# EDGAR Filing Document

**Accession Number:** 0001135300
**File Stem:** 0001133228-25-013098
**Filing Date:** 2025-12
**Character Count:** 346944
**Document Hash:** 7d1136cdb7cc2a81455a3bdb4f8afa67
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-013098.hdr.sgml**: 20251202

**ACCESSION NUMBER**: 0001133228-25-013098

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 65

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251202

**DATE AS OF CHANGE**: 20251202

**EFFECTIVENESS DATE**: 20251202

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-10303
- **FILM NUMBER:** 251542843

**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'? 2025-08-04190992_BuffaloBlueChipGrowthFund_InvestorClass_TSRSemiAnnual

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 66205</u>**

(Address of principal executive offices) (Zip code)

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

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

**<u>Mission, KS 66205</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>September 30, 2025</u>**

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

(a) ---

| | | |
|:---|:---|:---|
| ![image](img590631_202510312156493.jpg) | **Buffalo Blue Chip Growth Fund**  | ![image](img171399_202505011511139.jpg) |
| ![image](img590631_202510312156493.jpg) | Investor Class \| BUFEX  | ![image](img171399_202505011511139.jpg) |
| ![image](img590631_202510312156493.jpg) | Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171399_202505011511139.jpg) |

---

This semi-annual shareholder report contains important information about the Buffalo Blue Chip Growth Fund (the "Fund"), Investor Class for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://buffalofunds.com/resources/. You can also request this information by contacting us at 800-492-8332.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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 | $51 | 0.91% |

---

\* Annualized

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $170387639 |
| **Number of Holdings** | 83 |
| **Portfolio Turnover Rate** **\*\*** | 28% |
| **Weighted Average Market Capitalization** | $1,918.68 B |

---

\*\* Not annualized

**WHAT DID THE FUND INVEST IN?** (% of net assets as of September 30, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  NVIDIA Corp.  | 12.7% |
|  Microsoft Corp.  | 10.6% |
|  Apple, Inc.  | 9.3% |
|  Alphabet, Inc.  | 5.9% |
|  Amazon.com, Inc.  | 5.2% |
|  Fidelity Money Market Government Portfolio  | 4.9% |
|  Meta Platforms, Inc.  | 4.2% |
|  Broadcom, Inc.  | 3.5% |
|  Mastercard, Inc.  | 1.7% |
|  Netflix, Inc.  | 1.7% |

---

**Sector Breakdown (%)<sup>†</sup>**

![image](ts5657img003.jpg)

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

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code above or visit https://buffalofunds.com/resources/.

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

------

**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 2 TSR-SAR-119628105

47.513.010.96.86.05.61.41.41.16.3 ------

---

| | | |
|:---|:---|:---|
| ![image](img590631_202510312156493.jpg) | **Buffalo Blue Chip Growth Fund**  | ![image](img171399_202505011511139.jpg) |
| ![image](img590631_202510312156493.jpg) | Institutional Class \| BUIEX  | ![image](img171399_202505011511139.jpg) |
| ![image](img590631_202510312156493.jpg) | Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171399_202505011511139.jpg) |

---

This semi-annual shareholder report contains important information about the Buffalo Blue Chip Growth Fund (the "Fund"), Institutional Class for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://buffalofunds.com/resources/. You can also request this information by contacting us at 800-492-8332.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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 | $44 | 0.78% |

---

\* Annualized

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $170387639 |
| **Number of Holdings** | 83 |
| **Portfolio Turnover Rate** **\*\*** | 28% |
| **Weighted Average Market Capitalization** | $1,918.68 B |

---

\*\* Not annualized

**WHAT DID THE FUND INVEST IN?** (% of net assets as of September 30, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  NVIDIA Corp.  | 12.7% |
|  Microsoft Corp.  | 10.6% |
|  Apple, Inc.  | 9.3% |
|  Alphabet, Inc.  | 5.9% |
|  Amazon.com, Inc.  | 5.2% |
|  Fidelity Money Market Government Portfolio  | 4.9% |
|  Meta Platforms, Inc.  | 4.2% |
|  Broadcom, Inc.  | 3.5% |
|  Mastercard, Inc.  | 1.7% |
|  Netflix, Inc.  | 1.7% |

---

**Sector Breakdown (%)<sup>†</sup>**

![image](ts5656img003.jpg)

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

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code above or visit https://buffalofunds.com/resources/.

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

------

**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 2 TSR-SAR-119530830

47.513.010.96.86.05.61.41.41.16.3 ------

---

| | | |
|:---|:---|:---|
| ![image](img590631_202510312156493.jpg) | **Buffalo Early Stage Growth Fund**  | ![image](img171399_202505011511139.jpg) |
| ![image](img590631_202510312156493.jpg) | Investor Class \| BUFOX  | ![image](img171399_202505011511139.jpg) |
| ![image](img590631_202510312156493.jpg) | Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171399_202505011511139.jpg) |

---

This semi-annual shareholder report contains important information about the Buffalo Early Stage Growth Fund (the "Fund"), Investor Class for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://buffalofunds.com/resources/. You can also request this information by contacting us at 800-492-8332.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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 | $81 | 1.50% |

---

\* Annualized

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $69771065 |
| **Number of Holdings** | 69 |
| **Portfolio Turnover Rate** **\*\*** | 25% |
| **Weighted Average Market Capitalization** | $2.45 B |

---

\*\* Not annualized

**WHAT DID THE FUND INVEST IN?** (% of net assets as of September 30, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Bowman Consulting Group Ltd.  | 2.9% |
|  American Superconductor Corp.  | 2.8% |
|  Willdan Group, Inc.  | 2.6% |
|  WisdomTree, Inc.  | 2.6% |
|  HealthStream, Inc.  | 2.6% |
|  TAT Technologies Ltd.  | 2.5% |
|  Impinj, Inc.  | 2.3% |
|  OneSpaWorld Holdings Ltd.  | 2.3% |
|  i3 Verticals, Inc.  | 2.2% |
|  Applied Optoelectronics, Inc.  | 2.2% |

---

**Sector Breakdown (%)<sup>†</sup>**

![image](ts5667img003.jpg)

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

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code above or visit https://buffalofunds.com/resources/.

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

------

**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 2 TSR-SAR-119530301

25.925.421.79.28.54.02.61.21.00.5 ------

---

| | | |
|:---|:---|:---|
| ![image](img590631_202510312156493.jpg) | **Buffalo Early Stage Growth Fund**  | ![image](img171399_202505011511139.jpg) |
| ![image](img590631_202510312156493.jpg) | Institutional Class \| BUIOX  | ![image](img171399_202505011511139.jpg) |
| ![image](img590631_202510312156493.jpg) | Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171399_202505011511139.jpg) |

---

This semi-annual shareholder report contains important information about the Buffalo Early Stage Growth Fund (the "Fund"), Institutional Class for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://buffalofunds.com/resources/. You can also request this information by contacting us at 800-492-8332.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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 | $74 | 1.36% |

---

\* Annualized

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $69771065 |
| **Number of Holdings** | 69 |
| **Portfolio Turnover Rate** **\*\*** | 25% |
| **Weighted Average Market Capitalization** | $2.45 B |

---

\*\* Not annualized

**WHAT DID THE FUND INVEST IN?** (% of net assets as of September 30, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Bowman Consulting Group Ltd.  | 2.9% |
|  American Superconductor Corp.  | 2.8% |
|  Willdan Group, Inc.  | 2.6% |
|  WisdomTree, Inc.  | 2.6% |
|  HealthStream, Inc.  | 2.6% |
|  TAT Technologies Ltd.  | 2.5% |
|  Impinj, Inc.  | 2.3% |
|  OneSpaWorld Holdings Ltd.  | 2.3% |
|  i3 Verticals, Inc.  | 2.2% |
|  Applied Optoelectronics, Inc.  | 2.2% |

---

**Sector Breakdown (%)<sup>†</sup>**

![image](ts5666img003.jpg)

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

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code above or visit https://buffalofunds.com/resources/.

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

------

**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 2 TSR-SAR-119530889

25.925.421.79.28.54.02.61.21.00.5 ------

---

| | | |
|:---|:---|:---|
| ![image](img590631_202510312156493.jpg) | **Buffalo Flexible Allocation Fund**  | ![image](img171399_202505011511139.jpg) |
| ![image](img590631_202510312156493.jpg) | Investor Class \| BUFBX  | ![image](img171399_202505011511139.jpg) |
| ![image](img590631_202510312156493.jpg) | Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171399_202505011511139.jpg) |

---

This semi-annual shareholder report contains important information about the Buffalo Flexible Allocation Fund (the "Fund"), Investor Class for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://buffalofunds.com/resources/. You can also request this information by contacting us at 800-492-8332.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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 | $52 | 1.01% |

---

\* Annualized

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $454227472 |
| **Number of Holdings** | 45 |
| **Portfolio Turnover Rate** **\*\*** | 0% |
| **Weighted Average Market Capitalization** | $616.76 B |

---

\*\* Not annualized

**WHAT DID THE FUND INVEST IN?** (% of net assets as of September 30, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Microsoft Corp.  | 10.8% |
|  Chevron Corp.  | 7.7% |
|  Eli Lilly & Co.  | 5.9% |
|  International Business Machines Corp.  | 4.3% |
|  Costco Wholesale Corp.  | 4.1% |
|  Exxon Mobil Corp.  | 4.0% |
|  Allstate Corp.  | 3.8% |
|  Kinder Morgan, Inc.  | 3.5% |
|  Arthur J. Gallagher & Co.  | 3.4% |
|  Digital Realty Trust, Inc.  | 3.2% |

---

**Sector Breakdown (%)<sup>†</sup>**

![image](ts5653img003.jpg)

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

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code above or visit https://buffalofunds.com/resources/.

Buffalo Flexible Allocation Fund PAGE 1 TSR-SAR-119428100

------

**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 2 TSR-SAR-119428100

25.720.916.615.89.23.73.63.21.00.3 ------

---

| | | |
|:---|:---|:---|
| ![image](img590631_202510312156493.jpg) | **Buffalo Flexible Allocation Fund**  | ![image](img171399_202505011511139.jpg) |
| ![image](img590631_202510312156493.jpg) | Institutional Class \| BUIBX  | ![image](img171399_202505011511139.jpg) |
| ![image](img590631_202510312156493.jpg) | Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171399_202505011511139.jpg) |

---

This semi-annual shareholder report contains important information about the Buffalo Flexible Allocation Fund (the "Fund"), Institutional Class for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://buffalofunds.com/resources/. You can also request this information by contacting us at 800-492-8332.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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 | $44 | 0.86% |

---

\* Annualized

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $454227472 |
| **Number of Holdings** | 45 |
| **Portfolio Turnover Rate** **\*\*** | 0% |
| **Weighted Average Market Capitalization** | $616.76 B |

---

\*\* Not annualized

**WHAT DID THE FUND INVEST IN?** (% of net assets as of September 30, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Microsoft Corp.  | 10.8% |
|  Chevron Corp.  | 7.7% |
|  Eli Lilly & Co.  | 5.9% |
|  International Business Machines Corp.  | 4.3% |
|  Costco Wholesale Corp.  | 4.1% |
|  Exxon Mobil Corp.  | 4.0% |
|  Allstate Corp.  | 3.8% |
|  Kinder Morgan, Inc.  | 3.5% |
|  Arthur J. Gallagher & Co.  | 3.4% |
|  Digital Realty Trust, Inc.  | 3.2% |

---

**Sector Breakdown (%)<sup>†</sup>**

![image](ts5652img003.jpg)

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

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code above or visit https://buffalofunds.com/resources/.

Buffalo Flexible Allocation Fund PAGE 1 TSR-SAR-119530871

------

**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 2 TSR-SAR-119530871

25.720.916.615.89.23.73.63.21.00.3 ------

---

| | | |
|:---|:---|:---|
| ![image](img590631_202510312156493.jpg) | **Buffalo Growth Fund**  | ![image](img171399_202505011511139.jpg) |
| ![image](img590631_202510312156493.jpg) | Investor Class \| BUFGX  | ![image](img171399_202505011511139.jpg) |
| ![image](img590631_202510312156493.jpg) | Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171399_202505011511139.jpg) |

---

This semi-annual shareholder report contains important information about the Buffalo Growth Fund (the "Fund"), Investor Class for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://buffalofunds.com/resources/. You can also request this information by contacting us at 800-492-8332.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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 | $51 | 0.91% |

---

\* Annualized

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $191860793 |
| **Number of Holdings** | 39 |
| **Portfolio Turnover Rate** **\*\*** | 6% |
| **Weighted Average Market Capitalization** | $1,919.69 B |

---

\*\* Not annualized

**WHAT DID THE FUND INVEST IN?** (% of net assets as of September 30, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  NVIDIA Corp.  | 12.2% |
|  Microsoft Corp.  | 12.0% |
|  Alphabet, Inc.  | 10.1% |
|  Apple, Inc.  | 8.6% |
|  Amazon.com, Inc.  | 8.3% |
|  Meta Platforms, Inc.  | 6.1% |
|  Broadcom, Inc.  | 3.4% |
|  Visa, Inc.  | 2.6% |
|  Mastercard, Inc.  | 2.5% |
|  Fidelity Money Market Government Portfolio  | 2.1% |

---

**Sector Breakdown (%)<sup>†</sup>**

![image](ts5665img003.jpg)

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

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code above or visit https://buffalofunds.com/resources/.

Buffalo Growth Fund PAGE 1 TSR-SAR-119826105

------

**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 2 TSR-SAR-119826105

41.217.911.68.78.25.73.00.90.82.0 ------

---

| | | |
|:---|:---|:---|
| ![image](img590631_202510312156493.jpg) | **Buffalo Growth Fund**  | ![image](img171399_202505011511139.jpg) |
| ![image](img590631_202510312156493.jpg) | Institutional Class \| BIIGX  | ![image](img171399_202505011511139.jpg) |
| ![image](img590631_202510312156493.jpg) | Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171399_202505011511139.jpg) |

---

This semi-annual shareholder report contains important information about the Buffalo Growth Fund (the "Fund"), Institutional Class for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://buffalofunds.com/resources/. You can also request this information by contacting us at 800-492-8332.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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 | $43 | 0.77% |

---

\* Annualized

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $191860793 |
| **Number of Holdings** | 39 |
| **Portfolio Turnover Rate** **\*\*** | 6% |
| **Weighted Average Market Capitalization** | $1,919.69 B |

---

\*\* Not annualized

**WHAT DID THE FUND INVEST IN?** (% of net assets as of September 30, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  NVIDIA Corp.  | 12.2% |
|  Microsoft Corp.  | 12.0% |
|  Alphabet, Inc.  | 10.1% |
|  Apple, Inc.  | 8.6% |
|  Amazon.com, Inc.  | 8.3% |
|  Meta Platforms, Inc.  | 6.1% |
|  Broadcom, Inc.  | 3.4% |
|  Visa, Inc.  | 2.6% |
|  Mastercard, Inc.  | 2.5% |
|  Fidelity Money Market Government Portfolio  | 2.1% |

---

**Sector Breakdown (%)<sup>†</sup>**

![image](ts5664img003.jpg)

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

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code above or visit https://buffalofunds.com/resources/.

Buffalo Growth Fund PAGE 1 TSR-SAR-119530863

------

**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 2 TSR-SAR-119530863

41.217.911.68.78.25.73.00.90.82.0 ------

---

| | | |
|:---|:---|:---|
| ![image](img590631_202510312156493.jpg) | **Buffalo Growth & Income Fund**  | ![image](img171399_202505011511139.jpg) |
| ![image](img590631_202510312156493.jpg) | Investor Class \| BUFDX  | ![image](img171399_202505011511139.jpg) |
| ![image](img590631_202510312156493.jpg) | Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171399_202505011511139.jpg) |

---

This semi-annual shareholder report contains important information about the Buffalo Growth & Income Fund (the "Fund"), Investor Class for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://buffalofunds.com/resources/. You can also request this information by contacting us at 800-492-8332.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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 | $48 | 0.92% |

---

\* Annualized

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $180699117 |
| **Number of Holdings** | 94 |
| **Portfolio Turnover Rate** **\*\*** | 1% |
| **Weighted Average Market Capitalization** | $758.10 B |

---

\*\* Not annualized

**WHAT DID THE FUND INVEST IN?** (% of net assets as of September 30, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Meta Platforms, Inc.  | 5.4% |
|  Microsoft Corp.  | 5.3% |
|  Fidelity Money Market Government Portfolio  | 5.3% |
|  Apple, Inc.  | 4.4% |
|  Alphabet, Inc.  | 3.4% |
|  Royal Caribbean Cruises Ltd.  | 3.1% |
|  Viper Energy, Inc.  | 2.6% |
|  JPMorgan Chase & Co.  | 2.4% |
|  Visa, Inc.  | 2.4% |
|  Vistra Corp.  | 2.1% |

---

**Sector Breakdown (%)<sup>†</sup>**

![image](ts5649img003.jpg)

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

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code above or visit https://buffalofunds.com/resources/.

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

------

**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 2 TSR-SAR-119530608

18.814.610.09.69.57.76.65.85.611.8 ------

---

| | | |
|:---|:---|:---|
| ![image](img590631_202510312156493.jpg) | **Buffalo Growth & Income Fund**  | ![image](img171399_202505011511139.jpg) |
| ![image](img590631_202510312156493.jpg) | Institutional Class \| BUIDX  | ![image](img171399_202505011511139.jpg) |
| ![image](img590631_202510312156493.jpg) | Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171399_202505011511139.jpg) |

---

This semi-annual shareholder report contains important information about the Buffalo Growth & Income Fund (the "Fund"), Institutional Class for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://buffalofunds.com/resources/. You can also request this information by contacting us at 800-492-8332.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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 | $40 | 0.77% |

---

\* Annualized

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $180699117 |
| **Number of Holdings** | 94 |
| **Portfolio Turnover Rate** **\*\*** | 1% |
| **Weighted Average Market Capitalization** | $758.10 B |

---

\*\* Not annualized

**WHAT DID THE FUND INVEST IN?** (% of net assets as of September 30, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Meta Platforms, Inc.  | 5.4% |
|  Microsoft Corp.  | 5.3% |
|  Fidelity Money Market Government Portfolio  | 5.3% |
|  Apple, Inc.  | 4.4% |
|  Alphabet, Inc.  | 3.4% |
|  Royal Caribbean Cruises Ltd.  | 3.1% |
|  Viper Energy, Inc.  | 2.6% |
|  JPMorgan Chase & Co.  | 2.4% |
|  Visa, Inc.  | 2.4% |
|  Vistra Corp.  | 2.1% |

---

**Sector Breakdown (%)<sup>†</sup>**

![image](ts5648img003.jpg)

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

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code above or visit https://buffalofunds.com/resources/.

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

------

**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 2 TSR-SAR-119530806

18.814.610.09.69.57.76.65.85.611.8 ------

---

| | | |
|:---|:---|:---|
| ![image](img590631_202510312156493.jpg) | **Buffalo High Yield Fund**  | ![image](img171399_202505011511139.jpg) |
| ![image](img590631_202510312156493.jpg) | Investor Class \| BUFHX  | ![image](img171399_202505011511139.jpg) |
| ![image](img590631_202510312156493.jpg) | Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171399_202505011511139.jpg) |

---

This semi-annual shareholder report contains important information about the Buffalo High Yield Fund (the "Fund"), Investor Class for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://buffalofunds.com/resources/. You can also request this information by contacting us at 800-492-8332.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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 | $52 | 1.01% |

---

\* Annualized

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $713239970 |
| **Number of Holdings** | 183 |
| **Portfolio Turnover Rate** **\*\*** | 17% |
| **Average Duration** | 1.60 years |
| **Average Maturity** | 4.40 years |
| **30-Day SEC Yield** | 6.83% |

---

\*\* Not annualized

**WHAT DID THE FUND INVEST IN?** (% of net assets as of September 30, 2025)

**Asset Allocation (%)**

![image](ts5655img003.jpg)

**Sector Breakdown (%)<sup>†</sup>**

![image](ts5655img004.jpg)

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

![image](ts5655img005.jpg)

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

‡ Moody's is the rating source for the Credit Quality Breakdown Table above. All bond quality ratings are as of 9/30/25. 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. An unassigned rating indicates that the debtor was not rated by an NRSRO and should not be interpreted as indicating low quality.

Buffalo High Yield Fund PAGE 1 TSR-SAR-119539104

------

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/resources/.

**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 2 TSR-SAR-119539104

62.327.12.31.96.417.817.314.29.67.66.46.15.63.811.61.516.369.510.22.5 ------

---

| | | |
|:---|:---|:---|
| ![image](img590631_202510312156493.jpg) | **Buffalo High Yield Fund**  | ![image](img171399_202505011511139.jpg) |
| ![image](img590631_202510312156493.jpg) | Institutional Class \| BUIHX  | ![image](img171399_202505011511139.jpg) |
| ![image](img590631_202510312156493.jpg) | Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171399_202505011511139.jpg) |

---

This semi-annual shareholder report contains important information about the Buffalo High Yield Fund (the "Fund"), Institutional Class for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://buffalofunds.com/resources/. You can also request this information by contacting us at 800-492-8332.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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 | $44 | 0.86% |

---

\* Annualized

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $713239970 |
| **Number of Holdings** | 183 |
| **Portfolio Turnover Rate** **\*\*** | 17% |
| **Average Duration** | 1.60 years |
| **Average Maturity** | 4.40 years |
| **30-Day SEC Yield** | 6.98% |

---

\*\* Not annualized

**WHAT DID THE FUND INVEST IN?** (% of net assets as of September 30, 2025)

**Asset Allocation (%)**

![image](ts5654img003.jpg)

**Sector Breakdown (%)<sup>†</sup>**

![image](ts5654img004.jpg)

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

![image](ts5654img005.jpg)

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

‡ Moody's is the rating source for the Credit Quality Breakdown Table above. All bond quality ratings are as of 9/30/25. 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. An unassigned rating indicates that the debtor was not rated by an NRSRO and should not be interpreted as indicating low quality.

Buffalo High Yield Fund PAGE 1 TSR-SAR-119530855

------

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/resources/.

**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 2 TSR-SAR-119530855

62.327.12.31.96.417.817.314.29.67.66.46.15.63.811.61.516.369.510.22.5 ------

---

| | | |
|:---|:---|:---|
| ![image](img590631_202510312156493.jpg) | **Buffalo International Fund**  | ![image](img171399_202505011511139.jpg) |
| ![image](img590631_202510312156493.jpg) | Investor Class \| BUFIX  | ![image](img171399_202505011511139.jpg) |
| ![image](img590631_202510312156493.jpg) | Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171399_202505011511139.jpg) |

---

This semi-annual shareholder report contains important information about the Buffalo International Fund (the "Fund"), Investor Class for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://buffalofunds.com/resources/. You can also request this information by contacting us at 800-492-8332.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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 | $54 | 1.03% |

---

\* Annualized

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $931100970 |
| **Number of Holdings** | 83 |
| **Portfolio Turnover Rate** **\*\*** | 9% |
| **Weighted Average Market Capitalization** | $148.00 B |

---

\*\* Not annualized

**WHAT DID THE FUND INVEST IN?** (% of net assets as of September 30, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Fidelity Money Market Government Portfolio  | 5.1% |
|  BayCurrent, Inc.  | 3.3% |
|  Taiwan Semiconductor Manufacturing Co. Ltd.  | 3.2% |
|  Schneider Electric SE  | 2.8% |
|  MercadoLibre, Inc.  | 2.7% |
|  SK Hynix, Inc.  | 2.5% |
|  Nintendo Co. Ltd.  | 2.4% |
|  Lonza Group AG  | 2.4% |
|  Siemens AG  | 2.4% |
|  SAP SE  | 2.2% |

---

**Sector Breakdown (%)<sup>†</sup>**

![image](ts5651img003.jpg)

**Geographic Breakdown (%)**

![image](ts5651img004.jpg)

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

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code above or visit https://buffalofunds.com/resources/.

Buffalo International Fund PAGE 1 TSR-SAR-119530509

------

**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 2 TSR-SAR-119530509

26.818.915.810.97.06.14.93.00.56.113.612.112.111.910.18.75.65.13.916.9 ------

---

| | | |
|:---|:---|:---|
| ![image](img590631_202510312156493.jpg) | **Buffalo International Fund**  | ![image](img171399_202505011511139.jpg) |
| ![image](img590631_202510312156493.jpg) | Institutional Class \| BUIIX  | ![image](img171399_202505011511139.jpg) |
| ![image](img590631_202510312156493.jpg) | Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171399_202505011511139.jpg) |

---

This semi-annual shareholder report contains important information about the Buffalo International Fund (the "Fund"), Institutional Class for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://buffalofunds.com/resources/. You can also request this information by contacting us at 800-492-8332.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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 | $46 | 0.88% |

---

\* Annualized

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $931100970 |
| **Number of Holdings** | 83 |
| **Portfolio Turnover Rate** **\*\*** | 9% |
| **Weighted Average Market Capitalization** | $148.00 B |

---

\*\* Not annualized

**WHAT DID THE FUND INVEST IN?** (% of net assets as of September 30, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Fidelity Money Market Government Portfolio  | 5.1% |
|  BayCurrent, Inc.  | 3.3% |
|  Taiwan Semiconductor Manufacturing Co. Ltd.  | 3.2% |
|  Schneider Electric SE  | 2.8% |
|  MercadoLibre, Inc.  | 2.7% |
|  SK Hynix, Inc.  | 2.5% |
|  Nintendo Co. Ltd.  | 2.4% |
|  Lonza Group AG  | 2.4% |
|  Siemens AG  | 2.4% |
|  SAP SE  | 2.2% |

---

**Sector Breakdown (%)<sup>†</sup>**

![image](ts5650img003.jpg)

**Geographic Breakdown (%)**

![image](ts5650img004.jpg)

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

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code above or visit https://buffalofunds.com/resources/.

Buffalo International Fund PAGE 1 TSR-SAR-119530848

------

**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 2 TSR-SAR-119530848

26.818.915.810.97.06.14.93.00.56.113.612.112.111.910.18.75.65.13.916.9 ------

---

| | | |
|:---|:---|:---|
| ![image](img590631_202510312156493.jpg) | **Buffalo Mid Cap Discovery Fund**  | ![image](img171399_202505011511139.jpg) |
| ![image](img590631_202510312156493.jpg) | Investor Class \| BUFTX  | ![image](img171399_202505011511139.jpg) |
| ![image](img590631_202510312156493.jpg) | Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171399_202505011511139.jpg) |

---

This semi-annual shareholder report contains important information about the Buffalo Mid Cap Discovery Fund (the "Fund"), Investor Class for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://buffalofunds.com/resources/. You can also request this information by contacting us at 800-492-8332.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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 | $53 | 1.01% |

---

\* Annualized

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $530355538 |
| **Number of Holdings** | 69 |
| **Portfolio Turnover Rate** **\*\*** | 33% |
| **Weighted Average Market Capitalization** | $40.64 B |

---

\*\* Not annualized

**WHAT DID THE FUND INVEST IN?** (% of net assets as of September 30, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Fidelity Money Market Government Portfolio  | 5.3% |
|  Veeva Systems, Inc.  | 3.4% |
|  MSCI, Inc.  | 3.3% |
|  Vistra Corp.  | 3.2% |
|  Vertiv Holdings Co.  | 2.4% |
|  Cencora, Inc.  | 2.3% |
|  Verisk Analytics, Inc.  | 2.3% |
|  Hilton Worldwide Holdings Inc.  | 2.1% |
|  CoStar Group, Inc.  | 2.1% |
|  TransUnion  | 2.1% |

---

**Sector Breakdown (%)<sup>†</sup>**

![image](ts5661img003.jpg)

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

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code above or visit https://buffalofunds.com/resources/.

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

------

**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 2 TSR-SAR-119530103

22.919.418.88.98.14.83.22.92.18.9 ------

---

| | | |
|:---|:---|:---|
| ![image](img590631_202510312156493.jpg) | **Buffalo Mid Cap Discovery Fund**  | ![image](img171399_202505011511139.jpg) |
| ![image](img590631_202510312156493.jpg) | Institutional Class \| BUITX  | ![image](img171399_202505011511139.jpg) |
| ![image](img590631_202510312156493.jpg) | Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171399_202505011511139.jpg) |

---

This semi-annual shareholder report contains important information about the Buffalo Mid Cap Discovery Fund (the "Fund"), Institutional Class for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://buffalofunds.com/resources/. You can also request this information by contacting us at 800-492-8332.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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 | $45 | 0.86% |

---

\* Annualized

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $530355538 |
| **Number of Holdings** | 69 |
| **Portfolio Turnover Rate** **\*\*** | 33% |
| **Weighted Average Market Capitalization** | $40.64 B |

---

\*\* Not annualized

**WHAT DID THE FUND INVEST IN?** (% of net assets as of September 30, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Fidelity Money Market Government Portfolio  | 5.3% |
|  Veeva Systems, Inc.  | 3.4% |
|  MSCI, Inc.  | 3.3% |
|  Vistra Corp.  | 3.2% |
|  Vertiv Holdings Co.  | 2.4% |
|  Cencora, Inc.  | 2.3% |
|  Verisk Analytics, Inc.  | 2.3% |
|  Hilton Worldwide Holdings Inc.  | 2.1% |
|  CoStar Group, Inc.  | 2.1% |
|  TransUnion  | 2.1% |

---

**Sector Breakdown (%)<sup>†</sup>**

![image](ts5660img003.jpg)

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

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code above or visit https://buffalofunds.com/resources/.

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

------

**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 2 TSR-SAR-119530707

22.919.418.88.98.14.83.22.92.18.9 ------

---

| | | |
|:---|:---|:---|
| ![image](img590631_202510312156493.jpg) | **Buffalo Mid Cap Growth Fund**  | ![image](img171399_202505011511139.jpg) |
| ![image](img590631_202510312156493.jpg) | Investor Class \| BUFMX  | ![image](img171399_202505011511139.jpg) |
| ![image](img590631_202510312156493.jpg) | Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171399_202505011511139.jpg) |

---

This semi-annual shareholder report contains important information about the Buffalo Mid Cap Growth Fund (the "Fund"), Investor Class for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://buffalofunds.com/resources/. You can also request this information by contacting us at 800-492-8332.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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 | $54 | 1.03% |

---

\* Annualized

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $138762184 |
| **Number of Holdings** | 55 |
| **Portfolio Turnover Rate** **\*\*** | 14% |
| **Weighted Average Market Capitalization** | $34.48 B |

---

\*\* Not annualized

**WHAT DID THE FUND INVEST IN?** (% of net assets as of September 30, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Veeva Systems, Inc.  | 4.3% |
|  Fidelity Money Market Government Portfolio  | 4.1% |
|  MSCI, Inc.  | 3.9% |
|  CBRE Group, Inc.  | 3.9% |
|  Vistra Corp.  | 3.4% |
|  Vertiv Holdings Co.  | 3.2% |
|  Verisk Analytics, Inc.  | 3.0% |
|  Copart, Inc.  | 2.7% |
|  AMETEK, Inc.  | 2.7% |
|  Live Nation Entertainment, Inc.  | 2.7% |

---

**Sector Breakdown (%)<sup>†</sup>**

![image](ts5659img003.jpg)

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

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code above or visit https://buffalofunds.com/resources/.

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

------

**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 2 TSR-SAR-119530202

25.617.615.08.48.37.35.73.63.45.1 ------

---

| | | |
|:---|:---|:---|
| ![image](img590631_202510312156493.jpg) | **Buffalo Mid Cap Growth Fund**  | ![image](img171399_202505011511139.jpg) |
| ![image](img590631_202510312156493.jpg) | Institutional Class \| BUIMX  | ![image](img171399_202505011511139.jpg) |
| ![image](img590631_202510312156493.jpg) | Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171399_202505011511139.jpg) |

---

This semi-annual shareholder report contains important information about the Buffalo Mid Cap Growth Fund (the "Fund"), Institutional Class for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://buffalofunds.com/resources/. You can also request this information by contacting us at 800-492-8332.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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 | $46 | 0.88% |

---

\* Annualized

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $138762184 |
| **Number of Holdings** | 55 |
| **Portfolio Turnover Rate** **\*\*** | 14% |
| **Weighted Average Market Capitalization** | $34.48 B |

---

\*\* Not annualized

**WHAT DID THE FUND INVEST IN?** (% of net assets as of September 30, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Veeva Systems, Inc.  | 4.3% |
|  Fidelity Money Market Government Portfolio  | 4.1% |
|  MSCI, Inc.  | 3.9% |
|  CBRE Group, Inc.  | 3.9% |
|  Vistra Corp.  | 3.4% |
|  Vertiv Holdings Co.  | 3.2% |
|  Verisk Analytics, Inc.  | 3.0% |
|  Copart, Inc.  | 2.7% |
|  AMETEK, Inc.  | 2.7% |
|  Live Nation Entertainment, Inc.  | 2.7% |

---

**Sector Breakdown (%)<sup>†</sup>**

![image](ts5658img003.jpg)

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

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code above or visit https://buffalofunds.com/resources/.

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

------

**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 2 TSR-SAR-119530822

25.617.615.08.48.37.35.73.63.45.1 ------

---

| | | |
|:---|:---|:---|
| ![image](img590631_202510312156493.jpg) | **Buffalo Small Cap Growth Fund**  | ![image](img171399_202505011511139.jpg) |
| ![image](img590631_202510312156493.jpg) | Investor Class \| BUFSX  | ![image](img171399_202505011511139.jpg) |
| ![image](img590631_202510312156493.jpg) | Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171399_202505011511139.jpg) |

---

This semi-annual shareholder report contains important information about the Buffalo Small Cap Growth Fund (the "Fund"), Investor Class for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://buffalofunds.com/resources/. You can also request this information by contacting us at 800-492-8332.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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 | $52 | 0.99% |

---

\* Annualized

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $483633271 |
| **Number of Holdings** | 81 |
| **Portfolio Turnover Rate** **\*\*** | 25% |
| **Weighted Average Market Capitalization** | $6.46 B |

---

\*\* Not annualized

**WHAT DID THE FUND INVEST IN?** (% of net assets as of September 30, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Fidelity Money Market Government Portfolio  | 3.3% |
|  Ligand Pharmaceuticals, Inc.  | 3.3% |
|  Varonis Systems, Inc.  | 2.6% |
|  AeroVironment, Inc.  | 2.5% |
|  WisdomTree, Inc.  | 2.4% |
|  Option Care Health, Inc.  | 2.3% |
|  JBT Marel Corp.  | 2.2% |
|  Ciena Corp.  | 2.0% |
|  Champion Homes, Inc.  | 2.0% |
|  Shift4 Payments, Inc.  | 1.9% |

---

**Sector Breakdown (%)<sup>†</sup>**

![image](ts5663img003.jpg)

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

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code above or visit https://buffalofunds.com/resources/.

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

------

**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 2 TSR-SAR-119804102

24.423.520.811.110.33.22.81.02.9 ------

---

| | | |
|:---|:---|:---|
| ![image](img590631_202510312156493.jpg) | **Buffalo Small Cap Growth Fund**  | ![image](img171399_202505011511139.jpg) |
| ![image](img590631_202510312156493.jpg) | Institutional Class \| BUISX  | ![image](img171399_202505011511139.jpg) |
| ![image](img590631_202510312156493.jpg) | Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171399_202505011511139.jpg) |

---

This semi-annual shareholder report contains important information about the Buffalo Small Cap Growth Fund (the "Fund"), Institutional Class for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://buffalofunds.com/resources/. You can also request this information by contacting us at 800-492-8332.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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 | $45 | 0.86% |

---

\* Annualized

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $483633271 |
| **Number of Holdings** | 81 |
| **Portfolio Turnover Rate** **\*\*** | 25% |
| **Weighted Average Market Capitalization** | $6.46 B |

---

\*\* Not annualized

**WHAT DID THE FUND INVEST IN?** (% of net assets as of September 30, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Fidelity Money Market Government Portfolio  | 3.3% |
|  Ligand Pharmaceuticals, Inc.  | 3.3% |
|  Varonis Systems, Inc.  | 2.6% |
|  AeroVironment, Inc.  | 2.5% |
|  WisdomTree, Inc.  | 2.4% |
|  Option Care Health, Inc.  | 2.3% |
|  JBT Marel Corp.  | 2.2% |
|  Ciena Corp.  | 2.0% |
|  Champion Homes, Inc.  | 2.0% |
|  Shift4 Payments, Inc.  | 1.9% |

---

**Sector Breakdown (%)<sup>†</sup>**

![image](ts5662img003.jpg)

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

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code above or visit https://buffalofunds.com/resources/.

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

------

**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 2 TSR-SAR-119530814

24.423.520.811.110.33.22.81.02.9 ------

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

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

Not applicable for semi-annual reports.

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

Not applicable for semi-annual reports.

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

Not applicable for semi-annual reports.

**<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** 

**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** 

**BUFFALO SMALL CAP GROWTH FUND** 

Semi-Annual Financial Statements and Additional Information (Unaudited)

September 30, 2025

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page**  |
| [Schedule of Investments or Written Options (as applicable)](#a_002)<br>|  |
| &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) | [40](#soi8) |
| &nbsp;&nbsp;&nbsp; [Buffalo Mid Cap Growth Fund](#soi9) | [44](#soi9) |
| &nbsp;&nbsp;&nbsp; [Buffalo Small Cap Growth Fund](#soi10) | [48](#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) |
| [Additional Information](#add) | [96](#add) |

---

------

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

**BUFFALO BLUE CHIP GROWTH FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — 93.9%** <br>|  |  |
| **Communication Services — 13.0%** <br>|  |  |
| **Entertainment — 2.3%** <br>|  |  |
| Netflix, Inc.<sup>(a)</sup> | 2475 | $2967327  |
| Spotify Technology SA<sup>(a)</sup> | 1325 | 924850  |
|  |  | 3892177  |
| **Interactive Media & Services — 10.7%**<br>|  |  |
| Alphabet, Inc. - Class A | 41325 | 10046107  |
| Meta Platforms, Inc. - Class A | 9750 | 7160205  |
| Pinterest, Inc. - Class A<sup>(a)</sup> | 11800 | 379606  |
| Reddit, Inc. - Class A<sup>(a)</sup> | 3225 | 741718  |
|  |  | 18327636  |
| **Total Communication Services** |  | 22219813  |
| **Consumer Discretionary — 10.9%**<br>|  |  |
| **Automobiles — 1.5%**<br>|  |  |
| Tesla, Inc.<sup>(a)</sup> | 5675 | 2523786  |
| **Broadline Retail — 5.7%**<br>|  |  |
| Amazon.com, Inc.<sup>(a)</sup> | 40075 | 8799268  |
| MercadoLibre, Inc.<sup>(a)</sup> | 375 | 876352  |
|  |  | 9675620  |
| **Hotels, Restaurants & Leisure — 1.2%**<br>|  |  |
| Booking Holdings, Inc. | 125 | 674909  |
| Hilton Worldwide Holdings Inc. | 2475 | 642114  |
| Yum! Brands, Inc. | 5475 | 832200  |
|  |  | 2149223  |
| **Household Durables — 0.3%**<br>|  |  |
| SharkNinja, Inc.<sup>(a)</sup> | 5100 | 526065  |
| **Specialty Retail — 2.0%**<br>|  |  |
| Home Depot, Inc. | 2760 | 1118324  |
| O'Reilly Automotive, Inc.<sup>(a)</sup> | 10370 | 1117990  |
| TJX Companies, Inc. | 7695 | 1112235  |
|  |  | 3348549  |
| **Textiles, Apparel & Luxury Goods — 0.2%**<br>|  |  |
| NIKE, Inc. - Class B | 4300 | 299839  |
| **Total Consumer Discretionary** |  | 18523082  |
| **Consumer Staples — 1.4%**<br>|  |  |
| **Consumer Staples Distribution & Retail — 1.4%**<br>|  |  |
| Costco Wholesale Corp. | 1475 | 1365304  |
| Walmart, Inc. | 10475 | 1079554  |
| **Total Consumer Staples** |  | 2444858  |

---

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** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — (Continued)**  | **COMMON STOCKS — (Continued)**  | **COMMON STOCKS — (Continued)**  |
| **Energy — 1.1%**<br>|  |  |
| **Oil, Gas & Consumable Fuels — 1.1%**<br>|  |  |
| ConocoPhillips | 8175 | $773273  |
| Exxon Mobil Corp. | 9025 | 1017569  |
| **Total Energy** |  | 1790842  |
| **Financials — 6.0%**<br>|  |  |
| **Banks — 0.6%**<br>|  |  |
| JPMorgan Chase & Co. | 3100 | 977833  |
| **Capital Markets — 0.9%**<br>|  |  |
| Ameriprise Financial, Inc. | 1450 | 712312  |
| S&P Global, Inc. | 1750 | 851743  |
|  |  | 1564055  |
| **Financial Services — 4.0%**<br>|  |  |
| Berkshire Hathaway, Inc. - Class B<sup>(a)</sup> | 2425 | 1219144  |
| Mastercard, Inc. - Class A | 5225 | 2972032  |
| Visa, Inc. - Class A | 7615 | 2599609  |
|  |  | 6790785  |
| **Insurance — 0.5%**<br>|  |  |
| Arthur J. Gallagher & Co. | 2775 | 859529  |
| **Total Financials** |  | 10192202  |
| **Health Care — 6.8%**<br>|  |  |
| **Biotechnology — 1.4%**<br>|  |  |
| Alnylam Pharmaceuticals, Inc.<sup>(a)</sup> | 2175 | 991800  |
| Argenx SE - ADR<sup>(a)</sup> | 1050 | 774438  |
| Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 1600 | 626624  |
|  |  | 2392862  |
| **Health Care Equipment & Supplies — 2.5%**<br>|  |  |
| Abbott Laboratories | 11025 | 1476688  |
| Boston Scientific Corp.<sup>(a)</sup> | 8210 | 801542  |
| Hologic, Inc.<sup>(a)</sup> | 9450 | 637781  |
| Intuitive Surgical, Inc.<sup>(a)</sup> | 1150 | 514315  |
| Stryker Corp. | 2175 | 804032  |
|  |  | 4234358  |
| **Health Care Providers & Services — 0.4%**<br>|  |  |
| UnitedHealth Group, Inc. | 2025 | 699232  |
| **Life Sciences Tools & Services — 0.4%**<br>|  |  |
| Thermo Fisher Scientific, Inc. | 1495 | 725105  |
| **Pharmaceuticals — 2.1%**<br>|  |  |
| Eli Lilly & Co. | 3365 | 2567495  |
| Johnson & Johnson | 5525 | 1024446  |
|  |  | 3591941  |
| **Total Health Care** |  | 11643498  |

---

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** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — (Continued)**  | **COMMON STOCKS — (Continued)**  | **COMMON STOCKS — (Continued)**  |
| **Industrials — 5.6%**<br>|  |  |
| **Aerospace & Defense — 1.1%**<br>|  |  |
| General Electric Co. | 6320 | $1901182  |
| **Building Products — 0.4%**<br>|  |  |
| Trane Technologies PLC | 1400 | 590744  |
| **Electrical Equipment — 1.6%**<br>|  |  |
| Eaton Corp. PLC | 2175 | 813994  |
| GE Vernova, Inc. | 1650 | 1014585  |
| Vertiv Holdings Co. - Class A | 5950 | 897617  |
|  |  | 2726196  |
| **Ground Transportation — 1.0%**<br>|  |  |
| Uber Technologies, Inc.<sup>(a)</sup> | 10775 | 1055627  |
| Union Pacific Corp. | 3025 | 715019  |
|  |  | 1770646  |
| **Industrial Conglomerates — 0.5%**<br>|  |  |
| Honeywell International, Inc. | 4075 | 857787  |
| **Machinery — 1.0%**<br>|  |  |
| Westinghouse Air Brake Technologies Corp. | 2975 | 596398  |
| Xylem, Inc. | 7025 | 1036188  |
|  |  | 1632586  |
| **Total Industrials** |  | 9479141  |
| **Information Technology — 47.5%<sup>(b)</sup>** <br>|  |  |
| **Communications Equipment — 0.7%**<br>|  |  |
| Arista Networks, Inc.<sup>(a)</sup> | 8000 | 1165680  |
| **Electronic Equipment, Instruments & Components — 1.1%**<br>|  |  |
| Amphenol Corp. - Class A | 7425 | 918844  |
| Corning, Inc. | 11175 | 916685  |
|  |  | 1835529  |
| **IT Services — 0.7%**<br>|  |  |
| Okta, Inc.<sup>(a)</sup> | 6300 | 577710  |
| Snowflake, Inc. - Class A<sup>(a)</sup> | 2625 | 592069  |
|  |  | 1169779  |
| **Semiconductors & Semiconductor Equipment — 18.7%**<br>|  |  |
| Advanced Micro Devices, Inc.<sup>(a)</sup> | 5300 | 857487  |
| ASML Holding NV - NY Shares | 555 | 537290  |
| Astera Labs, Inc.<sup>(a)</sup> | 1825 | 357335  |
| Broadcom, Inc. | 18132 | 5981928  |
| First Solar, Inc.<sup>(a)</sup> | 2875 | 634024  |
| NVIDIA Corp. | 116350 | 21708583  |
| NXP Semiconductors NV | 3750 | 853987  |
| Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | 3475 | 970533  |
|  |  | 31901167  |

---

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** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — (Continued)**  | **COMMON STOCKS — (Continued)**  | **COMMON STOCKS — (Continued)**  |
| **Information Technology — (Continued)**  | **Information Technology — (Continued)**  | **Information Technology — (Continued)**  |
| **Software — 16.5%**<br>|  |  |
| AppLovin Corp. - Class A<sup>(a)</sup> | 1225 | $880212  |
| Cadence Design Systems, Inc.<sup>(a)</sup> | 2325 | 816679  |
| HubSpot, Inc.<sup>(a)</sup> | 1050 | 491190  |
| Intuit, Inc. | 2410 | 1645813  |
| Microsoft Corp. | 34925 | 18089404  |
| Nutanix, Inc. - Class A<sup>(a)</sup> | 9450 | 702985  |
| Oracle Corp. | 6325 | 1778843  |
| Palo Alto Networks, Inc.<sup>(a)</sup> | 5160 | 1050679  |
| Salesforce, Inc. | 2650 | 628050  |
| ServiceNow, Inc.<sup>(a)</sup> | 1295 | 1191763  |
| Zscaler, Inc.<sup>(a)</sup> | 2900 | 869014  |
|  |  | 28144632  |
| **Technology Hardware, Storage & Peripherals — 9.8%**<br>|  |  |
| Apple, Inc. | 61930 | 15769236  |
| Seagate Technology Holdings PLC | 3700 | 873422  |
|  |  | 16642658  |
| **Total Information Technology** |  | 80859445  |
| **Materials — 1.4%**<br>|  |  |
| **Chemicals — 0.9%**<br>|  |  |
| Ecolab, Inc. | 2600 | 712036  |
| Linde PLC | 1905 | 904875  |
|  |  | 1616911  |
| **Construction Materials — 0.5%**<br>|  |  |
| CRH PLC | 6700 | 803330  |
| **Total Materials** |  | 2420241  |
| **Utilities — 0.2%**<br>|  |  |
| **Independent Power and Renewable Electricity Producers — 0.2%**<br>|  |  |
| Vistra Corp. | 2075 | 406534  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $65,421,684)** |  | 159979656  |
| **EXCHANGE TRADED FUNDS — 1.1%**<br>|  |  |
| Consumer Staples Select Sector SPDR Fund | 10650 | 834641  |
| iShares Biotechnology ETF | 6125 | 884266  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** <br>**(Cost $1,752,021)** |  | 1718907  |

---

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** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **Money Market Funds — 4.9%**<br>|  |  |
| Fidelity Money Market Government Portfolio - Class I, 4.04%<sup>(c)</sup> | 8433512 | $8433512  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $8,433,512)** |  | 8433512  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS — 99.9%** <br>**(Cost $75,607,217)** |  | 170132075  |
| Other Assets in Excess of Liabilities — 0.1% |  | 255564  |
| **TOTAL NET ASSETS — 100.0%** |  | $170387639 |

---

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

NV - Naamloze Vennootschap

PLC - Public Limited Company

SA - Sociedad Anonima

<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 yield as of September 30, 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** 

**September 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — 98.5%** <br>|  |  |
| **Consumer Discretionary — 9.2%** <br>|  |  |
| **Automobile Components — 1.9%** <br>|  |  |
| Patrick Industries, Inc. | 12600 | $1303218  |
| **Diversified Consumer Services — 2.3%**<br>|  |  |
| OneSpaWorld Holdings Ltd. | 75300 | 1591842  |
| **Hotels, Restaurants & Leisure — 2.2%**<br>|  |  |
| Accel Entertainment, Inc.<sup>(a)</sup> | 105100 | 1163457  |
| Portillo's, Inc. - Class A<sup>(a)</sup> | 64500 | 416025  |
|  |  | 1579482  |
| **Household Durables — 2.8%**<br>|  |  |
| Champion Homes, Inc.<sup>(a)</sup> | 18070 | 1380006  |
| Lovesac Co.<sup>(a)</sup> | 35450 | 600168  |
|  |  | 1980174  |
| **Total Consumer Discretionary** |  | 6454716  |
| **Consumer Staples — 4.0%**<br>|  |  |
| **Consumer Staples Distribution & Retail — 1.9%**<br>|  |  |
| Guardian Pharmacy Services, Inc. - Class A<sup>(a)</sup> | 50000 | 1311500  |
| **Food Products — 2.1%**<br>|  |  |
| SunOpta, Inc.<sup>(a)</sup> | 252700 | 1480822  |
| **Total Consumer Staples** |  | 2792322  |
| **Energy — 1.2%**<br>|  |  |
| **Energy Equipment & Services — 1.2%**<br>|  |  |
| Cactus, Inc. - Class A | 21320 | 841500  |
| **Financials — 8.5%**<br>|  |  |
| **Capital Markets — 5.5%**<br>|  |  |
| GCM Grosvenor, Inc. - Class A | 100000 | 1207000  |
| Hamilton Lane, Inc. - Class A | 6485 | 874113  |
| WisdomTree, Inc. | 129000 | 1793100  |
|  |  | 3874213  |
| **Financial Services — 1.6%**<br>|  |  |
| Shift4 Payments, Inc. - Class A<sup>(a)</sup> | 14100 | 1091340  |
| **Insurance — 1.4%**<br>|  |  |
| Ategrity Specialty Holdings LLC<sup>(a)</sup> | 50000 | 988500  |
| **Total Financials** |  | 5954053  |
| **Health Care — 25.9%<sup>(b)</sup>** <br>|  |  |
| **Biotechnology — 3.6%**<br>|  |  |
| ADMA Biologics, Inc.<sup>(a)</sup> | 62370 | 914344  |
| Catalyst Pharmaceuticals, Inc.<sup>(a)</sup> | 40000 | 788000  |
| Vericel Corp.<sup>(a)</sup> | 25800 | 811926  |
|  |  | 2514270  |

---

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** 

**September 30, 2025 (Unaudited)(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 — 9.0%**<br>|  |  |
| Carlsmed, Inc.<sup>(a)</sup> | 55000 | $736450  |
| Establishment Labs Holdings, Inc.<sup>(a)</sup> | 23100 | 946869  |
| Inspire Medical Systems, Inc.<sup>(a)</sup> | 5800 | 430360  |
| LeMaitre Vascular, Inc. | 13090 | 1145506  |
| Omnicell, Inc.<sup>(a)</sup> | 28200 | 858690  |
| OrthoPediatrics Corp.<sup>(a)</sup> | 26590 | 492713  |
| QuidelOrtho Corp.<sup>(a)</sup> | 24700 | 727415  |
| UFP Technologies, Inc.<sup>(a)</sup> | 4775 | 953090  |
|  |  | 6291093  |
| **Health Care Providers & Services — 3.2%**<br>|  |  |
| Castle Biosciences, Inc.<sup>(a)</sup> | 38700 | 881199  |
| Option Care Health, Inc.<sup>(a)</sup> | 29240 | 811703  |
| Progyny, Inc.<sup>(a)</sup> | 23460 | 504859  |
|  |  | 2197761  |
| **Health Care Technology — 6.2%**<br>|  |  |
| Evolent Health, Inc. - Class A<sup>(a)</sup> | 100600 | 851076  |
| HealthStream, Inc. | 63100 | 1781944  |
| Phreesia, Inc.<sup>(a)</sup> | 40000 | 940800  |
| Simulations Plus, Inc.<sup>(a)</sup> | 51000 | 768570  |
|  |  | 4342390  |
| **Life Sciences Tools & Services — 1.8%**<br>|  |  |
| BioLife Solutions, Inc.<sup>(a)</sup> | 49000 | 1249990  |
| **Pharmaceuticals — 2.1%**<br>|  |  |
| Harrow, Inc.<sup>(a)</sup> | 30000 | 1445400  |
| **Total Health Care** |  | 18040904  |
| **Industrials — 25.4%<sup>(b)</sup>** <br>|  |  |
| **Aerospace & Defense — 7.6%**<br>|  |  |
| AeroVironment, Inc.<sup>(a)</sup> | 2400 | 755736  |
| Cadre Holdings, Inc. | 40840 | 1491069  |
| Kratos Defense & Security Solutions, Inc.<sup>(a)</sup> | 14000 | 1279180  |
| TAT Technologies Ltd.<sup>(a)</sup> | 40000 | 1761200  |
|  |  | 5287185  |
| **Building Products — 1.2%**<br>|  |  |
| Hayward Holdings, Inc.<sup>(a)</sup> | 55000 | 831600  |
| **Construction & Engineering — 3.5%**<br>|  |  |
| Bowman Consulting Group Ltd.<sup>(a)</sup> | 48000 | 2033280  |
| Sterling Infrastructure, Inc.<sup>(a)</sup> | 1200 | 407616  |
|  |  | 2440896  |
| **Electrical Equipment — 2.8%**<br>|  |  |
| American Superconductor Corp.<sup>(a)</sup> | 33000 | 1959870  |

---

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** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — (Continued)**  | **COMMON STOCKS — (Continued)**  | **COMMON STOCKS — (Continued)**  |
| **Industrials — (Continued)** | **Industrials — (Continued)** | **Industrials — (Continued)** |
| **Machinery — 2.9%**<br>|  |  |
| Federal Signal Corp. | 2500 | $297475  |
| Hillman Solutions Corp.<sup>(a)</sup> | 130000 | 1193400  |
| Kornit Digital Ltd.<sup>(a)</sup> | 40300 | 544050  |
|  |  | 2034925  |
| **Professional Services — 5.6%**<br>|  |  |
| ICF International, Inc. | 12100 | 1122880  |
| Verra Mobility Corp.<sup>(a)</sup> | 38800 | 958360  |
| Willdan Group, Inc.<sup>(a)</sup> | 19000 | 1837110  |
|  |  | 3918350  |
| **Trading Companies & Distributors — 1.8%**<br>|  |  |
| Transcat, Inc.<sup>(a)</sup> | 16700 | 1222440  |
| **Total Industrials** |  | 17695266  |
| **Information Technology — 21.7%**<br>|  |  |
| **Communications Equipment — 3.4%**<br>|  |  |
| Applied Optoelectronics, Inc.<sup>(a)</sup> | 60295 | 1563449  |
| Calix, Inc.<sup>(a)</sup> | 13280 | 814994  |
|  |  | 2378443  |
| **Electronic Equipment, Instruments & Components — 5.6%**<br>|  |  |
| Napco Security Technologies, Inc. | 32400 | 1391580  |
| nLight, Inc.<sup>(a)</sup> | 20000 | 592600  |
| Powerfleet, Inc. NJ<sup>(a)</sup> | 192990 | 1011268  |
| Red Cat Holdings, Inc.<sup>(a)</sup> | 85000 | 879750  |
|  |  | 3875198  |
| **IT Services — 1.2%**<br>|  |  |
| Commerce.com, Inc.<sup>(a)</sup> | 53800 | 268462  |
| Grid Dynamics Holdings, Inc.<sup>(a)</sup> | 77000 | 593670  |
|  |  | 862132  |
| **Semiconductors & Semiconductor Equipment — 3.1%**<br>|  |  |
| Ambiq Micro, Inc.<sup>(a)</sup> | 17000 | 508640  |
| Impinj, Inc.<sup>(a)</sup> | 9000 | 1626750  |
|  |  | 2135390  |
| **Software — 7.6%**<br>|  |  |
| i3 Verticals, Inc. - Class A<sup>(a)</sup> | 48200 | 1564572  |
| nCino, Inc.<sup>(a)</sup> | 24000 | 650640  |
| Teradata Corp.<sup>(a)</sup> | 29000 | 623790  |
| Varonis Systems, Inc.<sup>(a)</sup> | 26500 | 1522955  |
| Vertex, Inc. - Class A<sup>(a)</sup> | 39460 | 978213  |
|  |  | 5340170  |
| **Technology Hardware, Storage & Peripherals — 0.8%**<br>|  |  |
| CPI Card Group, Inc.<sup>(a)</sup> | 35000 | 529900  |
| **Total Information Technology** |  | 15121233  |

---

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** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — (Continued)**  | **COMMON STOCKS — (Continued)**  | **COMMON STOCKS — (Continued)**  |
| **Materials — 2.6%** | **Materials — 2.6%** | **Materials — 2.6%** |
| **Chemicals — 1.6%** | **Chemicals — 1.6%** | **Chemicals — 1.6%** |
| Element Solutions, Inc. | 44300 | $1115031  |
| **Metals & Mining — 1.0%**<br>|  |  |
| United States Antimony Corp.<sup>(a)</sup> | 115000 | 713000  |
| **Total Materials** |  | 1828031  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $55,311,441)** |  | 68728025  |
| **REAL ESTATE INVESTMENT TRUSTS — 1.0%**<br>|  |  |
| **Real Estate — 1.0%**<br>|  |  |
| **Health Care REITs — 1.0%**<br>|  |  |
| Community Healthcare Trust, Inc. | 44600 | 682380  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS** <br>**(Cost $910,868)** |  | 682380  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **Money Market Funds — 0.0%(c)**<br>|  |  |
| Fidelity Money Market Government Portfolio - Class I, 4.04%<sup>(d)</sup> | 10972 | 10972  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $10,972)** |  | 10972  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS — 99.5%**<br>**(Cost $56,233,281)** |  | 69421377  |
| Other Assets in Excess of Liabilities — 0.5% |  | 349688  |
| **TOTAL NET ASSETS — 100.0%** |  | $69771065 |

---

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.

LLC - Limited Liability 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> Represents less than 0.05% of net assets.

<sup>(d)</sup> The rate shown represents the 7-day annualized yield as of September 30, 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** 

**September 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — 96.5%** <br>|  |  |
| **Communication Services — 3.6%** <br>|  |  |
| **Diversified Telecommunication Services — 2.8%** <br>|  |  |
| AT&T, Inc. | 100000 | $2824000  |
| Verizon Communications, Inc. | 225000 | 9888750  |
|  |  | 12712750  |
| **Entertainment — 0.8%** <br>|  |  |
| Lionsgate Studios Corp.<sup>(a)</sup> | 480000 | 3312000  |
| Starz Entertainment Corp.<sup>(a)</sup> | 22600 | 332898  |
|  |  | 3644898  |
| **Total Communication Services** |  | 16357648  |
| **Consumer Staples — 16.6%** <br>|  |  |
| **Beverages — 4.4%** <br>|  |  |
| Coca-Cola Co. | 140000 | 9284800  |
| PepsiCo, Inc. | 75000 | 10533000  |
|  |  | 19817800  |
| **Consumer Staples Distribution & Retail — 4.1%** <br>|  |  |
| Costco Wholesale Corp.<sup>(b)(c)</sup> | 20000 | 18512600  |
| **Food Products — 2.2%** <br>|  |  |
| Conagra Brands, Inc. | 100000 | 1831000  |
| General Mills, Inc. | 150000 | 7563000  |
| Kellanova | 7000 | 574140  |
|  |  | 9968140  |
| **Household Products — 5.9%** <br>|  |  |
| Clorox Co. | 50000 | 6165000  |
| Colgate-Palmolive Co. | 25000 | 1998500  |
| Kimberly-Clark Corp. | 70000 | 8703800  |
| Procter & Gamble Co. | 65000 | 9987250  |
|  |  | 26854550  |
| **Total Consumer Staples** |  | 75153090  |
| **Energy — 25.7%<sup>(d)</sup>** <br>|  |  |
| **Energy Equipment & Services — 1.4%** <br>|  |  |
| Schlumberger NV | 180000 | 6186600  |
| **Oil, Gas & Consumable Fuels — 24.3%** <br>|  |  |
| APA Corp. | 400000 | 9712000  |
| Chevron Corp. | 225000 | 34940250  |
| ConocoPhillips | 150000 | 14188500  |
| Delek Logistics Partners LP | 140000 | 6375600  |
| Exxon Mobil Corp. | 160000 | 18040000  |
| HF Sinclair Corp. | 72500 | 3794650  |
| Kinder Morgan, Inc. | 560000 | 15853600  |
| Marathon Petroleum Corp. | 40000 | 7709600  |
|  |  | 110614200  |
| **Total Energy** |  | 116800800  |

---

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

10<br>

------

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

**BUFFALO FLEXIBLE ALLOCATION FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** |
| **Financials — 9.2%** <br>|  |  |
| **Banks — 2.0%** <br>|  |  |
| Truist Financial Corp. | 200000 | $9144000  |
| **Insurance — 7.2%** <br>|  |  |
| Allstate Corp. | 80000 | 17172000  |
| Arthur J. Gallagher & Co. | 50000 | 15487000  |
|  |  | 32659000  |
| **Total Financials** |  | 41803000  |
| **Health Care — 15.8%** <br>|  |  |
| **Biotechnology — 1.9%** <br>|  |  |
| Gilead Sciences, Inc. | 80000 | 8880000  |
| **Health Care Equipment & Supplies — 2.1%** <br>|  |  |
| Abbott Laboratories | 70000 | 9375800  |
| **Pharmaceuticals — 11.8%** <br>|  |  |
| Eli Lilly & Co. | 35000 | 26705000  |
| Johnson & Johnson | 75000 | 13906500  |
| Merck & Co., Inc. | 80000 | 6714400  |
| Pfizer, Inc. | 250000 | 6370000  |
|  |  | 53695900  |
| **Total Health Care** |  | 71951700  |
| **Industrials — 3.7%** <br>|  |  |
| **Commercial Services & Supplies — 3.0%** <br>|  |  |
| Pitney Bowes, Inc. | 216971 | 2475639  |
| Waste Management, Inc. | 50000 | 11041500  |
|  |  | 13517139  |
| **Electrical Equipment — 0.7%** <br>|  |  |
| ABB Ltd. - ADR | 45000 | 3237750  |
| **Total Industrials** |  | 16754889  |
| **Information Technology — 20.9%** <br>|  |  |
| **Communications Equipment — 2.6%** <br>|  |  |
| Cisco Systems, Inc. | 175000 | 11973500  |
| **IT Services — 4.4%** <br>|  |  |
| International Business Machines Corp. | 70000 | 19751200  |
| **Semiconductors & Semiconductor Equipment — 3.1%** <br>|  |  |
| QUALCOMM, Inc. | 85000 | 14140600  |
| **Software — 10.8%** <br>|  |  |
| Microsoft Corp.<sup>(b)(c)</sup> | 95000 | 49205250  |
| **Total Information Technology** |  | 95070550  |

---

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

11<br>

------

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

**BUFFALO FLEXIBLE ALLOCATION FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** |
| **Materials — 1.0%** <br>|  |  |
| **Chemicals — 0.3%** <br>|  |  |
| Dow, Inc. | 50000 | $1146500  |
| **Metals & Mining — 0.7%** <br>|  |  |
| Rio Tinto PLC - ADR | 50000 | 3300500  |
| **Total Materials** |  | 4447000  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $160,524,883)** |  | 438338677  |
| **REAL ESTATE INVESTMENT TRUSTS — 3.2%** <br>|  |  |
| **Real Estate — 3.2%** <br>|  |  |
| **Specialized REITs — 3.2%** <br>|  |  |
| Digital Realty Trust, Inc. | 85000 | 14694800  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS** <br>**(Cost $4,856,121)** |  | 14694800  |
| **SHORT-TERM INVESTMENTS** <br>|  |  |
| **Money Market Funds — 0.3%** <br>|  |  |
| Fidelity Money Market Government Portfolio - Class I, 4.04%<sup>(e)</sup> | 1272819 | 1272819  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $1,272,819)** |  | 1272819  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS — 100.0%** <br>**(Cost $166,653,823)** |  | 454306296  |
| Liabilities in Excess of Other Assets — (0.0)%<sup>(f)</sup> |  | (78824)  |
| **TOTAL NET ASSETS — 100.0%** |  | $454227472 |

---

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

NV - Naamloze Vennootschap

PLC - Public Limited Company

REIT - Real Estate Investment Trust

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

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

<sup>(c)</sup> All or a portion of this security is held as collateral for written options. At September 30, 2025, the total market value of these securities was $7,217,900 which represented 1.6% of net assets.

<sup>(d)</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>(e)</sup> The rate shown represents the 7-day annualized yield as of September 30, 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 Written Options** 

**September 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS — (0.0)%**<br>|  |  |  |
| **Call Options — (0.0)%<sup>(a)(b)(c)</sup>** <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Costco Wholesale Corp., Expiration: 10/17/2025; <br>Exercise Price: $1,080.00 | $(4628150) | &nbsp;&nbsp;&nbsp;&nbsp;(50) | $(1550)  |
| Microsoft Corp., Expiration: 10/17/2025; Exercise Price: $565.00 | (2589750) | &nbsp;&nbsp;&nbsp;&nbsp;(50) | (800)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $12,954)** |  |  | $(2350) |

---

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** 

**September 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — 98.0%** <br>|  |  |
| **Communication Services — 17.9%** <br>|  |  |
| **Entertainment — 1.8%** <br>|  |  |
| Liberty Media Corp.-Liberty Live - Class C<sup>(a)</sup> | 35000 | $3393950  |
| **Interactive Media & Services — 16.1%** <br>|  |  |
| Alphabet, Inc. - Class A | 51100 | 12422410  |
| Alphabet, Inc. - Class C | 28200 | 6868110  |
| Meta Platforms, Inc. - Class A | 15813 | 11612751  |
|  |  | 30903271  |
| **Total Communication Services** |  | 34297221  |
| **Consumer Discretionary — 11.6%** <br>|  |  |
| **Broadline Retail — 9.6%** <br>|  |  |
| Amazon.com, Inc.<sup>(a)</sup> | 72820 | 15989088  |
| MercadoLibre, Inc.<sup>(a)</sup> | 1000 | 2336940  |
|  |  | 18326028  |
| **Hotels, Restaurants & Leisure — 2.0%** <br>|  |  |
| Booking Holdings, Inc. | 720 | 3887474  |
| **Total Consumer Discretionary** |  | 22213502  |
| **Energy — 0.8%** <br>|  |  |
| **Energy Equipment & Services — 0.8%** <br>|  |  |
| Schlumberger NV | 46633 | 1602776  |
| **Financials — 8.2%** <br>|  |  |
| **Capital Markets — 1.9%** <br>|  |  |
| MSCI, Inc. | 3615 | 2051187  |
| S&P Global, Inc. | 3300 | 1606143  |
|  |  | 3657330  |
| **Financial Services — 6.3%** <br>|  |  |
| Mastercard, Inc. - Class A | 8515 | 4843417  |
| Shift4 Payments, Inc. - Class A<sup>(a)</sup> | 27567 | 2133686  |
| Visa, Inc. - Class A | 14758 | 5038086  |
|  |  | 12015189  |
| **Total Financials** |  | 15672519  |
| **Health Care — 8.7%** <br>|  |  |
| **Health Care Equipment & Supplies — 3.7%** <br>|  |  |
| Edwards Lifesciences Corp.<sup>(a)</sup> | 27475 | 2136731  |
| Establishment Labs Holdings, Inc.<sup>(a)</sup> | 34570 | 1417024  |
| IDEXX Laboratories, Inc.<sup>(a)</sup> | 2856 | 1824670  |
| Intuitive Surgical, Inc.<sup>(a)</sup> | 3600 | 1610028  |
|  |  | 6988453  |
| **Health Care Providers & Services — 1.6%** <br>|  |  |
| Progyny, Inc.<sup>(a)</sup> | 74024 | 1592996  |
| UnitedHealth Group, Inc. | 4500 | 1553850  |
|  |  | 3146846  |

---

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

14<br>

------

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

**Buffalo Growth Fund** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — (Continued)**  | **COMMON STOCKS — (Continued)**  | **COMMON STOCKS — (Continued)**  |
| **Health Care — (Continued)**  | **Health Care — (Continued)**  | **Health Care — (Continued)**  |
| **Health Care Technology — 1.6%** <br>|  |  |
| Veeva Systems, Inc. - Class A<sup>(a)</sup> | 10259 | $3056259  |
| **Life Sciences Tools & Services — 1.8%** <br>|  |  |
| Danaher Corp. | 6059 | 1201257  |
| Thermo Fisher Scientific, Inc. | 4768 | 2312576  |
|  |  | 3513833  |
| **Total Health Care** |  | 16705391  |
| **Industrials — 5.7%** <br>|  |  |
| **Commercial Services & Supplies — 0.8%** <br>|  |  |
| Copart, Inc.<sup>(a)</sup> | 34100 | 1533477  |
| **Ground Transportation — 2.1%** <br>|  |  |
| Uber Technologies, Inc.<sup>(a)</sup> | 40278 | 3946036  |
| **Professional Services — 2.8%** <br>|  |  |
| TransUnion | 41322 | 3461957  |
| Verisk Analytics, Inc. | 7670 | 1929082  |
|  |  | 5391039  |
| **Total Industrials** |  | 10870552  |
| **Information Technology — 41.2%<sup>(b)</sup>** <br>|  |  |
| **IT Services — 0.7%** <br>|  |  |
| Gartner, Inc.<sup>(a)</sup> | 5250 | 1380067  |
| **Semiconductors & Semiconductor Equipment — 15.6%** <br>|  |  |
| Broadcom, Inc. | 19943 | 6579395  |
| NVIDIA Corp. | 125000 | 23322500  |
|  |  | 29901895  |
| **Software — 16.3%** <br>|  |  |
| Intuit, Inc. | 3100 | 2117021  |
| Microsoft Corp. | 44350 | 22971082  |
| Palo Alto Networks, Inc.<sup>(a)</sup> | 9588 | 1952309  |
| Procore Technologies, Inc.<sup>(a)</sup> | 25000 | 1823000  |
| ServiceNow, Inc.<sup>(a)</sup> | 2524 | 2322787  |
|  |  | 31186199  |
| **Technology Hardware, Storage & Peripherals — 8.6%** <br>|  |  |
| Apple, Inc. | 65000 | 16550950  |
| **Total Information Technology** |  | 79019111  |
| **Materials — 0.9%** <br>|  |  |
| **Chemicals — 0.9%** <br>|  |  |
| Linde PLC | 3671 | 1743725  |

---

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

15<br>

------

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

**Buffalo Growth Fund** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — (Continued)**  | **COMMON STOCKS — (Continued)**  | **COMMON STOCKS — (Continued)**  |
| **Real Estate — 3.0%** <br>|  |  |
| **Real Estate Management & Development — 3.0%** <br>|  |  |
| CBRE Group, Inc. - Class A<sup>(a)</sup> | 24220 | $3816103  |
| CoStar Group, Inc.<sup>(a)</sup> | 24000 | 2024880  |
| **Total Real Estate** |  | 5840983  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $54,170,563)** |  | 187965780  |
| **SHORT-TERM INVESTMENTS** <br>|  |  |
| **Money Market Funds — 2.1%** <br>|  |  |
| Fidelity Money Market Government Portfolio - Class I, 4.04%<sup>(c)</sup> | 4004658 | 4004658  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $4,004,658)** |  | 4004658  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS — 100.1%** <br>**(Cost $58,175,221)** |  | 191970438  |
| Liabilities in Excess of Other Assets — (0.1)% |  | (109645)  |
| **TOTAL NET ASSETS — 100.0%** |  | $191860793 |

---

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.

NV - Naamloze Vennootschap

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 yield as of September 30, 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** 

**September 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — 84.8%** <br>|  |  |
| **Communication Services — 10.0%** <br>|  |  |
| **Diversified Telecommunication Services — 0.3%** <br>|  |  |
| Verizon Communications, Inc. | 10625 | $466969  |
| **Entertainment — 0.5%**<br>|  |  |
| Walt Disney Co. | 7605 | 870772  |
| **Interactive Media & Services — 8.8%**<br>|  |  |
| Alphabet, Inc. - Class A | 12600 | 3063060  |
| Alphabet, Inc. - Class C | 13000 | 3166150  |
| Meta Platforms, Inc. - Class A | 13300 | 9767254  |
|  |  | 15996464  |
| **Media — 0.4%**<br>|  |  |
| Comcast Corp. - Class A | 22500 | 706950  |
| **Total Communication Services** |  | 18041155  |
| **Consumer Discretionary — 5.8%**<br>|  |  |
| **Broadline Retail — 1.3%**<br>|  |  |
| Amazon.com, Inc.<sup>(a)</sup> | 11000 | 2415270  |
| **Hotels, Restaurants & Leisure — 3.5%**<br>|  |  |
| Royal Caribbean Cruises Ltd. | 17126 | 5541631  |
| Starbucks Corp. | 9500 | 803700  |
|  |  | 6345331  |
| **Specialty Retail — 1.0%**<br>|  |  |
| Home Depot, Inc. | 4225 | 1711928  |
| **Total Consumer Discretionary** |  | 10472529  |
| **Consumer Staples — 3.8%**<br>|  |  |
| **Beverages — 1.5%**<br>|  |  |
| PepsiCo, Inc. | 5550 | 779442  |
| Primo Brands Corp. | 88600 | 1958060  |
|  |  | 2737502  |
| **Consumer Staples Distribution & Retail — 0.6%**<br>|  |  |
| Walmart, Inc. | 10350 | 1066671  |
| **Food Products — 1.0%**<br>|  |  |
| Lamb Weston Holdings, Inc. | 18400 | 1068672  |
| Tyson Foods, Inc. - Class A | 11900 | 646170  |
|  |  | 1714842  |
| **Household Products — 0.5%**<br>|  |  |
| Procter & Gamble Co. | 5725 | 879646  |
| **Personal Care Products — 0.2%**<br>|  |  |
| Kenvue, Inc. | 27000 | 438210  |
| **Total Consumer Staples** |  | 6836871  |

---

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

17<br>

------

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

**Buffalo Growth & Income Fund** 

**Schedule of Investments** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — (Continued)**  | **COMMON STOCKS — (Continued)**  | **COMMON STOCKS — (Continued)**  |
| **Energy — 9.5%**<br>|  |  |
| **Oil, Gas & Consumable Fuels — 9.5%**<br>|  |  |
| Chevron Corp. | 10121 | $1571690  |
| Crescent Energy Co. - Class A | 150000 | 1338000  |
| Energy Transfer LP | 162600 | 2790216  |
| Enterprise Products Partners LP | 46650 | 1458746  |
| Marathon Petroleum Corp. | 12126 | 2337165  |
| Northern Oil and Gas, Inc. | 63400 | 1572320  |
| Valero Energy Corp. | 7900 | 1345054  |
| Viper Energy, Inc. - Class A | 125000 | 4777500  |
| **Total Energy** |  | 17190691  |
| **Financials — 18.8%**<br>|  |  |
| **Banks — 7.5%**<br>|  |  |
| Bank of America Corp. | 63000 | 3250170  |
| Citigroup, Inc. | 24375 | 2474063  |
| Citizens Financial Group, Inc. | 40750 | 2166270  |
| JPMorgan Chase & Co. | 14000 | 4416020  |
| Truist Financial Corp. | 28600 | 1307592  |
|  |  | 13614115  |
| **Capital Markets — 4.3%**<br>|  |  |
| Blackrock, Inc. | 1100 | 1282457  |
| CME Group, Inc. | 4025 | 1087515  |
| Intercontinental Exchange, Inc. | 11100 | 1870128  |
| S&P Global, Inc. | 7136 | 3473162  |
|  |  | 7713262  |
| **Financial Services — 5.0%**<br>|  |  |
| Burford Capital Ltd. | 180800 | 2162368  |
| Mastercard, Inc. - Class A | 4400 | 2502764  |
| Visa, Inc. - Class A | 12925 | 4412336  |
|  |  | 9077468  |
| **Insurance — 2.0%**<br>|  |  |
| Arthur J. Gallagher & Co. | 11575 | 3585241  |
| **Total Financials** |  | 33990086  |
| **Health Care — 8.3%**<br>|  |  |
| **Health Care Equipment & Supplies — 1.1%**<br>|  |  |
| Abbott Laboratories | 10000 | 1339400  |
| Medtronic PLC | 7400 | 704776  |
|  |  | 2044176  |
| **Health Care Providers & Services — 4.7%**<br>|  |  |
| Elevance Health, Inc. | 3375 | 1090530  |
| HCA Healthcare, Inc. | 8100 | 3452220  |
| McKesson Corp. | 2500 | 1931350  |
| UnitedHealth Group, Inc. | 5600 | 1933680  |
|  |  | 8407780  |

---

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

18<br>

------

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

**Buffalo Growth & Income Fund** 

**Schedule of Investments** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — (Continued)**  | **COMMON STOCKS — (Continued)**  | **COMMON STOCKS — (Continued)**  |
| **Health Care — (Continued)**  | **Health Care — (Continued)**  | **Health Care — (Continued)**  |
| **Pharmaceuticals — 2.5%**<br>|  |  |
| Eli Lilly & Co. | 3150 | $2403450  |
| Johnson & Johnson | 7125 | 1321118  |
| Merck & Co., Inc. | 9800 | 822514  |
|  |  | 4547082  |
| **Total Health Care** |  | 14999038  |
| **Industrials — 6.7%**<br>|  |  |
| **Aerospace & Defense — 0.4%**<br>|  |  |
| Boeing Co.<sup>(a)</sup> | 3025 | 652886  |
| **Commercial Services & Supplies — 1.3%**<br>|  |  |
| Cintas Corp. | 11200 | 2298912  |
| **Electrical Equipment — 0.3%**<br>|  |  |
| AMETEK, Inc. | 2500 | 470000  |
| **Industrial Conglomerates — 0.4%**<br>|  |  |
| Honeywell International, Inc. | 3450 | 726225  |
| **Machinery — 2.0%**<br>|  |  |
| Otis Worldwide Corp. | 7900 | 722297  |
| Parker-Hannifin Corp. | 3950 | 2994692  |
|  |  | 3716989  |
| **Professional Services — 1.8%**<br>|  |  |
| Equifax, Inc. | 3200 | 820896  |
| SS&C Technologies Holdings, Inc. | 26600 | 2361016  |
|  |  | 3181912  |
| **Trading Companies & Distributors — 0.5%**<br>|  |  |
| Fastenal Co. | 20600 | 1010224  |
| **Total Industrials** |  | 12057148  |
| **Information Technology — 13.9%**<br>|  |  |
| **Communications Equipment — 0.7%**<br>|  |  |
| Cisco Systems, Inc. | 17750 | 1214455  |
| **IT Services — 1.2%**<br>|  |  |
| International Business Machines Corp. | 7700 | 2172632  |
| **Semiconductors & Semiconductor Equipment — 2.3%**<br>|  |  |
| Marvell Technology, Inc. | 10100 | 849107  |
| NVIDIA Corp. | 7100 | 1324718  |
| QUALCOMM, Inc. | 9075 | 1509717  |
| Texas Instruments, Inc. | 2950 | 542003  |
|  |  | 4225545  |

---

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

19<br>

------

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

**Buffalo Growth & Income Fund** 

**Schedule of Investments** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — (Continued)**  | **COMMON STOCKS — (Continued)**  | **COMMON STOCKS — (Continued)**  |
| **Information Technology — (Continued)** | **Information Technology — (Continued)** | **Information Technology — (Continued)** |
| **Software — 5.3%**<br>|  |  |
| Microsoft Corp. | 18650 | $9659768  |
| **Technology Hardware, Storage & Peripherals — 4.4%**<br>|  |  |
| Apple, Inc. | 31080 | 7913900  |
| **Total Information Technology** |  | 25186300  |
| **Materials — 2.7%**<br>|  |  |
| **Construction Materials — 2.2%**<br>|  |  |
| CRH PLC | 25600 | 3069440  |
| Martin Marietta Materials, Inc. | 1500 | 945420  |
|  |  | 4014860  |
| **Containers & Packaging — 0.5%**<br>|  |  |
| Graphic Packaging Holding Co. | 43700 | 855209  |
| **Total Materials** |  | 4870069  |
| **Utilities — 5.3%**<br>|  |  |
| **Electric Utilities — 2.6%**<br>|  |  |
| American Electric Power Co., Inc. | 15700 | 1766250  |
| Edison International | 30550 | 1688804  |
| PG&E Corp. | 82600 | 1245608  |
|  |  | 4700662  |
| **Independent Power and Renewable Electricity Producers — 2.1%**<br>|  |  |
| Vistra Corp. | 19300 | 3781256  |
| **Multi-Utilities — 0.6%**<br>|  |  |
| Sempra Energy | 12200 | 1097756  |
| **Total Utilities** |  | 9579674  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $55,316,656)** |  | 153223561  |
| **REAL ESTATE INVESTMENT TRUSTS — 6.6%**<br>|  |  |
| **Real Estate — 6.6%**<br>|  |  |
| **Health Care REITs — 0.8%**<br>|  |  |
| Welltower, Inc. | 7900 | 1407306  |
| **Hotel & Resort REITs — 0.5%**<br>|  |  |
| Pebblebrook Hotel Trust | 90000 | 1025100  |
| **Office REITs — 1.0%**<br>|  |  |
| NET Lease Office Properties | 31400 | 931324  |
| Postal Realty Trust, Inc. - Class A | 55000 | 862950  |
|  |  | 1794274  |

---

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

20<br>

------

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

**Buffalo Growth & Income Fund** 

**Schedule of Investments** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **REAL ESTATE INVESTMENT TRUSTS — (Continued)** | **REAL ESTATE INVESTMENT TRUSTS — (Continued)** | **REAL ESTATE INVESTMENT TRUSTS — (Continued)** |
| **Real Estate — (Continued)**  | **Real Estate — (Continued)**  | **Real Estate — (Continued)**  |
| **Retail REITs — 1.5%**<br>|  |  |
| Macerich Co. | 50000 | $910000  |
| NETSTREIT Corp. | 50000 | 903000  |
| Realty Income Corp. | 15000 | 911850  |
|  |  | 2724850  |
| **Specialized REITs — 2.8%**<br>|  |  |
| American Tower Corp. | 3200 | 615424  |
| Digital Realty Trust, Inc. | 5000 | 864400  |
| Equinix Inc. | 1100 | 861564  |
| Lamar Advertising Co. - Class A | 9968 | 1220283  |
| Public Storage | 5000 | 1444250  |
|  |  | 5005921  |
| **Total Real Estate** |  | 11957451  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS** <br>**(Cost $9,365,581)** |  | 11957451 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount**  |  |
| **CONVERTIBLE BONDS — 2.2%**<br>|  |  |
| **Health Care — 1.3%**<br>|  |  |
| **Biotechnology — 1.3%**<br>|  |  |
| Apellis Pharmaceuticals, Inc., 3.50%, 09/15/2026 | $300000 | 311550  |
| BioMarin Pharmaceutical, Inc., 1.25%, 05/15/2027 | 500000 | 475250  |
| Exact Sciences Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.38%, 03/15/2027 | 100000 | 96200  |
| &nbsp;&nbsp;&nbsp; 0.38%, 03/01/2028 | 750000 | 694500  |
| PTC Therapeutics, Inc., 1.50%, 09/15/2026 | 600000 | 771750  |
| **Total Health Care** |  | 2349250  |
| **Industrials — 0.2%**<br>|  |  |
| **Electrical Equipment — 0.2%**<br>|  |  |
| Array Technologies, Inc., 1.00%, 12/01/2028 | 500000 | 434759  |
| **Information Technology — 0.7%**<br>|  |  |
| **Communications Equipment — 0.7%**<br>|  |  |
| Lumentum Holdings, Inc., 0.50%, 12/15/2026 | 750000 | 1264687  |
| &nbsp;&nbsp;&nbsp; **TOTAL CONVERTIBLE BONDS** <br>**(Cost $3,477,201)** |  | 4048696 |

---

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

21<br>

------

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

**Buffalo Growth & Income Fund** 

**Schedule of Investments** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares**  | **Value** |
| **CONVERTIBLE PREFERRED STOCKS — 1.1%**<br>|  |  |
| **Industrials — 0.8%**<br>|  |  |
| **Aerospace & Defense — 0.8%**<br>|  |  |
| Boeing Co., 6.00%, 10/15/2027 | 20000 | $1391400  |
| **Utilities — 0.3%**<br>|  |  |
| **Electric Utilities — 0.3%**<br>|  |  |
| PG&E Corp., Series A, 6.00%, 12/01/2027 | 15000 | 590700  |
| &nbsp;&nbsp;&nbsp; **TOTAL CONVERTIBLE PREFERRED STOCKS** <br>**(Cost $1,774,538)** |  | 1982100  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **Money Market Funds — 5.3%**<br>|  |  |
| Fidelity Money Market Government Portfolio - Class I, 4.04%<sup>(b)</sup> | 9496632 | 9496632  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $9,496,632)** |  | 9496632  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS — 100.0%** <br>**(Cost $79,430,608)** |  | 180708440  |
| Liabilities in Excess of Other Assets — (0.0)%<sup>(c)</sup> |  | (9323)  |
| **TOTAL NET ASSETS — 100.0%** |  | $180699117 |

---

Principal amount is in USD unless otherwise indicated.

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 yield as of September 30, 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** 

**September 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| **CORPORATE BONDS — 62.3%**<br>|  |  |
| **Communication Services — 3.7%**<br>|  |  |
| **Diversified Telecommunications — 0.3%**<br>|  |  |
| Consolidated Communications, Inc., 6.50%, 10/01/2028<sup>(a)</sup> | &nbsp;&nbsp; $2000000 | $2032500  |
| **Entertainment — 0.2%**<br>|  |  |
| Starz Capital Holdings LLC, 5.50%, 04/15/2029<sup>(a)</sup> | &nbsp;&nbsp; 2000000 | 1641820  |
| **Interactive Media & Services — 0.7%**<br>|  |  |
| Cars.com, Inc., 6.38%, 11/01/2028<sup>(a)</sup> | &nbsp;&nbsp; 4000000 | 3987441  |
| Match Group Holdings II LLC, 5.00%, 12/15/2027<sup>(a)</sup> | &nbsp;&nbsp; 1000000 | 997990  |
|  |  | 4985431  |
| **Media — 2.5%**<br>|  |  |
| Directv Financing LLC, 8.88%, 02/01/2030<sup>(a)</sup> | &nbsp;&nbsp; 3000000 | 2979870  |
| Dotdash Meredith, Inc., 7.63%, 06/15/2032<sup>(a)</sup> | &nbsp;&nbsp; 5000000 | 4957750  |
| Gray Media, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 10.50%, 07/15/2029<sup>(a)</sup> | &nbsp;&nbsp; 2000000 | 2162554  |
| &nbsp;&nbsp;&nbsp; 4.75%, 10/15/2030<sup>(a)</sup> | &nbsp;&nbsp; 500000 | 383750  |
| &nbsp;&nbsp;&nbsp; 5.38%, 11/15/2031<sup>(a)</sup> | &nbsp;&nbsp; 1000000 | 749324  |
| &nbsp;&nbsp;&nbsp; 9.63%, 07/15/2032<sup>(a)</sup> | &nbsp;&nbsp; 100000 | 102245  |
| Scripps Escrow II, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.88%, 01/15/2029<sup>(a)</sup> | &nbsp;&nbsp; 500000 | 440954  |
| &nbsp;&nbsp;&nbsp; 5.38%, 01/15/2031<sup>(a)</sup> | &nbsp;&nbsp; 2000000 | 1409410  |
| Univision Communications, Inc., 9.38%, 08/01/2032<sup>(a)</sup> | &nbsp;&nbsp; 4500000 | 4800771  |
|  |  | 17986628  |
| **Total Communication Services** |  | 26646379  |
| **Consumer Discretionary — 2.5%**<br>|  |  |
| **Automobile Components — 0.4%**<br>|  |  |
| Patrick Industries, Inc., 4.75%, 05/01/2029<sup>(a)</sup> | &nbsp;&nbsp; 3000000 | 2941669  |
| **Diversified Consumer Services — 0.2%**<br>|  |  |
| McGraw-Hill Education, Inc., 7.38%, 09/01/2031<sup>(a)</sup> | &nbsp;&nbsp; 1100000 | 1143776  |
| **Hotels, Restaurants & Leisure — 0.2%**<br>|  |  |
| Six Flags Entertainment Corp., 5.50%, 04/15/2027<sup>(a)</sup> | &nbsp;&nbsp; 1500000 | 1498443  |
| **Household Durables — 0.2%**<br>|  |  |
| K Hovnanian Enterprises, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.00%, 04/01/2031<sup>(a)</sup> | &nbsp;&nbsp; 500000 | 512776  |
| &nbsp;&nbsp;&nbsp; 8.38%, 10/01/2033<sup>(a)</sup> | &nbsp;&nbsp; 500000 | 512802  |
|  |  | 1025578  |
| **Specialty Retail — 0.7%**<br>|  |  |
| PetSmart LLC / PetSmart Finance Corp., 10.00%, 09/15/2033<sup>(a)</sup> | &nbsp;&nbsp; 5000000 | 5049440  |
| **Textiles, Apparel & Luxury Goods — 0.8%**<br>|  |  |
| Beach Acquisition Bidco LLC, 10.00% (or 10.75% PIK), 07/15/2033<sup>(a)</sup> | &nbsp;&nbsp; 5500000 | 5946880  |
| **Total Consumer Discretionary** |  | 17605786  |

---

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

23<br>

------

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

**BUFFALO HIGH YIELD FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| **CORPORATE BONDS — (Continued)** | **CORPORATE BONDS — (Continued)** | **CORPORATE BONDS — (Continued)** |
| **Consumer Staples — 4.5%**<br>|  |  |
| **Consumer Staples Distribution & Retail — 0.4%**<br>|  |  |
| United Natural Foods, Inc., 6.75%, 10/15/2028<sup>(a)</sup> | &nbsp;&nbsp; $2500000 | $2504892  |
| **Food & Beverage Wholesalers — 0.7%**<br>|  |  |
|  KeHE Distributors LLC / KeHE Finance Corp. / NextWave Distribution, Inc., 9.00%, 02/15/2029<sup>(a)</sup> | &nbsp;&nbsp; 5000000 | 5266960  |
| **Food Products — 2.3%**<br>|  |  |
| Performance Food Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 10/15/2027<sup>(a)</sup> | &nbsp;&nbsp; 3000000 | 2995818  |
| &nbsp;&nbsp;&nbsp; 4.25%, 08/01/2029<sup>(a)</sup> | &nbsp;&nbsp; 1000000 | 972456  |
|  Primo Water Holdings, Inc. / Triton Water Holdings, Inc., 4.38%, 04/30/2029<sup>(a)</sup> | &nbsp;&nbsp; 2000000 | 1946512  |
| TreeHouse Foods, Inc., 4.00%, 09/01/2028 | &nbsp;&nbsp; 4000000 | 3865260  |
| Viking Baked Goods Acquisition Corp., 8.63%, 11/01/2031<sup>(a)</sup> | &nbsp;&nbsp; 6500000 | 6519090  |
|  |  | 16299136  |
| **Household Products — 0.7%**<br>|  |  |
| Kronos Acquisition Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.25%, 06/30/2031<sup>(a)</sup> | &nbsp;&nbsp; 3000000 | 2340346  |
| &nbsp;&nbsp;&nbsp; 10.75%, 06/30/2032<sup>(a)</sup> | &nbsp;&nbsp; 5000000 | 2751593  |
|  |  | 5091939  |
| **Personal Care Products — 0.4%**<br>|  |  |
| BellRing Brands, Inc., 7.00%, 03/15/2030<sup>(a)</sup> | &nbsp;&nbsp; 3000000 | 3102630  |
| **Total Consumer Staples** |  | 32265557  |
| **Energy — 14.2%**<br>|  |  |
| **Energy Equipment & Services — 1.6%**<br>|  |  |
| Bristow Group, Inc., 6.88%, 03/01/2028<sup>(a)</sup> | &nbsp;&nbsp; 2250000 | 2264094  |
| Enerflex Ltd., 9.00%, 10/15/2027<sup>(a)</sup> | &nbsp;&nbsp; 2700000 | 2758396  |
| Helix Energy Solutions Group, Inc., 9.75%, 03/01/2029<sup>(a)</sup> | &nbsp;&nbsp; 6000000 | 6343620  |
|  |  | 11366110  |
| **Oil, Gas & Consumable Fuels — 12.6%**<br>|  |  |
| Baytex Energy Corp., 8.50%, 04/30/2030<sup>(a)</sup> | &nbsp;&nbsp; 2500000 | 2572452  |
| California Resources Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.13%, 02/01/2026<sup>(a)</sup> | &nbsp;&nbsp; 1990000 | 1995588  |
| &nbsp;&nbsp;&nbsp; 8.25%, 06/15/2029<sup>(a)</sup> | &nbsp;&nbsp; 6000000 | 6261810  |
| &nbsp;&nbsp;&nbsp; 7.00%, 01/15/2034<sup>(a)</sup> | &nbsp;&nbsp; 2000000 | 1987482  |
| Crescent Energy Finance LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.25%, 02/15/2028<sup>(a)</sup> | &nbsp;&nbsp; 4504000 | 4681165  |
| &nbsp;&nbsp;&nbsp; 7.38%, 01/15/2033<sup>(a)</sup> | &nbsp;&nbsp; 5000000 | 4875920  |
| Delek Logistics Partners LP / Delek Logistics Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.13%, 06/01/2028<sup>(a)</sup> | &nbsp;&nbsp; 1000000 | 1004337  |
| &nbsp;&nbsp;&nbsp; 8.63%, 03/15/2029<sup>(a)</sup> | &nbsp;&nbsp; 3000000 | 3133218  |
| &nbsp;&nbsp;&nbsp; 7.38%, 06/30/2033<sup>(a)</sup> | &nbsp;&nbsp; 500000 | 508756  |

---

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

24<br>

------

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

**BUFFALO HIGH YIELD FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **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)** |
| Energy Transfer LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.13% to 05/15/2030 then 5 yr. CMT Rate + 5.31%, Perpetual | &nbsp;&nbsp; $7350000 | $7608639  |
| &nbsp;&nbsp;&nbsp; 8.00% to 05/15/2029 then 5 yr. CMT Rate + 4.02%, 05/15/2054 | &nbsp;&nbsp; 1000000 | 1069421  |
| Genesis Energy LP / Genesis Energy Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.88%, 04/15/2030 | &nbsp;&nbsp; 6500000 | 6884469  |
| &nbsp;&nbsp;&nbsp; 8.00%, 05/15/2033 | &nbsp;&nbsp; 500000 | 523940  |
|  Martin Midstream Partners LP / Martin Midstream Finance Corp., 11.50%, 02/15/2028<sup>(a)</sup> | &nbsp;&nbsp; 7000000 | 7412073  |
| Moss Creek Resources Holdings, Inc., 8.25%, 09/01/2031<sup>(a)</sup> | &nbsp;&nbsp; 4000000 | 3922547  |
| Northern Oil & Gas, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.13%, 03/01/2028<sup>(a)</sup> | &nbsp;&nbsp; 9100000 | 9259805  |
| &nbsp;&nbsp;&nbsp; 7.88%, 10/15/2033<sup>(a)</sup> | &nbsp;&nbsp; 1000000 | 996592  |
| Saturn Oil & Gas, Inc., 9.63%, 06/15/2029<sup>(a)</sup> | &nbsp;&nbsp; 10683000 | 11070034  |
| Summit Midstream Holdings LLC, 8.63%, 10/31/2029<sup>(a)</sup> | &nbsp;&nbsp; 2600000 | 2614890  |
| Sunoco LP, 6.25%, 07/01/2033<sup>(a)</sup> | &nbsp;&nbsp; 1500000 | 1527894  |
| Talos Production, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.00%, 02/01/2029<sup>(a)</sup> | &nbsp;&nbsp; 2000000 | 2069566  |
| &nbsp;&nbsp;&nbsp; 9.38%, 02/01/2031<sup>(a)</sup> | &nbsp;&nbsp; 2000000 | 2084544  |
| TransMontaigne Partners LLC, 8.50%, 06/15/2030<sup>(a)</sup> | &nbsp;&nbsp; 6000000 | 6254772  |
|  |  | 90319914  |
| **Total Energy** |  | 101686024  |
| **Financials — 12.2%**<br>|  |  |
| **Capital Markets — 0.4%**<br>|  |  |
| Stonex Escrow Issuer LLC, 6.88%, 07/15/2032<sup>(a)</sup> | &nbsp;&nbsp; 500000 | 515113  |
| StoneX Group, Inc., 7.88%, 03/01/2031<sup>(a)</sup> | &nbsp;&nbsp; 2000000 | 2103414  |
|  |  | 2618527  |
| **Consumer Finance — 2.4%**<br>|  |  |
| Credit Acceptance Corp., 9.25%, 12/15/2028<sup>(a)</sup> | &nbsp;&nbsp; 2000000 | 2103784  |
| Encore Capital Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.25%, 04/01/2029<sup>(a)</sup> | &nbsp;&nbsp; 4000000 | 4220000  |
| &nbsp;&nbsp;&nbsp; 8.50%, 05/15/2030<sup>(a)</sup> | &nbsp;&nbsp; 1250000 | 1328470  |
| EZCORP, Inc., 7.38%, 04/01/2032<sup>(a)</sup> | &nbsp;&nbsp; 2000000 | 2135976  |
| PRA Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.38%, 02/01/2028<sup>(a)</sup> | &nbsp;&nbsp; 1500000 | 1535414  |
| &nbsp;&nbsp;&nbsp; 8.88%, 01/31/2030<sup>(a)</sup> | &nbsp;&nbsp; 5750000 | 5941124  |
|  |  | 17264768  |
| **Financial Services — 6.7%**<br>|  |  |
| Burford Capital Global Finance LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.88%, 04/15/2030<sup>(a)</sup> | &nbsp;&nbsp; 4500000 | 4525146  |
| &nbsp;&nbsp;&nbsp; 9.25%, 07/01/2031<sup>(a)</sup> | &nbsp;&nbsp; 7500000 | 7978448  |
| &nbsp;&nbsp;&nbsp; 7.50%, 07/15/2033<sup>(a)</sup> | &nbsp;&nbsp; 2000000 | 2037700  |
| CPI CG, Inc., 10.00%, 07/15/2029<sup>(a)</sup> | &nbsp;&nbsp; 1858000 | 1949683  |

---

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

25<br>

------

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

**BUFFALO HIGH YIELD FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| **CORPORATE BONDS — (Continued)** | **CORPORATE BONDS — (Continued)** | **CORPORATE BONDS — (Continued)** |
| **Financials — (Continued)** | **Financials — (Continued)** | **Financials — (Continued)** |
| **Financial Services — (Continued)** | **Financial Services — (Continued)** | **Financial Services — (Continued)** |
| Freedom Mortgage Holdings LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.25%, 02/01/2029<sup>(a)</sup> | &nbsp;&nbsp; $5250000 | $5544368  |
| &nbsp;&nbsp;&nbsp; 9.13%, 05/15/2031<sup>(a)</sup> | &nbsp;&nbsp; 3000000 | 3194118  |
| &nbsp;&nbsp;&nbsp; 8.38%, 04/01/2032<sup>(a)</sup> | &nbsp;&nbsp; 6000000 | 6293880  |
| Hightower Holding LLC, 9.13%, 01/31/2030<sup>(a)</sup> | &nbsp;&nbsp; 4500000 | 4796203  |
| Jefferson Capital Holdings LLC, 8.25%, 05/15/2030<sup>(a)</sup> | &nbsp;&nbsp; 500000 | 523622  |
| NCR Atleos Corp., 9.50%, 04/01/2029<sup>(a)</sup> | &nbsp;&nbsp; 2500000 | 2708747  |
|  Provident Funding Associates LP / PFG Finance Corp., 9.75%, 09/15/2029<sup>(a)</sup> | &nbsp;&nbsp; 8000000 | 8460184  |
|  |  | 48012099  |
| **Insurance — 2.7%**<br>|  |  |
| Acrisure LLC / Acrisure Finance, Inc., 8.50%, 06/15/2029<sup>(a)</sup> | &nbsp;&nbsp; 2000000 | 2101148  |
| Ardonagh Group Finance Ltd., 8.88%, 02/15/2032<sup>(a)</sup> | &nbsp;&nbsp; 11000000 | 11578820  |
| Jones DeslauriersInsurance Management, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.50%, 03/15/2030<sup>(a)</sup> | &nbsp;&nbsp; 3000000 | 3154684  |
| &nbsp;&nbsp;&nbsp; 6.88%, 10/01/2033<sup>(a)</sup> | &nbsp;&nbsp; 2000000 | 1990766  |
|  |  | 18825418  |
| **Total Financials** |  | 86720812  |
| **Health Care — 3.4%**<br>|  |  |
| **Commercial Services & Supplies — 0.1%**<br>|  |  |
| VT Topco, Inc., 8.50%, 08/15/2030<sup>(a)</sup> | &nbsp;&nbsp; 500000 | 509132  |
| **Health Care Equipment & Supplies — 0.4%**<br>|  |  |
|  Paradigm Parent LLC and Paradigm Parent CO-Issuer, Inc., 8.75%, 04/17/2032<sup>(a)</sup> | &nbsp;&nbsp; 3000000 | 2917500  |
| **Health Care Providers & Services — 0.8%**<br>|  |  |
| Global Medical Response, Inc., 7.38%, 10/01/2032<sup>(a)</sup> | &nbsp;&nbsp; 500000 | 514803  |
| Prime Healthcare Services, Inc., 9.38%, 09/01/2029<sup>(a)</sup> | &nbsp;&nbsp; 5000000 | 5205150  |
|  |  | 5719953  |
| **Medical Equipment & Devices — 0.2%**<br>|  |  |
| Neogen Food Safety Corp., 8.63%, 07/20/2030<sup>(a)</sup> | &nbsp;&nbsp; 1100000 | 1151150  |
| **Pharmaceuticals — 1.9%**<br>|  |  |
| Harrow, Inc., 8.63%, 09/15/2030<sup>(a)</sup> | &nbsp;&nbsp; 9000000 | 9365625  |
| Teva Pharmaceutical Finance Netherlands III BV<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 03/01/2028 | &nbsp;&nbsp; 4000000 | 4154356  |
| &nbsp;&nbsp;&nbsp; 7.88%, 09/15/2029 | &nbsp;&nbsp; 250000 | 273148  |
|  |  | 13793129  |
| **Total Health Care** |  | 24090864  |

---

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

26<br>

------

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

**BUFFALO HIGH YIELD FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| **CORPORATE BONDS — (Continued)** | **CORPORATE BONDS — (Continued)** | **CORPORATE BONDS — (Continued)** |
| **Industrials — 12.1%**<br>|  |  |
| **Aerospace & Defense — 0.9%**<br>|  |  |
| Phoenix Aviation Capital Ltd., 9.25%, 07/15/2030<sup>(a)</sup> | &nbsp;&nbsp; $250000 | $266251  |
| Spirit AeroSystems, Inc., 9.75%, 11/15/2030<sup>(a)</sup> | &nbsp;&nbsp; 500000 | 550528  |
| TransDigm, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 01/15/2029 | &nbsp;&nbsp; 1000000 | 980834  |
| &nbsp;&nbsp;&nbsp; 4.88%, 05/01/2029 | &nbsp;&nbsp; 1000000 | 986088  |
| &nbsp;&nbsp;&nbsp; 6.63%, 03/01/2032<sup>(a)</sup> | &nbsp;&nbsp; 1000000 | 1030667  |
| &nbsp;&nbsp;&nbsp; 6.38%, 05/31/2033<sup>(a)</sup> | &nbsp;&nbsp; 2000000 | 2025424  |
| &nbsp;&nbsp;&nbsp; 6.75%, 01/31/2034<sup>(a)</sup> | &nbsp;&nbsp; 500000 | 517326  |
|  |  | 6357118  |
| **Air Freight & Logistics — 0.2%**<br>|  |  |
| Clue Opco LLC, 9.50%, 10/15/2031<sup>(a)</sup> | &nbsp;&nbsp; 1000000 | 1070311  |
| **Building Products — 0.9%**<br>|  |  |
| Advanced Drainage Systems, Inc., 6.38%, 06/15/2030<sup>(a)</sup> | &nbsp;&nbsp; 1250000 | 1272791  |
| Builders FirstSource, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2030<sup>(a)</sup> | &nbsp;&nbsp; 4000000 | 3962391  |
| &nbsp;&nbsp;&nbsp; 4.25%, 02/01/2032<sup>(a)</sup> | &nbsp;&nbsp; 1000000 | 941221  |
|  |  | 6176403  |
| **Commercial Services & Supplies — 5.5%**<br>|  |  |
| CoreCivic, Inc., 8.25%, 04/15/2029 | &nbsp;&nbsp; 4000000 | 4228836  |
| Deluxe Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.00%, 06/01/2029<sup>(a)</sup> | &nbsp;&nbsp; 3500000 | 3495385  |
| &nbsp;&nbsp;&nbsp; 8.13%, 09/15/2029<sup>(a)</sup> | &nbsp;&nbsp; 1000000 | 1045954  |
| GEO Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.63%, 04/15/2029 | &nbsp;&nbsp; 4000000 | 4237296  |
| &nbsp;&nbsp;&nbsp; 10.25%, 04/15/2031 | &nbsp;&nbsp; 8000000 | 8807544  |
| JB Poindexter & Co., Inc., 8.75%, 12/15/2031<sup>(a)</sup> | &nbsp;&nbsp; 1000000 | 1048441  |
| OT Midco, Inc., 10.00%, 02/15/2030<sup>(a)</sup> | &nbsp;&nbsp; 8000000 | 5424840  |
| RR Donnelley & Sons Co., 9.50%, 08/01/2029<sup>(a)</sup> | &nbsp;&nbsp; 7000000 | 7180530  |
| TKC Holdings, Inc., 10.50%, 05/15/2029<sup>(a)</sup> | &nbsp;&nbsp; 4000000 | 4111288  |
|  |  | 39580114  |
| **Construction & Engineering — 0.6%**<br>|  |  |
| MasTec, Inc., 6.63%, 08/15/2029<sup>(a)</sup> | &nbsp;&nbsp; 3000000 | 3012825  |
| Pike Corp., 8.63%, 01/31/2031<sup>(a)</sup> | &nbsp;&nbsp; 1000000 | 1073813  |
|  |  | 4086638  |
| **Ground Transportation — 0.7%**<br>|  |  |
| Avis Budget Car Rental LLC / Avis Budget Finance, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.25%, 01/15/2030<sup>(a)</sup> | &nbsp;&nbsp; 4000000 | 4152640  |
| &nbsp;&nbsp;&nbsp; 8.38%, 06/15/2032<sup>(a)</sup> | &nbsp;&nbsp; 1000000 | 1046714  |
|  |  | 5199354  |
| **Machinery — 0.3%**<br>|  |  |
| Park-Ohio Industries, Inc., 8.50%, 08/01/2030<sup>(a)</sup> | &nbsp;&nbsp; 2000000 | 2075140  |

---

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

27<br>

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

**BUFFALO HIGH YIELD FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| **CORPORATE BONDS — (Continued)** | **CORPORATE BONDS — (Continued)** | **CORPORATE BONDS — (Continued)** |
| **Industrials — (Continued)** | **Industrials — (Continued)** | **Industrials — (Continued)** |
| **Passenger Airlines — 2.6%**<br>|  |  |
| Grupo Aeromexico SAB de CV, 8.63%, 11/15/2031<sup>(a)</sup> | &nbsp;&nbsp; $13000000 | $13014950  |
| OneSky Flight LLC, 8.88%, 12/15/2029<sup>(a)</sup> | &nbsp;&nbsp; 5250000 | 5523877  |
|  |  | 18538827  |
| **Trading Companies & Distributors — 0.4%**<br>|  |  |
| BlueLinx Holdings, Inc., 6.00%, 11/15/2029<sup>(a)</sup> | &nbsp;&nbsp; 3000000 | 2962483  |
| **Total Industrials** |  | 86046388  |
| **Information Technology — 2.1%**<br>|  |  |
| **Communications Equipment — 0.3%**<br>|  |  |
| VM Consolidated, Inc., 5.50%, 04/15/2029<sup>(a)</sup> | &nbsp;&nbsp; 2000000 | 1998477  |
| **Software — 1.3%**<br>|  |  |
| Consensus Cloud Solutions, Inc., 6.00%, 10/15/2026<sup>(a)</sup> | &nbsp;&nbsp; 7500000 | 7497862  |
| Dye & Durham Ltd., 8.63%, 04/15/2029<sup>(a)</sup> | &nbsp;&nbsp; 2100000 | 2078406  |
|  |  | 9576268  |
| **Technology Distributors — 0.5%**<br>|  |  |
| EquipmentShare.com, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.63%, 05/15/2032<sup>(a)</sup> | &nbsp;&nbsp; 1800000 | 1945462  |
| &nbsp;&nbsp;&nbsp; 8.00%, 03/15/2033<sup>(a)</sup> | &nbsp;&nbsp; 1500000 | 1603731  |
|  |  | 3549193  |
| **Total Information Technology** |  | 15123938  |
| **Materials — 3.3%**<br>|  |  |
| **Chemicals — 2.8%**<br>|  |  |
| Cerdia Finanz GmbH, 9.38%, 10/03/2031<sup>(a)</sup> | &nbsp;&nbsp; 7000000 | 7428750  |
| Chemours Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 11/15/2028<sup>(a)</sup> | &nbsp;&nbsp; 2000000 | 1952568  |
| &nbsp;&nbsp;&nbsp; 8.00%, 01/15/2033<sup>(a)</sup> | &nbsp;&nbsp; 5000000 | 4976419  |
| Mativ Holdings, Inc., 8.00%, 10/01/2029<sup>(a)</sup> | &nbsp;&nbsp; 6000000 | 5947960  |
|  |  | 20305697  |
| **Containers & Packaging — 0.3%**<br>|  |  |
| Clydesdale Acquisition Holdings, Inc., 6.75%, 04/15/2032<sup>(a)</sup> | &nbsp;&nbsp; 1000000 | 1026524  |
| Trivium Packaging Finance BV, 8.25%, 07/15/2030<sup>(a)</sup> | &nbsp;&nbsp; 1000000 | 1067788  |
|  |  | 2094312  |
| **Metals & Mining — 0.2%**<br>|  |  |
|  Alliance Resource Operating Partners LP / Alliance Resource Finance Corp., 8.63%, 06/15/2029<sup>(a)</sup> | &nbsp;&nbsp; 1000000 | 1056717  |
| **Total Materials** |  | 23456726  |
| **Real Estate — 3.8%**<br>|  |  |
| **Hotel & Resort REITs — 0.5%**<br>|  |  |
| Service Properties Trust, 8.63%, 11/15/2031<sup>(a)</sup> | &nbsp;&nbsp; 3000000 | 3197580  |

---

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

28<br>

------

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

**BUFFALO HIGH YIELD FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| **CORPORATE BONDS — (Continued)**  | **CORPORATE BONDS — (Continued)**  | **CORPORATE BONDS — (Continued)**  |
| **Real Estate — (Continued)** <br>|  |  |
| **Industrial REITs — 1.2%**<br>|  |  |
|  Anywhere Real Estate Group LLC / Realogy Co.-Issuer Corp., 9.75%, 04/15/2030<sup>(a)</sup> | &nbsp;&nbsp; $3500000 | $3824544  |
| IIP Operating Partnership LP, 5.50%, 05/25/2026 | &nbsp;&nbsp; 5000000 | 4972135  |
|  |  | 8796679  |
| **Specialized REITs — 2.1%**<br>|  |  |
| Outfront Media Capital LLC / OutfrontMedia Capital Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 01/15/2029<sup>(a)</sup> | &nbsp;&nbsp; 1000000 | 961274  |
| &nbsp;&nbsp;&nbsp; 4.63%, 03/15/2030<sup>(a)</sup> | &nbsp;&nbsp; 1000000 | 961989  |
| Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 10.50%, 02/15/2028<sup>(a)</sup> | &nbsp;&nbsp; 11770000 | 12403520  |
| &nbsp;&nbsp;&nbsp; 8.63%, 06/15/2032<sup>(a)</sup> | &nbsp;&nbsp; 1000000 | 955917  |
|  |  | 15282700  |
| **Total Real Estate** |  | 27276959  |
| **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> | &nbsp;&nbsp; 3500000 | 3556000  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br>**(Cost $436,829,025)** |  | 444475433  |
| **BANK LOANS — 27.1%**<br>|  |  |
| **Communication Services — 3.9%**<br>|  |  |
| **Diversified Telecommunications — 0.3%**<br>|  |  |
| Digicel International Finance T/L B (07/25), 9.60%, 07/30/2032 | &nbsp;&nbsp; 2000000 | 2002920  |
| **Entertainment — 0.5%**<br>|  |  |
| Pretzel Parent T/L B (TAIT), First Lien, 8.86%, 08/14/2031 | &nbsp;&nbsp; 3985000 | 3988746  |
| **Media — 3.1%**<br>|  |  |
|  Directv Financing LLC, First Lien, 9.79% (3 mo. Term SOFR + 5.25%), 08/02/2029 | &nbsp;&nbsp; 7220274 | 7241718  |
|  Summer BC Holdco B SARL, First Lien, 9.56% (3 mo. Term SOFR + 5.00%), 02/21/2029 | &nbsp;&nbsp; 5969773 | 5900136  |
|  Townsquare Media, Inc., First Lien, 9.19% (3 mo. Term SOFR + 5.00%), 02/19/2030 | &nbsp;&nbsp; 9874219 | 8775713  |
|  |  | 21917567  |
| **Total Communication Services** |  | 27909233  |
| **Consumer Discretionary — 2.2%**<br>|  |  |
| **Hotels, Restaurants & Leisure — 0.8%**<br>|  |  |
|  Dave & Buster's, Inc., First Lien, 7.56% (3 mo. Term SOFR + 3.25%), 06/29/2029 | &nbsp;&nbsp; 1817815 | 1704202  |
|  Flynn Restaurant Group LP, First Lien, 8.07% (1 mo. Term SOFR + 3.75%), 01/28/2032 | &nbsp;&nbsp; 3980000 | 3990885  |
|  |  | 5695087  |

---

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

29<br>

------

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

**BUFFALO HIGH YIELD FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| **BANK LOANS — (Continued)** <br>|  |  |
| **Consumer Discretionary — (Continued)**<br>|  |  |
| **Household Durables — 0.3%**<br>|  |  |
|  AI Aqua Merger Sub, Inc., First Lien, 7.28% (1 mo. Term SOFR + 3.00%), 07/31/2028 | &nbsp;&nbsp; $1980026 | $1986174  |
| **Specialty Retail — 1.1%**<br>|  |  |
|  Victra Holdings LLC, First Lien, 7.89% (1 mo. Term SOFR + 3.75%), 03/29/2029 | &nbsp;&nbsp; 8063555 | 8090043  |
| **Total Consumer Discretionary** |  | 15771304  |
| **Consumer Staples — 1.6%**<br>|  |  |
| **Household Products — 0.5%**<br>|  |  |
|  Kronos Acquisition Holdings, Inc., First Lien, 8.30% (3 mo. Term SOFR + 4.00%), 07/08/2031 | &nbsp;&nbsp; 4950000 | 3668420  |
| **Personal Care Products — 1.1%**<br>|  |  |
|  KDC/ONE Development Corp., Inc., 7.82% (1 mo. Term SOFR + 3.50%), 08/15/2028 | &nbsp;&nbsp; 7962544 | 7990214  |
| **Total Consumer Staples** |  | 11658634  |
| **Financials — 4.7%**<br>|  |  |
| **Financial Services — 3.4%**<br>|  |  |
|  Blackhawk Network Holdings, Inc., First Lien, 8.36% (1 mo. Term SOFR + 4.00%), 03/12/2029 | &nbsp;&nbsp; 3473750 | 3491397  |
|  FNZ USA FinCo LLC, First Lien, 9.32% (3 mo. Term SOFR + 5.00%), 11/05/2031 | &nbsp;&nbsp; 5970000 | 4833222  |
| Nexus Buyer LLC, First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.82% (1 mo. Term SOFR + 3.50%), 07/31/2031 | &nbsp;&nbsp; 10682472 | 10669386  |
| &nbsp;&nbsp;&nbsp; 8.32% (1 mo. Term SOFR + 4.00%), 07/31/2031 | &nbsp;&nbsp; 2000000 | 2002510  |
| Nexus Buyer LLC, Second Lien, 10.07%, 08/04/2032 | &nbsp;&nbsp; 3000000 | 3000375  |
|  |  | 23996890  |
| **Insurance — 1.3%**<br>|  |  |
| Acrisure LLC, First Lien, 7.32% (1 mo. Term SOFR + 3.00%), 11/06/2030 | &nbsp;&nbsp; 3960075 | 3958234  |
|  Jones Deslauriers Insurance Management, Inc., First Lien, 7.03% (3 mo. Term SOFR + 2.75%), 03/15/2030 | &nbsp;&nbsp; 3456425 | 3446176  |
|  TIH Insurance Holdings LLC, Second Lien, 9.05% (3 mo. Term SOFR + 4.75%), 05/06/2032 | &nbsp;&nbsp; 2105263 | 2147705  |
|  |  | 9552115  |
| **Total Financials** |  | 33549005  |
| **Health Care — 5.7%**<br>|  |  |
| **Biotechnology — 1.8%**<br>|  |  |
|  Endo Finance Holdings, Inc., First Lien, 8.32% (1 mo. Term SOFR + 4.00%), 04/23/2031 | &nbsp;&nbsp; 9900000 | 9931977  |
|  Star Parent, Inc., First Lien, 8.30% (3 mo. Term SOFR + 4.00%), 09/30/2030 | &nbsp;&nbsp; 2955000 | 2958694  |
|  |  | 12890671  |

---

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

30<br>

------

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

**BUFFALO HIGH YIELD FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| **BANK LOANS — (Continued)** <br>|  |  |
| **Health Care — (Continued)**<br>|  |  |
| **Health Care Equipment & Supplies — 1.2%**<br>|  |  |
|  Bausch + Lomb Corp., First Lien, 8.32% (1 mo. Term SOFR + 4.00%), 09/29/2028 | &nbsp;&nbsp; $4410000 | $4415513  |
| Embecta Corp., 7.36% (1 mo. Term SOFR + 3.00%), 04/02/2029 | &nbsp;&nbsp; 4472653 | 4477148  |
|  |  | 8892661  |
| **Pharmaceuticals — 2.7%**<br>|  |  |
|  Amneal Pharmaceuticals LLC, First Lien, 7.82% (1 mo. Term SOFR + 3.50%), 08/02/2032 | &nbsp;&nbsp; 15000000 | 15012450  |
|  LSCS Holdings, Inc., First Lien, 8.80% (3 mo. Term SOFR + 4.50%), 03/04/2032 | &nbsp;&nbsp; 3980000 | 3926946  |
|  |  | 18939396  |
| **Total Health Care** |  | 40722728  |
| **Industrials — 4.4%**<br>|  |  |
| **Aerospace & Defense — 0.4%**<br>|  |  |
|  Karman Holdings, Inc., First Lien, 7.80% (3 mo. Term SOFR + 3.50%), 04/01/2032 | &nbsp;&nbsp; 2992500 | 3011203  |
| **Building Products — 1.0%**<br>|  |  |
|  Trulite Glass & Aluminum Solutions LLC, 10.29% (3 mo. Term SOFR + 6.00%), 03/01/2030 | &nbsp;&nbsp; 7218750 | 7236797  |
| **Commercial Services & Supplies — 1.9%**<br>|  |  |
|  Emerald X, Inc., First Lien, 7.57% (1 mo. Term SOFR + 3.25%), 01/30/2032 | &nbsp;&nbsp; 5486250 | 5525093  |
|  Gloves Buyer, Inc., First Lien, 8.32% (1 mo. Term SOFR + 4.00%), 05/24/2032 | &nbsp;&nbsp; 8000000 | 7790000  |
|  |  | 13315093  |
| **Machinery — 0.4%**<br>|  |  |
|  Chart Industries, Inc., First Lien, 6.79% (3 mo. Term SOFR + 2.50%), 03/18/2030 | &nbsp;&nbsp; 2440802 | 2457583  |
| **Trading Companies & Distributors — 0.7%**<br>|  |  |
|  Foundation Building Materials, Inc., 8.36% (3 mo. Term SOFR + 4.00%), 01/29/2031 | &nbsp;&nbsp; 4937343 | 4951933  |
| **Total Industrials** |  | 30972609  |
| **Information Technology — 1.5%**<br>|  |  |
| **Application Software — 0.4%**<br>|  |  |
| Dye & Durham Corp., 8.65% (3 mo. Term SOFR + 4.25%), 04/14/2031 | &nbsp;&nbsp; 2793823 | 2781600  |
| **IT Services — 0.2%**<br>|  |  |
|  Prometric Holdings, Inc., First Lien, 8.07% (1 mo. Term SOFR + 3.75%), 06/25/2032 | &nbsp;&nbsp; 1000000 | 1006125  |

---

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

31<br>

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

**BUFFALO HIGH YIELD FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| **BANK LOANS — (Continued)** <br>|  |  |
| **Information Technology — (Continued)**<br>|  |  |
| **Software — 0.9%**<br>|  |  |
|  DTI Holdco, Inc., First Lien, 8.32% (1 mo. Term SOFR + 4.00%), 04/26/2029 | &nbsp;&nbsp; $5967506 | $5333488  |
| Inmar T/L B (06/25), 8.80% (1 mo. Term SOFR + 4.50%), 10/30/2031 | &nbsp;&nbsp; 1238775 | 1239165  |
|  |  | 6572653  |
| **Total Information Technology** |  | 10360378  |
| **Materials — 3.1%**<br>|  |  |
| **Chemicals — 0.9%**<br>|  |  |
|  M2S Group Intermediate Holdings, Inc., First Lien, 9.03% (3 mo. Term SOFR + 4.75%), 08/27/2031 | &nbsp;&nbsp; 6557471 | 6521405  |
| **Paper & Forest Products — 2.2%**<br>|  |  |
|  Verde Operating Company, First Lien, 8.30% (3 mo. Term SOFR + 4.00%), 11/29/2030 | &nbsp;&nbsp; 15909623 | 15771528  |
| **Total Materials** |  | 22292933  |
| &nbsp;&nbsp;&nbsp; **TOTAL BANK LOANS** <br>**(Cost $195,961,555)** |  | 193236824 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **CONVERTIBLE PREFERRED STOCKS — 2.3%**<br>|  |  |
| **Financials — 0.4%**<br>|  |  |
| **Financial Services — 0.4%**<br>|  |  |
| Shift4 Payments, Inc., 6.00%, 05/01/2028 | 30000 | 2846100  |
| **Industrials — 1.1%**<br>|  |  |
| **Aerospace & Defense — 0.9%**<br>|  |  |
| Boeing Co., 6.00%, 10/15/2027 | 90000 | 6261300  |
| **Trading Companies & Distributors — 0.2%**<br>|  |  |
| QXO, Inc., 5.50%, 05/15/2028 | 30000 | 1649700  |
| **Total Industrials** |  | 7911000  |
| **Utilities — 0.8%**<br>|  |  |
| **Electric Utilities — 0.8%**<br>|  |  |
| PG&E Corp., Series A, 6.00%, 12/01/2027 | 135000 | 5316300  |
| &nbsp;&nbsp;&nbsp; **TOTAL CONVERTIBLE PREFERRED STOCKS** <br>**(Cost $15,072,713)** |  | 16073400 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** |  |
| **CONVERTIBLE BONDS — 1.9%**<br>|  |  |
| **Consumer Discretionary — 0.9%**<br>|  |  |
| **Automobile Components — 0.3%**<br>|  |  |
| Patrick Industries, Inc., 1.75%, 12/01/2028 | &nbsp;&nbsp; $1250000 | 2032500 |

---

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

32<br>

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

**BUFFALO HIGH YIELD FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| **CONVERTIBLE BONDS — (Continued)** | **CONVERTIBLE BONDS — (Continued)** | **CONVERTIBLE BONDS — (Continued)** |
| **Consumer Discretionary — (Continued)** | **Consumer Discretionary — (Continued)** | **Consumer Discretionary — (Continued)** |
| **Diversified Consumer Services — 0.6%**<br>|  |  |
| Stride, Inc., 1.13%, 09/01/2027 | &nbsp;&nbsp; $1600000 | $4551601  |
| **Total Consumer Discretionary** |  | 6584101  |
| **Health Care — 0.5%**<br>|  |  |
| **Biotechnology — 0.5%**<br>|  |  |
| KalVista Pharmaceuticals, Inc., 3.25%, 10/01/2031<sup>(a)</sup> | &nbsp;&nbsp; 1000000 | 1090315  |
| Mirum Pharmaceuticals, Inc., 4.00%, 05/01/2029 | &nbsp;&nbsp; 1100000 | 2647150  |
| **Total Health Care** |  | 3737465  |
| **Industrials — 0.2%**<br>|  |  |
| **Electrical Equipment — 0.2%**<br>|  |  |
| Array Technologies, Inc., 1.00%, 12/01/2028 | &nbsp;&nbsp; 1500000 | 1304276  |
| **Utilities — 0.3%**<br>|  |  |
| **Electric Utilities — 0.3%**<br>|  |  |
| PG&E Corp., 4.25%, 12/01/2027 | &nbsp;&nbsp; 2000000 | 2027600  |
| &nbsp;&nbsp;&nbsp; **TOTAL CONVERTIBLE BONDS** <br>**(Cost $8,479,571)** |  | 13653442 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **Money Market Funds — 5.1%**<br>|  |  |
| Fidelity Money Market Government Portfolio - Class I, 4.04%<sup>(b)</sup> | 36609897 | 36609897  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $36,609,897)** |  | 36609897  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS — 98.7%**<br>**(Cost $692,952,761)** |  | 704048996  |
| Other Assets in Excess of Liabilities — 1.3% |  | 9190974  |
| **TOTAL NET ASSETS — 100.0%** |  | $713239970 |

---

Principal amount is in USD unless otherwise indicated.

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

PIK - Payment in Kind

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 September 30, 2025, the value of these securities total $396,973,782 or 55.7% of the Fund's net assets.

<sup>(b)</sup> The rate shown represents the 7-day annualized yield as of September 30, 2025.

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

33<br>

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

**BUFFALO INTERNATIONAL FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — 93.9%** <br>|  |  |
| **Belgium — 0.7%** <br>|  |  |
| **Beverages — 0.7%** <br>|  |  |
| Anheuser-Busch InBev SA/NV | 101463 | $6065140  |
| **Canada — 3.8%**<br>|  |  |
| **Commercial Services & Supplies — 1.8%**<br>|  |  |
| GFL Environmental, Inc. | 350000 | 16583000  |
| **Ground Transportation — 0.7%**<br>|  |  |
| Canadian National Railway Co. | 73998 | 6978012  |
| **Software — 1.3%**<br>|  |  |
| Constellation Software, Inc. | 4302 | 11678429  |
| **Total Canada** |  | 35239441  |
| **China — 1.2%**<br>|  |  |
| **Banks — 0.6%**<br>|  |  |
| China Merchants Bank Co. Ltd. - Class H | 900000 | 5386478  |
| **Interactive Media & Services — 0.6%**<br>|  |  |
| Tencent Holdings Ltd. - ADR | 65000 | 5534750  |
| **Total China** |  | 10921228  |
| **Denmark — 1.1%**<br>|  |  |
| **Pharmaceuticals — 1.1%**<br>|  |  |
| Novo Nordisk AS - ADR | 152000 | 8434480  |
| Novo Nordisk AS - Class B | 30000 | 1670450  |
| **Total Denmark** |  | 10104930  |
| **France — 12.1%**<br>|  |  |
| **Aerospace & Defense — 2.7%**<br>|  |  |
| Airbus SE | 38000 | 8874013  |
| Thales SA | 52064 | 16458222  |
|  |  | 25332235  |
| **Chemicals — 1.8%**<br>|  |  |
| Air Liquide SA | 81694 | 17021536  |
| **Construction & Engineering — 1.1%**<br>|  |  |
| Vinci SA | 70024 | 9731401  |
| **Electrical Equipment — 2.8%**<br>|  |  |
| Schneider Electric SE | 93000 | 26176983  |
| **Life Sciences Tools & Services — 0.8%**<br>|  |  |
| Sartorius Stedim Biotech | 37000 | 7540370  |
| **Pharmaceuticals — 1.1%**<br>|  |  |
| Sanofi SA | 23000 | 2177966  |
| Sanofi SA - ADR | 170000 | 8024000  |
|  |  | 10201966  |

---

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

34<br>

------

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

**BUFFALO INTERNATIONAL FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — (Continued)**  | **COMMON STOCKS — (Continued)**  | **COMMON STOCKS — (Continued)**  |
| **France — (Continued)** | **France — (Continued)** | **France — (Continued)** |
| **Professional Services — 1.8%**<br>|  |  |
| Bureau Veritas SA | 543422 | $17044674  |
| **Total France** |  | 113049165  |
| **Germany — 11.9%**<br>|  |  |
| **Aerospace & Defense — 1.1%**<br>|  |  |
| Rheinmetall AG | 4459 | 10430395  |
| **Capital Markets — 1.0%**<br>|  |  |
| DWS Group GmbH & Co. KGaA<sup>(a)</sup> | 142000 | 8918226  |
| **Health Care Providers & Services — 1.9%**<br>|  |  |
| Fresenius SE & Co. KGaA | 322659 | 18032019  |
| **Industrial Conglomerates — 2.4%**<br>|  |  |
| Siemens AG | 81200 | 21922280  |
| **Insurance — 2.4%**<br>|  |  |
| Hannover Rueck SE | 15000 | 4526395  |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 27434 | 17515953  |
|  |  | 22042348  |
| **Pharmaceuticals — 1.0%**<br>|  |  |
| Merck KGaA | 74750 | 9698445  |
| **Software — 2.1%**<br>|  |  |
| SAP SE - ADR | 75000 | 20040750  |
| **Total Germany** |  | 111084463  |
| **Hong Kong — 0.7%**<br>|  |  |
| **Capital Markets — 0.7%**<br>|  |  |
| Hong Kong Exchanges & Clearing Ltd. | 120000 | 6812467  |
| **India — 1.2%**<br>|  |  |
| **Banks — 0.5%**<br>|  |  |
| HDFC Bank Ltd. - ADR | 140000 | 4782400  |
| **Hotels, Restaurants & Leisure — 0.7%**<br>|  |  |
| MakeMyTrip Ltd.<sup>(b)</sup> | 65000 | 6084000  |
| **Total India** |  | 10866400  |
| **Ireland — 10.1%**<br>|  |  |
| **Chemicals — 1.8%**<br>|  |  |
| Linde PLC | 34529 | 16401275  |
| **Construction Materials — 1.7%**<br>|  |  |
| CRH PLC | 128000 | 15347200  |
| **Food Products — 1.4%**<br>|  |  |
| Kerry Group PLC - Class A | 146635 | 13237909  |

---

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

35<br>

------

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

**BUFFALO INTERNATIONAL FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** |
| **Ireland — (Continued)** | **Ireland — (Continued)** | **Ireland — (Continued)** |
| **Insurance — 1.7%**<br>|  |  |
| Aon PLC - Class A | 44742 | $15954102  |
| **Life Sciences Tools & Services — 1.0%**<br>|  |  |
| ICON PLC<sup>(b)</sup> | 54000 | 9450000  |
| **Passenger Airlines — 1.4%**<br>|  |  |
| Ryanair Holdings PLC | 370903 | 10838714  |
| Ryanair Holdings PLC - ADR | 43000 | 2589460  |
|  |  | 13428174  |
| **Professional Services — 1.1%**<br>|  |  |
| Experian PLC | 201624 | 10126999  |
| **Total Ireland** |  | 93945659  |
| **Japan — 12.1%**<br>|  |  |
| **Beverages — 1.4%**<br>|  |  |
| Asahi Group Holdings Ltd. | 1116000 | 13379650  |
| **Electronic Equipment, Instruments & Components — 1.4%**<br>|  |  |
| Keyence Corp. | 34173 | 12731524  |
| **Entertainment — 2.4%**<br>|  |  |
| Nintendo Co. Ltd. | 220000 | 19034235  |
| Nintendo Co. Ltd. - ADR | 150000 | 3201000  |
|  |  | 22235235  |
| **Professional Services — 3.3%**<br>|  |  |
| BayCurrent, Inc. | 521059 | 30621078  |
| **Semiconductors & Semiconductor Equipment — 3.6%**<br>|  |  |
| Disco Corp. | 47500 | 14893175  |
| Renesas Electronics Corp. | 1160000 | 13346024  |
| Tokyo Electron Ltd. | 30000 | 5318009  |
|  |  | 33557208  |
| **Total Japan** |  | 112524695  |
| **Luxembourg — 1.0%**<br>|  |  |
| **Life Sciences Tools & Services — 1.0%**<br>|  |  |
| Eurofins Scientific SE<sup>(b)</sup> | 133648 | 9746494  |
| **Netherlands — 5.6%**<br>|  |  |
| **Financial Services — 1.7%**<br>|  |  |
| Adyen NV<sup>(a)(b)</sup> | 9785 | 15744882  |
| **Semiconductors & Semiconductor Equipment — 3.0%**<br>|  |  |
| ASM International NV | 15000 | 9047273  |
| ASML Holding NV - NY Shares | 19427 | 18807084  |
|  |  | 27854357  |

---

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

36<br>

------

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

**BUFFALO INTERNATIONAL FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — (Continued)**  | **COMMON STOCKS — (Continued)**  | **COMMON STOCKS — (Continued)**  |
| **Netherlands — (Continued)**  | **Netherlands — (Continued)**  | **Netherlands — (Continued)**  |
| **Software — 0.4%**<br>|  |  |
| Topicus.com, Inc.<sup>(b)</sup> | 40000 | $4289717  |
| **Trading Companies & Distributors — 0.5%**<br>|  |  |
| IMCD NV | 45000 | 4664149  |
| **Total Netherlands** |  | 52553105  |
| **Norway — 0.3%**<br>|  |  |
| **Machinery — 0.3%**<br>|  |  |
| TOMRA Systems ASA | 196000 | 2938396  |
| **South Korea — 3.9%**<br>|  |  |
| **Semiconductors & Semiconductor Equipment — 2.5%**<br>|  |  |
| SK Hynix, Inc. | 94194 | 23350503  |
| **Technology Hardware, Storage & Peripherals — 1.4%**<br>|  |  |
| Samsung Electronics Co. Ltd. | 215000 | 12889320  |
| **Total South Korea** |  | 36239823  |
| **Switzerland — 8.7%**<br>|  |  |
| **Capital Markets — 0.7%**<br>|  |  |
| Julius Baer Group Ltd. | 93937 | 6541065  |
| **Construction Materials — 1.8%**<br>|  |  |
| Amrize Ltd.<sup>(b)</sup> | 96000 | 4693999  |
| Holcim AG | 136000 | 11604141  |
|  |  | 16298140  |
| **Electrical Equipment — 1.5%**<br>|  |  |
| ABB Ltd. | 65000 | 4703617  |
| ABB Ltd. - ADR | 134000 | 9641300  |
|  |  | 14344917  |
| **Health Care Equipment & Supplies — 1.5%**<br>|  |  |
| Alcon AG | 126317 | 9411880  |
| Alcon AG | 64598 | 4858729  |
|  |  | 14270609  |
| **Life Sciences Tools & Services — 2.4%**<br>|  |  |
| Lonza Group AG | 32904 | 22000876  |
| **Pharmaceuticals — 0.8%**<br>|  |  |
| Roche Holding AG | 15800 | 5261140  |
| Roche Holding AG - ADR | 43000 | 1797830  |
|  |  | 7058970  |
| **Total Switzerland** |  | 80514577  |
| **Taiwan — 3.2%**<br>|  |  |
| **Semiconductors & Semiconductor Equipment — 3.2%**<br>|  |  |
| Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | 107000 | 29884030  |

---

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

37<br>

------

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

**BUFFALO INTERNATIONAL FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — (Continued)**  | **COMMON STOCKS — (Continued)**  | **COMMON STOCKS — (Continued)**  |
| **United Kingdom — 13.6%**<br>|  |  |
| **Aerospace & Defense — 1.6%**<br>|  |  |
| BAE Systems PLC | 545255 | $15177947  |
| **Capital Markets — 1.4%**<br>|  |  |
| London Stock Exchange Group PLC | 115000 | 13188553  |
| **Financial Services — 0.2%**<br>|  |  |
| Wise PLC - Class A<sup>(b)</sup> | 160000 | 2230449  |
| **Health Care Equipment & Supplies — 1.3%**<br>|  |  |
| Smith & Nephew PLC | 335913 | 6092569  |
| Smith & Nephew PLC - ADR | 154254 | 5597878  |
|  |  | 11690447  |
| **Hotels, Restaurants & Leisure — 2.0%**<br>|  |  |
| Compass Group PLC | 265000 | 9032723  |
| InterContinental Hotels Group PLC | 78873 | 9536564  |
|  |  | 18569287  |
| **Industrial Conglomerates — 0.6%**<br>|  |  |
| Smiths Group PLC | 162419 | 5149518  |
| **Oil, Gas & Consumable Fuels — 0.5%**<br>|  |  |
| Shell PLC | 129010 | 4627272  |
| **Personal Care Products — 1.4%**<br>|  |  |
| Unilever PLC | 62508 | 3712763  |
| Unilever PLC - ADR | 162271 | 9619425  |
|  |  | 13332188  |
| **Pharmaceuticals — 1.9%**<br>|  |  |
| AstraZeneca PLC | 34000 | 5208836  |
| AstraZeneca PLC - ADR | 160073 | 12280801  |
|  |  | 17489637  |
| **Professional Services — 0.9%**<br>|  |  |
| RELX PLC - ADR | 180000 | 8596800  |
| **Textiles, Apparel & Luxury Goods — 0.7%**<br>|  |  |
| Birkenstock Holding PLC<sup>(b)</sup> | 140000 | 6335000  |
| **Trading Companies & Distributors — 1.1%**<br>|  |  |
| Ashtead Group PLC | 157000 | 10528636  |
| **Total United Kingdom** |  | 126915734  |
| **Uruguay — 2.7%**<br>|  |  |
| **Broadline Retail — 2.7%**<br>|  |  |
| MercadoLibre, Inc.<sup>(b)</sup> | 10851 | 25358136  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $527,168,833)** |  | 874763883 |

---

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

38<br>

------

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

**BUFFALO INTERNATIONAL FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | |
|:---|:---|
|  | **Contracts** |
| **WARRANTS — 0.0%<sup>(c)</sup>** | **WARRANTS — 0.0%<sup>(c)</sup>** |
| **Canada — 0.0%<sup>(c)</sup>**<br>|  |
| **Software — 0.0%<sup>(c)</sup>**<br>|  |
| Constellation Software, Inc., Expires 03/31/2040, Exercise Price $0.00<sup>(b)(d)</sup> | 5500<br> $0<sup>(e)</sup>  |
| &nbsp;&nbsp;&nbsp; **TOTAL WARRANTS** <br>**(Cost $0)** | 0<sup>(e)</sup> |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **Money Market Funds — 5.1%**<br>|  |  |
| Fidelity Money Market Government Portfolio - Class I, 4.04%<sup>(f)</sup> | 47262580 | 47262580  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $47,262,580)** |  | 47262580  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS — 99.0%**<br>**(Cost $574,431,413)** |  | 922026463  |
| Other Assets in Excess of Liabilities — 1.0% |  | 9074507  |
| **TOTAL NET ASSETS — 100.0%** |  | $931100970 |

---

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

AG - Aktiengesellschaft

ASA - Advanced Subscription Agreement

NV - Naamloze Vennootschap

PLC - Public Limited Company

SA - Sociedad Anonima

<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 September 30, 2025, the value of these securities total $24,663,108 or 2.6% 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 September 30, 2025.

<sup>(e)</sup> Rounds to zero.

<sup>(f)</sup> The rate shown represents the 7-day annualized yield as of September 30, 2025.

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

39<br>

------

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

**Buffalo Mid Cap Discovery Fund** 

**Schedule of Investments** 

**September 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — 93.5%** <br>|  |  |
| **Communication Services — 4.8%** <br>|  |  |
| **Entertainment — 3.1%** <br>|  |  |
| Live Nation Entertainment, Inc.<sup>(a)</sup> | 63000 | $10294200  |
| ROBLOX Corp. - Class A<sup>(a)</sup> | 42250 | 5852470  |
|  |  | 16146670  |
| **Interactive Media & Services — 1.7%** <br>|  |  |
| Pinterest, Inc. - Class A<sup>(a)</sup> | 206094 | 6630044  |
| Reddit, Inc. - Class A<sup>(a)</sup> | 11100 | 2552889  |
|  |  | 9182933  |
| **Total Communication Services** |  | 25329603  |
| **Consumer Discretionary — 8.1%** <br>|  |  |
| **Hotels, Restaurants & Leisure — 5.9%** <br>|  |  |
| Carnival Corp.<sup>(a)</sup> | 205000 | 5926550  |
| Cava Group, Inc.<sup>(a)</sup> | 21500 | 1298815  |
| DraftKings, Inc. - Class A<sup>(a)</sup> | 143000 | 5348200  |
| Expedia Group, Inc. | 27952 | 5974740  |
| Hilton Worldwide Holdings Inc. | 43950 | 11402388  |
| Wingstop, Inc. | 5300 | 1333904  |
|  |  | 31284597  |
| **Specialty Retail — 1.2%** <br>|  |  |
| Ross Stores, Inc. | 43255 | 6591630  |
| **Textiles, Apparel & Luxury Goods — 1.0%** <br>|  |  |
| Birkenstock Holding PLC<sup>(a)</sup> | 115600 | 5230900  |
| **Total Consumer Discretionary** |  | 43107127  |
| **Consumer Staples — 1.2%** <br>|  |  |
| **Personal Care Products — 1.2%** <br>|  |  |
| elf Beauty, Inc.<sup>(a)</sup> | 47600 | 6306048  |
| **Energy — 1.2%** <br>|  |  |
| **Energy Equipment & Services — 1.2%** <br>|  |  |
| Schlumberger NV | 193290 | 6643377  |
| **Financials — 8.9%** <br>|  |  |
| **Capital Markets — 5.1%** <br>|  |  |
| Ameriprise Financial, Inc. | 10085 | 4954256  |
| Intercontinental Exchange, Inc. | 27038 | 4555362  |
| MSCI, Inc. | 30940 | 17555666  |
|  |  | 27065284  |
| **Financial Services — 2.6%** <br>|  |  |
| Corpay, Inc.<sup>(a)</sup> | 22754 | 6554517  |
| Shift4 Payments, Inc. - Class A<sup>(a)</sup> | 90667 | 7017626  |
|  |  | 13572143  |
| **Insurance — 1.2%** <br>|  |  |
| Kinsale Capital Group, Inc. | 14960 | 6361890  |
| **Total Financials** |  | 46999317  |

---

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** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — (Continued)** <br>|  |  |
| **Health Care — 19.4%** <br>|  |  |
| **Biotechnology — 3.1%** <br>|  |  |
| Alnylam Pharmaceuticals, Inc.<sup>(a)</sup> | 21514 | $9810384  |
| Natera, Inc.<sup>(a)</sup> | 41581 | 6693294  |
|  |  | 16503678  |
| **Health Care Equipment & Supplies — 5.8%** <br>|  |  |
| Alcon AG | 62641 | 4667381  |
| DexCom, Inc.<sup>(a)</sup> | 73711 | 4960013  |
| Edwards Lifesciences Corp.<sup>(a)</sup> | 92000 | 7154840  |
| IDEXX Laboratories, Inc.<sup>(a)</sup> | 13399 | 8560487  |
| Insulet Corp.<sup>(a)</sup> | 18500 | 5711505  |
|  |  | 31054226  |
| **Health Care Providers & Services — 3.4%** <br>|  |  |
| Cencora, Inc. | 39860 | 12457446  |
| Progyny, Inc.<sup>(a)</sup> | 255147 | 5490763  |
|  |  | 17948209  |
| **Health Care Technology — 3.4%** <br>|  |  |
| Veeva Systems, Inc. - Class A<sup>(a)</sup> | 60687 | 18079264  |
| **Life Sciences Tools & Services — 3.7%** <br>|  |  |
| Agilent Technologies, Inc. | 46471 | 5964553  |
| Bio-Techne Corp. | 115975 | 6451689  |
| IQVIA Holdings, Inc.<sup>(a)</sup> | 15662 | 2974841  |
| Repligen Corp.<sup>(a)</sup> | 30000 | 4010100  |
|  |  | 19401183  |
| **Total Health Care** |  | 102986560  |
| **Industrials — 18.8%** <br>|  |  |
| **Aerospace & Defense — 3.3%** <br>|  |  |
| Axon Enterprise, Inc.<sup>(a)</sup> | 6485 | 4653895  |
| HEICO Corp. - Class A | 26600 | 6758794  |
| Howmet Aerospace, Inc. | 30800 | 6043884  |
|  |  | 17456573  |
| **Building Products — 1.0%** <br>|  |  |
| Advanced Drainage Systems, Inc. | 37300 | 5173510  |
| **Commercial Services & Supplies — 1.7%** <br>|  |  |
| Copart, Inc.<sup>(a)</sup> | 197088 | 8863047  |
| **Construction & Engineering — 1.3%** <br>|  |  |
| Comfort Systems USA, Inc. | 8500 | 7014030  |
| **Electrical Equipment — 4.3%** <br>|  |  |
| AMETEK, Inc. | 52600 | 9888800  |
| Vertiv Holdings Co. - Class A | 85000 | 12823100  |
|  |  | 22711900 |

---

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** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — (Continued)** <br>|  |  |
| **Industrials — (Continued)**  | **Industrials — (Continued)**  | **Industrials — (Continued)**  |
| **Professional Services — 5.7%** <br>|  |  |
| Equifax, Inc. | 29662 | $7609193  |
| TransUnion | 130000 | 10891400  |
| Verisk Analytics, Inc. | 47923 | 12053114  |
|  |  | 30553707  |
| **Trading Companies & Distributors — 1.5%** <br>|  |  |
| Fastenal Co. | 55500 | 2721720  |
| WW Grainger, Inc. | 5400 | 5145984  |
|  |  | 7867704  |
| **Total Industrials** |  | 99640471  |
| **Information Technology — 22.9%** <br>|  |  |
| **Electronic Equipment, Instruments & Components — 1.6%** <br>|  |  |
| Amphenol Corp. - Class A | 67602 | 8365748  |
| **IT Services — 3.5%** <br>|  |  |
| Gartner, Inc.<sup>(a)</sup> | 30756 | 8084830  |
| Snowflake, Inc. - Class A<sup>(a)</sup> | 47100 | 10623405  |
|  |  | 18708235  |
| **Semiconductors & Semiconductor Equipment — 3.2%** <br>|  |  |
| Analog Devices, Inc. | 17500 | 4299750  |
| Monolithic Power Systems, Inc. | 5227 | 4812185  |
| Universal Display Corp. | 53894 | 7740795  |
|  |  | 16852730  |
| **Software — 14.6%** <br>|  |  |
| Autodesk, Inc.<sup>(a)</sup> | 28065 | 8915409  |
| CCC Intelligent Solutions Holdings, Inc.<sup>(a)</sup> | 610000 | 5557100  |
| Datadog, Inc. - Class A<sup>(a)</sup> | 53900 | 7675360  |
| Fair Isaac Corp.<sup>(a)</sup> | 3720 | 5567092  |
| Guidewire Software, Inc.<sup>(a)</sup> | 39875 | 9165667  |
| Manhattan Associates, Inc.<sup>(a)</sup> | 30600 | 6272388  |
| Nutanix, Inc. - Class A<sup>(a)</sup> | 87500 | 6509125  |
| Procore Technologies, Inc.<sup>(a)</sup> | 128000 | 9333760  |
| Synopsys, Inc.<sup>(a)</sup> | 10755 | 5306409  |
| Tyler Technologies, Inc.<sup>(a)</sup> | 14000 | 7324240  |
| Zscaler, Inc.<sup>(a)</sup> | 19200 | 5753472  |
|  |  | 77380022  |
| **Total Information Technology** |  | 121306735  |
| **Materials — 2.9%** <br>|  |  |
| **Construction Materials — 2.9%** <br>|  |  |
| James Hardie Industries PLC<sup>(a)</sup> | 401325 | 7709453  |
| Martin Marietta Materials, Inc. | 12193 | 7685004  |
| **Total Materials** |  | 15394457  |

---

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** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — (Continued)**  | **COMMON STOCKS — (Continued)**  | **COMMON STOCKS — (Continued)**  |
| **Real Estate — 2.1%** <br>|  |  |
| **Real Estate Management & Development — 2.1%** <br>|  |  |
| CoStar Group, Inc.<sup>(a)</sup> | 129341 | $10912500  |
| **Utilities — 3.2%** <br>|  |  |
| **Independent Power and Renewable Electricity Producers — 3.2%** <br>|  |  |
| Vistra Corp. | 87950 | 17231164  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $352,889,268)** |  | 495857359  |
| **SHORT-TERM INVESTMENTS** <br>|  |  |
| **Money Market Funds — 5.3%** <br>|  |  |
| Fidelity Money Market Government Portfolio - Class I, 4.04%<sup>(b)</sup> | 28012817 | 28012817  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $28,012,817)** |  | 28012817  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS — 98.8%** <br>**(Cost $380,902,085)** |  | 523870176  |
| Other Assets in Excess of Liabilities — 1.2% |  | 6485362  |
| **TOTAL NET ASSETS — 100.0%** |  | $530355538 |

---

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.

AG - Aktiengesellschaft

NV - Naamloze Vennootschap

PLC - Public Limited Company

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

<sup>(b)</sup> The rate shown represents the 7-day annualized yield as of September 30, 2025.

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

43<br>

------

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

**Buffalo Mid Cap Growth Fund** 

**Schedule of Investments** 

**September 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — 94.7%** <br>|  |  |
| **Communication Services — 8.4%** <br>|  |  |
| **Entertainment — 7.0%** <br>|  |  |
| Liberty Media Corp.-Liberty Formula One - Class A<sup>(a)</sup> | 30529 | $2906972  |
| Live Nation Entertainment, Inc.<sup>(a)</sup> | 23000 | 3758200  |
| ROBLOX Corp. - Class A<sup>(a)</sup> | 11000 | 1523720  |
| Take-Two Interactive Software, Inc.<sup>(a)</sup> | 6000 | 1550160  |
|  |  | 9739052  |
| **Interactive Media & Services — 1.4%** <br>|  |  |
| Pinterest, Inc. - Class A<sup>(a)</sup> | 58202 | 1872358  |
| **Total Communication Services** |  | 11611410  |
| **Consumer Discretionary — 5.7%** <br>|  |  |
| **Hotels, Restaurants & Leisure — 4.1%** <br>|  |  |
| Carnival Corp.<sup>(a)</sup> | 50000 | 1445500  |
| Hilton Worldwide Holdings Inc. | 10000 | 2594400  |
| Vail Resorts, Inc. | 10746 | 1607279  |
|  |  | 5647179  |
| **Textiles, Apparel & Luxury Goods — 1.6%** <br>|  |  |
| Birkenstock Holding PLC<sup>(a)</sup> | 30000 | 1357500  |
| lululemon athletica, Inc.<sup>(a)</sup> | 4845 | 862071  |
|  |  | 2219571  |
| **Total Consumer Discretionary** |  | 7866750  |
| **Consumer Staples — 1.1%** <br>|  |  |
| **Personal Care Products — 1.1%** <br>|  |  |
| elf Beauty, Inc.<sup>(a)</sup> | 11017 | 1459532  |
| **Financials — 8.3%** <br>|  |  |
| **Capital Markets — 5.9%** <br>|  |  |
| MarketAxess Holdings, Inc. | 6225 | 1084706  |
| Moody's Corp. | 3500 | 1667680  |
| MSCI, Inc. | 9500 | 5390395  |
|  |  | 8142781  |
| **Insurance — 2.4%** <br>|  |  |
| Kinsale Capital Group, Inc. | 7900 | 3359554  |
| **Total Financials** |  | 11502335  |
| **Health Care — 15.0%** <br>|  |  |
| **Health Care Equipment & Supplies — 0.2%** <br>|  |  |
| DexCom, Inc.<sup>(a)</sup> | 4556 | 306573  |
| **Health Care Providers & Services — 4.9%** <br>|  |  |
| Cardinal Health, Inc. | 9000 | 1412640  |
| Cencora, Inc. | 4735 | 1479830  |
| Encompass Health Corp. | 18000 | 2286360  |
| Progyny, Inc.<sup>(a)</sup> | 74300 | 1598936  |
|  |  | 6777766  |

---

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** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — (Continued)** <br>|  |  |
| **Health Care — (Continued)** <br>|  |  |
| **Health Care Technology — 4.2%** <br>|  |  |
| Veeva Systems, Inc. - Class A<sup>(a)</sup> | 19850 | $5913513  |
| **Life Sciences Tools & Services — 5.7%** <br>|  |  |
| Bio-Rad Laboratories, Inc. - Class A<sup>(a)</sup> | 6130 | 1718791  |
| Bio-Techne Corp. | 34800 | 1935924  |
| IQVIA Holdings, Inc.<sup>(a)</sup> | 10600 | 2013364  |
| Mettler-Toledo International, Inc.<sup>(a)</sup> | 1800 | 2209698  |
|  |  | 7877777  |
| **Total Health Care** |  | 20875629  |
| **Industrials — 25.6%<sup>(b)</sup>** <br>|  |  |
| **Aerospace & Defense — 2.2%** <br>|  |  |
| Axon Enterprise, Inc.<sup>(a)</sup> | 1700 | 1219988  |
| TransDigm Group, Inc. | 1400 | 1845228  |
|  |  | 3065216  |
| **Commercial Services & Supplies — 4.3%** <br>|  |  |
| Copart, Inc.<sup>(a)</sup> | 84000 | 3777480  |
| RB Global, Inc. | 20000 | 2167200  |
|  |  | 5944680  |
| **Construction & Engineering — 3.3%** <br>|  |  |
| AECOM | 21800 | 2844246  |
| Comfort Systems USA, Inc. | 2100 | 1732878  |
|  |  | 4577124  |
| **Electrical Equipment — 5.9%** <br>|  |  |
| AMETEK, Inc. | 20000 | 3760000  |
| Vertiv Holdings Co. - Class A | 29432 | 4440111  |
|  |  | 8200111  |
| **Professional Services — 8.9%** <br>|  |  |
| Equifax, Inc. | 9100 | 2334423  |
| SS&C Technologies Holdings, Inc. | 25289 | 2244652  |
| TransUnion | 43000 | 3602540  |
| Verisk Analytics, Inc. | 16700 | 4200217  |
|  |  | 12381832  |
| **Trading Companies & Distributors — 1.0%** <br>|  |  |
| Ferguson Enterprises, Inc. | 6300 | 1414854  |
| **Total Industrials** |  | 35583817  |
| **Information Technology — 17.6%** <br>|  |  |
| **IT Services — 3.5%** <br>|  |  |
| Gartner, Inc.<sup>(a)</sup> | 10800 | 2838996  |
| Snowflake, Inc. - Class A<sup>(a)</sup> | 9000 | 2029950  |
|  |  | 4868946  |
| **Semiconductors & Semiconductor Equipment — 1.6%** <br>|  |  |
| ON Semiconductor Corp.<sup>(a)</sup> | 43310 | 2135616  |

---

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** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — (Continued)** <br>|  |  |
| **Information Technology — (Continued)** <br>|  |  |
| **Software — 12.5%** <br>|  |  |
| Fair Isaac Corp.<sup>(a)</sup> | 890 | $1331912  |
| Guidewire Software, Inc.<sup>(a)</sup> | 11200 | 2574432  |
| Manhattan Associates, Inc.<sup>(a)</sup> | 7400 | 1516852  |
| Procore Technologies, Inc.<sup>(a)</sup> | 43800 | 3193896  |
| PTC, Inc.<sup>(a)</sup> | 16000 | 3248320  |
| Tyler Technologies, Inc.<sup>(a)</sup> | 4100 | 2144956  |
| Varonis Systems, Inc.<sup>(a)</sup> | 58500 | 3361995  |
|  |  | 17372363  |
| **Total Information Technology** |  | 24376925  |
| **Materials — 3.6%** <br>|  |  |
| **Construction Materials — 3.6%** <br>|  |  |
| James Hardie Industries PLC<sup>(a)</sup> | 97200 | 1867212  |
| Martin Marietta Materials, Inc. | 5000 | 3151400  |
| **Total Materials** |  | 5018612  |
| **Real Estate — 6.0%** <br>|  |  |
| **Real Estate Management & Development — 6.0%** <br>|  |  |
| CBRE Group, Inc. - Class A<sup>(a)</sup> | 34000 | 5357040  |
| CoStar Group, Inc.<sup>(a)</sup> | 36000 | 3037320  |
| **Total Real Estate** |  | 8394360  |
| **Utilities — 3.4%** <br>|  |  |
| **Independent Power and Renewable Electricity Producers — 3.4%** <br>|  |  |
| Vistra Corp. | 23750 | 4653100  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $75,713,219)** |  | 131342470  |
| **REAL ESTATE INVESTMENT TRUSTS — 1.3%** <br>|  |  |
| **Real Estate — 1.3%** <br>|  |  |
| **Health Care REITs — 1.3%** <br>|  |  |
| Welltower, Inc. | 10000 | 1781400  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS** <br>**(Cost $624,889)** |  | 1781400  |
| **SHORT-TERM INVESTMENTS** <br>|  |  |
| **Money Market Funds — 4.1%** <br>|  |  |
| Fidelity Money Market Government Portfolio - Class I, 4.04%<sup>(c)</sup> | 5750684 | 5750684  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $5,750,684)** |  | 5750684  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS — 100.1%** <br>**(Cost $82,088,792)** |  | 138874554  |
| Liabilities in Excess of Other Assets — (0.1)% |  | (112370)  |
| **TOTAL NET ASSETS — 100.0%** |  | $138762184 |

---

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** 

**September 30, 2025 (Unaudited)(Continued)** 

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 yield as of September 30, 2025.

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

47<br>

------

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

**Buffalo Small Cap Growth Fund** 

**Schedule of Investments** 

**September 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — 97.1%** <br>|  |  |
| **Communication Services — 1.0%** <br>|  |  |
| **Media — 1.0%** <br>|  |  |
| DoubleVerify Holdings, Inc.<sup>(a)</sup> | 415664 | $4979655  |
| **Consumer Discretionary — 10.3%** <br>|  |  |
| **Automobile Components — 3.0%** <br>|  |  |
| Dorman Products, Inc.<sup>(a)</sup> | 40065 | 6245332  |
| Modine Manufacturing Co.<sup>(a)</sup> | 56560 | 8040570  |
|  |  | 14285902  |
| **Broadline Retail — 0.5%** <br>|  |  |
| Ollie's Bargain Outlet Holdings, Inc.<sup>(a)</sup> | 19055 | 2446662  |
| **Hotels, Restaurants & Leisure — 1.6%** <br>|  |  |
| Dutch Bros, Inc. - Class A<sup>(a)</sup> | 58620 | 3068171  |
| First Watch Restaurant Group, Inc.<sup>(a)</sup> | 309387 | 4838812  |
|  |  | 7906983  |
| **Household Durables — 2.0%** <br>|  |  |
| Champion Homes, Inc.<sup>(a)</sup> | 127710 | 9753213  |
| **Specialty Retail — 3.2%** <br>|  |  |
| Boot Barn Holdings, Inc.<sup>(a)</sup> | 42045 | 6967697  |
| Valvoline, Inc.<sup>(a)</sup> | 139025 | 4992388  |
| Warby Parker, Inc. - Class A<sup>(a)</sup> | 130990 | 3612704  |
|  |  | 15572789  |
| **Total Consumer Discretionary** |  | 49965549  |
| **Consumer Staples — 2.8%** <br>|  |  |
| **Beverages — 1.4%** <br>|  |  |
| Celsius Holdings, Inc.<sup>(a)</sup> | 113750 | 6539488  |
| **Personal Care Products — 1.4%** <br>|  |  |
| elf Beauty, Inc.<sup>(a)</sup> | 52900 | 7008192  |
| **Total Consumer Staples** |  | 13547680  |
| **Energy — 3.2%** <br>|  |  |
| **Energy Equipment & Services — 2.4%** <br>|  |  |
| Cactus, Inc. - Class A | 158290 | 6247706  |
| Patterson-UTI Energy, Inc. | 593320 | 3073398  |
| Solaris Energy Infrastructure, Inc. | 59925 | 2395202  |
|  |  | 11716306  |
| **Oil, Gas & Consumable Fuels — 0.8%** <br>|  |  |
| Matador Resources Co. | 84935 | 3816130  |
| **Total Energy** |  | 15532436  |

---

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** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** |
| **Financials — 11.1%** <br>|  |  |
| **Capital Markets — 4.4%** <br>|  |  |
| Hamilton Lane Inc. - Class A | 34653 | $4670878  |
| PJT Partners, Inc. - Class A | 27225 | 4838699  |
| WisdomTree, Inc. | 841830 | 11701437  |
|  |  | 21211014  |
| **Financial Services — 2.8%** <br>|  |  |
| Paymentus Holdings, Inc. - Class A<sup>(a)</sup> | 145790 | 4461174  |
| Shift4 Payments, Inc. - Class A<sup>(a)</sup> | 117272 | 9076853  |
|  |  | 13538027  |
| **Insurance — 3.9%** <br>|  |  |
| Baldwin Insurance Group, Inc. - Class A<sup>(a)</sup> | 176645 | 4983155  |
| Kinsale Capital Group, Inc. | 15130 | 6434184  |
| Palomar Holdings, Inc.<sup>(a)</sup> | 63823 | 7451335  |
|  |  | 18868674  |
| **Total Financials** |  | 53617715  |
| **Health Care — 20.8%** <br>|  |  |
| **Biotechnology — 4.7%** <br>|  |  |
| ADMA Biologics, Inc.<sup>(a)</sup> | 293215 | 4298532  |
| Halozyme Therapeutics, Inc.<sup>(a)</sup> | 111449 | 8173670  |
| Natera, Inc.<sup>(a)</sup> | 45593 | 7339105  |
| Vericel Corp.<sup>(a)</sup> | 88880 | 2797053  |
|  |  | 22608360  |
| **Health Care Equipment & Supplies — 3.3%** <br>|  |  |
| Establishment Labs Holdings, Inc.<sup>(a)</sup> | 116795 | 4787427  |
| Lantheus Holdings, Inc.<sup>(a)</sup> | 79320 | 4068323  |
| PROCEPT BioRobotics Corp.<sup>(a)</sup> | 42735 | 1525212  |
| QuidelOrtho Corp.<sup>(a)</sup> | 180215 | 5307332  |
|  |  | 15688294  |
| **Health Care Providers & Services — 5.5%** <br>|  |  |
| Castle Biosciences, Inc.<sup>(a)</sup> | 239614 | 5456011  |
| HealthEquity, Inc.<sup>(a)</sup> | 74969 | 7104812  |
| Option Care Health, Inc.<sup>(a)</sup> | 395255 | 10972279  |
| Privia Health Group, Inc.<sup>(a)</sup> | 124535 | 3100921  |
|  |  | 26634023  |
| **Health Care Technology — 1.3%** <br>|  |  |
| Waystar Holding Corp.<sup>(a)</sup> | 169730 | 6436162  |
| **Life Sciences Tools & Services — 2.7%** <br>|  |  |
| Medpace Holdings, Inc.<sup>(a)</sup> | 12455 | 6403863  |
| OmniAb, Inc. - 12.50 Earnout<sup>(a)(b)</sup> | 47436 | 475  |
| OmniAb, Inc. - 15.00 Earnout<sup>(a)(b)</sup> | 47436 | 474  |
| Repligen Corp.<sup>(a)</sup> | 48280 | 6453588  |
|  |  | 12858400  |

---

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** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — (Continued)**  | **COMMON STOCKS — (Continued)**  | **COMMON STOCKS — (Continued)**  |
| **Health Care — (Continued)**  | **Health Care — (Continued)**  | **Health Care — (Continued)**  |
| **Pharmaceuticals — 3.3%** <br>|  |  |
| Ligand Pharmaceuticals, Inc.<sup>(a)</sup> | 91167 | $16149322  |
| **Total Health Care** |  | 100374561  |
| **Industrials — 23.5%** <br>|  |  |
| **Aerospace & Defense — 2.5%** <br>|  |  |
| AeroVironment, Inc.<sup>(a)</sup> | 38230 | 12038245  |
| **Building Products — 2.7%** <br>|  |  |
| Advanced Drainage Systems, Inc. | 54880 | 7611856  |
| Trex Co., Inc.<sup>(a)</sup> | 106705 | 5513447  |
|  |  | 13125303  |
| **Construction & Engineering — 5.2%** <br>|  |  |
| Argan, Inc. | 9590 | 2589779  |
| Everus Construction Group, Inc.<sup>(a)</sup> | 82395 | 7065371  |
| MYR Group, Inc.<sup>(a)</sup> | 31890 | 6634077  |
| Sterling Infrastructure, Inc.<sup>(a)</sup> | 26330 | 8943774  |
|  |  | 25233001  |
| **Machinery — 6.7%** <br>|  |  |
| Chart Industries, Inc.<sup>(a)</sup> | 34180 | 6841127  |
| ESCO Technologies, Inc. | 30865 | 6515910  |
| JBT Marel Corp. | 75275 | 10572374  |
| Kadant, Inc. | 14540 | 4326813  |
| Kornit Digital Ltd.<sup>(a)</sup> | 326205 | 4403768  |
|  |  | 32659992  |
| **Professional Services — 3.9%** <br>|  |  |
| Acuren Corp.<sup>(a)</sup> | 291428 | 3878907  |
| FTI Consulting, Inc.<sup>(a)</sup> | 41890 | 6771518  |
| ICF International, Inc. | 31404 | 2914291  |
| Willdan Group, Inc.<sup>(a)</sup> | 54220 | 5242532  |
|  |  | 18807248  |
| **Trading Companies & Distributors — 2.5%** <br>|  |  |
| SiteOne Landscape Supply, Inc.<sup>(a)</sup> | 37190 | 4790072  |
| Transcat, Inc.<sup>(a)</sup> | 40000 | 2928000  |
| WESCO International, Inc. | 19855 | 4199332  |
|  |  | 11917404  |
| **Total Industrials** |  | 113781193  |
| **Information Technology — 24.4%** <br>|  |  |
| **Communications Equipment — 2.0%** <br>|  |  |
| Ciena Corp.<sup>(a)</sup> | 67645 | 9853847  |
| **Electronic Equipment, Instruments & Components — 2.5%** <br>|  |  |
| Napco Security Technologies, Inc. | 138980 | 5969191  |
| Novanta, Inc.<sup>(a)</sup> | 59255 | 5934388  |
|  |  | 11903579  |

---

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** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — (Continued)**  | **COMMON STOCKS — (Continued)**  | **COMMON STOCKS — (Continued)**  |
| **Information Technology — (Continued)**  | **Information Technology — (Continued)**  | **Information Technology — (Continued)**  |
| **IT Services — 0.5%** <br>|  |  |
| Endava PLC - ADR<sup>(a)</sup> | 279565 | $2544042  |
| **Semiconductors & Semiconductor Equipment — 7.6%** <br>|  |  |
| Credo Technology Group Holding Ltd.<sup>(a)</sup> | 48040 | 6995104  |
| Onto Innovation, Inc.<sup>(a)</sup> | 35645 | 4606047  |
| Silicon Laboratories, Inc.<sup>(a)</sup> | 62330 | 8173333  |
| SiTime Corp.<sup>(a)</sup> | 17705 | 5334693  |
| SkyWater Technology, Inc.<sup>(a)</sup> | 214560 | 4003690  |
| Universal Display Corp. | 51593 | 7410303  |
|  |  | 36523170  |
| **Software — 10.9%** <br>|  |  |
| Clearwater Analytics Holdings, Inc. - Class A<sup>(a)</sup> | 424750 | 7653995  |
| Commvault Systems, Inc.<sup>(a)</sup> | 39190 | 7398288  |
| Intapp, Inc.<sup>(a)</sup> | 128180 | 5242562  |
| Onestream, Inc.<sup>(a)</sup> | 245605 | 4526500  |
| Pegasystems, Inc. | 95185 | 5473138  |
| Tenable Holdings, Inc.<sup>(a)</sup> | 139050 | 4054698  |
| Varonis Systems, Inc.<sup>(a)</sup> | 221835 | 12748857  |
| Vertex, Inc. - Class A<sup>(a)</sup> | 229357 | 5685760  |
|  |  | 52783798  |
| **Technology Hardware, Storage & Peripherals — 0.9%** <br>|  |  |
| IonQ, Inc.<sup>(a)</sup> | 68535 | 4214903  |
| **Total Information Technology** |  | 117823339  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $392,667,008)** |  | 469622128  |
| **SHORT-TERM INVESTMENTS** <br>|  |  |
| **Money Market Funds — 3.3%** <br>|  |  |
| Fidelity Money Market Government Portfolio - Class I, 4.04%<sup>(c)</sup> | 16171489 | 16171489  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $16,171,489)** |  | 16171489  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS — 100.4%** <br>**(Cost $408,838,497)** |  | 485793617  |
| Liabilities in Excess of Other Assets — (0.4)% |  | (2160346)  |
| **TOTAL NET ASSETS — 100.0%** |  | $483633271 |

---

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

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** 

**September 30, 2025 (Unaudited)(Continued)** 

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

<sup>(b)</sup> Fair value determined using significant unobservable inputs in accordance with procedures established by the Board of Trustees and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $949 or 0.0% of net assets as of September 30, 2025.

<sup>(c)</sup> The rate shown represents the 7-day annualized yield as of September 30, 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** 

**September 30, 2025 (Unaudited)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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 | $75607217  | $56233281  | &nbsp;&nbsp; $166653823  | $58175221  | $79430608  |
| Investments in securities, at value | $170132075  | $69421377  | &nbsp;&nbsp; $454306296  | $191970438  | $180708440  |
| Cash |  | 416345 | &nbsp;&nbsp; — |  | —  |
| Receivables: <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments sold | 302716 |  | &nbsp;&nbsp; — |  | —  |
| &nbsp;&nbsp;&nbsp; Fund shares sold | 3373 | 1604 | &nbsp;&nbsp; 3422 | 1839 | 1903  |
| &nbsp;&nbsp;&nbsp; Dividends | 56819 | 11290 | &nbsp;&nbsp; 379281 | 34920 | 108240  |
| &nbsp;&nbsp;&nbsp; Interest |  |  | &nbsp;&nbsp; — |  | 6250  |
| Other assets | 19323 | 19116 | &nbsp;&nbsp; 25125 | 18629 | 15248  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 170514306 | 69869732 | &nbsp;&nbsp; 454714124 | 192025826 | 180840081  |
| **LIABILITIES:** <br>|  |  |  |  |  |
| Payables: <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written options, at value<sup>(1)</sup> (Note 6) |  |  | &nbsp;&nbsp; 2350 |  | —  |
| &nbsp;&nbsp;&nbsp; Fund shares purchased | 7137 | 10020 | &nbsp;&nbsp; 63211 | 15773 | 12023  |
| &nbsp;&nbsp;&nbsp; Management fees (Note 3) | 103615 | 75488 | &nbsp;&nbsp; 315525 | 118116 | 111244  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued shareholder service <br>fees - Investor Class (Note 5) | 15887 | 13131 | &nbsp;&nbsp; 105538 | 31114 | 17669  |
| &nbsp;&nbsp;&nbsp; Accrued expenses | 28 | 28 | &nbsp;&nbsp; 28 | 30 | 28  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 126667 | 98667 | &nbsp;&nbsp; 486652 | 165033 | 140964  |
| **NET ASSETS** | $170387639  | $69771065  | &nbsp;&nbsp; $454227472  | $191860793  | $180699117  |
| **NET ASSETS CONSIST OF:** <br>|  |  |  |  |  |
| Paid-in capital | $67447164  | $54788639  | &nbsp;&nbsp; $134837418  | $46713784  | $81165603  |
|  Total distributable earnings (accumulated deficit) | 102940475 | 14982426 | &nbsp;&nbsp; 319390054 | 145147009 | 99533514  |
| &nbsp;&nbsp;&nbsp; **NET ASSETS APPLICABLE TO OUTSTANDING SHARES** | $170387639  | $69771065  | &nbsp;&nbsp; $454227472  | $191860793  | $180699117  |
| Net Assets - Investor Class | 45416164 | 31616660 | &nbsp;&nbsp; 263818156 | 86879973 | 49133477  |
| Outstanding Shares - Investor Class | 729858  | 1830939  | &nbsp;&nbsp; 12148615  | 2232051  | 1425659  |
| &nbsp;&nbsp;&nbsp; **NET ASSET VALUE PER SHARE - Investor Class** | $62.23  | $17.27  | &nbsp;&nbsp; $21.72  | $38.92  | $34.46  |
| Net Assets - Institutional Class | 124971475 | 38154405 | &nbsp;&nbsp; 190409316 | 104980820 | 131565640  |
| Outstanding Shares - Institutional Class | 1991565  | 2189985  | &nbsp;&nbsp; 8772138  | 2673152  | 3815792  |
| &nbsp;&nbsp;&nbsp; **NET ASSET VALUE PER SHARE - Institutional Class** | $62.75  | $17.42  | &nbsp;&nbsp; $21.71  | $39.27  | $34.48  |
| Capital shares, $1.00 par value: <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Authorized | Unlimited | Unlimited | &nbsp;&nbsp; Unlimited | Unlimited | Unlimited  |
| <sup>(1)</sup> Written options, premiums received |  |  | &nbsp;&nbsp; $12954  |  |  |

---

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

53<br>

------

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

**BUFFALO FUNDS** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**September 30, 2025 (Unaudited)(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 | $692952761  | $574431413  | &nbsp;&nbsp; $380902085  | $82088792  | $408838497  |
| Foreign currencies, at cost |  | 8674189 | &nbsp;&nbsp; — |  | —  |
| Investments in securities, at value | $704048996  | $922026463  | &nbsp;&nbsp; $523870176  | $138874554  | $485793617  |
| Cash | 598735 |  | &nbsp;&nbsp; — | 20331 | —  |
| Foreign currencies, at value |  | 8618192 | &nbsp;&nbsp; — |  | —  |
| Receivables: <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments sold | 3851673 | 9489562 | &nbsp;&nbsp; 9008682 |  | —  |
| &nbsp;&nbsp;&nbsp; Fund shares sold | 726741 | 483925 | &nbsp;&nbsp; 80379 | 7486 | 47250  |
| &nbsp;&nbsp;&nbsp; Dividends | 118329 | 2780779 | &nbsp;&nbsp; 165617 | 19389 | 122349  |
| &nbsp;&nbsp;&nbsp; Interest | 11277157 |  | &nbsp;&nbsp; — |  | —  |
| Other assets | 39746 | 42530 | &nbsp;&nbsp; 24452 | 14121 | 21849  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 720661377 | 943441451 | &nbsp;&nbsp; 533149306 | 138935881 | 485985065  |
| **LIABILITIES:** <br>|  |  |  |  |  |
| Payables: <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments purchased | 6000000 | 11067159 | &nbsp;&nbsp; — |  | 1156278  |
| &nbsp;&nbsp;&nbsp; Fund shares purchased | 889604 | 530368 | &nbsp;&nbsp; 2237955 | 49945 | 736702  |
| &nbsp;&nbsp;&nbsp; Payable to custodian |  | 6849 | &nbsp;&nbsp; — |  | —  |
| &nbsp;&nbsp;&nbsp; Management fees (Note 3) | 498582 | 644774 | &nbsp;&nbsp; 381743 | 97997 | 345149  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued shareholder service <br>fees - Investor Class (Note 5) | 33175 | 66988 | &nbsp;&nbsp; 174024 | 25709 | 113619  |
| &nbsp;&nbsp;&nbsp; Custodian fees (Note 3) |  | 24297 | &nbsp;&nbsp; — |  | —  |
| &nbsp;&nbsp;&nbsp; Accrued expenses | 46 | 46 | &nbsp;&nbsp; 46 | 46 | 46  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 7421407 | 12340481 | &nbsp;&nbsp; 2793768 | 173697 | 2351794  |
| **NET ASSETS** | $713239970  | $931100970  | &nbsp;&nbsp; $530355538  | $138762184  | $483633271  |
| **Net Assets Consist of:** <br>|  |  |  |  |  |
| Paid-in capital | $718991339  | $563199992  | &nbsp;&nbsp; $310213559  | $70575656  | $460895417  |
|  Total distributable earnings (accumulated deficit) | (5751369) | 367900978 | &nbsp;&nbsp; 220141979 | 68186528 | 22737854  |
| &nbsp;&nbsp;&nbsp; **Net assets applicable to outstanding shares** | $713239970  | $931100970  | &nbsp;&nbsp; $530355538  | $138762184  | $483633271  |
| Net Assets - Investor Class | 131098158 | 245369642 | &nbsp;&nbsp; 398076235 | 64709493 | 320989882  |
| Outstanding Shares - Investor Class | 12274233  | 10268442  | &nbsp;&nbsp; 16987954  | 3831778  | 21653986  |
| &nbsp;&nbsp;&nbsp; **Net asset value per share - Investor Class**  | $10.68  | $23.90  | &nbsp;&nbsp; $23.43  | $16.89  | $14.82  |
| Net Assets - Institutional Class | 582141812 | 685731328 | &nbsp;&nbsp; 132279303 | 74052691 | 162643389  |
| Outstanding Shares - Institutional Class | 54650590  | 28658948  | &nbsp;&nbsp; 5580112  | 4338934  | 10884408  |
| &nbsp;&nbsp;&nbsp; **Net asset value per share - Institutional Class**  | $10.65  | $23.93  | &nbsp;&nbsp; $23.71  | $17.07  | $14.94  |
| Capital shares, $1.00 par value: <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Authorized | Unlimited | Unlimited | &nbsp;&nbsp; Unlimited | Unlimited | Unlimited |

---

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

54<br>

------

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

**BUFFALO FUNDS** 

**STATEMENTS OF OPERATIONS** 

**For the Six Months Ended September 30, 2025 (Unaudited)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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;&nbsp;&nbsp; $— | $— | $42837  |
| Dividends from securities | 614284 | &nbsp;&nbsp; 174469 | &nbsp;&nbsp;&nbsp; 6220676 | 408135 | 1711451  |
| Foreign tax withheld | (6497) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |  | —  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 607787 | &nbsp;&nbsp; 174469 | &nbsp;&nbsp;&nbsp; 6220676 | 408135 | 1754288  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Management fees (Note 3) | 577320 | &nbsp;&nbsp; 419593 | &nbsp;&nbsp;&nbsp; 1914902 | 667836 | 643071  |
|  Shareholder service fees - Investor Class (Note 5) | 27868 | &nbsp;&nbsp; 22558 | &nbsp;&nbsp;&nbsp; 198175 | 56662 | 34180  |
| Registration fees | 18653 | &nbsp;&nbsp; 16977 | &nbsp;&nbsp;&nbsp; 18485 | 16504 | 20251  |
| Other expenses | 823 | &nbsp;&nbsp; 363 | &nbsp;&nbsp;&nbsp; 2408 | 943 | 885  |
| &nbsp;&nbsp;&nbsp; Total expenses | 624664 | &nbsp;&nbsp; 459491 | &nbsp;&nbsp;&nbsp; 2133970 | 741945 | 698387  |
| **Net investment income (loss)** | (16877) | &nbsp;&nbsp; (285022) | &nbsp;&nbsp;&nbsp; 4086706 | (333810) | 1055901  |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS):**<br>|  |  |  |  |  |
| Net realized gain (loss) from: <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 4149327 | &nbsp;&nbsp; 8511877 | &nbsp;&nbsp;&nbsp; 14222951 | 6953545 | (1006055)  |
| &nbsp;&nbsp;&nbsp; Written options (Note 6) |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 146502 |  | —  |
|  Net change in unrealized appreciation/depreciation during the period on: <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 30992252 | &nbsp;&nbsp; 1092867 | &nbsp;&nbsp;&nbsp; (2915721) | 29482119 | 15942433  |
| &nbsp;&nbsp;&nbsp; Written options (Note 6) |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6006 |  | —  |
| **Net realized and unrealized gain** | 35141579 | &nbsp;&nbsp; 9604744 | &nbsp;&nbsp;&nbsp; 11459738 | 36435664 | 14936378  |
|  **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $35124702 | &nbsp;&nbsp; $9319722 | &nbsp;&nbsp;&nbsp; $15546444 | $36101854 | $15992279 |

---

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

55<br>

------

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

**BUFFALO FUNDS** 

**STATEMENTS OF OPERATIONS** 

**For the Six Months Ended September 30, 2025 (Unaudited)(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 | $27292386 | $— | &nbsp;&nbsp;&nbsp; $— | $— | $—  |
| Dividends from securities | 1185801 | 10939760 | &nbsp;&nbsp;&nbsp; 1439634 | 467820 | 1099784  |
| Foreign tax withheld |  | (1147510) | &nbsp;&nbsp;&nbsp; (9506) | (2133) | —  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 28478187 | 9792250 | &nbsp;&nbsp;&nbsp; 1430128 | 465687 | 1099784  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Management fees (Note 3) | 2934325 | 3863531 | &nbsp;&nbsp;&nbsp; 2403389 | 592224 | 2114583  |
|  Shareholder service fees - Investor Class (Note 5) | 97955 | 185922 | &nbsp;&nbsp;&nbsp; 320781 | 49347 | 211529  |
| Registration fees | 43847 | 29575 | &nbsp;&nbsp;&nbsp; 20745 | 17620 | 20014  |
| Custody fees (Note 3) |  | 82622 | &nbsp;&nbsp;&nbsp; — |  | —  |
| Other expenses | 3438 | 4647 | &nbsp;&nbsp;&nbsp; 3429 | 745 | 2994  |
| &nbsp;&nbsp;&nbsp; Total expenses | 3079565 | 4166297 | &nbsp;&nbsp;&nbsp; 2748344 | 659936 | 2349120  |
| **Net investment income (loss)** | 25398622 | 5625953 | &nbsp;&nbsp;&nbsp; (1318216) | (194249) | (1249336)  |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS):**<br>|  |  |  |  |  |
| Net realized gain (loss) from: <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (8082457) | 13858747 | &nbsp;&nbsp;&nbsp; 27206552 | 6765202 | 31372291  |
| &nbsp;&nbsp;&nbsp; Foreign currency transactions |  | 131682 | &nbsp;&nbsp;&nbsp; — |  | —  |
|  Net change in unrealized appreciation/depreciation during the period on: <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 10616165 | 68967757 | &nbsp;&nbsp;&nbsp; 17406078 | 4546500 | 20081176  |
| &nbsp;&nbsp;&nbsp; Foreign currency translations |  | 79064 | &nbsp;&nbsp;&nbsp; — |  | —  |
| **Net realized and unrealized gain** | 2533708 | 83037250 | &nbsp;&nbsp;&nbsp; 44612630 | 11311702 | 51453467  |
|  **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $27932330 | $88663203 | &nbsp;&nbsp;&nbsp; $43294414 | $11117453 | $50204131 |

---

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**  |
|  | **Six Months** <br>**Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **Year Ended** <br>**March 31,** <br>**2025** | **Six Months** <br>**Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **Year Ended** <br>**March 31,** <br>**2025** | **Six Months** <br>**Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **Year Ended** <br>**March 31,** <br>**2025**  |
| **OPERATIONS:** <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(16877) | $31473 | $(285022) | $(567121) | $4086706 | $7652632  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss)  | 4149327 | 8694654 | 8511877 | 3423130 | 14369453 | 23196299  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation  | 30992252 | (1937189) | 1092867 | (7673965) | (2909715) | (6618883)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | 35124702 | 6788938 | 9319722 | (4817956) | 15546444 | 24230048  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributable earnings: <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class |  | (1660327) |  |  | (2396402) | (10550607)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class |  | (3783718) |  |  | (1841385) | (7352269)  |
| &nbsp;&nbsp;&nbsp; **Total distributions** |  | (5444045) |  |  | (4237787) | (17902876)  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 1931422 | 12839712 | 769469 | 893344 | 1592884 | 8967443  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 5267657 | 13177834 | 5994207 | 1551735 | 4223565 | 12123710  |
| &nbsp;&nbsp;&nbsp; Reinvested dividends and distributions <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class |  | 1599366 |  |  | 2365444 | 10417843  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class |  | 3709659 |  |  | 1456499 | 6039903  |
| &nbsp;&nbsp;&nbsp; Shares Issued | 7199079 | 31326571 | 6763676 | 2445079 | 9638392 | 37548899  |
| &nbsp;&nbsp;&nbsp; Redemptions <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | (3765052) | (11653077) | (4397570) | (11422619) | (24296020) | (44675153)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (5632369) | (13078105) | (2478314) | (3835002) | (9941738) | (21109359)  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | (9397421) | (24731182) | (6875884) | (15257621) | (34237758) | (65784512)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) from capital share transactions** | (2198342) | 6595389 | (112208) | (12812542) | (24599366) | (28235613)  |
| **Total increase (decrease) in net assets** | 32926360 | 7940282 | 9207514 | (17630498) | (13290709) | (21908441)  |
| **NET ASSETS:**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 137461279 | 129520997 | 60563551 | 78194049 | 467518181 | 489426622  |
| &nbsp;&nbsp;&nbsp; End of period | $170387639 | $137461279 | $69771065 | $60563551 | $454227472 | $467518181  |
| **FUND SHARE TRANSACTIONS:**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 33792 | 248756 | 47701 | 54801 | 76945 | 427869  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 95430 | 247975 | 364558 | 95158 | 203329 | 579444  |
|  | 129222 | 496731 | 412259 | 149959 | 280274 | 1007313  |
| &nbsp;&nbsp;&nbsp; Reinvested dividends and distributions <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class |  | 28901 |  |  | 112939 | 493371  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class |  | 66541 |  |  | 69578 | 286115  |
|  |  | 95442 |  |  | 182517 | 779486  |
| &nbsp;&nbsp;&nbsp; Shares Issued | 129222 | 592173 | 412259 | 149959 | 462791 | 1786799  |
| &nbsp;&nbsp;&nbsp; Shares repurchased <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | (68225) | (224423) | (274176) | (700543) | (1169159) | (2127628)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (100230) | (247728) | (154967) | (233877) | (472880) | (1009263)  |
| &nbsp;&nbsp;&nbsp; **Total Shares Repurchased** | (168455) | (472151) | (429143) | (934420) | (1642039) | (3136891)  |
| **Net increase (decrease) in fund shares** | (39233) | 120022 | (16884) | (784461) | (1179248) | (1350092) |

---

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**  |
|  | **Six Months** <br>**Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **Year Ended** <br>**March 31,** <br>**2025** | **Six Months** <br>**Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **Year Ended** <br>**March 31,** <br>**2025**  |
| **OPERATIONS:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(333810) | $(577396) | $1055901 | $1933885  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss)  | 6953545 | 16508973 | (1006055) | 608273  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation  | 29482119 | (8867579) | 15942433 | 8685534  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | 36101854 | 7063998 | 15992279 | 11227692  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributable earnings: <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class |  | (6671101) | (252554) | (837877)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class |  | (7770913) | (754287) | (2057216)  |
| &nbsp;&nbsp;&nbsp; **Total distributions** |  | (14442014) | (1006841) | (2895093)  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 849530 | 2715058 | 4235515 | 7640430  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 1636144 | 6586434 | 6587259 | 17506947  |
| &nbsp;&nbsp;&nbsp; Reinvested dividends and distributions <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class |  | 6557681 | 250527 | 832550  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class |  | 7581307 | 716816 | 1967359  |
| &nbsp;&nbsp;&nbsp; Shares Issued | 2485674 | 23440480 | 11790117 | 27947286  |
| &nbsp;&nbsp;&nbsp; Redemptions <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | (4503505) | (20865184) | (4427693) | (21175441)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (4397713) | (11970871) | (5197882) | (16121740)  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | (8901218) | (32836055) | (9625575) | (37297181)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) from capital share transactions** | (6415544) | (9395575) | 2164542 | (9349895)  |
| **Total increase (decrease) in net assets** | 29686310 | (16773591) | 17149980 | (1017296)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 162174483 | 178948074 | 163549137 | 164566433  |
| &nbsp;&nbsp;&nbsp; End of period | $191860793 | $162174483 | $180699117 | $163549137  |
| **FUND SHARE TRANSACTIONS:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 24616 | 79657 | 135718 | 246754  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 46545 | 189748 | 205092 | 548770  |
|  | 71161 | 269405 | 340810 | 795524  |
| &nbsp;&nbsp;&nbsp; Reinvested dividends and distributions <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class |  | 184412 | 7529 | 27359  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class |  | 211532 | 21524 | 64341  |
|  |  | 395944 | 29053 | 91700  |
| &nbsp;&nbsp;&nbsp; Shares Issued | 71161 | 665349 | 369863 | 887224  |
| &nbsp;&nbsp;&nbsp; Shares repurchased <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | (128509) | (615930) | (137527) | (687639)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (124151) | (341874) | (159128) | (509266)  |
| &nbsp;&nbsp;&nbsp; **Total Shares Repurchased** | (252660) | (957804) | (296655) | (1196905)  |
| **Net increase (decrease) in fund shares** | (181499) | (292455) | 73208 | (309681) |

---

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** | **Buffalo** <br>**Mid Cap Discovery Fund**  | **Buffalo** <br>**Mid Cap Discovery Fund**  |
|  | **Six Months** <br>**Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **Year Ended** <br>**March 31,** <br>**2025** | **Six Months** <br>**Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **Year Ended** <br>**March 31,** <br>**2025** | **Six Months** <br>**Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **Year Ended** <br>**March 31,** <br>**2025**  |
| **OPERATIONS:** <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $25398622 | $41202436 | $5625953 | $7802005 | $(1318216) | $(3101320)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss)  | (8082457) | 3750720 | 13990429 | 194351 | 27206552 | 111993317  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation  | 10616165 | (6428744) | 69046821 | (30415485) | 17406078 | (152645900)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | 27932330 | 38524412 | 88663203 | (22419129) | 43294414 | (43753903)  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributable earnings: <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | (4615052) | (8655443) |  | (2222924) |  | (47239639)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (21407901) | (32458150) |  | (6786829) |  | (15361167)  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | (26022953) | (41113593) |  | (9009753) |  | (62600806)  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 25989142 | 84724163 | 17207785 | 43682666 | 4218887 | 17395647  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 98106988 | 278346820 | 87043229 | 200836401 | 3916338 | 19377296  |
| &nbsp;&nbsp;&nbsp; Reinvested dividends and distributions <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 4451794 | 8317045 |  | 2129921 |  | 46058889  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 19035460 | 29027030 |  | 6223550 |  | 14648024  |
| &nbsp;&nbsp;&nbsp; Shares Issued | 147583384 | 400415058 | 104251014 | 252872538 | 8135225 | 97479856  |
| &nbsp;&nbsp;&nbsp; Redemptions <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | (39792297) | (59634228) | (46887700) | (138758277) | (71547971) | (185990842)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (62150249) | (120074157) | (92311543) | (285782748) | (21614875) | (67081614)  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | (101942546) | (179708385) | (139199243) | (424541025) | (93162846) | (253072456)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) from capital share transactions** | 45640838 | 220706673 | (34948229) | (171668487) | (85027621) | (155592600)  |
|  **Total increase (decrease) in net assets** | 47550215 | 218117492 | 53714974 | (203097369) | (41733207) | (261947309)  |
| **NET ASSETS:**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 665689755 | 447572263 | 877385996 | 1080483365 | 572088745 | 834036054  |
| &nbsp;&nbsp;&nbsp; End of period | $713239970 | $665689755 | $931100970 | $877385996 | $530355538 | $572088745  |
| **FUND SHARE TRANSACTIONS:**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 2437859 | 7902428 | 755504 | 1987403 | 186175 | 716478  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 9222195 | 25974767 | 3802919 | 9149935 | 170203 | 786529  |
|  | 11660054 | 33877195 | 4558423 | 11137338 | 356378 | 1503007  |
| &nbsp;&nbsp;&nbsp; Reinvested dividends and distributions <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 418508 | 777428 |  | 102845 |  | 1884570  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 1793568 | 2714535 |  | 300364 |  | 593278  |
|  | 2212076 | 3491963 |  | 403209 |  | 2477848  |
| &nbsp;&nbsp;&nbsp; Shares Issued | 13872130 | 37369158 | 4558423 | 11540547 | 356378 | 3980855  |
| &nbsp;&nbsp;&nbsp; Shares repurchased <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | (3760728) | (5580139) | (2079148) | (6336259) | (3102571) | (7651118)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (5861511) | (11206350) | (4075396) | (13088054) | (946627) | (2714639)  |
| &nbsp;&nbsp;&nbsp; **Total Shares Repurchased** | (9622239) | (16786489) | (6154544) | (19424313) | (4049198) | (10365757)  |
|  **Net increase (decrease) in fund shares** | 4249891 | 20582669 | (1596121) | (7883766) | (3692820) | (6384902) |

---

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

59<br>

------

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

**BUFFALO FUNDS** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Buffalo** <br>**Mid Cap Growth Fund** | **Buffalo** <br>**Mid Cap Growth Fund** | **Buffalo** <br>**Small Cap Growth Fund**  | **Buffalo** <br>**Small Cap Growth Fund**  |
|  | **Six Months** <br>**Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **Year Ended** <br>**March 31,** <br>**2025** | **Six Months** <br>**Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **Year Ended** <br>**March 31,** <br>**2025**  |
| **OPERATIONS:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(194249) | $(490091) | $(1249336) | $(2913660)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss)  | 6765202 | 11905813 | 31372291 | 31287852  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation  | 4546500 | (16784529) | 20081176 | (79174165)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | 11117453 | (5368807) | 50204131 | (50799973)  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributable earnings: <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class |  | (4624887) |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class |  | (4807061) |  | —  |
| &nbsp;&nbsp;&nbsp; **Total distributions** |  | (9431948) |  | —  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 463982 | 1205159 | 6237844 | 16211861  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 2314791 | 5914584 | 8986506 | 41636454  |
| &nbsp;&nbsp;&nbsp; Reinvested dividends and distributions <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class |  | 4591201 |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class |  | 4727317 |  | —  |
| &nbsp;&nbsp;&nbsp; Shares Issued | 2778773 | 16438261 | 15224350 | 57848315  |
| &nbsp;&nbsp;&nbsp; Redemptions <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | (5767305) | (14373472) | (42764542) | (131986530)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (4000748) | (9693459) | (44718537) | (75363580)  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | (9768053) | (24066931) | (87483079) | (207350110)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) from capital share transactions** | (6989280) | (7628670) | (72258729) | (149501795)  |
| **Total increase (decrease) in net assets** | 4128173 | (22429425) | (22054598) | (200301768)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 134634011 | 157063436 | 505687869 | 705989637  |
| &nbsp;&nbsp;&nbsp; End of period | $138762184 | $134634011 | $483633271 | $505687869  |
| **FUND SHARE TRANSACTIONS:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 28543 | 72476 | 449625 | 1115002  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 139749 | 352814 | 638152 | 2821078  |
|  | 168292 | 425290 | 1087777 | 3936080  |
| &nbsp;&nbsp;&nbsp; Reinvested dividends and distributions <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class |  | 265234 |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class |  | 270596 |  | —  |
|  |  | 535830 |  | —  |
| &nbsp;&nbsp;&nbsp; Shares Issued | 168292 | 961120 | 1087777 | 3936080  |
| &nbsp;&nbsp;&nbsp; Shares repurchased <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | (351444) | (863475) | (3019111) | (9008122)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (238744) | (575827) | (3142740) | (5117528)  |
| &nbsp;&nbsp;&nbsp; **Total Shares Repurchased** | (590188) | (1439302) | (6161851) | (14125650)  |
| **Net increase (decrease) in fund shares** | (421896) | (478182) | (5074074) | (10189570) |

---

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** <br>**Six Months** <br>**Ended** <br>**September 30,** <br>**2025**<br>(Unaudited) | **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,**  |
|  | **For the** <br>**Six Months** <br>**Ended** <br>**September 30,** <br>**2025**<br>(Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021**  |
| &nbsp;&nbsp;&nbsp; Net asset value, beginning of <br>period | &nbsp;&nbsp;&nbsp; $49.52 | $48.83 | $35.13 | $40.21 | $46.23 | $29.53  |
|  **INCOME FROM INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income (loss)<sup>(1)</sup> | &nbsp;&nbsp;&nbsp; (0.03) | (0.03) | 0.03 | (0.01) | (0.16) | (0.07)  |
|  Net gains (losses) on securities (both realized and unrealized)<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;12.74 | 2.69 | 13.68 | (4.12) | 5.59 | 16.83  |
| &nbsp;&nbsp;&nbsp; **Total from investment** <br>**operations** | &nbsp;&nbsp;&nbsp;&nbsp;12.71 | 2.66 | 13.71 | (4.13) | 5.43 | 16.76  |
| **LESS DISTRIBUTIONS:**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributions from investment <br>income | &nbsp;&nbsp;&nbsp; — | (0.06) | (0.01) |  |  | (0.06)  |
| Distributions from capital gains | &nbsp;&nbsp;&nbsp; — | (1.91) |  | (0.95) | (11.45) | —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; — | (1.97) | (0.01) | (0.95) | (11.45) | (0.06)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $62.23 | $49.52 | $48.83 | $35.13 | $40.21 | $46.23  |
| Total return\* | &nbsp;&nbsp;&nbsp; 25.64% | 5.03% | 39.04% | (10.08)% | 10.23% | 56.78%  |
| **RATIOS/SUPPLEMENTAL DATA**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period <br>(in thousands) | &nbsp;&nbsp;&nbsp; $45416 | $37844 | $34720 | $27414 | $35391 | $37413  |
|  Ratio of expenses to average net assets\*\* | &nbsp;&nbsp;&nbsp; 0.91% | 0.89% | 0.88% | 0.94% | 0.93% | 0.94%  |
|  Ratio of net investment income (loss) to average net assets\*\* | &nbsp;&nbsp;&nbsp; (0.12)% | (0.06)% | 0.08% | (0.03)% | (0.34)% | (0.16)%  |
| Portfolio turnover rate\*<sup>(3)</sup> | &nbsp;&nbsp;&nbsp; 28% | 53% | 36% | 46% | 83% | 7% |

---

\* Not annualized for periods less than one year.

\*\* Annualized for periods less than one year.

<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** <br>**Six Months** <br>**Ended** <br>**September 30,** <br>**2025**<br>(Unaudited) | **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,**  |
|  | **For the** <br>**Six Months** <br>**Ended** <br>**September 30,** <br>**2025**<br>(Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; Net asset value, beginning of <br>period | &nbsp;&nbsp; $49.90 | $49.13 | $35.32 | $40.37 | $46.30 | $29.56  |
|  **INCOME FROM INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income (loss)<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(2)</sup> | 0.03 | 0.08 | 0.04 | (0.09) | (0.00)<sup>(2)</sup>  |
|  Net gains (losses) on securities (both realized and unrealized) | &nbsp;&nbsp;&nbsp;&nbsp;12.85 | 2.71 | 13.76 | (4.14) | 5.61 | 16.85  |
| &nbsp;&nbsp;&nbsp; **Total from investment** <br>**operations** | &nbsp;&nbsp;&nbsp;&nbsp;12.85 | 2.74 | 13.84 | (4.10) | 5.52 | 16.85  |
| **LESS DISTRIBUTIONS:**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributions from investment <br>income | &nbsp;&nbsp; — | (0.06) | (0.03) |  |  | (0.11)  |
| Distributions from capital gains | &nbsp;&nbsp; — | (1.91) |  | (0.95) | (11.45) | —  |
| **Total distributions** | &nbsp;&nbsp; — | (1.97) | (0.03) | (0.95) | (11.45) | (0.11)  |
| **Net asset value, end of period** | &nbsp;&nbsp; $62.75 | $49.90 | $49.13 | $35.32 | $40.37 | $46.30  |
| Total return\* | &nbsp;&nbsp; 25.70% | 5.16% | 39.19% | (9.97)% | 10.42% | 57.02%  |
| **RATIOS/SUPPLEMENTAL DATA**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period <br>(in thousands) | &nbsp;&nbsp; $124971 | $99617 | $94801 | $66876 | $78082 | $71394  |
|  Ratio of expenses to average net assets\*\* | &nbsp;&nbsp; 0.78% | 0.77% | 0.78% | 0.79% | 0.78% | 0.79%  |
|  Ratio of net investment income (loss) to average net assets\*\* | &nbsp;&nbsp; 0.01% | 0.06% | 0.18% | 0.11% | (0.19)% | (0.01)%  |
| Portfolio turnover rate\*<sup>(3)</sup> | &nbsp;&nbsp; 28% | 53% | 36% | 46% | 83% | 7% |

---

\* Not annualized for periods less than one year.

\*\* Annualized for periods less than one year.

<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>

------

**[**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** <br>**Six Months** <br>**Ended** <br>**September 30,** <br>**2025**<br>(Unaudited) | **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,**  |
|  | **For the** <br>**Six Months** <br>**Ended** <br>**September 30,** <br>**2025**<br>(Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; Net asset value, beginning of <br>period | &nbsp;&nbsp;&nbsp; $14.94 | $16.16 | $15.05 | $17.75 | $23.88 | $12.50  |
|  **INCOME FROM INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment loss<sup>(1)</sup> | &nbsp;&nbsp;&nbsp; (0.08) | (0.13) | (0.11) | (0.17) | (0.28) | (0.25)  |
|  Net gains (losses) on securities (both realized and unrealized) | &nbsp;&nbsp;&nbsp;&nbsp;2.41 | (1.09) | 1.22 | (2.36) | (2.60) | 14.11  |
| &nbsp;&nbsp;&nbsp; **Total from investment** <br>**operations** | &nbsp;&nbsp;&nbsp;&nbsp;2.33 | (1.22) | 1.11 | (2.53) | (2.88) | 13.86  |
| **LESS DISTRIBUTIONS:**<br>|  |  |  |  |  |  |
| Distributions from capital gains | &nbsp;&nbsp;&nbsp; — |  |  | (0.17) | (3.25) | (2.48)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; — |  |  | (0.17) | (3.25) | (2.48)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $17.27 | $14.94 | $16.16 | $15.05 | $17.75 | $23.88  |
| Total return\* | &nbsp;&nbsp;&nbsp; 15.60% | (7.55)% | 7.38% | (14.23)% | (13.32)% | 112.86%  |
| **RATIOS/SUPPLEMENTAL DATA**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period <br>(in thousands) | &nbsp;&nbsp;&nbsp; $31617 | $30736 | $43681 | $50837 | $68232 | $82824  |
|  Ratio of expenses to average net assets\*\* | &nbsp;&nbsp;&nbsp; 1.50% | 1.38% | 1.44% | 1.49% | 1.45% | 1.50%  |
|  Ratio of net investment loss to average net assets\*\* | &nbsp;&nbsp;&nbsp; (0.96)% | (0.81)% | (0.78)% | (1.11)% | (1.22)% | (1.24)%  |
| Portfolio turnover rate\*<sup>(2)</sup> | &nbsp;&nbsp;&nbsp; 25% | 18% | 20% | 10% | 34% | 54% |

---

\* Not annualized for periods less than one year.

\*\* Annualized for periods less than one year.

<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** <br>**Six Months** <br>**Ended** <br>**September 30,** <br>**2025**<br>(Unaudited) | **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,**  |
|  | **For the** <br>**Six Months** <br>**Ended** <br>**September 30,** <br>**2025**<br>(Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; Net asset value, beginning of <br>period | &nbsp;&nbsp;&nbsp; $15.06 | $16.29 | $15.16 | $17.84 | $23.96 | $12.51  |
|  **INCOME FROM INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment loss<sup>(1)</sup> | &nbsp;&nbsp;&nbsp; (0.07) | (0.13) | (0.10) | (0.15) | (0.24) | (0.22)  |
|  Net gains (losses) on securities (both realized and unrealized) | &nbsp;&nbsp;&nbsp;&nbsp;2.43 | (1.10) | 1.23 | (2.36)<sup>(2)</sup> | (2.63) | 14.15  |
| &nbsp;&nbsp;&nbsp; **Total from investment** <br>**operations** | &nbsp;&nbsp;&nbsp;&nbsp;2.36 | (1.23) | 1.13 | (2.51)<sup>(2)</sup> | (2.87) | 13.93  |
| **LESS DISTRIBUTIONS:**<br>|  |  |  |  |  |  |
| Distributions from capital gains | &nbsp;&nbsp;&nbsp; — |  |  | (0.17) | (3.25) | (2.48)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; — |  |  | (0.17) | (3.25) | (2.48)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $17.42 | $15.06 | $16.29 | $15.16 | $17.84 | $23.96  |
| Total return\* | &nbsp;&nbsp;&nbsp; 15.67% | (7.55)% | 7.45% | (14.05)% | (13.20)% | 113.25%  |
| **RATIOS/SUPPLEMENTAL DATA**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period <br>(in thousands) | &nbsp;&nbsp;&nbsp; $38154 | $29828 | $34513 | $34457 | $44458 | $49023  |
|  Ratio of expenses to average net assets\*\* | &nbsp;&nbsp;&nbsp; 1.36% | 1.35% | 1.34% | 1.34% | 1.32% | 1.35%  |
|  Ratio of net investment loss to average net assets\*\* | &nbsp;&nbsp;&nbsp; (0.81)% | (0.77)% | (0.68)% | (0.96)% | (1.07)% | (1.09)%  |
| Portfolio turnover rate\*<sup>(3)</sup> | &nbsp;&nbsp;&nbsp; 25% | 18% | 20% | 10% | 34% | 54% |

---

\* Not annualized for periods less than one year.

\*\* Annualized for periods less than one year.

<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** <br>**Six Months** <br>**Ended** <br>**September 30,** <br>**2025**<br>(Unaudited) | **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,**  |
|  | **For the** <br>**Six Months** <br>**Ended** <br>**September 30,** <br>**2025**<br>(Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; Net asset value, beginning of <br>period | &nbsp;&nbsp; $21.16 | $20.87 | $18.11 | $19.03 | $16.24 | $11.93  |
|  **INCOME FROM INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | 0.32 | 0.33 | 0.30 | 0.29 | 0.29  |
|  Net gains (losses) on securities (both realized and unrealized) | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | 0.75 | 3.09 | (0.46) | 3.48 | 4.53  |
| &nbsp;&nbsp;&nbsp; **Total from investment** <br>**operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | 1.07 | 3.42 | (0.16) | 3.77 | 4.82  |
| **LESS DISTRIBUTIONS:**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributions from investment <br>income | &nbsp;&nbsp; (0.19) | (0.33) | (0.35) | (0.30) | (0.29) | (0.30)  |
| Distributions from capital gains | &nbsp;&nbsp; — | (0.45) | (0.31) | (0.46) | (0.69) | (0.21)  |
| **Total distributions** | &nbsp;&nbsp; (0.19) | (0.78) | (0.66) | (0.76) | (0.98) | (0.51)  |
| **Net asset value, end of period** | &nbsp;&nbsp; $21.72 | $21.16 | $20.87 | $18.11 | $19.03 | $16.24  |
| Total return\* | &nbsp;&nbsp; 3.59% | 5.17% | 19.37% | (0.87)% | 23.81% | 40.94%  |
| **RATIOS/SUPPLEMENTAL DATA**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period <br>(in thousands) | &nbsp;&nbsp; $263818 | $277764 | $299209 | $300336 | $314134 | $277906  |
|  Ratio of expenses to average net assets\*\* | &nbsp;&nbsp; 1.01% | 1.00% | 1.01% | 1.01% | 1.01% | 1.01%  |
|  Ratio of net investment income to average net assets\*\* | &nbsp;&nbsp; 1.75% | 1.54% | 1.77% | 1.66% | 1.60% | 2.04%  |
| Portfolio turnover rate\*<sup>(2)</sup> | &nbsp;&nbsp; 0% | 0% | 1% | 1% | 4% | 1% |

---

\* Not annualized for periods less than one year.

\*\* Annualized for periods less than one year.

<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** <br>**Six Months** <br>**Ended** <br>**September 30,** <br>**2025**<br>(Unaudited) | **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,**  |
|  | **For the** <br>**Six Months** <br>**Ended** <br>**September 30,** <br>**2025**<br>(Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; Net asset value, beginning of <br>period | &nbsp;&nbsp; $21.15 | $20.87 | $18.10 | $19.03 | $16.24 | $11.93  |
|  **INCOME FROM INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | 0.35 | 0.37 | 0.33 | 0.32 | 0.31  |
|  Net gains (losses) on securities (both realized and unrealized) | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | 0.74 | 3.09 | (0.47) | 3.48 | 4.53  |
| &nbsp;&nbsp;&nbsp; **Total from investment** <br>**operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | 1.09 | 3.46 | (0.14) | 3.80 | 4.84  |
| **LESS DISTRIBUTIONS:**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributions from investment <br>income | &nbsp;&nbsp; (0.21) | (0.36) | (0.38) | (0.33) | (0.32)<sup>(2)</sup> | (0.32)  |
| Distributions from capital gains | &nbsp;&nbsp; — | (0.45) | (0.31) | (0.46) | (0.69) | (0.21)  |
| **Total distributions** | &nbsp;&nbsp; (0.21) | (0.81) | (0.69) | (0.79) | (1.01) | (0.53)  |
| **Net asset value, end of period** | &nbsp;&nbsp; $21.71 | $21.15 | $20.87 | $18.10 | $19.03 | $16.24  |
| Total return\* | &nbsp;&nbsp; 3.67% | 5.28% | 19.61% | (0.78)% | 24.00% | 41.15%  |
| **RATIOS/SUPPLEMENTAL DATA**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period <br>(in thousands) | &nbsp;&nbsp; $190409 | $189754 | $190217 | $168935 | $175891 | $147802  |
|  Ratio of expenses to average net assets\*\* | &nbsp;&nbsp; 0.86% | 0.86% | 0.86% | 0.86% | 0.86% | 0.86%  |
|  Ratio of net investment income to average net assets\*\* | &nbsp;&nbsp; 1.90% | 1.68% | 1.92% | 1.81% | 1.75% | 2.19%  |
| Portfolio turnover rate\*<sup>(3)</sup> | &nbsp;&nbsp; 0% | 0% | 1% | 1% | 4% | 1% |

---

\* Not annualized for periods less than one year.

\*\* Annualized for periods less than one year.

<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** <br>**Six Months** <br>**Ended** <br>**September 30,** <br>**2025**<br>(Unaudited) | **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,**  |
|  | **For the** <br>**Six Months** <br>**Ended** <br>**September 30,** <br>**2025**<br>(Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021**  |
| &nbsp;&nbsp;&nbsp; Net asset value, beginning of <br>period | &nbsp;&nbsp;&nbsp; $31.74 | $33.15 | $25.79 | $30.83 | $31.07 | $21.20  |
|  **INCOME FROM INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment loss<sup>(1)</sup> | &nbsp;&nbsp;&nbsp; (0.08) | (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) | &nbsp;&nbsp;&nbsp;&nbsp;7.26 | 1.70 | 9.14 | (3.89) | 3.25 | 11.46  |
| &nbsp;&nbsp;&nbsp; **Total from investment** <br>**operations** | &nbsp;&nbsp;&nbsp;&nbsp;7.18 | 1.57 | 9.03 | (3.97)<sup>(2)</sup> | 3.12 | 11.40<sup>(2)</sup>  |
| **LESS DISTRIBUTIONS:**<br>|  |  |  |  |  |  |
| Distributions from capital gains | &nbsp;&nbsp;&nbsp; — | (2.98) | (1.67) | (1.07) | (3.36) | (1.53)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; — | (2.98) | (1.67) | (1.07) | (3.36) | (1.53)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $38.92 | $31.74 | $33.15 | $25.79 | $30.83 | $31.07  |
| Total return\* | &nbsp;&nbsp;&nbsp; 22.62% | 3.77% | 36.01% | (12.55)% | 9.56% | 53.98%  |
| **RATIOS/SUPPLEMENTAL DATA**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period <br>(in thousands) | &nbsp;&nbsp;&nbsp; $86880 | $74144 | $89113 | $73408 | $103336 | $112399  |
|  Ratio of expenses to average net assets\*\* | &nbsp;&nbsp;&nbsp; 0.91% | 0.87% | 0.87% | 0.92% | 0.92% | 0.92%  |
|  Ratio of net investment loss to average net assets\*\* | &nbsp;&nbsp;&nbsp; (0.45)% | (0.38)% | (0.34)% | (0.34)% | (0.40)% | (0.19)%  |
| Portfolio turnover rate\*<sup>(3)</sup> | &nbsp;&nbsp;&nbsp; 6% | 4% | 9% | 11% | 13% | 21% |

---

\* Not annualized for periods less than one year.

\*\* Annualized for periods less than one year.

<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** <br>**Six Months** <br>**Ended** <br>**September 30,** <br>**2025**<br>(Unaudited) | **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,**  |
|  | **For the** <br>**Six Months** <br>**Ended** <br>**September 30,** <br>**2025**<br>(Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021**  |
| &nbsp;&nbsp;&nbsp; Net asset value, beginning of <br>period | &nbsp;&nbsp; $32.00 | $33.38 | $25.93 | $30.95 | $31.13 | $21.20  |
|  **INCOME FROM INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment loss<sup>(1)</sup> | &nbsp;&nbsp; (0.06) | (0.10) | (0.08) | (0.05) | (0.08) | (0.01)  |
|  Net gains (losses) on securities (both realized and unrealized) | &nbsp;&nbsp;&nbsp;&nbsp;7.33 | 1.70 | 9.20 | (3.90) | 3.26<sup>(2)</sup> | 11.47  |
| &nbsp;&nbsp;&nbsp; **Total from investment** <br>**operations** | &nbsp;&nbsp;&nbsp;&nbsp;7.27 | 1.60 | 9.12 | (3.95) | 3.18 | 11.46  |
| **LESS DISTRIBUTIONS:**<br>|  |  |  |  |  |  |
| Distributions from capital gains | &nbsp;&nbsp; — | (2.98) | (1.67) | (1.07) | (3.36) | (1.53)  |
| **Total distributions** | &nbsp;&nbsp; — | (2.98) | (1.67) | (1.07) | (3.36) | (1.53)  |
| **Net asset value, end of period** | &nbsp;&nbsp; $39.27 | $32.00 | $33.38 | $25.93 | $30.95 | $31.13  |
| Total return\* | &nbsp;&nbsp; 22.72% | 3.84% | 36.16% | (12.44)% | 9.74% | 54.26%  |
| **RATIOS/SUPPLEMENTAL DATA**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period <br>(in thousands) | &nbsp;&nbsp; $104981 | $88030 | $89835 | $69473 | $91997 | $86046  |
|  Ratio of expenses to average net assets\*\* | &nbsp;&nbsp; 0.77% | 0.77% | 0.77% | 0.77% | 0.77% | 0.77%  |
|  Ratio of net investment loss to average net assets\*\* | &nbsp;&nbsp; (0.31)% | (0.28)% | (0.26)% | (0.19)% | (0.25)% | (0.04)%  |
| Portfolio turnover rate\*<sup>(3)</sup> | &nbsp;&nbsp; 6% | 4% | 9% | 11% | 13% | 21% |

---

\* Not annualized for periods less than one year.

\*\* Annualized for periods less than one year.

<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** <br>**Six Months** <br>**Ended** <br>**September 30,** <br>**2025**<br>(Unaudited) | **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,**  |
|  | **For the** <br>**Six Months** <br>**Ended** <br>**September 30,** <br>**2025**<br>(Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; Net asset value, beginning of <br>period | &nbsp;&nbsp;&nbsp; $31.64 | $30.04 | $24.07 | $25.79 | $23.16 | $15.10  |
|  **INCOME FROM INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | 0.34 | 0.35 | 0.25 | 0.14 | 0.12  |
|  Net gains (losses) on securities (both realized and unrealized) | &nbsp;&nbsp;&nbsp;&nbsp;2.81 | 1.78 | 6.15 | (1.36) | 2.94 | 8.06  |
| &nbsp;&nbsp;&nbsp; **Total from investment** <br>**operations** | &nbsp;&nbsp;&nbsp;&nbsp;2.99 | 2.12 | 6.50 | (1.11) | 3.08 | 8.18  |
| **LESS DISTRIBUTIONS:**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributions from investment <br>income | &nbsp;&nbsp;&nbsp; (0.17) | (0.52) | (0.41) | (0.23) | (0.14) | (0.12)  |
| Distributions from capital gains | &nbsp;&nbsp;&nbsp; — |  | (0.12) | (0.38) | (0.31) | —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (0.17) | (0.52) | (0.53) | (0.61) | (0.45) | (0.12)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $34.46 | $31.64 | $30.04 | $24.07 | $25.79 | $23.16  |
| Total return\* | &nbsp;&nbsp;&nbsp; 9.49% | 7.13% | 27.31% | (4.22)% | 13.39% | 54.29%  |
| **RATIOS/SUPPLEMENTAL DATA**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period <br>(in thousands) | &nbsp;&nbsp;&nbsp; $49133 | $44922 | $55070 | $32256 | $30895 | $28605  |
|  Ratio of expenses to average net assets\*\* | &nbsp;&nbsp;&nbsp; 0.92% | 0.91% | 0.93% | 0.93% | 0.93% | 0.94%  |
|  Ratio of net investment income to average net assets\*\* | &nbsp;&nbsp;&nbsp; 1.13% | 1.08% | 1.29% | 1.07% | 0.56% | 0.63%  |
| Portfolio turnover rate\*<sup>(2)</sup> | &nbsp;&nbsp;&nbsp; 1% | 3% | 4% | 2% | 4% | 20% |

---

\* Not annualized for periods less than one year.

\*\* Annualized for periods less than one year.

<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** <br>**Six Months** <br>**Ended** <br>**September 30,** <br>**2025**<br>(Unaudited) | **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,**  |
|  | **For the** <br>**Six Months** <br>**Ended** <br>**September 30,** <br>**2025**<br>(Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; Net asset value, beginning of <br>period | &nbsp;&nbsp; $31.65 | $30.04 | $24.07 | $25.78 | $23.16 | $15.10  |
|  **INCOME FROM INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | 0.38 | 0.38 | 0.29 | 0.18 | 0.15  |
|  Net gains (losses) on securities (both realized and unrealized) | &nbsp;&nbsp;&nbsp;&nbsp;2.82 | 1.79 | 6.15 | (1.35) | 2.93 | 8.06  |
| &nbsp;&nbsp;&nbsp; **Total from investment** <br>**operations** | &nbsp;&nbsp;&nbsp;&nbsp;3.03 | 2.17 | 6.53 | (1.06) | 3.11 | 8.21  |
| **LESS DISTRIBUTIONS:**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributions from investment <br>income | &nbsp;&nbsp; (0.20) | (0.56) | (0.44) | (0.27) | (0.18) | (0.15)  |
| Distributions from capital gains | &nbsp;&nbsp; — |  | (0.12) | (0.38) | (0.31) | —  |
| **Total distributions** | &nbsp;&nbsp; (0.20) | (0.56) | (0.56) | (0.65) | (0.49) | (0.15)  |
| **Net asset value, end of period** | &nbsp;&nbsp; $34.48 | $31.65 | $30.04 | $24.07 | $25.78 | $23.16  |
| Total return\* | &nbsp;&nbsp; 9.59% | 7.30% | 27.47% | (4.04)% | 13.51% | 54.52%  |
| **RATIOS/SUPPLEMENTAL DATA**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period <br>(in thousands) | &nbsp;&nbsp; $131566 | $118627 | $109497 | $87932 | $85946 | $72405  |
|  Ratio of expenses to average net assets\*\* | &nbsp;&nbsp; 0.77% | 0.78% | 0.78% | 0.78% | 0.78% | 0.79%  |
|  Ratio of net investment income to average net assets\*\* | &nbsp;&nbsp; 1.27% | 1.21% | 1.44% | 1.22% | 0.71% | 0.78%  |
| Portfolio turnover rate\*<sup>(2)</sup> | &nbsp;&nbsp; 1% | 3% | 4% | 2% | 4% | 20% |

---

\* Not annualized for periods less than one year.

\*\* Annualized for periods less than one year.

<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** <br>**Six Months** <br>**Ended** <br>**September 30,** <br>**2025**<br>(Unaudited) | **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,**  |
|  | **For the** <br>**Six Months** <br>**Ended** <br>**September 30,** <br>**2025**<br>(Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021**  |
| &nbsp;&nbsp;&nbsp; Net asset value, beginning of <br>period | &nbsp;&nbsp; $10.63 | $10.64 | $10.20 | $11.23 | $11.82 | $9.72  |
|  **INCOME FROM INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | 0.77 | 0.74 | 0.61 | 0.48 | 0.48  |
|  Net gains (losses) on securities (both realized and unrealized) | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | (0.01) | 0.44 | (0.81)<sup>(2)</sup> | (0.24) | 2.11<sup>(2)</sup>  |
| &nbsp;&nbsp;&nbsp; **Total from investment** <br>**operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | 0.76 | 1.18 | (0.20)<sup>(2)</sup> | 0.24 | 2.59  |
| **LESS DISTRIBUTIONS:**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributions from investment <br>income | &nbsp;&nbsp; (0.38) | (0.77) | (0.74) | (0.64) | (0.48) | (0.49)  |
| Distributions from capital gains | &nbsp;&nbsp; — |  |  | (0.19) | (0.35)<sup>(2)</sup> | (0.00)<sup>(3)</sup>  |
| **Total distributions** | &nbsp;&nbsp; (0.38) | (0.77) | (0.74) | (0.83) | (0.83) | (0.49)  |
| **Net asset value, end of period** | &nbsp;&nbsp; $10.68 | $10.63 | $10.64 | $10.20 | $11.23 | $11.82  |
| Total return\* | &nbsp;&nbsp; 4.10% | 7.29% | 12.07% | (1.63)% | 1.97% | 27.07%  |
| **RATIOS/SUPPLEMENTAL DATA**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period <br>(in thousands) | &nbsp;&nbsp; $131098 | $140076 | $107241 | $58920 | $50581 | $50110  |
|  Ratio of expenses to average net assets\*\* | &nbsp;&nbsp; 1.01% | 1.01% | 1.02% | 1.05% | 1.02% | 1.02%  |
|  Ratio of net investment income to average net assets\*\* | &nbsp;&nbsp; 7.24% | 7.15% | 7.18% | 5.88% | 4.09% | 4.38%  |
| Portfolio turnover rate\*<sup>(4)</sup> | &nbsp;&nbsp; 17% | 29% | 26% | 30% | 41% | 66% |

---

\* Not annualized for periods less than one year.

\*\* Annualized for periods less than one year.

<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** <br>**Six Months** <br>**Ended** <br>**September 30,** <br>**2025**<br>(Unaudited) | **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,**  |
|  | **For the** <br>**Six Months** <br>**Ended** <br>**September 30,** <br>**2025**<br>(Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; Net asset value, beginning of <br>period | &nbsp;&nbsp; $10.62 | $10.63 | $10.19 | $11.22 | $11.81 | $9.71  |
|  **INCOME FROM INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | 0.78 | 0.76 | 0.63 | 0.50 | 0.50  |
|  Net gains (losses) on securities (both realized and unrealized) | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | (0.01) | 0.44 | (0.82) | (0.24) | 2.10  |
| &nbsp;&nbsp;&nbsp; **Total from investment** <br>**operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | 0.77 | 1.20 | (0.19) | 0.26 | 2.60  |
| **LESS DISTRIBUTIONS:**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributions from investment <br>income | &nbsp;&nbsp; (0.40) | (0.78) | (0.76) | (0.65) | (0.50) | (0.50)  |
| Distributions from capital gains | &nbsp;&nbsp; — |  |  | (0.19) | (0.35) | (0.00)<sup>(2)</sup>  |
| **Total distributions** | &nbsp;&nbsp; (0.40) | (0.78) | (0.76) | (0.84) | (0.85) | (0.50)  |
| **Net asset value, end of period** | &nbsp;&nbsp; $10.65 | $10.62 | $10.63 | $10.19 | $11.22 | $11.81  |
| Total return\* | &nbsp;&nbsp; 4.17% | 7.45% | 12.24% | (1.49)% | 2.12% | 27.28%  |
| **RATIOS/SUPPLEMENTAL DATA**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period <br>(in thousands) | &nbsp;&nbsp; $582142 | $525613 | $340331 | $250464 | $245858 | $225715  |
|  Ratio of expenses to average net assets\*\* | &nbsp;&nbsp; 0.86% | 0.86% | 0.86% | 0.89% | 0.87% | 0.86%  |
|  Ratio of net investment income to average net assets\*\* | &nbsp;&nbsp; 7.39% | 7.30% | 7.33% | 6.03% | 4.24% | 4.51%  |
| Portfolio turnover rate\*<sup>(3)</sup> | &nbsp;&nbsp; 17% | 29% | 26% | 30% | 41% | 66% |

---

\* Not annualized for periods less than one year.

\*\* Annualized for periods less than one year.

<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** <br>**Six Months** <br>**Ended** <br>**September 30,** <br>**2025**<br>(Unaudited) | **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,**  |
|  | **For the** <br>**Six Months** <br>**Ended** <br>**September 30,** <br>**2025**<br>(Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; Net asset value, beginning of <br>period | &nbsp;&nbsp; $21.64 | $22.31 | $20.23 | $20.65 | $20.51 | $13.54  |
|  **INCOME FROM INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | 0.15 | 0.18 | 0.13 | 0.03 | 0.04  |
|  Net gains (losses) on securities (both realized and unrealized) | &nbsp;&nbsp;&nbsp;&nbsp;2.13 | (0.65) | 2.03 | (0.22) | 0.39 | 6.98  |
| &nbsp;&nbsp;&nbsp; **Total from investment** <br>**operations** | &nbsp;&nbsp;&nbsp;&nbsp;2.26 | (0.50) | 2.21 | (0.09) | 0.42 | 7.02  |
| **LESS DISTRIBUTIONS:**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributions from investment <br>income | &nbsp;&nbsp; — | (0.17) | (0.13) | (0.08) | (0.02) | (0.05)  |
| Distributions from capital gains | &nbsp;&nbsp; — |  |  | (0.25) | (0.26) | (0.00)<sup>(2)</sup>  |
| **Total distributions** | &nbsp;&nbsp; — | (0.17) | (0.13) | (0.33) | (0.28) | (0.05)  |
| **Net asset value, end of period** | &nbsp;&nbsp; $23.90 | $21.64 | $22.31 | $20.23 | $20.65 | $20.51  |
| Total return\* | &nbsp;&nbsp; 10.40% | (2.19)% | 10.89% | (0.21)% | 1.94% | 51.79%  |
| **RATIOS/SUPPLEMENTAL DATA**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period <br>(in thousands) | &nbsp;&nbsp; $245370 | $250875 | $353298 | $253664 | $263120 | $260044  |
|  Ratio of expenses to average net assets\*\* | &nbsp;&nbsp; 1.03% | 1.03% | 1.03% | 1.03% | 1.03% | 1.03%  |
|  Ratio of net investment income to average net assets\*\* | &nbsp;&nbsp; 1.13% | 0.67% | 0.84% | 0.71% | 0.14% | 0.22%  |
| Portfolio turnover rate\*<sup>(3)</sup> | &nbsp;&nbsp; 9% | 10% | 1% | 8% | 13% | 14% |

---

\* Not annualized for periods less than one year.

\*\* Annualized for periods less than one year.

<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** <br>**Six Months** <br>**Ended** <br>**September 30,** <br>**2025**<br>(Unaudited) | **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,**  |
|  | **For the** <br>**Six Months** <br>**Ended** <br>**September 30,** <br>**2025**<br>(Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; Net asset value, beginning of <br>period | &nbsp;&nbsp; $21.66 | $22.33 | $20.25 | $20.67 | $20.53 | $13.55  |
|  **INCOME FROM INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | 0.18 | 0.20 | 0.16 | 0.06 | 0.07  |
|  Net gains (losses) on securities (both realized and unrealized) | &nbsp;&nbsp;&nbsp;&nbsp;2.12 | (0.64) | 2.03 | (0.22) | 0.39 | 6.99  |
| &nbsp;&nbsp;&nbsp; **Total from investment** <br>**operations** | &nbsp;&nbsp;&nbsp;&nbsp;2.27 | (0.46) | 2.23 | (0.06) | 0.45 | 7.06  |
| **LESS DISTRIBUTIONS:**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributions from investment <br>income | &nbsp;&nbsp; — | (0.21) | (0.15) | (0.11) | (0.05) | (0.08)  |
| Distributions from capital gains | &nbsp;&nbsp; — |  |  | (0.25) | (0.26) | (0.00)<sup>(2)</sup>  |
| **Total distributions** | &nbsp;&nbsp; — | (0.21) | (0.15) | (0.36) | (0.31) | (0.08)  |
| **Net asset value, end of period** | &nbsp;&nbsp; $23.93 | $21.66 | $22.33 | $20.25 | $20.67 | $20.53  |
| Total return\* | &nbsp;&nbsp; 10.48% | (2.01)% | 11.08% | (0.09)% | 2.08% | 52.12%  |
| **RATIOS/SUPPLEMENTAL DATA**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period <br>(in thousands) | &nbsp;&nbsp; $685731 | $626511 | $727185 | $356850 | $316602 | $285595  |
|  Ratio of expenses to average net assets\*\* | &nbsp;&nbsp; 0.88% | 0.88% | 0.88% | 0.88% | 0.88% | 0.88%  |
|  Ratio of net investment income to average net assets\*\* | &nbsp;&nbsp; 1.28% | 0.82% | 0.99% | 0.86% | 0.29% | 0.37%  |
| Portfolio turnover rate\*<sup>(3)</sup> | &nbsp;&nbsp; 9% | 10% | 1% | 8% | 13% | 14% |

---

\* Not annualized for periods less than one year.

\*\* Annualized for periods less than one year.

<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** <br>**Six Months** <br>**Ended** <br>**September 30,** <br>**2025**<br>(Unaudited) | **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,**  |
|  | **For the** <br>**Six Months** <br>**Ended** <br>**September 30,** <br>**2025**<br>(Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; Net asset value, beginning of <br>period | &nbsp;&nbsp; $21.73 | $25.50 | $21.30 | $25.31 | $30.82 | $19.88  |
|  **INCOME FROM INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment loss<sup>(1)</sup> | &nbsp;&nbsp; (0.06) | (0.11) | (0.08) | (0.12) | (0.21) | (0.18)  |
|  Net gains (losses) on securities (both realized and unrealized) | &nbsp;&nbsp;&nbsp;&nbsp;1.76 | (1.35) | 4.28 | (2.52) | (0.93) | 13.51  |
| &nbsp;&nbsp;&nbsp; **Total from investment** <br>**operations** | &nbsp;&nbsp;&nbsp;&nbsp;1.70 | (1.46) | 4.20 | (2.64) | (1.14) | 13.33  |
| **LESS DISTRIBUTIONS:**<br>|  |  |  |  |  |  |
| Distributions from capital gains | &nbsp;&nbsp; — | (2.31) |  | (1.37) | (4.37) | (2.39)  |
| **Total distributions** | &nbsp;&nbsp; — | (2.31) |  | (1.37) | (4.37) | (2.39)  |
| **Net asset value, end of period** | &nbsp;&nbsp; $23.43 | $21.73 | $25.50 | $21.30 | $25.31 | $30.82  |
| Total return\* | &nbsp;&nbsp; 7.82% | (6.73)% | 19.72% | (10.12)% | (4.58)% | 67.49%  |
| **RATIOS/SUPPLEMENTAL DATA**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period <br>(in thousands) | &nbsp;&nbsp; $398076 | $432473 | $636244 | $722077 | $1099258 | $1442145  |
|  Ratio of expenses to average net assets\*\* | &nbsp;&nbsp; 1.01% | 0.99% | 1.00% | 1.01% | 1.00% | 1.01%  |
|  Ratio of net investment loss to average net assets\*\* | &nbsp;&nbsp; (0.50)% | (0.47)% | (0.35)% | (0.58)% | (0.70)% | (0.64)%  |
| Portfolio turnover rate\*<sup>(2)</sup> | &nbsp;&nbsp; 33% | 33% | 42% | 26% | 41% | 84% |

---

\* Not annualized for periods less than one year.

\*\* Annualized for periods less than one year.

<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** <br>**Six Months** <br>**Ended** <br>**September 30,** <br>**2025**<br>(Unaudited) | **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,**  |
|  | **For the** <br>**Six Months** <br>**Ended** <br>**September 30,** <br>**2025**<br>(Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021**  |
| &nbsp;&nbsp;&nbsp; Net asset value, beginning of <br>period | &nbsp;&nbsp; $21.96 | $25.72 | $21.46 | $25.44 | $30.92 | $19.91  |
|  **INCOME FROM INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment loss<sup>(1)</sup> | &nbsp;&nbsp; (0.04) | (0.08) | (0.05) | (0.09) | (0.17) | (0.14)  |
|  Net gains (losses) on securities (both realized and unrealized) | &nbsp;&nbsp;&nbsp;&nbsp;1.79 | (1.37) | 4.31 | (2.52) | (0.94) | 13.54  |
| &nbsp;&nbsp;&nbsp; **Total from investment** <br>**operations** | &nbsp;&nbsp;&nbsp;&nbsp;1.75 | (1.45) | 4.26 | (2.61) | (1.11) | 13.40  |
| **LESS DISTRIBUTIONS:**<br>|  |  |  |  |  |  |
| Distributions from capital gains | &nbsp;&nbsp; — | (2.31) |  | (1.37) | (4.37) | (2.39)  |
| **Total distributions** | &nbsp;&nbsp; — | (2.31) |  | (1.37) | (4.37) | (2.39)  |
| **Net asset value, end of period** | &nbsp;&nbsp; $23.71 | $21.96 | $25.72 | $21.46 | $25.44 | $30.92  |
| Total return\* | &nbsp;&nbsp; 7.87% | (6.63)% | 19.85% | (9.94)% | (4.46)% | 67.75%  |
| **RATIOS/SUPPLEMENTAL DATA**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period <br>(in thousands) | &nbsp;&nbsp; $132279 | $139616 | $197792 | $186695 | $363369 | $337999  |
|  Ratio of expenses to average net assets\*\* | &nbsp;&nbsp; 0.86% | 0.86% | 0.86% | 0.86% | 0.86% | 0.86%  |
|  Ratio of net investment loss to average net assets\*\* | &nbsp;&nbsp; (0.35)% | (0.33)% | (0.20)% | (0.43)% | (0.55)% | (0.50)%  |
| Portfolio turnover rate\*<sup>(2)</sup> | &nbsp;&nbsp; 33% | 33% | 42% | 26% | 41% | 84% |

---

\* Not annualized for periods less than one year.

\*\* Annualized for periods less than one year.

<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** <br>**Six Months** <br>**Ended** <br>**September 30,** <br>**2025**<br>(Unaudited) | **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,**  |
|  | **For the** <br>**Six Months** <br>**Ended** <br>**September 30,** <br>**2025**<br>(Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; Net asset value, beginning of <br>period | &nbsp;&nbsp;&nbsp; $15.59 | $17.25 | $14.72 | $17.72 | $20.19 | $13.02  |
|  **INCOME FROM INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment loss<sup>(1)</sup> | &nbsp;&nbsp;&nbsp; (0.03) | (0.07) | (0.06) | (0.07) | (0.11) | (0.11)  |
|  Net gains (losses) on securities (both realized and unrealized) | &nbsp;&nbsp;&nbsp;&nbsp;1.33 | (0.46) | 3.44 | (2.19) | (0.10) | 8.61  |
| &nbsp;&nbsp;&nbsp; **Total from investment** <br>**operations** | &nbsp;&nbsp;&nbsp;&nbsp;1.30 | (0.53) | 3.38 | (2.26) | (0.21) | 8.50  |
| **LESS DISTRIBUTIONS:**<br>|  |  |  |  |  |  |
| Distributions from capital gains | &nbsp;&nbsp;&nbsp; — | (1.13) | (0.85) | (0.74) | (2.26) | (1.33)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; — | (1.13) | (0.85) | (0.74) | (2.26) | (1.33)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $16.89 | $15.59 | $17.25 | $14.72 | $17.72 | $20.19  |
| Total return\* | &nbsp;&nbsp;&nbsp; 8.34% | (3.72)% | 23.74% | (12.58)% | (1.55)% | 65.92%  |
| **RATIOS/SUPPLEMENTAL DATA**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period <br>(in thousands) | &nbsp;&nbsp;&nbsp; $64709 | $64767 | $80729 | $73144 | $96992 | $107061  |
|  Ratio of expenses to average net assets\*\* | &nbsp;&nbsp;&nbsp; 1.03% | 1.00% | 0.97% | 1.03% | 1.02% | 1.03%  |
|  Ratio of net investment loss to average net assets\*\* | &nbsp;&nbsp;&nbsp; (0.36)% | (0.40)% | (0.39)% | (0.48)% | (0.56)% | (0.63)%  |
| Portfolio turnover rate\*<sup>(2)</sup> | &nbsp;&nbsp;&nbsp; 14% | 13% | 17% | 23% | 19% | 41% |

---

\* Not annualized for periods less than one year.

\*\* Annualized for periods less than one year.

<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>

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**[**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** <br>**Six Months** <br>**Ended** <br>**September 30,** <br>**2025**<br>(Unaudited) | **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,**  |
|  | **For the** <br>**Six Months** <br>**Ended** <br>**September 30,** <br>**2025**<br>(Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; Net asset value, beginning of <br>period | &nbsp;&nbsp;&nbsp; $15.74 | $17.39 | $14.82 | $17.81 | $20.24 | $13.03  |
|  **INCOME FROM INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment loss<sup>(1)</sup> | &nbsp;&nbsp;&nbsp; (0.02) | (0.05) | (0.04) | (0.05) | (0.08) | (0.09)  |
|  Net gains (losses) on securities (both realized and unrealized) | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | (0.47) | 3.46 | (2.20) | (0.09) | 8.63  |
| &nbsp;&nbsp;&nbsp; **Total from investment** <br>**operations** | &nbsp;&nbsp;&nbsp;&nbsp;1.33 | (0.52) | 3.42 | (2.25) | (0.17) | 8.54  |
| **LESS DISTRIBUTIONS:**<br>|  |  |  |  |  |  |
| Distributions from capital gains | &nbsp;&nbsp;&nbsp; — | (1.13) | (0.85) | (0.74) | (2.26) | (1.33)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; — | (1.13) | (0.85) | (0.74) | (2.26) | (1.33)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $17.07 | $15.74 | $17.39 | $14.82 | $17.81 | $20.24  |
| Total return\* | &nbsp;&nbsp;&nbsp; 8.32% | (3.63)% | 23.85% | (12.46)% | (1.34)% | 66.18%  |
| **RATIOS/SUPPLEMENTAL DATA**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period <br>(in thousands) | &nbsp;&nbsp;&nbsp; $74053 | $69867 | $76334 | $65699 | $82831 | $83642  |
|  Ratio of expenses to average net assets\*\* | &nbsp;&nbsp;&nbsp; 0.88% | 0.87% | 0.87% | 0.88% | 0.87% | 0.88%  |
|  Ratio of net investment loss to average net assets\*\* | &nbsp;&nbsp;&nbsp; (0.21)% | (0.27)% | (0.29)% | (0.33)% | (0.41)% | (0.48)%  |
| Portfolio turnover rate\*<sup>(2)</sup> | &nbsp;&nbsp;&nbsp; 14% | 13% | 17% | 23% | 19% | 41% |

---

\* Not annualized for periods less than one year.

\*\* Annualized for periods less than one year.

<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** <br>**Six Months** <br>**Ended** <br>**September 30,** <br>**2025**<br>(Unaudited) | **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,**  |
|  | **For the** <br>**Six Months** <br>**Ended** <br>**September 30,** <br>**2025**<br>(Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021**  |
| &nbsp;&nbsp;&nbsp; Net asset value, beginning of <br>period | &nbsp;&nbsp; $13.41 | $14.73 | $14.18 | $16.11 | $22.14 | $10.94  |
|  **INCOME FROM INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment loss<sup>(1)</sup> | &nbsp;&nbsp; (0.04) | (0.07) | (0.06) | (0.07) | (0.17) | (0.15)  |
|  Net gains (losses) on securities (both realized and unrealized) | &nbsp;&nbsp;&nbsp;&nbsp;1.45 | (1.25) | 0.61 | (1.86) | (3.27) | 13.23  |
| &nbsp;&nbsp;&nbsp; **Total from investment** <br>**operations** | &nbsp;&nbsp;&nbsp;&nbsp;1.41 | (1.32) | 0.55 | (1.93) | (3.44) | 13.08  |
| **LESS DISTRIBUTIONS:**<br>|  |  |  |  |  |  |
| Distributions from capital gains | &nbsp;&nbsp; — |  |  |  | (2.59) | (1.88)  |
| **Total distributions** | &nbsp;&nbsp; — |  |  |  | (2.59) | (1.88)  |
| **Net asset value, end of period** | &nbsp;&nbsp; $14.82 | $13.41 | $14.73 | $14.18 | $16.11 | $22.14  |
| Total return\* | &nbsp;&nbsp; 10.51% | (8.96)% | 3.88% | (11.98)% | (16.93)% | 120.78%  |
| **RATIOS/SUPPLEMENTAL DATA**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period <br>(in thousands) | &nbsp;&nbsp; $320990 | $324819 | $473215 | $575979 | $697647 | $801388  |
|  Ratio of expenses to average net assets\*\* | &nbsp;&nbsp; 0.99% | 0.88% | 0.96% | 0.98% | 1.01% | 1.01%  |
|  Ratio of net investment loss to average net assets\*\* | &nbsp;&nbsp; (0.55)% | (0.48)% | (0.42)% | (0.50)% | (0.83)% | (0.81)%  |
| Portfolio turnover rate\*<sup>(2)</sup> | &nbsp;&nbsp; 25% | 20% | 26% | 44% | 59% | 63% |

---

\* Not annualized for periods less than one year.

\*\* Annualized for periods less than one year.

<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** <br>**Six Months** <br>**Ended** <br>**September 30,** <br>**2025**<br>(Unaudited) | **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,**  |
|  | **For the** <br>**Six Months** <br>**Ended** <br>**September 30,** <br>**2025**<br>(Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; Net asset value, beginning of <br>period | &nbsp;&nbsp; $13.51 | $14.84 | $14.26 | $16.19 | $22.20 | $10.96  |
|  **INCOME FROM INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment loss<sup>(1)</sup> | &nbsp;&nbsp; (0.03) | (0.07) | (0.04) | (0.05) | (0.14) | (0.12)<sup>(2)</sup>  |
|  Net gains (losses) on securities (both realized and unrealized) | &nbsp;&nbsp;&nbsp;&nbsp;1.46 | (1.26) | 0.62 | (1.88) | (3.28) | 13.24  |
| &nbsp;&nbsp;&nbsp; **Total from investment** <br>**operations** | &nbsp;&nbsp;&nbsp;&nbsp;1.43 | (1.33) | 0.58 | (1.93) | (3.42) | 13.12<sup>(2)</sup>  |
| **LESS DISTRIBUTIONS:**<br>|  |  |  |  |  |  |
| Distributions from capital gains | &nbsp;&nbsp; — |  |  |  | (2.59) | (1.88)  |
| **Total distributions** | &nbsp;&nbsp; — |  |  |  | (2.59) | (1.88)  |
| **Net asset value, end of period** | &nbsp;&nbsp; $14.94 | $13.51 | $14.84 | $14.26 | $16.19 | $22.20  |
| Total return\* | &nbsp;&nbsp; 10.58% | (8.96)% | 4.07% | (11.92)% | (16.79)% | 121.14%  |
| **RATIOS/SUPPLEMENTAL DATA**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period <br>(in thousands) | &nbsp;&nbsp; $162643 | $180869 | $232775 | $274065 | $281276 | $328588  |
|  Ratio of expenses to average net assets\*\* | &nbsp;&nbsp; 0.86% | 0.86% | 0.86% | 0.86% | 0.86% | 0.86%  |
|  Ratio of net investment loss to average net assets\*\* | &nbsp;&nbsp; (0.42)% | (0.45)% | (0.32)% | (0.38)% | (0.68)% | (0.67)%  |
| Portfolio turnover rate\*<sup>(3)</sup> | &nbsp;&nbsp; 25% | 20% | 26% | 44% | 59% | 63% |

---

\* Not annualized for periods less than one year.

\*\* Annualized for periods less than one year.

<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** 

**September 30, 2025 (Unaudited)** 

1. SIGNIFICANT ACCOUNTING POLICIES:

The Buffalo Funds (comprised of the 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) (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 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

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**BUFFALO FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**September 30, 2025 (Unaudited)(Continued)** 

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 September 30, 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 September 30, 2025, the Buffalo International Fund held 54 securities where a foreign fair value factor was applied, with a market value of $582,061,144 or 62.51% 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 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

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**BUFFALO FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**September 30, 2025 (Unaudited)(Continued)** 

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 September 30, 2025. These assets are measured on a recurring basis.

**Buffalo Blue Chip Growth Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Common Stocks | $159979656  | $—  | $—  | $159979656  |
| Exchange Traded Funds | 1718907  | —  | —  | 1718907  |
| Money Market Funds | 8433512  | —  | —  | 8433512  |
| **Total\*** | $170132075  | $—  | $—  | $170132075 |

---

**Buffalo Early Stage Growth Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Common Stocks | $68728025  | $—  | $—  | $68728025  |
|  Real Estate Investment Trusts | 682380  | —  | —  | 682380  |
| Money Market Funds | 10972  | —  | —  | 10972  |
| **Total\*** | $69421377  | $—  | $—  | $69421377 |

---

**Buffalo Flexible Allocation Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Common Stocks | $438338677  | $—  | $—  | $438338677  |
|  Real Estate Investment Trusts | 14694800  | —  | —  | 14694800  |
| Money Market Funds | 1272819  | —  | —  | 1272819  |
| **Total\*** | $454306296  | $—  | $—  | $454306296  |
| Written Options | $2350  | $—  | $—  | $2350 |

---

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**BUFFALO FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**September 30, 2025 (Unaudited)(Continued)** 

**Buffalo Growth Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Common Stocks | $187965780  | $—  | $—  | $187965780  |
| Money Market Funds | 4004658  | —  | —  | 4004658  |
| **Total\*** | $191970438  | $—  | $—  | $191970438 |

---

**Buffalo Growth & Income Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Common Stocks | $153223561  | $—  | $—  | $153223561  |
|  Real Estate Investment Trusts | 11957451  | —  | —  | 11957451  |
| Convertible Bonds | —  | 4048696  | —  | 4048696  |
| &nbsp;&nbsp;&nbsp; Convertible Preferred <br>Stocks | 1982100  | —  | —  | 1982100  |
| Money Market Funds | 9496632  | —  | —  | 9496632  |
| **Total\*** | $176659744  | $4048696  | $— | $180708440 |

---

**Buffalo High Yield Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Corporate Bonds | $—  | $444475433  | $—  | $444475433  |
| Bank Loans | —  | 193236824  | —  | 193236824  |
| &nbsp;&nbsp;&nbsp; Convertible Preferred <br>Stocks | 16073400  | —  | —  | 16073400  |
| Convertible Bonds | —  | 13653442  | —  | 13653442  |
| Money Market Funds | 36609897  | —  | —  | 36609897  |
| **Total\*** | $52683297  | $651365699  | $—  | $704048996 |

---

**Buffalo International Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Common Stocks | $292702739  | $582061144  | $—  | $874763883  |
| Warrants | —  | —  | 0 | 0  |
| Money Market Funds | 47262580  | —  | —  | 47262580  |
| **Total\*** | $339965319  | $582061144  | $0  | $922026463 |

---

**Buffalo Mid Cap Discovery Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Common Stocks | $495857359  | $—  | $—  | $495857359  |
| Money Market Funds | 28012817  | —  | —  | 28012817  |
| **Total\*** | $523870176  | $—  | $—  | $523870176 |

---

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**BUFFALO FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**September 30, 2025 (Unaudited)(Continued)** 

**Buffalo Mid Cap Growth Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Common Stocks | $131342470  | $—  | $—  | $131342470  |
|  Real Estate Investment Trusts | 1781400  | —  | —  | 1781400  |
| Money Market Funds | 5750684  | —  | —  | 5750684  |
| **Total\*** | $138874554  | $—  | $—  | $138874554 |

---

**Buffalo Small Cap Growth Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Common Stocks | $469621179  | $—  | $949  | $469622128  |
| Money Market Funds | 16171489  | —  | —  | 16171489  |
| **Total\*** | $485792668  | $—  | $949  | $485793617 |

---

\* 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 period ended September 30, 2025:

---

| | |
|:---|:---|
| **Fair Value Measurement Using Significant Unobservable Inputs (Level 3)**  | **Investments** <br>**in Securities** <br>**Period Ended** <br>**September 30, 2025**  |
| Fair Value as of 3/31/2025  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0  |
| Total unrealized gains included in earnings  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Realized gains included in earnings  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Purchases  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Sales  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Fair Value as of 9/30/2025  | &nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp; $— |

---

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**BUFFALO FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**September 30, 2025 (Unaudited)(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 period ended September 30, 2025:

---

| | |
|:---|:---|
| **Fair Value Measurement Using Significant Unobservable Inputs (Level 3)**  | **Investments** <br>**in Securities** <br>**Period Ended** <br>**September 30, 2025**  |
| Fair Value as of 3/31/2025  | &nbsp;&nbsp;&nbsp;&nbsp; $949  |
| Total unrealized gains included in earnings  | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Realized gains included in earnings  | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Purchases  | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Sales  | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Fair Value as of 9/30/2025  | &nbsp;&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;&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 September 30, 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 September 30, 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 period, 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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**BUFFALO FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**September 30, 2025 (Unaudited)(Continued)** 

&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.

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

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**BUFFALO FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**September 30, 2025 (Unaudited)(Continued)** 

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;J. *Segment Reporting* – Management has evaluated the impact of adopting ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment
 Disclosures 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. Each Fund's income, expenses, assets, and performance are regularly monitored and assessed
 by the Fund's Principal Financial Officer, who serves as the chief operating decision maker, using the information presented in
 the financial statements and financial highlights.

2. FEDERAL TAX MATTERS:

The tax character of distributions paid during the six months ended September 30, 2025, and the year ended March 31, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**September 30, 2025**  | **Six Months Ended** <br>**September 30, 2025**  | **Year Ended** <br>**March 31, 2025** | **Year Ended** <br>**March 31, 2025** |
| **Funds** | **Ordinary** <br>**Income** | **Long-Term** <br>**Capital Gains**  | **Ordinary** <br>**Income** | **Long-Term** <br>**Capital Gains** |
| Buffalo Blue Chip Growth Fund | $— | $—  | $166502 | $5277543 |
| Buffalo Early Stage Growth Fund |  | —  |  |  |
| Buffalo Flexible Allocation Fund | 4237787 | —  | 8128134 | 9774742 |
| Buffalo Growth Fund |  | —  |  | 14442014 |
| Buffalo Growth & Income Fund | 1006841 | —  | 2895093 |  |
| Buffalo High Yield Fund | 26022953 | —  | 41113593 |  |
| Buffalo International Fund |  | —  | 9009753 |  |
| Buffalo Mid Cap Discovery Fund |  | —  |  | 62600806 |
| Buffalo Mid Cap Growth Fund |  | —  | 143208 | 9288740 |
| Buffalo Small Cap Growth Fund |  |  |  |  |

---

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**BUFFALO FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**September 30, 2025 (Unaudited)(Continued)** 

For tax purposes, distributions from short-term capital gain distributions are included in ordinary income distributions.

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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**BUFFALO FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**September 30, 2025 (Unaudited)(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**  |
| 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** 

**September 30, 2025 (Unaudited)(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 Blue Chip Growth Fund, Buffalo Early Stage Growth Fund, Buffalo Growth Fund and Buffalo Growth & Income Fund that have a management fee rate of 0.75%, 1.30%, 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 0.30% of each Fund's average daily net assets out of the fees KCM receives from the Funds, except for the Buffalo Blue Chip Growth Fund, Buffalo Growth Fund

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**BUFFALO FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**September 30, 2025 (Unaudited)(Continued)** 

and Buffalo Growth & Income Fund, where GFS receives 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 $82,622 in custody fees during the six months ended September 30, 2025, and owed $24,297 for custody fees as of September 30, 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 six months ended September 30, 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 | $41538148  | $18910384  | $688876  | $9865952  | $5780728  |
| Proceeds from Sales | 45154286  | 15728011  | 24605903  | 17674779  | 2396058 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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 | $139495129  | $75464429  | $179141130  | $18998180  | $118492034  |
| Proceeds from Sales | 109164814  | 146956950  | 265147787  | 25284732  | 167455943 |

---

There were no purchases or sales of long-term U.S. government securities for any Funds during the six months ended September 30, 2025.

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**NOTES TO FINANCIAL STATEMENTS** 

**September 30, 2025 (Unaudited)(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 six months ended September 30, 2025, Investor Class shareholder servicing fees were as follows:

---

| | |
|:---|:---|
| **Funds** | **Investor Class** <br>**Shareholder** <br>**Servicing Fee**  |
| Buffalo Blue Chip Growth Fund | &nbsp;&nbsp; $27868  |
| Buffalo Early Stage Growth Fund | &nbsp;&nbsp; 22558  |
| Buffalo Flexible Allocation Fund | &nbsp;&nbsp; 198175  |
| Buffalo Growth Fund | &nbsp;&nbsp; 56662  |
| Buffalo Growth & Income Fund | &nbsp;&nbsp; 34180  |
| Buffalo High Yield Fund | &nbsp;&nbsp; 97955  |
| Buffalo International Fund | &nbsp;&nbsp; 185922  |
| Buffalo Mid Cap Discovery Fund | &nbsp;&nbsp; 320781  |
| Buffalo Mid Cap Growth Fund | &nbsp;&nbsp; 49347  |
| Buffalo Small Cap Growth Fund | &nbsp;&nbsp; 211529 |

---

6. WRITTEN OPTIONS:

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 six months ended September 30, 2025. For the six months ended September 30, 2025, the quarterly average gross notional amount of derivatives held by the Buffalo Flexible Allocation Fund was $8,718,700, 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 September 30, 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 September 30, 2025:

---

| | |
|:---|:---|
| **Derivative Investment Type** | **Value**  |
| **Liability Derivatives**<br>|  |
| Buffalo Flexible Allocation Fund<br>|  |
| Written Options - equity contracts | $2350 |

---

The following is a summary of the effect of derivative investments on the Fund's Statement of Operations for the six months ended September 30, 2025:

---

| | |
|:---|:---|
| **Derivative Investment Type** | **Realized Gain on** <br>**Written Options**  |
| Buffalo Flexible Allocation Fund<br>|  |
| Written Options - equity contracts | $146502 |

---

93<br>

------

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

**BUFFALO FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | |
|:---|:---|
| **Derivative Investment Type** | **Change in Unrealized** <br>**Appreciation/Depreciation** <br>**on Written Options**  |
| Buffalo Flexible Allocation Fund<br>|  |
| Written Options - equity contracts | $6006 |

---

During the six months ended September 30, 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 standards 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.

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 21, 2026. 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. During the six months ended September 30, 2025, none of the Funds had borrowings under the credit facility.

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 September 30, 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.

94<br>

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

**BUFFALO FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**September 30, 2025 (Unaudited)(Continued)** 

10. NEW ACCOUNTING PRONOUNCEMENT:

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740) Improvements to Income tax disclosures ("ASU 2023-09"). The primary purpose of the amendments within ASU 2023-09 is to enhance the transparency and decision usefulness of income tax disclosures primarily related to the rate reconciliation table and income taxes paid information. The amendments in ASU 2023-09 are effective for annual periods beginning December 15, 2024. Management is currently evaluating the implications of these changes on the financial statements.

11. SUBSEQUENT EVENTS:

Management has evaluated the events and transactions that have occurred after September 30, 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.

95<br>

------

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial Highlights are included within the financial statements filed under Item 7 of this Form.

**<u>Item 8.</u> <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>Item 9.</u> <u>Proxy Disclosure for Open-End Investment Companies</u>.**

There were no matters submitted to a vote of shareholders during the period covered by this report.

**<u>Item 10.</u> <u>Remuneration Paid to Directors, Officers, and Others of Open-End Investment</u> <u>Companies</u>.** 

The aggregate compensation paid to the Funds' non-interested trustees for their service on the Funds' Board for the six months ended September 30, 2025 was $164,500.

**<u>Item 11.</u> <u>Statement Regarding Basis for Approval of Investment Advisory Contract.</u>**

Not applicable.

96<br>

&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>**

There were no matters submitted to a vote of shareholders during the period covered by this report.

**<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 six months ended September 30, 2025 was $164,500.

**<u>Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.</u>**

Not applicable.

**<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.* Not applicable.

&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 Investment Company Act of 1940 (17 CFR 270.30a-2(a)).* Filed herewith.](bfsa-efp18653_ex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) *Any written solicitation to purchase securities under Rule 23c-1 under the Act 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.](bfsa-efp18653_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.

(Registrant) Buffalo Funds

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Laura Symon Browne |
|  | Laura Symon Browne |
|  | President and Treasurer |
|  | (Principal Executive Officer and Principal Financial Officer) |

---

Date <u>11/26/2025</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 (Signature and Title)\* | /s/ Laura Symon Browne |
|  | Laura Symon Browne |
|  | President and Treasurer |
|  | (Principal Executive Officer and Principal Financial Officer) |

---

Date <u>11/26/2025</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: | 11/26/2025 | /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 period ended September 30, 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) |
| Buffalo Funds |

---

Date: <u>11/26/2025</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.