# EDGAR Filing Document

**Accession Number:** 0001135300
**File Stem:** 0001133228-25-005971
**Filing Date:** 2025-6
**Character Count:** 443498
**Document Hash:** 693de17bfe8d45543da4d87ad88fbe95
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-005971.hdr.sgml**: 20250603

**ACCESSION NUMBER**: 0001133228-25-005971

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 88

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250603

**DATE AS OF CHANGE**: 20250603

**EFFECTIVENESS DATE**: 20250603

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BUFFALO FUNDS
- **CENTRAL INDEX KEY:** 0001135300

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-10303
- **FILM NUMBER:** 251018873

**BUSINESS ADDRESS:**
- **STREET 1:** KORNITZER CAPITAL MANAGEMENT, INC.
- **STREET 2:** 5420 WEST 61ST PLACE
- **CITY:** SHAWNEE MISSION
- **STATE:** KS
- **ZIP:** 66205
- **BUSINESS PHONE:** 9136777778

**MAIL ADDRESS:**
- **STREET 1:** KORNITZER CAPITAL MANAGEMENT, INC.
- **STREET 2:** 5420 WEST 61ST PLACE
- **CITY:** SHAWNEE MISSION
- **STATE:** KS
- **ZIP:** 66205

## Series and Classes Contracts Data

### Buffalo Early Stage Growth Fund (Series ID: S000006555)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000017894 | Investor Class      | BUFOX           |
| C000214587 | Institutional Class | BUIOX           |

### Buffalo Mid Cap Growth Fund (Series ID: S000006556)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000017895 | Investor Class      | BUFMX           |
| C000214588 | Institutional Class | BUIMX           |

### Buffalo Mid Cap Discovery Fund (Series ID: S000006557)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000017896 | Investor Class      | BUFTX           |
| C000214589 | Institutional Class | BUITX           |

### Buffalo International Fund (Series ID: S000019058)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000052696 | Investor Class      | BUFIX           |
| C000214590 | Institutional Class | BUIIX           |

### Buffalo Flexible Allocation Fund (Series ID: S000022450)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000064611 | Investor Class      | BUFBX           |
| C000214591 | Institutional Class | BUIBX           |

### Buffalo High Yield Fund (Series ID: S000022451)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000064612 | Investor Class      | BUFHX           |
| C000214592 | Institutional Class | BUIHX           |

### Buffalo Blue Chip Growth Fund (Series ID: S000022452)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000064613 | Investor Class      | BUFEX           |
| C000214593 | Institutional Class | BUIEX           |

### Buffalo Small Cap Growth Fund (Series ID: S000022453)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000064614 | Investor Class      | BUFSX           |
| C000214594 | Institutional Class | BUISX           |

### Buffalo Growth Fund (Series ID: S000022454)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000064615 | Investor Class      | BUFGX           |
| C000214595 | Institutional Class | BIIGX           |

### Buffalo Growth & Income Fund (Series ID: S000039149)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000120435 | Investor Class      | BUFDX           |
| C000214596 | Institutional Class | BUIDX           |

?xml version='1.0' encoding='ASCII'? 2025-04-08190992_BuffaloBlueChipGrowthFund_InvestorClass_TSRAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED** 

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number **<u>811-10303</u>**

 **<u>Buffalo Funds</u>**

(Exact name of registrant as specified in charter)

**<u>5420 W. 61st Place,</u>**

**<u>Mission, KS 66025</u>**

(Address of principal executive offices) (Zip code)

**<u>Laura Symon Browne</u>**

**<u>5420 W. 61st Place,</u>**

**<u>Mission, KS 66025</u>**

(Name and address of agent for service)

**<u>913-677-7778</u>**

(registrant's telephone number, including area code)

Date of fiscal year end: **<u>March 31</u>**

Date of reporting period: **<u>March 31, 2025</u>**

**<u>Item 1. Reports to Stockholders.</u>**

(a) ---

| | | |
|:---|:---|:---|
| ![image](i171398.jpg) | **Buffalo Blue Chip Growth Fund**  | ![image](i171399.jpg) |
| ![image](i171398.jpg) | Investor Class \| BUFEX  | ![image](i171399.jpg) |
| ![image](i171398.jpg) | Annual Shareholder Report \| March 31, 2025  | ![image](i171399.jpg) |

---

This annual shareholder report contains important information about the Buffalo Blue Chip Growth Fund (the "Fund"), Investor Class for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://buffalofunds.com/our-funds/performance/#literature. You can also request this information by contacting us at 800-492-8332.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Investor Class | $91 | 0.89% |

---

**HOW DID THE FUND PERFORM OVER THE PAST YEAR AND WHAT AFFECTED PERFORMANCE?**

For the 12-month period ended March 31, 2025, the Fund produced a positive total return on an absolute basis, but underperformed its preferred benchmark, the Russell 1000<sup>®</sup> Growth Index.

**WHAT FACTORS INFLUENCED PERFORMANCE?**

Performance leadership within the large cap category was highly concentrated among the largest seven market cap stocks within the Index (The Magnificent Seven). Outperformance from this group was a result of the belief that these companies possess strategic advantages related to artificial intelligence (AI). The Fund maintained a large weighting to the Magnificent Seven companies throughout the period which drove positive performance results, however the Fund remained materially below the concentration level of the benchmark across these companies for prudent risk management, which led to underperformance compared to the preferred benchmark.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Apple, Inc. |
| ↑ | NVIDIA Corporation |
| ↑ | Costco Wholesale Corporation |
| ↑ | Meta Platforms, Inc. - Class A |
| ↑ | Broadcom, Inc. |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Microsoft Corporation |
| ↓ | Marvell Technology, Inc. |
| ↓ | DexCom, Inc. |
| ↓ | Advanced Micro Devices, Inc. |
| ↓ | NICE Ltd. |

---

Buffalo Blue Chip Growth Fund PAGE 1 TSR-AR-119628105

------

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts3886img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Buffalo Blue Chip Growth Fund Investor Class**  | 5.03 | 17.81 | 12.81 |
| **Russell 3000 Index**  | 7.22 | 18.18 | 11.80 |
| **Russell 1000 Growth Index**  | 7.76 | 20.09 | 15.12 |

---

Visit https://buffalofunds.com/our-funds/performance/#literature for more recent performance information.

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** *The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $137461279 |
| **Number of Holdings** | 81 |
| **Net Advisory Fee** | $1100482 |
| **Portfolio Turnover Rate** | 53% |
| **Weighted Average Market Capitalization** | $1,297.43B |

---

Visit https://buffalofunds.com/our-funds/performance/#literature for performance information.

**WHAT DID THE FUND INVEST IN?** (% of net assets as of March 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Microsoft Corp.  | 9.6% |
|  Apple, Inc.  | 9.5% |
|  NVIDIA Corp.  | 8.1% |
|  Amazon.com, Inc.  | 6.9% |
|  Alphabet, Inc.  | 5.8% |
|  Fidelity Money Market Government Portfolio  | 4.8% |
|  Meta Platforms, Inc.  | 4.4% |
|  Visa, Inc.  | 2.2% |
|  Broadcom, Inc.  | 2.0% |
|  Eli Lilly & Co.  | 1.9% |

---

**Sector Breakdown (%)**

![image](ts3886img004.jpg)

Buffalo Blue Chip Growth Fund PAGE 2 TSR-AR-119628105

------

**HOW HAS THE FUND CHANGED?**

This is a summary of certain changes to the Fund since March 31, 2024. For more complete information, you may review the Fund's prospectus at https://buffalofunds.com/wp-content/uploads/Buffalo-Prospectus-Final.pdf. You may also obtain a copy of the prospectus by calling 800-492-8332.

**FUND NAME CHANGE**

Effective July 29, 2024, the Fund's name changed from "Buffalo Large Cap Fund" to "Buffalo Blue Chip Growth Fund". The name was changed to more accurately reflect the investment strategies and holdings of the Fund. The name change is not expected to affect shareholders.

**UPDATES TO THE PRINCIPAL INVESTMENT STRATEGIES**

Effective May 8, 2024, the Fund was reclassified from a "diversified" investment company to a "non-diversified" investment company under the Investment Company Act of 1940. This change may affect shareholders as detailed in the description of updated principal risks below.

Effective July 29, 2024, changes were made to the principal investment strategies of the Buffalo Blue Chip Growth Fund. The changes were made to align the language of the principal investment strategies with the removal of "Large" and the addition of "Blue Chip" and "Growth" to the Fund's name and to comply with regulations regarding the names of funds. The changes are not expected to materially reposition the Fund's holdings or materially affect shareholders.

**UPDATES TO THE PRINCIPAL RISKS**

Effective May 8, 2024, changes were made to the principal risks of the Fund by adding "Non-Diversification Risk" to the prospectus and SAI. The changed risk may affect shareholders because the Fund may invest a greater percentage of its assets in the securities of a single issuer or a lesser number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single issuer or a small number of issuers could cause the Fund's overall value to decline to a greater degree than if the Fund held a more diversified portfolio. This may increase the Fund's volatility and cause the performance of a relatively smaller number of issuers to have a greater impact on the Fund's performance.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code at the top of Page 1 or visit https://buffalofunds.com/our-funds/performance/#literature.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Buffalo Funds documents not be householded, please contact Buffalo Funds at 800-492-8332, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Buffalo Funds or your financial intermediary.

Buffalo Blue Chip Growth Fund PAGE 3 TSR-AR-119628105

100009844116821348215229147122306425424228603178533383100009966117661339214566132362151324078220122846030515100001025211867143891622416371266433063427294379384088338.514.212.59.58.75.71.71.61.36.3 ------

---

| | | |
|:---|:---|:---|
| ![image](i171398.jpg) | **Buffalo Blue Chip Growth Fund**  | ![image](i171399.jpg) |
| ![image](i171398.jpg) | Institutional Class \| BUIEX  | ![image](i171399.jpg) |
| ![image](i171398.jpg) | Annual Shareholder Report \| March 31, 2025  | ![image](i171399.jpg) |

---

This annual shareholder report contains important information about the Buffalo Blue Chip Growth Fund (the "Fund"), Institutional Class for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://buffalofunds.com/our-funds/performance/#literature. You can also request this information by contacting us at 800-492-8332.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Institutional Class | $79 | 0.77% |

---

**HOW DID THE FUND PERFORM OVER THE PAST YEAR AND WHAT AFFECTED PERFORMANCE?**

For the 12-month period ended March 31, 2025, the Fund produced a positive total return on an absolute basis, but underperformed its preferred benchmark, the Russell 1000<sup>®</sup> Growth Index.

**WHAT FACTORS INFLUENCED PERFORMANCE?**

Performance leadership within the large cap category was highly concentrated among the largest seven market cap stocks within the Index (The Magnificent Seven). Outperformance from this group was a result of the belief that these companies possess strategic advantages related to artificial intelligence (AI). The Fund maintained a large weighting to the Magnificent Seven companies throughout the period which drove positive performance results, however the Fund remained materially below the concentration level of the benchmark across these companies for prudent risk management, which led to underperformance compared to the preferred benchmark.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Apple, Inc. |
| ↑ | NVIDIA Corporation |
| ↑ | Costco Wholesale Corporation |
| ↑ | Meta Platforms, Inc. - Class A |
| ↑ | Broadcom, Inc. |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Microsoft Corporation |
| ↓ | Marvell Technology, Inc. |
| ↓ | DexCom, Inc. |
| ↓ | Advanced Micro Devices, Inc. |
| ↓ | NICE Ltd. |

---

Buffalo Blue Chip Growth Fund PAGE 1 TSR-AR-119530830

------

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $250,000 chart reflects a hypothetical $250,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $250,000)

![image](ts3885img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(07/01/2019)** |
| **Buffalo Blue Chip Growth Fund Institutional Class**  | 5.16 | 17.97 | 13.67 |
| **Russell 3000 Index**  | 7.22 | 18.18 | 12.79 |
| **Russell 1000 Growth Index**  | 7.76 | 20.09 | 16.32 |

---

Visit https://buffalofunds.com/our-funds/performance/#literature for more recent performance information.

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** *The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $137461279 |
| **Number of Holdings** | 81 |
| **Net Advisory Fee** | $1100482 |
| **Portfolio Turnover Rate** | 53% |
| **Weighted Average Market Capitalization** | $1,297.43B |

---

Visit https://buffalofunds.com/our-funds/performance/#literature for performance information.

**WHAT DID THE FUND INVEST IN?** (% of net assets as of March 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Microsoft Corp.  | 9.6% |
|  Apple, Inc.  | 9.5% |
|  NVIDIA Corp.  | 8.1% |
|  Amazon.com, Inc.  | 6.9% |
|  Alphabet, Inc.  | 5.8% |
|  Fidelity Money Market Government Portfolio  | 4.8% |
|  Meta Platforms, Inc.  | 4.4% |
|  Visa, Inc.  | 2.2% |
|  Broadcom, Inc.  | 2.0% |
|  Eli Lilly & Co.  | 1.9% |

---

**Sector Breakdown (%)**

![image](ts3885img004.jpg)

Buffalo Blue Chip Growth Fund PAGE 2 TSR-AR-119530830

------

**HOW HAS THE FUND CHANGED?**

This is a summary of certain changes to the Fund since March 31, 2024. For more complete information, you may review the Fund's prospectus at https://buffalofunds.com/wp-content/uploads/Buffalo-Prospectus-Final.pdf. You may also obtain a copy of the prospectus by calling 800-492-8332.

**FUND NAME CHANGE**

Effective July 29, 2024, the Fund's name changed from "Buffalo Large Cap Fund" to "Buffalo Blue Chip Growth Fund". The name was changed to more accurately reflect the investment strategies and holdings of the Fund. The name change is not expected to affect shareholders.

**UPDATES TO THE PRINCIPAL INVESTMENT STRATEGIES**

Effective May 8, 2024, the Fund was reclassified from a "diversified" investment company to a "non-diversified" investment company under the Investment Company Act of 1940. This change may affect shareholders as detailed in the description of updated principal risks below.

Effective July 29, 2024, changes were made to the principal investment strategies of the Buffalo Blue Chip Growth Fund. The changes were made to align the language of the principal investment strategies with the removal of "Large" and the addition of "Blue Chip" and "Growth" to the Fund's name and to comply with regulations regarding the names of funds. The changes are not expected to materially reposition the Fund's holdings or materially affect shareholders.

**UPDATES TO THE PRINCIPAL RISKS**

Effective May 8, 2024, changes were made to the principal risks of the Fund by adding "Non-Diversification Risk" to the prospectus and SAI. The changed risk may affect shareholders because the Fund may invest a greater percentage of its assets in the securities of a single issuer or a lesser number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single issuer or a small number of issuers could cause the Fund's overall value to decline to a greater degree than if the Fund held a more diversified portfolio. This may increase the Fund's volatility and cause the performance of a relatively smaller number of issuers to have a greater impact on the Fund's performance.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code at the top of Page 1 or visit https://buffalofunds.com/our-funds/performance/#literature.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Buffalo Funds documents not be householded, please contact Buffalo Funds at 800-492-8332, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Buffalo Funds or your financial intermediary.

Buffalo Blue Chip Growth Fund PAGE 3 TSR-AR-119530830

25000022861835898139638535687249674152238125000021667035214939414136032346587349950525000023883438868844690239818355346159642638.514.212.59.58.75.71.71.61.36.3 ------

---

| | | |
|:---|:---|:---|
| ![image](i171398.jpg) | **Buffalo Early Stage Growth Fund**  | ![image](i171399.jpg) |
| ![image](i171398.jpg) | Investor Class \| BUFOX  | ![image](i171399.jpg) |
| ![image](i171398.jpg) | Annual Shareholder Report \| March 31, 2025  | ![image](i171399.jpg) |

---

This annual shareholder report contains important information about the Buffalo Early Stage Growth Fund (the "Fund"), Investor Class for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://buffalofunds.com/our-funds/performance/#literature. You can also request this information by contacting us at 800-492-8332.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Investor Class | $133 | 1.38% |

---

**HOW DID THE FUND PERFORM OVER THE PAST YEAR AND WHAT AFFECTED PERFORMANCE?**

For the 12-month period ended March 31, 2025, the Fund delivered a negative total return on an absolute basis, and underperformed its preferred benchmark, the Russell 2000<sup>®</sup> Growth Index.

**WHAT FACTORS INFLUENCED PERFORMANCE?**

Leading contributors to small cap index returns over the trailing 12-months were from companies that we consider speculative, and trading at valuations that are not reasonable for professional, fundamental investors. The Fund's underweight to these companies led to underperformance compared to the index.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Willdan Group, Inc. |
| ↑ | Hamilton Lane, Inc. - Class A |
| ↑ | Halozyme Therapeutics, Inc. |
| ↑ | Shift4 Payments, Inc. - Class A |
| ↑ | Playa Hotels & Resorts N.V. |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Bowman Consulting Group Ltd. |
| ↓ | ICF International, Inc. |
| ↓ | Progyny, Inc. |
| ↓ | SunOpta, Inc. |
| ↓ | NAPCO Security Technologies, Inc. |

---

Buffalo Early Stage Growth Fund PAGE 1 TSR-AR-119530301

------

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts3887img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Buffalo Early Stage Growth Fund Investor Class**  | -7.55 | 9.45 | 6.42 |
| **Russell 3000 Index**  | 7.22 | 18.18 | 11.80 |
| **Russell 2000 Growth Index**  | -4.86 | 10.78 | 6.14 |

---

Visit https://buffalofunds.com/our-funds/performance/#literature for more recent performance information.

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** *The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $60563551 |
| **Number of Holdings** | 57 |
| **Net Advisory Fee** | $932876 |
| **Portfolio Turnover Rate** | 18% |
| **Weighted Average Market Capitalization** | $2.80B |

---

Visit https://buffalofunds.com/our-funds/performance/#literature for performance information.

**WHAT DID THE FUND INVEST IN?** (% of net assets as of March 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Fidelity Money Market Government Portfolio  | 6.5% |
|  HealthStream, Inc.  | 3.6% |
|  Willdan Group, Inc.  | 3.0% |
|  Compass Diversified Holdings  | 3.0% |
|  Champion Homes, Inc.  | 2.8% |
|  Option Care Health, Inc.  | 2.8% |
|  Halozyme Therapeutics, Inc.  | 2.8% |
|  Hamilton Lane, Inc.  | 2.6% |
|  Federal Signal Corp.  | 2.6% |
|  Bowman Consulting Group Ltd.  | 2.5% |

---

**Sector Breakdown (%)**

![image](ts3887img004.jpg)

Buffalo Early Stage Growth Fund PAGE 2 TSR-AR-119530301

------

**HOW HAS THE FUND CHANGED?**

This is a summary of certain changes to the Fund since March 31, 2024. For more complete information, you may review the Fund's prospectus at https://buffalofunds.com/wp-content/uploads/Buffalo-Prospectus-Final.pdf. You may also obtain a copy of the prospectus by calling 800-492-8332.

**UPDATES TO THE PRINCIPAL INVESTMENT STRATEGIES**

Effective July 29, 2024, changes were made to the principal investment strategies of the Buffalo Early Stage Growth Fund. The changes were made to comply with regulations regarding the names of funds. The changes are not expected to materially reposition the Fund's holdings or materially affect shareholders.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code at the top of Page 1 or visit https://buffalofunds.com/our-funds/performance/#literature.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Buffalo Funds documents not be householded, please contact Buffalo Funds at 800-492-8332, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Buffalo Funds or your financial intermediary.

Buffalo Early Stage Growth Fund PAGE 3 TSR-AR-119530301

10000845310397126671385711864252552189018774201591863710000996611766133921456613236215132407822012284603051510000881610846128671336310880206941772915850190751814827.723.213.811.510.72.01.71.61.46.4 ------

---

| | | |
|:---|:---|:---|
| ![image](i171398.jpg) | **Buffalo Early Stage Growth Fund**  | ![image](i171399.jpg) |
| ![image](i171398.jpg) | Institutional Class \| BUIOX  | ![image](i171399.jpg) |
| ![image](i171398.jpg) | Annual Shareholder Report \| March 31, 2025  | ![image](i171399.jpg) |

---

This annual shareholder report contains important information about the Buffalo Early Stage Growth Fund (the "Fund"), Institutional Class for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://buffalofunds.com/our-funds/performance/#literature. You can also request this information by contacting us at 800-492-8332.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Institutional Class | $130 | 1.35% |

---

**HOW DID THE FUND PERFORM OVER THE PAST YEAR AND WHAT AFFECTED PERFORMANCE?**

For the 12-month period ended March 31, 2025, the Fund delivered a negative total return on an absolute basis, and underperformed its preferred benchmark, the Russell 2000<sup>®</sup> Growth Index.

**WHAT FACTORS INFLUENCED PERFORMANCE?**

Leading contributors to small cap index returns over the trailing 12-months were from companies that we consider speculative, and trading at valuations that are not reasonable for professional, fundamental investors. The Fund's underweight to these companies led to underperformance compared to the index.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Willdan Group, Inc. |
| ↑ | Hamilton Lane, Inc. - Class A |
| ↑ | Halozyme Therapeutics, Inc. |
| ↑ | Shift4 Payments, Inc. - Class A |
| ↑ | Playa Hotels & Resorts N.V. |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Bowman Consulting Group Ltd. |
| ↓ | ICF International, Inc. |
| ↓ | Progyny, Inc. |
| ↓ | SunOpta, Inc. |
| ↓ | NAPCO Security Technologies, Inc. |

---

Buffalo Early Stage Growth Fund PAGE 1 TSR-AR-119530889

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**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $250,000 chart reflects a hypothetical $250,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $250,000)

![image](ts3888img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(07/01/2019)** |
| **Buffalo Early Stage Growth Fund Institutional Class**  | -7.55 | 9.59 | 4.11 |
| **Russell 3000 Index**  | 7.22 | 18.18 | 12.79 |
| **Russell 2000 Growth Index**  | -4.86 | 10.78 | 4.92 |

---

Visit https://buffalofunds.com/our-funds/performance/#literature for more recent performance information.

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** *The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $60563551 |
| **Number of Holdings** | 57 |
| **Net Advisory Fee** | $932876 |
| **Portfolio Turnover Rate** | 18% |
| **Weighted Average Market Capitalization** | $2.80B |

---

Visit https://buffalofunds.com/our-funds/performance/#literature for performance information.

**WHAT DID THE FUND INVEST IN?** (% of net assets as of March 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Fidelity Money Market Government Portfolio  | 6.5% |
|  HealthStream, Inc.  | 3.6% |
|  Willdan Group, Inc.  | 3.0% |
|  Compass Diversified Holdings  | 3.0% |
|  Champion Homes, Inc.  | 2.8% |
|  Option Care Health, Inc.  | 2.8% |
|  Halozyme Therapeutics, Inc.  | 2.8% |
|  Hamilton Lane, Inc.  | 2.6% |
|  Federal Signal Corp.  | 2.6% |
|  Bowman Consulting Group Ltd.  | 2.5% |

---

**Sector Breakdown (%)**

![image](ts3888img004.jpg)

Buffalo Early Stage Growth Fund PAGE 2 TSR-AR-119530889

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**HOW HAS THE FUND CHANGED?**

This is a summary of certain changes to the Fund since March 31, 2024. For more complete information, you may review the Fund's prospectus at https://buffalofunds.com/wp-content/uploads/Buffalo-Prospectus-Final.pdf. You may also obtain a copy of the prospectus by calling 800-492-8332.

**UPDATES TO THE PRINCIPAL INVESTMENT STRATEGIES**

Effective July 29, 2024, changes were made to the principal investment strategies of the Buffalo Early Stage Growth Fund. The changes were made to comply with regulations regarding the names of funds. The changes are not expected to materially reposition the Fund's holdings or materially affect shareholders.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code at the top of Page 1 or visit https://buffalofunds.com/our-funds/performance/#literature.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Buffalo Funds documents not be householded, please contact Buffalo Funds at 800-492-8332, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Buffalo Funds or your financial intermediary.

Buffalo Early Stage Growth Fund PAGE 3 TSR-AR-119530889

25000019936442515036902531717834081931508525000021667035214939414136032346587349950525000019756237576632192928781734637832954627.723.213.811.510.72.01.71.61.46.4 ------

---

| | | |
|:---|:---|:---|
| ![image](i171398.jpg) | **Buffalo Flexible Allocation Fund**  | ![image](i171399.jpg) |
| ![image](i171398.jpg) | Investor Class \| BUFBX  | ![image](i171399.jpg) |
| ![image](i171398.jpg) | Annual Shareholder Report \| March 31, 2025  | ![image](i171399.jpg) |

---

This annual shareholder report contains important information about the Buffalo Flexible Allocation Fund (the "Fund"), Investor Class for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://buffalofunds.com/our-funds/performance/#literature. You can also request this information by contacting us at 800-492-8332.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Investor Class | $103 | 1.00% |

---

**HOW DID THE FUND PERFORM OVER THE PAST YEAR AND WHAT AFFECTED PERFORMANCE?**

For the 12-month period ended March 31, 2025, the Fund produced a positive total return on an absolute basis, but underperformed the preferred benchmark, the Russell 3000<sup>®</sup> Index.

**WHAT FACTORS INFLUENCED PERFORMANCE?**

Financials, Consumer Staples, and Health Care companies were the largest contributors to positive results for the Fund throughout the year with meaningful impact from specific companies like Costco Wholesale Corporation, Arthur J. Gallagher & Co., and Gilead Sciences. The Fund has dividend income characteristics which impacted relative performance compared to the Russell 3000<sup>®</sup> Index, which included a concentration of growth stocks inappropriate for this portfolio.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Costco Wholesale Corporation |
| ↑ | Arthur J. Gallagher & Co. |
| ↑ | Kinder Morgan, Inc. - Class P |
| ↑ | International Business Machines Corporation |
| ↑ | Gilead Sciences, Inc. |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | APA Corporation |
| ↓ | Microsoft Corporation |
| ↓ | Merck & Co., Inc. |
| ↓ | ConocoPhillips |
| ↓ | Marathon Petroleum Corporation |

---

Buffalo Flexible Allocation Fund PAGE 1 TSR-AR-119428100

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**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts3889img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Buffalo Flexible Allocation Fund Investor Class**  | 5.17 | 16.78 | 8.18 |
| **Russell 3000 Index**  | 7.22 | 18.18 | 11.80 |

---

Visit https://buffalofunds.com/our-funds/performance/#literature for more recent performance information.

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** *The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $467518181 |
| **Number of Holdings** | 48 |
| **Net Advisory Fee** | $4080497 |
| **Portfolio Turnover Rate** | 0% |
| **Weighted Average Market Capitalization** | $432.67B |

---

Visit https://buffalofunds.com/our-funds/performance/#literature for performance information.

**WHAT DID THE FUND INVEST IN?** (% of net assets as of March 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Microsoft Corp.  | 8.4% |
|  Eli Lilly & Co.  | 6.2% |
|  Chevron Corp.  | 4.5% |
|  Arthur J. Gallagher & Co.  | 4.4% |
|  Exxon Mobil Corp.  | 4.2% |
|  Costco Wholesale Corp.  | 4.0% |
|  Allstate Corp.  | 3.8% |
|  Hess Corp.  | 3.8% |
|  International Business Machines Corp.  | 3.7% |
|  Kinder Morgan, Inc.  | 3.4% |

---

**Sector Breakdown (%)**

![image](ts3889img004.jpg)

Buffalo Flexible Allocation Fund PAGE 2 TSR-AR-119428100

------

**HOW HAS THE FUND CHANGED?**

This is a summary of certain changes to the Fund since March 31, 2024. For more complete information, you may review the Fund's prospectus at https://buffalofunds.com/wp-content/uploads/Buffalo-Prospectus-Final.pdf. You may also obtain a copy of the prospectus by calling 800-492-8332.

**FUND NAME CHANGE**

Effective July 29, 2024, the Fund's name changed from "Buffalo Flexible Income Fund" to "Buffalo Flexible Allocation Fund". The name was changed to more accurately reflect the investment strategies and holdings of the Fund. The name change is not expected to affect shareholders.

**UPDATES TO THE PRINCIPAL INVESTMENT STRATEGIES**

Effective July 29, 2024, changes were made to the principal investment strategies of the Buffalo Flexible Allocation Fund. The changes were made to align the language of the principal investment strategies with the removal of "Income" and the addition of "Allocation" to the Fund's name and to comply with regulations regarding the names of funds. The changes are not expected to materially reposition the Fund's holdings or materially affect shareholders.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code at the top of Page 1 or visit https://buffalofunds.com/our-funds/performance/#literature.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Buffalo Funds documents not be householded, please contact Buffalo Funds at 800-492-8332, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Buffalo Funds or your financial intermediary.

Buffalo Flexible Allocation Fund PAGE 3 TSR-AR-119428100

10000977610853116751257810109142481764017487208742195310000996611766133921456613236215132407822012284603051526.118.717.316.210.04.03.72.61.00.4 ------

---

| | | |
|:---|:---|:---|
| ![image](i171398.jpg) | **Buffalo Flexible Allocation Fund**  | ![image](i171399.jpg) |
| ![image](i171398.jpg) | Institutional Class \| BUIBX  | ![image](i171399.jpg) |
| ![image](i171398.jpg) | Annual Shareholder Report \| March 31, 2025  | ![image](i171399.jpg) |

---

This annual shareholder report contains important information about the Buffalo Flexible Allocation Fund (the "Fund"), Institutional Class for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://buffalofunds.com/our-funds/performance/#literature. You can also request this information by contacting us at 800-492-8332.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Institutional Class | $88 | 0.86% |

---

**HOW DID THE FUND PERFORM OVER THE PAST YEAR AND WHAT AFFECTED PERFORMANCE?**

For the 12-month period ended March 31, 2025, the Fund produced a positive total return on an absolute basis, but underperformed the preferred benchmark, the Russell 3000<sup>®</sup> Index.

**WHAT FACTORS INFLUENCED PERFORMANCE?**

Financials, Consumer Staples, and Health Care companies were the largest contributors to positive results for the Fund throughout the year with meaningful impact from specific companies like Costco Wholesale Corporation, Arthur J. Gallagher & Co., and Gilead Sciences. The Fund has dividend income characteristics which impacted relative performance compared to the Russell 3000<sup>®</sup> Index, which included a concentration of growth stocks inappropriate for this portfolio.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Costco Wholesale Corporation |
| ↑ | Arthur J. Gallagher & Co. |
| ↑ | Kinder Morgan, Inc. - Class P |
| ↑ | International Business Machines Corporation |
| ↑ | Gilead Sciences, Inc. |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | APA Corporation |
| ↓ | Microsoft Corporation |
| ↓ | Merck & Co., Inc. |
| ↓ | ConocoPhillips |
| ↓ | Marathon Petroleum Corporation |

---

Buffalo Flexible Allocation Fund PAGE 1 TSR-AR-119530871

------

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $250,000 chart reflects a hypothetical $250,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $250,000)

![image](ts3890img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(07/01/2019)** |
| **Buffalo Flexible Allocation Fund Institutional Class**  | 5.28 | 16.94 | 10.17 |
| **Russell 3000 Index**  | 7.22 | 18.18 | 12.79 |

---

Visit https://buffalofunds.com/our-funds/performance/#literature for more recent performance information.

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** *The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $467518181 |
| **Number of Holdings** | 48 |
| **Net Advisory Fee** | $4080497 |
| **Portfolio Turnover Rate** | 0% |
| **Weighted Average Market Capitalization** | $432.67B |

---

Visit https://buffalofunds.com/our-funds/performance/#literature for performance information.

**WHAT DID THE FUND INVEST IN?** (% of net assets as of March 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Microsoft Corp.  | 8.4% |
|  Eli Lilly & Co.  | 6.2% |
|  Chevron Corp.  | 4.5% |
|  Arthur J. Gallagher & Co.  | 4.4% |
|  Exxon Mobil Corp.  | 4.2% |
|  Costco Wholesale Corp.  | 4.0% |
|  Allstate Corp.  | 3.8% |
|  Hess Corp.  | 3.8% |
|  International Business Machines Corp.  | 3.7% |
|  Kinder Morgan, Inc.  | 3.4% |

---

**Sector Breakdown (%)**

![image](ts3890img004.jpg)

Buffalo Flexible Allocation Fund PAGE 2 TSR-AR-119530871

------

**HOW HAS THE FUND CHANGED?**

This is a summary of certain changes to the Fund since March 31, 2024. For more complete information, you may review the Fund's prospectus at https://buffalofunds.com/wp-content/uploads/Buffalo-Prospectus-Final.pdf. You may also obtain a copy of the prospectus by calling 800-492-8332.

**FUND NAME CHANGE**

Effective July 29, 2024, the Fund's name changed from "Buffalo Flexible Income Fund" to "Buffalo Flexible Allocation Fund". The name was changed to more accurately reflect the investment strategies and holdings of the Fund. The name change is not expected to affect shareholders.

**UPDATES TO THE PRINCIPAL INVESTMENT STRATEGIES**

Effective July 29, 2024, changes were made to the principal investment strategies of the Buffalo Flexible Allocation Fund. The changes were made to align the language of the principal investment strategies with the removal of "Income" and the addition of "Allocation" to the Fund's name and to comply with regulations regarding the names of funds. The changes are not expected to materially reposition the Fund's holdings or materially affect shareholders.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code at the top of Page 1 or visit https://buffalofunds.com/our-funds/performance/#literature.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Buffalo Funds documents not be householded, please contact Buffalo Funds at 800-492-8332, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Buffalo Funds or your financial intermediary.

Buffalo Flexible Allocation Fund PAGE 3 TSR-AR-119530871

25000019948828158234916734644541437543624725000021667035214939414136032346587349950526.118.717.316.210.04.03.72.61.00.4 ------

---

| | | |
|:---|:---|:---|
| ![image](i171398.jpg) | **Buffalo Growth Fund**  | ![image](i171399.jpg) |
| ![image](i171398.jpg) | Investor Class \| BUFGX  | ![image](i171399.jpg) |
| ![image](i171398.jpg) | Annual Shareholder Report \| March 31, 2025  | ![image](i171399.jpg) |

---

This annual shareholder report contains important information about the Buffalo Growth Fund (the "Fund"), Investor Class for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://buffalofunds.com/our-funds/performance/#literature. You can also request this information by contacting us at 800-492-8332.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Investor Class | $89 | 0.87% |

---

**HOW DID THE FUND PERFORM OVER THE PAST YEAR AND WHAT AFFECTED PERFORMANCE?**

For the 12-month period ended March 31, 2025, the Fund produced a positive total return on an absolute basis, but underperformed its preferred benchmark, the Russell 3000<sup>®</sup> Growth Index.

**WHAT FACTORS INFLUENCED PERFORMANCE?**

Performance within the large cap growth category was highly concentrated among the largest seven market cap stocks within the Index (The Magnificent Seven). In general, exposure to these companies drove the Fund's positive performance during the period. However, the Fund's relative underweight to The Magnificent Seven and to momentum-based stocks led to relative underperformance compared to the Russell 3000<sup>®</sup> Growth Index over the past 12 months. Although the Fund holds large positions in The Magnificent Seven, the Index weights are even larger, which created a drag on benchmark-relative performance given their strong performance results for the period.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Apple, Inc. |
| ↑ | NVIDIA Corporation |
| ↑ | Meta Platforms, Inc. - Class A |
| ↑ | CBRE Group, Inc. - Class A |
| ↑ | Liberty Media Corp. Series C Liberty Live |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | DoubleVerify Holdings, Inc. |
| ↓ | Microsoft Corporation |
| ↓ | Progyny, Inc. |
| ↓ | Adobe, Inc. |
| ↓ | Schlumberger Ltd. |

---

Buffalo Growth Fund PAGE 1 TSR-AR-119826105

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**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts3894img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Buffalo Growth Fund Investor Class**  | 3.77 | 15.80 | 11.41 |
| **Russell 3000 Index**  | 7.22 | 18.18 | 11.80 |
| **Russell 3000 Growth Index**  | 7.18 | 19.57 | 14.55 |

---

Visit https://buffalofunds.com/our-funds/performance/#literature for more recent performance information.

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** *The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $162174483 |
| **Number of Holdings** | 42 |
| **Net Advisory Fee** | $1331262 |
| **Portfolio Turnover Rate** | 4% |
| **Weighted Average Market Capitalization** | $1,269.10B |

---

Visit https://buffalofunds.com/our-funds/performance/#literature for performance information.

**WHAT DID THE FUND INVEST IN?** (% of net assets as of March 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Microsoft Corp.  | 10.7% |
|  Apple, Inc.  | 9.7% |
|  Amazon.com, Inc.  | 8.5% |
|  NVIDIA Corp.  | 8.4% |
|  Alphabet, Inc.  | 8.3% |
|  Meta Platforms, Inc.  | 5.6% |
|  Visa, Inc.  | 3.2% |
|  Mastercard, Inc.  | 2.9% |
|  Uber Technologies, Inc.  | 2.6% |
|  TransUnion  | 2.1% |

---

**Sector Breakdown (%)**

![image](ts3894img004.jpg)

Buffalo Growth Fund PAGE 2 TSR-AR-119826105

------

**HOW HAS THE FUND CHANGED?**

This is a summary of certain changes to the Fund since March 31, 2024. For more complete information, you may review the Fund's prospectus at https://buffalofunds.com/wp-content/uploads/Buffalo-Prospectus-Final.pdf. You may also obtain a copy of the prospectus by calling 800-492-8332.

**UPDATES TO THE PRINCIPAL INVESTMENT STRATEGIES**

Effective May 8, 2024, the Fund was reclassified from a "diversified" investment company to a "non-diversified" investment company under the Investment Company Act of 1940. This change may affect shareholders as detailed in the description of updated principal risks below.

Effective July 29, 2024, changes were made to the principal investment strategies of the Buffalo Growth Fund. The changes were made to comply with regulations regarding the names of funds. The changes are not expected to materially reposition the Fund's holdings or materially affect shareholders.

**UPDATES TO THE PRINCIPAL RISKS**

Effective May 8, 2024, changes were made to the principal risks of the Fund by adding "Non-Diversification Risk" to the prospectus and SAI. The changed risk may affect shareholders because the Fund may invest a greater percentage of its assets in the securities of a single issuer or a lesser number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single issuer or a small number of issuers could cause the Fund's overall value to decline to a greater degree than if the Fund held a more diversified portfolio. This may increase the Fund's volatility and cause the performance of a relatively smaller number of issuers to have a greater impact on the Fund's performance.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code at the top of Page 1 or visit https://buffalofunds.com/our-funds/performance/#literature.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Buffalo Funds documents not be householded, please contact Buffalo Funds at 800-492-8332, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Buffalo Funds or your financial intermediary.

Buffalo Growth Fund PAGE 3 TSR-AR-119826105

100009904111841301614730141552179623879208812840029471100009966117661339214566132362151324078220122846030515100001013411784142651598515915261502951326301362843889137.415.411.810.810.57.03.11.21.11.7 ------

---

| | | |
|:---|:---|:---|
| ![image](i171398.jpg) | **Buffalo Growth Fund**  | ![image](i171399.jpg) |
| ![image](i171398.jpg) | Institutional Class \| BIIGX  | ![image](i171399.jpg) |
| ![image](i171398.jpg) | Annual Shareholder Report \| March 31, 2025  | ![image](i171399.jpg) |

---

This annual shareholder report contains important information about the Buffalo Growth Fund (the "Fund"), Institutional Class for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://buffalofunds.com/our-funds/performance/#literature. You can also request this information by contacting us at 800-492-8332.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Institutional Class | $78 | 0.77% |

---

**HOW DID THE FUND PERFORM OVER THE PAST YEAR AND WHAT AFFECTED PERFORMANCE?**

For the 12-month period ended March 31, 2025, the Fund produced a positive total return on an absolute basis, but underperformed its preferred benchmark, the Russell 3000<sup>®</sup> Growth Index.

**WHAT FACTORS INFLUENCED PERFORMANCE?**

Performance within the large cap growth category was highly concentrated among the largest seven market cap stocks within the Index (The Magnificent Seven). In general, exposure to these companies drove the Fund's positive performance during the period. However, the Fund's relative underweight to The Magnificent Seven and to momentum-based stocks led to relative underperformance compared to the Russell 3000<sup>®</sup> Growth Index over the past 12 months. Although the Fund holds large positions in The Magnificent Seven, the Index weights are even larger, which created a drag on benchmark-relative performance given their strong performance results for the period.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Apple, Inc. |
| ↑ | NVIDIA Corporation |
| ↑ | Meta Platforms, Inc. - Class A |
| ↑ | CBRE Group, Inc. - Class A |
| ↑ | Liberty Media Corp. Series C Liberty Live |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | DoubleVerify Holdings, Inc. |
| ↓ | Microsoft Corporation |
| ↓ | Progyny, Inc. |
| ↓ | Adobe, Inc. |
| ↓ | Schlumberger Ltd. |

---

Buffalo Growth Fund PAGE 1 TSR-AR-119530863

------

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $250,000 chart reflects a hypothetical $250,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $250,000)

![image](ts3893img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(07/01/2019)** |
| **Buffalo Growth Fund Institutional Class**  | 3.84 | 15.95 | 11.47 |
| **Russell 3000 Index**  | 7.22 | 18.18 | 12.79 |
| **Russell 3000 Growth Index**  | 7.18 | 19.57 | 15.65 |

---

Visit https://buffalofunds.com/our-funds/performance/#literature for more recent performance information.

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** *The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $162174483 |
| **Number of Holdings** | 42 |
| **Net Advisory Fee** | $1331262 |
| **Portfolio Turnover Rate** | 4% |
| **Weighted Average Market Capitalization** | $1,269.10B |

---

Visit https://buffalofunds.com/our-funds/performance/#literature for performance information.

**WHAT DID THE FUND INVEST IN?** (% of net assets as of March 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Microsoft Corp.  | 10.7% |
|  Apple, Inc.  | 9.7% |
|  Amazon.com, Inc.  | 8.5% |
|  NVIDIA Corp.  | 8.4% |
|  Alphabet, Inc.  | 8.3% |
|  Meta Platforms, Inc.  | 5.6% |
|  Visa, Inc.  | 3.2% |
|  Mastercard, Inc.  | 2.9% |
|  Uber Technologies, Inc.  | 2.6% |
|  TransUnion  | 2.1% |

---

**Sector Breakdown (%)**

![image](ts3893img004.jpg)

Buffalo Growth Fund PAGE 2 TSR-AR-119530863

------

**HOW HAS THE FUND CHANGED?**

This is a summary of certain changes to the Fund since March 31, 2024. For more complete information, you may review the Fund's prospectus at https://buffalofunds.com/wp-content/uploads/Buffalo-Prospectus-Final.pdf. You may also obtain a copy of the prospectus by calling 800-492-8332.

**UPDATES TO THE PRINCIPAL INVESTMENT STRATEGIES**

Effective May 8, 2024, the Fund was reclassified from a "diversified" investment company to a "non-diversified" investment company under the Investment Company Act of 1940. This change may affect shareholders as detailed in the description of updated principal risks below.

Effective July 29, 2024, changes were made to the principal investment strategies of the Buffalo Growth Fund. The changes were made to comply with regulations regarding the names of funds. The changes are not expected to materially reposition the Fund's holdings or materially affect shareholders.

**UPDATES TO THE PRINCIPAL RISKS**

Effective May 8, 2024, changes were made to the principal risks of the Fund by adding "Non-Diversification Risk" to the prospectus and SAI. The changed risk may affect shareholders because the Fund may invest a greater percentage of its assets in the securities of a single issuer or a lesser number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single issuer or a small number of issuers could cause the Fund's overall value to decline to a greater degree than if the Fund held a more diversified portfolio. This may increase the Fund's volatility and cause the performance of a relatively smaller number of issuers to have a greater impact on the Fund's performance.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code at the top of Page 1 or visit https://buffalofunds.com/our-funds/performance/#literature.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Buffalo Funds documents not be householded, please contact Buffalo Funds at 800-492-8332, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Buffalo Funds or your financial intermediary.

Buffalo Growth Fund PAGE 3 TSR-AR-119530863

25000022269134352937698533009444947046671925000021667035214939414136032346587349950525000023605838787743775439012153818657685337.415.411.810.810.57.03.11.21.11.7 ------

---

| | | |
|:---|:---|:---|
| ![image](i171398.jpg) | **Buffalo Growth & Income Fund**  | ![image](i171399.jpg) |
| ![image](i171398.jpg) | Investor Class \| BUFDX  | ![image](i171399.jpg) |
| ![image](i171398.jpg) | Annual Shareholder Report \| March 31, 2025  | ![image](i171399.jpg) |

---

This annual shareholder report contains important information about the Buffalo Growth & Income Fund (the "Fund"), Investor Class for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://buffalofunds.com/our-funds/performance/#literature. You can also request this information by contacting us at 800-492-8332.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Investor Class | $94 | 0.91% |

---

**HOW DID THE FUND PERFORM OVER THE PAST YEAR AND WHAT AFFECTED PERFORMANCE?**

For the 12-month period ended March 31, 2025, the Fund produced a positive total return on an absolute basis, but underperformed its preferred benchmark, the Russell 1000<sup>®</sup> Index.

**WHAT FACTORS INFLUENCED PERFORMANCE?**

The Fund has dividend income characteristics which impacted relative performance compared to the Russell 1000® Index, which included a concentration of growth stocks inappropriate for this portfolio. Except for the Fund's investments in Materials and Health Care companies, all economic sectors contributed to positive performance throughout the year. Financials, Utilities, and Information Technology companies were the largest contributors to positive results with meaningful impact from specific companies like Vistra Corporation and Apple, Inc.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Viper Energy, Inc. |
| ↑ | Vistra Corporation |
| ↑ | Apple, Inc. |
| ↑ | Primo Brands Corporation - Class A |
| ↑ | Royal Caribbean Group 6.0% 15-Aug-2025 |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Chemours Co. |
| ↓ | Lamb Weston Holdings, Inc. |
| ↓ | Estee Lauder Companies, Inc. - Class A |
| ↓ | CVS Health Corporation |
| ↓ | Microsoft Corporation |

---

Buffalo Growth & Income Fund PAGE 1 TSR-AR-119530608

------

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts3891img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Buffalo Growth & Income Fund Investor Class**  | 7.13 | 17.98 | 11.11 |
| **Russell 3000 Index**  | 7.22 | 18.18 | 11.80 |
| **Russell 1000 Index**  | 7.82 | 18.47 | 12.18 |

---

Visit https://buffalofunds.com/our-funds/performance/#literature for more recent performance information.

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** *The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $163549137 |
| **Number of Holdings** | 92 |
| **Net Advisory Fee** | $1236347 |
| **Portfolio Turnover Rate** | 3% |
| **Weighted Average Market Capitalization** | $549.43B |

---

Visit https://buffalofunds.com/our-funds/performance/#literature for performance information.

**WHAT DID THE FUND INVEST IN?** (% of net assets as of March 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Fidelity Money Market Government Portfolio  | 5.8% |
|  Meta Platforms, Inc.  | 4.7% |
|  Microsoft Corp.  | 4.3% |
|  Apple, Inc.  | 4.2% |
|  Viper Energy, Inc.  | 3.5% |
|  Visa, Inc.  | 2.8% |
|  Royal Caribbean Cruises Ltd.  | 2.5% |
|  Arthur J. Gallagher & Co.  | 2.4% |
|  Alphabet, Inc.  | 2.4% |
|  S&P Global, Inc.  | 2.2% |

---

**Sector Breakdown (%)**

![image](ts3891img004.jpg)

Buffalo Growth & Income Fund PAGE 2 TSR-AR-119530608

------

**HOW HAS THE FUND CHANGED?**

This is a summary of certain changes to the Fund since March 31, 2024. For more complete information, you may review the Fund's prospectus at https://buffalofunds.com/wp-content/uploads/Buffalo-Prospectus-Final.pdf. You may also obtain a copy of the prospectus by calling 800-492-8332.

**FUND NAME CHANGE**

Effective July 29, 2024, the Fund's name changed from "Buffalo Dividend Focus Fund" to "Buffalo Growth & Income Fund". The name was changed to more accurately reflect the investment strategies and holdings of the Fund. The name change is not expected to affect shareholders.

**UPDATES TO THE PRINCIPAL INVESTMENT STRATEGIES**

Effective July 29, 2024, changes were made to the principal investment strategies of the Buffalo Growth & Income Fund. The changes were made to align the language of the principal investment strategies with the removal of "Dividend" and the addition of "Growth" and "Income" to the Fund's name and to comply with regulations regarding the names of funds. The changes are not expected to materially reposition the Fund's holdings or materially affect shareholders.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code at the top of Page 1 or visit https://buffalofunds.com/our-funds/performance/#literature.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Buffalo Funds documents not be householded, please contact Buffalo Funds at 800-492-8332, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Buffalo Funds or your financial intermediary.

Buffalo Growth & Income Fund PAGE 3 TSR-AR-119530608

100009912117311272913680125431935221943210172675828666100009966117661339214566132362151324078220122846030515100001005011802134521470313523217162459722533292633155120.412.411.210.98.47.16.05.35.013.3 ------

---

| | | |
|:---|:---|:---|
| ![image](i171398.jpg) | **Buffalo Growth & Income Fund**  | ![image](i171399.jpg) |
| ![image](i171398.jpg) | Institutional Class \| BUIDX  | ![image](i171399.jpg) |
| ![image](i171398.jpg) | Annual Shareholder Report \| March 31, 2025  | ![image](i171399.jpg) |

---

This annual shareholder report contains important information about the Buffalo Growth & Income Fund (the "Fund"), Institutional Class for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://buffalofunds.com/our-funds/performance/#literature. You can also request this information by contacting us at 800-492-8332.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Institutional Class | $81 | 0.78% |

---

**HOW DID THE FUND PERFORM OVER THE PAST YEAR AND WHAT AFFECTED PERFORMANCE?**

For the 12-month period ended March 31, 2025, the Fund produced a positive total return on an absolute basis, but underperformed its preferred benchmark, the Russell 1000<sup>®</sup> Index.

**WHAT FACTORS INFLUENCED PERFORMANCE?**

The Fund has dividend income characteristics which impacted relative performance compared to the Russell 1000® Index, which included a concentration of growth stocks inappropriate for this portfolio. Except for the Fund's investments in Materials and Health Care companies, all economic sectors contributed to positive performance throughout the year. Financials, Utilities, and Information Technology companies were the largest contributors to positive results with meaningful impact from specific companies like Vistra Corporation and Apple, Inc.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Viper Energy, Inc. |
| ↑ | Vistra Corporation |
| ↑ | Apple, Inc. |
| ↑ | Primo Brands Corporation - Class A |
| ↑ | Royal Caribbean Group 6.0% 15-Aug-2025 |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Chemours Co. |
| ↓ | Lamb Weston Holdings, Inc. |
| ↓ | Estee Lauder Companies, Inc. - Class A |
| ↓ | CVS Health Corporation |
| ↓ | Microsoft Corporation |

---

Buffalo Growth & Income Fund PAGE 1 TSR-AR-119530806

------

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $250,000 chart reflects a hypothetical $250,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $250,000)

![image](ts3892img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(07/01/2019)** |
| **Buffalo Growth & Income Fund Institutional Class**  | 7.30 | 18.15 | 12.98 |
| **Russell 3000 Index**  | 7.22 | 18.18 | 12.79 |
| **Russell 1000 Index**  | 7.82 | 18.47 | 13.23 |

---

Visit https://buffalofunds.com/our-funds/performance/#literature for more recent performance information.

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** *The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $163549137 |
| **Number of Holdings** | 92 |
| **Net Advisory Fee** | $1236347 |
| **Portfolio Turnover Rate** | 3% |
| **Weighted Average Market Capitalization** | $549.43B |

---

Visit https://buffalofunds.com/our-funds/performance/#literature for performance information.

**WHAT DID THE FUND INVEST IN?** (% of net assets as of March 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Fidelity Money Market Government Portfolio  | 5.8% |
|  Meta Platforms, Inc.  | 4.7% |
|  Microsoft Corp.  | 4.3% |
|  Apple, Inc.  | 4.2% |
|  Viper Energy, Inc.  | 3.5% |
|  Visa, Inc.  | 2.8% |
|  Royal Caribbean Cruises Ltd.  | 2.5% |
|  Arthur J. Gallagher & Co.  | 2.4% |
|  Alphabet, Inc.  | 2.4% |
|  S&P Global, Inc.  | 2.2% |

---

**Sector Breakdown (%)**

![image](ts3892img004.jpg)

Buffalo Growth & Income Fund PAGE 2 TSR-AR-119530806

------

**HOW HAS THE FUND CHANGED?**

This is a summary of certain changes to the Fund since March 31, 2024. For more complete information, you may review the Fund's prospectus at https://buffalofunds.com/wp-content/uploads/Buffalo-Prospectus-Final.pdf. You may also obtain a copy of the prospectus by calling 800-492-8332.

**FUND NAME CHANGE**

Effective July 29, 2024, the Fund's name changed from "Buffalo Dividend Focus Fund" to "Buffalo Growth & Income Fund". The name was changed to more accurately reflect the investment strategies and holdings of the Fund. The name change is not expected to affect shareholders.

**UPDATES TO THE PRINCIPAL INVESTMENT STRATEGIES**

Effective July 29, 2024, changes were made to the principal investment strategies of the Buffalo Growth & Income Fund. The changes were made to align the language of the principal investment strategies with the removal of "Dividend" and the addition of "Growth" and "Income" to the Fund's name and to comply with regulations regarding the names of funds. The changes are not expected to materially reposition the Fund's holdings or materially affect shareholders.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code at the top of Page 1 or visit https://buffalofunds.com/our-funds/performance/#literature.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Buffalo Funds documents not be householded, please contact Buffalo Funds at 800-492-8332, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Buffalo Funds or your financial intermediary.

Buffalo Growth & Income Fund PAGE 3 TSR-AR-119530806

25000021914933862038438436885847016750447725000021667035214939414136032346587349950525000021888735150539814936473147366851071320.412.411.210.98.47.16.05.35.013.3 ------

---

| | | |
|:---|:---|:---|
| ![image](i171398.jpg) | **Buffalo High Yield Fund**  | ![image](i171399.jpg) |
| ![image](i171398.jpg) | Investor Class\| BUFHX  | ![image](i171399.jpg) |
| ![image](i171398.jpg) | Annual Shareholder Report \| March 31, 2025  | ![image](i171399.jpg) |

---

This annual shareholder report contains important information about the Buffalo High Yield Fund (the "Fund"), Investor Class for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://buffalofunds.com/our-funds/performance/#literature. You can also request this information by contacting us at 800-492-8332.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Investor Class | $105 | 1.01% |

---

**HOW DID THE FUND PERFORM OVER THE PAST YEAR AND WHAT AFFECTED PERFORMANCE?**

For the 12-month period ended March 31, 2025, the Fund produced a positive total return on an absolute basis, but underperformed the preferred benchmark, the ICE BofA U.S. High Yield Index.

**WHAT FACTORS INFLUENCED PERFORMANCE?**

U.S. high yield bonds, as an asset class, posted four consecutive positive quarters across the annual reporting period. Economic data signaled cooling inflation pressures, and the Federal Reserve initiated a 50 basis point (bps) rate cut in September, which propelled gains for high yield bonds throughout the 12-month period.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Amneal Pharmaceuticals LLC Term Loan 04-May-2028 |
| ↑ | Stride, Inc. 1.125% 01-Sep-2027 |
| ↑ | Uniti Group LP 10.5% 15-Feb-2028 |
| ↑ | Mirum Pharmaceuticals, Inc. 4.0% 01-May-2029 |
| ↑ | Ardonagh Group Finance Ltd. 8.875% 15-Feb-2032 |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Kronos Acquisition Holdings, Inc. 10.75% 30-Jun-2032 |
| ↓ | Ot Midco, Inc. 10.0% 15-Feb-2030 |
| ↓ | Kronos Acquisition Holdings, Inc. Term Loan 08-Jul-2031 |
| ↓ | Array Technologies, Inc. 1.0% 01-Dec-2028 |
| ↓ | PG&E Corporation Pfd Shs A Non Voting |

---

Buffalo High Yield Fund PAGE 1 TSR-AR-119539104

------

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts3896img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Buffalo High Yield Fund Investor Class**  | 7.29 | 8.91 | 5.13 |
| **Bloomberg U.S. Universal Bond Index**  | 5.24 | 0.32 | 1.83 |
| **ICE BofA U.S. High Yield Index**  | 7.68 | 7.26 | 4.94 |

---

Visit https://buffalofunds.com/our-funds/performance/#literature for more recent performance information.

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** *The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $665689755 |
| **Number of Holdings** | 169 |
| **Net Advisory Fee** | $4817938 |
| **Portfolio Turnover Rate** | 29% |
| **Average Duration** | 1.90 years |
| **Average Maturity** | 4.50 years |
| **30-Day SEC Yield** | 7.18% |

---

Visit https://buffalofunds.com/our-funds/performance/#literature for performance information.

Buffalo High Yield Fund PAGE 2 TSR-AR-119539104

------

**WHAT DID THE FUND INVEST IN?** (% of net assets as of March 31, 2025)

**Asset Allocation (%)**

![image](ts3896img004.jpg)

**Sector Breakdown (%)**

![image](ts3896img005.jpg)

**Credit Quality Breakdown (%)<sup>†</sup>**

![image](ts3896img006.jpg)

† Moody's is the rating source for the Credit Quality Breakdown Table above. All bond quality ratings are as of 3/31/25. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO), such as Moody's, which evaluates the credit worthiness of an issuer with respect to debt obligations, including specific securities, money market instruments, or other bonds. Ratings are measured on a scale that generally ranges from Aaa (highest grade) to C (lowest grade); ratings are subject to change without notice. Unassigned rating indicates that the debtor was not rated by an NRSRO and should not be interpreted as indicating low quality.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code at the top of Page 1 or visit https://buffalofunds.com/our-funds/performance/#literature.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Buffalo Funds documents not be householded, please contact Buffalo Funds at 800-492-8332, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Buffalo Funds or your financial intermediary.

Buffalo High Yield Fund PAGE 3 TSR-AR-119539104

100009959107931113911524107561366813937137101536516484100001017510371105281100511792121401162711091113871198410000960111221116361232611408140671402513535150401619456.735.31.61.30.44.718.616.315.19.97.57.46.15.24.09.91.514.574.97.12.0 ------

---

| | | |
|:---|:---|:---|
| ![image](i171398.jpg) | **Buffalo High Yield Fund**  | ![image](i171399.jpg) |
| ![image](i171398.jpg) | Institutional Class\| BUIHX  | ![image](i171399.jpg) |
| ![image](i171398.jpg) | Annual Shareholder Report \| March 31, 2025  | ![image](i171399.jpg) |

---

This annual shareholder report contains important information about the Buffalo High Yield Fund (the "Fund"), Institutional Class for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://buffalofunds.com/our-funds/performance/#literature. You can also request this information by contacting us at 800-492-8332.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Institutional Class | $89 | 0.86% |

---

**HOW DID THE FUND PERFORM OVER THE PAST YEAR AND WHAT AFFECTED PERFORMANCE?**

For the 12-month period ended March 31, 2025, the Fund produced a positive total return on an absolute basis, but underperformed the preferred benchmark, the ICE BofA U.S. High Yield Index.

**WHAT FACTORS INFLUENCED PERFORMANCE?**

U.S. high yield bonds, as an asset class, posted four consecutive positive quarters across the annual reporting period. Economic data signaled cooling inflation pressures, and the Federal Reserve initiated a 50 basis point (bps) rate cut in September, which propelled gains for high yield bonds throughout the 12-month period.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Amneal Pharmaceuticals LLC Term Loan 04-May-2028 |
| ↑ | Stride, Inc. 1.125% 01-Sep-2027 |
| ↑ | Uniti Group LP 10.5% 15-Feb-2028 |
| ↑ | Mirum Pharmaceuticals, Inc. 4.0% 01-May-2029 |
| ↑ | Ardonagh Group Finance Ltd. 8.875% 15-Feb-2032 |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Kronos Acquisition Holdings, Inc. 10.75% 30-Jun-2032 |
| ↓ | Ot Midco, Inc. 10.0% 15-Feb-2030 |
| ↓ | Kronos Acquisition Holdings, Inc. Term Loan 08-Jul-2031 |
| ↓ | Array Technologies, Inc. 1.0% 01-Dec-2028 |
| ↓ | PG&E Corporation Pfd Shs A Non Voting |

---

Buffalo High Yield Fund PAGE 1 TSR-AR-119530855

------

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $250,000 chart reflects a hypothetical $250,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $250,000)

![image](ts3895img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(07/01/2019)** |
| **Buffalo High Yield Fund Institutional Class**  | 7.45 | 9.08 | 6.11 |
| **Bloomberg U.S. Universal Bond Index**  | 5.24 | 0.32 | 0.97 |
| **ICE BofA U.S. High Yield Index**  | 7.68 | 7.26 | 4.37 |

---

Visit https://buffalofunds.com/our-funds/performance/#literature for more recent performance information.

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** *The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $665689755 |
| **Number of Holdings** | 169 |
| **Net Advisory Fee** | $4817938 |
| **Portfolio Turnover Rate** | 29% |
| **Average Duration** | 1.90 years |
| **Average Maturity** | 4.50 years |
| **30-Day SEC Yield** | 7.34% |

---

Visit https://buffalofunds.com/our-funds/performance/#literature for performance information.

Buffalo High Yield Fund PAGE 2 TSR-AR-119530855

------

**WHAT DID THE FUND INVEST IN?** (% of net assets as of March 31, 2025)

**Asset Allocation (%)**

![image](ts3895img004.jpg)

**Sector Breakdown (%)**

![image](ts3895img005.jpg)

**Credit Quality Breakdown (%)<sup>†</sup>**

![image](ts3895img006.jpg)

† Moody's is the rating source for the Credit Quality Breakdown Table above. All bond quality ratings are as of 3/31/25. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO), such as Moody's, which evaluates the credit worthiness of an issuer with respect to debt obligations, including specific securities, money market instruments, or other bonds. Ratings are measured on a scale that generally ranges from Aaa (highest grade) to C (lowest grade); ratings are subject to change without notice. Unassigned rating indicates that the debtor was not rated by an NRSRO and should not be interpreted as indicating low quality.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code at the top of Page 1 or visit https://buffalofunds.com/our-funds/performance/#literature.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Buffalo Funds documents not be householded, please contact Buffalo Funds at 800-492-8332, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Buffalo Funds or your financial intermediary.

Buffalo High Yield Fund PAGE 3 TSR-AR-119530855

25000022764828974829590029149832718535156925000025999526767225635924453325106426422825000022518127766627685026716329687131965856.735.31.61.30.44.718.616.315.19.97.57.46.15.24.09.91.514.574.97.12.0 ------

---

| | | |
|:---|:---|:---|
| ![image](i171398.jpg) | **Buffalo International Fund**  | ![image](i171399.jpg) |
| ![image](i171398.jpg) | Investor Class \| BUFIX  | ![image](i171399.jpg) |
| ![image](i171398.jpg) | Annual Shareholder Report \| March 31, 2025  | ![image](i171399.jpg) |

---

This annual shareholder report contains important information about the Buffalo International Fund (the "Fund"), Investor Class for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://buffalofunds.com/our-funds/performance/#literature. You can also request this information by contacting us at 800-492-8332.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Investor Class | $102 | 1.03% |

---

**HOW DID THE FUND PERFORM OVER THE PAST YEAR AND WHAT AFFECTED PERFORMANCE?**

For the 12-month period ended March 31, 2025, the Fund delivered a negative total return on an absolute basis, and underperformed the preferred benchmark, the FTSE All-World ex-US Index.

**WHAT FACTORS INFLUENCED PERFORMANCE?**

The Fund's decline was due to portfolio positioning and stock selection; however, investment style played a role. The Fund's growth profile contributed to the shortfall, as traditional value sectors such as Financials and Utilities were strong contributors to performance for the broad-based, non-US Index. The Fund is typically underweight traditional value areas in favor of long-term growth companies.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | BayCurrent, Inc |
| ↑ | Thales SA |
| ↑ | SAP SE Sponsored ADR |
| ↑ | MercadoLibre, Inc. |
| ↑ | GFL Environmental, Inc. |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | ICON PLC |
| ↓ | Novo Nordisk A/S Sponsored ADR Class B |
| ↓ | Disco Corporation |
| ↓ | Davide Campari-Milano N.V. |
| ↓ | Shin-Etsu Chemical Co. Ltd. |

---

Buffalo International Fund PAGE 1 TSR-AR-119530509

------

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts3897img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Buffalo International Fund Investor Class**  | -2.19 | 10.87 | 7.16 |
| **FTSE Global All Cap ex US Index**  | 6.25 | 11.63 | 5.53 |
| **FTSE All-World ex US Index**  | 6.65 | 11.67 | 5.62 |

---

Visit https://buffalofunds.com/our-funds/performance/#literature for more recent performance information.

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** *The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $877385996 |
| **Number of Holdings** | 82 |
| **Net Advisory Fee** | $8603162 |
| **Portfolio Turnover Rate** | 10% |
| **Weighted Average Market Capitalization** | $186.80B |

---

Visit https://buffalofunds.com/our-funds/performance/#literature for performance information.

**WHAT DID THE FUND INVEST IN?** (% of net assets as of March 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  BayCurrent, Inc.  | 3.1% |
|  SAP SE  | 2.7% |
|  Schneider Electric SE  | 2.4% |
|  MercadoLibre, Inc.  | 2.4% |
|  Taiwan Semiconductor Manufacturing Co. Ltd.  | 2.4% |
|  Lonza Group AG  | 2.3% |
|  Adyen NV  | 2.2% |
|  GFL Environmental, Inc.  | 2.2% |
|  Thales SA  | 2.2% |
|  Siemens AG  | 2.1% |

---

**Sector Breakdown (%)**

![image](ts3897img004.jpg)

**Geographic Breakdown (%)**

![image](ts3897img005.jpg)

Buffalo International Fund PAGE 2 TSR-AR-119530509

------

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code at the top of Page 1 or visit https://buffalofunds.com/our-funds/performance/#literature.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Buffalo Funds documents not be householded, please contact Buffalo Funds at 800-492-8332, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Buffalo Funds or your financial intermediary.

Buffalo International Fund PAGE 3 TSR-AR-119530509

100009598108901288412907119171808918440184022040619960100009230104921226111726988015052149861417716120171281000091721044312175117149951150231493414214162031727925.319.218.712.97.96.35.02.01.11.616.012.312.211.110.910.05.75.22.614.0 ------

---

| | | |
|:---|:---|:---|
| ![image](i171398.jpg) | **Buffalo International Fund**  | ![image](i171399.jpg) |
| ![image](i171398.jpg) | Institutional Class \| BUIIX  | ![image](i171399.jpg) |
| ![image](i171398.jpg) | Annual Shareholder Report \| March 31, 2025  | ![image](i171399.jpg) |

---

This annual shareholder report contains important information about the Buffalo International Fund (the "Fund"), Institutional Class for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://buffalofunds.com/our-funds/performance/#literature. You can also request this information by contacting us at 800-492-8332.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Institutional Class | $87 | 0.88% |

---

**HOW DID THE FUND PERFORM OVER THE PAST YEAR AND WHAT AFFECTED PERFORMANCE?**

For the 12-month period ended March 31, 2025, the Fund delivered a negative total return on an absolute basis, and underperformed the preferred benchmark, the FTSE All-World ex-US Index.

**WHAT FACTORS INFLUENCED PERFORMANCE?**

The Fund's decline was due to portfolio positioning and stock selection; however, investment style played a role. The Fund's growth profile contributed to the shortfall, as traditional value sectors such as Financials and Utilities were strong contributors to performance for the broad-based, non-US Index. The Fund is typically underweight traditional value areas in favor of long-term growth companies.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | BayCurrent, Inc |
| ↑ | Thales SA |
| ↑ | SAP SE Sponsored ADR |
| ↑ | MercadoLibre, Inc. |
| ↑ | GFL Environmental, Inc. |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | ICON PLC |
| ↓ | Novo Nordisk A/S Sponsored ADR Class B |
| ↓ | Disco Corporation |
| ↓ | Davide Campari-Milano N.V. |
| ↓ | Shin-Etsu Chemical Co. Ltd. |

---

Buffalo International Fund PAGE 1 TSR-AR-119530848

------

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $250,000 chart reflects a hypothetical $250,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $250,000)

![image](ts3898img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(07/01/2019)** |
| **Buffalo International Fund Institutional Class**  | -2.01 | 11.05 | 6.71 |
| **FTSE Global All Cap ex US Index**  | 6.25 | 11.63 | 6.16 |
| **FTSE All-World ex US Index**  | 6.65 | 11.67 | 6.32 |

---

Visit https://buffalofunds.com/our-funds/performance/#literature for more recent performance information.

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** *The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $877385996 |
| **Number of Holdings** | 82 |
| **Net Advisory Fee** | $8603162 |
| **Portfolio Turnover Rate** | 10% |
| **Weighted Average Market Capitalization** | $186.80B |

---

Visit https://buffalofunds.com/our-funds/performance/#literature for performance information.

**WHAT DID THE FUND INVEST IN?** (% of net assets as of March 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  BayCurrent, Inc.  | 3.1% |
|  SAP SE  | 2.7% |
|  Schneider Electric SE  | 2.4% |
|  MercadoLibre, Inc.  | 2.4% |
|  Taiwan Semiconductor Manufacturing Co. Ltd.  | 2.4% |
|  Lonza Group AG  | 2.3% |
|  Adyen NV  | 2.2% |
|  GFL Environmental, Inc.  | 2.2% |
|  Thales SA  | 2.2% |
|  Siemens AG  | 2.1% |

---

**Sector Breakdown (%)**

![image](ts3898img004.jpg)

**Geographic Breakdown (%)**

![image](ts3898img005.jpg)

Buffalo International Fund PAGE 2 TSR-AR-119530848

------

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code at the top of Page 1 or visit https://buffalofunds.com/our-funds/performance/#literature.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Buffalo Funds documents not be householded, please contact Buffalo Funds at 800-492-8332, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Buffalo Funds or your financial intermediary.

Buffalo International Fund PAGE 3 TSR-AR-119530848

25000021511332722333403133372237068436323325000020335830983230847429181533180935255025000020478330915830732329251333343735559625.319.218.712.97.96.35.02.01.11.616.012.312.211.110.910.05.75.22.614.0 ------

---

| | | |
|:---|:---|:---|
| ![image](i171398.jpg) | **Buffalo Mid Cap Discovery Fund**  | ![image](i171399.jpg) |
| ![image](i171398.jpg) | Investor Class \| BUFTX  | ![image](i171399.jpg) |
| ![image](i171398.jpg) | Annual Shareholder Report \| March 31, 2025  | ![image](i171399.jpg) |

---

This annual shareholder report contains important information about the Buffalo Mid Cap Discovery Fund (the "Fund"), Investor Class for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://buffalofunds.com/our-funds/performance/#literature. You can also request this information by contacting us at 800-492-8332.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Investor Class | $96 | 0.99% |

---

**HOW DID THE FUND PERFORM OVER THE PAST YEAR AND WHAT AFFECTED PERFORMANCE?**

For the 12-month period ended March 31, 2025, the Fund delivered a negative total return on an absolute basis, and underperformed its preferred benchmark, the Russell MidCap<sup>®</sup> Growth Index.

**WHAT FACTORS INFLUENCED PERFORMANCE?**

It was a difficult period for the Fund with investors bidding up the most expensive and speculative segments of the market. The fastest growing businesses were by far the best performers and were skewed by a small number of stocks. The largest drag was not owning Palantir (PLTR), which we believe is an example of excess. Palantir shares advanced over 265% in the past 12 months and traded at very high multiples of sales and earnings. The company's margins were already at healthy levels, so investors need to make incredibly bullish assumptions for revenue growth to justify the current stock price, much less any future price appreciation. These types of speculative bets with no regard for valuation or downside risk – typically driven by momentum traders and retail investors – are simply out of bounds for our style of investing.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Guidewire Software, Inc. |
| ↑ | Spotify Technology SA |
| ↑ | Natera, Inc. |
| ↑ | Insulet Corporation |
| ↑ | CyberArk Software Ltd. |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | DoubleVerify Holdings, Inc. |
| ↓ | Five Below, Inc. |
| ↓ | DexCom, Inc. |
| ↓ | Progyny, Inc. |
| ↓ | IQVIA Holdings, Inc. |

---

Buffalo Mid Cap Discovery Fund PAGE 1 TSR-AR-119530103

------

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts3899img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Buffalo Mid Cap Discovery Fund Investor Class**  | -6.73 | 9.91 | 7.74 |
| **Russell 3000 Index**  | 7.22 | 18.18 | 11.80 |
| **Russell Midcap Growth Index**  | 3.57 | 14.86 | 10.14 |

---

Visit https://buffalofunds.com/our-funds/performance/#literature for more recent performance information.

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** *The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $572088745 |
| **Number of Holdings** | 68 |
| **Net Advisory Fee** | $6064514 |
| **Portfolio Turnover Rate** | 33% |
| **Weighted Average Market Capitalization** | $29.70B |

---

Visit https://buffalofunds.com/our-funds/performance/#literature for performance information.

**WHAT DID THE FUND INVEST IN?** (% of net assets as of March 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Fidelity Money Market Government Portfolio  | 3.8% |
|  MSCI, Inc.  | 3.8% |
|  TransUnion  | 3.4% |
|  CoStar Group, Inc.  | 2.8% |
|  Veeva Systems, Inc.  | 2.5% |
|  Copart, Inc.  | 2.4% |
|  Corpay, Inc.  | 2.3% |
|  Schlumberger NV  | 2.2% |
|  Verisk Analytics, Inc.  | 2.2% |
|  AMETEK, Inc.  | 2.0% |

---

**Sector Breakdown (%)**

![image](ts3899img004.jpg)

Buffalo Mid Cap Discovery Fund PAGE 2 TSR-AR-119530103

------

**HOW HAS THE FUND CHANGED?**

This is a summary of certain changes to the Fund since March 31, 2024. For more complete information, you may review the Fund's prospectus at https://buffalofunds.com/wp-content/uploads/Buffalo-Prospectus-Final.pdf. You may also obtain a copy of the prospectus by calling 800-492-8332.

**FUND NAME CHANGE**

Effective July 29, 2024, the Fund's name changed from "Buffalo Discovery Fund" to "Buffalo Mid Cap Discovery Fund". The name was changed to more accurately reflect the investment strategies and holdings of the Fund. The name change is not expected to affect shareholders.

**UPDATES TO THE PRINCIPAL INVESTMENT STRATEGIES**

Effective July 29, 2024, changes were made to the principal investment strategies of the Buffalo Mid Cap Discovery Fund. The changes were made to align the language of the principal investment strategies with the addition of "Mid Cap" to the Fund's name and to comply with regulations regarding the names of funds. The changes are not expected to materially reposition the Fund's holdings or materially affect shareholders.

**FUND PORTFOLIO MANAGER CHANGES**

Effective April 15, 2024, Mr. Doug Cartwright and Mr. Josh West were added as a co-portfolio managers of the Fund. The addition of Mr. Cartwright and Mr. West is expected to have a positive effect on shareholders.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code at the top of Page 1 or visit https://buffalofunds.com/our-funds/performance/#literature.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Buffalo Funds documents not be householded, please contact Buffalo Funds at 800-492-8332, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Buffalo Funds or your financial intermediary.

Buffalo Mid Cap Discovery Fund PAGE 3 TSR-AR-119530103

10000967211226131741453513135220002099318869225892107010000996611766133921456613236215132407822012284603051510000952510866130101450813137221512195320083253622626824.719.317.114.34.43.32.82.72.29.2 ------

---

| | | |
|:---|:---|:---|
| ![image](i171398.jpg) | **Buffalo Mid Cap Discovery Fund**  | ![image](i171399.jpg) |
| ![image](i171398.jpg) | Institutional Class \| BUITX  | ![image](i171399.jpg) |
| ![image](i171398.jpg) | Annual Shareholder Report \| March 31, 2025  | ![image](i171399.jpg) |

---

This annual shareholder report contains important information about the Buffalo Mid Cap Discovery Fund (the "Fund"), Institutional Class for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://buffalofunds.com/our-funds/performance/#literature. You can also request this information by contacting us at 800-492-8332.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Institutional Class | $83 | 0.86% |

---

**HOW DID THE FUND PERFORM OVER THE PAST YEAR AND WHAT AFFECTED PERFORMANCE?**

For the 12-month period ended March 31, 2025, the Fund delivered a negative total return on an absolute basis, and underperformed its preferred benchmark, the Russell MidCap<sup>®</sup> Growth Index.

**WHAT FACTORS INFLUENCED PERFORMANCE?**

It was a difficult period for the Fund with investors bidding up the most expensive and speculative segments of the market. The fastest growing businesses were by far the best performers and were skewed by a small number of stocks. The largest drag was not owning Palantir (PLTR), which we believe is an example of excess. Palantir shares advanced over 265% in the past 12 months and traded at very high multiples of sales and earnings. The company's margins were already at healthy levels, so investors need to make incredibly bullish assumptions for revenue growth to justify the current stock price, much less any future price appreciation. These types of speculative bets with no regard for valuation or downside risk – typically driven by momentum traders and retail investors – are simply out of bounds for our style of investing.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Guidewire Software, Inc. |
| ↑ | Spotify Technology SA |
| ↑ | Natera, Inc. |
| ↑ | Insulet Corporation |
| ↑ | CyberArk Software Ltd. |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | DoubleVerify Holdings, Inc. |
| ↓ | Five Below, Inc. |
| ↓ | DexCom, Inc. |
| ↓ | Progyny, Inc. |
| ↓ | IQVIA Holdings, Inc. |

---

Buffalo Mid Cap Discovery Fund PAGE 1 TSR-AR-119530707

------

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $250,000 chart reflects a hypothetical $250,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $250,000)

![image](ts3900img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(07/01/2019)** |
| **Buffalo Mid Cap Discovery Fund Institutional Class**  | -6.63 | 10.06 | 5.55 |
| **Russell 3000 Index**  | 7.22 | 18.18 | 12.79 |
| **Russell Midcap Growth Index**  | 3.57 | 14.86 | 9.71 |

---

Visit https://buffalofunds.com/our-funds/performance/#literature for more recent performance information.

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** *The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $572088745 |
| **Number of Holdings** | 68 |
| **Net Advisory Fee** | $6064514 |
| **Portfolio Turnover Rate** | 33% |
| **Weighted Average Market Capitalization** | $29.70B |

---

Visit https://buffalofunds.com/our-funds/performance/#literature for performance information.

**WHAT DID THE FUND INVEST IN?** (% of net assets as of March 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Fidelity Money Market Government Portfolio  | 3.8% |
|  MSCI, Inc.  | 3.8% |
|  TransUnion  | 3.4% |
|  CoStar Group, Inc.  | 2.8% |
|  Veeva Systems, Inc.  | 2.5% |
|  Copart, Inc.  | 2.4% |
|  Corpay, Inc.  | 2.3% |
|  Schlumberger NV  | 2.2% |
|  Verisk Analytics, Inc.  | 2.2% |
|  AMETEK, Inc.  | 2.0% |

---

**Sector Breakdown (%)**

![image](ts3900img004.jpg)

Buffalo Mid Cap Discovery Fund PAGE 2 TSR-AR-119530707

------

**HOW HAS THE FUND CHANGED?**

This is a summary of certain changes to the Fund since March 31, 2024. For more complete information, you may review the Fund's prospectus at https://buffalofunds.com/wp-content/uploads/Buffalo-Prospectus-Final.pdf. You may also obtain a copy of the prospectus by calling 800-492-8332.

**FUND NAME CHANGE**

Effective July 29, 2024, the Fund's name changed from "Buffalo Discovery Fund" to "Buffalo Mid Cap Discovery Fund". The name was changed to more accurately reflect the investment strategies and holdings of the Fund. The name change is not expected to affect shareholders.

**UPDATES TO THE PRINCIPAL INVESTMENT STRATEGIES**

Effective July 29, 2024, changes were made to the principal investment strategies of the Buffalo Mid Cap Discovery Fund. The changes were made to align the language of the principal investment strategies with the addition of "Mid Cap" to the Fund's name and to comply with regulations regarding the names of funds. The changes are not expected to materially reposition the Fund's holdings or materially affect shareholders.

**FUND PORTFOLIO MANAGER CHANGES**

Effective April 15, 2024, Mr. Doug Cartwright and Mr. Josh West were added as a co-portfolio managers of the Fund. The addition of Mr. Cartwright and Mr. West is expected to have a positive effect on shareholders.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code at the top of Page 1 or visit https://buffalofunds.com/our-funds/performance/#literature.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Buffalo Funds documents not be householded, please contact Buffalo Funds at 800-492-8332, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Buffalo Funds or your financial intermediary.

Buffalo Mid Cap Discovery Fund PAGE 3 TSR-AR-119530707

25000021111435414533834630471036519834098725000021667035214939414136032346587349950525000021302535918035597232565241124342593824.719.317.114.34.43.32.82.72.29.2 ------

---

| | | |
|:---|:---|:---|
| ![image](i171398.jpg) | **Buffalo Mid Cap Growth Fund**  | ![image](i171399.jpg) |
| ![image](i171398.jpg) | Investor Class \| BUFMX  | ![image](i171399.jpg) |
| ![image](i171398.jpg) | Annual Shareholder Report \| March 31, 2025  | ![image](i171399.jpg) |

---

This annual shareholder report contains important information about the Buffalo Mid Cap Growth Fund (the "Fund"), Investor Class for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://buffalofunds.com/our-funds/performance/#literature. You can also request this information by contacting us at 800-492-8332.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Investor Class | $98 | 1.00% |

---

**HOW DID THE FUND PERFORM OVER THE PAST YEAR AND WHAT AFFECTED PERFORMANCE?**

For the 12-month period ended March 31, 2025, the Fund delivered a negative total return on an absolute basis, and underperformed its preferred benchmark, the Russell MidCap<sup>®</sup> Growth Index.

**WHAT FACTORS INFLUENCED PERFORMANCE?**

It was a difficult period for the Fund with investors bidding up the most expensive and speculative segments of the market. The fastest growing businesses were by far the best performers and were skewed by a small number of stocks. The largest drag was not owning Palantir (PLTR), which we believe is an example of excess. Palantir shares advanced over 265% in the past 12 months and traded at very high multiples of sales and earnings. The company's margins were already at healthy levels, so investors need to make incredibly bullish assumptions for revenue growth to justify the current stock price, much less any future price appreciation. These types of speculative bets with no regard for valuation or downside risk – typically driven by momentum traders and retail investors – are simply out of bounds for our style of investing.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | CBRE Group, Inc. - Class A |
| ↑ | Guidewire Software, Inc. |
| ↑ | Welltower, Inc. |
| ↑ | Verisk Analytics, Inc. |
| ↑ | Tyler Technologies, Inc. |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | DoubleVerify Holdings, Inc. |
| ↓ | IQVIA Holdings, Inc. |
| ↓ | Progyny, Inc. |
| ↓ | ON Semiconductor Corporation |
| ↓ | DexCom, Inc. |

---

Buffalo Mid Cap Growth Fund PAGE 1 TSR-AR-119530202

------

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts3901img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Buffalo Mid Cap Growth Fund Investor Class**  | -3.72 | 11.21 | 7.49 |
| **Russell 3000 Index**  | 7.22 | 18.18 | 11.80 |
| **Russell Midcap Growth Index**  | 3.57 | 14.86 | 10.14 |

---

Visit https://buffalofunds.com/our-funds/performance/#literature for more recent performance information.

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** *The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $134634011 |
| **Number of Holdings** | 51 |
| **Net Advisory Fee** | $1240003 |
| **Portfolio Turnover Rate** | 13% |
| **Weighted Average Market Capitalization** | $29.11B |

---

Visit https://buffalofunds.com/our-funds/performance/#literature for performance information.

**WHAT DID THE FUND INVEST IN?** (% of net assets as of March 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  MSCI, Inc.  | 4.5% |
|  CBRE Group, Inc.  | 4.3% |
|  Verisk Analytics, Inc.  | 4.2% |
|  Fidelity Money Market Government Portfolio  | 3.6% |
|  Kinsale Capital Group, Inc.  | 3.6% |
|  Copart, Inc.  | 3.5% |
|  Veeva Systems, Inc.  | 3.4% |
|  Gartner, Inc.  | 3.4% |
|  TransUnion  | 3.0% |
|  AMETEK, Inc.  | 3.0% |

---

**Sector Breakdown (%)**

![image](ts3901img004.jpg)

Buffalo Mid Cap Growth Fund PAGE 2 TSR-AR-119530202

------

**HOW HAS THE FUND CHANGED?**

This is a summary of certain changes to the Fund since March 31, 2024. For more complete information, you may review the Fund's prospectus at https://buffalofunds.com/wp-content/uploads/Buffalo-Prospectus-Final.pdf. You may also obtain a copy of the prospectus by calling 800-492-8332.

**FUND NAME CHANGE**

Effective July 29, 2024, the Fund's name changed from "Buffalo Mid Cap Fund" to "Buffalo Mid Cap Growth Fund". The name was changed to more accurately reflect the investment strategies and holdings of the Fund. The name change is not expected to affect shareholders.

**UPDATES TO THE PRINCIPAL INVESTMENT STRATEGIES**

Effective July 29, 2024, changes were made to the principal investment strategies of the Buffalo Mid Cap Growth Fund. The changes were made to align the language of the principal investment strategies with the addition of "Growth" to the Fund's name and to comply with regulations regarding the names of funds. The changes are not expected to materially reposition the Fund's holdings or materially affect shareholders.

**FUND PORTFOLIO MANAGER CHANGES**

Effective April 15, 2024, Mr. Dave Carlsen was added as a co-portfolio manager of the Fund. The addition of Mr. Carlsen is expected to have a positive effect on shareholders.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code at the top of Page 1 or visit https://buffalofunds.com/our-funds/performance/#literature.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Buffalo Funds documents not be householded, please contact Buffalo Funds at 800-492-8332, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Buffalo Funds or your financial intermediary.

Buffalo Mid Cap Growth Fund PAGE 3 TSR-AR-119530202

10000911710297115011246712107200881977617288213922059610000996611766133921456613236215132407822012284603051510000952510866130101450813137221512195320083253622626826.517.314.412.09.07.03.72.71.55.9 ------

---

| | | |
|:---|:---|:---|
| ![image](i171398.jpg) | **Buffalo Mid Cap Growth Fund**  | ![image](i171399.jpg) |
| ![image](i171398.jpg) | Institutional Class \| BUIMX  | ![image](i171399.jpg) |
| ![image](i171398.jpg) | Annual Shareholder Report \| March 31, 2025  | ![image](i171399.jpg) |

---

This annual shareholder report contains important information about the Buffalo Mid Cap Growth Fund (the "Fund"), Institutional Class for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://buffalofunds.com/our-funds/performance/#literature. You can also request this information by contacting us at 800-492-8332.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Institutional Class | $85 | 0.87% |

---

**HOW DID THE FUND PERFORM OVER THE PAST YEAR AND WHAT AFFECTED PERFORMANCE?**

For the 12-month period ended March 31, 2025, the Fund delivered a negative total return on an absolute basis, and underperformed its preferred benchmark, the Russell MidCap<sup>®</sup> Growth Index.

**WHAT FACTORS INFLUENCED PERFORMANCE?**

It was a difficult period for the Fund with investors bidding up the most expensive and speculative segments of the market. The fastest growing businesses were by far the best performers and were skewed by a small number of stocks. The largest drag was not owning Palantir (PLTR), which we believe is an example of excess. Palantir shares advanced over 265% in the past 12 months and traded at very high multiples of sales and earnings. The company's margins were already at healthy levels, so investors need to make incredibly bullish assumptions for revenue growth to justify the current stock price, much less any future price appreciation. These types of speculative bets with no regard for valuation or downside risk – typically driven by momentum traders and retail investors – are simply out of bounds for our style of investing.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | CBRE Group, Inc. - Class A |
| ↑ | Guidewire Software, Inc. |
| ↑ | Welltower, Inc. |
| ↑ | Verisk Analytics, Inc. |
| ↑ | Tyler Technologies, Inc. |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | DoubleVerify Holdings, Inc. |
| ↓ | IQVIA Holdings, Inc. |
| ↓ | Progyny, Inc. |
| ↓ | ON Semiconductor Corporation |
| ↓ | DexCom, Inc. |

---

Buffalo Mid Cap Growth Fund PAGE 1 TSR-AR-119530822

------

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $250,000 chart reflects a hypothetical $250,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $250,000)

![image](ts3902img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(07/01/2019)** |
| **Buffalo Mid Cap Growth Fund Institutional Class**  | -3.63 | 11.36 | 7.88 |
| **Russell 3000 Index**  | 7.22 | 18.18 | 12.79 |
| **Russell Midcap Growth Index**  | 3.57 | 14.86 | 9.71 |

---

Visit https://buffalofunds.com/our-funds/performance/#literature for more recent performance information.

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** *The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $134634011 |
| **Number of Holdings** | 51 |
| **Net Advisory Fee** | $1240003 |
| **Portfolio Turnover Rate** | 13% |
| **Weighted Average Market Capitalization** | $29.11B |

---

Visit https://buffalofunds.com/our-funds/performance/#literature for performance information.

**WHAT DID THE FUND INVEST IN?** (% of net assets as of March 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  MSCI, Inc.  | 4.5% |
|  CBRE Group, Inc.  | 4.3% |
|  Verisk Analytics, Inc.  | 4.2% |
|  Fidelity Money Market Government Portfolio  | 3.6% |
|  Kinsale Capital Group, Inc.  | 3.6% |
|  Copart, Inc.  | 3.5% |
|  Veeva Systems, Inc.  | 3.4% |
|  Gartner, Inc.  | 3.4% |
|  TransUnion  | 3.0% |
|  AMETEK, Inc.  | 3.0% |

---

**Sector Breakdown (%)**

![image](ts3902img004.jpg)

Buffalo Mid Cap Growth Fund PAGE 2 TSR-AR-119530822

------

**HOW HAS THE FUND CHANGED?**

This is a summary of certain changes to the Fund since March 31, 2024. For more complete information, you may review the Fund's prospectus at https://buffalofunds.com/wp-content/uploads/Buffalo-Prospectus-Final.pdf. You may also obtain a copy of the prospectus by calling 800-492-8332.

**FUND NAME CHANGE**

Effective July 29, 2024, the Fund's name changed from "Buffalo Mid Cap Fund" to "Buffalo Mid Cap Growth Fund". The name was changed to more accurately reflect the investment strategies and holdings of the Fund. The name change is not expected to affect shareholders.

**UPDATES TO THE PRINCIPAL INVESTMENT STRATEGIES**

Effective July 29, 2024, changes were made to the principal investment strategies of the Buffalo Mid Cap Growth Fund. The changes were made to align the language of the principal investment strategies with the addition of "Growth" to the Fund's name and to comply with regulations regarding the names of funds. The changes are not expected to materially reposition the Fund's holdings or materially affect shareholders.

**FUND PORTFOLIO MANAGER CHANGES**

Effective April 15, 2024, Mr. Dave Carlsen was added as a co-portfolio manager of the Fund. The addition of Mr. Carlsen is expected to have a positive effect on shareholders.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code at the top of Page 1 or visit https://buffalofunds.com/our-funds/performance/#literature.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Buffalo Funds documents not be householded, please contact Buffalo Funds at 800-492-8332, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Buffalo Funds or your financial intermediary.

Buffalo Mid Cap Growth Fund PAGE 3 TSR-AR-119530822

25000022570337507037003632392940117438661425000021667035214939414136032346587349950525000021302535918035597232565241124342593826.517.314.412.09.07.03.72.71.55.9 ------

---

| | | |
|:---|:---|:---|
| ![image](i171398.jpg) | **Buffalo Small Cap Growth Fund**  | ![image](i171399.jpg) |
| ![image](i171398.jpg) | Investor Class \| BUFSX  | ![image](i171399.jpg) |
| ![image](i171398.jpg) | Annual Shareholder Report \| March 31, 2025  | ![image](i171399.jpg) |

---

This annual shareholder report contains important information about the Buffalo Small Cap Growth Fund (the "Fund"), Investor Class for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://buffalofunds.com/our-funds/performance/#literature. You can also request this information by contacting us at 800-492-8332.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Investor Class | $84 | 0.88% |

---

**HOW DID THE FUND PERFORM OVER THE PAST YEAR AND WHAT AFFECTED PERFORMANCE?**

For the 12-month period ended March 31, 2025, the Fund delivered a negative total return on an absolute basis, and underperformed its preferred benchmark, the Russell 2000<sup>®</sup> Growth Index.

**WHAT FACTORS INFLUENCED PERFORMANCE?**

Leading contributors to small cap index returns over the trailing 12-months were from companies that we consider speculative, and trading at valuations that are not reasonable for professional, fundamental investors. The Fund's underweight to these companies led to underperformance compared to the index.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Baldwin Insurance Group, Inc. - Class A |
| ↑ | Palomar Holdings, Inc. |
| ↑ | Halozyme Therapeutics, Inc. |
| ↑ | Hamilton Lane, Inc. - Class A |
| ↑ | Natera, Inc. |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | DoubleVerify Holdings, Inc. |
| ↓ | Progyny, Inc. |
| ↓ | ICF International, Inc. |
| ↓ | Janus International Group, Inc. |
| ↓ | NAPCO Security Technologies, Inc. |

---

Buffalo Small Cap Growth Fund PAGE 1 TSR-AR-119804102

------

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts3904img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Buffalo Small Cap Growth Fund Investor Class**  | -8.96 | 8.83 | 7.26 |
| **Russell 3000 Index**  | 7.22 | 18.18 | 11.80 |
| **Russell 2000 Growth Index**  | -4.86 | 10.78 | 6.14 |

---

Visit https://buffalofunds.com/our-funds/performance/#literature for more recent performance information.

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** *The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $505687869 |
| **Number of Holdings** | 70 |
| **Net Advisory Fee** | $5284588 |
| **Portfolio Turnover Rate** | 20% |
| **Weighted Average Market Capitalization** | $4.77B |

---

Visit https://buffalofunds.com/our-funds/performance/#literature for performance information.

**WHAT DID THE FUND INVEST IN?** (% of net assets as of March 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Fidelity Money Market Government Portfolio  | 7.1% |
|  Champion Homes, Inc.  | 2.9% |
|  Palomar Holdings, Inc.  | 2.9% |
|  Hamilton Lane Inc.  | 2.9% |
|  Ligand Pharmaceuticals, Inc.  | 2.8% |
|  Option Care Health, Inc.  | 2.7% |
|  Shift4 Payments, Inc.  | 2.5% |
|  JBT Marel Corp.  | 2.5% |
|  BellRing Brands, Inc.  | 2.3% |
|  Halozyme Therapeutics, Inc.  | 2.2% |

---

**Sector Breakdown (%)**

![image](ts3904img004.jpg)

Buffalo Small Cap Growth Fund PAGE 2 TSR-AR-119804102

------

**HOW HAS THE FUND CHANGED?**

This is a summary of certain changes to the Fund since March 31, 2024. For more complete information, you may review the Fund's prospectus at https://buffalofunds.com/wp-content/uploads/Buffalo-Prospectus-Final.pdf. You may also obtain a copy of the prospectus by calling 800-492-8332.

**FUND NAME CHANGE**

Effective July 29, 2024, the Fund's name changed from "Buffalo Small Cap Fund" to "Buffalo Small Cap Growth Fund". The name was changed to more accurately reflect the investment strategies and holdings of the Fund. The name change is not expected to affect shareholders.

**UPDATES TO THE PRINCIPAL INVESTMENT STRATEGIES**

Effective July 29, 2024, changes were made to the principal investment strategies of the Buffalo Small Cap Growth Fund. The changes were made to align the language of the principal investment strategies with the addition of "Growth" to the Fund's name and to comply with regulations regarding the names of funds. The changes are not expected to materially reposition the Fund's holdings or materially affect shareholders.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code at the top of Page 1 or visit https://buffalofunds.com/our-funds/performance/#literature.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Buffalo Funds documents not be householded, please contact Buffalo Funds at 800-492-8332, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Buffalo Funds or your financial intermediary.

Buffalo Small Cap Growth Fund PAGE 3 TSR-AR-119804102

10000867210798127041425313208291612422421322221492016410000996611766133921456613236215132407822012284603051510000881610846128671336310880206941772915850190751814821.820.420.313.310.23.63.47.0 ------

---

| | | |
|:---|:---|:---|
| ![image](i171398.jpg) | **Buffalo Small Cap Growth Fund**  | ![image](i171399.jpg) |
| ![image](i171398.jpg) | Institutional Class \| BUISX  | ![image](i171399.jpg) |
| ![image](i171398.jpg) | Annual Shareholder Report \| March 31, 2025  | ![image](i171399.jpg) |

---

This annual shareholder report contains important information about the Buffalo Small Cap Growth Fund (the "Fund"), Institutional Class for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://buffalofunds.com/our-funds/performance/#literature. You can also request this information by contacting us at 800-492-8332.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Institutional Class | $82 | 0.86% |

---

**HOW DID THE FUND PERFORM OVER THE PAST YEAR AND WHAT AFFECTED PERFORMANCE?**

For the 12-month period ended March 31, 2025, the Fund delivered a negative total return on an absolute basis, and underperformed its preferred benchmark, the Russell 2000<sup>®</sup> Growth Index.

**WHAT FACTORS INFLUENCED PERFORMANCE?**

Leading contributors to small cap index returns over the trailing 12-months were from companies that we consider speculative, and trading at valuations that are not reasonable for professional, fundamental investors. The Fund's underweight to these companies led to underperformance compared to the index.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Baldwin Insurance Group, Inc. - Class A |
| ↑ | Palomar Holdings, Inc. |
| ↑ | Halozyme Therapeutics, Inc. |
| ↑ | Hamilton Lane, Inc. - Class A |
| ↑ | Natera, Inc. |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | DoubleVerify Holdings, Inc. |
| ↓ | Progyny, Inc. |
| ↓ | ICF International, Inc. |
| ↓ | Janus International Group, Inc. |
| ↓ | NAPCO Security Technologies, Inc. |

---

Buffalo Small Cap Growth Fund PAGE 1 TSR-AR-119530814

------

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $250,000 chart reflects a hypothetical $250,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $250,000)

![image](ts3903img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(07/01/2019)** |
| **Buffalo Small Cap Growth Fund Institutional Class**  | -8.96 | 8.96 | 5.11 |
| **Russell 3000 Index**  | 7.22 | 18.18 | 12.79 |
| **Russell 2000 Growth Index**  | -4.86 | 10.78 | 4.92 |

---

Visit https://buffalofunds.com/our-funds/performance/#literature for more recent performance information.

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** *The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $505687869 |
| **Number of Holdings** | 70 |
| **Net Advisory Fee** | $5284588 |
| **Portfolio Turnover Rate** | 20% |
| **Weighted Average Market Capitalization** | $4.77B |

---

Visit https://buffalofunds.com/our-funds/performance/#literature for performance information.

**WHAT DID THE FUND INVEST IN?** (% of net assets as of March 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Fidelity Money Market Government Portfolio  | 7.1% |
|  Champion Homes, Inc.  | 2.9% |
|  Palomar Holdings, Inc.  | 2.9% |
|  Hamilton Lane Inc.  | 2.9% |
|  Ligand Pharmaceuticals, Inc.  | 2.8% |
|  Option Care Health, Inc.  | 2.7% |
|  Shift4 Payments, Inc.  | 2.5% |
|  JBT Marel Corp.  | 2.5% |
|  BellRing Brands, Inc.  | 2.3% |
|  Halozyme Therapeutics, Inc.  | 2.2% |

---

**Sector Breakdown (%)**

![image](ts3903img004.jpg)

Buffalo Small Cap Growth Fund PAGE 2 TSR-AR-119530814

------

**HOW HAS THE FUND CHANGED?**

This is a summary of certain changes to the Fund since March 31, 2024. For more complete information, you may review the Fund's prospectus at https://buffalofunds.com/wp-content/uploads/Buffalo-Prospectus-Final.pdf. You may also obtain a copy of the prospectus by calling 800-492-8332.

**FUND NAME CHANGE**

Effective July 29, 2024, the Fund's name changed from "Buffalo Small Cap Fund" to "Buffalo Small Cap Growth Fund". The name was changed to more accurately reflect the investment strategies and holdings of the Fund. The name change is not expected to affect shareholders.

**UPDATES TO THE PRINCIPAL INVESTMENT STRATEGIES**

Effective July 29, 2024, changes were made to the principal investment strategies of the Buffalo Small Cap Growth Fund. The changes were made to align the language of the principal investment strategies with the addition of "Growth" to the Fund's name and to comply with regulations regarding the names of funds. The changes are not expected to materially reposition the Fund's holdings or materially affect shareholders.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code at the top of Page 1 or visit https://buffalofunds.com/our-funds/performance/#literature.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Buffalo Funds documents not be householded, please contact Buffalo Funds at 800-492-8332, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Buffalo Funds or your financial intermediary.

Buffalo Small Cap Growth Fund PAGE 3 TSR-AR-119530814

25000021689347962939910535152836582533303925000021667035214939414136032346587349950525000019756237576632192928781734637832954621.820.420.313.310.23.63.47.0 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**<u>Item 2. Code of Ethics.</u>**

The registrant has adopted a code of ethics that applies to the registrant's principal executive officer and principal financial officer. The registrant has not made any amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report. A copy of the registrant's code of ethics is incorporated by reference to the registrant's Form N-CSR filed on June 3, 2011.

**<u>Item 3. Audit Committee Financial Expert.</u>**

The registrant's board of trustees has determined that there is at least one audit committee financial expert serving on its audit committee. Rachel F. Lupardus is the "audit committee financial expert" and is considered to be "independent" as each term is defined in Item 3 of Form N-CSR.

**<u>Item 4. Principal Accountant Fees and Services.</u>**

The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. "Audit services" refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. "Audit-related services" refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. "Tax services" refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. There were no "Other services" provided by the principal accountant. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.

---

| | | |
|:---|:---|:---|
| | FYE 3/31/2025 | FYE 3/31/2024 |
| (a) Audit Fees | $179000 | $170000 |
| (b) Audit-Related Fees | $0 | $0 |
| (c) Tax Fees | $40000 | $40000 |
| (d) All Other Fees | $0 | $0 |

---

(e)(1) The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.

(e)(2) The percentage of fees billed by Cohen & Company, Ltd. applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

---

| | | |
|:---|:---|:---|
| | FYE 3/31/2025 | FYE 3/31/2024 |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |

---

(f) Not applicable.

(g) The following table indicates the non-audit fees billed or expected to be billed by the registrant's accountant for services to the registrant and to the registrant's investment adviser (and any other controlling entity, etc.—not sub-adviser) for the last two years.

<u>Non-Audit Related Fees</u> <u>FYE 3/31/2025 </u> <u>FYE 3/31/2024</u> <br> Registrant N/A N/A <br> <u>Registrant's Investment Adviser</u> <u>N/A</u> <u>N/A</u>

(h) The audit committee of the board of trustees has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser is compatible with maintaining the principal accountant's independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant's independence.

(i) Not applicable.

(j) Not applicable.

**<u>Item 5. Audit Committee of Listed Registrants.</u>**

Not applicable to registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934).

**<u>Item 6. Investments.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedules of Investments are included within the financial statements filed under Item 7 of this Form.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**<u>Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.</u>**

(a) ![](buffalo_logo15601.jpg)

**Buffalo Funds** 

**BUFFALO BLUE CHIP GROWTH FUND** 

**(formerly known as the "Buffalo Large Cap Fund")** 

**BUFFALO EARLY STAGE GROWTH FUND** 

**BUFFALO FLEXIBLE ALLOCATION FUND** 

**(formerly known as the "Buffalo Flexible Income Fund")** 

**BUFFALO GROWTH FUND** 

**BUFFALO GROWTH & INCOME FUND** 

**(formerly known as the "Buffalo Dividend Focus Fund")** 

**BUFFALO HIGH YIELD FUND** 

**BUFFALO INTERNATIONAL FUND** 

**BUFFALO MID CAP DISCOVERY FUND** 

**(formerly known as the "Buffalo Discovery Fund")** 

**BUFFALO MID CAP GROWTH FUND** 

**(formerly known as the "Buffalo Mid Cap Fund")** 

**BUFFALO SMALL CAP GROWTH FUND** 

**(formerly known as the "Buffalo Small Cap Fund")** 

Annual Financial Statements and Additional Information

March 31, 2025

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page**  |
| [Schedule of Investments or Options Written](#soiow) |  |
| &nbsp;&nbsp;&nbsp; [Buffalo Blue Chip Growth Fund](#soi1) | [1](#soi1) |
| &nbsp;&nbsp;&nbsp; [Buffalo Early Stage Growth Fund](#soi2) | [6](#soi2) |
| &nbsp;&nbsp;&nbsp; [Buffalo Flexible Allocation Fund](#soi3) | [10](#soi3) |
| &nbsp;&nbsp;&nbsp; [Buffalo Growth Fund](#soi4) | [14](#soi4) |
| &nbsp;&nbsp;&nbsp; [Buffalo Growth & Income Fund](#soi5) | [17](#soi5) |
| &nbsp;&nbsp;&nbsp; [Buffalo High Yield Fund](#soi6) | [23](#soi6) |
| &nbsp;&nbsp;&nbsp; [Buffalo International Fund](#soi7) | [34](#soi7) |
| &nbsp;&nbsp;&nbsp; [Buffalo Mid Cap Discovery Fund](#soi8) | [41](#soi8) |
| &nbsp;&nbsp;&nbsp; [Buffalo Mid Cap Growth Fund](#soi9) | [45](#soi9) |
| &nbsp;&nbsp;&nbsp; [Buffalo Small Cap Growth Fund](#soi10) | [49](#soi10) |
| [Statements of Assets and Liabilities](#sal) | [53](#sal) |
| [Statements of Operations](#sop) | [55](#sop) |
| [Statements of Changes in Net Assets](#scna) | [57](#scna) |
| [Financial Highlights](#fihi) | [61](#fihi) |
| [Notes to Financial Statements](#notes) | [81](#notes) |
| [Report of Independent Registered Public Accounting Firm](#rep) | [96](#rep) |
| [Notice to Shareholders (Unaudited)](#notice) | [97](#notice) |
| [Additional Information](#add) | [99](#add) |
| [Statement Regarding Basis for Approval of Investment Advisory Contract](#state) | [100](#state) |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**BUFFALO BLUE CHIP GROWTH FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — 94.1%**<br>|  |  |
| **Communication Services — 12.5%**<br>|  |  |
| **Entertainment — 2.1%**<br>|  |  |
| Netflix, Inc.<sup>(a)</sup> | 2425 | $2261385  |
| Spotify Technology SA<sup>(a)</sup> | 1300 | 715039  |
|  |  | 2976424  |
| **Interactive Media & Services — 10.2%**<br>|  |  |
| Alphabet, Inc. - Class A | 51475 | 7960094  |
| Meta Platforms, Inc. - Class A | 10475 | 6037371  |
|  |  | 13997465  |
| **Media — 0.2%**<br>|  |  |
| Trade Desk, Inc. - Class A<sup>(a)</sup> | 4905 | 268402  |
| **Total Communication Services** |  | 17242291  |
| **Consumer Discretionary — 14.2%**<br>|  |  |
| **Automobiles — 0.6%**<br>|  |  |
| Tesla, Inc.<sup>(a)</sup> | 3300 | 855228  |
| **Broadline Retail — 7.5%**<br>|  |  |
| Amazon.com, Inc.<sup>(a)</sup> | 49675 | 9451165  |
| MercadoLibre, Inc.<sup>(a)</sup> | 425 | 829120  |
|  |  | 10280285  |
| **Hotels, Restaurants & Leisure — 2.5%**<br>|  |  |
| Booking Holdings, Inc. | 125 | 575864  |
| Chipotle Mexican Grill, Inc.<sup>(a)</sup> | 14350 | 720513  |
| DoorDash, Inc. - Class A<sup>(a)</sup> | 4425 | 808757  |
| Marriott International, Inc. - Class A | 1950 | 464490  |
| McDonald's Corp. | 2875 | 898064  |
|  |  | 3467688  |
| **Specialty Retail — 3.1%**<br>|  |  |
| Dick's Sporting Goods, Inc. | 2125 | 428315  |
| Home Depot, Inc. | 4610 | 1689519  |
| O'Reilly Automotive, Inc.<sup>(a)</sup> | 1025 | 1468394  |
| TJX Companies, Inc. | 5895 | 718011  |
|  |  | 4304239  |
| **Textiles, Apparel & Luxury Goods — 0.5%**<br>|  |  |
| LVMH Moet Hennessy Louis Vuitton SE - ADR | 5250 | 650318  |
| **Total Consumer Discretionary** |  | 19557758  |
| **Consumer Staples — 1.7%**<br>|  |  |
| **Consumer Staples Distribution & Retail — 1.7%**<br>|  |  |
| Costco Wholesale Corp. | 1475 | 1395026  |
| Walmart, Inc. | 10475 | 919600  |
|  |  | 2314626  |
| **Total Consumer Staples** |  | 2314626  |

---

The accompanying notes are an integral part of these financial statements.

1<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BUFFALO BLUE CHIP GROWTH FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** |
| **Energy — 1.3%**<br>|  |  |
| **Oil, Gas & Consumable Fuels — 1.3%**<br>|  |  |
| ConocoPhillips | 6400 | $672128  |
| Exxon Mobil Corp. | 9025 | 1073343  |
|  |  | 1745471  |
| **Total Energy** |  | 1745471  |
| **Financials — 8.7%**<br>|  |  |
| **Banks — 0.6%**<br>|  |  |
| JPMorgan Chase & Co. | 3100 | 760430  |
| **Capital Markets — 1.1%**<br>|  |  |
| S&P Global, Inc. | 1825 | 927282  |
| TPG, Inc. | 13125 | 622519  |
|  |  | 1549801  |
| **Financial Services — 5.2%**<br>|  |  |
| Berkshire Hathaway, Inc. - Class B<sup>(a)</sup> | 3000 | 1597740  |
| Mastercard, Inc. - Class A | 4700 | 2576164  |
| Visa, Inc. - Class A | 8540 | 2992929  |
|  |  | 7166833  |
| **Insurance — 1.8%**<br>|  |  |
| Allstate Corp. | 4800 | 993936  |
| Arthur J. Gallagher & Co. | 4250 | 1467270  |
|  |  | 2461206  |
| **Total Financials** |  | 11938270  |
| **Health Care — 9.5%**<br>|  |  |
| **Biotechnology — 1.8%**<br>|  |  |
| AbbVie, Inc. | 3200 | 670464  |
| Alnylam Pharmaceuticals, Inc.<sup>(a)</sup> | 2000 | 540040  |
| Argenx SE - ADR<sup>(a)</sup> | 900 | 532679  |
| BioMarin Pharmaceutical, Inc.<sup>(a)</sup> | 10270 | 725986  |
|  |  | 2469169  |
| **Health Care Equipment & Supplies — 3.2%**<br>|  |  |
| Abbott Laboratories | 11025 | 1462466  |
| Boston Scientific Corp.<sup>(a)</sup> | 11335 | 1143475  |
| Intuitive Surgical, Inc.<sup>(a)</sup> | 1975 | 978158  |
| Stryker Corp. | 2175 | 809644  |
|  |  | 4393743  |
| **Health Care Providers & Services — 0.7%**<br>|  |  |
| UnitedHealth Group, Inc. | 1670 | 874662  |
| **Life Sciences Tools & Services — 0.7%**<br>|  |  |
| Thermo Fisher Scientific, Inc. | 2020 | 1005152  |

---

The accompanying notes are an integral part of these financial statements.

2<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BUFFALO BLUE CHIP GROWTH FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** |
| **Health Care — (Continued)** | **Health Care — (Continued)** | **Health Care — (Continued)** |
| **Pharmaceuticals — 3.1%**<br>|  |  |
| Eli Lilly & Co. | 3190 | $2634653  |
| Johnson & Johnson | 6250 | 1036500  |
| Sanofi SA - ADR | 11000 | 610060  |
|  |  | 4281213  |
| **Total Health Care** |  | 13023939  |
| **Industrials — 5.7%**<br>|  |  |
| **Aerospace & Defense — 1.1%**<br>|  |  |
| General Electric Co. | 7500 | 1501125  |
| **Building Products — 0.8%**<br>|  |  |
| Trane Technologies PLC | 3125 | 1052875  |
| **Electrical Equipment — 1.7%**<br>|  |  |
| Eaton Corp. PLC | 4000 | 1087320  |
| GE Vernova, Inc. | 2750 | 839520  |
| Vertiv Holdings Co. - Class A | 5950 | 429590  |
|  |  | 2356430  |
| **Ground Transportation — 0.6%**<br>|  |  |
| Uber Technologies, Inc.<sup>(a)</sup> | 10775 | 785066  |
| **Industrial Conglomerates — 0.4%**<br>|  |  |
| Honeywell International, Inc. | 2850 | 603488  |
| **Machinery — 1.1%**<br>|  |  |
| Westinghouse Air Brake Technologies Corp. | 4875 | 884081  |
| Xylem, Inc. | 4950 | 591327  |
|  |  | 1475408  |
| **Total Industrials** |  | 7774392  |
| **Information Technology — 38.5%<sup>(b)</sup>**<br>|  |  |
| **Communications Equipment — 0.7%**<br>|  |  |
| Arista Networks, Inc.<sup>(a)</sup> | 11800 | 914264  |
| **Electronic Equipment, Instruments & Components — 0.5%**<br>|  |  |
| Corning, Inc. | 14375 | 658088  |
| **IT Services — 0.5%**<br>|  |  |
| Okta, Inc.<sup>(a)</sup> | 6900 | 726018  |
| **Semiconductors & Semiconductor Equipment — 12.6%**<br>|  |  |
| Advanced Micro Devices, Inc.<sup>(a)</sup> | 4600 | 472604  |
| ASM International NV - NY Shares | 800 | 364152  |
| ASML Holding NV - NY Shares | 555 | 367760  |
| Broadcom, Inc. | 16095 | 2694786  |
| KLA Corp. | 765 | 520047  |
| Marvell Technology, Inc. | 11360 | 699435  |

---

The accompanying notes are an integral part of these financial statements.

3<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BUFFALO BLUE CHIP GROWTH FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** |
| **Information Technology — (Continued)** | **Information Technology — (Continued)** | **Information Technology — (Continued)** |
| **Semiconductors & Semiconductor Equipment — (Continued)** | **Semiconductors & Semiconductor Equipment — (Continued)** | **Semiconductors & Semiconductor Equipment — (Continued)** |
| NVIDIA Corp. | 102200 | $11076436  |
| Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | 7200 | 1195200  |
|  |  | 17390420  |
| **Software — 14.7%**<br>|  |  |
| Adobe, Inc.<sup>(a)</sup> | 1095 | 419965  |
| HubSpot, Inc.<sup>(a)</sup> | 1050 | 599855  |
| Intuit, Inc. | 1060 | 650829  |
| Microsoft Corp. | 35050 | 13157420  |
| Nutanix, Inc. - Class A<sup>(a)</sup> | 12025 | 839465  |
| Oracle Corp. | 6575 | 919251  |
| Palo Alto Networks, Inc.<sup>(a)</sup> | 5485 | 935960  |
| Salesforce, Inc. | 2650 | 711154  |
| ServiceNow, Inc.<sup>(a)</sup> | 595 | 473703  |
| Synopsys, Inc.<sup>(a)</sup> | 1675 | 718324  |
| Workday, Inc. - Class A<sup>(a)</sup> | 3210 | 749631  |
|  |  | 20175557  |
| **Technology Hardware, Storage & Peripherals — 9.5%**<br>|  |  |
| Apple, Inc. | 58980 | 13101227  |
| **Total Information Technology** |  | 52965574  |
| **Materials — 1.6%**<br>|  |  |
| **Chemicals — 1.2%**<br>|  |  |
| Ecolab, Inc. | 2975 | 754222  |
| Linde PLC | 1905 | 887044  |
|  |  | 1641266  |
| **Construction Materials — 0.4%**<br>|  |  |
| CRH PLC | 6700 | 589399  |
| **Total Materials** |  | 2230665  |
| **Utilities — 0.4%**<br>|  |  |
| **Independent Power and Renewable Electricity Producers — 0.4%**<br>|  |  |
| Vistra Corp. | 5225 | 613624  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $65,879,825)** |  | 129406610  |
| **EXCHANGE TRADED FUNDS — 0.6%**<br>|  |  |
| Invesco S&P 500<sup>®</sup> Equal Weight ETF | 4425 | 766543  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** <br>**(Cost $760,722)** |  | 766543  |

---

The accompanying notes are an integral part of these financial statements.

4<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BUFFALO BLUE CHIP GROWTH FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **SHORT-TERM INVESTMENTS — 4.8%**<br>|  |  |
| **Money Market Funds — 4.8%**<br>|  |  |
| Fidelity Money Market Government Portfolio - Class I, 4.23%<sup>(c)</sup> | 6631154 | $6631154  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $6,631,154)** |  | 6631154  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS — 99.5%**<br>**(Cost $73,271,701)** |  | 136804307  |
| Other Assets in Excess of Liabilities — 0.5% |  | 656972  |
| **TOTAL NET ASSETS — 100.0%** |  | $137461279 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> 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

PLC - Public Limited Company

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> 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.

<sup>(c)</sup> The rate shown represents the 7-day annualized effective yield as of March 31, 2025.

The accompanying notes are an integral part of these financial statements.

5<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BUFFALO EARLY STAGE GROWTH FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — 92.2%**<br>|  |  |
| **Consumer Discretionary — 10.7%**<br>|  |  |
| **Automobile Components — 1.7%**<br>|  |  |
| Patrick Industries, Inc. | 12600 | $1065456  |
| **Diversified Consumer Services — 2.1%**<br>|  |  |
| OneSpaWorld Holdings Ltd. | 75300 | 1264287  |
| **Hotels, Restaurants & Leisure — 3.0%**<br>|  |  |
| Accel Entertainment, Inc.<sup>(a)</sup> | 105100 | 1042592  |
| Portillo's, Inc. - Class A<sup>(a)</sup> | 64500 | 766905  |
|  |  | 1809497  |
| **Household Durables — 3.9%**<br>|  |  |
| Champion Homes, Inc.<sup>(a)</sup> | 18070 | 1712313  |
| Lovesac Co.<sup>(a)</sup> | 35450 | 644481  |
|  |  | 2356794  |
| **Total Consumer Discretionary** |  | 6496034  |
| **Consumer Staples — 2.0%**<br>|  |  |
| **Food Products — 2.0%**<br>|  |  |
| SunOpta, Inc.<sup>(a)</sup> | 252700 | 1228122  |
| **Energy — 1.6%**<br>|  |  |
| **Energy Equipment & Services — 1.6%**<br>|  |  |
| Cactus, Inc. - Class A | 21320 | 977096  |
| **Financials — 11.5%**<br>|  |  |
| **Capital Markets — 4.5%**<br>|  |  |
| Hamilton Lane, Inc. - Class A | 10485 | 1558805  |
| WisdomTree, Inc. | 129000 | 1150680  |
|  |  | 2709485  |
| **Financial Services — 4.9%**<br>|  |  |
| Compass Diversified Holdings | 96100 | 1794187  |
| Shift4 Payments, Inc. - Class A<sup>(a)</sup> | 14100 | 1152111  |
|  |  | 2946298  |
| **Insurance — 2.1%**<br>|  |  |
| Kinsale Capital Group, Inc. | 2660 | 1294648  |
| **Total Financials** |  | 6950431  |
| **Health Care — 23.2%**<br>|  |  |
| **Biotechnology — 5.8%**<br>|  |  |
| ADMA Biologics, Inc.<sup>(a)</sup> | 47870 | 949741  |
| Halozyme Therapeutics, Inc.<sup>(a)</sup> | 26210 | 1672460  |
| Vericel Corp.<sup>(a)</sup> | 20800 | 928096  |
|  |  | 3550297  |

---

The accompanying notes are an integral part of these financial statements.

6<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BUFFALO EARLY STAGE GROWTH FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** |
| **Health Care — (Continued)**  | **Health Care — (Continued)**  | **Health Care — (Continued)**  |
| **Health Care Equipment & Supplies — 6.4%**<br>|  |  |
| Establishment Labs Holdings, Inc.<sup>(a)</sup> | 23100 | $942595  |
| Inspire Medical Systems, Inc.<sup>(a)</sup> | 5800 | 923824  |
| Omnicell, Inc.<sup>(a)</sup> | 14700 | 513912  |
| OrthoPediatrics Corp.<sup>(a)</sup> | 26590 | 654912  |
| QuidelOrtho Corp.<sup>(a)</sup> | 24700 | 863759  |
|  |  | 3899002  |
| **Health Care Providers & Services — 5.0%**<br>|  |  |
| Castle Biosciences, Inc.<sup>(a)</sup> | 38700 | 774774  |
| Option Care Health, Inc.<sup>(a)</sup> | 48840 | 1706958  |
| Progyny, Inc.<sup>(a)</sup> | 23460 | 524096  |
|  |  | 3005828  |
| **Health Care Technology — 4.5%**<br>|  |  |
| HealthStream, Inc. | 67100 | 2159278  |
| Simulations Plus, Inc. | 23000 | 563960  |
|  |  | 2723238  |
| **Life Sciences Tools & Services — 1.5%**<br>|  |  |
| BioLife Solutions, Inc.<sup>(a)</sup> | 39400 | 899896  |
| **Total Health Care** |  | 14078261  |
| **Industrials — 27.7%<sup>(b)</sup>**<br>|  |  |
| **Aerospace & Defense — 4.0%**<br>|  |  |
| AeroVironment, Inc.<sup>(a)</sup> | 5690 | 678191  |
| Cadre Holdings, Inc. | 40840 | 1209273  |
| Kratos Defense & Security Solutions, Inc.<sup>(a)</sup> | 18000 | 534420  |
|  |  | 2421884  |
| **Building Products — 3.9%**<br>|  |  |
| Advanced Drainage Systems, Inc. | 9200 | 999580  |
| Apogee Enterprises, Inc. | 12500 | 579125  |
| Hayward Holdings, Inc.<sup>(a)</sup> | 55000 | 765600  |
|  |  | 2344305  |
| **Construction & Engineering — 3.7%**<br>|  |  |
| Bowman Consulting Group Ltd.<sup>(a)</sup> | 68500 | 1495355  |
| Sterling Infrastructure, Inc.<sup>(a)</sup> | 6700 | 758507  |
|  |  | 2253862  |
| **Machinery — 6.0%**<br>|  |  |
| Federal Signal Corp. | 21040 | 1547492  |
| Hillman Solutions Corp.<sup>(a)</sup> | 160000 | 1406400  |
| Kornit Digital Ltd.<sup>(a)</sup> | 36300 | 692604  |
|  |  | 3646496  |
| **Professional Services — 8.0%**<br>|  |  |
| ICF International, Inc. | 12100 | 1028137  |
| NV5 Global, Inc.<sup>(a)</sup> | 52160 | 1005123  |

---

The accompanying notes are an integral part of these financial statements.

7<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BUFFALO EARLY STAGE GROWTH FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** |
| **Industrials — (Continued)**  | **Industrials — (Continued)**  | **Industrials — (Continued)**  |
| **Professional Services — (Continued)** | **Professional Services — (Continued)** | **Professional Services — (Continued)** |
| Verra Mobility Corp.<sup>(a)</sup> | 43800 | $985938  |
| Willdan Group, Inc.<sup>(a)</sup> | 45300 | 1844616  |
|  |  | 4863814  |
| **Trading Companies & Distributors — 2.1%**<br>|  |  |
| Transcat, Inc.<sup>(a)</sup> | 16700 | 1243315  |
| **Total Industrials** |  | 16773676  |
| **Information Technology — 13.8%**<br>|  |  |
| **Communications Equipment — 0.8%**<br>|  |  |
| Calix, Inc.<sup>(a)</sup> | 13280 | 470643  |
| **Electronic Equipment, Instruments & Components — 1.5%**<br>|  |  |
| Napco Security Technologies, Inc. | 32400 | 745848  |
| nLight, Inc.<sup>(a)</sup> | 20000 | 155400  |
|  |  | 901248  |
| **IT Services — 2.0%**<br>|  |  |
| BigCommerce Holdings, Inc.<sup>(a)</sup> | 53800 | 309888  |
| Grid Dynamics Holdings, Inc.<sup>(a)</sup> | 58900 | 921785  |
|  |  | 1231673  |
| **Software — 7.8%**<br>|  |  |
| i3 Verticals, Inc. - Class A<sup>(a)</sup> | 48200 | 1189094  |
| nCino, Inc.<sup>(a)</sup> | 24000 | 659280  |
| Teradata Corp.<sup>(a)</sup> | 29000 | 651920  |
| Varonis Systems, Inc.<sup>(a)</sup> | 26500 | 1071925  |
| Vertex, Inc. - Class A<sup>(a)</sup> | 32460 | 1136425  |
|  |  | 4708644  |
| **Technology Hardware, Storage & Peripherals — 1.7%**<br>|  |  |
| CPI Card Group, Inc.<sup>(a)</sup> | 35000 | 1020950  |
| **Total Information Technology** |  | 8333158  |
| **Materials — 1.7%**<br>|  |  |
| **Chemicals — 1.7%**<br>|  |  |
| Element Solutions, Inc. | 44300 | 1001623  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $43,642,240)** |  | 55838401  |
| **REAL ESTATE INVESTMENT TRUSTS — 1.4%**<br>|  |  |
| **Real Estate — 1.4%**<br>|  |  |
| **Health Care REITs — 1.4%**<br>|  |  |
| Community Healthcare Trust, Inc. | 44600 | 809936  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS** <br>**(Cost $910,868)** |  | 809936  |

---

The accompanying notes are an integral part of these financial statements.

8<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BUFFALO EARLY STAGE GROWTH FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **SHORT-TERM INVESTMENTS — 6.5%**<br>|  |  |
| **Money Market Funds — 6.5%**<br>|  |  |
| Fidelity Money Market Government Portfolio - Class I, 4.23%<sup>(c)</sup> | 3946395 | $3946395  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $3,946,395)** |  | 3946395  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS — 100.1%**<br>**(Cost $48,499,503)** |  | 60594732  |
| Liabilities in Excess of Other Assets — (0.1)% |  | (31181)  |
| **TOTAL NET ASSETS — 100.0%** |  | $60563551 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

REIT - Real Estate Investment Trust

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> 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.

<sup>(c)</sup> The rate shown represents the 7-day annualized effective yield as of March 31, 2025.

The accompanying notes are an integral part of these financial statements.

9<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BUFFALO FLEXIBLE ALLOCATION FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — 97.0%**<br>|  |  |
| **Communication Services — 3.7%**<br>|  |  |
| **Diversified Telecommunication Services — 2.8%**<br>|  |  |
| AT&T, Inc. | 100000 | $2828000  |
| Verizon Communications, Inc. | 230000 | 10432800  |
|  |  | 13260800  |
| **Entertainment — 0.9%**<br>|  |  |
| Lions Gate Entertainment Corp. - Class B<sup>(a)</sup> | 500000 | 3960000  |
| **Total Communication Services** |  | 17220800  |
| **Consumer Staples — 18.7%**<br>|  |  |
| **Beverages — 4.5%**<br>|  |  |
| Coca-Cola Co. | 140000 | 10026800  |
| PepsiCo, Inc. | 75000 | 11245500  |
|  |  | 21272300  |
| **Consumer Staples Distribution & Retail — 4.0%**<br>|  |  |
| Costco Wholesale Corp. | 20000 | 18915600  |
| **Food Products — 3.4%**<br>|  |  |
| Conagra Brands, Inc. | 100000 | 2667000  |
| General Mills, Inc. | 150000 | 8968500  |
| Kellanova | 50000 | 4124500  |
|  |  | 15760000  |
| **Household Products — 6.8%**<br>|  |  |
| Clorox Co. | 50000 | 7362500  |
| Colgate-Palmolive Co. | 25000 | 2342500  |
| Kimberly-Clark Corp. | 70000 | 9955400  |
| Procter & Gamble Co. | 70000 | 11929400  |
|  |  | 31589800  |
| **Total Consumer Staples** |  | 87537700  |
| **Energy — 26.1%<sup>(b)</sup>**<br>|  |  |
| **Energy Equipment & Services — 1.6%**<br>|  |  |
| Schlumberger NV | 180000 | 7524000  |
| **Oil, Gas & Consumable Fuels — 24.5%**<br>|  |  |
| APA Corp. | 400000 | 8408000  |
| BP PLC - ADR | 23000 | 777170  |
| Chevron Corp. | 125000 | 20911250  |
| ConocoPhillips | 150000 | 15753000  |
| Delek Logistics Partners LP | 140000 | 6056400  |
| Exxon Mobil Corp. | 165000 | 19623450  |
| Hess Corp.<sup>(c)</sup> | 110000 | 17570300  |
| HF Sinclair Corp. | 72500 | 2383800  |
| Kinder Morgan, Inc. | 560000 | 15976800 |
| Marathon Petroleum Corp.  | 50000  | 7284500  |
|  |  | 114744670  |
| **Total Energy** |  | 122268670  |

---

The accompanying notes are an integral part of these financial statements.

10<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BUFFALO FLEXIBLE ALLOCATION FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** |
| **Financials — 10.0%**<br>|  |  |
| **Banks — 1.8%**<br>|  |  |
| Truist Financial Corp. | 200000 | $8230000  |
| **Insurance — 8.2%**<br>|  |  |
| Allstate Corp. | 85830 | 17772818  |
| Arthur J. Gallagher & Co. | 60000 | 20714400  |
|  |  | 38487218  |
| **Total Financials** |  | 46717218  |
| **Health Care — 16.2%**<br>|  |  |
| **Biotechnology — 2.1%**<br>|  |  |
| Gilead Sciences, Inc. | 90000 | 10084500  |
| **Health Care Equipment & Supplies — 2.1%**<br>|  |  |
| Abbott Laboratories | 75000 | 9948750  |
| **Pharmaceuticals — 12.0%**<br>|  |  |
| Bristol-Myers Squibb Co. | 9000 | 548910  |
| Eli Lilly & Co.<sup>(c)(d)</sup> | 35000 | 28906850  |
| Johnson & Johnson | 75000 | 12438000  |
| Merck & Co., Inc. | 80000 | 7180800  |
| Pfizer, Inc. | 270000 | 6841800  |
|  |  | 55916360  |
| **Total Health Care** |  | 75949610  |
| **Industrials — 4.0%**<br>|  |  |
| **Commercial Services & Supplies — 3.5%**<br>|  |  |
| Pitney Bowes, Inc. | 250000 | 2262500  |
| Waste Management, Inc. | 60000 | 13890600  |
|  |  | 16153100  |
| **Electrical Equipment — 0.5%**<br>|  |  |
| ABB Ltd. - ADR | 45000 | 2346300  |
| **Total Industrials** |  | 18499400  |
| **Information Technology — 17.3%**<br>|  |  |
| **Communications Equipment — 2.3%**<br>|  |  |
| Cisco Systems, Inc. | 175000 | 10799250  |
| **IT Services — 3.7%**<br>|  |  |
| International Business Machines Corp. | 70000 | 17406200  |
| **Semiconductors & Semiconductor Equipment — 2.8%**<br>|  |  |
| QUALCOMM, Inc. | 85000 | 13056850  |
| **Software — 8.5%**<br>|  |  |
| Microsoft Corp.<sup>(c)(d)</sup> | 105000 | 39415950  |
| **Total Information Technology** |  | 80678250  |

---

The accompanying notes are an integral part of these financial statements.

11<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BUFFALO FLEXIBLE ALLOCATION FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** |
| **Materials — 1.0%**<br>|  |  |
| **Chemicals — 0.4%**<br>|  |  |
| Dow, Inc. | 49000 | $1711080  |
| **Metals & Mining — 0.6%**<br>|  |  |
| Rio Tinto PLC - ADR | 50000 | 3004000  |
| **Total Materials** |  | 4715080  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $170,366,371)** |  | 453586728  |
| **REAL ESTATE INVESTMENT TRUSTS — 2.6%**<br>|  |  |
| **Real Estate — 2.6%**<br>|  |  |
| **Specialized REITs — 2.6%**<br>|  |  |
| Digital Realty Trust, Inc. | 85300 | 12222637  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS** <br>**(Cost $4,874,800)** |  | 12222637  |
| **SHORT-TERM INVESTMENTS — 0.4%**<br>|  |  |
| **Money Market Funds — 0.4%**<br>|  |  |
| Fidelity Money Market Government Portfolio - Class I, 4.23%<sup>(e)</sup> | 1672989 | 1672989  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $1,672,989)** |  | 1672989  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS — 100.0%**<br>**(Cost $176,914,160)** |  | 467482354  |
| Other Assets in Excess of Liabilities — 0.0%<sup>(f)</sup> |  | 35827  |
| **TOTAL NET ASSETS — 100.0%** |  | $467518181 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> 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

PLC - Public Limited Company

REIT - Real Estate Investment Trust

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> 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.

<sup>(c)</sup> Held in connection with written option contracts. See Schedule of Options Written for further information.

<sup>(d)</sup> All or a portion of this security is held as collateral for written options. At March 31, 2025, the total market value of these securities was $6,006,500 which represented 1.3% of net assets.

<sup>(e)</sup> The rate shown represents the 7-day annualized effective yield as of March 31, 2025.

<sup>(f)</sup> Represents less than 0.05% of net assets. 

The accompanying notes are an integral part of these financial statements.

12<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BUFFALO FLEXIBLE ALLOCATION FUND** 

**SCHEDULE OF OPTIONS WRITTEN** 

**March 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **OPTIONS WRITTEN — (0.0)%<sup>(a)(b)(c)</sup>**<br>|  |  |  |
| **Call Options — (0.0)%<sup>(a)(b)(c)</sup>**<br>|  |  |  |
| Eli Lilly & Co., Expiration: 04/04/2025; Exercise Price: $890.00 | $(4129550) | &nbsp;&nbsp;&nbsp;&nbsp;(50) | $(2000)  |
| Hess Corp., Expiration: 05/02/2025; Exercise Price: $170.00 | (1597300) | &nbsp;&nbsp;&nbsp;&nbsp;(100) | (10500)  |
| Microsoft Corp., Expiration: 04/17/2025; Exercise Price: $465.00 | (1876950) | &nbsp;&nbsp;&nbsp;&nbsp;(50) | (50)  |
| **Total Call Options** |  |  | (12550)  |
| &nbsp;&nbsp;&nbsp; **TOTAL OPTIONS WRITTEN** <br>**(Premiums received $17,148)** |  |  | $(12550) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Represents less than 0.05% of net assets.

<sup>(b)</sup> 100 shares per contract.

<sup>(c)</sup> Exchange-traded.

The accompanying notes are an integral part of these financial statements.

13<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Buffalo Growth Fund** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — 98.3%**<br>|  |  |
| **Communication Services — 15.4%**<br>|  |  |
| **Entertainment — 1.5%**<br>|  |  |
| Liberty Media Corp.-Liberty Live - Class C<sup>(a)</sup> | 35000 | $2384900  |
| **Interactive Media & Services — 13.9%**<br>|  |  |
| Alphabet, Inc. - Class A | 58900 | 9108296  |
| Alphabet, Inc. - Class C | 28200 | 4405686  |
| Meta Platforms, Inc. - Class A | 15813 | 9113981  |
|  |  | 22627963  |
| **Total Communication Services** |  | 25012863  |
| **Consumer Discretionary — 11.8%**<br>|  |  |
| **Broadline Retail — 9.8%**<br>|  |  |
| Amazon.com, Inc.<sup>(a)</sup> | 72820 | 13854733  |
| MercadoLibre, Inc.<sup>(a)</sup> | 1000 | 1950870  |
|  |  | 15805603  |
| **Hotels, Restaurants & Leisure — 2.0%**<br>|  |  |
| Booking Holdings, Inc. | 720 | 3316975  |
| **Total Consumer Discretionary** |  | 19122578  |
| **Energy — 1.2%**<br>|  |  |
| **Energy Equipment & Services — 1.2%**<br>|  |  |
| Schlumberger NV | 46633 | 1949259  |
| **Financials — 10.5%**<br>|  |  |
| **Capital Markets — 2.3%**<br>|  |  |
| MSCI, Inc. | 3615 | 2044282  |
| S&P Global, Inc. | 3300 | 1676730  |
|  |  | 3721012  |
| **Financial Services — 8.2%**<br>|  |  |
| Global Payments, Inc. | 13005 | 1273450  |
| Mastercard, Inc. - Class A | 8515 | 4667242  |
| Shift4 Payments, Inc. - Class A<sup>(a)</sup> | 27567 | 2252499  |
| Visa, Inc. - Class A | 14758 | 5172089  |
|  |  | 13365280  |
| **Total Financials** |  | 17086292  |
| **Health Care — 10.8%**<br>|  |  |
| **Health Care Equipment & Supplies — 3.9%**<br>|  |  |
| Edwards Lifesciences Corp.<sup>(a)</sup> | 27475 | 1991388  |
| Establishment Labs Holdings, Inc.<sup>(a)</sup> | 34570 | 1410629  |
| IDEXX Laboratories, Inc.<sup>(a)</sup> | 2856 | 1199377  |
| Intuitive Surgical, Inc.<sup>(a)</sup> | 3600 | 1782972  |
|  |  | 6384366  |

---

The accompanying notes are an integral part of these financial statements.

14<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Buffalo Growth Fund** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — (Continued)**  | **COMMON STOCKS — (Continued)**  | **COMMON STOCKS — (Continued)**  |
| **Health Care — (Continued)** | **Health Care — (Continued)** | **Health Care — (Continued)** |
| **Health Care Providers & Services — 2.5%**<br>|  |  |
| Progyny, Inc.<sup>(a)</sup> | 74024 | $1653696  |
| UnitedHealth Group, Inc. | 4500 | 2356875  |
|  |  | 4010571  |
| **Health Care Technology — 1.5%**<br>|  |  |
| Veeva Systems, Inc. - Class A<sup>(a)</sup> | 10259 | 2376292  |
| **Life Sciences Tools & Services — 2.9%**<br>|  |  |
| Bio-Rad Laboratories, Inc. - Class A<sup>(a)</sup> | 4350 | 1059486  |
| Danaher Corp. | 6059 | 1242095  |
| Thermo Fisher Scientific, Inc. | 4768 | 2372557  |
|  |  | 4674138  |
| **Total Health Care** |  | 17445367  |
| **Industrials — 7.0%**<br>|  |  |
| **Commercial Services & Supplies — 1.2%**<br>|  |  |
| Copart, Inc.<sup>(a)</sup> | 34100 | 1929719  |
| **Ground Transportation — 2.6%**<br>|  |  |
| Uber Technologies, Inc.<sup>(a)</sup> | 57278 | 4173275  |
| **Professional Services — 3.2%**<br>|  |  |
| TransUnion | 41322 | 3429313  |
| Verisk Analytics, Inc. | 5970 | 1776791  |
|  |  | 5206104  |
| **Total Industrials** |  | 11309098  |
| **Information Technology - 37.4%<sup>(b)</sup>**<br>|  |  |
| **Semiconductors & Semiconductor Equipment — 9.7%**<br>|  |  |
| Broadcom, Inc. | 13293 | 2225647  |
| NVIDIA Corp. | 125000 | 13547500  |
|  |  | 15773147  |
| **Software — 18.0%**<br>|  |  |
| Adobe, Inc.<sup>(a)</sup> | 6045 | 2318439  |
| DoubleVerify Holdings, Inc.<sup>(a)</sup> | 91255 | 1220079  |
| Intuit, Inc. | 2732 | 1677421  |
| Microsoft Corp. | 46300 | 17380557  |
| Palo Alto Networks, Inc.<sup>(a)</sup> | 9588 | 1636096  |
| Salesforce, Inc. | 11000 | 2951960  |
| ServiceNow, Inc.<sup>(a)</sup> | 2524 | 2009458  |
|  |  | 29194010  |
| **Technology Hardware, Storage & Peripherals — 9.7%**<br>|  |  |
| Apple, Inc. | 70708 | 15706368  |
| **Total Information Technology** |  | 60673525  |

---

The accompanying notes are an integral part of these financial statements.

15<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Buffalo Growth Fund** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — (Continued)**  | **COMMON STOCKS — (Continued)**  | **COMMON STOCKS — (Continued)**  |
| **Materials — 1.1%**<br>|  |  |
| **Chemicals — 1.1%**<br>|  |  |
| Linde PLC | 3671 | $1709365  |
| **Real Estate — 3.1%**<br>|  |  |
| **Real Estate Management & Development — 3.1%**<br>|  |  |
| CBRE Group, Inc. - Class A<sup>(a)</sup> | 24220 | 3167492  |
| CoStar Group, Inc.<sup>(a)</sup> | 24000 | 1901520  |
|  |  | 5069012  |
| **Total Real Estate** |  | 5069012  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $55,064,261)** |  | 159377359  |
| **SHORT-TERM INVESTMENTS — 1.8%**<br>|  |  |
| **Money Market Funds — 1.8%**<br>|  |  |
| Fidelity Money Market Government Portfolio - Class I, 4.23%<sup>(c)</sup> | 2921332 | 2921332  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $2,921,332)** |  | 2921332  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS — 100.1%** <br>**(Cost $57,985,593)** |  | 162298691  |
| Liabilities in Excess of Other Assets — (0.1)% |  | (124208)  |
| **TOTAL NET ASSETS — 100.0%** |  | $162174483 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> 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

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> 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.

<sup>(c)</sup> The rate shown represents the 7-day annualized effective yield as of March 31, 2025.

The accompanying notes are an integral part of these financial statements.

16<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Buffalo Growth & Income Fund** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — 83.9%**<br>|  |  |
| **Communication Services — 8.4%** | **Communication Services — 8.4%** |  |
| **Diversified Telecommunication Services — 0.3%**<br>|  |  |
| Verizon Communications, Inc. | 10625 | $481950  |
| **Entertainment — 0.5%**<br>|  |  |
| Walt Disney Co. | 7605 | 750614  |
| **Interactive Media & Services — 7.1%**<br>|  |  |
| Alphabet, Inc. - Class A | 12600 | 1948464  |
| Alphabet, Inc. - Class C | 13000 | 2030990  |
| Meta Platforms, Inc. - Class A | 13300 | 7665588  |
|  |  | 11645042  |
| **Media — 0.5%**<br>|  |  |
| Comcast Corp. - Class A | 22500 | 830250  |
| **Total Communication Services** |  | 13707856  |
| **Consumer Discretionary — 3.5%**<br>|  |  |
| **Broadline Retail — 1.3%**<br>|  |  |
| Amazon.com, Inc.<sup>(a)</sup> | 11000 | 2092860  |
| **Hotels, Restaurants & Leisure — 1.2%**<br>|  |  |
| Las Vegas Sands Corp. | 5000 | 193150  |
| MGM Resorts International<sup>(a)</sup> | 30500 | 904020  |
| Starbucks Corp. | 9500 | 931855  |
|  |  | 2029025  |
| **Specialty Retail — 1.0%**<br>|  |  |
| Home Depot, Inc. | 4225 | 1548420  |
| **Total Consumer Discretionary** |  | 5670305  |
| **Consumer Staples — 5.0%**<br>|  |  |
| **Beverages — 2.4%**<br>|  |  |
| PepsiCo, Inc. | 5550 | 832167  |
| Primo Brands Corp. | 88600 | 3144414  |
|  |  | 3976581  |
| **Consumer Staples Distribution & Retail — 0.5%**<br>|  |  |
| Walmart, Inc. | 10350 | 908626  |
| **Food Products — 1.1%**<br>|  |  |
| Lamb Weston Holdings, Inc. | 18400 | 980720  |
| Tyson Foods, Inc. - Class A | 11900 | 759339  |
|  |  | 1740059  |
| **Household Products — 0.6%**<br>|  |  |
| Procter & Gamble Co. | 5725 | 975655  |
| **Personal Care Products — 0.4%**<br>|  |  |
| Kenvue, Inc. | 27000 | 647460  |
| **Total Consumer Staples** |  | 8248381  |

---

The accompanying notes are an integral part of these financial statements.

17<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Buffalo Growth & Income Fund** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — (Continued)**  | **COMMON STOCKS — (Continued)**  | **COMMON STOCKS — (Continued)**  |
| **Energy — 11.2%**<br>|  |  |
| **Oil, Gas & Consumable Fuels — 11.2%**<br>|  |  |
| Crescent Energy Co. - Class A | 150000 | $1686000  |
| Energy Transfer LP | 162600 | 3022734  |
| Enterprise Products Partners LP | 46650 | 1592631  |
| Hess Corp. | 9875 | 1577334  |
| Marathon Petroleum Corp. | 12126 | 1766637  |
| Northern Oil and Gas, Inc. | 63400 | 1916582  |
| Valero Energy Corp. | 7900 | 1043353  |
| Viper Energy, Inc. | 125000 | 5643750  |
|  |  | 18249021  |
| **Total Energy** |  | 18249021  |
| **Financials — 20.2%**<br>|  |  |
| **Banks — 6.5%**<br>|  |  |
| Bank of America Corp. | 63000 | 2628990  |
| Citigroup, Inc. | 24375 | 1730381  |
| Citizens Financial Group, Inc. | 40750 | 1669528  |
| JPMorgan Chase & Co. | 14000 | 3434200  |
| Truist Financial Corp. | 28600 | 1176890  |
|  |  | 10639989  |
| **Capital Markets — 4.7%**<br>|  |  |
| Blackrock, Inc. | 1100 | 1041128  |
| CME Group, Inc. | 4025 | 1067792  |
| Intercontinental Exchange, Inc. | 11100 | 1914750  |
| S&P Global, Inc. | 7136 | 3625802  |
|  |  | 7649472  |
| **Financial Services — 6.5%**<br>|  |  |
| Burford Capital Ltd. | 180800 | 2388368  |
| Compass Diversified Holdings | 72000 | 1344240  |
| Mastercard, Inc. - Class A | 4400 | 2411728  |
| Visa, Inc. - Class A | 12925 | 4529695  |
|  |  | 10674031  |
| **Insurance — 2.5%**<br>|  |  |
| Arthur J. Gallagher & Co. | 11575 | 3996153  |
| **Total Financials** |  | 32959645  |
| **Health Care — 9.5%**<br>|  |  |
| **Health Care Equipment & Supplies — 1.2%**<br>|  |  |
| Abbott Laboratories | 10000 | 1326500  |
| Medtronic PLC | 7400 | 664964  |
|  |  | 1991464  |
| **Health Care Providers & Services — 5.4%**<br>|  |  |
| Elevance Health, Inc. | 3375 | 1467990  |
| HCA Healthcare, Inc. | 8100 | 2798955  |

---

The accompanying notes are an integral part of these financial statements.

18<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Buffalo Growth & Income Fund** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** |
| **Health Care — (Continued)** | **Health Care — (Continued)** | **Health Care — (Continued)** |
| **Health Care Providers & Services — (Continued)**  | **Health Care Providers & Services — (Continued)**  | **Health Care Providers & Services — (Continued)**  |
| McKesson Corp. | 2500 | $1682475  |
| UnitedHealth Group, Inc. | 5600 | 2933000  |
|  |  | 8882420  |
| **Pharmaceuticals — 2.9%**<br>|  |  |
| Eli Lilly & Co. | 3150 | 2601616  |
| Johnson & Johnson | 7125 | 1181610  |
| Merck & Co., Inc. | 9800 | 879648  |
|  |  | 4662874  |
| **Total Health Care** |  | 15536758  |
| **Industrials — 6.2%**<br>|  |  |
| **Aerospace & Defense — 0.3%**<br>|  |  |
| Boeing Co.<sup>(a)</sup> | 3025 | 515914  |
| **Commercial Services & Supplies — 1.4%**<br>|  |  |
| Cintas Corp. | 11200 | 2301936  |
| **Electrical Equipment — 0.3%**<br>|  |  |
| AMETEK, Inc. | 2500 | 430350  |
| **Industrial Conglomerates — 0.4%**<br>|  |  |
| Honeywell International, Inc. | 3450 | 730537  |
| **Machinery — 1.5%**<br>|  |  |
| Parker-Hannifin Corp. | 3950 | 2401008  |
| **Professional Services — 1.8%**<br>|  |  |
| Equifax, Inc. | 3200 | 779392  |
| SS&C Technologies Holdings, Inc. | 26600 | 2221898  |
|  |  | 3001290  |
| **Trading Companies & Distributors — 0.5%**<br>|  |  |
| Fastenal Co. | 10300 | 798765  |
| **Total Industrials** |  | 10179800  |
| **Information Technology — 11.9%**<br>|  |  |
| **Communications Equipment — 0.7%**<br>|  |  |
| Cisco Systems, Inc. | 17750 | 1095352  |
| **IT Services — 1.2%**<br>|  |  |
| International Business Machines Corp. | 7700 | 1914682  |
| **Semiconductors & Semiconductor Equipment — 1.5%**<br>|  |  |
| Marvell Technology, Inc. | 10100 | 621857  |
| QUALCOMM, Inc. | 9075 | 1394011  |
| Texas Instruments, Inc. | 2950 | 530115  |
|  |  | 2545983  |

---

The accompanying notes are an integral part of these financial statements.

19<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Buffalo Growth & Income Fund** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — (Continued)**  | **COMMON STOCKS — (Continued)**  | **COMMON STOCKS — (Continued)**  |
| **Information Technology — (Continued)** | **Information Technology — (Continued)** | **Information Technology — (Continued)** |
| **Software — 4.3%**<br>|  |  |
| Microsoft Corp. | 18650 | $7001024  |
| **Technology Hardware, Storage & Peripherals — 4.2%**<br>|  |  |
| Apple, Inc. | 31080 | 6903800  |
| **Total Information Technology** |  | 19460841  |
| **Materials — 3.1%**<br>|  |  |
| **Chemicals — 0.6%**<br>|  |  |
| Chemours Co. | 75700 | 1024221  |
| **Construction Materials — 1.8%**<br>|  |  |
| CRH PLC | 25600 | 2252032  |
| Martin Marietta Materials, Inc. | 1500 | 717195  |
|  |  | 2969227  |
| **Containers & Packaging — 0.7%**<br>|  |  |
| Graphic Packaging Holding Co. | 43700 | 1134452  |
| **Total Materials** |  | 5127900  |
| **Utilities — 4.9%**<br>|  |  |
| **Electric Utilities — 3.0%**<br>|  |  |
| American Electric Power Co., Inc. | 15700 | 1715539  |
| Edison International | 30550 | 1800006  |
| PG&E Corp. | 82600 | 1419068  |
|  |  | 4934613  |
| **Independent Power and Renewable Electricity Producers — 1.4%**<br>|  |  |
| Vistra Corp. | 19300 | 2266592  |
| **Multi-Utilities — 0.5%**<br>|  |  |
| Sempra Energy | 12200 | 870592  |
| **Total Utilities** |  | 8071797  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $57,012,482)** |  | 137212304 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** |  |
| **CONVERTIBLE BONDS — 4.6%**<br>|  |  |
| **Consumer Discretionary — 2.5%**<br>|  |  |
| **Hotels, Restaurants & Leisure — 2.5%**<br>|  |  |
| Royal Caribbean Cruises Ltd., 6.00%, 08/15/2025 | $1000000 | 4137250  |
| **Health Care — 1.4%**<br>|  |  |
| **Biotechnology — 1.4%**<br>|  |  |
| Apellis Pharmaceuticals, Inc., 3.50%, 09/15/2026 | 300000 | 308700  |
| BioMarin Pharmaceutical, Inc., 1.25%, 05/15/2027 | 500000 | 472125  |
| Exact Sciences Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.38%, 03/15/2027 | 100000 | 92050  |
| &nbsp;&nbsp;&nbsp; 0.38%, 03/01/2028 | 750000 | 660000 |

---

The accompanying notes are an integral part of these financial statements.

20<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Buffalo Growth & Income Fund** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CONVERTIBLE BONDS — (Continued)**  | **CONVERTIBLE BONDS — (Continued)**  | **CONVERTIBLE BONDS — (Continued)**  |
| **Health Care — (Continued)**  | **Health Care — (Continued)**  | **Health Care — (Continued)**  |
| **Biotechnology — (Continued)** | **Biotechnology — (Continued)** | **Biotechnology — (Continued)** |
| PTC Therapeutics, Inc., 1.50%, 09/15/2026 | $600000 | $702182  |
|  |  | 2235057  |
| **Total Health Care** |  | 2235057  |
| **Industrials — 0.2%**<br>|  |  |
| **Electrical Equipment — 0.2%**<br>|  |  |
| Array Technologies, Inc., 1.00%, 12/01/2028 | 500000 | 368530 |
| **Information Technology — 0.5%**<br>|  |  |
| **Communications Equipment — 0.5%**<br>|  |  |
| Lumentum Holdings, Inc., 0.50%, 12/15/2026 | 750000 | 780750  |
| &nbsp;&nbsp;&nbsp; **TOTAL CONVERTIBLE BONDS** <br>**(Cost $4,475,541)** |  | 7521587 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **REAL ESTATE INVESTMENT TRUSTS — 4.4%**<br>|  |  |
| **Real Estate — 4.4%**<br>|  |  |
| **Health Care REITs — 0.8%**<br>|  |  |
| Welltower, Inc. | 7900 | 1210359  |
| **Office REITs — 0.6%**<br>|  |  |
| NET Lease Office Properties<sup>(a)</sup> | 31400 | 985332  |
| **Specialized REITs — 3.0%**<br>|  |  |
| American Tower Corp. | 3200 | 696320  |
| Digital Realty Trust, Inc. | 5000 | 716450  |
| Equinix Inc. | 1100 | 896885  |
| Lamar Advertising Co. - Class A | 9968 | 1134159  |
| Public Storage | 5000 | 1496450  |
|  |  | 4940264  |
| **Total Real Estate** |  | 7135955  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS** <br>**(Cost $5,155,018)** |  | 7135955  |
| **CONVERTIBLE PREFERRED STOCKS — 1.1%**<br>|  |  |
| **Industrials — 0.7%**<br>|  |  |
| **Aerospace & Defense — 0.7%**<br>|  |  |
| Boeing Co., 6.00%, 10/15/2027 | 20000 | 1196600  |
| **Utilities — 0.4%**<br>|  |  |
| **Electric Utilities — 0.4%**<br>|  |  |
| PG&E Corp., Series A, 6.00%, 12/01/2027 | 15000 | 671100  |
| &nbsp;&nbsp;&nbsp; **TOTAL CONVERTIBLE PREFERRED STOCKS** <br>**(Cost $1,774,538)** |  | 1867700 |

---

The accompanying notes are an integral part of these financial statements.

21<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Buffalo Growth & Income Fund** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **PREFERRED STOCKS — 0.2%**<br>|  |  |
| **Financials — 0.2%**<br>|  |  |
| **Financial Services — 0.2%**<br>|  |  |
| Compass Diversified Holdings, Series C, 7.88%, Perpetual | 15000 | $335400  |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>**(Cost $319,968)** |  | 335400  |
| **SHORT-TERM INVESTMENTS — 5.8%**<br>|  |  |
| **Money Market Funds — 5.8%**<br>|  |  |
| Fidelity Money Market Government Portfolio - Class I, 4.23%<sup>(b)</sup> | 9446573 | 9446573  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $9,446,573)** |  | 9446573  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS — 100.0%** <br>**(Cost $78,184,120)** |  | 163519519  |
| Other Assets in Excess of Liabilities — 0.0%<sup>(c)</sup> |  | 29618  |
| **TOTAL NET ASSETS — 100.0%** |  | $163549137 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

LP - Limited Partnership

PLC - Public Limited Company

REIT - Real Estate Investment Trust

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> The rate shown represents the 7-day annualized effective yield as of March 31, 2025.

<sup>(c)</sup> Represents less than 0.05% of net assets. 

The accompanying notes are an integral part of these financial statements.

22<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BUFFALO HIGH YIELD FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS — 56.7%**<br>|  |  |
| **Communication Services — 2.9%**<br>|  |  |
| **Diversified Telecommunications — 0.3%**<br>|  |  |
| Consolidated Communications, Inc., 6.50%, 10/01/2028<sup>(a)</sup> | $2000000 | $1933232  |
| **Entertainment — 0.3%**<br>|  |  |
| Lions Gate Capital Holdings LLC, 5.50%, 04/15/2029<sup>(a)</sup> | 2000000 | 1630330  |
| **Interactive Media & Services — 0.7%**<br>|  |  |
| Cars.com, Inc., 6.38%, 11/01/2028<sup>(a)</sup> | 4000000 | 3961109  |
| Match Group Holdings II LLC, 5.00%, 12/15/2027<sup>(a)</sup> | 1000000 | 980234  |
|  |  | 4941343  |
| **Media — 1.6%**<br>|  |  |
| Directv Financing LLC, 8.88%, 02/01/2030<sup>(a)</sup> | 2000000 | 1910833  |
| Getty Images, Inc., 9.75%, 03/01/2027<sup>(a)</sup> | 4000000 | 4010345  |
| Gray Television, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 10.50%, 07/15/2029<sup>(a)</sup> | 2000000 | 2073862  |
| &nbsp;&nbsp;&nbsp; 4.75%, 10/15/2030<sup>(a)</sup> | 500000 | 314688  |
| &nbsp;&nbsp;&nbsp; 5.38%, 11/15/2031<sup>(a)</sup> | 1000000 | 613649  |
| Scripps Escrow II, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.88%, 01/15/2029<sup>(a)</sup> | 500000 | 389875  |
| &nbsp;&nbsp;&nbsp; 5.38%, 01/15/2031<sup>(a)</sup> | 2000000 | 1224149  |
|  |  | 10537401  |
| **Total Communication Services** |  | 19042306  |
| **Consumer Discretionary — 0.8%**<br>|  |  |
| **Automobile Components — 0.4%**<br>|  |  |
| Patrick Industries, Inc., 4.75%, 05/01/2029<sup>(a)</sup> | 3000000 | 2816898  |
| **Diversified Consumer Services — 0.2%**<br>|  |  |
| McGraw-Hill Education, Inc., 7.38%, 09/01/2031<sup>(a)</sup> | 1100000 | 1107438  |
| **Hotels, Restaurants & Leisure — 0.2%**<br>|  |  |
| Six Flags Entertainment Corp., 5.50%, 04/15/2027<sup>(a)</sup> | 1500000 | 1485486  |
| **Total Consumer Discretionary** |  | 5409822  |
| **Consumer Staples — 5.3%**<br>|  |  |
| **Consumer Staples Distribution & Retail — 0.4%**<br>|  |  |
| United Natural Foods, Inc., 6.75%, 10/15/2028<sup>(a)</sup> | 2500000 | 2472161  |
| **Food & Beverage Wholesalers — 0.8%**<br>|  |  |
|  KeHE Distributors LLC / KeHE Finance Corp. / NextWave Distribution, Inc., 9.00%, 02/15/2029<sup>(a)</sup> | 5000000 | 5138155  |
| **Food Products — 2.3%**<br>|  |  |
| Performance Food Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 10/15/2027<sup>(a)</sup> | 3000000 | 2974380  |
| &nbsp;&nbsp;&nbsp; 4.25%, 08/01/2029<sup>(a)</sup> | 1000000 | 936399  |

---

The accompanying notes are an integral part of these financial statements.

23<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BUFFALO HIGH YIELD FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS — (Continued)** | **CORPORATE BONDS — (Continued)** | **CORPORATE BONDS — (Continued)** |
| **Consumer Staples — (Continued)** | **Consumer Staples — (Continued)** | **Consumer Staples — (Continued)** |
| **Food Products — (Continued)**  | **Food Products — (Continued)**  | **Food Products — (Continued)**  |
|  Primo Water Holdings, Inc. / Triton Water Holdings, Inc., 4.38%, 04/30/2029<sup>(a)</sup> | $2000000 | $1910240  |
| TreeHouse Foods, Inc., 4.00%, 09/01/2028 | 4000000 | 3612694  |
| Viking Baked Goods Acquisition Corp., 8.63%, 11/01/2031<sup>(a)</sup> | 6500000 | 6025370  |
|  |  | 15459083  |
| **Household Products — 1.4%**<br>|  |  |
| Kronos Acquisition Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.25%, 06/30/2031<sup>(a)</sup> | 3000000 | 2638719  |
| &nbsp;&nbsp;&nbsp; 10.75%, 06/30/2032<sup>(a)</sup> | 9000000 | 6850005  |
|  |  | 9488724  |
| **Personal Care Products — 0.4%**<br>|  |  |
| BellRing Brands, Inc., 7.00%, 03/15/2030<sup>(a)</sup> | 3000000 | 3101955  |
| **Total Consumer Staples** |  | 35660078  |
| **Energy — 15.1%**<br>|  |  |
| **Energy Equipment & Services — 1.7%**<br>|  |  |
| Bristow Group, Inc., 6.88%, 03/01/2028<sup>(a)</sup> | 2250000 | 2230080  |
| Enerflex Ltd., 9.00%, 10/15/2027<sup>(a)</sup> | 2700000 | 2772012  |
| Helix Energy Solutions Group, Inc., 9.75%, 03/01/2029<sup>(a)</sup> | 6000000 | 6408888  |
|  |  | 11410980  |
| **Oil, Gas & Consumable Fuels — 13.4%**<br>|  |  |
| Baytex Energy Corp., 8.50%, 04/30/2030<sup>(a)</sup> | 2500000 | 2538950  |
| California Resources Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.13%, 02/01/2026<sup>(a)</sup> | 1990000 | 1989665  |
| &nbsp;&nbsp;&nbsp; 8.25%, 06/15/2029<sup>(a)</sup> | 6000000 | 6102159  |
| Crescent Energy Finance LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.25%, 02/15/2028<sup>(a)</sup> | 6250000 | 6490069  |
| &nbsp;&nbsp;&nbsp; 7.38%, 01/15/2033<sup>(a)</sup> | 5000000 | 4836728  |
| Delek Logistics Partners LP / Delek Logistics Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.13%, 06/01/2028<sup>(a)</sup> | 1000000 | 1001502  |
| &nbsp;&nbsp;&nbsp; 8.63%, 03/15/2029<sup>(a)</sup> | 3000000 | 3108954  |
| Energy Transfer LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.13% to 05/15/2030 then 5 yr. CMT Rate + 5.31%, Perpetual | 7350000 | 7446064  |
| &nbsp;&nbsp;&nbsp; 8.00% to 05/15/2029 then 5 yr. CMT Rate + 4.02%, 05/15/2054 | 1000000 | 1053279  |
| Genesis Energy LP / Genesis Energy Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.88%, 04/15/2030 | 6500000 | 6751602  |
| &nbsp;&nbsp;&nbsp; 8.00%, 05/15/2033 | 500000 | 504063  |
| Greenfire Resources Ltd., 12.00%, 10/01/2028<sup>(a)</sup> | 2000000 | 2118930  |
|  Martin Midstream Partners LP / Martin Midstream Finance Corp., 11.50%, 02/15/2028<sup>(a)</sup> | 7000000 | 7438396  |
| Moss Creek Resources Holdings, Inc., 8.25%, 09/01/2031<sup>(a)</sup> | 6000000 | 5828936  |
| Northern Oil & Gas, Inc., 8.13%, 03/01/2028<sup>(a)</sup> | 9100000 | 9130283  |
| Saturn Oil & Gas, Inc., 9.63%, 06/15/2029<sup>(a)</sup> | 9254000 | 8948662  |

---

The accompanying notes are an integral part of these financial statements.

24<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BUFFALO HIGH YIELD FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS — (Continued)** | **CORPORATE BONDS — (Continued)** | **CORPORATE BONDS — (Continued)** |
| **Energy — (Continued)**  | **Energy — (Continued)**  | **Energy — (Continued)**  |
| **Oil, Gas & Consumable Fuels — (Continued)** | **Oil, Gas & Consumable Fuels — (Continued)** | **Oil, Gas & Consumable Fuels — (Continued)** |
| Summit Midstream Holdings LLC, 8.63%, 10/31/2029<sup>(a)</sup> | $2600000 | $2652159  |
| Sunoco LP, 6.25%, 07/01/2033<sup>(a)</sup> | 1500000 | 1501605  |
| Talos Production, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.00%, 02/01/2029<sup>(a)</sup> | 2000000 | 2056672  |
| &nbsp;&nbsp;&nbsp; 9.38%, 02/01/2031<sup>(a)</sup> | 2000000 | 2035572  |
| TransMontaigne Partners LLC, 8.50%, 06/15/2030<sup>(a)</sup> | 4000000 | 4025956  |
| Viper Energy, Inc., 5.38%, 11/01/2027<sup>(a)</sup> | 1750000 | 1734255  |
|  |  | 89294461  |
| **Total Energy** |  | 100705441  |
| **Financials — 11.3%**<br>|  |  |
| **Capital Markets — 0.3%**<br>|  |  |
| StoneX Group, Inc., 7.88%, 03/01/2031<sup>(a)</sup> | 2000000 | 2084310  |
| **Consumer Finance — 2.6%**<br>|  |  |
| Credit Acceptance Corp., 9.25%, 12/15/2028<sup>(a)</sup> | 2000000 | 2119694  |
| Encore Capital Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.25%, 04/01/2029<sup>(a)</sup> | 4000000 | 4194049  |
| &nbsp;&nbsp;&nbsp; 8.50%, 05/15/2030<sup>(a)</sup> | 1250000 | 1288103  |
| EZCORP, Inc., 7.38%, 04/01/2032<sup>(a)</sup> | 2000000 | 2034453  |
| PRA Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.38%, 02/01/2028<sup>(a)</sup> | 1500000 | 1533313  |
| &nbsp;&nbsp;&nbsp; 8.88%, 01/31/2030<sup>(a)</sup> | 5750000 | 6003420  |
|  |  | 17173032  |
| **Financial Services — 6.2%**<br>|  |  |
| Burford Capital Global Finance LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.88%, 04/15/2030<sup>(a)</sup> | 4500000 | 4446486  |
| &nbsp;&nbsp;&nbsp; 9.25%, 07/01/2031<sup>(a)</sup> | 7500000 | 7909568  |
| CPI CG, Inc., 10.00%, 07/15/2029<sup>(a)</sup> | 2000000 | 2139618  |
| Freedom Mortgage Holdings LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.25%, 02/01/2029<sup>(a)</sup> | 5250000 | 5335203  |
| &nbsp;&nbsp;&nbsp; 9.13%, 05/15/2031<sup>(a)</sup> | 3000000 | 3022464  |
| &nbsp;&nbsp;&nbsp; 8.38%, 04/01/2032<sup>(a)</sup> | 3000000 | 2918715  |
| Hightower Holding LLC, 9.13%, 01/31/2030<sup>(a)</sup> | 4500000 | 4623520  |
| NCR Atleos Corp., 9.50%, 04/01/2029<sup>(a)</sup> | 2500000 | 2707860  |
|  Provident Funding Associates LP / PFG Finance Corp., 9.75%, 09/15/2029<sup>(a)</sup> | 8000000 | 8197384  |
|  |  | 41300818  |
| **Insurance — 2.2%**<br>|  |  |
| Acrisure LLC / Acrisure Finance, Inc., 8.50%, 06/15/2029<sup>(a)</sup> | 2000000 | 2083714  |
| Ardonagh Group Finance Ltd., 8.88%, 02/15/2032<sup>(a)</sup> | 9000000 | 9180252  |
| Jones Deslauriers Insurance Management, Inc., 8.50%, 03/15/2030<sup>(a)</sup> | 3000000 | 3152409  |
|  |  | 14416375  |
| **Total Financials** |  | 74974535  |

---

The accompanying notes are an integral part of these financial statements.

25<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BUFFALO HIGH YIELD FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS — (Continued)** | **CORPORATE BONDS — (Continued)** | **CORPORATE BONDS — (Continued)** |
| **Health Care — 1.5%**<br>|  |  |
| **Commercial Services & Supplies — 0.1%**<br>|  |  |
| VT Topco, Inc., 8.50%, 08/15/2030<sup>(a)</sup> | $500000 | $524891  |
| **Health Care Providers & Services — 0.4%**<br>|  |  |
| Prime Healthcare Services, Inc., 9.38%, 09/01/2029<sup>(a)</sup> | 3000000 | 2832549  |
| **Medical Equipment & Devices — 0.2%**<br>|  |  |
| Neogen Food Safety Corp., 8.63%, 07/20/2030<sup>(a)</sup> | 1100000 | 1158838  |
| **Pharmaceuticals — 0.8%**<br>|  |  |
|  Organon & Co. / Organon Foreign Debt Co.-Issuer BV, 7.88%, 05/15/2034<sup>(a)</sup> | 1000000 | 969647  |
| Teva Pharmaceutical Finance Netherlands III BV<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 03/01/2028 | 4000000 | 4105328  |
| &nbsp;&nbsp;&nbsp; 7.88%, 09/15/2029 | 250000 | 269200  |
|  |  | 5344175  |
| **Total Health Care** |  | 9860453  |
| **Industrials — 11.7%**<br>|  |  |
| **Aerospace & Defense — 0.7%**<br>|  |  |
| Spirit AeroSystems, Inc., 9.75%, 11/15/2030<sup>(a)</sup> | 500000 | 552828  |
| TransDigm, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 11/15/2027 | 1000000 | 988762  |
| &nbsp;&nbsp;&nbsp; 4.63%, 01/15/2029 | 1000000 | 946206  |
| &nbsp;&nbsp;&nbsp; 4.88%, 05/01/2029 | 1000000 | 948614  |
| &nbsp;&nbsp;&nbsp; 6.63%, 03/01/2032<sup>(a)</sup> | 1000000 | 1012548  |
|  |  | 4448958  |
| **Air Freight & Logistics — 0.2%**<br>|  |  |
| Clue Opco LLC, 9.50%, 10/15/2031<sup>(a)</sup> | 1000000 | 1001159  |
| **Building Products — 0.9%**<br>|  |  |
| Advanced Drainage Systems, Inc., 6.38%, 06/15/2030<sup>(a)</sup> | 1250000 | 1256480  |
| Builders FirstSource, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2030<sup>(a)</sup> | 4000000 | 3825855  |
| &nbsp;&nbsp;&nbsp; 4.25%, 02/01/2032<sup>(a)</sup> | 1000000 | 894919  |
|  |  | 5977254  |
| **Commercial Services & Supplies — 5.7%**<br>|  |  |
| CoreCivic, Inc., 8.25%, 04/15/2029 | 4000000 | 4238091  |
| Deluxe Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.00%, 06/01/2029<sup>(a)</sup> | 2500000 | 2278747  |
| &nbsp;&nbsp;&nbsp; 8.13%, 09/15/2029<sup>(a)</sup> | 1000000 | 1006590  |
| GEO Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.63%, 04/15/2029 | 4000000 | 4201765  |
| &nbsp;&nbsp;&nbsp; 10.25%, 04/15/2031 | 8000000 | 8702576  |
| OT Midco, Inc., 10.00%, 02/15/2030<sup>(a)</sup> | 8000000 | 6853417  |

---

The accompanying notes are an integral part of these financial statements.

26<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BUFFALO HIGH YIELD FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS — (Continued)** | **CORPORATE BONDS — (Continued)** | **CORPORATE BONDS — (Continued)** |
| **Industrials — (Continued)** | **Industrials — (Continued)** | **Industrials — (Continued)** |
| **Commercial Services & Supplies — (Continued)** | **Commercial Services & Supplies — (Continued)** | **Commercial Services & Supplies — (Continued)** |
| RR Donnelley & Sons Co., 9.50%, 08/01/2029<sup>(a)</sup> | $7000000 | $6941036  |
| TKC Holdings, Inc., 10.50%, 05/15/2029<sup>(a)</sup> | 4000000 | 4003590  |
|  |  | 38225812  |
| **Construction & Engineering — 0.6%**<br>|  |  |
| MasTec, Inc., 6.63%, 08/15/2029<sup>(a)</sup> | 3000000 | 3000690  |
| Pike Corp., 8.63%, 01/31/2031<sup>(a)</sup> | 1000000 | 1054825  |
|  |  | 4055515  |
| **Ground Transportation — 0.6%**<br>|  |  |
|  Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 8.25%, 01/15/2030<sup>(a)</sup> | 4000000 | 3904113  |
| **Passenger Airlines — 2.1%**<br>|  |  |
| Grupo Aeromexico SAB de CV, 8.63%, 11/15/2031<sup>(a)</sup> | 9000000 | 8683920  |
| OneSky Flight LLC, 8.88%, 12/15/2029<sup>(a)</sup> | 5250000 | 5308417  |
|  |  | 13992337  |
| **Trading Companies & Distributors — 0.9%**<br>|  |  |
| Alta Equipment Group, Inc., 9.00%, 06/01/2029<sup>(a)</sup> | 4000000 | 3495025  |
| BlueLinx Holdings, Inc., 6.00%, 11/15/2029<sup>(a)</sup> | 3000000 | 2828960  |
|  |  | 6323985  |
| **Total Industrials** |  | 77929133  |
| **Information Technology — 2.1%**<br>|  |  |
| **Communications Equipment — 0.3%**<br>|  |  |
| VM Consolidated, Inc., 5.50%, 04/15/2029<sup>(a)</sup> | 2000000 | 1899918  |
| **Software — 1.3%**<br>|  |  |
| Consensus Cloud Solutions, Inc., 6.00%, 10/15/2026<sup>(a)</sup> | 7500000 | 7451822  |
| Dye & Durham Ltd., 8.63%, 04/15/2029<sup>(a)</sup> | 1100000 | 1134578  |
|  |  | 8586400  |
| **Technology Distributors — 0.5%**<br>|  |  |
| EquipmentShare.com, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.63%, 05/15/2032<sup>(a)</sup> | 1800000 | 1857325  |
| &nbsp;&nbsp;&nbsp; 8.00%, 03/15/2033<sup>(a)</sup> | 1500000 | 1510321  |
|  |  | 3367646  |
| **Total Information Technology** |  | 13853964  |
| **Materials — 1.5%**<br>|  |  |
| **Chemicals — 1.2%**<br>|  |  |
| Cerdia Finanz GmbH, 9.38%, 10/03/2031<sup>(a)</sup> | 6000000 | 6148200  |
| Chemours Co., 5.75%, 11/15/2028<sup>(a)</sup> | 2000000 | 1847175  |
|  |  | 7995375  |
| **Containers & Packaging — 0.1%**<br>|  |  |
| Clydesdale Acquisition Holdings, Inc., 6.75%, 04/15/2032<sup>(a)</sup> | 1000000 | 1006837  |

---

The accompanying notes are an integral part of these financial statements.

27<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BUFFALO HIGH YIELD FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS — (Continued)** | **CORPORATE BONDS — (Continued)** | **CORPORATE BONDS — (Continued)** |
| **Materials — (Continued)** | **Materials — (Continued)** | **Materials — (Continued)** |
| **Metals & Mining — 0.2%**<br>|  |  |
|  Alliance Resource Operating Partners LP / Alliance Resource Finance Corp., 8.63%, 06/15/2029<sup>(a)</sup> | $1000000 | $1046404  |
| **Total Materials** |  | 10048616  |
| **Real Estate — 4.0%**<br>|  |  |
| **Hotel & Resort REITs — 0.5%**<br>|  |  |
| Service Properties Trust, 8.63%, 11/15/2031<sup>(a)</sup> | 3000000 | 3169635  |
| **Industrial REITs — 0.9%**<br>|  |  |
| IIP Operating Partnership LP, 5.50%, 05/25/2026 | 6250000 | 6134792  |
| **Specialized REITs — 2.6%**<br>|  |  |
| Outfront Media Capital LLC / Outfront Media Capital Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 01/15/2029<sup>(a)</sup> | 1000000 | 928168  |
| &nbsp;&nbsp;&nbsp; 4.63%, 03/15/2030<sup>(a)</sup> | 1000000 | 915305  |
|  Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC, 10.50%, 02/15/2028<sup>(a)</sup> | 14352000 | 15255503  |
|  |  | 17098976  |
| **Total Real Estate** |  | 26403403 |
| **Utilities — 0.5%**<br>|  |  |
| **Independent Power & Renewable Elec Producers — 0.5%**<br>|  |  |
|  Vistra Corp., 7.00% to 12/15/2026 then 5 yr. CMT Rate + 5.74%, Perpetual<sup>(a)</sup> | 3500000 | 3547764  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br>**(Cost $379,148,575)** |  | 377435515  |
| **BANK LOANS — 35.3%**<br>|  |  |
| **Communication Services — 4.5%**<br>|  |  |
| **Diversified Telecommunications — 0.4%**<br>|  |  |
|  Consolidated Communications, Inc. First Lien, 7.94% (1 mo. Term SOFR + 3.50%), 10/04/2027 | 2928009 | 2922754  |
| **Entertainment — 0.5%**<br>|  |  |
| Pretzel Parent T/L B (TAIT) First Lien, 8.81%, 08/14/2031 | 3000000 | 3006090  |
| **Media — 3.6%**<br>|  |  |
|  Directv Financing LLC First Lien, 10.10% (3 mo. Term SOFR + 5.25%), 08/02/2029 | 7605927 | 7508951  |
|  EW Scripps Co. First Lien, 7.00% (1 mo. Term SOFR + 2.56%), 05/01/2026 | 940275 | 937703  |
| EW Scripps Co., 7.44% (1 mo. Term SOFR + 3.00%), 01/07/2028 | 169063 | 150316  |
|  Summer BC Holdco B SARL First Lien, 9.58% (3 mo. Term SOFR + 5.00%), 02/21/2029 | 6000000 | 5999070  |

---

The accompanying notes are an integral part of these financial statements.

28<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BUFFALO HIGH YIELD FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **BANK LOANS — (Continued)** | **BANK LOANS — (Continued)** | **BANK LOANS — (Continued)** |
| **Communication Services — (Continued)** | **Communication Services — (Continued)** | **Communication Services — (Continued)** |
| **Media — (Continued)**<br>|  |  |
|  Townsquare Media, Inc. First Lien, 9.30% (1 mo. Term SOFR + 5.00%), 02/19/2030 | $10000000 | $9425000  |
|  |  | 24021040  |
| **Total Communication Services** |  | 29949884  |
| **Consumer Discretionary — 4.5%**<br>|  |  |
| **Automobile Components — 1.4%**<br>|  |  |
| First Brands Group LLC First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.55% (3 mo. Term SOFR + 5.00%), 03/30/2027 | 6873653 | 6405385  |
| &nbsp;&nbsp;&nbsp; 9.55% (3 mo. Term SOFR + 5.00%), 03/30/2027 | 2953937 | 2751785  |
|  |  | 9157170  |
| **Hotels, Restaurants & Leisure — 1.6%**<br>|  |  |
|  Dave & Buster's, Inc. First Lien, 7.63% (1 mo. Term SOFR + 3.25%), 06/29/2029 | 2817815 | 2530750  |
|  Flynn Restaurant Group LP First Lien, 8.07% (1 mo. Term SOFR + 3.75%), 01/28/2032 | 8000000 | 7856640  |
|  |  | 10387390  |
| **Household Durables — 0.3%**<br>|  |  |
|  AI Aqua Merger Sub, Inc. First Lien, 7.32% (1 mo. Term SOFR + 3.00%), 07/31/2028 | 1989975 | 1974205  |
| **Specialty Retail — 1.2%**<br>|  |  |
| Victra Holdings LLC First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.57% (1 mo. Term SOFR + 4.25%), 03/29/2029 | 3468750 | 3466599  |
| &nbsp;&nbsp;&nbsp; 9.56% (3 mo. Term SOFR + 5.25%), 03/29/2029 | 4875000 | 4875000  |
|  |  | 8341599  |
| **Total Consumer Discretionary** |  | 29860364  |
| **Consumer Staples — 2.2%**<br>|  |  |
| **Food Products — 0.4%**<br>|  |  |
|  Aspire Bakeries Holdings LLC First Lien, 8.57% (1 mo. Term SOFR + 4.25%), 12/23/2030 | 994975 | 998706  |
| Celsius Holdings, Inc., 7.57% (1 mo. Term SOFR + 3.25%), 03/22/2032 | 1500000 | 1504688  |
|  |  | 2503394  |
| **Household Products — 0.6%**<br>|  |  |
|  Kronos Acquisition Holdings, Inc. First Lien, 8.29% (3 mo. Term SOFR + 4.00%), 07/08/2031 | 4975000 | 4290937  |
| **Personal Care Products — 1.2%**<br>|  |  |
|  KDC/ONE Development Corp., Inc., 8.32% (1 mo. Term SOFR + 4.00%), 08/15/2028 | 7982500 | 7991760  |
| **Total Consumer Staples** |  | 14786091  |

---

The accompanying notes are an integral part of these financial statements.

29<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BUFFALO HIGH YIELD FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **BANK LOANS — (Continued)** | **BANK LOANS — (Continued)** | **BANK LOANS — (Continued)** |
| **Financials — 4.6%**<br>|  |  |
| **Financial Services — 3.2%**<br>|  |  |
|  Blackhawk Network Holdings, Inc. First Lien, 8.32% (1 mo. Term SOFR + 4.00%), 03/12/2029 | $3491250 | $3481894  |
|  FNZ USA FinCo LLC First Lien, 9.29% (3 mo. Term SOFR + 5.00%), 11/05/2031 | 6000000 | 5550000  |
| NCR Atleos Corp., 8.40% (3 mo. Term SOFR + 3.75%), 04/16/2029 | 1725843 | 1735119  |
|  Nexus Buyer LLC First Lien, 7.82% (1 mo. Term SOFR + 3.50%), 07/31/2031 | 10736152 | 10686551  |
|  |  | 21453564  |
| **Insurance — 1.4%**<br>|  |  |
| Acrisure LLC First Lien, 7.32% (1 mo. Term SOFR + 3.00%), 11/06/2030 | 3980025 | 3962254  |
|  Jones Deslauriers Insurance Management, Inc. First Lien, 7.07% (3 mo. Term SOFR + 2.75%), 03/15/2030 | 3473794 | 3433984  |
|  TIH Insurance Holdings LLC Second Lien, 9.08% (3 mo. Term SOFR + 4.75%), 05/06/2032 | 2105263 | 2129611  |
|  |  | 9525849  |
| **Total Financials** |  | 30979413  |
| **Health Care — 8.1%**<br>|  |  |
| **Biotechnology — 1.9%**<br>|  |  |
|  Endo Finance Holdings, Inc. First Lien, 8.32% (1 mo. Term SOFR + 4.00%), 04/23/2031 | 9950000 | 9877862  |
|  Star Parent, Inc. First Lien, 8.33% (3 mo. Term SOFR + 3.75%), 09/27/2030 | 2970000 | 2843775  |
|  |  | 12721637  |
| **Health Care Equipment & Supplies — 1.5%**<br>|  |  |
|  Bausch + Lomb Corp. First Lien, 8.33% (3 mo. Term SOFR + 4.00%), 09/29/2028 | 4432500 | 4426981  |
| Embecta Corp., 7.31% (1 mo. Term SOFR + 3.00%), 03/30/2029 | 5251116 | 5247336  |
|  |  | 9674317  |
| **Pharmaceuticals — 4.7%**<br>|  |  |
|  Amneal Pharmaceuticals LLC, 9.82% (1 mo. Term SOFR + 5.50%), 05/04/2028 | 26784617 | 27295266  |
|  LSCS Holdings, Inc. First Lien, 8.82% (1 mo. Term SOFR + 4.50%), 03/04/2032 | 4000000 | 3998760  |
|  |  | 31294026  |
| **Total Health Care** |  | 53689980  |
| **Industrials — 5.9%**<br>|  |  |
| **Aerospace & Defense — 0.7%**<br>|  |  |
| Karman Holdings, Inc., 7.81% (1 mo. Term SOFR + 3.50%), 02/27/2032 | 3000000 | 3003750  |
|  TransDigm, Inc. First Lien, 7.08% (3 mo. Term SOFR + 2.75%), 03/22/2030 | 1858828 | 1857991  |
|  |  | 4861741  |

---

The accompanying notes are an integral part of these financial statements.

30<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BUFFALO HIGH YIELD FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **BANK LOANS — (Continued)** | **BANK LOANS — (Continued)** | **BANK LOANS — (Continued)** |
| **Industrials — (Continued)** | **Industrials — (Continued)** | **Industrials — (Continued)** |
| **Building Products — 1.1%**<br>|  |  |
|  Trulite Glass & Aluminum Solutions LLC, 10.31% (3 mo. Term SOFR + 6.00%), 03/01/2030 | $7312500 | $7257656  |
| **Commercial Services & Supplies — 2.5%**<br>|  |  |
|  Emerald X, Inc. First Lien, 8.07% (1 mo. Term SOFR + 3.75%), 01/30/2032 | 5500000 | 5500000  |
| GEO Group, Inc., 9.57% (1 mo. Term SOFR + 5.25%), 04/13/2029 | 3564696 | 3614602  |
| Gloves Buyer, Inc., 8.30% (1 mo. Term SOFR + 4.00%), 01/20/2032 | 8000000 | 7713320  |
|  |  | 16827922  |
| **Electrical Equipment — 0.2%**<br>|  |  |
| Array Technologies, Inc., 7.69% (1 mo. Term SOFR + 3.25%), 10/14/2027 | 1490039 | 1490978  |
| **Energy Equipment & Services — 0.3%**<br>|  |  |
|  Artera Services LLC First Lien, 8.83% (3 mo. Term SOFR + 4.50%), 02/10/2031 | 1960000 | 1863901  |
| **Machinery — 0.4%**<br>|  |  |
|  Chart Industries, Inc. First Lien, 6.81% (3 mo. Term SOFR + 2.50%), 03/15/2030 | 2562356 | 2566623  |
| **Trading Companies & Distributors — 0.7%**<br>|  |  |
|  Foundation Building Materials, Inc., 8.32% (3 mo. Term SOFR + 4.00%), 01/29/2031 | 4962406 | 4541644  |
| **Total Industrials** |  | 39410465  |
| **Information Technology — 1.8%**<br>|  |  |
| **Application Software — 0.6%**<br>|  |  |
| Dye & Durham Corp., 8.70% (3 mo. Term SOFR + 4.25%), 04/04/2031 | 3808571 | 3821673  |
| **Software — 1.2%**<br>|  |  |
|  DTI Holdco, Inc. First Lien, 8.32% (1 mo. Term SOFR + 4.00%), 04/26/2029 | 7000000 | 6952750  |
| Inmar, Inc., 9.33% (1 mo. Term SOFR + 5.00%), 10/30/2031 | 995000 | 995935  |
|  |  | 7948685  |
| **Total Information Technology** |  | 11770358  |
| **Materials — 3.7%**<br>|  |  |
| **Chemicals — 1.0%**<br>|  |  |
|  M2S Group Intermediate Holdings, Inc. First Lien, 9.09% (1 mo. Term SOFR + 4.75%), 08/27/2031 | 6839080 | 6589044  |
| **Construction Materials — 0.3%**<br>|  |  |
|  Eco Material Technologies, Inc. First Lien, 7.58% (1 mo. Term SOFR + 3.25%), 02/12/2032 | 2000000 | 1995630  |

---

The accompanying notes are an integral part of these financial statements.

31<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BUFFALO HIGH YIELD FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **BANK LOANS — (Continued)** | **BANK LOANS — (Continued)** | **BANK LOANS — (Continued)** |
| **Materials — (Continued)** | **Materials — (Continued)** | **Materials — (Continued)** |
| **Paper & Forest Products — 2.4%**<br>|  |  |
|  Verde Operating Company First Lien, 8.31% (1 mo. Term SOFR + 4.00%), 11/29/2030 | $15989975 | $15924416  |
| **Total Materials** |  | 24509090  |
| &nbsp;&nbsp;&nbsp; **TOTAL BANK LOANS** <br>**(Cost $236,778,338)** |  | 234955645 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **CONVERTIBLE PREFERRED STOCKS — 1.6%**<br>|  |  |
| **Industrials — 0.8%**<br>|  |  |
| **Aerospace & Defense — 0.8%**<br>|  |  |
| Boeing Co., 6.00%, 10/15/2027 | 90000 | 5384700  |
| **Utilities — 0.8%**<br>|  |  |
| **Electric Utilities — 0.8%**<br>|  |  |
| PG&E Corp., Series A, 6.00%, 12/01/2027 | 110000 | 4921400  |
| &nbsp;&nbsp;&nbsp; **TOTAL CONVERTIBLE PREFERRED STOCKS** <br>**(Cost $9,800,489)** |  | 10306100 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** |  |
| **CONVERTIBLE BONDS — 1.3%**<br>|  |  |
| **Consumer Discretionary — 0.8%**<br>|  |  |
| **Automobile Components — 0.2%**<br>|  |  |
| Patrick Industries, Inc., 1.75%, 12/01/2028 | $1250000 | 1752969  |
| **Diversified Consumer Services — 0.6%**<br>|  |  |
| Stride, Inc., 1.13%, 09/01/2027 | 1600000 | 3904800  |
| **Total Consumer Discretionary** |  | 5657769  |
| **Health Care — 0.3%**<br>|  |  |
| **Biotechnology — 0.3%**<br>|  |  |
| Mirum Pharmaceuticals, Inc., 4.00%, 05/01/2029 | 1300000 | 2114775  |
| **Industrials — 0.2%**<br>|  |  |
| **Electrical Equipment — 0.2%**<br>|  |  |
| Array Technologies, Inc., 1.00%, 12/01/2028 | 1500000 | 1105589  |
| &nbsp;&nbsp;&nbsp; **TOTAL CONVERTIBLE BONDS** <br>**(Cost $5,547,248)** |  | 8878133 |

---

The accompanying notes are an integral part of these financial statements.

32<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BUFFALO HIGH YIELD FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **PREFERRED STOCKS — 0.4%**<br>|  |  |
| **Financials — 0.4%**<br>|  |  |
| **Financial Services — 0.4%**<br>|  |  |
| Compass Diversified Holdings<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 7.25%, Perpetual | 25000 | $553250  |
| &nbsp;&nbsp;&nbsp; Series C, 7.88%, Perpetual | 100000 | 2236000  |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>**(Cost $2,609,923)** |  | 2789250  |
| **SHORT-TERM INVESTMENTS — 4.3%**<br>|  |  |
| **Money Market Funds — 4.3%**<br>|  |  |
| Fidelity Money Market Government Portfolio - Class I, 4.23%<sup>(b)</sup> | 28856045 | 28856045  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $28,856,045)** |  | 28856045  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS — 99.6%**<br>**(Cost $662,740,618)** |  | 663220688  |
| Other Assets in Excess of Liabilities — 0.4% |  | 2469067  |
| **TOTAL NET ASSETS — 100.0%** |  | $665689755 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

CMT - Constant Maturity Treasury

LLC - Limited Liability Company

LP - Limited Partnership

REIT - Real Estate Investment Trust

SOFR - Secured Overnight Financing Rate

<sup>(a)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of March 31, 2025, the value of these securities total $327,532,479 or 49.2% of the Fund's net assets.

<sup>(b)</sup> The rate shown represents the 7-day annualized effective yield as of March 31, 2025.

The accompanying notes are an integral part of these financial statements.

33<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Buffalo International Fund** 

**Schedule of Investments** 

**March 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — 98.4%**<br>|  |  |
| **Belgium — 0.7%**<br>|  |  |
| **Beverages — 0.7%**<br>|  |  |
| Anheuser-Busch InBev SA/NV | 101463 | $6238110  |
| **Canada — 5.2%**<br>|  |  |
| **Commercial Services & Supplies — 2.2%**<br>|  |  |
| GFL Environmental, Inc. | 399070 | 19279072  |
| **Ground Transportation — 1.0%**<br>|  |  |
| Canadian National Railway Co. | 93998 | 9161045  |
| **Software — 2.0%**<br>|  |  |
| Constellation Software, Inc. | 5502 | 17424446  |
| **Total Canada** |  | 45864563  |
| **China — 0.6%**<br>|  |  |
| **Banks — 0.6%**<br>|  |  |
| China Merchants Bank Co. Ltd. - Class H | 900000 | 5336062  |
| **Denmark — 2.6%**<br>|  |  |
| **Health Care Equipment & Supplies — 1.1%**<br>|  |  |
| Coloplast AS - Class B | 90000 | 9439530  |
| **Pharmaceuticals — 1.5%**<br>|  |  |
| Novo Nordisk AS - ADR | 152000 | 10554880  |
| Novo Nordisk AS - Class B | 40000 | 2735134  |
|  |  | 13290014  |
| **Total Denmark** |  | 22729544  |
| **France — 16.0%**<br>|  |  |
| **Aerospace & Defense — 2.7%**<br>|  |  |
| Airbus SE | 25000 | 4402155  |
| Thales SA | 72064 | 19156216  |
|  |  | 23558371  |
| **Chemicals — 1.8%**<br>|  |  |
| Air Liquide SA | 81694 | 15517430  |
| **Construction & Engineering — 1.4%**<br>|  |  |
| Vinci SA | 100024 | 12609078  |
| **Electrical Equipment — 2.5%**<br>|  |  |
| Schneider Electric SE | 93000 | 21468685  |
| **IT Services — 1.1%**<br>|  |  |
| Capgemini SE | 64607 | 9707752  |
| **Life Sciences Tools & Services — 0.8%**<br>|  |  |
| Sartorius Stedim Biotech | 33000 | 6537884  |

---

The accompanying notes are an integral part of these financial statements.

34<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Buffalo International Fund** 

**Schedule of Investments** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — (Continued)** <br>|  |  |
| **France — (Continued)**<br>|  |  |
| **Pharmaceuticals — 1.9%**<br>|  |  |
| Sanofi SA | 43000 | $4761056  |
| Sanofi SA - ADR | 219257 | 12159993  |
|  |  | 16921049  |
| **Professional Services — 1.9%**<br>|  |  |
| Bureau Veritas SA | 543422 | 16487526  |
| **Software — 1.0%**<br>|  |  |
| Dassault Systemes SE | 239892 | 9133371  |
| **Textiles, Apparel & Luxury Goods — 0.9%**<br>|  |  |
| LVMH Moet Hennessy Louis Vuitton SE | 13100 | 8112574  |
| **Total France** |  | 140053720  |
| **Germany — 10.9%**<br>|  |  |
| **Capital Markets — 0.9%**<br>|  |  |
| DWS Group GmbH & Co. KGaA<sup>(a)</sup> | 142000 | 7783785  |
| **Health Care Providers & Services — 1.5%**<br>|  |  |
| Fresenius SE & Co. KGaA<sup>(b)</sup> | 322659 | 13775538  |
| **Industrial Conglomerates — 2.1%**<br>|  |  |
| Siemens AG | 81200 | 18752895  |
| **Insurance — 2.5%**<br>|  |  |
| Hannover Rueck SE | 15000 | 4470880  |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 27434 | 17330685  |
|  |  | 21801565  |
| **Pharmaceuticals — 1.2%**<br>|  |  |
| Merck KGaA | 74750 | 10286374  |
| **Software — 2.7%**<br>|  |  |
| SAP SE - ADR | 87391 | 23459240  |
| **Total Germany** |  | 95859397  |
| **Hong Kong — 0.9%**<br>|  |  |
| **Beverages — 0.3%**<br>|  |  |
| China Resources Beer Holdings Co. Ltd. | 750000 | 2710097  |
| **Capital Markets — 0.6%**<br>|  |  |
| Hong Kong Exchanges & Clearing Ltd. | 120000 | 5338105  |
| **Total Hong Kong** |  | 8048202  |
| **India — 0.6%**<br>|  |  |
| **Banks — 0.6%**<br>|  |  |
| HDFC Bank Ltd. - ADR | 85000 | 5647400  |

---

The accompanying notes are an integral part of these financial statements.

35<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Buffalo International Fund** 

**Schedule of Investments** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — (Continued)**<br>|  |  |
| **Ireland — 11.1%**<br>|  |  |
| **Chemicals — 1.8%**<br>|  |  |
| Linde PLC | 34529 | $16078084  |
| **Construction Materials — 1.4%**<br>|  |  |
| CRH PLC | 143000 | 12579710  |
| **Food Products — 2.1%**<br>|  |  |
| Kerry Group PLC - Class A | 178785 | 18721488  |
| **Insurance — 2.1%**<br>|  |  |
| Aon PLC - Class A | 44742 | 17856085  |
| **Life Sciences Tools & Services — 1.3%**<br>|  |  |
| ICON PLC<sup>(b)</sup> | 64490 | 11285105  |
| **Passenger Airlines — 1.3%**<br>|  |  |
| Ryanair Holdings PLC | 370903 | 7495180  |
| Ryanair Holdings PLC - ADR | 93715 | 3970705  |
|  |  | 11465885  |
| **Professional Services — 1.1%**<br>|  |  |
| Experian PLC | 201624 | 9342358  |
| **Total Ireland** |  | 97328715  |
| **Israel — 0.7%**<br>|  |  |
| **Software — 0.7%**<br>|  |  |
| Monday.com Ltd.<sup>(b)</sup> | 26136 | 6355230  |
| **Japan — 12.3%**<br>|  |  |
| **Beverages — 1.6%**<br>|  |  |
| Asahi Group Holdings Ltd. | 1116000 | 14258651  |
| **Chemicals — 1.2%**<br>|  |  |
| Shin-Etsu Chemical Co. Ltd. | 380262 | 10850841  |
| **Electronic Equipment, Instruments & Components — 1.5%**<br>|  |  |
| Keyence Corp. | 34173 | 13437171  |
| **Entertainment — 2.0%**<br>|  |  |
| Nintendo Co. Ltd. | 220000 | 14955094  |
| Nintendo Co. Ltd. - ADR | 150000 | 2575500  |
|  |  | 17530594  |
| **Professional Services — 3.1%**<br>|  |  |
| BayCurrent, Inc. | 621059 | 26913036  |

---

The accompanying notes are an integral part of these financial statements.

36<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Buffalo International Fund** 

**Schedule of Investments** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — (Continued)**<br>|  |  |
| **Japan — (Continued)**  | **Japan — (Continued)**  | **Japan — (Continued)**  |
| **Semiconductors & Semiconductor Equipment — 2.9%**<br>|  |  |
| Disco Corp. | 47500 | $9700530  |
| Renesas Electronics Corp. | 1160000 | 15558674  |
|  |  | 25259204  |
| **Total Japan** |  | 108249497  |
| **Luxembourg — 0.9%**<br>|  |  |
| **Life Sciences Tools & Services — 0.9%**<br>|  |  |
| Eurofins Scientific SE | 148648 | 7929315  |
| **Netherlands — 5.7%**<br>|  |  |
| **Financial Services — 2.2%**<br>|  |  |
| Adyen NV<sup>(a)(b)</sup> | 12685 | 19443577  |
| **Semiconductors & Semiconductor Equipment — 2.2%**<br>|  |  |
| ASM International NV | 10000 | 4556947  |
| ASML Holding NV - NY Shares | 21927 | 14529488  |
|  |  | 19086435  |
| **Trading Companies & Distributors — 1.3%**<br>|  |  |
| IMCD NV | 83441 | 11104497  |
| **Total Netherlands** |  | 49634509  |
| **Norway — 0.5%**<br>|  |  |
| **Machinery — 0.5%**<br>|  |  |
| TOMRA Systems ASA | 296000 | 4226208  |
| **South Korea — 2.0%**<br>|  |  |
| **Semiconductors & Semiconductor Equipment — 2.0%**<br>|  |  |
| SK Hynix, Inc. | 129194 | 17222340  |
| **Sweden — 0.7%**<br>|  |  |
| **Electronic Equipment, Instruments & Components — 0.7%**<br>|  |  |
| Hexagon AB - Class B | 592953 | 6338528  |
| **Switzerland — 10.0%**<br>|  |  |
| **Capital Markets — 1.4%**<br>|  |  |
| Julius Baer Group Ltd. | 183937 | 12749783  |
| **Construction Materials — 1.7%**<br>|  |  |
| Holcim AG | 136000 | 14635398  |
| **Electrical Equipment — 1.4%**<br>|  |  |
| ABB Ltd. | 65000 | 3353867  |
| ABB Ltd. - ADR | 169812 | 8853998  |
|  |  | 12207865  |

---

The accompanying notes are an integral part of these financial statements.

37<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Buffalo International Fund** 

**Schedule of Investments** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — (Continued)**<br>|  |  |
| **Switzerland — (Continued)**<br>|  |  |
| **Health Care Equipment & Supplies — 2.1%**<br>|  |  |
| Alcon AG | 126317 | $11991273  |
| Alcon AG | 64598 | 6129382  |
|  |  | 18120655  |
| **Life Sciences Tools & Services — 2.3%**<br>|  |  |
| Lonza Group AG | 32904 | 20327100  |
| **Pharmaceuticals — 1.1%**<br>|  |  |
| Roche Holding AG | 21800 | 7174982  |
| Roche Holding AG - ADR | 68771 | 2829927  |
|  |  | 10004909  |
| **Total Switzerland** |  | 88045710  |
| **Taiwan — 2.4%**<br>|  |  |
| **Semiconductors & Semiconductor Equipment — 2.4%**<br>|  |  |
| Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | 124898 | 20733068  |
| **United Kingdom — 12.2%**<br>|  |  |
| **Aerospace & Defense — 1.3%**<br>|  |  |
| BAE Systems PLC | 545255 | 11010111  |
| **Capital Markets — 1.9%**<br>|  |  |
| London Stock Exchange Group PLC | 115000 | 17080716  |
| **Health Care Equipment & Supplies — 1.0%**<br>|  |  |
| Smith & Nephew PLC | 335913 | 4723814  |
| Smith & Nephew PLC - ADR | 154254 | 4376186  |
|  |  | 9100000  |
| **Hotels, Restaurants & Leisure — 1.3%**<br>|  |  |
| InterContinental Hotels Group PLC | 103873 | 11184081  |
| **Oil, Gas & Consumable Fuels — 1.2%**<br>|  |  |
| Shell PLC | 200000 | 7318942  |
| Shell PLC - ADR | 39206 | 2873016  |
|  |  | 10191958  |
| **Personal Care Products — 1.5%**<br>|  |  |
| Unilever PLC | 61999 | 3694031  |
| Unilever PLC - ADR | 162271 | 9663238  |
|  |  | 13357269  |
| **Pharmaceuticals — 1.9%**<br>|  |  |
| AstraZeneca PLC | 34000 | 4992748  |
| AstraZeneca PLC - ADR | 160073 | 11765365  |
|  |  | 16758113  |
| **Professional Services — 0.5%**<br>|  |  |
| RELX PLC - ADR | 80000 | 4032800  |

---

The accompanying notes are an integral part of these financial statements.

38<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Buffalo International Fund** 

**Schedule of Investments** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — (Continued)**<br>|  |  |
| **United Kingdom — (Continued)**  | **United Kingdom — (Continued)**  | **United Kingdom — (Continued)**  |
| **Textiles, Apparel & Luxury Goods — 0.4%**<br>|  |  |
| Birkenstock Holding PLC<sup>(b)</sup> | 70000 | $3209500  |
| **Trading Companies & Distributors — 1.2%**<br>|  |  |
| Ashtead Group PLC | 197000 | 10651204  |
| **Total United Kingdom** |  | 106575752  |
| **Uruguay — 2.4%**<br>|  |  |
| **Broadline Retail — 2.4%**<br>|  |  |
| MercadoLibre, Inc.<sup>(b)</sup> | 10851 | 21168890  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $584,957,466)** |  | 863584760  |
|  | **Contracts**  |  |
| **WARRANTS - 0.0%<sup>(c)</sup>**<br>|  |  |
| **Canada - 0.0%<sup>(c)</sup>**<br>|  |  |
| **Software — 0.0%<sup>(c)</sup>**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Constellation Software, Inc., Expires 03/31/2040, Exercise <br>Price $0.00<sup>(b)(d)</sup> | 5500 | 0  |
| &nbsp;&nbsp;&nbsp; **TOTAL WARRANTS** <br>**(Cost $0)** |  | 0  |
|  | **Shares**  |  |
| **SHORT-TERM INVESTMENTS — 1.4%**<br>|  |  |
| **Money Market Funds — 1.4%**<br>|  |  |
| Fidelity Money Market Government Portfolio - Class I, 4.23%<sup>(e)</sup> | 12475995 | 12475995  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $12,475,995)** |  | 12475995  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS — 99.8%** <br>**(Cost $597,433,461)** |  | 876060755  |
| Other Assets in Excess of Liabilities — 0.2% |  | 1325241  |
| **TOTAL NET ASSETS — 100.0%** |  | $877385996 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> 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

ASA - Advanced Subscription Agreement

PLC - Public Limited Company

The accompanying notes are an integral part of these financial statements.

39<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Buffalo International Fund** 

**Schedule of Investments** 

**March 31, 2025(Continued)** 

<sup>(a)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of March 31, 2025, the value of these securities total $27,227,362 or 3.1% of the Fund's net assets.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> Represents less than 0.05% of net assets.

<sup>(d)</sup> Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $0 or 0.0% of net assets as of March 31, 2025.

<sup>(e)</sup> The rate shown represents the 7-day annualized effective yield as of March 31, 2025.

The accompanying notes are an integral part of these financial statements.

40<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Buffalo Mid Cap Discovery Fund** 

**Schedule of Investments** 

**March 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — 93.9%**<br>|  |  |
| **Communication Services — 3.3%**<br>|  |  |
| **Entertainment — 1.4%**<br>|  |  |
| Live Nation Entertainment, Inc.<sup>(a)</sup> | 63000 | $8226540  |
| **Interactive Media & Services — 1.4%**<br>|  |  |
| Pinterest, Inc. - Class A<sup>(a)</sup> | 266094 | 8248914  |
| **Media — 0.5%**<br>|  |  |
| Trade Desk, Inc. - Class A<sup>(a)</sup> | 50000 | 2736000  |
| **Total Communication Services** |  | 19211454  |
| **Consumer Discretionary — 4.4%**<br>|  |  |
| **Automobile Components — 1.2%**<br>|  |  |
| Aptiv PLC<sup>(a)</sup> | 112472 | 6692084  |
| **Hotels, Restaurants & Leisure — 2.1%**<br>|  |  |
| DraftKings, Inc. - Class A<sup>(a)</sup> | 221000 | 7339410  |
| Expedia Group, Inc. | 27952 | 4698731  |
|  |  | 12038141  |
| **Textiles, Apparel & Luxury Goods — 1.1%**<br>|  |  |
| lululemon athletica, Inc.<sup>(a)</sup> | 22985 | 6506134  |
| **Total Consumer Discretionary** |  | 25236359  |
| **Consumer Staples — 2.7%**<br>|  |  |
| **Consumer Staples Distribution & Retail — 1.7%**<br>|  |  |
| Maplebear, Inc.<sup>(a)</sup> | 245000 | 9773050  |
| **Personal Care Products — 1.0%**<br>|  |  |
| elf Beauty, Inc.<sup>(a)</sup> | 90600 | 5688774  |
| **Total Consumer Staples** |  | 15461824  |
| **Energy — 2.2%**<br>|  |  |
| **Energy Equipment & Services — 2.2%**<br>|  |  |
| Schlumberger NV | 303150 | 12671670  |
| **Financials — 14.3%**<br>|  |  |
| **Capital Markets — 8.8%**<br>|  |  |
| FactSet Research Systems, Inc. | 11100 | 5046504  |
| Intercontinental Exchange, Inc. | 62438 | 10770555  |
| MarketAxess Holdings, Inc. | 36500 | 7896775  |
| MSCI, Inc. | 37940 | 21455070  |
| TPG, Inc. | 105000 | 4980150  |
|  |  | 50149054  |
| **Financial Services — 5.5%**<br>|  |  |
| Corpay, Inc.<sup>(a)</sup> | 36954 | 12886599  |
| Global Payments, Inc. | 87708 | 8588367  |
| Shift4 Payments, Inc. - Class A<sup>(a)</sup> | 126667 | 10349961  |
|  |  | 31824927  |
| **Total Financials** |  | 81973981  |

---

The accompanying notes are an integral part of these financial statements.

41<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Buffalo Mid Cap Discovery Fund** 

**Schedule of Investments** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — (Continued)**<br>|  |  |
| **Health Care — 17.1%**<br>|  |  |
| **Biotechnology — 1.0%**<br>|  |  |
| Natera, Inc.<sup>(a)</sup> | 41581 | $5879969  |
| **Health Care Equipment & Supplies — 5.8%**<br>|  |  |
| Alcon AG | 106641 | 10123430  |
| DexCom, Inc.<sup>(a)</sup> | 32711 | 2233835  |
| Edwards Lifesciences Corp.<sup>(a)</sup> | 92000 | 6668160  |
| IDEXX Laboratories, Inc.<sup>(a)</sup> | 18299 | 7684665  |
| Insulet Corp.<sup>(a)</sup> | 25200 | 6617772  |
|  |  | 33327862  |
| **Health Care Providers & Services — 1.3%**<br>|  |  |
| Progyny, Inc.<sup>(a)</sup> | 340147 | 7598884  |
| **Health Care Technology — 2.5%**<br>|  |  |
| Veeva Systems, Inc. - Class A<sup>(a)</sup> | 60687 | 14056930  |
| **Life Sciences Tools & Services — 6.5%**<br>|  |  |
| Agilent Technologies, Inc. | 46471 | 5436177  |
| Bio-Rad Laboratories, Inc. - Class A<sup>(a)</sup> | 23469 | 5716110  |
| Bio-Techne Corp. | 115975 | 6799614  |
| ICON PLC<sup>(a)</sup> | 35000 | 6124650  |
| IQVIA Holdings, Inc.<sup>(a)</sup> | 45662 | 8050211  |
| West Pharmaceutical Services, Inc. | 21000 | 4701480  |
|  |  | 36828242  |
| **Total Health Care** |  | 97691887  |
| **Industrials — 19.3%**<br>|  |  |
| **Aerospace & Defense — 1.4%**<br>|  |  |
| HEICO Corp. - Class A | 38600 | 8143442  |
| **Building Products — 1.2%**<br>|  |  |
| Advanced Drainage Systems, Inc. | 65000 | 7062250  |
| **Commercial Services & Supplies — 2.4%**<br>|  |  |
| Copart, Inc.<sup>(a)</sup> | 239088 | 13529990  |
| **Electrical Equipment — 3.3%**<br>|  |  |
| AMETEK, Inc. | 67600 | 11636664  |
| Vertiv Holdings Co. - Class A | 102500 | 7400500  |
|  |  | 19037164  |
| **Machinery — 1.3%**<br>|  |  |
| Xylem, Inc. | 64200 | 7669332  |
| **Professional Services — 8.5%**<br>|  |  |
| Equifax, Inc. | 35662 | 8685837  |
| KBR, Inc. | 151500 | 7546215  |
| TransUnion | 236389 | 19617923  |
| Verisk Analytics, Inc. | 42223 | 12566409  |
|  |  | 48416384  |

---

The accompanying notes are an integral part of these financial statements.

42<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Buffalo Mid Cap Discovery Fund** 

**Schedule of Investments** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — (Continued)**<br>|  |  |
| **Industrials — (Continued)** | **Industrials — (Continued)** | **Industrials — (Continued)** |
| **Trading Companies & Distributors — 1.2%**<br>|  |  |
| Ferguson Enterprises, Inc. | 41384 | $6630958  |
| **Total Industrials** |  | 110489520  |
| **Information Technology — 24.7%**<br>|  |  |
| **Electronic Equipment, Instruments & Components — 1.8%**<br>|  |  |
| Amphenol Corp. - Class A | 116602 | 7647925  |
| Keysight Technologies, Inc.<sup>(a)</sup> | 18614 | 2787819  |
|  |  | 10435744  |
| **IT Services — 5.8%**<br>|  |  |
| Gartner, Inc.<sup>(a)</sup> | 21591 | 9062606  |
| GoDaddy, Inc. - Class A<sup>(a)</sup> | 38239 | 6888374  |
| Okta, Inc.<sup>(a)</sup> | 105750 | 11127015  |
| Snowflake, Inc. - Class A<sup>(a)</sup> | 41000 | 5992560  |
|  |  | 33070555  |
| **Semiconductors & Semiconductor Equipment — 3.0%**<br>|  |  |
| Analog Devices, Inc. | 17500 | 3529225  |
| Monolithic Power Systems, Inc. | 5227 | 3031555  |
| Teradyne, Inc. | 36000 | 2973600  |
| Universal Display Corp. | 53894 | 7517135  |
|  |  | 17051515  |
| **Software — 14.1%**<br>|  |  |
| Autodesk, Inc.<sup>(a)</sup> | 39365 | 10305757  |
| CyberArk Software Ltd.<sup>(a)</sup> | 20600 | 6962800  |
| DoubleVerify Holdings, Inc.<sup>(a)</sup> | 368744 | 4930107  |
| Guidewire Software, Inc.<sup>(a)</sup> | 39875 | 7470980  |
| HubSpot, Inc.<sup>(a)</sup> | 10950 | 6255625  |
| Nutanix, Inc. - Class A<sup>(a)</sup> | 99500 | 6946095  |
| Procore Technologies, Inc.<sup>(a)</sup> | 132000 | 8714640  |
| PTC, Inc.<sup>(a)</sup> | 37450 | 5802878  |
| Synopsys, Inc.<sup>(a)</sup> | 14655 | 6284797  |
| Tyler Technologies, Inc.<sup>(a)</sup> | 14000 | 8139460  |
| Varonis Systems, Inc.<sup>(a)</sup> | 217500 | 8797875  |
|  |  | 80611014  |
| **Total Information Technology** |  | 141168828  |
| **Materials — 1.3%**<br>|  |  |
| **Chemicals — 1.3%**<br>|  |  |
| Ecolab, Inc. | 28520 | 7230390  |
| **Real Estate — 2.8%**<br>|  |  |
| **Real Estate Management & Development — 2.8%**<br>|  |  |
| CoStar Group, Inc.<sup>(a)</sup> | 199341 | 15793788  |

---

The accompanying notes are an integral part of these financial statements.

43<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Buffalo Mid Cap Discovery Fund** 

**Schedule of Investments** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** |
| **Utilities — 1.8%**<br>|  |  |
| **Independent Power and Renewable Electricity Producers — 1.8%**<br>|  |  |
| Vistra Corp. | 87950 | $10328848  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $411,696,536)** |  | 537258549  |
| **SHORT-TERM INVESTMENTS — 3.8%**<br>|  |  |
| **Money Market Funds — 3.8%**<br>|  |  |
| Fidelity Money Market Government Portfolio - Class I, 4.23%<sup>(b)</sup> | 21601747 | 21601747  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $21,601,747)** |  | 21601747  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS — 97.7%** <br>**(Cost $433,298,283)** |  | 558860296  |
| Other Assets in Excess of Liabilities — 2.3% |  | 13228449  |
| **TOTAL NET ASSETS — 100.0%** |  | $572088745 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> 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

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> The rate shown represents the 7-day annualized effective yield as of March 31, 2025.

The accompanying notes are an integral part of these financial statements.

44<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Buffalo Mid Cap Growth Fund** 

**Schedule of Investments** 

**March 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — 93.0%**<br>|  |  |
| **Communication Services — 7.0%**<br>|  |  |
| **Entertainment — 5.7%**<br>|  |  |
| Liberty Media Corp.-Liberty Formula One - Class A<sup>(a)</sup> | 36529 | $2976018  |
| Live Nation Entertainment, Inc.<sup>(a)</sup> | 23000 | 3003340  |
| Take-Two Interactive Software, Inc.<sup>(a)</sup> | 8000 | 1658000  |
|  |  | 7637358  |
| **Interactive Media & Services — 1.3%**<br>|  |  |
| Pinterest, Inc. - Class A<sup>(a)</sup> | 58202 | 1804262  |
| **Total Communication Services** |  | 9441620  |
| **Consumer Discretionary — 3.7%**<br>|  |  |
| **Hotels, Restaurants & Leisure — 1.7%**<br>|  |  |
| Vail Resorts, Inc. | 10746 | 1719575  |
| Wingstop, Inc. | 2500 | 563950  |
|  |  | 2283525  |
| **Textiles, Apparel & Luxury Goods — 2.0%**<br>|  |  |
| Birkenstock Holding PLC<sup>(a)</sup> | 30000 | 1375500  |
| lululemon athletica, Inc.<sup>(a)</sup> | 4845 | 1371425  |
|  |  | 2746925  |
| **Total Consumer Discretionary** |  | 5030450  |
| **Consumer Staples — 1.0%**<br>|  |  |
| **Personal Care Products — 1.0%**<br>|  |  |
| elf Beauty, Inc.<sup>(a)</sup> | 21517 | 1351052  |
| **Financials — 12.0%**<br>|  |  |
| **Capital Markets — 6.7%**<br>|  |  |
| MarketAxess Holdings, Inc. | 6225 | 1346779  |
| Moody's Corp. | 3500 | 1629915  |
| MSCI, Inc. | 10816 | 6116448  |
|  |  | 9093142  |
| **Financial Services — 1.7%**<br>|  |  |
| Global Payments, Inc. | 23400 | 2291328  |
| **Insurance — 3.6%**<br>|  |  |
| Kinsale Capital Group, Inc. | 9900 | 4818429  |
| **Total Financials** |  | 16202899  |
| **Health Care — 14.4%**<br>|  |  |
| **Health Care Equipment & Supplies — 1.6%**<br>|  |  |
| Cooper Cos., Inc.<sup>(a)</sup> | 22600 | 1906310  |
| DexCom, Inc.<sup>(a)</sup> | 4556 | 311129  |
|  |  | 2217439  |
| **Health Care Providers & Services — 3.1%**<br>|  |  |
| Encompass Health Corp. | 24550 | 2486424  |
| Progyny, Inc.<sup>(a)</sup> | 74300 | 1659862  |
|  |  | 4146286  |

---

The accompanying notes are an integral part of these financial statements.

45<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Buffalo Mid Cap Growth Fund** 

**Schedule of Investments** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — (Continued)** <br>|  |  |
| **Health Care — (Continued)** <br>|  |  |
| **Health Care Technology — 3.4%**<br>|  |  |
| Veeva Systems, Inc. - Class A<sup>(a)</sup> | 19850 | $4597856  |
| **Life Sciences Tools & Services — 6.3%**<br>|  |  |
| Bio-Rad Laboratories, Inc. - Class A<sup>(a)</sup> | 6130 | 1493023  |
| Bio-Techne Corp. | 34800 | 2040324  |
| IQVIA Holdings, Inc.<sup>(a)</sup> | 10600 | 1868780  |
| Mettler-Toledo International, Inc.<sup>(a)</sup> | 2550 | 3011320  |
|  |  | 8413447  |
| **Total Health Care** |  | 19375028  |
| **Industrials - 26.5%<sup>(b)</sup>**<br>|  |  |
| **Aerospace & Defense — 2.4%**<br>|  |  |
| TransDigm Group, Inc. | 2300 | 3181567  |
| **Commercial Services & Supplies — 5.6%**<br>|  |  |
| Copart, Inc.<sup>(a)</sup> | 84000 | 4753560  |
| RB Global, Inc. | 27660 | 2774298  |
|  |  | 7527858  |
| **Construction & Engineering — 1.5%**<br>|  |  |
| AECOM | 21800 | 2021514  |
| **Electrical Equipment — 4.5%**<br>|  |  |
| AMETEK, Inc. | 23255 | 4003116  |
| Vertiv Holdings Co. - Class A | 29432 | 2124990  |
|  |  | 6128106  |
| **Professional Services — 11.0%**<br>|  |  |
| Equifax, Inc. | 9100 | 2216396  |
| SS&C Technologies Holdings, Inc. | 34289 | 2864160  |
| TransUnion | 49000 | 4066510  |
| Verisk Analytics, Inc. | 19053 | 5670554  |
|  |  | 14817620  |
| **Trading Companies & Distributors — 1.5%**<br>|  |  |
| Ferguson Enterprises, Inc. | 12265 | 1965221  |
| **Total Industrials** |  | 35641886  |
| **Information Technology — 17.3%**<br>|  |  |
| **IT Services — 4.3%**<br>|  |  |
| Gartner, Inc.<sup>(a)</sup> | 10800 | 4533192  |
| Snowflake, Inc. - Class A<sup>(a)</sup> | 9000 | 1315440  |
|  |  | 5848632  |
| **Semiconductors & Semiconductor Equipment — 1.3%**<br>|  |  |
| ON Semiconductor Corp.<sup>(a)</sup> | 43310 | 1762284  |

---

The accompanying notes are an integral part of these financial statements.

46<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Buffalo Mid Cap Growth Fund** 

**Schedule of Investments** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — (Continued)** <br>|  |  |
| **Information Technology — (Continued)** <br>|  |  |
| **Software — 11.7%**<br>|  |  |
| CyberArk Software Ltd.<sup>(a)</sup> | 5475 | $1850550  |
| DoubleVerify Holdings, Inc.<sup>(a)</sup> | 82000 | 1096340  |
| Guidewire Software, Inc.<sup>(a)</sup> | 14200 | 2660512  |
| Procore Technologies, Inc.<sup>(a)</sup> | 43800 | 2891676  |
| PTC, Inc.<sup>(a)</sup> | 16000 | 2479200  |
| Tyler Technologies, Inc.<sup>(a)</sup> | 4100 | 2383699  |
| Varonis Systems, Inc.<sup>(a)</sup> | 58500 | 2366325  |
|  |  | 15728302  |
| **Total Information Technology** |  | 23339218  |
| **Materials — 2.7%**<br>|  |  |
| **Chemicals — 0.9%**<br>|  |  |
| Element Solutions, Inc. | 52500 | 1187025  |
| **Construction Materials — 1.8%**<br>|  |  |
| Martin Marietta Materials, Inc. | 5000 | 2390650  |
| **Total Materials** |  | 3577675  |
| **Real Estate — 6.9%**<br>|  |  |
| **Real Estate Management & Development — 6.9%**<br>|  |  |
| CBRE Group, Inc. - Class A<sup>(a)</sup> | 44000 | 5754320  |
| CoStar Group, Inc.<sup>(a)</sup> | 44000 | 3486120  |
|  |  | 9240440  |
| **Total Real Estate** |  | 9240440  |
| **Utilities — 1.5%**<br>|  |  |
| **Independent Power and Renewable Electricity Producers — 1.5%**<br>|  |  |
| Vistra Corp. | 17750 | 2084560  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $74,613,812)** |  | 125284828  |
| **REAL ESTATE INVESTMENT TRUSTS — 2.1%**<br>|  |  |
| **Real Estate — 2.1%**<br>|  |  |
| **Health Care REITs — 2.1%**<br>|  |  |
| Welltower, Inc. | 18500 | 2834385  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS** <br>**(Cost $1,266,139)** |  | 2834385  |

---

The accompanying notes are an integral part of these financial statements.

47<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Buffalo Mid Cap Growth Fund** 

**Schedule of Investments** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **SHORT-TERM INVESTMENTS — 3.6%**<br>|  |  |
| **Money Market Funds — 3.6%**<br>|  |  |
| Fidelity Money Market Government Portfolio - Class I, 4.23%<sup>(c)</sup> | 4831762 | $4831762  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $4,831,762)** |  | 4831762  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS — 98.7%** <br>**(Cost $80,711,713)** |  | 132950975  |
| Other Assets in Excess of Liabilities — 1.3% |  | 1683036  |
| **TOTAL NET ASSETS — 100.0%** |  | $134634011 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> 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

REIT - Real Estate Investment Trust

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> 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.

<sup>(c)</sup> The rate shown represents the 7-day annualized effective yield as of March 31, 2025.

The accompanying notes are an integral part of these financial statements.

48<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Buffalo Small Cap Growth Fund** 

**Schedule of Investments** 

**March 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — 93.0%**<br>|  |  |
| **Consumer Discretionary — 10.2%**<br>|  |  |
| **Broadline Retail — 1.3%**<br>|  |  |
| Ollie's Bargain Outlet Holdings, Inc.<sup>(a)</sup> | 56300 | $6551068  |
| **Hotels, Restaurants & Leisure — 2.5%**<br>|  |  |
| First Watch Restaurant Group, Inc.<sup>(a)</sup> | 298167 | 4964481  |
| Portillo's, Inc. - Class A<sup>(a)</sup> | 511670 | 6083756  |
| Wingstop, Inc. | 6891 | 1554472  |
|  |  | 12602709  |
| **Household Durables — 4.8%**<br>|  |  |
| Champion Homes, Inc.<sup>(a)</sup> | 155430 | 14728547  |
| Installed Building Products, Inc. | 30500 | 5229530  |
| Lovesac Co.<sup>(a)</sup> | 250842 | 4560307  |
|  |  | 24518384  |
| **Specialty Retail — 1.0%**<br>|  |  |
| Boot Barn Holdings, Inc.<sup>(a)</sup> | 46585 | 5004627  |
| **Textiles, Apparel & Luxury Goods — 0.6%**<br>|  |  |
| Steven Madden Ltd. | 115827 | 3085631  |
| **Total Consumer Discretionary** |  | 51762419  |
| **Consumer Staples — 3.4%**<br>|  |  |
| **Personal Care Products — 3.4%**<br>|  |  |
| BellRing Brands, Inc.<sup>(a)</sup> | 156710 | 11668627  |
| elf Beauty, Inc.<sup>(a)</sup> | 85225 | 5351278  |
|  |  | 17019905  |
| **Total Consumer Staples** |  | 17019905  |
| **Energy — 3.6%**<br>|  |  |
| **Energy Equipment & Services — 2.4%**<br>|  |  |
| Cactus, Inc. - Class A | 158290 | 7254431  |
| Patterson-UTI Energy, Inc. | 593320 | 4877090  |
|  |  | 12131521  |
| **Oil, Gas & Consumable Fuels — 1.2%**<br>|  |  |
| Matador Resources Co. | 120945 | 6179080  |
| **Total Energy** |  | 18310601  |
| **Financials — 13.3%**<br>|  |  |
| **Capital Markets — 4.3%**<br>|  |  |
| Hamilton Lane Inc. - Class A | 97213 | 14452657  |
| WisdomTree, Inc. | 841830 | 7509124  |
|  |  | 21961781  |
| **Financial Services — 2.5%**<br>|  |  |
| Shift4 Payments, Inc. - Class A<sup>(a)</sup> | 156037 | 12749783  |

---

The accompanying notes are an integral part of these financial statements.

49<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Buffalo Small Cap Growth Fund** 

**Schedule of Investments** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — (Continued)**  | **COMMON STOCKS — (Continued)**  | **COMMON STOCKS — (Continued)**  |
| **Financials — (Continued)**  | **Financials — (Continued)**  | **Financials — (Continued)**  |
| **Insurance — 6.5%**<br>|  |  |
| Baldwin Insurance Group, Inc. - Class A<sup>(a)</sup> | 237665 | $10621249  |
| Kinsale Capital Group, Inc. | 15130 | 7363922  |
| Palomar Holdings, Inc.<sup>(a)</sup> | 107373 | 14718691  |
|  |  | 32703862  |
| **Total Financials** |  | 67415426  |
| **Health Care — 20.4%**<br>|  |  |
| **Biotechnology — 4.8%**<br>|  |  |
| Arrowhead Pharmaceuticals, Inc.<sup>(a)</sup> | 126510 | 1611737  |
| Halozyme Therapeutics, Inc.<sup>(a)</sup> | 177139 | 11303240  |
| Madrigal Pharmaceuticals, Inc.<sup>(a)</sup> | 14760 | 4888955  |
| Natera, Inc.<sup>(a)</sup> | 45593 | 6447306  |
|  |  | 24251238  |
| **Health Care Equipment & Supplies — 6.3%**<br>|  |  |
| Establishment Labs Holdings, Inc.<sup>(a)</sup> | 184940 | 7546477  |
| Inspire Medical Systems, Inc.<sup>(a)</sup> | 44440 | 7078403  |
| Lantheus Holdings, Inc.<sup>(a)</sup> | 79320 | 7741632  |
| QuidelOrtho Corp.<sup>(a)</sup> | 180215 | 6302119  |
| Treace Medical Concepts, Inc.<sup>(a)</sup> | 365393 | 3065647  |
|  |  | 31734278  |
| **Health Care Providers & Services — 6.0%**<br>|  |  |
| Castle Biosciences, Inc.<sup>(a)</sup> | 239614 | 4797072  |
| HealthEquity, Inc.<sup>(a)</sup> | 74969 | 6625011  |
| Option Care Health, Inc.<sup>(a)</sup> | 395255 | 13814162  |
| Privia Health Group, Inc.<sup>(a)</sup> | 218025 | 4894661  |
|  |  | 30130906  |
| **Life Sciences Tools & Services — 0.5%**<br>|  |  |
| Medpace Holdings, Inc.<sup>(a)</sup> | 8675 | 2643186  |
| OmniAb Operations, Inc. - 12.50 Earnout<sup>(a)(b)</sup> | 47436 | 475  |
| OmniAb Operations, Inc. - 15.00 Earnout<sup>(a)(b)</sup> | 47436 | 474  |
|  |  | 2644135  |
| **Pharmaceuticals — 2.8%**<br>|  |  |
| Ligand Pharmaceuticals, Inc.<sup>(a)</sup> | 135482 | 14244577  |
| **Total Health Care** |  | 103005134  |
| **Industrials — 20.3%**<br>|  |  |
| **Aerospace & Defense — 0.7%**<br>|  |  |
| AeroVironment, Inc.<sup>(a)</sup> | 28165 | 3356986  |
| **Building Products — 3.4%**<br>|  |  |
| Advanced Drainage Systems, Inc. | 83880 | 9113562  |
| AZEK Co., Inc.<sup>(a)</sup> | 164695 | 8051939  |
|  |  | 17165501  |

---

The accompanying notes are an integral part of these financial statements.

50<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Buffalo Small Cap Growth Fund** 

**Schedule of Investments** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** |
| **Industrials — (Continued)** | **Industrials — (Continued)** | **Industrials — (Continued)** |
| **Construction & Engineering — 2.3%**<br>|  |  |
| MYR Group, Inc.<sup>(a)</sup> | 31890 | $3606440  |
| Sterling Infrastructure, Inc.<sup>(a)</sup> | 70030 | 7928096  |
|  |  | 11534536  |
| **Machinery — 6.5%**<br>|  |  |
| Chart Industries, Inc.<sup>(a)</sup> | 65085 | 9395671  |
| ESCO Technologies, Inc. | 30865 | 4911239  |
| JBT Marel Corp. | 101440 | 12395968  |
| Kornit Digital Ltd.<sup>(a)</sup> | 326205 | 6223991  |
|  |  | 32926869  |
| **Professional Services — 4.9%**<br>|  |  |
| FTI Consulting, Inc.<sup>(a)</sup> | 41890 | 6873311  |
| ICF International, Inc. | 99144 | 8424266  |
| NV5 Global, Inc.<sup>(a)</sup> | 503320 | 9698976  |
|  |  | 24996553  |
| **Trading Companies & Distributors — 2.5%**<br>|  |  |
| SiteOne Landscape Supply, Inc.<sup>(a)</sup> | 55485 | 6738098  |
| Transcat, Inc.<sup>(a)</sup> | 40000 | 2978000  |
| WESCO International, Inc. | 19855 | 3083482  |
|  |  | 12799580  |
| **Total Industrials** |  | 102780025  |
| **Information Technology — 21.8%**<br>|  |  |
| **Communications Equipment — 0.8%**<br>|  |  |
| Ciena Corp.<sup>(a)</sup> | 67645 | 4087788  |
| **Electronic Equipment, Instruments & Components — 2.6%**<br>|  |  |
| Napco Security Technologies, Inc. | 240370 | 5533317  |
| Novanta, Inc.<sup>(a)</sup> | 59255 | 7576937  |
|  |  | 13110254  |
| **IT Services — 1.1%**<br>|  |  |
| Endava PLC - ADR<sup>(a)</sup> | 279565 | 5454313  |
| **Semiconductors & Semiconductor Equipment — 5.1%**<br>|  |  |
| Credo Technology Group Holding Ltd.<sup>(a)</sup> | 48040 | 1929286  |
| Onto Innovation, Inc.<sup>(a)</sup> | 35645 | 4325164  |
| Silicon Laboratories, Inc.<sup>(a)</sup> | 62330 | 7016488  |
| SiTime Corp.<sup>(a)</sup> | 33110 | 5061526  |
| Universal Display Corp. | 51593 | 7196192  |
|  |  | 25528656  |
| **Software — 12.2%**<br>|  |  |
| Clearwater Analytics Holdings, Inc. - Class A<sup>(a)</sup> | 401365 | 10756582  |
| DoubleVerify Holdings, Inc.<sup>(a)</sup> | 415664 | 5557428  |

---

The accompanying notes are an integral part of these financial statements.

51<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Buffalo Small Cap Growth Fund** 

**Schedule of Investments** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — (Continued)**  | **COMMON STOCKS — (Continued)**  | **COMMON STOCKS — (Continued)**  |
| **Information Technology — (Continued)** | **Information Technology — (Continued)** | **Information Technology — (Continued)** |
| **Software — (Continued)**  | **Software — (Continued)**  | **Software — (Continued)**  |
| Intapp, Inc.<sup>(a)</sup> | 105445 | $6155879  |
| PagerDuty, Inc.<sup>(a)</sup> | 296510 | 5417238  |
| Pegasystems, Inc. | 119670 | 8319458  |
| Tenable Holdings, Inc.<sup>(a)</sup> | 185010 | 6471650  |
| Varonis Systems, Inc.<sup>(a)</sup> | 200570 | 8113056  |
| Vertex, Inc. - Class A<sup>(a)</sup> | 315497 | 11045550  |
|  |  | 61836841  |
| **Total Information Technology** |  | 110017852  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $413,437,418)** |  | 470311362  |
| **SHORT-TERM INVESTMENTS — 7.1%**<br>|  |  |
| **Money Market Funds — 7.1%**<br>|  |  |
| Fidelity Money Market Government Portfolio - Class I, 4.23%<sup>(c)</sup> | 35903801 | 35903801  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $35,903,801)** |  | 35903801  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS — 100.1%** <br>**(Cost $449,341,219)** |  | 506215163  |
| Liabilities in Excess of Other Assets — (0.1)% |  | (527294)  |
| **TOTAL NET ASSETS — 100.0%** |  | $505687869 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> 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

PLC - Public Limited Company

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $949 or 0.0% of net assets as of March 31, 2025.

<sup>(c)</sup> The rate shown represents the 7-day annualized effective yield as of March 31, 2025.

The accompanying notes are an integral part of these financial statements.

52<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BUFFALO FUNDS** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**March 31, 2025** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Buffalo** <br>**Blue Chip** <br>**Growth Fund** | **Buffalo** <br>**Early Stage** <br>**Growth Fund** | **Buffalo** <br>**Flexible** <br>**Allocation Fund** | **Buffalo** <br>**Growth** <br>**Fund** | **Buffalo** <br>**Growth &** <br>**Income Fund**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments in securities, at cost | $73271701 | $48499503 | &nbsp;&nbsp; $176914160 | $57985593 | $78184120  |
| Investments in securities, at value | $136804307 | $60594732 | &nbsp;&nbsp; $467482354 | $162298691 | $163519519  |
| Receivables:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments sold | 1495529 |  | &nbsp;&nbsp; 10300 |  | —  |
| &nbsp;&nbsp;&nbsp; Fund shares sold | 11879 | 6813 | &nbsp;&nbsp; 49421 | 24954 | 29586  |
| &nbsp;&nbsp;&nbsp; Dividends | 50909 | 24854 | &nbsp;&nbsp; 501136 | 24976 | 102584  |
| &nbsp;&nbsp;&nbsp; Interest |  |  | &nbsp;&nbsp; — |  | 13916  |
| Other assets | 19617 | 18130 | &nbsp;&nbsp; 15226 | 16828 | 17586  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 138382241 | 60644529 | &nbsp;&nbsp; 468058437 | 162365449 | 163683191  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Payables:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments purchased | 760722 |  | &nbsp;&nbsp; — |  | —  |
| &nbsp;&nbsp;&nbsp; Options written, at value<sup>(1)</sup> (Note 6) |  |  | &nbsp;&nbsp; 12550 |  | —  |
| &nbsp;&nbsp;&nbsp; Fund shares purchased | 54653 | 2361 | &nbsp;&nbsp; 86925 | 57873 | 14246  |
| &nbsp;&nbsp;&nbsp; Management fees (Note 3) | 91714 | 68730 | &nbsp;&nbsp; 338368 | 107269 | 104626  |
| &nbsp;&nbsp;&nbsp; Accrued shareholder service fees - Investor Class (Note 5) | 13845 | 9859 | &nbsp;&nbsp; 102385 | 25794 | 15154  |
| &nbsp;&nbsp;&nbsp; Custodian fees (Note 3) |  |  | &nbsp;&nbsp; — |  | —  |
| &nbsp;&nbsp;&nbsp; Accrued expenses | 28 | 28 | &nbsp;&nbsp; 28 | 30 | 28  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 920962 | 80978 | &nbsp;&nbsp; 540256 | 190966 | 134054  |
| **NET ASSETS** | $137461279 | $60563551 | &nbsp;&nbsp; $467518181 | $162174483 | $163549137  |
| **Net Assets Consist of:**<br>|  |  |  |  |  |
| Paid-in capital | $69645506 | $54900847 | &nbsp;&nbsp; $159436784 | $53129328 | $79001061  |
|  Total distributable earnings (accumulated deficit) | 67815773 | 5662704 | &nbsp;&nbsp; 308081397 | 109045155 | 84548076  |
| &nbsp;&nbsp;&nbsp; **Net assets applicable to outstanding shares** | $137461279 | $60563551 | &nbsp;&nbsp; $467518181 | $162174483 | $163549137  |
| Net Assets - Investor Class | 37844269 | 30735514 | &nbsp;&nbsp; 277764132 | 74143751 | 44922055  |
| Outstanding Shares - Investor Class | 764291 | 2057414 | &nbsp;&nbsp; 13127890 | 2335944 | 1419939  |
| &nbsp;&nbsp;&nbsp; **Net asset value per share - Investor Class**  | $49.52 | $14.94 | &nbsp;&nbsp; $21.16 | $31.74 | $31.64  |
| Net Assets - Institutional Class | 99617010 | 29828037 | &nbsp;&nbsp; 189754049 | 88030732 | 118627082  |
| Outstanding Shares - Institutional Class | 1996365 | 1980394 | &nbsp;&nbsp; 8972111 | 2750758 | 3748304  |
| &nbsp;&nbsp;&nbsp; **Net asset value per share - Institutional Class**  | $49.90 | $15.06 | &nbsp;&nbsp; $21.15 | $32.00 | $31.65  |
| Capital shares, $1.00 par value:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Authorized | Unlimited | Unlimited | &nbsp;&nbsp; Unlimited | Unlimited | Unlimited  |
| <sup>(1)</sup> Options written, premiums received |  |  | &nbsp;&nbsp; $17148 |  |  |

---

The accompanying notes are an integral part of these financial statements.

53<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BUFFALO FUNDS** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**March 31, 2025(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Buffalo** <br>**High Yield** <br>**Fund** | **Buffalo** <br>**International** <br>**Fund** | **Buffalo** <br>**Mid Cap** <br>**Discovery Fund** | **Buffalo** <br>**Mid Cap** <br>**Growth Fund** | **Buffalo** <br>**Small Cap** <br>**Growth Fund**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments in securities, at cost | $662740618 | $597433461 | &nbsp;&nbsp; $433298283 | $80711713 | $449341219  |
| Investments in securities, at value | $663220688 | $876060755 | &nbsp;&nbsp; $558860296 | $132950975 | $506215163  |
| Receivables:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments sold | 7123862 |  | &nbsp;&nbsp; 14215652 | 1740156 | —  |
| &nbsp;&nbsp;&nbsp; Fund shares sold | 1175724 | 560232 | &nbsp;&nbsp; 83639 | 29415 | 73121  |
| &nbsp;&nbsp;&nbsp; Dividends | 184733 | 3137375 | &nbsp;&nbsp; 265217 | 54815 | 227703  |
| &nbsp;&nbsp;&nbsp; Interest | 10163508 |  | &nbsp;&nbsp; — |  | —  |
| Other assets | 47533 | 27832 | &nbsp;&nbsp; 28441 | 16258 | 24203  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 681916048 | 879786194 | &nbsp;&nbsp; 573453245 | 134791619 | 506540190  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Payables:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments purchased | 15447500 |  | &nbsp;&nbsp; — |  | —  |
| &nbsp;&nbsp;&nbsp; Options written, at value<sup>(1)</sup> (Note 6) |  |  | &nbsp;&nbsp; — |  | —  |
| &nbsp;&nbsp;&nbsp; Fund shares purchased | 261821 | 1715200 | &nbsp;&nbsp; 747835 | 36086 | 380573  |
| &nbsp;&nbsp;&nbsp; Management fees (Note 3) | 484696 | 589469 | &nbsp;&nbsp; 429603 | 99176 | 376095  |
| &nbsp;&nbsp;&nbsp; Accrued shareholder service fees - Investor Class (Note 5) | 32230 | 69443 | &nbsp;&nbsp; 187016 | 22300 | 95607  |
| &nbsp;&nbsp;&nbsp; Custodian fees (Note 3) |  | 26040 | &nbsp;&nbsp; — |  | —  |
| &nbsp;&nbsp;&nbsp; Accrued expenses | 46 | 46 | &nbsp;&nbsp; 46 | 46 | 46  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 16226293 | 2400198 | &nbsp;&nbsp; 1364500 | 157608 | 852321  |
| **NET ASSETS** | $665689755 | $877385996 | &nbsp;&nbsp; $572088745 | $134634011 | $505687869  |
| **Net Assets Consist of:**<br>|  |  |  |  |  |
| Paid-in capital | $673350501 | $598148221 | &nbsp;&nbsp; $395241180 | $77564936 | $533154146  |
|  Total distributable earnings (accumulated deficit) | (7660746) | 279237775 | &nbsp;&nbsp; 176847565 | 57069075 | (27466277)  |
| &nbsp;&nbsp;&nbsp; **Net assets applicable to outstanding shares**  | $665689755 | $877385996 | &nbsp;&nbsp; $572088745 | $134634011 | $505687869  |
| Net Assets - Investor Class | 140076400 | 250875448 | &nbsp;&nbsp; 432472866 | 64766567 | 324819382  |
| Outstanding Shares - Investor Class | 13178594 | 11592086 | &nbsp;&nbsp; 19904350 | 4154679 | 24223472  |
| &nbsp;&nbsp;&nbsp; **Net asset value per share - Investor Class**  | $10.63 | $21.64 | &nbsp;&nbsp; $21.73 | $15.59 | $13.41  |
| Net Assets - Institutional Class | 525613355 | 626510548 | &nbsp;&nbsp; 139615879 | 69867444 | 180868487  |
| Outstanding Shares - Institutional Class | 49496338 | 28931425 | &nbsp;&nbsp; 6356536 | 4437929 | 13388996  |
| &nbsp;&nbsp;&nbsp; **Net asset value per share - Institutional Class**  | $10.62 | $21.66 | &nbsp;&nbsp; $21.96 | $15.74 | $13.51  |
| Capital shares, $1.00 par value:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Authorized | Unlimited | Unlimited | &nbsp;&nbsp; Unlimited | Unlimited | Unlimited  |
| <sup>(1)</sup> Options written, premiums received |  |  | &nbsp;&nbsp; — |  |  |

---

The accompanying notes are an integral part of these financial statements.

54<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BUFFALO FUNDS** 

**Statements of Operations** 

**For the Year Ended March 31, 2025** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Buffalo** <br>**Blue Chip** <br>**Growth Fund** | **Buffalo** <br>**Early Stage** <br>**Growth Fund** | **Buffalo** <br>**Flexible** <br>**Allocation Fund** | **Buffalo** <br>**Growth Fund** | **Buffalo** <br>**Growth &** <br>**Income Fund**  |
| **INVESTMENT INCOME:** <br>|  |  |  |  |  |
| Interest | $— | $— | &nbsp;&nbsp;&nbsp; $— | $— | $121024  |
| Dividends from securities | 1225784 | 411102 | &nbsp;&nbsp;&nbsp; 12193721 | 869913 | 3172812  |
| Foreign tax withheld | (9215) |  | &nbsp;&nbsp;&nbsp; — |  | (13290)  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 1216569 | 411102 | &nbsp;&nbsp;&nbsp; 12193721 | 869913 | 3280546  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Management fees (Note 3) | 1100482 | 932876 | &nbsp;&nbsp;&nbsp; 4080497 | 1331262 | 1236347  |
|  Shareholder service fees - Investor Class (Note 5) | 50473 | 12790 | &nbsp;&nbsp;&nbsp; 416839 | 82521 | 65221  |
| Registration fees | 32891 | 31848 | &nbsp;&nbsp;&nbsp; 34445 | 31785 | 43544  |
| Custody fees |  |  | &nbsp;&nbsp;&nbsp; — | —  |  |
| Other expenses | 1250 | 709 | &nbsp;&nbsp;&nbsp; 9308 | 1741 | 1549  |
| &nbsp;&nbsp;&nbsp; Total expenses | 1185096 | 978223 | &nbsp;&nbsp;&nbsp; 4541089 | 1447309 | 1346661  |
| **Net investment income (loss)** | 31473 | (567121) | &nbsp;&nbsp;&nbsp; 7652632 | (577396) | 1933885  |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS):**<br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 8694654 | 3423130 | &nbsp;&nbsp;&nbsp; 22608991 | 16508973 | 608273  |
| &nbsp;&nbsp;&nbsp; Foreign currency transactions |  |  | &nbsp;&nbsp;&nbsp; — |  | —  |
| &nbsp;&nbsp;&nbsp; Options written (Note 6) |  |  | &nbsp;&nbsp;&nbsp; 587308 |  | —  |
|  Net change in unrealized appreciation/depreciation during the year on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (1937189) | (7673965) | &nbsp;&nbsp;&nbsp; (6653131) | (8867579) | 8685534  |
| &nbsp;&nbsp;&nbsp; Foreign currency translations |  |  | &nbsp;&nbsp;&nbsp; — |  | —  |
| &nbsp;&nbsp;&nbsp; Options written (Note 6) |  |  | &nbsp;&nbsp;&nbsp; 34248 |  | —  |
|  **Net realized and unrealized gain (loss)** | 6757465 | (4250835) | &nbsp;&nbsp;&nbsp; 16577416 | 7641394 | 9293807  |
|  **Net increase (decrease) in net assets resulting from operations** | $6788938 | $(4817956) | &nbsp;&nbsp;&nbsp; $24230048 | $7063998 | $11227692 |

---

The accompanying notes are an integral part of these financial statements.

55<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BUFFALO FUNDS** 

**Statements of Operations** 

**For the Year Ended March 31, 2025(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Buffalo** <br>**High** <br>**Yield Fund** | **Buffalo** <br>**International** <br>**Fund** | **Buffalo** <br>**Mid Cap** <br>**Discovery Fund** | **Buffalo** <br>**Mid Cap** <br>**Growth Fund** | **Buffalo** <br>**Small Cap** <br>**Growth Fund**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Interest | $43750933 | $— | &nbsp;&nbsp; $— | $— | $—  |
| Dividends from securities | 2524291 | 18977117 | &nbsp;&nbsp; 3727692 | 882562 | 2514879  |
| Foreign tax withheld |  | (1845320) | &nbsp;&nbsp; (1829) | (4730) | —  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 46275224 | 17131797 | &nbsp;&nbsp; 3725863 | 877832 | 2514879  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Management fees (Note 3) | 4817938 | 8603162 | &nbsp;&nbsp; 6064514 | 1240003 | 5284588  |
|  Shareholder service fees - Investor Class (Note 5) | 181697 | 450794 | &nbsp;&nbsp; 718134 | 94077 | 95982  |
| Registration fees | 68773 | 86084 | &nbsp;&nbsp; 36715 | 32305 | 41431  |
| Custody fees |  | 179542 | &nbsp;&nbsp; — |  | —  |
| Other expenses | 4380 | 10210 | &nbsp;&nbsp; 7820 | 1538 | 6538  |
| &nbsp;&nbsp;&nbsp; Total expenses | 5072788 | 9329792 | &nbsp;&nbsp; 6827183 | 1367923 | 5428539  |
| **Net investment income (loss)** | 41202436 | 7802005 | &nbsp;&nbsp; (3101320) | (490091) | (2913660)  |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS):**<br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 3750720 | 509033 | &nbsp;&nbsp; 111993317 | 11905813 | 31287852  |
| &nbsp;&nbsp;&nbsp; Foreign currency transactions |  | (314682) | &nbsp;&nbsp; — |  | —  |
| &nbsp;&nbsp;&nbsp; Options written (Note 6) |  |  | &nbsp;&nbsp; — |  | —  |
|  Net change in unrealized appreciation/depreciation during the year on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (6428744) | (30423074) | &nbsp;&nbsp; (152645900) | (16784529) | (79174165)  |
| &nbsp;&nbsp;&nbsp; Foreign currency translations |  | 7589 | &nbsp;&nbsp; — |  | —  |
| &nbsp;&nbsp;&nbsp; Options written (Note 6) |  |  | &nbsp;&nbsp; — |  | —  |
|  **Net realized and unrealized gain (loss)** | (2678024) | (30221134) | &nbsp;&nbsp; (40652583) | (4878716) | (47886313)  |
|  **Net increase (decrease) in net assets resulting from operations** | $38524412 | $(22419129) | &nbsp;&nbsp; $(43753903) | $(5368807) | $(50799973) |

---

The accompanying notes are an integral part of these financial statements.

56<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BUFFALO FUNDS** 

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Buffalo** <br>**Blue Chip Growth Fund** | **Buffalo** <br>**Blue Chip Growth Fund** | **Buffalo** <br>**Early Stage Growth Fund** | **Buffalo** <br>**Early Stage Growth Fund** | **Buffalo** <br>**Flexible Allocation Fund**  | **Buffalo** <br>**Flexible Allocation Fund**  |
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| **OPERATIONS:**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $31473 | $166482 | $(567121) | $(585001) | $7652632 | $8475349  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments, foreign currency transactions, and options written | 8694654 | 5430116 | 3423130 | (4311888) | 23196299 | 11935450  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation during the year on investments, foreign currency translations, and options written | (1937189) | 30123938 | (7673965) | 10129358 | (6618883) | 62115445  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | 6788938 | 35720536 | (4817956) | 5232469 | 24230048 | 82526244  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributable earnings:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | (1660327) | (9113) |  |  | (10550607) | (9931315)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (3783718) | (55109) |  |  | (7352269) | (6387870)  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | (5444045) | (64222) |  |  | (17902876) | (16319185)  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 12839712 | 6301563 | 893344 | 1829661 | 8967443 | 17946998  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 13177834 | 12286418 | 1551735 | 3107149 | 12123710 | 13120574  |
| &nbsp;&nbsp;&nbsp; Reinvested dividends and distributions<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 1599366 | 8654 |  |  | 10417843 | 9819913  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 3709659 | 53764 |  |  | 6039903 | 5215543  |
| &nbsp;&nbsp;&nbsp; Shares Issued | 31326571 | 18650399 | 2445079 | 4936810 | 37548899 | 46103028  |
| &nbsp;&nbsp;&nbsp; Redemptions<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | (11653077) | (8630742) | (11422619) | (11805482) | (44675153) | (69602558)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (13078105) | (10445322) | (3835002) | (5463827) | (21109359) | (22551969)  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | (24731182) | (19076064) | (15257621) | (17269309) | (65784512) | (92154527)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) from capital share transactions** | 6595389 | (425665) | (12812542) | (12332499) | (28235613) | (46051499)  |
| **Total increase (decrease) in net assets** | 7940282 | 35230649 | (17630498) | (7100030) | (21908441) | 20155560  |
| **NET ASSETS:**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 129520997 | 94290348 | 78194049 | 85294079 | 489426622 | 469271062  |
| &nbsp;&nbsp;&nbsp; End of year | $137461279 | $129520997 | $60563551 | $78194049 | $467518181 | $489426622  |
| **Fund share transactions:**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 248756 | 146911 | 54801 | 123960 | 427869 | 952469  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 247975 | 289311 | 95158 | 204877 | 579444 | 695224  |
|  | 496731 | 436222 | 149959 | 328837 | 1007313 | 1647693  |
| &nbsp;&nbsp;&nbsp; Reinvested dividends and distributions<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 28901 | 199 |  |  | 493371 | 523901  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 66541 | 1231 |  |  | 286115 | 278162  |
|  | 95442 | 1430 |  |  | 779486 | 802063  |
| &nbsp;&nbsp;&nbsp; Shares Issued | 592173 | 437652 | 149959 | 328837 | 1786799 | 2449756  |
| &nbsp;&nbsp;&nbsp; Shares repurchased<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | (224423) | (216523) | (700543) | (797818) | (2127628) | (3725318)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (247728) | (254404) | (233877) | (359161) | (1009263) | (1188861)  |
| &nbsp;&nbsp;&nbsp; **Total shares repurchased** | (472151) | (470927) | (934420) | (1156979) | (3136891) | (4914179)  |
| **Net increase (decrease) in fund shares** | 120022 | (33275) | (784461) | (828142) | (1350092) | (2464423) |

---

The accompanying notes are an integral part of these financial statements.

57<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BUFFALO FUNDS** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Buffalo** <br>**Growth Fund** | **Buffalo** <br>**Growth Fund** | **Buffalo** <br>**Growth & Income Fund** | **Buffalo** <br>**Growth & Income Fund** |
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2025** | **2024** | **2025** | **2024** |
| **OPERATIONS:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(577396) | $(477564) | $1933885 | $1870189  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments, foreign currency transactions, and options written | 16508973 | 12627783 | 608273 | 756599  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation during the year on investments, foreign currency translations, and options written | (8867579) | 36505180 | 8685534 | 31478358  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | 7063998 | 48655399 | 11227692 | 34105146  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributable earnings:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | (6671101) | (4190931) | (837877) | (783034)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (7770913) | (4449781) | (2057216) | (2031797)  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | (14442014) | (8640712) | (2895093) | (2814831)  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 2715058 | 10338019 | 7640430 | 21480203  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 6586434 | 7069369 | 17506947 | 10427120  |
| &nbsp;&nbsp;&nbsp; Reinvested dividends and distributions<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 6557681 | 4109628 | 832550 | 779287  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 7581307 | 4388123 | 1967359 | 1965047  |
| &nbsp;&nbsp;&nbsp; Shares Issued | 23440480 | 25905139 | 27947286 | 34651657  |
| &nbsp;&nbsp;&nbsp; Redemptions<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | (20865184) | (18489028) | (21175441) | (9123923)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (11970871) | (11362809) | (16121740) | (12439360)  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | (32836055) | (29851837) | (37297181) | (21563283)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) from capital share transactions** | (9395575) | (3946698) | (9349895) | 13088374  |
| **Total increase (decrease) in net assets** | (16773591) | 36067989 | (1017296) | 44378689  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 178948074 | 142880085 | 164566433 | 120187744  |
| &nbsp;&nbsp;&nbsp; End of year | $162174483 | $178948074 | $163549137 | $164566433  |
| **Fund share transactions:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 79657 | 343550 | 246754 | 817654  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 189748 | 239482 | 548770 | 390120  |
|  | 269405 | 583032 | 795524 | 1207774  |
| &nbsp;&nbsp;&nbsp; Reinvested dividends and distributions<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 184412 | 142646 | 27359 | 29292  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 211532 | 151314 | 64341 | 74218  |
|  | 395944 | 293960 | 91700 | 103510  |
| &nbsp;&nbsp;&nbsp; Shares Issued | 665349 | 876992 | 887224 | 1311284  |
| &nbsp;&nbsp;&nbsp; Shares repurchased<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | (615930) | (644547) | (687639) | (353391)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (341874) | (378512) | (509266) | (472641)  |
| &nbsp;&nbsp;&nbsp; **Total shares repurchased** | (957804) | (1023059) | (1196905) | (826032)  |
| **Net increase (decrease) in fund shares** | (292455) | (146067) | (309681) | 485252 |

---

The accompanying notes are an integral part of these financial statements.

58<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BUFFALO FUNDS** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Buffalo** <br>**High Yield Fund** | **Buffalo** <br>**High Yield Fund** | **Buffalo** <br>**International Fund** | **Buffalo** <br>**International Fund** |
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2025** | **2024** | **2025** | **2024** |
| **OPERATIONS:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $41202436 | $26669430 | $7802005 | $7609963  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments, foreign currency transactions, and options written | 3750720 | (3640276) | 194351 | (844821)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation during the year on investments, foreign currency translations, and options written | (6428744) | 19618757 | (30415485) | 96109514  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | 38524412 | 42647911 | (22419129) | 102874656  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributable earnings:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | (8655443) | (5422117) | (2222924) | (1908734)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (32458150) | (21381616) | (6786829) | (4304930)  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | (41113593) | (26803733) | (9009753) | (6213664)  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 84724163 | 77377664 | 43682666 | 164691974  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 278346820 | 123588053 | 200836401 | 402672603  |
| &nbsp;&nbsp;&nbsp; Reinvested dividends and distributions<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 8317045 | 5165232 | 2129921 | 1834375  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 29027030 | 18424799 | 6223550 | 3955990  |
| &nbsp;&nbsp;&nbsp; Shares Issued | 400415058 | 224555748 | 252872538 | 573154942  |
| &nbsp;&nbsp;&nbsp; Redemptions<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | (59634228) | (37652354) | (138758277) | (98121579)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (120074157) | (64559200) | (285782748) | (101724871)  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | (179708385) | (102211554) | (424541025) | (199846450)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) from capital share transactions** | 220706673 | 122344194 | (171668487) | 373308492  |
| **Total increase (decrease) in net assets** | 218117492 | 138188372 | (203097369) | 469969484  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 447572263 | 309383891 | 1080483365 | 610513881  |
| &nbsp;&nbsp;&nbsp; End of year | $665689755 | $447572263 | $877385996 | $1080483365  |
| **Fund share transactions:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 7902428 | 7448373 | 1987403 | 8022311  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 25974767 | 11918463 | 9149935 | 19743827  |
|  | 33877195 | 19366836 | 11137338 | 27766138  |
| &nbsp;&nbsp;&nbsp; Reinvested dividends and distributions<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 777428 | 499224 | 102845 | 87727  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 2714535 | 1785070 | 300364 | 189101  |
|  | 3491963 | 2284294 | 403209 | 276828  |
| &nbsp;&nbsp;&nbsp; Shares Issued | 37369158 | 21651130 | 11540547 | 28042966  |
| &nbsp;&nbsp;&nbsp; Shares repurchased<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | (5580139) | (3644051) | (6336259) | (4807949)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (11206350) | (6261732) | (13088054) | (4986489)  |
| &nbsp;&nbsp;&nbsp; **Total shares repurchased** | (16786489) | (9905783) | (19424313) | (9794438)  |
| **Net increase (decrease) in fund shares** | 20582669 | 11745347 | (7883766) | 18248528 |

---

The accompanying notes are an integral part of these financial statements.

59<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**BUFFALO FUNDS** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Buffalo** <br>**Mid Cap Discovery Fund** | **Buffalo** <br>**Mid Cap Discovery Fund** | **Buffalo** <br>**Mid Cap Growth Fund** | **Buffalo** <br>**Mid Cap Growth Fund** | **Buffalo** <br>**Small Cap Growth Fund**  | **Buffalo** <br>**Small Cap Growth Fund**  |
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(3101320) | $(2631624) | $(490091) | $(493072) | $(2913660) | $(2902760)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments, foreign currency transactions, and options written | 111993317 | 66166333 | 11905813 | 11313189 | 31287852 | (10019016)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation during the year on investments, foreign currency translations, and options written | (152645900) | 83504303 | (16784529) | 20384466 | (79174165) | 32931207  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | (43753903) | 147039012 | (5368807) | 31204583 | (50799973) | 20009431  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributable earnings:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | (47239639) |  | (4624887) | (3921110) |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (15361167) |  | (4807061) | (3581448) |  | —  |
| **Total distributions** | (62600806) |  | (9431948) | (7502558) |  | —  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 17395647 | 22381698 | 1205159 | 2133098 | 16211861 | 32482663  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 19377296 | 27884458 | 5914584 | 4631211 | 41636454 | 83351954  |
| &nbsp;&nbsp;&nbsp; Reinvested dividends and distributions<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 46058889 |  | 4591201 | 3895671 |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 14648024 |  | 4727317 | 3534631 |  | —  |
| &nbsp;&nbsp;&nbsp; Shares Issued | 97479856 | 50266156 | 16438261 | 14194611 | 57848315 | 115834617  |
| &nbsp;&nbsp;&nbsp; Redemptions<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | (185990842) | (221196995) | (14373472) | (10645797) | (131986530) | (149344779)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (67081614) | (50843750) | (9693459) | (9029755) | (75363580) | (130553404)  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | (253072456) | (272040745) | (24066931) | (19675552) | (207350110) | (279898183)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) from capital share transactions** | (155592600) | (221774589) | (7628670) | (5480941) | (149501795) | (164063566)  |
| **Total increase (decrease) in net assets** | (261947309) | (74735577) | (22429425) | 18221084 | (200301768) | (144054135)  |
| **NET ASSETS:**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 834036054 | 908771631 | 157063436 | 138842352 | 705989637 | 850043772  |
| &nbsp;&nbsp;&nbsp; End of year | $572088745 | $834036054 | $134634011 | $157063436 | $505687869 | $705989637  |
| **Fund share transactions:**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 716478 | 1003644 | 72476 | 136880 | 1115002 | 2368742  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 786529 | 1268022 | 352814 | 288432 | 2821078 | 5954185  |
|  | 1503007 | 2271666 | 425290 | 425312 | 3936080 | 8322927  |
| &nbsp;&nbsp;&nbsp; Reinvested dividends and distributions<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 1884570 |  | 265234 | 256970 |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 593278 |  | 270596 | 231323 |  | —  |
|  | 2477848 |  | 535830 | 488293 |  | —  |
| &nbsp;&nbsp;&nbsp; Shares Issued | 3980855 | 2271666 | 961120 | 913605 | 3936080 | 8322927  |
| &nbsp;&nbsp;&nbsp; Shares repurchased<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | (7651118) | (9944180) | (863475) | (682159) | (9008122) | (10878494)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (2714639) | (2278009) | (575827) | (563127) | (5117528) | (9481617)  |
| &nbsp;&nbsp;&nbsp; **Total shares repurchased** | (10365757) | (12222189) | (1439302) | (1245286) | (14125650) | (20360111)  |
| **Net increase (decrease) in fund shares** | (6384902) | (9950523) | (478182) | (331681) | (10189570) | (12037184) |

---

The accompanying notes are an integral part of these financial statements.

60<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BUFFALO BLUE CHIP GROWTH FUND** 

**FINANCIAL HIGHLIGHTS** 

**INVESTOR CLASS** 

**Condensed data for a share of capital stock outstanding throughout the period.** 

The following tables are intended to help you understand the Fund's financial performance for the periods shown. Certain information reflects financial results for a single Fund share. Total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund. Total returns assume reinvestment of all dividends and distributions.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended March 31,**  | **For the Years Ended March 31,**  | **For the Years Ended March 31,**  | **For the Years Ended March 31,**  | **For the Years Ended March 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| Net asset value, beginning of period | $48.83 | $35.13 | $40.21 | $46.23 | $29.53  |
| **INCOME FROM INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income (loss)<sup>(1)</sup> | (0.03) | 0.03 | (0.01) | (0.16) | (0.07)  |
|  Net gains (losses) on securities (both realized and unrealized)<sup>(2)</sup> | 2.69 | 13.68 | (4.12) | 5.59 | 16.83  |
| **Total from investment operations** | 2.66 | 13.71 | (4.13) | 5.43 | 16.76  |
| **LESS DISTRIBUTIONS:**<br>|  |  |  |  |  |
| Distributions from investment income | (0.06) | (0.01) |  |  | (0.06)  |
| Distributions from capital gains | (1.91) |  | (0.95) | (11.45) | —  |
| **Total distributions** | (1.97) | (0.01) | (0.95) | (11.45) | (0.06)  |
| **Net asset value, end of period** | $49.52 | $48.83 | $35.13 | $40.21 | $46.23  |
| Total return | 5.03% | 39.04% | (10.08)% | 10.23% | 56.78%  |
| **RATIOS/SUPPLEMENTAL DATA**<br>|  |  |  |  |  |
| Net assets, end of period (in thousands) | $37844 | $34720 | $27414 | $35391 | $37413  |
| Ratio of expenses to average net assets | 0.89% | 0.88% | 0.94% | 0.93% | 0.94%  |
|  Ratio of net investment income (loss) to average net assets | (0.06)% | 0.08% | (0.03)% | (0.34)% | (0.16)%  |
| Portfolio turnover rate<sup>(3)</sup> | 53% | 36% | 46% | 83% | 7% |

---

<sup>(1)</sup> Per share amounts have been calculated using the average shares method.

<sup>(2)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile to the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statements of Operations due to share transactions for the periods.

<sup>(3)</sup> Portfolio turnover rate is disclosed for the Fund as a whole.

The accompanying notes are an integral part of these financial statements.

61<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BUFFALO BLUE CHIP GROWTH FUND** 

**FINANCIAL HIGHLIGHTS** 

**INSTITUTIONAL CLASS** 

**Condensed data for a share of capital stock outstanding throughout the period.** 

The following tables are intended to help you understand the Fund's financial performance for the periods shown. Certain information reflects financial results for a single Fund share. Total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund. Total returns assume reinvestment of all dividends and distributions.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended March 31,**  | **For the Years Ended March 31,**  | **For the Years Ended March 31,**  | **For the Years Ended March 31,**  | **For the Years Ended March 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| Net asset value, beginning of period | $49.13 | $35.32 | $40.37 | $46.30 | $29.56  |
| **INCOME FROM INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income (loss)<sup>(1)</sup> | 0.03 | 0.08 | 0.04 | (0.09) | (0.00)<sup>(2)</sup>  |
|  Net gains (losses) on securities (both realized and unrealized) | 2.71 | 13.76 | (4.14) | 5.61 | 16.85  |
| **Total from investment operations** | 2.74 | 13.84 | (4.10) | 5.52 | 16.85  |
| **LESS DISTRIBUTIONS:**<br>|  |  |  |  |  |
| Distributions from investment income | (0.06) | (0.03) |  |  | (0.11)  |
| Distributions from capital gains | (1.91) |  | (0.95) | (11.45) | —  |
| **Total distributions** | (1.97) | (0.03) | (0.95) | (11.45) | (0.11)  |
| **Net asset value, end of period** | $49.90 | $49.13 | $35.32 | $40.37 | $46.30  |
| Total return | 5.16% | 39.19% | (9.97)% | 10.42% | 57.02%  |
| **RATIOS/SUPPLEMENTAL DATA**<br>|  |  |  |  |  |
| Net assets, end of period (in thousands) | $99617 | $94801 | $66876 | $78082 | $71394  |
| Ratio of expenses to average net assets | 0.77% | 0.78% | 0.79% | 0.78% | 0.79%  |
|  Ratio of net investment income (loss) to average net assets | 0.06% | 0.18% | 0.11% | (0.19)% | (0.01)%  |
| Portfolio turnover rate<sup>(3)</sup> | 53% | 36% | 46% | 83% | 7% |

---

<sup>(1)</sup> Per share amounts have been calculated using the average shares method.

<sup>(2)</sup> Less than $0.01 per share.

<sup>(3)</sup> Portfolio turnover rate is disclosed for the Fund as a whole.

The accompanying notes are an integral part of these financial statements.

62<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**BUFFALO EARLY STAGE GROWTH FUND** 

**FINANCIAL HIGHLIGHTS** 

**INVESTOR CLASS** 

**Condensed data for a share of capital stock outstanding throughout the period.** 

The following tables are intended to help you understand the Fund's financial performance for the periods shown. Certain information reflects financial results for a single Fund share. Total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund. Total returns assume reinvestment of all dividends and distributions.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended March 31,**  | **For the Years Ended March 31,**  | **For the Years Ended March 31,**  | **For the Years Ended March 31,**  | **For the Years Ended March 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| Net asset value, beginning of period | $16.16 | $15.05 | $17.75 | $23.88 | $12.50  |
| **INCOME FROM INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment loss<sup>(1)</sup> | (0.13) | (0.11) | (0.17) | (0.28) | (0.25)  |
|  Net gains (losses) on securities (both realized and unrealized) | (1.09) | 1.22 | (2.36) | (2.60) | 14.11  |
| **Total from investment operations** | (1.22) | 1.11 | (2.53) | (2.88) | 13.86  |
| **LESS DISTRIBUTIONS:**<br>|  |  |  |  |  |
| Distributions from capital gains |  |  | (0.17) | (3.25) | (2.48)  |
| **Total distributions** |  |  | (0.17) | (3.25) | (2.48)  |
| **Net asset value, end of period** | $14.94 | $16.16 | $15.05 | $17.75 | $23.88  |
| Total return | (7.55)% | 7.38% | (14.23)% | (13.32)% | 112.86%  |
| **RATIOS/SUPPLEMENTAL DATA**<br>|  |  |  |  |  |
| Net assets, end of period (in thousands) | $30736 | $43681 | $50837 | $68232 | $82824  |
| Ratio of expenses to average net assets | 1.38% | 1.44% | 1.49% | 1.45% | 1.50%  |
| Ratio of net investment loss to average net assets | (0.81)% | (0.78)% | (1.11)% | (1.22)% | (1.24)%  |
| Portfolio turnover rate<sup>(2)</sup> | 18% | 20% | 10% | 34% | 54% |

---

<sup>(1)</sup> Per share amounts have been calculated using the average shares method.

<sup>(2)</sup> Portfolio turnover rate is disclosed for the Fund as a whole.

The accompanying notes are an integral part of these financial statements.

63<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BUFFALO EARLY STAGE GROWTH FUND** 

**FINANCIAL HIGHLIGHTS** 

**INSTITUTIONAL CLASS** 

**Condensed data for a share of capital stock outstanding throughout the period.** 

The following tables are intended to help you understand the Fund's financial performance for the periods shown. Certain information reflects financial results for a single Fund share. Total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund. Total returns assume reinvestment of all dividends and distributions.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended March 31,**  | **For the Years Ended March 31,**  | **For the Years Ended March 31,**  | **For the Years Ended March 31,**  | **For the Years Ended March 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| Net asset value, beginning of period | $16.29 | $15.16 | $17.84 | $23.96 | $12.51  |
| **INCOME FROM INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment loss<sup>(1)</sup> | (0.13) | (0.10) | (0.15) | (0.24) | (0.22)  |
|  Net gains (losses) on securities (both realized and unrealized) | (1.10) | 1.23 | (2.36)<sup>(2)</sup> | (2.63) | 14.15  |
| **Total from investment operations** | (1.23) | 1.13 | (2.51)<sup>(2)</sup> | (2.87) | 13.93  |
| **LESS DISTRIBUTIONS:**<br>|  |  |  |  |  |
| Distributions from capital gains |  |  | (0.17) | (3.25) | (2.48)  |
| **Total distributions** |  |  | (0.17) | (3.25) | (2.48)  |
| **Net asset value, end of period** | $15.06 | $16.29 | $15.16 | $17.84 | $23.96  |
| Total return | (7.55)% | 7.45% | (14.05)% | (13.20)% | 113.25%  |
| **RATIOS/SUPPLEMENTAL DATA**<br>|  |  |  |  |  |
| Net assets, end of period (in thousands) | $29828 | $34513 | $34457 | $44458 | $49023  |
| Ratio of expenses to average net assets | 1.35% | 1.34% | 1.34% | 1.32% | 1.35%  |
| Ratio of net investment loss to average net assets | (0.77)% | (0.68)% | (0.96)% | (1.07)% | (1.09)%  |
| Portfolio turnover rate<sup>(3)</sup> | 18% | 20% | 10% | 34% | 54% |

---

<sup>(1)</sup> Per share amounts have been calculated using the average shares method.

<sup>(2)</sup> Amount was restated to adjust for $0.01 rounding difference.

<sup>(3)</sup> Portfolio turnover rate is disclosed for the Fund as a whole.

The accompanying notes are an integral part of these financial statements.

64<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BUFFALO FLEXIBLE ALLOCATION FUND** 

**FINANCIAL HIGHLIGHTS** 

**INVESTOR CLASS** 

**Condensed data for a share of capital stock outstanding throughout the period.** 

The following tables are intended to help you understand the Fund's financial performance for the periods shown. Certain information reflects financial results for a single Fund share. Total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund. Total returns assume reinvestment of all dividends and distributions.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended March 31,**  | **For the Years Ended March 31,**  | **For the Years Ended March 31,**  | **For the Years Ended March 31,**  | **For the Years Ended March 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| Net asset value, beginning of period | $20.87 | $18.11 | $19.03 | $16.24 | $11.93  |
| **INCOME FROM INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(1)</sup> | 0.32 | 0.33 | 0.30 | 0.29 | 0.29  |
|  Net gains (losses) on securities (both realized and unrealized) | 0.75 | 3.09 | (0.46) | 3.48 | 4.53  |
| **Total from investment operations** | 1.07 | 3.42 | (0.16) | 3.77 | 4.82  |
| **LESS DISTRIBUTIONS:**<br>|  |  |  |  |  |
| Distributions from investment income | (0.33) | (0.35) | (0.30) | (0.29) | (0.30)  |
| Distributions from capital gains | (0.45) | (0.31) | (0.46) | (0.69) | (0.21)  |
| **Total distributions** | (0.78) | (0.66) | (0.76) | (0.98) | (0.51)  |
| **Net asset value, end of period** | $21.16 | $20.87 | $18.11 | $19.03 | $16.24  |
| Total return | 5.17% | 19.37% | (0.87)% | 23.81% | 40.94%  |
| **RATIOS/SUPPLEMENTAL DATA**<br>|  |  |  |  |  |
| Net assets, end of period (in thousands) | $277764 | $299209 | $300336 | $314134 | $277906  |
| Ratio of expenses to average net assets | 1.00% | 1.01% | 1.01% | 1.01% | 1.01%  |
| Ratio of net investment income to average net assets | 1.54% | 1.77% | 1.66% | 1.60% | 2.04%  |
| Portfolio turnover rate<sup>(2)</sup> | 0% | 1% | 1% | 4% | 1% |

---

<sup>(1)</sup> Per share amounts have been calculated using the average shares method.

<sup>(2)</sup> Portfolio turnover rate is disclosed for the Fund as a whole.

The accompanying notes are an integral part of these financial statements.

65<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BUFFALO FLEXIBLE ALLOCATION FUND** 

**FINANCIAL HIGHLIGHTS** 

**INSTITUTIONAL CLASS** 

**Condensed data for a share of capital stock outstanding throughout the period.** 

The following tables are intended to help you understand the Fund's financial performance for the periods shown. Certain information reflects financial results for a single Fund share. Total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund. Total returns assume reinvestment of all dividends and distributions.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended March 31,**  | **For the Years Ended March 31,**  | **For the Years Ended March 31,**  | **For the Years Ended March 31,**  | **For the Years Ended March 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| Net asset value, beginning of period | $20.87 | $18.10 | $19.03 | $16.24 | $11.93  |
| **INCOME FROM INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(1)</sup> | 0.35 | 0.37 | 0.33 | 0.32 | 0.31  |
|  Net gains (losses) on securities (both realized and unrealized) | 0.74 | 3.09 | (0.47) | 3.48 | 4.53  |
| **Total from investment operations** | 1.09 | 3.46 | (0.14) | 3.80 | 4.84  |
| **LESS DISTRIBUTIONS:**<br>|  |  |  |  |  |
| Distributions from investment income | (0.36) | (0.38) | (0.33) | (0.32)<sup>(2)</sup> | (0.32)  |
| Distributions from capital gains | (0.45) | (0.31) | (0.46) | (0.69) | (0.21)  |
| **Total distributions** | (0.81) | (0.69) | (0.79) | (1.01) | (0.53)  |
| **Net asset value, end of period** | $21.15 | $20.87 | $18.10 | $19.03 | $16.24  |
| Total return | 5.28% | 19.61% | (0.78)% | 24.00% | 41.15%  |
| **RATIOS/SUPPLEMENTAL DATA**<br>|  |  |  |  |  |
| Net assets, end of period (in thousands) | $189754 | $190217 | $168935 | $175891 | $147802  |
| Ratio of expenses to average net assets | 0.86% | 0.86% | 0.86% | 0.86% | 0.86%  |
| Ratio of net investment income to average net assets | 1.68% | 1.92% | 1.81% | 1.75% | 2.19%  |
| Portfolio turnover rate<sup>(3)</sup> | 0% | 1% | 1% | 4% | 1% |

---

<sup>(1)</sup> Per share amounts have been calculated using the average shares method.

<sup>(2)</sup> Amount was restated to adjust for $0.01 rounding difference.

<sup>(3)</sup> Portfolio turnover rate is disclosed for the Fund as a whole.

The accompanying notes are an integral part of these financial statements.

66<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BUFFALO GROWTH FUND** 

**FINANCIAL HIGHLIGHTS** 

**INVESTOR CLASS** 

**Condensed data for a share of capital stock outstanding throughout the period.** 

The following tables are intended to help you understand the Fund's financial performance for the periods shown. Certain information reflects financial results for a single Fund share. Total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund. Total returns assume reinvestment of all dividends and distributions.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended March 31,**  | **For the Years Ended March 31,**  | **For the Years Ended March 31,**  | **For the Years Ended March 31,**  | **For the Years Ended March 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| Net asset value, beginning of period | $33.15 | $25.79 | $30.83 | $31.07 | $21.20  |
| **INCOME FROM INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment loss<sup>(1)</sup> | (0.13) | (0.11) | (0.08)<sup>(2)</sup> | (0.13) | (0.06)<sup>(2)</sup>  |
|  Net gains (losses) on securities (both realized and unrealized) | 1.70 | 9.14 | (3.89) | 3.25 | 11.46  |
| **Total from investment operations** | 1.57 | 9.03 | (3.97)<sup>(2)</sup> | 3.12 | 11.40<sup>(2)</sup>  |
| **LESS DISTRIBUTIONS:**<br>|  |  |  |  |  |
| Distributions from investment income |  |  |  |  | —  |
| Distributions from capital gains | (2.98) | (1.67) | (1.07) | (3.36) | (1.53)  |
| **Total distributions** | (2.98) | (1.67) | (1.07) | (3.36) | (1.53)  |
| **Net asset value, end of period** | $31.74 | $33.15 | $25.79 | $30.83 | $31.07  |
| Total return | 3.77% | 36.01% | (12.55)% | 9.56% | 53.98%  |
| **RATIOS/SUPPLEMENTAL DATA**<br>|  |  |  |  |  |
| Net assets, end of period (in thousands) | $74144 | $89113 | $73408 | $103336 | $112399  |
| Ratio of expenses to average net assets | 0.87% | 0.87% | 0.92% | 0.92% | 0.92%  |
| Ratio of net investment loss to average net assets | (0.38)% | (0.34)% | (0.34)% | (0.40)% | (0.19)%  |
| Portfolio turnover rate<sup>(3)</sup> | 4% | 9% | 11% | 13% | 21% |

---

<sup>(1)</sup> Per share amounts have been calculated using the average shares method.

<sup>(2)</sup> Amount was restated to adjust for $0.01 rounding difference.

<sup>(3)</sup> Portfolio turnover rate is disclosed for the Fund as a whole.

The accompanying notes are an integral part of these financial statements.

67<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BUFFALO GROWTH FUND** 

**FINANCIAL HIGHLIGHTS** 

**INSTITUTIONAL CLASS** 

**Condensed data for a share of capital stock outstanding throughout the period.** 

The following tables are intended to help you understand the Fund's financial performance for the periods shown. Certain information reflects financial results for a single Fund share. Total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund. Total returns assume reinvestment of all dividends and distributions.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended March 31,**  | **For the Years Ended March 31,**  | **For the Years Ended March 31,**  | **For the Years Ended March 31,**  | **For the Years Ended March 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| Net asset value, beginning of period | $33.38 | $25.93 | $30.95 | $31.13 | $21.20  |
| **INCOME FROM INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment loss<sup>(1)</sup> | (0.10) | (0.08) | (0.05) | (0.08) | (0.01)  |
|  Net gains (losses) on securities (both realized and unrealized) | 1.70 | 9.20 | (3.90) | 3.26<sup>(2)</sup> | 11.47  |
| **Total from investment operations** | 1.60 | 9.12 | (3.95) | 3.18 | 11.46  |
| **LESS DISTRIBUTIONS:**<br>|  |  |  |  |  |
| Distributions from investment income |  |  |  |  | —  |
| Distributions from capital gains | (2.98) | (1.67) | (1.07) | (3.36) | (1.53)  |
| **Total distributions** | (2.98) | (1.67) | (1.07) | (3.36) | (1.53)  |
| **Net asset value, end of period** | $32.00 | $33.38 | $25.93 | $30.95 | $31.13  |
| Total return | 3.84% | 36.16% | (12.44)% | 9.74% | 54.26%  |
| **RATIOS/SUPPLEMENTAL DATA**<br>|  |  |  |  |  |
| Net assets, end of period (in thousands) | $88030 | $89835 | $69473 | $91997 | $86046  |
| Ratio of expenses to average net assets | 0.77% | 0.77% | 0.77% | 0.77% | 0.77%  |
| Ratio of net investment loss to average net assets | (0.28)% | (0.26)% | (0.19)% | (0.25)% | (0.04)%  |
| Portfolio turnover rate<sup>(3)</sup> | 4% | 9% | 11% | 13% | 21% |

---

<sup>(1)</sup> Per share amounts have been calculated using the average shares method.

<sup>(2)</sup> Amount was restated to adjust for $0.01 rounding difference.

<sup>(3)</sup> Portfolio turnover rate is disclosed for the Fund as a whole.

The accompanying notes are an integral part of these financial statements.

68<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BUFFALO GROWTH & INCOME FUND** 

**FINANCIAL HIGHLIGHTS** 

**INVESTOR CLASS** 

**Condensed data for a share of capital stock outstanding throughout the period.** 

The following tables are intended to help you understand the Fund's financial performance for the periods shown. Certain information reflects financial results for a single Fund share. Total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund. Total returns assume reinvestment of all dividends and distributions.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended March 31,**  | **For the Years Ended March 31,**  | **For the Years Ended March 31,**  | **For the Years Ended March 31,**  | **For the Years Ended March 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| Net asset value, beginning of period | $30.04 | $24.07 | $25.79 | $23.16 | $15.10  |
| **INCOME FROM INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(1)</sup> | 0.34 | 0.35 | 0.25 | 0.14 | 0.12  |
|  Net gains (losses) on securities (both realized and unrealized) | 1.78 | 6.15 | (1.36) | 2.94 | 8.06  |
| **Total from investment operations** | 2.12 | 6.50 | (1.11) | 3.08 | 8.18  |
| **LESS DISTRIBUTIONS:**<br>|  |  |  |  |  |
| Distributions from investment income | (0.52) | (0.41) | (0.23) | (0.14) | (0.12)  |
| Distributions from capital gains |  | (0.12) | (0.38) | (0.31) | —  |
| **Total distributions** | (0.52) | (0.53) | (0.61) | (0.45) | (0.12)  |
| **Net asset value, end of period** | $31.64 | $30.04 | $24.07 | $25.79 | $23.16  |
| Total return | 7.13% | 27.31% | (4.22)% | 13.39% | 54.29%  |
| **RATIOS/SUPPLEMENTAL DATA**<br>|  |  |  |  |  |
| Net assets, end of period (in thousands) | $44922 | $55070 | $32256 | $30895 | $28605  |
| Ratio of expenses to average net assets | 0.91% | 0.93% | 0.93% | 0.93% | 0.94%  |
| Ratio of net investment income to average net assets | 1.08% | 1.29% | 1.07% | 0.56% | 0.63%  |
| Portfolio turnover rate<sup>(2)</sup> | 3% | 4% | 2% | 4% | 20% |

---

<sup>(1)</sup> Per share amounts have been calculated using the average shares method.

<sup>(2)</sup> Portfolio turnover rate is disclosed for the Fund as a whole.

The accompanying notes are an integral part of these financial statements.

69<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BUFFALO GROWTH & INCOME FUND** 

**FINANCIAL HIGHLIGHTS** 

**INSTITUTIONAL CLASS** 

**Condensed data for a share of capital stock outstanding throughout the period.** 

The following tables are intended to help you understand the Fund's financial performance for the periods shown. Certain information reflects financial results for a single Fund share. Total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund. Total returns assume reinvestment of all dividends and distributions.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended March 31,**  | **For the Years Ended March 31,**  | **For the Years Ended March 31,**  | **For the Years Ended March 31,**  | **For the Years Ended March 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| Net asset value, beginning of period | $30.04 | $24.07 | $25.78 | $23.16 | $15.10  |
| **INCOME FROM INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(1)</sup> | 0.38 | 0.38 | 0.29 | 0.18 | 0.15  |
|  Net gains (losses) on securities (both realized and unrealized) | 1.79 | 6.15 | (1.35) | 2.93 | 8.06  |
| **Total from investment operations** | 2.17 | 6.53 | (1.06) | 3.11 | 8.21  |
| **LESS DISTRIBUTIONS:**<br>|  |  |  |  |  |
| Distributions from investment income | (0.56) | (0.44) | (0.27) | (0.18) | (0.15)  |
| Distributions from capital gains |  | (0.12) | (0.38) | (0.31) | —  |
| **Total distributions** | (0.56) | (0.56) | (0.65) | (0.49) | (0.15)  |
| **Net asset value, end of period** | $31.65 | $30.04 | $24.07 | $25.78 | $23.16  |
| Total return | 7.30% | 27.47% | (4.04)% | 13.51% | 54.52%  |
| **RATIOS/SUPPLEMENTAL DATA**<br>|  |  |  |  |  |
| Net assets, end of period (in thousands) | $118627 | $109497 | $87932 | $85946 | $72405  |
| Ratio of expenses to average net assets | 0.78% | 0.78% | 0.78% | 0.78% | 0.79%  |
| Ratio of net investment income to average net assets | 1.21% | 1.44% | 1.22% | 0.71% | 0.78%  |
| Portfolio turnover rate<sup>(2)</sup> | 3% | 4% | 2% | 4% | 20% |

---

<sup>(1)</sup> Per share amounts have been calculated using the average shares method.

<sup>(2)</sup> Portfolio turnover rate is disclosed for the Fund as a whole.

The accompanying notes are an integral part of these financial statements.

70<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BUFFALO HIGH YIELD FUND** 

**FINANCIAL HIGHLIGHTS** 

**INVESTOR CLASS** 

**Condensed data for a share of capital stock outstanding throughout the period.** 

The following tables are intended to help you understand the Fund's financial performance for the periods shown. Certain information reflects financial results for a single Fund share. Total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund. Total returns assume reinvestment of all dividends and distributions.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended March 31,**  | **For the Years Ended March 31,**  | **For the Years Ended March 31,**  | **For the Years Ended March 31,**  | **For the Years Ended March 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| Net asset value, beginning of period | $10.64 | $10.20 | $11.23 | $11.82 | $9.72  |
| **INCOME FROM INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(1)</sup> | 0.77 | 0.74 | 0.61 | 0.48 | 0.48  |
|  Net gains (losses) on securities (both realized and unrealized) | (0.01) | 0.44 | (0.81)<sup>(2)</sup> | (0.24) | 2.11<sup>(2)</sup>  |
| **Total from investment operations** | 0.76 | 1.18 | (0.20)<sup>(2)</sup> | 0.24 | 2.59  |
| **LESS DISTRIBUTIONS:**<br>|  |  |  |  |  |
| Distributions from investment income | (0.77) | (0.74) | (0.64) | (0.48) | (0.49)  |
| Distributions from capital gains |  |  | (0.19) | (0.35)<sup>(2)</sup> | —<sup>(3)</sup>  |
| **Total distributions** | (0.77) | (0.74) | (0.83) | (0.83) | (0.49)  |
| **Net asset value, end of period** | $10.63 | $10.64 | $10.20 | $11.23 | $11.82  |
| Total return | 7.29% | 12.07% | (1.63)% | 1.97% | 27.07%  |
| **RATIOS/SUPPLEMENTAL DATA**<br>|  |  |  |  |  |
| Net assets, end of period (in thousands) | $140076 | $107241 | $58920 | $50581 | $50110  |
| Ratio of expenses to average net assets | 1.01% | 1.02% | 1.05% | 1.02% | 1.02%  |
| Ratio of net investment income to average net assets | 7.15% | 7.18% | 5.88% | 4.09% | 4.38%  |
| Portfolio turnover rate<sup>(4)</sup> | 29% | 26% | 30% | 41% | 66% |

---

<sup>(1)</sup> Per share amounts have been calculated using the average shares method.

<sup>(2)</sup> Amount was restated to adjust for $0.01 rounding difference.

<sup>(3)</sup> Less than $0.01 per share.

<sup>(4)</sup> Portfolio turnover rate is disclosed for the Fund as a whole.

The accompanying notes are an integral part of these financial statements.

71<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BUFFALO HIGH YIELD FUND** 

**FINANCIAL HIGHLIGHTS** 

**INSTITUTIONAL CLASS** 

**Condensed data for a share of capital stock outstanding throughout the period.** 

The following tables are intended to help you understand the Fund's financial performance for the periods shown. Certain information reflects financial results for a single Fund share. Total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund. Total returns assume reinvestment of all dividends and distributions.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended March 31,**  | **For the Years Ended March 31,**  | **For the Years Ended March 31,**  | **For the Years Ended March 31,**  | **For the Years Ended March 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| Net asset value, beginning of period | $10.63 | $10.19 | $11.22 | $11.81 | $9.71  |
| **INCOME FROM INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(1)</sup> | 0.78 | 0.76 | 0.63 | 0.50 | 0.50  |
|  Net gains (losses) on securities (both realized and unrealized) | (0.01) | 0.44 | (0.82) | (0.24) | 2.10  |
| **Total from investment operations** | 0.77 | 1.20 | (0.19) | 0.26 | 2.60  |
| **LESS DISTRIBUTIONS:**<br>|  |  |  |  |  |
| Distributions from investment income | (0.78) | (0.76) | (0.65) | (0.50) | (0.50)  |
| Distributions from capital gains |  |  | (0.19) | (0.35) | —<sup>(2)</sup>  |
| **Total distributions** | (0.78) | (0.76) | (0.84) | (0.85) | (0.50)  |
| **Net asset value, end of period** | $10.62 | $10.63 | $10.19 | $11.22 | $11.81  |
| Total return | 7.45% | 12.24% | (1.49)% | 2.12% | 27.28%  |
| **RATIOS/SUPPLEMENTAL DATA**<br>|  |  |  |  |  |
| Net assets, end of period (in thousands) | $525613 | $340331 | $250464 | $245858 | $225715  |
| Ratio of expenses to average net assets | 0.86% | 0.86% | 0.89% | 0.87% | 0.86%  |
| Ratio of net investment income to average net assets | 7.30% | 7.33% | 6.03% | 4.24% | 4.51%  |
| Portfolio turnover rate<sup>(3)</sup> | 29% | 26% | 30% | 41% | 66% |

---

<sup>(1)</sup> Per share amounts have been calculated using the average shares method.

<sup>(2)</sup> Less than $0.01 per share.

<sup>(3)</sup> Portfolio turnover rate is disclosed for the Fund as a whole.

The accompanying notes are an integral part of these financial statements.

72<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BUFFALO INTERNATIONAL FUND** 

**FINANCIAL HIGHLIGHTS** 

**INVESTOR CLASS** 

**Condensed data for a share of capital stock outstanding throughout the period.** 

The following tables are intended to help you understand the Fund's financial performance for the periods shown. Certain information reflects financial results for a single Fund share. Total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund. Total returns assume reinvestment of all dividends and distributions.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended March 31,**  | **For the Years Ended March 31,**  | **For the Years Ended March 31,**  | **For the Years Ended March 31,**  | **For the Years Ended March 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| Net asset value, beginning of period | $22.31 | $20.23 | $20.65 | $20.51 | $13.54  |
| **INCOME FROM INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(1)</sup> | 0.15 | 0.18 | 0.13 | 0.03 | 0.04  |
|  Net gains (losses) on securities (both realized and unrealized) | (0.65) | 2.03 | (0.22) | 0.39 | 6.98  |
| **Total from investment operations** | (0.50) | 2.21 | (0.09) | 0.42 | 7.02  |
| **LESS DISTRIBUTIONS:**<br>|  |  |  |  |  |
| Distributions from investment income | (0.17) | (0.13) | (0.08) | (0.02) | (0.05)  |
| Distributions from capital gains |  |  | (0.25) | (0.26) | —<sup>(2)</sup>  |
| **Total distributions** | (0.17) | (0.13) | (0.33) | (0.28) | (0.05)  |
| **Net asset value, end of period** | $21.64 | $22.31 | $20.23 | $20.65 | $20.51  |
| Total return | (2.19)% | 10.89% | (0.21)% | 1.94% | 51.79%  |
| **RATIOS/SUPPLEMENTAL DATA**<br>|  |  |  |  |  |
| Net assets, end of period (in thousands) | $250875 | $353298 | $253664 | $263120 | $260044  |
| Ratio of expenses to average net assets | 1.03% | 1.03% | 1.03% | 1.03% | 1.03%  |
| Ratio of net investment income to average net assets | 0.67% | 0.84% | 0.71% | 0.14% | 0.22%  |
| Portfolio turnover rate<sup>(3)</sup> | 10% | 1% | 8% | 13% | 14% |

---

<sup>(1)</sup> Per share amounts have been calculated using the average shares method.

<sup>(2)</sup> Less than $0.01 per share.

<sup>(3)</sup> Portfolio turnover rate is disclosed for the Fund as a whole.

The accompanying notes are an integral part of these financial statements.

73<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BUFFALO INTERNATIONAL FUND** 

**FINANCIAL HIGHLIGHTS** 

**INSTITUTIONAL CLASS** 

**Condensed data for a share of capital stock outstanding throughout the period.** 

The following tables are intended to help you understand the Fund's financial performance for the periods shown. Certain information reflects financial results for a single Fund share. Total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund. Total returns assume reinvestment of all dividends and distributions.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended March 31,**  | **For the Years Ended March 31,**  | **For the Years Ended March 31,**  | **For the Years Ended March 31,**  | **For the Years Ended March 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| Net asset value, beginning of period | $22.33 | $20.25 | $20.67 | $20.53 | $13.55  |
| **INCOME FROM INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(1)</sup> | 0.18 | 0.20 | 0.16 | 0.06 | 0.07  |
|  Net gains (losses) on securities (both realized and unrealized) | (0.64) | 2.03 | (0.22) | 0.39 | 6.99  |
| **Total from investment operations** | (0.46) | 2.23 | (0.06) | 0.45 | 7.06  |
| **LESS DISTRIBUTIONS:**<br>|  |  |  |  |  |
| Distributions from investment income | (0.21) | (0.15) | (0.11) | (0.05) | (0.08)  |
| Distributions from capital gains |  |  | (0.25) | (0.26) | —<sup>(2)</sup>  |
| **Total distributions** | (0.21) | (0.15) | (0.36) | (0.31) | (0.08)  |
| **Net asset value, end of period** | $21.66 | $22.33 | $20.25 | $20.67 | $20.53  |
| Total return | (2.01)% | 11.08% | (0.09)% | 2.08% | 52.12%  |
| **RATIOS/SUPPLEMENTAL DATA**<br>|  |  |  |  |  |
| Net assets, end of period (in thousands) | $626511 | $727185 | $356850 | $316602 | $285595  |
| Ratio of expenses to average net assets | 0.88% | 0.88% | 0.88% | 0.88% | 0.88%  |
| Ratio of net investment income to average net assets | 0.82% | 0.99% | 0.86% | 0.29% | 0.37%  |
| Portfolio turnover rate<sup>(3)</sup> | 10% | 1% | 8% | 13% | 14% |

---

<sup>(1)</sup> Per share amounts have been calculated using the average shares method.

<sup>(2)</sup> Less than $0.01 per share.

<sup>(3)</sup> Portfolio turnover rate is disclosed for the Fund as a whole.

The accompanying notes are an integral part of these financial statements.

74<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BUFFALO MID CAP DISCOVERY FUND** 

**FINANCIAL HIGHLIGHTS** 

**INVESTOR CLASS** 

**Condensed data for a share of capital stock outstanding throughout the period.** 

The following tables are intended to help you understand the Fund's financial performance for the periods shown. Certain information reflects financial results for a single Fund share. Total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund. Total returns assume reinvestment of all dividends and distributions.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended March 31,**  | **For the Years Ended March 31,**  | **For the Years Ended March 31,**  | **For the Years Ended March 31,**  | **For the Years Ended March 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| Net asset value, beginning of period | $25.50 | $21.30 | $25.31 | $30.82 | $19.88  |
| **INCOME FROM INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment loss<sup>(1)</sup> | (0.11) | (0.08) | (0.12) | (0.21) | (0.18)  |
|  Net gains (losses) on securities (both realized and unrealized) | (1.35) | 4.28 | (2.52) | (0.93) | 13.51  |
| **Total from investment operations** | (1.46) | 4.20 | (2.64) | (1.14) | 13.33  |
| **LESS DISTRIBUTIONS:**<br>|  |  |  |  |  |
| Distributions from capital gains | (2.31) |  | (1.37) | (4.37) | (2.39)  |
| **Total distributions** | (2.31) |  | (1.37) | (4.37) | (2.39)  |
| **Net asset value, end of period** | $21.73 | $25.50 | $21.30 | $25.31 | $30.82  |
| Total return | (6.73)% | 19.72% | (10.12)% | (4.58)% | 67.49%  |
| **RATIOS/SUPPLEMENTAL DATA**<br>|  |  |  |  |  |
| Net assets, end of period (in thousands) | $432473 | $636244 | $722077 | $1099258 | $1442145  |
| Ratio of expenses to average net assets | 0.99% | 1.00% | 1.01% | 1.00% | 1.01%  |
| Ratio of net investment loss to average net assets | (0.47)% | (0.35)% | (0.58)% | (0.70)% | (0.64)%  |
| Portfolio turnover rate<sup>(2)</sup> | 33% | 42% | 26% | 41% | 84% |

---

<sup>(1)</sup> Per share amounts have been calculated using the average shares method.

<sup>(2)</sup> Portfolio turnover rate is disclosed for the Fund as a whole.

The accompanying notes are an integral part of these financial statements.

75<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BUFFALO MID CAP DISCOVERY FUND** 

**FINANCIAL HIGHLIGHTS** 

**INSTITUTIONAL CLASS** 

**Condensed data for a share of capital stock outstanding throughout the period.** 

The following tables are intended to help you understand the Fund's financial performance for the periods shown. Certain information reflects financial results for a single Fund share. Total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund. Total returns assume reinvestment of all dividends and distributions.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended March 31,**  | **For the Years Ended March 31,**  | **For the Years Ended March 31,**  | **For the Years Ended March 31,**  | **For the Years Ended March 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| Net asset value, beginning of period | $25.72 | $21.46 | $25.44 | $30.92 | $19.91  |
| **INCOME FROM INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment loss<sup>(1)</sup> | (0.08) | (0.05) | (0.09) | (0.17) | (0.14)  |
|  Net gains (losses) on securities (both realized and unrealized) | (1.37) | 4.31 | (2.52) | (0.94) | 13.54  |
| **Total from investment operations** | (1.45) | 4.26 | (2.61) | (1.11) | 13.40  |
| **LESS DISTRIBUTIONS:**<br>|  |  |  |  |  |
| Distributions from capital gains | (2.31) |  | (1.37) | (4.37) | (2.39)  |
| **Total distributions** | (2.31) |  | (1.37) | (4.37) | (2.39)  |
| **Net asset value, end of period** | $21.96 | $25.72 | $21.46 | $25.44 | $30.92  |
| Total return | (6.63)% | 19.85% | (9.94)% | (4.46)% | 67.75%  |
| **RATIOS/SUPPLEMENTAL DATA**<br>|  |  |  |  |  |
| Net assets, end of period (in thousands) | $139616 | $197792 | $186695 | $363369 | $337999  |
| Ratio of expenses to average net assets | 0.86% | 0.86% | 0.86% | 0.86% | 0.86%  |
| Ratio of net investment loss to average net assets | (0.33)% | (0.20)% | (0.43)% | (0.55)% | (0.50)%  |
| Portfolio turnover rate<sup>(2)</sup> | 33% | 42% | 26% | 41% | 84% |

---

<sup>(1)</sup> Per share amounts have been calculated using the average shares method.

<sup>(2)</sup> Portfolio turnover rate is disclosed for the Fund as a whole.

The accompanying notes are an integral part of these financial statements.

76<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**BUFFALO MID CAP GROWTH FUND** 

**FINANCIAL HIGHLIGHTS** 

**INVESTOR CLASS** 

**Condensed data for a share of capital stock outstanding throughout the period.** 

The following tables are intended to help you understand the Fund's financial performance for the periods shown. Certain information reflects financial results for a single Fund share. Total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund. Total returns assume reinvestment of all dividends and distributions.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended March 31,**  | **For the Years Ended March 31,**  | **For the Years Ended March 31,**  | **For the Years Ended March 31,**  | **For the Years Ended March 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| Net asset value, beginning of period | $17.25 | $14.72 | $17.72 | $20.19 | $13.02  |
| **INCOME FROM INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment loss<sup>(1)</sup> | (0.07) | (0.06) | (0.07) | (0.11) | (0.11)  |
|  Net gains (losses) on securities (both realized and unrealized) | (0.46) | 3.44 | (2.19) | (0.10) | 8.61  |
| **Total from investment operations** | (0.53) | 3.38 | (2.26) | (0.21) | 8.50  |
| **LESS DISTRIBUTIONS:**<br>|  |  |  |  |  |
| Distributions from capital gains | (1.13) | (0.85) | (0.74) | (2.26) | (1.33)  |
| **Total distributions** | (1.13) | (0.85) | (0.74) | (2.26) | (1.33)  |
| **Net asset value, end of period** | $15.59 | $17.25 | $14.72 | $17.72 | $20.19  |
| Total return | (3.72)% | 23.74% | (12.58)% | (1.55)% | 65.92%  |
| **RATIOS/SUPPLEMENTAL DATA**<br>|  |  |  |  |  |
| Net assets, end of period (in thousands) | $64767 | $80729 | $73144 | $96992 | $107061  |
| Ratio of expenses to average net assets | 1.00% | 0.97% | 1.03% | 1.02% | 1.03%  |
| Ratio of net investment loss to average net assets | (0.40)% | (0.39)% | (0.48)% | (0.56)% | (0.63)%  |
| Portfolio turnover rate<sup>(2)</sup> | 13% | 17% | 23% | 19% | 41% |

---

<sup>(1)</sup> Per share amounts have been calculated using the average shares method.

<sup>(2)</sup> Portfolio turnover rate is disclosed for the Fund as a whole.

The accompanying notes are an integral part of these financial statements.

77<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BUFFALO MID CAP GROWTH FUND** 

**FINANCIAL HIGHLIGHTS** 

**INSTITUTIONAL CLASS** 

**Condensed data for a share of capital stock outstanding throughout the period.** 

The following tables are intended to help you understand the Fund's financial performance for the periods shown. Certain information reflects financial results for a single Fund share. Total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund. Total returns assume reinvestment of all dividends and distributions.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended March 31,**  | **For the Years Ended March 31,**  | **For the Years Ended March 31,**  | **For the Years Ended March 31,**  | **For the Years Ended March 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| Net asset value, beginning of period | $17.39 | $14.82 | $17.81 | $20.24 | $13.03  |
| **INCOME FROM INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment loss<sup>(1)</sup> | (0.05) | (0.04) | (0.05) | (0.08) | (0.09)  |
|  Net gains (losses) on securities (both realized and unrealized) | (0.47) | 3.46 | (2.20) | (0.09) | 8.63  |
| **Total from investment operations** | (0.52) | 3.42 | (2.25) | (0.17) | 8.54  |
| **LESS DISTRIBUTIONS:**<br>|  |  |  |  |  |
| Distributions from capital gains | (1.13) | (0.85) | (0.74) | (2.26) | (1.33)  |
| **Total distributions** | (1.13) | (0.85) | (0.74) | (2.26) | (1.33)  |
| **Net asset value, end of period** | $15.74 | $17.39 | $14.82 | $17.81 | $20.24  |
| Total return | (3.63)% | 23.85% | (12.46)% | (1.34)% | 66.18%  |
| **RATIOS/SUPPLEMENTAL DATA**<br>|  |  |  |  |  |
| Net assets, end of period (in thousands) | $69867 | $76334 | $65699 | $82831 | $83642  |
| Ratio of expenses to average net assets | 0.87% | 0.87% | 0.88% | 0.87% | 0.88%  |
| Ratio of net investment loss to average net assets | (0.27)% | (0.29)% | (0.33)% | (0.41)% | (0.48)%  |
| Portfolio turnover rate<sup>(2)</sup> | 13% | 17% | 23% | 19% | 41% |

---

<sup>(1)</sup> Per share amounts have been calculated using the average shares method.

<sup>(2)</sup> Portfolio turnover rate is disclosed for the Fund as a whole.

The accompanying notes are an integral part of these financial statements.

78<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**BUFFALO SMALL CAP GROWTH FUND** 

**FINANCIAL HIGHLIGHTS** 

**INVESTOR CLASS** 

**Condensed data for a share of capital stock outstanding throughout the period.** 

The following tables are intended to help you understand the Fund's financial performance for the periods shown. Certain information reflects financial results for a single Fund share. Total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund. Total returns assume reinvestment of all dividends and distributions.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended March 31,**  | **For the Years Ended March 31,**  | **For the Years Ended March 31,**  | **For the Years Ended March 31,**  | **For the Years Ended March 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| Net asset value, beginning of period | $14.73 | $14.18 | $16.11 | $22.14 | $10.94  |
| **INCOME FROM INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment loss<sup>(1)</sup> | (0.07) | (0.06) | (0.07) | (0.17) | (0.15)  |
|  Net gains (losses) on securities (both realized and unrealized) | (1.25) | 0.61 | (1.86) | (3.27) | 13.23  |
| **Total from investment operations** | (1.32) | 0.55 | (1.93) | (3.44) | 13.08  |
| **LESS DISTRIBUTIONS:**<br>|  |  |  |  |  |
| Distributions from capital gains |  |  |  | (2.59) | (1.88)  |
| **Total distributions** |  |  |  | (2.59) | (1.88)  |
| **Net asset value, end of period** | $13.41 | $14.73 | $14.18 | $16.11 | $22.14  |
| Total return | (8.96)% | 3.88% | (11.98)% | (16.93)% | 120.78%  |
| **RATIOS/SUPPLEMENTAL DATA**<br>|  |  |  |  |  |
| Net assets, end of period (in thousands) | $324819 | $473215 | $575979 | $697647 | $801388  |
| Ratio of expenses to average net assets | 0.88% | 0.96% | 0.98% | 1.01% | 1.01%  |
| Ratio of net investment loss to average net assets | (0.48)% | (0.42)% | (0.50)% | (0.83)% | (0.81)%  |
| Portfolio turnover rate<sup>(2)</sup> | 20% | 26% | 44% | 59% | 63% |

---

<sup>(1)</sup> Per share amounts have been calculated using the average shares method.

<sup>(2)</sup> Portfolio turnover rate is disclosed for the Fund as a whole.

The accompanying notes are an integral part of these financial statements.

79<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**BUFFALO SMALL CAP GROWTH FUND** 

**FINANCIAL HIGHLIGHTS** 

**INSTITUTIONAL CLASS** 

**Condensed data for a share of capital stock outstanding throughout the period.** 

The following tables are intended to help you understand the Fund's financial performance for the periods shown. Certain information reflects financial results for a single Fund share. Total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund. Total returns assume reinvestment of all dividends and distributions.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended March 31,**  | **For the Years Ended March 31,**  | **For the Years Ended March 31,**  | **For the Years Ended March 31,**  | **For the Years Ended March 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| Net asset value, beginning of period | $14.84 | $14.26 | $16.19 | $22.20 | $10.96  |
| **INCOME FROM INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment loss<sup>(1)</sup> | (0.07) | (0.04) | (0.05) | (0.14) | (0.12)<sup>(2)</sup>  |
|  Net gains (losses) on securities (both realized and unrealized) | (1.26) | 0.62 | (1.88) | (3.28) | 13.24  |
| **Total from investment operations** | (1.33) | 0.58 | (1.93) | (3.42) | 13.12<sup>(2)</sup>  |
| **LESS DISTRIBUTIONS:**<br>|  |  |  |  |  |
| Distributions from capital gains |  |  |  | (2.59) | (1.88)  |
| **Total distributions** |  |  |  | (2.59) | (1.88)  |
| **Net asset value, end of period** | $13.51 | $14.84 | $14.26 | $16.19 | $22.20  |
| Total return | (8.96)% | 4.07% | (11.92)% | (16.79)% | 121.14%  |
| **RATIOS/SUPPLEMENTAL DATA**<br>|  |  |  |  |  |
| Net assets, end of period (in thousands) | $180869 | $232775 | $274065 | $281276 | $328588  |
| Ratio of expenses to average net assets | 0.86% | 0.86% | 0.86% | 0.86% | 0.86%  |
| Ratio of net investment loss to average net assets | (0.45)% | (0.32)% | (0.38)% | (0.68)% | (0.67)%  |
| Portfolio turnover rate<sup>(3)</sup> | 20% | 26% | 44% | 59% | 63% |

---

<sup>(1)</sup> Per share amounts have been calculated using the average shares method.

<sup>(2)</sup> Amount was restated to adjust for $0.01 rounding difference.

<sup>(3)</sup> Portfolio turnover rate is disclosed for the Fund as a whole.

The accompanying notes are an integral part of these financial statements.

80<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**BUFFALO FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**March 31, 2025** 

1. SIGNIFICANT ACCOUNTING POLICIES:

The Buffalo Funds (comprised of the Buffalo Blue Chip Growth Fund (formerly known as the Buffalo Large Cap Fund), Buffalo Early Stage Growth Fund, Buffalo Flexible Allocation Fund (formerly known as the Buffalo Flexible Income Fund), Buffalo Growth Fund, Buffalo Growth & Income Fund (formerly known as the Buffalo Dividend Focus Fund), Buffalo High Yield Fund, Buffalo International Fund, Buffalo Mid Cap Discovery Fund (formerly known as the Buffalo Discovery Fund), Buffalo Mid Cap Growth Fund (formerly known as the Buffalo Mid Cap Fund), and Buffalo Small Cap Growth Fund (formerly known as the Buffalo Small Cap Fund)) (the "Buffalo Funds" or "Funds") are registered under the Investment Company Act of 1940, as amended (the "1940 Act"). Each of the Buffalo Early Stage Growth Fund, Buffalo Flexible Allocation Fund, Buffalo Growth & Income Fund, Buffalo High Yield Fund, Buffalo International Fund, Buffalo Mid Cap Discovery Fund, Buffalo Mid Cap Growth Fund and Buffalo Small Cap Growth Fund is classified as a "diversified" open-end management investment company under the 1940 Act. Each of the Buffalo Blue Chip Growth Fund and Buffalo Growth Fund is classified as a "non-diversified" open-end management investment company under the 1940 Act. The shares of the Buffalo Funds are issued in multiple series, with each series, in effect, representing a separate Fund. Kornitzer Capital Management, Inc. ("Adviser" or "KCM") is the Funds' investment adviser.

Each Fund offers two classes of shares, Investor Class and Institutional Class. Each class of shares represents an equal interest in the Fund, except the difference of class specific expenses, which reflects the difference in the range of services provided to each class. The shareholder servicing fees for the Investor Class represent the class specific expenses. See Note 5 for more information regarding shareholder servicing fees for the Investor Class.

The investment objective of each of the Buffalo Blue Chip Growth Fund, Buffalo Early Stage Growth Fund, Buffalo Growth Fund, Buffalo International Fund, Buffalo Mid Cap Discovery Fund, Buffalo Mid Cap Growth Fund, and Buffalo Small Cap Growth Fund is long-term growth of capital. The investment objective of the Buffalo Flexible Allocation Fund is high current income, with long-term growth of capital as a secondary objective. The investment objective of each of the Buffalo Growth & Income Fund and Buffalo High Yield Fund is current income, with long-term growth of capital as a secondary objective.

Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946 "Financial Services – Investment Companies."

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;A. *Investment Valuation* – In accordance with FASB ASC 820, Fair Value Measurements ("ASC 820"), fair value is defined as the price that
 a Fund would receive to sell an investment or pay to transfer a liability in an orderly transaction with an independent buyer in the principal
 market, or in the absence of a principal market, the most advantageous market for the investment or liability.

Equity securities traded on a national securities exchange or national market, except those traded using the National Association of Securities Dealers' Automated Quotation System ("NASDAQ"), are valued at the latest sales price thereof, or if no sale was reported on that date, the mean between the most recent quoted bid and ask price is used. All equity securities that are traded using NASDAQ are valued using the NASDAQ Official Closing Price, which may not necessarily represent the last sales price. If there has been no sale on such exchange or on NASDAQ on such day, the security is valued at the mean between the most recent quoted bid and ask price.

When market quotations are not readily available, any security or other asset is valued at its fair value as determined in good faith under procedures approved by the Board of Trustees (the "Board"). If events occur that will affect the value of a Fund's portfolio securities before the net asset value ("NAV") has been calculated, the security will generally be priced using a

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**NOTES TO FINANCIAL STATEMENTS** 

**March 31, 2025(Continued)** 

fair value procedure. The Board has adopted specific procedures for valuing portfolio securities and delegated the responsibility of fair value determinations to KCM, as the Funds' valuation designee, in accordance with new Rule 2a-5 of the 1940 Act. Some of the factors that have been or may be considered by KCM as applicable in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restriction on disposition; trading in similar securities of the same issuer or comparable companies; information from broker-dealers; and an evaluation of the forces that influence the market in which the securities are purchased or sold. As of March 31, 2025, the Buffalo International Fund and Buffalo Small Cap Growth Fund held securities valued at fair value as determined in good faith by KCM, as valuation designee, at such time. In addition, with respect to the valuation of securities principally traded on foreign markets, the Buffalo International Fund uses a fair value pricing service that employs quantitative models to adjust for "stale" prices caused by the movement of other markets and other factors occurring after the close of the foreign markets, but before the close of the New York Stock Exchange ("NYSE"). As of March 31, 2025, the Buffalo International Fund held 54 securities where a foreign fair value factor was applied, with a market value of $579,171,517 or 66.01% of total net assets.

Debt securities, including treasury bills, commercial paper, corporate and convertible bonds, bank loans, etc., and short-term debt instruments with remaining maturities of 60 days or less are normally valued at the mean in accordance with prices supplied by an approved pricing service. If there is no trade on the valuation date, then the security will be priced at the mean between the most recent bid and ask prices.

Restricted securities include securities that have not been registered under the Securities Act of 1933, as amended, and securities that are subject to restrictions on resale. The Funds may invest in restricted securities that are consistent with the Funds' investment objectives and investment strategies. In some cases, the issuer of restricted securities has agreed to register such securities for resale, at the issuer's expense either upon demand by the Funds or in connection with another registered offering of the securities. Investments in restricted securities are valued utilizing the Funds' valuation policies.

ASC 820 establishes a three-tier hierarchy to distinguish between (1) inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observable inputs) and (2) inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Funds' investments. The inputs are summarized in the three broad levels listed below:

Level 1 – Valuations based on quoted prices for investments in active markets that a Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.

Level 2 – Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

Level 3 – Valuations based on significant unobservable inputs (including a Fund's own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the

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**March 31, 2025(Continued)** 

volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by KCM, along with any other relevant factors, in the calculation of an investment's fair value. The Funds use prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Non-U.S. equity securities actively traded in foreign markets may be reflected in Level 2 despite the availability of closing prices, because the Funds evaluate and determine whether those closing prices reflect fair value at the close of the NYSE or require adjustment, as described above and in Note 7.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models rely on one or more significant unobservable inputs and/or significant assumptions made by the Adviser. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following table provides the fair value measurement of applicable Fund assets and liabilities by level within the fair value hierarchy as of March 31, 2025. These assets are measured on a recurring basis.

**Buffalo Blue Chip Growth Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Common Stocks | $129406610 | $— | $— | $129406610  |
| Exchange Traded Funds | 766543 |  |  | 766543  |
| Short-Term Investments | 6631154 |  |  | 6631154  |
| **Total\*** | $136804307 | $— | $— | $136804307 |

---

**Buffalo Early Stage Growth Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Common Stocks | $55838401 | $— | $— | $55838401  |
|  Real Estate Investment Trusts | 809936 |  |  | 809936  |
| Short-Term Investments | 3946395 |  |  | 3946395  |
| **Total\*** | $60594732 | $— | $— | $60594732 |

---

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**NOTES TO FINANCIAL STATEMENTS** 

**March 31, 2025(Continued)** 

**Buffalo Flexible Allocation Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Common Stocks | $453586728 | $— | $— | $453586728  |
|  Real Estate Investment Trusts | 12222637 |  |  | 12222637  |
| Short-Term Investments | 1672989 |  |  | 1672989  |
| **Total\*** | $467482354 | $— | $— | $467482354  |
| Options Written | $12550 |  | $— | $12550 |

---

**Buffalo Growth Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Common Stocks | $159377359 | $— | $— | $159377359  |
| Short-Term Investments | 2921332 |  |  | 2921332  |
| **Total\*** | $162298691 | $— | $— | $162298691 |

---

**Buffalo Growth & Income Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Common Stocks | $137212304 | $— | $— | $137212304  |
| Convertible Bonds |  | 7521587 |  | 7521587  |
|  Real Estate Investment Trusts | 7135955 |  |  | 7135955  |
| &nbsp;&nbsp;&nbsp; Convertible Preferred <br>Stocks | 1867700 |  |  | 1867700  |
| Preferred Stocks | 335400 |  |  | 335400  |
| Short-Term Investments | 9446573 |  |  | 9446573  |
| **Total\*** | $155997932 | $7521587 | $— | $163519519 |

---

**Buffalo High Yield Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Corporate Bonds | $— | $377435515 | $— | $377435515  |
| Bank Loans |  | 234955645 |  | 234955645  |
| &nbsp;&nbsp;&nbsp; Convertible Preferred <br>Stocks | 10306100 |  |  | 10306100  |
| Convertible Bonds |  | 8878133 |  | 8878133  |
| Preferred Stocks | 2789250 |  |  | 2789250  |
| Short-Term Investments | 28856045 |  |  | 28856045  |
| **Total\*** | $41951395 | $621269293 | $— | $663220688 |

---

**Buffalo International Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Common Stocks | $284413243 | $579171517 | $— | $863584760  |
| Warrants |  |  | 0 | 0  |
| Short-Term Investments | 12475995 |  |  | 12475995  |
| **Total\*** | $296889238 | $579171517 | $0 | $876060755 |

---

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**BUFFALO FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**March 31, 2025(Continued)** 

**Buffalo Mid Cap Discovery Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Common Stocks | $537258549 | $— | $— | $537258549  |
| Short-Term Investments | 21601747 |  |  | 21601747  |
| **Total\*** | $558860296 | $— | $— | $558860296 |

---

**Buffalo Mid Cap Growth Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Common Stocks | $125284828 | $— | $— | $125284828  |
|  Real Estate Investment Trusts | 2834385 |  |  | 2834385  |
| Short-Term Investments | 4831762 |  |  | 4831762  |
| **Total\*** | $132950975 | $— | $— | $132950975 |

---

**Buffalo Small Cap Growth Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Common Stocks | $470310413 | $— | $949 | $470311362  |
| Short-Term Investments | 35903801 |  |  | 35903801  |
| **Total\*** | $506214214 | $— | $949 | $506215163 |

---

\* Additional information regarding the industry and/or geographical classification of these investments is disclosed in the schedules of investments.

The following is a reconciliation of the Buffalo International Fund Level 3 assets for which significant unobservable inputs were used to determine fair value for the year ended March 31, 2025:

---

| | |
|:---|:---|
| **Fair Value Measurement Using Significant Unobservable Inputs (Level 3)** | **Investments** <br>**in Securities** <br>**Year Ended** <br>**March 31, 2025**  |
| Fair Value as of 3/31/2024 | &nbsp;&nbsp;&nbsp; $0  |
| Total unrealized gains included in earnings | &nbsp;&nbsp;&nbsp; —  |
| Realized gains included in earnings | &nbsp;&nbsp;&nbsp; —  |
| Purchases | &nbsp;&nbsp;&nbsp; —  |
| Sales | &nbsp;&nbsp;&nbsp; —  |
| Fair Value as of 3/31/2025 | &nbsp;&nbsp;&nbsp; $0  |
|  The amount of total gains or losses for the period included in net increase (decrease) in net asset applicable to outstanding shares attributed to the change in unrealized gains or losses relating to assets still held at the reporting date | &nbsp;&nbsp;&nbsp; $— |

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**NOTES TO FINANCIAL STATEMENTS** 

**March 31, 2025(Continued)** 

The following is a reconciliation of the Buffalo Small Cap Growth Fund Level 3 assets for which significant unobservable inputs were used to determine fair value for the year ended March 31, 2025:

---

| | |
|:---|:---|
| **Fair Value Measurement Using Significant Unobservable Inputs (Level 3)** | **Investments** <br>**in Securities** <br>**Period Ended** <br>**March 31, 2025**  |
| Fair Value as of 3/31/2024 | &nbsp;&nbsp;&nbsp; $949  |
| Total unrealized gains included in earnings | &nbsp;&nbsp;&nbsp; —  |
| Realized gains included in earnings | &nbsp;&nbsp;&nbsp; —  |
| Purchases | &nbsp;&nbsp;&nbsp; —  |
| Sales | &nbsp;&nbsp;&nbsp; —  |
| Fair Value as of 3/31/2025 | &nbsp;&nbsp;&nbsp; $949  |
|  The amount of total gains or losses for the period included in net increase (decrease) in net asset applicable to outstanding shares attributed to the change in unrealized gains or losses relating to assets still held at the reporting date | &nbsp;&nbsp;&nbsp; $— |

---

Fair valuation inputs are presented when the Fund had a significant amount of Level 3 investments at the beginning and/or end of the reporting period, in relation to net assets. Level 3 holdings as of March 31, 2025, are immaterial and, other than the reconciliation of investments above, no further quantitative information about Level 3 Fair Value Measurements has been included.

&nbsp;&nbsp;&nbsp;&nbsp;B. *Federal Income Taxes* – Each Fund complies with the requirements of Subchapter M of the Internal Revenue Code necessary to qualify as a regulated
 investment company and makes the requisite distributions of income and capital gains to its shareholders sufficient to relieve it from
 all or substantially all federal income and excise taxes. Therefore, no federal income tax provision has been provided.

At March 31, 2025, the Funds did not have any tax positions that did not meet the "more likely-than-not" threshold of being sustained by the applicable tax authority. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as other expense in the Statements of Operations. During the year, the Funds did not incur any interest or penalties.

The Funds have analyzed all open tax years, as defined by the statute of limitations, for all major jurisdictions. Open tax years are those that are open for exam by taxing authorities. Open tax years include the tax years ended March 31, 2022 through March 31, 2025. The Funds have no such examinations in progress.

&nbsp;&nbsp;&nbsp;&nbsp;C. *Investment Transactions and Investment Income* – Investment transactions are accounted for on the date the securities are purchased or sold (trade
 date). Dividend income is recorded on the ex-dividend date except that certain dividends for foreign securities where the ex-dividend
 date may have passed are recorded as soon as the Fund is informed of the dividend in the exercise of reasonable diligence. Withholding
 taxes on foreign dividends have been provided for in accordance with the Funds' understanding of the applicable country's
 tax rules and rates. Interest income is recognized on the accrual basis. Net fee income from bank loan investments is included in interest
 income for the Buffalo High Yield Fund. Realized gains and losses from investment transactions are reported on the identified cost basis.
 Gains from the repayment of bank loan principal are included in realized gains. All discounts/premiums are accreted/amortized over the
 lives of the respective securities for financial reporting purposes and are included in interest income.

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&nbsp;&nbsp;&nbsp;&nbsp;D. *Distributions to Shareholders* – Distributions to shareholders are recorded on the ex- dividend date. Distributions are determined in accordance
 with income tax regulations, which may differ from U.S. generally accepted accounting principles ("GAAP"). These differences
 are primarily due to differing treatments for premium amortization on debt securities, deferral of late year and wash sale losses, and
 partnership investment income.

&nbsp;&nbsp;&nbsp;&nbsp;E. *Use of Estimates* – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that
 affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial
 statements and the reported amounts of increases and decreases in net assets from operations during the year. Actual results could differ
 from such estimates.

&nbsp;&nbsp;&nbsp;&nbsp;F. *Foreign Currency Translation* – Values of investments denominated in foreign currencies are converted into U.S. dollars using a spot market
 rate of exchange on the day of valuation. Purchases and sales of investments and dividend and interest income are translated to U.S. dollars
 using a spot market rate of exchange prevailing on the respective dates of such transactions. The portion of security gains or losses
 resulting from changes in foreign exchange rates is included with net realized and unrealized gain or loss from investments, as appropriate,
 for tax purposes.

&nbsp;&nbsp;&nbsp;&nbsp;G. *Purchased and Written Option Contracts* – Certain Funds may purchase and write call or put options on securities and indices and enter into
 related closing transactions. As a holder of a call option, a Fund has the right, but not the obligation, to purchase a security at the
 exercise price during the exercise period. As the writer of a call option, a Fund has the obligation to sell the security at the exercise
 price during the exercise period. The Fund's maximum payout in the case of written call option contracts cannot be determined. As
 a holder of a put option, a Fund has the right, but not the obligation, to sell a security at the exercise price during the exercise period.
 As the writer of a put option, a Fund has the obligation to buy the underlying security at the exercise price during the exercise period.

The premium that a Fund pays when purchasing an option or receives when writing an option will reflect, among other things, the market price of the security, the relationship of the exercise price to the market price of the security, the relationship of the exercise price to the volatility of the security, the length of the option period and supply and demand factors. The premium is the market value of an option at the time of purchase.

A purchaser (holder) of a put option pays a non-refundable premium to the seller (writer) of a put option to obtain the right to sell a specified amount of a security at a fixed price (the exercise price) during a specified period (exercise period). Conversely, the seller (writer) of a put option, upon payment by the holder of the premium, has the obligation to buy the security from the holder of the put option at the exercise price during the exercise period.

Exchange traded options are valued at the composite price, using the National Best Bid and Offer quotes ("NBBO"). NBBO consists of the highest bid prices and lowest ask prices across any of the exchanges on which an option is quoted, thus providing a view across the entire U.S. options marketplace. Specifically, composite pricing looks at the last trades on the exchanges where the options are traded. If there are no trades for the option on a given business day, composite option pricing calculates the mean of the highest bid price and lowest ask price across the exchanges where the option is traded. Non exchange traded options also will be valued at the mean between the last bid and ask quotations. For options where market quotations are not readily available, a fair value shall be determined as set forth in the Funds' fair valuation guidelines.

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**NOTES TO FINANCIAL STATEMENTS** 

**March 31, 2025(Continued)** 

The Funds may use options with the objective to generate income as a non-principal investment strategy. Currently, the Buffalo Flexible Allocation Fund makes use of the options strategy to a greater extent than the other Funds because high current income generation is a primary investment objective of the Buffalo Flexible Allocation Fund. The primary strategy used by Buffalo Flexible Allocation Fund to achieve high current income generation through the use of options is to write covered calls with the strike price above the cost basis and the value the portfolio managers believe will be achieved before the expiration of the option and also at a value that the portfolio managers are willing to sell if the option is exercised. The collected premiums generate income for the Fund, and if the option is exercised, a gain will also be achieved. A risk of using derivatives is that the counterparty to a derivative may fail to comply with their obligation to the Funds. See Note 6 for written option activity.

&nbsp;&nbsp;&nbsp;&nbsp;H. *Indemnifications* – Under the Funds' organizational documents, officers and trustees are indemnified against certain liabilities arising
 out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that
 provide general indemnification to other parties. The Funds' maximum exposure under these arrangements is unknown as this would
 involve future claims that may be made against the Funds that have not yet occurred, and may not occur. However, the Funds have not had
 prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.

&nbsp;&nbsp;&nbsp;&nbsp;I. *Allocation of Income and Expenses* – Each Fund is charged for those expenses directly attributable to it. Expenses directly attributable
 to a class of shares, such as Shareholder Servicing Fees (See Note 5), are charged to that class of shares. Income, expenses and realized
 and unrealized gains and losses are allocated to the classes based on their respective net assets.

&nbsp;&nbsp;&nbsp;&nbsp;2. **FEDERAL TAX MATTERS:** 

The tax character of distributions paid during the years ended March 31, 2025 and March 31, 2024 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** <br>**March 31, 2025** | **Year Ended** <br>**March 31, 2025** | **Year Ended** <br>**March 31, 2024**  | **Year Ended** <br>**March 31, 2024**  |
| **Funds** | **Ordinary** <br>**Income** | **Long-Term** <br>**Capital Gains** | **Ordinary** <br>**Income** | **Long-Term** <br>**Capital Gains**  |
| Buffalo Blue Chip Growth Fund | $166502 | $5277543 | $64222 | $—  |
| Buffalo Early Stage Growth Fund |  |  |  | —  |
| Buffalo Flexible Allocation Fund | 8128134 | 9774742 | 8656131 | 7663054  |
| Buffalo Growth Fund |  | 14442014 |  | 8640712  |
| Buffalo Growth & Income Fund | 2895093 |  | 2206716 | 608115  |
| Buffalo High Yield Fund | 41113593 |  | 26803733 | —  |
| Buffalo International Fund | 9009753 |  | 6213664 | —  |
| Buffalo Mid Cap Discovery Fund |  | 62600806 |  | —  |
| Buffalo Mid Cap Growth Fund | 143208 | 9288740 |  | 7502558  |
| Buffalo Small Cap Growth Fund |  |  |  |  |

---

For tax purposes, distributions from short-term capital gain distributions are included in ordinary income distributions.

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**NOTES TO FINANCIAL STATEMENTS** 

**March 31, 2025(Continued)** 

Additionally, GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. For the year ended March 31, 2025, the following table shows the reclassifications made:

---

| | | |
|:---|:---|:---|
| **Funds**  | **Distributable** <br>**Earnings** <br>**(Accumulated Deficit)**  | **Paid-In** <br>**Capital**  |
| Buffalo Blue Chip Growth Fund  | &nbsp;&nbsp;&nbsp;&nbsp; $(552704)  | $552704  |
| Buffalo Early Stage Growth Fund  | &nbsp;&nbsp;&nbsp;&nbsp; 520040  | (520040)  |
| Buffalo Flexible Allocation Fund  | &nbsp;&nbsp;&nbsp;&nbsp; (1260632)  | 1260632  |
| Buffalo Growth Fund  | &nbsp;&nbsp;&nbsp;&nbsp; (770471)  | 770471  |
| Buffalo Growth & Income Fund  | &nbsp;&nbsp;&nbsp;&nbsp; (178372)  | 178372  |
| Buffalo High Yield Fund  | &nbsp;&nbsp;&nbsp;&nbsp; —  | —  |
| Buffalo International Fund  | &nbsp;&nbsp;&nbsp;&nbsp; —  | —  |
| Buffalo Mid Cap Discovery Fund  | &nbsp;&nbsp;&nbsp;&nbsp; (10953062)  | 10953062  |
| Buffalo Mid Cap Growth Fund  | &nbsp;&nbsp;&nbsp;&nbsp; (707465)  | 707465  |
| Buffalo Small Cap Growth Fund  | &nbsp;&nbsp;&nbsp;&nbsp; 3294198  | (3294198) |

---

The permanent differences primarily relate to net operating losses, partnership adjustments and utilization of earnings and profit distributions to shareholders on redemption of shares.

As of March 31, 2025, the components of distributable earnings (losses) for income tax purposes were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Buffalo** <br>**Blue Chip** <br>**Growth Fund**  | **Buffalo** <br>**Early Stage** <br>**Growth Fund**  | **Buffalo** <br>**Flexible** <br>**Allocation Fund**  | **Buffalo** <br>**Growth** <br>**Fund**  | **Buffalo** <br>**Growth &** <br>**Income Fund**  |
| Tax cost of investments<sup>(a)</sup>  | $73445693  | $48689985  | $176899551  | $57985593  | $78917037  |
| Unrealized appreciation  | 65624941  | 18179131  | 294784494  | 106777250  | 87215372  |
| Unrealized depreciation  | (2266327)  | (6274384)  | (4214242)  | (2464151)  | (2612890)  |
|  Net unrealized appreciation/ depreciation  | 63358614  | 11904747  | 290570252  | 104313099  | 84602482  |
| Undistributed ordinary income  | 1177852  | —  | 234074  | —  | —  |
| &nbsp;&nbsp;&nbsp; Undistributed long-term <br>capital gain  | 3279307  | —  | 17384730  | 4897929  | 425986  |
| Distributable earnings  | 4457159  | —  | 17618804  | 4897929  | 425986  |
| Other accumulated gain/(loss)  | —  | (6242043)  | (107659)  | (165873)  | (480392)  |
|  Total distributable earnings (accumulated deficit)  | $67815773  | $5662704  | $308081397  | $109045155  | $84548076 |

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**NOTES TO FINANCIAL STATEMENTS** 

**March 31, 2025(Continued)** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Buffalo** <br>**High Yield** <br>**Fund**  | **Buffalo** <br>**International** <br>**Fund**  | **Buffalo** <br>**Mid Cap** <br>**Discovery Fund**  | **Buffalo** <br>**Mid Cap** <br>**Growth Fund**  | **Buffalo** <br>**Small Cap** <br>**Growth Fund**  |
| Tax cost of investments<sup>(a)</sup>  | $663540333  | $597464655  | $434877866  | $80711713  | $450880845  |
| Unrealized appreciation  | 13883215  | 313757852  | 152332167  | 57385471  | 124304009  |
| Unrealized depreciation  | (14202860)  | (35199233)  | (28349737)  | (5146209)  | (68969691)  |
|  Net unrealized appreciation/ depreciation  | (319645)  | 278558619  | 123982430  | 52239262  | 55334318  |
| Undistributed ordinary income  | 2410170  | 734921  | —  | —  | —  |
| &nbsp;&nbsp;&nbsp; Undistributed long-term <br>capital gain  | —  | —  | 53727536  | 5078437  | —  |
| Distributable earnings  | 2410170  | 734921  | 53727536  | 5078437  | —  |
| Other accumulated gain/(loss)  | (9751271)  | (55765)  | (862401)  | (248624)  | (82800595)  |
|  Total distributable earnings (accumulated deficit)  | $(7660746)  | $279237775  | $176847565  | $57069075  | $(27466277) |

---

The differences between book-basis and tax-basis unrealized appreciation/depreciation are attributable primarily to the tax deferral of losses on wash sales, premium amortization, publicly traded partnership investments and passive foreign investment companies.

Other accumulated gain/(loss) is generally comprised of capital loss carryover, qualified late year losses, straddle loss deferrals and/or foreign currency unrealized.

<sup>(a)</sup> Represents cost of investments including derivatives for federal income tax purposes and may differ from the cost for financial reporting purposes.

As of March 31, 2025, the Buffalo Funds had the following capital loss carryovers available to offset future taxable gains:

---

| | | | |
|:---|:---|:---|:---|
| **Funds**  | **Short-Term** <br>**Capital Loss** <br>**Carryover**  | **Long-Term** <br>**Capital Loss** <br>**Carryover**  | **Total** <br>**Capital Loss** <br>**Carryover**  |
| Buffalo Blue Chip Growth Fund  | $—  | $—  | $—  |
| Buffalo Early Stage Growth Fund  | 2074490  | 4040687  | 6115177  |
| Buffalo Flexible Allocation Fund  | —  | —  | —  |
| Buffalo Growth Fund  | —  | —  | —  |
| Buffalo Growth & Income Fund  | —  | —  | —  |
| Buffalo High Yield Fund  | 1529144  | 8222127  | 9751271  |
| Buffalo International Fund  | 55765  | —  | 55765  |
| Buffalo Mid Cap Discovery Fund  | —  | —  | —  |
| Buffalo Mid Cap Growth Fund  | —  | —  | —  |
| Buffalo Small Cap Growth Fund  | 82264696  | —  | 82264696 |

---

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**BUFFALO FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**March 31, 2025(Continued)** 

The capital loss carryovers utilized by the Buffalo Funds for the year ended March 31, 2025 were as follows:

---

| | |
|:---|:---|
| **Funds**  | **Capital Loss** <br>**Carryover Utilized**  |
| Buffalo Blue Chip Growth Fund  | &nbsp;&nbsp; $—  |
| Buffalo Early Stage Growth Fund  | &nbsp;&nbsp; 3456178  |
| Buffalo Flexible Allocation Fund  | &nbsp;&nbsp; —  |
| Buffalo Growth Fund  | &nbsp;&nbsp; —  |
| Buffalo Growth & Income Fund  | &nbsp;&nbsp; —  |
| Buffalo High Yield Fund  | &nbsp;&nbsp; 2747413  |
| Buffalo International Fund  | &nbsp;&nbsp; 468562  |
| Buffalo Mid Cap Discovery Fund  | &nbsp;&nbsp; —  |
| Buffalo Mid Cap Growth Fund  | &nbsp;&nbsp; —  |
| Buffalo Small Cap Growth Fund  | &nbsp;&nbsp; 31391754 |

---

In order to meet certain excise tax distribution requirements, the Funds are required to measure and distribute annually net capital gains realized during a twelve month period ending October 31 and net investment income earned during a twelve month period ending December 31. In connection with this, the Funds are permitted for tax purposes to defer into their next fiscal year qualified late year capital or ordinary losses. Qualified late year capital losses are any net capital losses incurred between November 1, 2024 and the end of their fiscal year, March 31, 2025. Qualified late year ordinary losses are generally losses incurred between January 1, 2025 and the end of their fiscal year, March 31, 2025.

At March 31, 2025, the following Funds deferred, on a tax basis, qualified late year losses, consisting of ordinary and capital losses, as follows:

---

| | | |
|:---|:---|:---|
| **Funds**  | **Qualified Late-Year** <br>**Ordinary Losses**  | **Qualified Late-Year** <br>**Capital Losses**  |
| Buffalo Blue Chip Growth Fund  | &nbsp;&nbsp;&nbsp;&nbsp; $—  | &nbsp;&nbsp;&nbsp;&nbsp; $—  |
| Buffalo Early Stage Growth Fund  | &nbsp;&nbsp;&nbsp;&nbsp; 126866  | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Buffalo Flexible Allocation Fund  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Buffalo Growth Fund  | &nbsp;&nbsp;&nbsp;&nbsp; 165874  | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Buffalo Growth & Income Fund  | &nbsp;&nbsp;&nbsp;&nbsp; 480392  | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Buffalo High Yield Fund  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Buffalo International Fund  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Buffalo Mid Cap Discovery Fund  | &nbsp;&nbsp;&nbsp;&nbsp; 862404  | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Buffalo Mid Cap Growth Fund  | &nbsp;&nbsp;&nbsp;&nbsp; 248624  | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Buffalo Small Cap Growth Fund  | &nbsp;&nbsp;&nbsp;&nbsp; 535899  | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

3. RELATED PARTY TRANSACTIONS:

Management fees are paid to KCM at the rate of 0.85% per annum of the average daily NAVs of the Funds, except for the Buffalo Early Stage Growth Fund, Buffalo Growth & Income Fund, Buffalo Growth Fund and Buffalo Blue Chip Growth Fund that have a management fee rate of 1.30%, 0.75%, 0.75% and 0.75%, respectively. The management fees are for services that include the costs of all management, supervisory and administrative services required in the normal operation of the Funds. This includes investment management and supervision; fees of the custodian (except for the additional cost of maintaining custody of assets in foreign jurisdictions, when compared to domestic custody costs), independent registered public accounting firm and legal counsel fees; fees and expenses of officers, trustees and other personnel; rent; and other items incidental to corporate administration. Pursuant to a Master Services Agreement with U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services ("GFS"), KCM pays GFS a fee of 30/100 of 1% (0.30%) of each Fund's average daily net assets out of the fees KCM receives from the Funds, except for the Buffalo Growth & Income Fund,

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**BUFFALO FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**March 31, 2025(Continued)** 

Buffalo Growth Fund and the Buffalo Blue Chip Growth Fund, where GFS receives 25/100 of 1% (0.25%) of such Fund's average daily net assets. GFS provides or obtains various operational services required by the Funds, pays various Fund expenses and acts as paying agent to compensate other Fund service providers. Some of the other Fund service providers are affiliates of GFS. Certain officers of the Funds are also officers and/or directors of KCM.

With respect to the Buffalo Small Cap Growth Fund only, the annual management fee rate of 0.85% of the Buffalo Small Cap Growth Fund's average daily net assets is a base fee paid to KCM that is subject to reduced fees paid on assets in excess of certain levels (breakpoints). The fee paid by KCM to GFS is also subject to breakpoints on assets in excess of certain levels. The breakpoint schedules for the management fees paid by the Buffalo Small Cap Growth Fund to KCM and the fees paid by KCM to GFS are set forth in the following table:

**BUFFALO SMALL CAP GROWTH FUND FEE BREAKPOINTS** 

---

| | | |
|:---|:---|:---|
|  | **(As a % of Average Daily Net Assets)**  | **(As a % of Average Daily Net Assets)**  |
| **Asset Level** | **Management Fee** | **GFS Fee**  |
| Assets up to $6 billion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp;&nbsp; 0.300%  |
| Assets over $6 billion up to $7 billion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.80% | &nbsp;&nbsp;&nbsp;&nbsp; 0.275%  |
| Assets over $7 billion up to $8 billion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.75% | &nbsp;&nbsp;&nbsp;&nbsp; 0.250%  |
| Assets over $8 billion up to $9 billion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.70% | &nbsp;&nbsp;&nbsp;&nbsp; 0.225%  |
| Assets over $9 billion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.65% | &nbsp;&nbsp;&nbsp;&nbsp; 0.200% |

---

The management fees do not include the cost of acquiring and disposing of portfolio securities, taxes, if any, imposed directly on the Funds and their shares, insurance, certain trustee expenses and the cost of qualifying the Funds' shares for sale in any jurisdiction. With respect to each Fund's Investor Class, the management fees do not include the shareholder servicing fees.

The Buffalo International Fund incurred $179,542 in custody fees during the year ended March 31, 2025, and owed $26,040 for custody fees as of March 31, 2025.

4. INVESTMENT TRANSACTIONS:

The aggregate purchases and sales of securities, excluding short-term investments and U.S. government securities, for the Funds for the year ended March 31, 2025, were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Buffalo** <br>**Blue Chip** <br>**Growth Fund** | **Buffalo** <br>**Early Stage** <br>**Growth Fund** | **Buffalo** <br>**Flexible** <br>**Allocation Fund** | **Buffalo** <br>**Growth Fund** | **Buffalo** <br>**Growth &** <br>**Income Fund**  |
| Purchases | $74195196 | $12113391 | $1418844 | $6116705 | $4818902  |
| Proceeds from Sales | 73109897 | 27096138 | 38217944 | 29229070 | 10421995 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Buffalo** <br>**High Yield** <br>**Fund** | **Buffalo** <br>**International** <br>**Fund** | **Buffalo** <br>**Mid Cap** <br>**Discovery Fund** | **Buffalo** <br>**Mid Cap** <br>**Growth Fund** | **Buffalo** <br>**Small Cap** <br>**Growth Fund**  |
| Purchases | $374492570 | $98373579 | $230492911 | $19021789 | $122594063  |
| Proceeds from Sales | 153603419 | 200961259 | 473122785 | 40768181 | 275010976 |

---

There were no purchases or sales of long-term U.S. government securities for any Funds during the year ended March 31, 2025.

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**BUFFALO FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**March 31, 2025(Continued)** 

5. SHAREHOLDER SERVICING PLAN:

The Trust, on behalf of the Investor Class shares of the Funds, has adopted a Shareholder Servicing Plan, to pay a fee at an annual rate not to exceed 0.15% of average daily net assets of the Investor Class shares serviced by shareholder servicing agents who provide administrative and support services to their customers. No shareholder servicing fees are charged to the Institutional Class. For the year ended March 31, 2025, Investor Class shareholder servicing fees were as follows:

---

| | |
|:---|:---|
| **Funds** | **Investor Class** <br>**Shareholder** <br>**Servicing Fee**  |
| Buffalo Blue Chip Growth Fund | &nbsp;&nbsp; $50473  |
| Buffalo Early Stage Growth Fund | &nbsp;&nbsp; 12790  |
| Buffalo Flexible Allocation Fund | &nbsp;&nbsp; 416839  |
| Buffalo Growth Fund | &nbsp;&nbsp; 82521  |
| Buffalo Growth & Income Fund | &nbsp;&nbsp; 65221  |
| Buffalo High Yield Fund | &nbsp;&nbsp; 181697  |
| Buffalo International Fund | &nbsp;&nbsp; 450794  |
| Buffalo Mid Cap Discovery Fund | &nbsp;&nbsp; 718134  |
| Buffalo Mid Cap Growth Fund | &nbsp;&nbsp; 94077  |
| Buffalo Small Cap Growth Fund | &nbsp;&nbsp; 95982 |

---

6. OPTIONS WRITTEN:

FASB ASC 815, *Derivatives and Hedging* (ASC 815) requires disclosures to enable investors to better understand how and why the Funds use derivative instruments, how these derivative instruments are accounted for and their effects on the Funds' financial position and results of operations. The Buffalo Flexible Allocation Fund maintained positions in derivative instruments or engaged in hedging activities during the year ended March 31, 2025. For the year ended March 31, 2025, the quarterly average gross notional amount of derivatives held by the Buffalo Flexible Allocation Fund was $5,379,372, representing holdings in written options. The Fund utilizes these written options as a substitute for a comparable market position in the respective underlying security of the written options.

As of March 31, 2025, the Buffalo Flexible Allocation Fund was invested in written option contracts.

The following is a summary of the location of derivative investments on the Fund's Statement of Assets and Liabilities as of March 31, 2025:

---

| | |
|:---|:---|
| **Derivative Investment Type** | **Value**  |
| **Liability Derivatives**<br>|  |
| Buffalo Flexible Allocation Fund<br>|  |
| Options Written - equity contracts | $12550 |

---

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**BUFFALO FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**March 31, 2025(Continued)** 

The following is a summary of the effect of derivative investments on the Fund's Statement of Operations for the year ended March 31, 2025:

---

| | |
|:---|:---|
| **Derivative Investment Type** | **Realized Gain on** <br>**Options Written**  |
| Buffalo Flexible Allocation Fund<br>|  |
| Options Written - equity contracts | $587308 |

---

---

| | |
|:---|:---|
| **Derivative Investment Type** | **Change in Unrealized** <br>**Appreciation/Depreciation** <br>**on Options Written**  |
| Buffalo Flexible Allocation Fund<br>|  |
| Options Written - equity contracts | $34248 |

---

During the year ended March 31, 2025, the Buffalo Flexible Allocation Fund only traded listed derivatives that are not subject to Master Netting Agreements.

7. FOREIGN INVESTMENT RISK:

When the Buffalo International Fund buys or sells securities on a foreign stock exchange, the transaction is undertaken in the local currency rather than in U.S. dollars. In purchasing or selling local currency to execute transactions on foreign exchanges, the Buffalo International Fund will be exposed to the risk that the value of the foreign currency will increase or decrease, which may impact the value of the portfolio holdings. China has, and may continue to adopt, internal economic policies that affect its currency valuations in a manner that may be disadvantageous for U.S. investors or U.S. companies seeking to do business in China. In addition, a country may impose formal or informal currency exchange controls (or "capital controls"). These types of controls may restrict or prohibit the Buffalo International Fund's ability to repatriate both investment capital and income, which could undermine the value of the portfolio holdings and potentially place the Buffalo International Fund's assets at risk of total loss.

Investing in securities of foreign corporations and governments involves additional risks relating to: political, social, religious and economic developments and conflicts abroad; market instability; fluctuations in foreign exchange rates; different regulatory requirements, market practices, accounting standard and practices; and less publicly available information about foreign issuers. Additionally, these investments may be less liquid, carry higher brokerage commissions and other fees, and procedures and regulations governing transactions and custody in foreign markets also may involve delays in payment, delivery or recovery of money or investments. Investments in common stocks of U.S. companies with international operations, and the purchase of sponsored or unsponsored ADRs (American Depositary Receipt) carry similar risks. In addition to risks associated with investing in foreign securities, there are special risks associated with investments in China and Hong Kong, including exposure to currency fluctuations, less liquidity, expropriation, confiscatory taxation, nationalization, exchange control regulations, differing legal standards and rapid fluctuations in inflation and interest rates. The Chinese government could, at any time, alter or discontinue economic reform programs implemented since 1978.

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**BUFFALO FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**March 31, 2025(Continued)** 

8. LINE OF CREDIT:

U.S. Bank, N.A. has made available to the Funds an unsecured line of credit pursuant to a Loan Agreement for the Funds which matures, unless renewed, on July 22, 2025. The line of credit is intended to provide short-term financing, if necessary, subject to certain restrictions, in connection with shareholder redemptions. The Funds may borrow up to the lesser of $50,000,000 or certain percentage amounts based on the net assets of the Funds. The interest rate paid by the Funds on outstanding borrowings is equal to the Prime Rate. For the year ended March 31, 2025, borrowing activity under the credit facility was as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Average** <br>**Principal** <br>**Balance\*** | **Average** <br>**Interest** <br>**Rate** | **Interest** <br>**Expense** <br>**for the Period** | **Maximum Loan** <br>**Outstanding** | **Period Maximum** <br>**Loan was** <br>**Outstanding** | **Outstanding** <br>**Balance at** <br>**3/31/2025** |
| Buffalo International Fund<br>| $4095000 | &nbsp;&nbsp;&nbsp; 7.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $853 | &nbsp;&nbsp;&nbsp; $4095000 | &nbsp;&nbsp;&nbsp;&nbsp; 12/23/2024-<br>12/23/2024 | &nbsp;&nbsp;&nbsp; $— |

---

\* Excludes days where there was no activity on the line of credit.

None of the other Buffalo Funds had borrowings under the credit facility during the year ended March 31, 2025.

9. BENEFICIAL OWNERSHIP:

The beneficial ownership, either directly or indirectly, of more than 25% of a Fund's voting securities creates a presumption of control. As of March 31, 2025, each Fund, except the Buffalo Small Cap Growth Fund, had individual shareholder accounts and/or omnibus shareholder accounts (comprised of a group of individual shareholders), which amounted to more than 25% of the total shares outstanding of the respective Fund. Shareholders with a controlling interest could affect the outcome of proxy voting or direction of management of a Fund.

10. NEW ACCOUNTING PRONOUNCEMENT:

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole. The amendments expand a public entity's segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker, clarifying when an entity may report one or more additional measures to assess segment performance, requiring enhanced interim disclosures and providing new disclosure requirements for entities with a single reportable segment, among other new disclosure requirements.

Management has evaluated the impact of adopting ASU 2023-07 with respect to the financial statements and disclosures and determined there is no material impact for the Funds. Each Fund operates as a single segment entity and there were no intra-entity sales or transfers during the reporting period. Each Fund's income, expenses, assets, and performance are regularly monitored and assessed by the Adviser, who serves as the chief operating decision maker, using the information presented in the financial statements and financial highlights.

11. SUBSEQUENT EVENTS:

Management has evaluated the events and transactions that have occurred after March 31, 2025 and through the date the financial statements were issued and determined that there were no significant subsequent events that would require adjustment of the financial statements or additional disclosures.

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**BUFFALO FUNDS** 

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

To the Shareholders and Board of Trustees of Buffalo Funds

<u>Opinion on the Financial Statements</u>

We have audited the accompanying statements of assets and liabilities, including the schedules of investments and options written (as applicable), of Buffalo Blue Chip Growth Fund (formerly Buffalo Large Cap Fund), Buffalo Early Stage Growth Fund, Buffalo Flexible Allocation Fund (formerly Buffalo Flexible Income Fund), Buffalo Growth Fund, Buffalo Growth & Income Fund (formerly Buffalo Dividend Focus Fund), Buffalo High Yield Fund, Buffalo International Fund, Buffalo Mid Cap Discovery Fund (formerly Buffalo Discovery Fund), Buffalo Mid Cap Growth Fund (formerly Buffalo Mid Cap Fund), and Buffalo Small Cap Growth Fund (formerly Buffalo Small Cap Fund) (the "Funds"), each a series of Buffalo Funds, as of March 31, 2025, the related statements of operations for the year then ended, and the statements of changes in net assets and financial highlights for each of the two years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of March 31, 2025, the results of their operations for the year then ended, and the changes in net assets and financial highlights for each of the two years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

The Funds' financial highlights for the years ended March 31, 2023, and prior, were audited by other auditors whose report dated May 25, 2023, expressed an unqualified opinion on those financial highlights.

<u>Basis for Opinion</u>

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of March 31, 2025, by correspondence with the custodian, brokers, and agent banks; when replies were not received from brokers and agent banks, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](braun-cc.jpg)

We have served as the Funds' auditor since 2024.

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

May 29, 2025

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**BUFFALO FUNDS** 

**NOTICE TO SHAREHOLDERS** 

**March 31, 2025 (UNAUDITED)** 

**TAX INFORMATION** 

For the fiscal year ended March 31, 2025, certain dividends paid by the Funds may be subject to a maximum tax rate of 23.8%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The percentage of dividends declared from ordinary income designated as qualified dividend income was as follows (unaudited):

---

| | | | |
|:---|:---|:---|:---|
| Buffalo Blue Chip Growth Fund | 100.00% | Buffalo High Yield Fund | 1.29%  |
| Buffalo Early Stage Growth Fund | 0.00% | Buffalo International Fund | 100.00%  |
| Buffalo Flexible Allocation Fund | 100.00% | Buffalo Mid Cap Discovery Fund | 0.00%  |
| Buffalo Growth Fund | 0.00% | Buffalo Mid Cap Growth Fund | 100.00%  |
| Buffalo Growth & Income Fund | 88.35% | Buffalo Small Cap Growth Fund | 0.00% |

---

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal year ended March 31, 2025 was as follows (unaudited):

---

| | | | |
|:---|:---|:---|:---|
| Buffalo Blue Chip Growth Fund  | 100.00%  | Buffalo High Yield Fund  | 1.29%  |
| Buffalo Early Stage Growth Fund  | 0.00%  | Buffalo International Fund  | 1.23%  |
| Buffalo Flexible Allocation Fund  | 100.00%  | Buffalo Mid Cap Discovery Fund  | 0.00%  |
| Buffalo Growth Fund  | 0.00%  | Buffalo Mid Cap Growth Fund  | 100.00%  |
| Buffalo Growth & Income Fund  | 87.12%  | Buffalo Small Cap Growth Fund  | 0.00% |

---

**FOREIGN SHAREHOLDERS: The percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Code Section 871(k)(2)(C) for the year ended March 31, 2025 was as follows (unaudited):**

---

| | | | |
|:---|:---|:---|:---|
| Buffalo Blue Chip Growth Fund  | 0.00%  | Buffalo High Yield Fund  | 0.00%  |
| Buffalo Early Stage Growth Fund  | 0.00%  | Buffalo International Fund  | 0.00%  |
| Buffalo Flexible Allocation Fund  | 6.05%  | Buffalo Mid Cap Discovery Fund  | 0.00%  |
| Buffalo Growth Fund  | 0.00%  | Buffalo Mid Cap Growth Fund  | 100.00%  |
| Buffalo Growth & Income Fund  | 0.00%  | Buffalo Small Cap Growth Fund  | 0.00% |

---

With respect to the taxable year ended March 31, 2025, the Funds hereby designate as capital gain dividends the amounts listed below, or, if subsequently determined to be different, the net capital gains of such year:

---

| | | |
|:---|:---|:---|
| **Funds** | **From Long-Term** <br>**Capital Gains,** <br>**Subject to the 15%** <br>**Rate Gains** <br>**Category:** | **From Long-Term** <br>**Capital Gains, Using** <br>**Proceeds from** <br>**Shareholder** <br>**Redemptions:** |
| Buffalo Blue Chip Growth Fund  | &nbsp;&nbsp;&nbsp; $5277543  | &nbsp;&nbsp;&nbsp;&nbsp; $552704 |
| Buffalo Early Stage Growth Fund  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Buffalo Flexible Allocation Fund  | &nbsp;&nbsp;&nbsp; 9774742  | &nbsp;&nbsp;&nbsp;&nbsp; 1256887 |
| Buffalo Growth Fund  | &nbsp;&nbsp;&nbsp; 14442014  | &nbsp;&nbsp;&nbsp;&nbsp; 1201745  |
| Buffalo Growth & Income Fund  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 178372 |
| Buffalo High Yield Fund  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Buffalo International Fund  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Buffalo Mid Cap Discovery Fund  | &nbsp;&nbsp;&nbsp; 62600806 | &nbsp;&nbsp;&nbsp;&nbsp; 14080296 |
| Buffalo Mid Cap Growth Fund  | &nbsp;&nbsp;&nbsp; 9288740 | &nbsp;&nbsp;&nbsp;&nbsp; 812482 |
| Buffalo Small Cap Growth Fund | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

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For the year ended March 31, 2025, the Buffalo International Fund earned foreign source income and paid foreign taxes, as noted below, which it intends to pass through to its shareholders pursuant to Section 853 of the Internal Revenue Code.

---

| | | |
|:---|:---|:---|
| **Fund** | **Gross Foreign** <br>**Income** | **Foreign Tax Paid** |
| Buffalo International Fund  | $17256178  | &nbsp;&nbsp; $(1261390) |

---

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**BUFFALO FUNDS** 

**ADDITIONAL INFORMATION (Unaudited)** 

The Buffalo Funds have adopted proxy voting policies and procedures that delegate to Kornitzer Capital Management, Inc., the Funds' investment adviser, the authority to vote proxies. A description of the Buffalo Funds' proxy voting policies and procedures is available without charge, upon request, by calling the Funds toll free at 1-800-49-BUFFALO. A description of these policies and procedures is also included in the Funds' Statement of Additional Information, which is available on the SEC's website at http://www.sec.gov.

The actual voting records relating to portfolio securities during the most recent twelve month period ended June 30 (as filed with the SEC on Form N-PX) are available without charge, upon request, by calling the Funds toll free at 1-800-49-BUFFALO, by accessing the SEC's website at http://www.sec.gov or the Funds' website at https://buffalofunds.com.

The Funds file their complete schedule of portfolio holdings with the SEC four times each fiscal year at quarter-ends. The Trust files the Schedule of Investments or Options Written with the SEC on Form N-CSR (second and fourth quarters) and as an exhibit to its reports on Form N-PORT (first and third quarters). Shareholders may view the Funds' Forms N-CSR and N-PORT on the SEC's website at http://www.sec.gov.

**<u>Changes in and Disagreements with Accountants for Open-End Investment Companies</u>.** 

There were no changes in or disagreements with accountants during the period covered by this report.

**<u>Proxy Disclosure for Open-End Investment Companies</u>.** 

The Buffalo Blue Chip Growth Fund (formerly Buffalo Large Cap Fund) and Buffalo Growth Fund held a special meeting of shareholders on May 8, 2024 relating to the reclassification of each Fund's fundamental policy regarding diversification. The shareholders of each Fund approved the reclassification of the Funds from diversified to non-diversified by eliminating each Fund's fundamental policy regarding diversification. With respect to the Buffalo Blue Chip Growth Fund, a total of 1,917,707 shares was represented at the meeting, either in person or by proxy, constituting 72.7% of the shares eligible to vote. With respect to the Buffalo Growth Fund, a total of 2,798,778 shares was represented at the meeting, either in person or by proxy, constituting 52.1% of the shares eligible to vote. The voting results were as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **For**  | **Against** | **Absent/**<br>**Withheld**  |
| Buffalo Blue Chip Growth Fund  | 1,862,373  | 38,164  | 17,170  |
| Buffalo Growth Fund | 2,643,272 | 125,380 | 30,126 |

---

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies</u>.** 

The aggregate compensation paid to the Funds' non-interested trustees for their service on the Funds' Board for the year ended March 31, 2025 was $272,500.

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**STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT** 

**ADVISORY CONTRACT (Unaudited)** 

The Board of Trustees (the "Trustees") of Buffalo Funds, a Delaware statutory trust, on behalf of its series, Buffalo Blue Chip Growth Fund, Buffalo Early Stage Growth Fund, Buffalo Flexible Allocation Fund, Buffalo Growth Fund, Buffalo Growth & Income Fund, Buffalo High Yield Fund, Buffalo International Fund, Buffalo Mid Cap Discovery Fund, Buffalo Mid Cap Growth Fund and Buffalo Small Cap Growth Fund (all such funds referred to collectively as the "Funds") met in-person on November 21, 2024 to consider the renewal of the Amended and Restated Management Agreements (the "Management Agreements") between the Trust, on behalf of the Funds, and Kornitzer Capital Management, Inc., the Funds' investment adviser (the "Adviser," or "KCM").

In advance of the meeting, the Trustees requested ("15(c) Request for Information") and received materials to assist them in considering the renewal of the Management Agreements. The materials provided contained information with respect to the factors enumerated below, including a copy of the Management Agreements, a memorandum prepared by the Trust's outside legal counsel discussing the Trustees' fiduciary obligations and the factors they should assess in considering the renewal of the Management Agreements, detailed comparative information relating to each Fund's performance, as well as the management fees and expenses of the Funds, the Adviser's Form ADV, select financial information of the Adviser, including a profitability analysis prepared by the Adviser, and other comparative performance and fee information. The Trustees noted they receive information periodically throughout the year that was relevant to the consideration of the Management Agreements.

In addition, the Independent Trustees (as defined below) met with their outside legal counsel on November 11, 2024 and immediately prior to the Board meeting held on November 21, 2024, to review and discuss the 15(c) Request for Information and the Trustees' duties under the Investment Company Act of 1940, as amended, and state law in considering the proposed renewal of the Management Agreements.

Based on their evaluation of information provided by KCM, in conjunction with the Funds' other service providers, the Trustees, by a unanimous vote (including a separate vote of the Trustees who are not "interested persons," as that term is defined in the Investment Company Act of 1940, as amended (the "Independent Trustees")), approved the renewal of the Management Agreements for an additional term of one year ending November 30, 2025.

In considering the renewal of the Management Agreements, the Trustees reviewed and analyzed various factors that they determined were relevant, including the factors enumerated below.

1. NATURE, EXTENT AND QUALITY OF SERVICES PROVIDED TO THE FUNDS

The Trustees considered the nature, extent and quality of services provided by KCM to the Funds and the amount of time devoted to the Funds' affairs by KCM's staff. The Trustees considered KCM's specific responsibilities in all aspects of day-to-day management of the Funds, including the investment strategies implemented by KCM, as well as the qualifications, experience and responsibilities of the Funds' portfolio managers and other key personnel at KCM involved in the day-to-day activities of the Funds. In Executive Session, the Independent Trustees reviewed information provided by KCM in response to the Board's 15(c) Request for Information, including: (i) the structure of KCM's compliance program; (ii) KCM's continuing commitment to the growth of the Funds' assets; (iii) KCM's marketing and distribution strategies; and (iv) KCM's continued investment in systems, equipment and other resources. The Trustees noted during the course of the prior year they had met with representatives of KCM to discuss the Funds' performance and outlook, along with the marketing and distribution and compliance efforts made by KCM throughout the year. The Trustees also noted any services that extended beyond portfolio management, and they considered the trading capability of KCM, and the lack of both significant shareholder complaints and financial statement issues. The Trustees discussed KCM's handling of compliance matters, including the quarterly and annual reports of the Trust's CCO to the Trustees on the effectiveness of KCM's compliance program.

The Trustees concluded that KCM had sufficient quality and depth of personnel, resources, investment methods and compliance policies and procedures essential to performing its duties under the

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**STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT** 

**ADVISORY CONTRACT (Unaudited)(Continued)** 

Management Agreements and that the nature, overall quality and extent of the management services provided to the Funds, as well as KCM's compliance program, were satisfactory.

2. INVESTMENT PERFORMANCE OF THE FUNDS AND KCM

In assessing the quality of the portfolio management services delivered by KCM, the Trustees compared the short-term and long-term performance of the Investor Class shares of each Fund on an absolute basis, in comparison to a benchmark index, and in comparison to a peer group as constructed using data from Morningstar, Inc. (each a "Peer Group").

Buffalo Blue Chip Growth Fund. The Trustees noted the Buffalo Blue Chip Growth Fund's performance for the year-to-date, one-year, three-year, five-year and ten-year periods ended September 30, 2024 was above the median for the Peer Group of U.S. open-end large growth funds, falling within the first quartile for the year-to-date, three-year and ten-year periods, and within the second quartile for the one-year and five-year periods. The Trustees next noted that the Buffalo Blue Chip Growth Fund underperformed the Russell 1000 Growth Index for the year-to-date, one-year, three-year, five-year and ten-year periods ended September 30, 2024.

Buffalo Early Stage Growth Fund. The Trustees noted the Buffalo Early Stage Growth Fund's performance for the year-to-date, one-year, three-year, five-year and ten-year periods ended September 30, 2024 was below the median for the Peer Group of U.S. open-end small growth funds, falling into the third quartile for the year-to-date, one-year and ten-year periods, and into the fourth quartile for the three-year and five-year periods. The Trustees noted that based on information provided by KCM, the Early Stage Growth Fund would more closely align with a micro-cap category, but Morningstar, Inc. does not have such a category and the Fund is therefore included in the small growth category. As such, the Trustees also considered information compiled by KCM assessing the Early Stage Growth Fund's performance against that of a Lipper peer group of micro-cap funds that had the term "micro-cap" within their fund name. The Trustees observed that the Fund's performance fell within the third quartile of the Lipper micro-cap peer group for the one-year period ended September 30, 2024. The Trustees next noted that for the year-to-date, one-year, three-year and five-year periods ended September 30, 2024, the Buffalo Early Stage Growth Fund underperformed the Russell 2000 Growth Index but outperformed the Index for the ten-year period ended September 30, 2024.

Buffalo Flexible Allocation Fund. The Trustees noted the Buffalo Flexible Allocation Fund's performance for the three-year period ended September 30, 2024 was above the median for the Fund's Peer Group of large value funds, falling within the first quartile of the Peer Group. The Trustees then noted the Buffalo Flexible Allocation Fund's performance for the five-year period ended September 30, 2024 was equal to the median for the Fund's Peer Group of large value funds. The Trustees next noted that the Buffalo Flexible Allocation Fund's performance for the year-to-date, one-year and ten-year periods ended September 30, 2024 was below the median for the Peer Group, falling within the third quartile for the year-to-date period and the fourth quartile for the one-year and ten-year periods. The Trustees finally noted that the Buffalo Flexible Allocation Fund outperformed the Russell 3000 Index for the three-year period ended September 30, 2024, but underperformed the Index for the year-to-date, one-year, five-year and ten-year periods ended September 30, 2024.

Buffalo Growth Fund. The Trustees noted the Buffalo Growth Fund's performance for the year-to-date, one-year, three-year, five-year and ten-year periods was below the median for the Peer Group of U.S. open-end large growth funds, falling within the third quartile of the Peer Group for all periods. The Trustees next noted that the Buffalo Growth Fund underperformed the Russell 3000 Growth Index for the year-to-date, one-year, three-year, five-year and ten-year periods ended September 30, 2024.

Buffalo Growth & Income Fund. The Trustees noted the Buffalo Growth & Income Fund's performance for the year-to-date and one-year periods ended September 30, 2024 was below the median for the Peer Group of U.S. open-end large blend funds, falling into the third quartile for both periods. The Trustees then noted the Buffalo Growth & Income Fund's performance for the three-year, five-year and ten-year periods ended September 30, 2024 was above the median for the Peer Group of U.S. open-end

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**STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT** 

**ADVISORY CONTRACT (Unaudited)(Continued)** 

large blend funds, falling at the bottom of the first quartile for the three-year period, and into the second quartile for the five-year and ten-year periods. The Trustees further noted for the three-year period ended September 30, 2024, the Buffalo Growth & Income Fund outperformed the Russell 1000 Index, but underperformed the Index for the year-to-date, one-year, five-year and ten-year periods ended September 30, 2024.

Buffalo High Yield Fund. The Trustees noted the Buffalo High Yield Fund's performance for the year-to-date, three-year, five-year and ten-year periods ended September 30, 2024, was above the median for the Peer Group of U.S. open-end high yield bond funds, falling within the first quartile for each of these periods. The Trustees next noted the Buffalo High Yield Fund's performance for the five-year period was the best of the Peer Group. The Trustees then noted the Buffalo High Yield Fund's performance for the one-year period ended September 30, 2024 was below the median for the Peer Group, falling within the fourth quartile. The Trustees next noted for the three-year, five-year and ten-year periods ended September 30, 2024, the Buffalo High Yield Fund outperformed the ICE BofA U.S. High Yield Index, but the Buffalo High Yield Fund underperformed the Index for the year-to-date and one-year periods ended September 30, 2024.

Buffalo International Fund. The Trustees noted the Buffalo International Fund's performance for the three-year, five-year and ten-year periods ended September 30, 2024 was above the median for the Peer Group of U.S. open-end foreign large growth funds, noting the Fund's performance was in the first quartile for the five-year and ten-year periods and the second quartile for the three-year period. The Trustees then noted the Buffalo International Fund's performance for the ten-year period was the best of the Peer Group. The Trustees next noted the Buffalo International Fund's performance for the year-to-date and one-year periods ended September 30, 2024 was below the median for the Peer Group, noting the Fund's performance was in the fourth quartile for both periods. The Trustees further noted for the five-year and ten-year periods ended September 30, 2024, the Buffalo International Fund outperformed the FTSE All-World ex US Index, but had underperformed the Index for the year-to-date, one-year and three-year periods ended September 30, 2024.

Buffalo Mid Cap Discovery Fund. The Trustees noted the Buffalo Mid Cap Discovery Fund's performance for the year-to-date, one-year, three-year, five-year and ten-year periods ended September 30, 2024 was below the median for the Peer Group of U.S. open-end mid cap growth funds, falling within the third quartile of the Peer Group for the one-year, three-year and ten-year periods, and within the fourth quartile for the year-to-date and five-year periods. The Trustees further noted the Buffalo Mid Cap Discovery Fund underperformed the Russell Mid-Cap Growth Index for the year-to-date, one-year, three-year, five-year and ten-year periods ended September 30, 2024.

Buffalo Mid Cap Growth Fund. The Trustees noted the Buffalo Mid Cap Growth Fund's performance for the three-year period ended September 30, 2024 was above the median for the Peer Group of U.S. open-end mid-cap growth funds, falling within the second quartile. The Trustees then noted the Buffalo Mid Cap Growth Fund's performance for the year-to-date, one-year and ten-year periods ended September 30, 2024 was below the median for the Peer Group, falling within the third quartile for all periods. The Trustees next noted the Buffalo Mid Cap Growth Fund's performance for the five-year period ended September 30, 2024 was equal to the median for the Peer Group. The Trustees also noted the Buffalo Mid Cap Growth Fund underperformed the Russell Midcap Growth Index for the year-to-date, one-year, three-year, five-year and ten-year periods ended September 30, 2024.

Buffalo Small Cap Growth Fund. The Trustees noted the Buffalo Small Cap Growth Fund's performance for the year-to-date, one-year, three-year, five-year and ten-year periods ended September 30, 2024, was below the median for the Peer Group of U.S. open-end small cap growth funds, falling within the third quartile for the ten-year period and within the fourth quartile for the year-to-date, one-year, three-year and five-year periods. The Trustees further noted that for the year-to-date, one-year and three-year periods ended September 30, 2024, the Buffalo Small Cap Growth Fund underperformed the Russell 2000 Growth Index and outperformed the Index for the five-year and ten-year periods ended September 30, 2024.

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**STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT** 

**ADVISORY CONTRACT (Unaudited)(Continued)** 

After considering all of the information, including specific responses regarding Fund performance, including KCM's efforts to improve performance of underperforming Funds, the Trustees concluded that the performance obtained by KCM for the Funds was satisfactory under current market conditions and in light of each Fund's investment objective, strategies and policies. Although past performance is not a guarantee or indication of future results, the Trustees determined that the Funds and their shareholders were likely to benefit from KCM's continued management.

3. COSTS OF SERVICES PROVIDED AND PROFITS REALIZED BY KCM

The Trustees considered the cost of services and the structure of KCM's fees, including a review of the expense analyses and other pertinent material with respect to the Funds. The Trustees reviewed related statistical information, including the comparative expenses, expense components and peer group selections. The Trustees considered the cost structure of each Fund relative to its Peer Group.

The Trustees also considered the overall profitability of the Funds to KCM and examined the level of profits that could be expected to accrue to KCM from the fees payable under the Management Agreements, as well as the Funds' brokerage commissions and use of soft dollars by KCM. The Trustees also considered the profitability of each Fund before and after any distribution costs borne by KCM. These considerations were based on materials requested by the Trustees specifically for the Meeting, as well as the presentations made by KCM over the course of the year.

In reviewing the Morningstar 15(c) materials, the Board noted the Investor Class shares of the Buffalo Funds operate under a unitary fee structure whereby many of the Funds' ordinary operating expenses are paid by KCM out of its advisory fee rather than paid directly by the Funds. The Board noted the difficulty of comparing the Buffalo Funds to non-unitary fee funds and observed that the contractual advisory fee comparison in the Board materials which used the gross management fee (meaning the management fee data also included the fees paid by KCM to Fund Services under a master servicing agreement), and referred to below as the "contractual management fee," was the most appropriate. The Board also noted the net expense ratio used in the Morningstar comparative data excludes any Rule 12b-1 fees imposed by other funds.

Buffalo Blue Chip Growth Fund. The Trustees noted the Buffalo Blue Chip Growth Fund's contractual management fee of 0.75% fell within the third quartile of the Peer Group, above the median and average of 0.71%. The Trustees further noted the net expense ratio of 0.89% for the Buffalo Blue Chip Growth Fund fell within the second quartile of the Peer Group, below the median of 0.91% and average of 0.93%, which fell within the second quartile. Based on a profitability analysis prepared by KCM, the Trustees concluded that, while KCM was not realizing profits in connection with its management of the Blue Chip Growth Fund, KCM maintained adequate profit levels to support its services to the Fund from the revenues of its overall investment advisory business.

Buffalo Early Stage Growth Fund. The Trustees noted the Buffalo Early Stage Growth Fund's contractual management fee of 1.30% fell at the top of the fourth quartile of the Peer Group and was above the median of 0.85%and average of 0.88%. The Trustees further noted the net expense ratio of 1.45% for the Buffalo Early Stage Growth Fund fell within the fourth quartile of the Peer Group, above the median of 1.10% and average of 1.13%. Similar to the Peer Group performance comparisons, the Trustees noted that based on information provided by KCM, the Early Stage Growth Fund would more closely align with a micro-cap category, but Morningstar, Inc. does not have such a category and the Fund is therefore included in the small growth category. As such, the Trustees also considered information compiled by KCM assessing the Early Stage Growth Fund's contractual management fee and net expense information against those of a Lipper peer group of micro-cap funds that had the term "micro-cap" within their fund name. The Trustees observed that the Fund's net expense ratio fell within the 53<sup>rd</sup> percentile compared to the Lipper micro-cap peer group. Based on a profitability analysis prepared by KCM, the Trustees concluded that KCM's profit from sponsoring the Early Stage Growth Fund had not been, and currently is not, excessive and that KCM maintained adequate profit levels to support its services to the Fund.

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**STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT** 

**ADVISORY CONTRACT (Unaudited)(Continued)** 

Buffalo Flexible Allocation Fund. The Trustees noted the Buffalo Flexible Allocation Fund's contractual management fee of 0.85% fell within the fourth quartile of the Peer Group and was above the median of 0.69% and average of 0.68%. The Trustees further noted the net expense ratio of 1.01% for the Buffalo Flexible Allocation Fund fell within the fourth quartile of the Peer Group, above the median of 0.81% and average of 0.85%. Based on a profitability analysis prepared by KCM, the Trustees concluded that, while KCM was not realizing profits in connection with its management of the Flexible Allocation Fund, KCM maintained adequate profit levels to support its services to the Fund from the revenues of its overall investment advisory business.

Buffalo Growth Fund. The Trustees noted the Buffalo Growth Fund's contractual management fee of 0.75% fell in the third quartile of the Peer Group, above the median of 0.71% and average of 0.70%. The Trustees further noted the net expense ratio of 0.87% for the Buffalo Growth Fund fell within the second quartile of the Peer Group, below the median of 0.88% and equal to the average of 0.87%. Based on a profitability analysis prepared by KCM, the Trustees concluded that KCM's profit from sponsoring the Growth Fund had not been, and currently is not, excessive and that KCM maintained adequate profit levels to support its services to the Fund.

Buffalo Growth & Income Fund. The Trustees noted the Buffalo Growth & Income Fund's contractual management fee of 0.75% fell within the third quartile of the Peer Group and was above the median of 0.73% and average of 0.70%. The Trustees further noted the net expense ratio of 0.94% for the Buffalo Growth & Income Fund fell into the third quartile of the Peer Group, above the median of 0.93% and average of 0.90%. Based on a profitability analysis prepared by KCM, the Trustees concluded that, while KCM was not realizing profits in connection with its management of the Growth & Income Fund, KCM maintained adequate profit levels to support its services to the Fund from the revenues of its overall investment advisory business.

Buffalo High Yield Fund. The Trustees noted the Buffalo High Yield Fund's contractual management fee of 0.85% fell at the top of the fourth quartile of the Peer Group, above the median and average of 0.58%. The Trustees further noted the net expense ratio of 1.03% for the Buffalo High Yield Fund fell within the fourth quartile of the Peer Group, above the median of 0.77% and average of 0.79%. Based on a profitability analysis prepared by KCM, the Trustees concluded that KCM's profit from sponsoring the High Yield Fund had not been, and currently is not, excessive and that KCM maintained adequate profit levels to support its services to the Fund.

Buffalo International Fund. The Trustees noted the Buffalo International Fund's contractual management fee of 0.85% fell within the third quartile of the Peer Group, above the median of 0.81% and average of 0.78%. The Trustees further noted the net expense ratio of 1.05% for the Buffalo International Fund fell within the fourth quartile of the Peer Group, above the median of 0.88% and average of 0.89%. Based on a profitability analysis prepared by KCM, the Trustees concluded that KCM's profit from sponsoring the International Fund had not been, and currently is not, excessive and that KCM maintained adequate profit levels to support its services to the Fund.

Buffalo Mid Cap Discovery Fund. The Trustees noted the Buffalo Mid Cap Discovery Fund's contractual management fee of 0.85% fell within the third quartile of the Peer Group, above the median and average of 0.75%. The Trustees further noted the net expense ratio of 1.01% for the Buffalo Mid Cap Discovery Fund fell in the fourth quartile of the Peer Group, above the median of 0.95%, and average of 0.99%. Based on a profitability analysis prepared by KCM, the Trustees concluded that KCM's profit from sponsoring the Buffalo Mid Cap Discovery Fund had not been, and currently is not, excessive and that KCM maintained adequate profit levels to support its services to the Fund.

Buffalo Mid Cap Growth Fund. The Trustees noted the Buffalo Mid Cap Growth Fund's contractual management fee of 0.85% fell within the third quartile of the Peer Group, above the median of 0.78% and equal to the average of 0.85%. The Trustees further noted the net expense ratio of 0.97% for the Buffalo Mid Cap Growth Fund fell within the second quartile of the Peer Group, below the median of 1.05% and average of 1.15%. Based on a profitability analysis prepared by KCM, the Trustees concluded

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**ADVISORY CONTRACT (Unaudited)(Continued)** 

that, while KCM was not realizing profits in connection with its management of the Mid Cap Growth Fund, KCM maintained adequate profit levels to support its services to the Fund from the revenues of its overall investment advisory business.

Buffalo Small Cap Growth Fund. The Trustees noted the Buffalo Small Cap Growth Fund's contractual management fee of 0.85% fell exactly between the second and third quartiles (50<sup>th</sup> percentile ranking) and was equal to the Peer Group median of 0.85% and was below the average of 0.86%. The Trustees further noted the net expense ratio of 0.97% for the Buffalo Small Cap Growth Fund was below the Peer Group median of 1.04% and average of 1.10%. The Trustees further noted the annual management fee is subject to reduced fees paid on assets in excess of certain levels. Based on a profitability analysis prepared by KCM, the Trustees concluded that KCM's profit from sponsoring the Small Cap Growth Fund had not been, and currently is not, excessive and that KCM maintained adequate profit levels to support its services to the Fund.

The Trustees concluded that each Fund's expenses and the management fees paid to KCM were fair and reasonable in light of the comparative performance, expense and management fee information. The Trustees further concluded that KCM's profit from sponsoring the Funds had not been, and currently is not, excessive and that KCM maintained adequate profit levels to support the services to the Funds.

4. EXTENT OF ECONOMIES OF SCALE AS THE FUNDS GROW

The Trustees compared each Fund's expenses relative to its peer group and discussed realized and potential economies of scale. In considering the economies of scale for each Fund, the Board considered that the Buffalo Funds' Investor Class shares operate under a unitary fee structure whereby many of the Funds' ordinary operating expenses are paid by KCM out of its advisory fee rather than being paid directly by the Funds.

Buffalo Blue Chip Growth Fund. The Trustees reviewed the structure of the Buffalo Blue Chip Growth Fund's contractual management fee and net expense ratio and considered whether the Fund was large enough to generate economies of scale for shareholders or whether economies of scale would be expected to be realized as Fund assets grow (and if so, how those economies of scale were being or would be shared with shareholders). The Trustees noted the Buffalo Blue Chip Growth Fund's management fee structure did not contain any breakpoint reductions as the Fund's assets grow in size, but that the feasibility of incorporating breakpoints would continue to be reviewed on a regular basis.

Buffalo Early Stage Growth Fund. The Trustees reviewed the structure of the Buffalo Early Stage Growth Fund's contractual management fee and net expense ratio and considered whether the Fund was large enough to generate economies of scale for shareholders or whether economies of scale would be expected to be realized as Fund assets grow (and if so, how those economies of scale were being or would be shared with shareholders). The Trustees noted the Buffalo Early Stage Growth Fund's management fee structure did not contain any breakpoint reductions as the Fund's assets grow in size, but that the feasibility of incorporating breakpoints would continue to be reviewed on a regular basis.

Buffalo Flexible Allocation Fund. The Trustees reviewed the structure of the Buffalo Flexible Allocation Fund's contractual management fee and net expense ratio and considered whether the Fund was large enough to generate economies of scale for shareholders or whether economies of scale would be expected to be realized as Fund assets grow (and if so, how those economies of scale were being or would be shared with shareholders). The Trustees noted the Buffalo Flexible Allocation Fund's management fee structure did not contain any breakpoint reductions as the Fund's assets grow in size, but that the feasibility of incorporating breakpoints would continue to be reviewed on a regular basis.

Buffalo Growth Fund. The Trustees reviewed the structure of the Buffalo Growth Fund's contractual management fee and net expense ratio and considered whether the Fund was large enough to generate economies of scale for shareholders or whether economies of scale would be expected to be realized as Fund assets grow (and if so, how those economies of scale were being or would be shared with shareholders). The Trustees noted the Buffalo Growth Fund's management fee structure did not

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**STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT** 

**ADVISORY CONTRACT (Unaudited)(Continued)** 

contain any breakpoint reductions as the Fund's assets grow in size, but that the feasibility of incorporating breakpoints would continue to be reviewed on a regular basis.

Buffalo Growth & Income Fund. The Trustees reviewed the structure of the Buffalo Growth & Income Fund's contractual management fee and net expense ratio and considered whether the Fund was large enough to generate economies of scale for shareholders or whether economies of scale would be expected to be realized as Fund assets grow (and if so, how those economies of scale were being or would be shared with shareholders). The Trustees noted the Buffalo Growth & Income Fund's management fee structure did not contain any breakpoint reductions as the Fund's assets grow in size, but that the feasibility of incorporating breakpoints would continue to be reviewed on a regular basis.

Buffalo High Yield Fund. The Trustees reviewed the structure of the Buffalo High Yield Fund's contractual management fee and net expense ratio and considered whether the Fund was large enough to generate economies of scale for shareholders or whether economies of scale would be expected to be realized as Fund assets grow (and if so, how those economies of scale were being or would be shared with shareholders). The Trustees noted the Buffalo High Yield Fund's management fee structure did not contain any breakpoint reductions as the Fund's assets grow in size, but that the feasibility of incorporating breakpoints would continue to be reviewed on a regular basis.

Buffalo International Fund. The Trustees reviewed the structure of the Buffalo International Fund's contractual management fee and net expense ratio and considered whether the Fund was large enough to generate economies of scale for shareholders or whether economies of scale would be expected to be realized as Fund assets grow (and if so, how those economies of scale were being or would be shared with shareholders). The Trustees noted the Buffalo International Fund's management fee structure did not contain any breakpoint reductions as the Fund's assets grow in size, but that the feasibility of incorporating breakpoints would continue to be reviewed on a regular basis.

Buffalo Mid Cap Discovery Fund. The Trustees reviewed the structure of the Buffalo Mid Cap Discovery Fund's contractual management fee and net expense ratio and considered whether the Fund was large enough to generate economies of scale for shareholders or whether economies of scale would be expected to be realized as Fund assets grow (and if so, how those economies of scale were being or would be shared with shareholders). The Trustees noted the Buffalo Mid Cap Discovery Fund's management fee structure did not contain any breakpoint reductions as the Fund's assets grow in size, but that the feasibility of incorporating breakpoints would continue to be reviewed on a regular basis.

Buffalo Mid Cap Growth Fund. The Trustees reviewed the structure of the Buffalo Mid Cap Growth Fund's contractual management fee and net expense ratio and considered whether the Fund was large enough to generate economies of scale for shareholders or whether economies of scale would be expected to be realized as Fund assets grow (and if so, how those economies of scale were being or would be shared with shareholders). The Trustees noted the Buffalo Mid Cap Growth Fund's management fee structure did not contain any breakpoint reductions as the Fund's assets grow in size, but that the feasibility of incorporating breakpoints would continue to be reviewed on a regular basis.

Buffalo Small Cap Growth Fund. The Trustees reviewed the structure of the Buffalo Small Cap Growth Fund's contractual management fee and net expense ratio and considered whether the Fund was large enough to generate economies of scale for shareholders or whether economies of scale would be expected to be realized as Fund assets grow (and if so, how those economies of scale were being or would be shared with shareholders). The Trustees further noted the Buffalo Small Cap Growth Fund's management fee structure contained breakpoint reductions as the Fund's assets grow in size.

The Trustees concluded that the current fee structure for each Fund was reasonable and reflected a sharing of economies of scale between KCM and each Fund at each Fund's current asset levels.

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**STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT** 

**ADVISORY CONTRACT (Unaudited)(Continued)** 

5. BENEFITS DERIVED FROM THE RELATIONSHIP WITH THE FUNDS

The Trustees considered the direct and indirect benefits that could be received by KCM from its association with the Funds. The Trustees examined the brokerage commissions of KCM with respect to the Funds. The Trustees concluded that the benefits KCM may receive, such as greater name recognition, growth in separate account management services, greater exposure to press coverage or increased ability to obtain research or brokerage services through the use of soft dollars, appear to be reasonable, and may benefit the Funds through growth in assets.

**CONCLUSIONS** 

Based on their review of the foregoing information, the Trustees found the terms of the Management Agreements were fair and reasonable and in the best interests of each Fund. As such, the Trustees, including a majority of the Independent Trustees, approved the continuation of the Management Agreements for an additional one-year term ending November 30, 2025.

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&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial Highlights are included within the financial statements filed under Item 7 of this Form.

**<u>Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.</u>**

There were no changes in or disagreements with accountants during the period covered by this report.

**<u>Item 9. Proxy Disclosure for Open-End Investment Companies.</u>**

See Item 7(a).

**<u>Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.</u>**

The aggregate compensation paid to the Funds' non-interested trustees for their service on the Funds' Board for the year ended March 31, 2025 was $272,500.

**<u>Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.</u>**

See Item 7(a).

**<u>Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

 

Not applicable to open-end investment companies.

 

**<u>Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable to open-end investment companies.

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees.

**<u>Item 16. Controls and Procedures.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's principal executive officer and principal financial officer have reviewed the registrant's disclosure controls
 and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) as of a date within 90 days
 of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange
 Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring
 that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known
 to them by others within the registrant and by the registrant's service provider.

&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act)
 that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the
 registrant's internal control over financial reporting.

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

Not applicable.

**<u>Item 19. Exhibits.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* [(1) *Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.* Incorporated by reference to the registrant's Form N-CSR filed on June 3, 2011.](https://www.sec.gov/Archives/edgar/data/1135300/000095012311056472/c64282exv99wcodeeth.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) *Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed.* Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(3) *A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)).* Filed herewith.](bfafs-efp15601_ex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) *Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.* Not applicable to open-end investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) *Change in the registrant's independent public accountant. Provide the information called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308). Unless otherwise specified by Item 4, or related to and necessary for a complete understanding of information not previously disclosed, the information should relate to events occurring during the reporting period.* There was no change in the registrant's independent public accountant for the period covered by this report.

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Furnished herewith.](bfafs-efp15601_ex99906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| Buffalo Funds | Buffalo Funds |
| By | /s/ Laura Symon Browne |
|  | Laura Symon Browne |
|  | President and Treasurer |
|  | Principal Executive Officer and Principal Financial Officer |

---

Date <u>5/30/2025</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By | /s/ Laura Symon Browne |
|  | Laura Symon Browne |
|  | President and Treasurer |
|  | Principal Executive Officer and Principal Financial Officer |

---

Date <u>5/30/2025</u>

## Ex-99.Cert

**EX.99.CERT**

**<u>CERTIFICATIONS</u>**

I, Laura Symon Browne, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Buffalo Funds;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined
in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee
of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 5/30/2025 | /s/ Laura Symon Browne |
|  |  | Laura Symon Browne |
|  |  | President and Treasurer |
|  |  | Principal Executive Officer and Principal Financial Officer |

---

## Exhibit 99.906

**EX.99.906CERT**

**<u>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act</u>**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of Buffalo Funds (the "Funds") does hereby certify, to such officer's knowledge, that the report on Form N-CSR of the Funds for the year ended March 31, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Funds for the stated period.

---

| |
|:---|
| /s/ Laura Symon Browne |
| Laura Symon Browne |
| President and Treasurer |
| Principal Executive Officer and Principal Financial Officer<br> Buffalo Funds |

---

Date: <u>5/30/2025</u>

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by Buffalo Funds for purposes of Section 18 of the Securities Exchange Act of 1934.