Inc. (a)
    
19,200
      
6,027,648
  
             
99,247,975
  
Total Information Technology
      
157,387,742
  
                 
Materials - 1.1%
          
Construction Materials - 1.1%
                
Martin Marietta Materials, Inc.
    
12,193
      
6,693,469
  
                 
Real Estate - 2.2%
          
Real Estate Management & Development - 2.2%
                
CoStar Group, Inc. (a)
    
159,341
      
12,811,016
  
                 
Utilities - 2.9%
          
Independent Power and Renewable Electricity Producers - 2.9%
                
Vistra Corp.
    
87,950
      
17,045,589
  
TOTAL COMMON STOCKS (Cost $399,360,675)
      
568,660,211
  
                 
SHORT-TERM INVESTMENTS - 3.1%
  
Shares
    
Value
 
Money Market Funds - 3.1%
                
Fidelity Money Market Government Portfolio - Class I, 4.23% (c)
    
18,050,110
      
18,050,110
  
TOTAL SHORT-TERM INVESTMENTS (Cost $18,050,110)
      
18,050,110
  
                 
TOTAL INVESTMENTS - 100.2% (Cost $417,410,785)
      
586,710,321
  
Liabilities in Excess of Other Assets - (0.2)%
      
(1,131,874
)
TOTAL NET ASSETS - 100.0%
          
$
585,578,447
  
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.
  

PLC - Public Limited Company

(a)
Non-income producing security.
(b)
To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.
(c)
The rate shown represents the 7-day annualized effective yield as of June 30, 2025.


Summary of Fair Value Disclosure as of June 30, 2025 (Unaudited)
 
Buffalo Mid Cap Discovery Fund (the "Fund") has adopted fair value accounting standards which establish a 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 valuation 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 based on the best information available.
 
The following is a summary of the fair valuation hierarchy of the Fund’s securities as of June 30, 2025:
 
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Assets:
                        
Investments:
                        
  Common Stocks
  
$
568,660,211
    
$
–
    
$
–
    
$
568,660,211
  
  Money Market Funds
    
18,050,110
      
–
      
–
      
18,050,110
  
Total Investments
  
$
586,710,321
    
$
–
    
$
–
    
$
586,710,321
  
   
Refer to the Schedule of Investments for further disaggregation of investment categories.