# EDGAR Filing Document

**Accession Number:** 0001135300
**File Stem:** 0001145549-23-013914
**Filing Date:** 2023-3
**Character Count:** 44083
**Document Hash:** 67a4f10ef98b2663ac93837bd5aa3f17
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-013914.hdr.sgml**: 20230301

**ACCESSION NUMBER**: 0001145549-23-013914

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230301

**DATE AS OF CHANGE**: 20230228

**PERIOD START**: 20230331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BUFFALO FUNDS
- **CENTRAL INDEX KEY:** 0001135300
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-10303
- **FILM NUMBER:** 23688299

**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 Flexible Income Fund (Series ID: S000022450)

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

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Buffalo Flexible Income Fund** | **Buffalo Flexible Income Fund** | **Buffalo Flexible Income Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **December 31, 2022 (Unaudited)** | **December 31, 2022 (Unaudited)** | **December 31, 2022 (Unaudited)** |
| **Shares or Face Amount** |  | **Fair Value\*** |
|  | **COMMON STOCKS - 95.30%** | |
|  | **Communication Services - 4.18%** | |
|  | **Diversified Telecommunication Services - 3.47%** | |
| 400000 | AT&T, Inc. | 7364000 |
| 250000 | Verizon Communications, Inc. (c) | 9850000 |
|  |  | 17214000 |
|  | **Entertainment - 0.71%** |  |
| 140000 | Lions Gate Entertainment Corp. - Class A - ADR (a)(b) | 799400 |
| 500000 | Lions Gate Entertainment Corp. - Class B - ADR (a)(b) | 2715000 |
|  |  | 3514400 |
|  | **Total Communication Services (Cost $27,238,623)** | **20728400** |
|  | **Consumer Staples - 19.03%** |  |
|  | **Beverages - 4.84%** |  |
| 80000 | PepsiCo, Inc. | 14452800 |
| 150000 | The Coca Cola Co. | 9541500 |
|  |  | 23994300 |
|  | **Food & Staples Retailing - 2.76%** |  |
| 30000 | Costco Wholesale Corp. | 13695000 |
|  | **Food Products - 5.09%** |  |
| 300000 | B&G Foods, Inc. | 3345000 |
| 89000 | ConAgra Foods, Inc. | 3444300 |
| 150000 | General Mills, Inc. | 12577500 |
| 60000 | Kellogg Co. | 4274400 |
| 40000 | The Kraft Heinz Co. | 1628400 |
|  |  | 25269600 |
|  | **Household Products - 6.02%** |  |
| 25000 | Colgate-Palmolive Co. | 1969750 |
| 70000 | Kimberly-Clark Corp. | 9502500 |
| 50000 | The Clorox Co. | 7016500 |
| 75000 | The Procter & Gamble Co. | 11367000 |
|  |  | 29855750 |
|  | **Personal Products - 0.32%** |  |
| 200000 | Haleon PLC - ADR (a)(b) | 1600000 |
|  | **Total Consumer Staples (Cost $42,971,866)** | **94414650** |
|  | **Energy - 28.78%** |  |
|  | **Energy Equipment & Services - 2.16%** |  |
| 200000 | Schlumberger Ltd. - ADR (b) | 10692000 |
|  | **Oil, Gas & Consumable Fuels - 26.62%** |  |
| 400000 | APA Corp. | 18672000 |
| 125000 | Chevron Corp. | 22436250 |
| 165000 | ConocoPhillips | 19470000 |
| 140000 | Delek Logistics Partners LP | 6335000 |
| 165000 | Exxon Mobil Corp. (c) | 18199500 |
| 145000 | Hess Corp. | 20563900 |
| 70000 | HF Sinclair Corp. | 3632300 |
| 560000 | Kinder Morgan, Inc. | 10124800 |
| 85000 | Marathon Petroleum Corp. | 9893150 |
| 88000 | Suncor Energy, Inc. - ADR (b) | 2792240 |
|  |  | 132119140 |
|  | **Total Energy (Cost $69,050,914)** | **142811140** |
|  | **Financials - 8.13%** |  |
|  | **Banks - 2.68%** |  |
| 108850 | Citizens Financial Group, Inc. | 4285424 |
| 210000 | Truist Financial Corp. | 9036300 |
|  |  | 13321724 |
|  | **Insurance - 5.45%** |  |
| 95000 | The Allstate Corp. | 12882000 |
| 75000 | Arthur J. Gallagher & Co. | 14140500 |
|  |  | 27022500 |
|  | **Total Financials (Cost $18,694,828)** | **40344224** |
|  | **Health Care - 16.49%** |  |
|  | **Biotechnology - 1.73%** |  |
| 100000 | Gilead Sciences, Inc. | 8585000 |
|  | **Health Care Equipment & Supplies - 2.58%** |  |
| 75000 | Abbott Laboratories | 8234250 |
| 90000 | Baxter International, Inc. | 4587300 |
|  |  | 12821550 |
|  | **Pharmaceuticals - 12.18%** |  |
| 15000 | Bristol-Myers Squibb Co. | 1079250 |
| 45000 | Eli Lilly & Co. | 16462800 |
| 181920 | GSK PLC - ADR (b) | 6392669 |
| 75000 | Johnson & Johnson | 13248750 |
| 80000 | Merck & Co., Inc. | 8876000 |
| 270000 | Pfizer Inc. | 13834800 |
| 50000 | Viatris, Inc. | 556500 |
|  |  | 60450769 |
|  | **Total Health Care (Cost $34,222,979)** | **81857319** |
|  | **Industrials - 3.17%** |  |
|  | **Commercial Services & Supplies - 2.54%** |  |
| 427950 | Pitney Bowes Inc. | 1626210 |
| 70000 | Waste Management, Inc. | 10981600 |
|  |  | 12607810 |
|  | **Electrical Equipment - 0.63%** |  |
| 100000 | ABB Ltd. - ADR (b) | 3046000 |
| 5000 | Accelleron Industries AG - ADR (a)(b) | 102000 |
|  |  | 3148000 |
|  | **Total Industrials (Cost $6,980,455)** | **15755810** |
|  | **Information Technology - 13.09%** |  |
|  | **Communications Equipment - 1.68%** |  |
| 175000 | Cisco Systems, Inc. | 8337000 |
|  | **IT Services - 1.99%** |  |
| 70000 | International Business Machines Corp. | 9862300 |
|  | **Semiconductors & Semiconductor Equipment - 2.90%** |  |
| 170000 | Intel Corp. | 4493100 |
| 90000 | QUALCOMM, Inc. | 9894600 |
|  |  | 14387700 |
|  | **Software - 6.52%** |  |
| 135000 | Microsoft Corp. | 32375700 |
|  | **Total Information Technology (Cost $23,764,122)** | **64962700** |
|  | **Materials - 2.43%** |  |
|  | **Chemicals - 1.17%** |  |
| 115000 | Dow Inc. | 5794850 |
|  | **Metals & Mining - 1.26%** |  |
| 15000 | BHP Billiton Ltd. - ADR (b) | 930750 |
| 110000 | Cleveland-Cliffs, Inc. (a) | 1772100 |
| 50000 | Rio Tinto PLC - ADR (b) | 3560000 |
|  |  | 6262850 |
|  | **Total Materials (Cost $9,666,711)** | **12057700** |
|  | **TOTAL COMMON STOCKS (Cost $232,590,498)** | **472931943** |
|  | **REITS - 1.73%** |  |
|  | **Real Estate - 1.73%** |  |
|  | **Equity Real Estate Investment Trusts (REITs) - 1.73%** |  |
| 85300 | Digital Realty Trust, Inc. | 8553031 |
|  | **Total Real Estate (Cost $4,977,727)** | **8553031** |
|  | **TOTAL REITS (Cost $4,977,727)** | **8553031** |
|  | **SHORT TERM INVESTMENTS - 2.89%** |  |
|  | **Investment Company - 2.89%** |  |
| 14345078 | Fidelity Investments Money Market Funds - Government Portfolio - Class I - 4.074% (d) | &nbsp;&nbsp;&nbsp;&nbsp; 14345078 |
|  | **Total Investment Company** | **14345078** |
|  | **TOTAL SHORT TERM INVESTMENTS (Cost $14,345,078)** | **14345078** |
|  | **Total Investments (Cost ($251913303) - 99.92%** | **495830052** |
|  | Other Assets in Excess of Liabilities - 0.08% | 413251 |
|  | **TOTAL NET ASSETS - 100.00%** | $**496243303** |
|  | ADR — American Depositary Receipt |  |
|  | PLC — Public Limited Company |  |
| (a) <br>| Non Income Producing. |  |
| (b) <br>| Foreign Issued Security. The total value of these securities amounted to $32,630,059 (6.58% of net assets) at December 31, 2022. |  |
| (c) <br>| A portion of this investment is segregated as collateral for open written option contracts. |  |
| (d) <br>| The rate quoted is the annualized seven-day effective yield as of December 31, 2022. |  |
| \* <br>| See the accompanying Notes regarding valuation of securities. |  |
| The Global Industry Classification Standard (GICS) was developed by and/or is the exclusive property of MSCI, Inc. 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. Bancorp Fund Services, LLC. | The Global Industry Classification Standard (GICS) was developed by and/or is the exclusive property of MSCI, Inc. 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. Bancorp Fund Services, LLC. | The Global Industry Classification Standard (GICS) was developed by and/or is the exclusive property of MSCI, Inc. 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. Bancorp Fund Services, LLC. |
| *The accompanying notes are an integral part of these financial statements.* | *The accompanying notes are an integral part of these financial statements.* | *The accompanying notes are an integral part of these financial statements.* |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **Buffalo Flexible Income Fund** | **Buffalo Flexible Income Fund** | **Buffalo Flexible Income Fund** | **Buffalo Flexible Income Fund** |
| **Schedule of Options Written** | **Schedule of Options Written** | **Schedule of Options Written** | **Schedule of Options Written** |
| **December 31, 2022 (Unaudited)** | **December 31, 2022 (Unaudited)** | **December 31, 2022 (Unaudited)** | **December 31, 2022 (Unaudited)** |
| **Contracts** |  | **Notional** <br> **Amount** | **$ Value** |
|  | CALL OPTIONS |  |  |
|  | Exxon Mobil Corporation |  |  |
| 800 | &nbsp;&nbsp;&nbsp;&nbsp;Expiration: January 2023, Exercise Price: $115.00 | 308840 | 616 |
|  | Verizon Communications Inc. |  |  |
| 28 | &nbsp;&nbsp;&nbsp;&nbsp;Expiration: February 2023, Exercise Price: $42.00 | 3152000<br>| 17600 |
|  | **Total Written Options (Premium received $17,485)** | **3460840**<br>| 18216 |

---

------

---

| |
|:---|
| **INVESTMENT VALUATION** |
| Equity securities and debt 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 ("NOCP"), 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 (a "significant event"), 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 the Valuation Committee. Some of the factors that may be considered by the Valuation Committee in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restriction on the position; 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 December 31, 2022, the Fund did not hold fair valued securities. |
| Debt securities with remaining maturities of 60 days or less are normally valued at the last reported sale price. If there is no trade on the particular day, 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' corporate bond valuation policies. |
| **FOREIGN INVESTMENT RISK** |
| Investing in securities of foreign corporations and governments involves additional risks relating to: political, social, religious and economic developments 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. |
| **Summary of Fair Value Exposure at December 31, 2022** |
| 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. 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 market place. The inputs will be considered by Kornitzer Capital Management ("Advisor"), along with any other relevant factors in the calculation of an investment's fair value. The Funds use prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy. |
| Non-U.S. equity securities actively traded in foreign markets may be reflected in Level 2 despite the availability of closing prices, because the Funds evaluate and determine whether those closing prices reflect fair value at the close of the NYSE or require adjustment, as described above and in the Foreign Investment Risk note above. |
| 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 Valuation Committee. 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 December 31, 2022. These assets are measured on a recurring basis. |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Buffalo Flexible Income Fund** | **Buffalo Flexible Income Fund** | **Buffalo Flexible Income Fund** | **Buffalo Flexible Income Fund** | **Buffalo Flexible Income Fund** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $472931943 | - |  | $472931943 |
| REITs | 8553031 | - |  | 8553031 |
| Short Term Investments | 14345078 | - |  | 14345078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total\*** | $**495830052** | $**-** |  | $**495830052** |
| Written Options | $18216 | $- |  | $18216 |

---

---

| |
|:---|
| *\* Additional information regarding the industry and/or geographical classification of these investments is disclosed in the schedule of investments.* |
| **TRANSACTIONS WITH AFFILIATES** |
| Investments representing 5% or more of the outstanding voting securities of a portfolio company result in that company being considered an affiliated company, as defined in the 1940 Act. There were no affiliated companies held in any of the Buffalo Funds during the period ended December 31, 2022. |
| **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 both ﬁnancial reporting and tax purposes. |
| **PURCHASED AND WRITTEN OPTIONS CONTRACTS** |
| The Fund 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 did not hold purchased call options as of December 31, 2022. As of December 31, 2022, the Fund did hold written call options, with a quarterly average gross notional derivative amount of $7,890,199. 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 Fund did not hold any purchased or written put options as of December 31, 2022. 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 Fund' fair valuation guidelines. The Fund may use options with the objective to generate income as a non-principal investment strategy. A risk of using derivatives is that the counterparty to a derivative may fail to comply with their obligation to the Fund. |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Buffalo Funds

- **b. Investment Company Act file number:** 811-10303

- **c. CIK number of Registrant:** 0001135300

- **d. LEI of Registrant:** 2549004OPHDSAY1EO405

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 5420 West 61st Place

  - **City:** Shawnee Mission

  - **State:** KS

  - **Foreign country:** US

  - **Zip / Postal Code:** 66205

  - **Telephone number:** 913-384-1513

**Item A.2. Information about the Series.**

- **a. Name of Series:** Buffalo Flexible Income Fund

- **b. EDGAR series identifier (if any):** S000022450

- **c. LEI of Series:** 254900G1XFV0LTHHIR76

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2023-03-31

- **b. Date as of which information is reported:** 2022-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $496915674.48

**Total Liabilities:** $566051.25

**Net Assets:** $496349623.23

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000064611 | 12.00%               | 5.00%                | -3.37%               |
| Class ID C000214591 | 12.02%               | 5.02%                | -3.31%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1630648.75             | $52430675.29                               |
| Month 2  | $1844255.73              | $21355236.23                               |
| Month 3  | $-2371.26                | $-17737190.16                              |

### Schedule of Portfolio Investments

| Name                          | Title                                | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Microsoft Corp                | Microsoft Corp                       | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |    135000 | NS      | $32375700.00  | 6.52%             |  |  |  | No            |                  1 | On Loan: No      |
| PepsiCo Inc                   | PepsiCo Inc                          | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |     80000 | NS      | $14452800.00  | 2.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Pfizer Inc                    | Pfizer Inc                           | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |    270000 | NS      | $13834800.00  | 2.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Pitney Bowes Inc              | Pitney Bowes Inc                     | CUSIP: 724479100<br>LEI: 549300N2O26NW4ST6W55 | Long             | EC               | CORP              | US        |    427950 | NS      | $1626210.00   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Procter & Gamble Co/The       | Procter & Gamble Co/The              | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |     75000 | NS      | $11367000.00  | 2.29%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM Inc                  | QUALCOMM Inc                         | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |     90000 | NS      | $9894600.00   | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Rio Tinto PLC                 | Rio Tinto PLC                        | CUSIP: 767204100<br>LEI: 213800YOEO5OQ72G2R82 | Long             | EC               | CORP              | GB        |     50000 | NS      | $3560000.00   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Schlumberger Ltd              | Schlumberger Ltd                     | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | US        |    200000 | NS      | $10692000.00  | 2.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Suncor Energy Inc             | Suncor Energy Inc                    | CUSIP: 867224107<br>LEI: 549300W70ZOQDVLCHY06 | Long             | EC               | CORP              | CA        |     88000 | NS      | $2792240.00   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Truist Financial Corp         | Truist Financial Corp                | CUSIP: 89832Q109<br>LEI: 549300DRQQI75D2JP341 | Long             | EC               | CORP              | US        |    210000 | NS      | $9036300.00   | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Verizon Communications Inc    | Verizon Communications Inc           | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |    250000 | NS      | $9850000.00   | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Viatris Inc                   | Viatris Inc                          | CUSIP: 92556V106<br>LEI: 254900ZZTSW7NL773X71 | Long             | EC               | CORP              | US        |     50000 | NS      | $556500.00    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Waste Management Inc          | Waste Management Inc                 | CUSIP: 94106L109<br>LEI: 549300YX8JIID70NFS41 | Long             | EC               | CORP              | US        |     70000 | NS      | $10981600.00  | 2.21%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                           | APA Corp                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -500 | NC      | $-2250.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                           | Verizon Communications Inc           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -800 | NC      | $-17600.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                           | Exxon Mobil Corp                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -28 | NC      | $-616.00      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Digital Realty Trust Inc      | Digital Realty Trust Inc             | CUSIP: 253868103<br>LEI: 549300HKCZ31D08NEI41 | Long             | EC               | CORP              | US        |     85300 | NS      | $8553031.00   | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Dow Inc                       | Dow Inc                              | CUSIP: 260557103<br>LEI: 5493003S21INSLK2IP73 | Long             | EC               | CORP              | US        |    115000 | NS      | $5794850.00   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp              | Exxon Mobil Corp                     | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |    165000 | NS      | $18199500.00  | 3.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Government Portfolio | Fidelity Government Portfolio        | CUSIP: 316175108<br>LEI: N/A                  | Long             | STIV             | RF                | US        |  14345078 | NS      | $14345077.79  | 2.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Arthur J Gallagher & Co       | Arthur J Gallagher & Co              | CUSIP: 363576109<br>LEI: 54930049QLLMPART6V29 | Long             | EC               | CORP              | US        |     75000 | NS      | $14140500.00  | 2.85%             |  |  |  | No            |                  1 | On Loan: No      |
| General Mills Inc             | General Mills Inc                    | CUSIP: 370334104<br>LEI: 2TGYMUGI08PO8X8L6150 | Long             | EC               | CORP              | US        |    150000 | NS      | $12577500.00  | 2.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Gilead Sciences Inc           | Gilead Sciences Inc                  | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |    100000 | NS      | $8585000.00   | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| GSK PLC                       | GSK PLC                              | CUSIP: 37733W204<br>LEI: 5493000HZTVUYLO1D793 | Long             | EC               | CORP              | GB        |    181920 | NS      | $6392668.80   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| HF Sinclair Corp              | HF Sinclair Corp                     | CUSIP: 403949100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     70000 | NS      | $3632300.00   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Haleon PLC                    | Haleon PLC                           | CUSIP: 405552100<br>LEI: 549300PSB3WWEODCUP19 | Long             | EC               | CORP              | GB        |    200000 | NS      | $1600000.00   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Hess Corp                     | Hess Corp                            | CUSIP: 42809H107<br>LEI: UASVRYNXNK17ULIGK870 | Long             | EC               | CORP              | US        |    145000 | NS      | $20563900.00  | 4.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Intel Corp                    | Intel Corp                           | CUSIP: 458140100<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | EC               | CORP              | US        |    170000 | NS      | $4493100.00   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| IBM                           | International Business Machines Corp | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               | CORP              | US        |     70000 | NS      | $9862300.00   | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson             | Johnson & Johnson                    | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |     75000 | NS      | $13248750.00  | 2.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Kellogg Co                    | Kellogg Co                           | CUSIP: 487836108<br>LEI: LONOZNOJYIBXOHXWDB86 | Long             | EC               | CORP              | US        |     60000 | NS      | $4274400.00   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Kimberly-Clark Corp           | Kimberly-Clark Corp                  | CUSIP: 494368103<br>LEI: MP3J6QPYPGN75NVW2S34 | Long             | EC               | CORP              | US        |     70000 | NS      | $9502500.00   | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinder Morgan Inc             | Kinder Morgan Inc                    | CUSIP: 49456B101<br>LEI: 549300WR7IX8XE0TBO16 | Long             | EC               | CORP              | US        |    560000 | NS      | $10124800.00  | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Kraft Heinz Co/The            | Kraft Heinz Co/The                   | CUSIP: 500754106<br>LEI: 9845007488EC87F5AF14 | Long             | EC               | CORP              | US        |     40000 | NS      | $1628400.00   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co                | Eli Lilly & Co                       | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |     45000 | NS      | $16462800.00  | 3.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Lions Gate Entertainment Corp | Lions Gate Entertainment Corp        | CUSIP: 535919401<br>LEI: 5493000JSMHPHZURLM72 | Long             | EC               | CORP              | US        |    140000 | NS      | $799400.00    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Lions Gate Entertainment Corp | Lions Gate Entertainment Corp        | CUSIP: 535919500<br>LEI: 5493000JSMHPHZURLM72 | Long             | EC               | CORP              | US        |    500000 | NS      | $2715000.00   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Marathon Petroleum Corp       | Marathon Petroleum Corp              | CUSIP: 56585A102<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | EC               | CORP              | US        |     85000 | NS      | $9893150.00   | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co Inc                | Merck & Co Inc                       | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |     80000 | NS      | $8876000.00   | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| ABB Ltd                       | ABB Ltd                              | CUSIP: 000375204<br>LEI: 5493000LKVGOO9PELI61 | Long             | EC               | CORP              | CH        |    100000 | NS      | $3046000.00   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T Inc                      | AT&T Inc                             | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |    400000 | NS      | $7364000.00   | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Abbott Laboratories           | Abbott Laboratories                  | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |     75000 | NS      | $8234250.00   | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Accelleron Industries AG      | Accelleron Industries AG             | CUSIP: 00449R109<br>LEI: 254900KS0MD2PAARXD14 | Long             | EC               | CORP              | CH        |      5000 | NS      | $102000.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Allstate Corp/The             | Allstate Corp/The                    | CUSIP: 020002101<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | EC               | CORP              | US        |     95000 | NS      | $12882000.00  | 2.60%             |  |  |  | No            |                  1 | On Loan: No      |
| APA Corp                      | APA Corp                             | CUSIP: 03743Q108<br>LEI: 549300VCIWLRHYVSHC79 | Long             | EC               | CORP              | US        |    400000 | NS      | $18672000.00  | 3.76%             |  |  |  | No            |                  1 | On Loan: No      |
| B&G Foods Inc                 | B&G Foods Inc                        | CUSIP: 05508R106<br>LEI: 549300TRW1LZMDJZAQ78 | Long             | EC               | CORP              | US        |    300000 | NS      | $3345000.00   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Baxter International Inc      | Baxter International Inc             | CUSIP: 071813109<br>LEI: J5OIVXX3P24RJRW5CK77 | Long             | EC               | CORP              | US        |     90000 | NS      | $4587300.00   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| BHP Group Ltd                 | BHP Group Ltd                        | CUSIP: 088606108<br>LEI: WZE1WSENV6JSZFK0JC28 | Long             | EC               | CORP              | AU        |     15000 | NS      | $930750.00    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Bristol-Myers Squibb Co       | Bristol-Myers Squibb Co              | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |     15000 | NS      | $1079250.00   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp                  | Chevron Corp                         | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    125000 | NS      | $22436250.00  | 4.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems Inc             | Cisco Systems Inc                    | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |    175000 | NS      | $8337000.00   | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Citizens Financial Group Inc  | Citizens Financial Group Inc         | CUSIP: 174610105<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | EC               | CORP              | US        |    108850 | NS      | $4285424.50   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Cleveland-Cliffs Inc          | Cleveland-Cliffs Inc                 | CUSIP: 185899101<br>LEI: 549300TM2WLI2BJMDD86 | Long             | EC               | CORP              | US        |    110000 | NS      | $1772100.00   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Clorox Co/The                 | Clorox Co/The                        | CUSIP: 189054109<br>LEI: 54930044KVSC06Z79I06 | Long             | EC               | CORP              | US        |     50000 | NS      | $7016500.00   | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Co/The              | Coca-Cola Co/The                     | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |    150000 | NS      | $9541500.00   | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Colgate-Palmolive Co          | Colgate-Palmolive Co                 | CUSIP: 194162103<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | EC               | CORP              | US        |     25000 | NS      | $1969750.00   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Conagra Brands Inc            | Conagra Brands Inc                   | CUSIP: 205887102<br>LEI: 54930035UDEIH090K650 | Long             | EC               | CORP              | US        |     89000 | NS      | $3444300.00   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| ConocoPhillips                | ConocoPhillips                       | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |    165000 | NS      | $19470000.00  | 3.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Costco Wholesale Corp         | Costco Wholesale Corp                | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               | CORP              | US        |     30000 | NS      | $13695000.00  | 2.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Delek Logistics Partners LP   | Delek Logistics Partners LP          | CUSIP: 24664T103<br>LEI: 549300UVYITDIU51P724 | Long             | EC               | CORP              | US        |    140000 | NS      | $6335000.00   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-24

**Name of Applicant:** Buffalo Funds

**Signature:** /s/ Laura Symon Browne

**Name of Signer:** Laura Symon Browne

**Title:** President and Treasurer