NPORT-EX 2 flexible-allocation.htm N-PORT EX Document


Buffalo Flexible Allocation Fund
Schedule of Investments
June 30, 2026 (Unaudited)

COMMON STOCKS - 96.7%

Shares  

Value  
Communication Services - 4.1%

Diversified Telecommunication Services - 2.5%




AT&T, Inc.

            100,000

    $        2,070,000
Verizon Communications, Inc.

            225,000

             9,526,500





             11,596,500
Entertainment - 1.6%




Lionsgate Studios Corp. (a)

            480,000

             7,348,800
Total Communication Services

             18,945,300






Consumer Staples - 14.6%

Beverages - 4.0%




Coca-Cola Co.

            100,000

             8,127,000
PepsiCo, Inc.

            75,000

             10,155,000





             18,282,000
Consumer Staples Distribution & Retail - 4.1%




Costco Wholesale Corp.

            20,000

             18,709,400






Food Products - 1.2%




Conagra Brands, Inc.

            40,000

             538,400
General Mills, Inc.

            150,000

             5,220,000





             5,758,400
Household Products - 5.3%




Clorox Co.

            50,000

             4,772,000
Colgate-Palmolive Co.

            25,000

             2,292,000
Kimberly-Clark Corp.

            70,000

             7,683,900
Procter & Gamble Co.

            65,000

             9,531,600





             24,279,500
Total Consumer Staples

             67,029,300






Energy - 28.0% (b)

Energy Equipment & Services - 1.6%




SLB Ltd.

            165,000

             7,670,850






Oil, Gas & Consumable Fuels - 26.4% (b)




APA Corp.

            350,000

             11,399,500
Chevron Corp.

            215,000

             35,638,400
ConocoPhillips

            150,000

             15,594,000
Delek Logistics Partners LP

            140,000

             7,215,600
Exxon Mobil Corp. (c)(d)

            155,000

             21,191,600
HF Sinclair Corp.

            70,000

             4,875,500
Kinder Morgan, Inc.

            560,000

             17,903,200
Marathon Petroleum Corp.

            30,000

             7,670,100





             121,487,900
Total Energy

             129,158,750






Financials - 8.8%

Banks - 2.2%




Truist Financial Corp.

            200,000

             9,964,000






Insurance - 6.6%




Allstate Corp.

            80,000

             19,035,200
Arthur J. Gallagher & Co. (c)(d)

            50,000

             11,478,500







             30,513,700
Total Financials

             40,477,700






Health Care - 17.0%

Biotechnology - 2.2%




Gilead Sciences, Inc.

            80,000

             10,107,200






Health Care Equipment & Supplies - 1.4%




Abbott Laboratories

            70,000

             6,351,800






Pharmaceuticals - 13.4%




Eli Lilly & Co.

            24,000

             28,786,320
Johnson & Johnson

            65,000

             16,508,050
Merck & Co., Inc.

            80,000

             10,280,000
Pfizer, Inc.

            250,000

             6,020,000





             61,594,370
Total Health Care

             78,053,370






Industrials - 4.1%

Commercial Services & Supplies - 3.0%




Pitney Bowes, Inc.

            160,000

             2,803,200
Waste Management, Inc.

            50,000

             11,144,000





             13,947,200
Electrical Equipment - 1.1%




ABB Ltd. - ADR

            45,000

             4,891,500
Total Industrials

             18,838,700






Information Technology - 19.1%

Communications Equipment - 4.1%




Cisco Systems, Inc.

            160,000

             18,793,600






IT Services - 4.3%




International Business Machines Corp.

            70,000

             19,684,700






Semiconductors & Semiconductor Equipment - 3.4%




QUALCOMM, Inc.

            85,000

             15,707,150






Software - 7.3%




Microsoft Corp.

            90,000

             33,571,800
Total Information Technology

             87,757,250






Materials - 1.0%

Metals & Mining - 1.0%




Rio Tinto PLC - ADR

            50,000

             4,746,500
TOTAL COMMON STOCKS (Cost $148,509,707)

             445,006,870






REAL ESTATE INVESTMENT TRUSTS - 3.3%

Shares  

Value  
Real Estate - 3.3%

Specialized REITs - 3.3%




Digital Realty Trust, Inc.

            85,000

             15,264,300
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $4,959,048)

             15,264,300






SHORT-TERM INVESTMENTS
MONEY MARKET FUNDS - 0.3%
Shares  

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

            1,479,939

             1,479,939
TOTAL MONEY MARKET FUNDS (Cost $1,479,939)

             1,479,939








TOTAL INVESTMENTS - 100.3% (Cost $154,948,694)

             461,751,109
Liabilities in Excess of Other Assets - (0.3)%
(0.00285)
            (1,311,773)
TOTAL NET ASSETS - 100.0%




    $        460,439,336


Percentages are stated as a percent of net assets.




ADR - American Depositary Receipt
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)

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)

Held in connection with written option contracts. See Schedule of Written Options for further information.
(d)

All or a portion of the security has been pledged as collateral for written options. The fair value of assets committed as collateral as of June 30, 2026 was $9,815,300, which represented 2.1% of net assets..
(e)

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




Buffalo Flexible Allocation Fund
Schedule of Written Options
June 30, 2026 (Unaudited)

WRITTEN OPTIONS - (0.0)%
Notional Amount

Contracts

Value
Call Options - (0.0)% (a)(b)(c)
Arthur J Gallagher & Co., Expiration: 12/18/2026; Exercise Price: $290.00
    $        (2,295,700)

(100)

    $        (44,500)
Exxon Mobil Corp., Expiration: 07/17/2026; Exercise Price: $200.00
             (7,519,600)

(550)

             (550)
TOTAL WRITTEN OPTIONS (Premiums received $79,909)




    $        (45,050)

Percentages are stated as a percent of net assets.




(a)

Represents less than 0.05% of net assets.
(b)

100 shares per contract.
(c)

Exchange-traded.




























Summary of Fair Value Disclosure as of June 30, 2026 (Unaudited)
 
Buffalo Flexible Allocation 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
Assets:







Investments:







  Common Stocks
$        445,006,870

$        –

$        –

$        445,006,870
  Real Estate Investment Trusts
15,264,300

–

–

15,264,300
  Money Market Funds
1,479,939

–

–

1,479,939
Total Investments
$        461,751,109

$        –

$        –

$        461,751,109








Liabilities:







Investments:







  Written Options
$        (550)

$        (44,500)

$        –

$        (45,050)
Total Investments
$        (550)

$        (44,500)

$        –

$        (45,050)





 

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