Buffalo Blue Chip Growth Fund
Schedule of Investments
June 30, 2026 (Unaudited)

COMMON STOCKS - 94.4%

Shares  

Value  
Communication Services - 12.6%

Diversified Telecommunication Services - 0.2%




Space Exploration Technologies Corp. - Class A (a)

            2,100

    $        358,806






Entertainment - 1.1%




Netflix, Inc. (a)

            17,175

             1,226,295
Spotify Technology SA (a)

            1,450

             665,738





             1,892,033
Interactive Media & Services - 11.3%




Alphabet, Inc. - Class A

            43,675

             15,608,135
Meta Platforms, Inc. - Class A

            9,365

             5,275,211





             20,883,346
Total Communication Services

             23,134,185






Consumer Discretionary - 9.2%

Automobiles - 1.6%




Tesla, Inc. (a)

            7,100

             2,986,260






Broadline Retail - 4.6%




Amazon.com, Inc. (a)

            35,900

             8,556,406






Hotels, Restaurants & Leisure - 1.3%




Booking Holdings, Inc.

            2,500

             445,600
Hilton Worldwide Holdings, Inc.

            3,750

             1,239,225
Yum! Brands, Inc.

            4,275

             683,402





             2,368,227
Specialty Retail - 1.7%




Home Depot, Inc.

            3,635

             1,281,992
O'Reilly Automotive, Inc. (a)

            10,370

             954,973
TJX Companies, Inc.

            5,520

             836,280





             3,073,245
Total Consumer Discretionary

             16,984,138






Consumer Staples - 1.2%

Consumer Staples Distribution & Retail - 1.2%




Costco Wholesale Corp.

            1,200

             1,122,564
Walmart, Inc.

            9,150

             1,036,329
Total Consumer Staples

             2,158,893






Energy - 1.2%

Oil, Gas & Consumable Fuels - 1.2%




APA Corp.

            12,425

             404,682
Exxon Mobil Corp.

            9,025

             1,233,898
Shell PLC - ADR

            6,900

             535,026
Total Energy

             2,173,606






Financials - 5.7%

Banks - 0.4%




JPMorgan Chase & Co.

            2,150

             703,759






Capital Markets - 1.3%




Ameriprise Financial, Inc.

            1,450

             665,202


Goldman Sachs Group, Inc.

            1,100

             1,112,507
Interactive Brokers Group, Inc. - Class A

            6,725

             585,344





             2,363,053
Financial Services - 3.5%




Berkshire Hathaway, Inc. - Class B (a)

            2,875

             1,438,621
Mastercard, Inc. - Class A

            5,225

             2,683,560
Visa, Inc. - Class A

            7,090

             2,432,508





             6,554,689
Insurance - 0.5%




Arthur J. Gallagher & Co.

            3,950

             906,802
Total Financials

             10,528,303






Health Care - 7.7%

Biotechnology - 1.9%




AbbVie, Inc.

            5,375

             1,352,565
Amgen, Inc.

            1,775

             642,763
Argenx SE - ADR (a)

            675

             626,245
Vertex Pharmaceuticals, Inc. (a)

            1,725

             856,859





             3,478,432
Health Care Equipment & Supplies - 1.2%




Abbott Laboratories

            12,875

             1,168,278
Intuitive Surgical, Inc. (a)

            1,150

             457,332
Stryker Corp.

            2,175

             684,777





             2,310,387
Health Care Providers & Services - 0.5%




UnitedHealth Group, Inc.

            2,100

             872,823






Life Sciences Tools & Services - 0.7%




Danaher Corp.

            2,800

             533,344
Thermo Fisher Scientific, Inc.

            1,495

             749,533





             1,282,877
Pharmaceuticals - 3.4%




Eli Lilly & Co.

            4,225

             5,067,592
Johnson & Johnson

            4,925

             1,250,802





             6,318,394
Total Health Care

             14,262,913






Industrials - 6.9%

Aerospace & Defense - 2.5%




Airbus SE - ADR

            12,575

             699,170
Boeing Co. (a)

            4,400

             952,468
General Electric Co.

            6,570

             2,455,406
Honeywell Aerospace, Inc. (a)

            2,363

             522,302





             4,629,346
Building Products - 0.5%




Trane Technologies PLC

            2,025

             994,599






Electrical Equipment - 1.3%




Bloom Energy Corp. - Class A (a)

            1,350

             408,645
Eaton Corp. PLC

            1,225

             521,997
GE Vernova, Inc.

            925

             1,086,745
Vertiv Holdings Co. - Class A

            850

             284,597





             2,301,984
Ground Transportation - 0.8%




Uber Technologies, Inc. (a)

            9,475

             683,716
Union Pacific Corp.

            3,025

             822,800





             1,506,516
Industrial Conglomerates - 0.3%






Honeywell International, Inc.

            2,363

             528,964






Machinery - 1.5%




Parker-Hannifin Corp.

            1,250

             1,222,650
Westinghouse Air Brake Technologies Corp.

            4,050

             1,091,880
Xylem, Inc.

            3,875

             458,064





             2,772,594
Total Industrials

             12,734,003






Information Technology - 47.9% (b)

Communications Equipment - 1.1%




Arista Networks, Inc. (a)

            3,775

             641,297
Cisco Systems, Inc.

            4,650

             546,189
Lumentum Holdings, Inc. (a)

            975

             836,608





             2,024,094
Electronic Equipment, Instruments & Components - 1.5%




Amphenol Corp. - Class A

            7,175

             1,265,096
Corning, Inc.

            5,625

             1,436,794





             2,701,890
IT Services - 1.2%




Cloudflare, Inc. - Class A (a)

            2,700

             662,256
Shopify, Inc. - Class A (a)

            7,350

             839,223
Snowflake, Inc. - Class A (a)

            2,500

             636,250





             2,137,729
Semiconductors & Semiconductor Equipment - 25.6% (b)




Advanced Micro Devices, Inc. (a)

            4,350

             2,526,958
Applied Materials, Inc.

            2,750

             1,988,250
ASML Holding NV - NY Shares

            780

             1,551,763
Broadcom, Inc.

            19,957

             7,538,757
Cerebras Systems, Inc. - Class A (a)

            1,725

             381,225
Lam Research Corp.

            1,025

             444,163
Marvell Technology, Inc.

            2,675

             796,856
Micron Technology, Inc.

            2,975

             3,434,013
NVIDIA Corp.

            118,725

             23,755,685
NXP Semiconductors NV

            2,725

             765,807
SiTime Corp. (a)

            1,000

             745,560
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR

            4,350

             2,077,430
Texas Instruments, Inc.

            4,400

             1,311,508





             47,317,975
Software - 8.4%




Cadence Design Systems, Inc. (a)

            2,325

             872,619
Microsoft Corp.

            31,450

             11,731,479
Oracle Corp.

            3,800

             556,890
Palo Alto Networks, Inc. (a)

            4,510

             1,538,000
ServiceNow, Inc. (a)

            8,150

             809,132





             15,508,120
Technology Hardware, Storage & Peripherals - 10.1%




Apple, Inc.

            53,630

             15,518,377
Everpure, Inc. - Class A (a)

            5,525

             435,315
Sandisk Corp. (a)

            500

             1,136,865
Seagate Technology Holdings PLC

            725

             699,625
Western Digital Corp.

            1,475

             942,112





             18,732,294
Total Information Technology

             88,422,102






Materials - 1.7%

Chemicals - 1.0%




Ecolab, Inc.

            1,850

             515,428
Linde PLC

            2,380

             1,235,077







             1,750,505
Construction Materials - 0.4%




CRH PLC

            7,700

             823,900






Metals & Mining - 0.3%




BHP Group Ltd. - ADR

            5,725

             476,950
Total Materials

             3,051,355






Utilities - 0.3%

Independent Power and Renewable Electricity Producers - 0.3%




Vistra Corp.

            3,800

             602,794
TOTAL COMMON STOCKS (Cost $74,076,212)

             174,052,292






OPEN-END FUNDS - 0.6%

Shares  

Value  
Baron Partners Fund - Institutional Class

            3,944

             1,154,055
TOTAL OPEN-END FUNDS (Cost $1,013,003)

             1,154,055






EXCHANGE TRADED FUNDS - 0.5%

Shares  

Value  
State Street Consumer Staples Select Sector SPDR ETF

            10,000

             830,700
TOTAL EXCHANGE TRADED FUNDS (Cost $838,716)

             830,700






SHORT-TERM INVESTMENTS
MONEY MARKET FUNDS - 4.6%
Shares  

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

            8,572,849

             8,572,849
TOTAL MONEY MARKET FUNDS (Cost $8,572,849)

             8,572,849






TOTAL INVESTMENTS - 100.1% (Cost $84,500,780)

             184,609,896
Liabilities in Excess of Other Assets - (0.1)%
(0.00055)
            (100,831)
TOTAL NET ASSETS - 100.0%




    $        184,509,065


Percentages are stated as a percent of net assets.




ADR - American Depositary Receipt
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)

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 that industry or sector.
(c)

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 Blue Chip Growth 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
$        174,052,292

$        –

$        –

$        174,052,292
  Open-End Funds
1,154,055

–

–

1,154,055
  Exchange Traded Funds
830,700

–

–

830,700
  Money Market Funds
8,572,849

–

–

8,572,849
Total Investments
$        184,609,896

$        –

$        –

$        184,609,896




 

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