Buffalo Growth & Income Fund
Schedule of Investments
June 30, 2026 (Unaudited)

COMMON STOCKS - 87.0%

Shares  

Value  
Communication Services - 10.3%

Diversified Telecommunication Services - 0.6%




Comcast Corp. - Class A

            22,500

    $        552,375
Verizon Communications, Inc.

            10,625

             449,863





             1,002,238
Entertainment - 0.4%




Walt Disney Co.

            7,605

             731,981






Interactive Media & Services - 9.3%




Alphabet, Inc. - Class A

            12,600

             4,502,862
Alphabet, Inc. - Class C

            13,000

             4,593,290
Meta Platforms, Inc. - Class A

            13,300

             7,491,757





             16,587,909
Total Communication Services

             18,322,128






Consumer Discretionary - 5.9%

Broadline Retail - 1.5%




Amazon.com, Inc. (a)

            11,000

             2,621,740






Hotels, Restaurants & Leisure - 3.6%




Royal Caribbean Cruises Ltd.

            17,126

             5,438,019
Starbucks Corp.

            9,500

             970,805





             6,408,824
Specialty Retail - 0.8%




Home Depot, Inc.

            4,225

             1,490,073
Total Consumer Discretionary

             10,520,637






Consumer Staples - 3.6%

Beverages - 1.6%




PepsiCo, Inc.

            5,550

             751,470
Primo Brands Corp.

            88,600

             2,165,384





             2,916,854
Consumer Staples Distribution & Retail - 0.7%




Walmart, Inc.

            10,350

             1,172,241






Food Products - 0.8%




Lamb Weston Holdings, Inc.

            18,400

             794,512
Tyson Foods, Inc. - Class A

            11,900

             681,275





             1,475,787
Household Products - 0.5%




Procter & Gamble Co.

            5,725

             839,514
Total Consumer Staples

             6,404,396






Energy - 10.2%

Oil, Gas & Consumable Fuels - 10.2%




Chevron Corp.

            10,121

             1,677,657
Crescent Energy Co. - Class A

            150,000

             1,473,000
Energy Transfer LP

            162,600

             3,108,912
Enterprise Products Partners LP

            46,650

             1,714,854
Marathon Petroleum Corp.

            12,126

             3,100,254
Northern Oil and Gas, Inc.

            63,400

             1,150,710
Valero Energy Corp.

            7,900

             2,057,476


Viper Energy, Inc. - Class A

            90,000

             3,816,000
Total Energy

             18,098,863






Financials - 18.2%

Banks - 9.0%




Bank of America Corp.

            63,000

             3,589,740
Citigroup, Inc.

            24,375

             3,411,525
Citizens Financial Group, Inc.

            40,750

             2,855,353
JPMorgan Chase & Co.

            14,000

             4,582,620
Truist Financial Corp.

            28,600

             1,424,852





             15,864,090
Capital Markets - 3.5%




Blackrock, Inc.

            1,100

             1,057,716
CME Group, Inc.

            4,025

             888,841
Intercontinental Exchange, Inc.

            11,100

             1,366,521
S&P Global, Inc.

            7,136

             2,906,207





             6,219,285
Financial Services - 4.2%




Burford Capital Ltd.

            180,800

             741,280
Mastercard, Inc. - Class A

            4,400

             2,259,840
Visa, Inc. - Class A

            12,925

             4,434,438





             7,435,558
Insurance - 1.5%




Arthur J. Gallagher & Co.

            11,575

             2,657,273
Total Financials

             32,176,206






Health Care - 9.6%

Health Care Equipment & Supplies - 0.8%




Abbott Laboratories

            10,000

             907,400
Medtronic PLC

            7,400

             578,902





             1,486,302
Health Care Providers & Services - 4.9%




Elevance Health, Inc.

            3,375

             1,305,213
HCA Healthcare, Inc.

            8,100

             3,158,109
McKesson Corp.

            2,500

             1,889,000
UnitedHealth Group, Inc.

            5,600

             2,327,528





             8,679,850
Pharmaceuticals - 3.9%




Eli Lilly & Co.

            3,150

             3,778,205
Johnson & Johnson

            7,125

             1,809,536
Merck & Co., Inc.

            9,800

             1,259,300





             6,847,041
Total Health Care

             17,013,193






Industrials - 6.2%

Aerospace & Defense - 0.6%




Boeing Co. (a)

            3,025

             654,822
Honeywell Aerospace, Inc. (a)

            1,725

             381,363





             1,036,185
Commercial Services & Supplies - 1.1%




Cintas Corp.

            11,200

             1,904,896






Electrical Equipment - 0.3%




AMETEK, Inc.

            2,500

             604,850






Industrial Conglomerates - 0.2%




Honeywell International, Inc.

            1,725

             386,227








Machinery - 2.2%




Parker-Hannifin Corp.

            3,950

             3,863,574






Professional Services - 1.2%




Equifax, Inc.

            3,200

             507,904
SS&C Technologies Holdings, Inc.

            26,600

             1,650,530





             2,158,434
Trading Companies & Distributors - 0.6%




Fastenal Co.

            20,600

             989,418
Total Industrials

             10,943,584






Information Technology - 15.3%

Communications Equipment - 1.2%




Cisco Systems, Inc.

            17,750

             2,084,915






IT Services - 1.2%




International Business Machines Corp.

            7,700

             2,165,317






Semiconductors & Semiconductor Equipment - 3.9%




Marvell Technology, Inc.

            10,100

             3,008,689
NVIDIA Corp.

            7,100

             1,420,639
QUALCOMM, Inc.

            9,075

             1,676,969
Texas Instruments, Inc.

            2,950

             879,307





             6,985,604
Software - 3.9%




Microsoft Corp.

            18,650

             6,956,823






Technology Hardware, Storage & Peripherals - 5.1%




Apple, Inc.

            31,080

             8,993,309
Total Information Technology

             27,185,968






Materials - 2.0%

Construction Materials - 2.0%




CRH PLC

            25,600

             2,739,200
Martin Marietta Materials, Inc.

            1,500

             865,050
Total Materials

             3,604,250






Utilities - 5.7%

Electric Utilities - 3.3%




American Electric Power Co., Inc.

            15,700

             2,147,917
Edison International

            30,550

             2,274,447
PG&E Corp.

            82,600

             1,389,332





             5,811,696
Independent Power and Renewable Electricity Producers - 1.7%




Vistra Corp.

            19,300

             3,061,559






Multi-Utilities - 0.7%




Sempra Energy

            12,200

             1,131,062
Total Utilities

             10,004,317
TOTAL COMMON STOCKS (Cost $52,494,690)

             154,273,542






REAL ESTATE INVESTMENT TRUSTS - 8.0%

Shares  

Value  
Real Estate - 8.0%

Health Care REITs - 1.0%




Welltower, Inc.

            7,900

             1,793,063








Hotel & Resort REITs - 1.0%




Pebblebrook Hotel Trust

            90,000

             1,746,900






Office REITs - 1.0%




NET Lease Office Properties

            31,400

             349,482
Postal Realty Trust, Inc. - Class A

            55,000

             1,355,200





             1,704,682
Retail REITs - 1.8%




Macerich Co.

            50,000

             1,259,500
NETSTREIT Corp.

            50,000

             1,056,500
Realty Income Corp.

            15,000

             929,400





             3,245,400
Specialized REITs - 3.2%




American Tower Corp.

            3,200

             523,424
Digital Realty Trust, Inc.

            5,000

             897,900
Equinix Inc.

            1,100

             1,146,629
Lamar Advertising Co. - Class A

            9,968

             1,554,809
Public Storage

            5,000

             1,591,550





             5,714,312
Total Real Estate

             14,204,357
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $9,378,099)

             14,204,357






CONVERTIBLE BONDS - 1.9%
Par  

Value  
Information Technology - 1.9%
Communications Equipment - 1.9%
Lumentum Holdings, Inc., 0.50%, 12/15/2026

             400,000

             3,441,400
TOTAL CONVERTIBLE BONDS (Cost $400,000)

             3,441,400






CONVERTIBLE PREFERRED STOCKS - 1.1%

Shares  

Value  
Industrials - 0.8%

Aerospace & Defense - 0.8%




Boeing Co., 6.00%, 10/15/2027

            20,000

             1,346,000






Utilities - 0.3%

Electric Utilities - 0.3%




PG&E Corp., Series A, 6.00%, 12/01/2027

            15,000

             620,550
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $1,774,538)

             1,966,550






SHORT-TERM INVESTMENTS
MONEY MARKET FUNDS - 2.1%
Shares  

Value  
First American Government Obligations Fund - Class X, 3.57% (b)

            3,762,457

             3,762,457
TOTAL MONEY MARKET FUNDS (Cost $3,762,457)

             3,762,457






TOTAL INVESTMENTS - 100.1% (Cost $67,809,784)

             177,648,306
Liabilities in Excess of Other Assets - (0.1)%
(0.00117)
            (208,383)
TOTAL NET ASSETS - 100.0%




    $        177,439,923


Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.




REIT - Real Estate Investment Trust
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.






(a)

Non-income producing security.
(b)

The rate shown represents the 7-day annualized yield as of June 30, 2026.




Summary of Fair Value Disclosure as of June 30, 2026 (Unaudited)
 
Buffalo Growth & Income 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, 2026:



Level 1

Level 2

Level 3

Total
Investments:







  Common Stocks
$        154,273,542

$        –

$        –

$        154,273,542
  Real Estate Investment Trusts
14,204,357

–

–

14,204,357
  Convertible Bonds
–

3,441,400

–

3,441,400
  Convertible Preferred Stocks
1,966,550

–

–

1,966,550
  Money Market Funds
3,762,457

–

–

3,762,457
Total Investments
$        174,206,906

$        3,441,400

$        –

$        177,648,306




 

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