# EDGAR Filing Document

**Accession Number:** 0001135300
**File Stem:** 0001145549-25-051752
**Filing Date:** 2025-8
**Character Count:** 40346
**Document Hash:** 47e006bac096f937e3af85b914d6f09a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-051752.hdr.sgml**: 20250819

**ACCESSION NUMBER**: 0001145549-25-051752

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250819

**DATE AS OF CHANGE**: 20250819

**PERIOD START**: 20260331

**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:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-10303
- **FILM NUMBER:** 251231548

**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 Small Cap Growth Fund (Series ID: S000022453)

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

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Buffalo Small Cap Growth Fund** | **Buffalo Small Cap Growth Fund** | **Buffalo Small Cap Growth Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **June 30, 2025 (Unaudited)** | **June 30, 2025 (Unaudited)** | **June 30, 2025 (Unaudited)** |
| **COMMON STOCKS - 92.8%** | **Shares** | **Value**  |
| **<u>Communication Services</u> - 1.2%** | **<u>Communication Services</u> - 1.2%** | |
| **Media - 1.2%** | | |
| DoubleVerify Holdings, Inc. <sup>(a)</sup> | 415664 | $6222490 |
| **<u>Consumer Discretionary</u> - 9.3%** | **<u>Consumer Discretionary</u> - 9.3%** |  |
| **Broadline Retail - 1.1%** |  |  |
| Ollie's Bargain Outlet Holdings, Inc. <sup>(a)</sup> | 43915 | 5787119 |
|  |  | $– |
| **Hotels, Restaurants & Leisure - 2.3%** |  |  |
| Dutch Bros, Inc. - Class A <sup>(a)</sup> | 58620 | 4007849 |
| First Watch Restaurant Group, Inc. <sup>(a)</sup> | 309387 | 4962568 |
| Portillo's, Inc. - Class A <sup>(a)</sup> | 237985 | 2777285 |
|  |  | 11747702 |
| **Household Durables - 2.7%** |  |  |
| Champion Homes, Inc. <sup>(a)</sup> | 127710 | 7995923 |
| Installed Building Products, Inc. | 30500 | 5499760 |
|  |  | 13495683 |
| **Specialty Retail - 3.2%** |  |  |
| Boot Barn Holdings, Inc. <sup>(a)</sup> | 55240 | 8396480 |
| Valvoline, Inc. <sup>(a)</sup> | 139025 | 5264877 |
| Warby Parker, Inc. - Class A <sup>(a)</sup> | 130990 | 2872610 |
|  |  | 16533967 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | 47564471 |
| **<u>Consumer Staples</u> - 4.6%** | **<u>Consumer Staples</u> - 4.6%** |  |
| **Beverages - 1.3%** |  |  |
| Celsius Holdings, Inc. <sup>(a)</sup> | 140845 | 6533800 |
|  |  | $– |
| **Personal Care Products - 3.3%** |  |  |
| BellRing Brands, Inc. <sup>(a)</sup> | 114250 | 6618502 |
| elf Beauty, Inc. <sup>(a)</sup> | 85225 | 10605399 |
|  |  | 17223901 |
| **Total Consumer Staples** | **Total Consumer Staples** | 23757701 |
| **<u>Energy</u> - 2.8%** | **<u>Energy</u> - 2.8%** |  |
| **Energy Equipment & Services - 2.0%** |  |  |
| Cactus, Inc. - Class A | 158290 | 6920439 |
| Patterson-UTI Energy, Inc. | 593320 | 3518388 |
|  |  | 10438827 |
| **Oil, Gas & Consumable Fuels - 0.8%** |  |  |
| Matador Resources Co. | 84935 | 4053098 |
| **Total Energy** | **Total Energy** | 14491925 |
| **<u>Financials</u> - 12.2%** | **<u>Financials</u> - 12.2%** |  |
| **Capital Markets - 3.7%** |  |  |
| Hamilton Lane Inc. - Class A | 64708 | 9196301 |
| WisdomTree, Inc. | 841830 | 9689463 |
|  |  | 18885764 |
| **Financial Services - 3.0%** |  |  |
| Shift4 Payments, Inc. - Class A <sup>(a)</sup> | 156037 | 15464827 |
|  |  | $– |
| **Insurance - 5.5%** |  |  |
| Baldwin Insurance Group, Inc. - Class A <sup>(a)</sup> | 176645 | 7562173 |
| Kinsale Capital Group, Inc. | 15130 | 7321407 |
| Palomar Holdings, Inc. <sup>(a)</sup> | 86813 | 13390905 |
|  |  | 28274485 |
| **Total Financials** | **Total Financials** | 62625076 |
| **<u>Health Care</u> - 20.1%** | **<u>Health Care</u> - 20.1%** |  |
| **Biotechnology - 4.6%** |  |  |
| Arrowhead Pharmaceuticals, Inc. <sup>(a)</sup> | 126510 | 1998858 |
| Halozyme Therapeutics, Inc. <sup>(a)</sup> | 111449 | 5797577 |
| Madrigal Pharmaceuticals, Inc. <sup>(a)</sup> | 14760 | 4466966 |
| Natera, Inc. <sup>(a)</sup> | 45593 | 7702482 |
| Vericel Corp. <sup>(a)</sup> | 88880 | 3781844 |
|  |  | 23747727 |
| **Health Care Equipment & Supplies - 5.9%** |  |  |
| Establishment Labs Holdings, Inc. <sup>(a)</sup> | 184940 | 7898787 |
| Inspire Medical Systems, Inc. <sup>(a)</sup> | 44440 | 5766979 |
| Lantheus Holdings, Inc. <sup>(a)</sup> | 79320 | 6493135 |
| PROCEPT BioRobotics Corp. <sup>(a)</sup> | 42735 | 2461536 |
| QuidelOrtho Corp. <sup>(a)</sup> | 180215 | 5193796 |
| Treace Medical Concepts, Inc. <sup>(a)</sup> | 365393 | 2148511 |
|  |  | 29962744 |
| **Health Care Providers & Services - 6.0%** |  |  |
| Castle Biosciences, Inc. <sup>(a)</sup> | 239614 | 4892918 |
| HealthEquity, Inc. <sup>(a)</sup> | 74969 | 7853753 |
| Option Care Health, Inc. <sup>(a)</sup> | 395255 | 12837882 |
| Privia Health Group, Inc. <sup>(a)</sup> | 218025 | 5014575 |
|  |  | 30599128 |
| **Health Care Technology - 0.8%** |  |  |
| Waystar Holding Corp. <sup>(a)</sup> | 103890 | 4245984 |
|  |  | $– |
| **Life Sciences Tools & Services - 0.8%** |  |  |
| Medpace Holdings, Inc. <sup>(a)</sup> | 12455 | 3909126 |
| OmniAb Operations, Inc. – 12.50 Earnout <sup>(a)(b)</sup> | 47436 | 475 |
| OmniAb Operations, Inc. – 15.00 Earnout <sup>(a)(b)</sup> | 47436 | 474 |
|  |  | 3910075 |
| **Pharmaceuticals - 2.0%** |  |  |
| Ligand Pharmaceuticals, Inc. <sup>(a)</sup> | 91167 | 10363865 |
| **Total Health Care** | **Total Health Care** | 102829523 |
| **<u>Industrials</u> - 22.4%** | **<u>Industrials</u> - 22.4%** |  |
| **Aerospace & Defense - 2.1%** |  |  |
| AeroVironment, Inc. <sup>(a)</sup> | 38230 | 10893638 |
|  |  | $– |
| **Building Products - 1.9%** |  |  |
| Advanced Drainage Systems, Inc. | 83880 | 9634457 |
|  |  | $– |
| **Construction & Engineering - 3.6%** |  |  |
| MYR Group, Inc. <sup>(a)</sup> | 31890 | 5786440 |
| Sterling Infrastructure, Inc. <sup>(a)</sup> | 54815 | 12647465 |
|  |  | 18433905 |
| **Machinery - 6.9%** |  |  |
| Chart Industries, Inc. <sup>(a)</sup> | 65085 | 10716245 |
| ESCO Technologies, Inc. | 30865 | 5922068 |
| JBT Marel Corp. | 101440 | 12199174 |
| Kornit Digital Ltd. <sup>(a)</sup> | 326205 | 6494742 |
|  |  | 35332229 |
| **Professional Services - 5.2%** |  |  |
| FTI Consulting, Inc. <sup>(a)</sup> | 41890 | 6765235 |
| ICF International, Inc. | 99144 | 8398488 |
| NV5 Global, Inc. <sup>(a)</sup> | 503320 | 11621659 |
|  |  | 26785382 |
| **Trading Companies & Distributors - 2.7%** |  |  |
| SiteOne Landscape Supply, Inc. <sup>(a)</sup> | 55485 | 6710356 |
| Transcat, Inc. <sup>(a)</sup> | 40000 | 3438400 |
| WESCO International, Inc. | 19855 | 3677146 |
|  |  | 13825902 |
| **Total Industrials** | **Total Industrials** | 114905513 |
| **<u>Information Technology</u> - 20.2%** | **<u>Information Technology</u> - 20.2%** |  |
| **Communications Equipment - 1.1%** |  |  |
| Ciena Corp. <sup>(a)</sup> | 67645 | 5501568 |
|  |  | $– |
| **Electronic Equipment, Instruments & Components - 2.3%** |  |  |
| Napco Security Technologies, Inc. | 138980 | 4126316 |
| Novanta, Inc. <sup>(a)</sup> | 59255 | 7639747 |
|  |  | 11766063 |
| **IT Services - 0.8%** |  |  |
| Endava PLC - ADR <sup>(a)</sup> | 279565 | 4282936 |
|  |  | $– |
| **Semiconductors & Semiconductor Equipment - 6.3%** |  |  |
| Credo Technology Group Holding Ltd. <sup>(a)</sup> | 48040 | 4448023 |
| Onto Innovation, Inc. <sup>(a)</sup> | 35645 | 3597650 |
| Silicon Laboratories, Inc. <sup>(a)</sup> | 62330 | 9184949 |
| SiTime Corp. <sup>(a)</sup> | 33110 | 7055079 |
| Universal Display Corp. | 51593 | 7969055 |
|  |  | 32254756 |
| **Software - 9.7%** |  |  |
| Clearwater Analytics Holdings, Inc. - Class A <sup>(a)</sup> | 424750 | 9314767 |
| Intapp, Inc. <sup>(a)</sup> | 105445 | 5443071 |
| PagerDuty, Inc. <sup>(a)</sup> | 296510 | 4530673 |
| Pegasystems, Inc. | 119810 | 6485315 |
| Tenable Holdings, Inc. <sup>(a)</sup> | 139050 | 4697109 |
| Varonis Systems, Inc. <sup>(a)</sup> | 221835 | 11258126 |
| Vertex, Inc. - Class A <sup>(a)</sup> | 229357 | 8104330 |
|  |  | 49833391 |
| **Total Information Technology** | **Total Information Technology** | 103638714 |
| **TOTAL COMMON STOCKS** (Cost $400,800,882) | **TOTAL COMMON STOCKS** (Cost $400,800,882) | 476035413 |
| **SHORT-TERM INVESTMENTS - 5.6%** | **Shares** | **Value**  |
| **Money Market Funds - 5.6%** |  |  |
| Fidelity Money Market Government Portfolio - Class I, 4.23% <sup>(c)</sup> | 28950770 | 28950770 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $28,950,770) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $28,950,770) | 28950770 |
| **TOTAL INVESTMENTS - 98.4% (**Cost $429,751,652**)** | **TOTAL INVESTMENTS - 98.4% (**Cost $429,751,652**)** | 504986183 |
| Other Assets in Excess of Liabilities - 1.6% | Other Assets in Excess of Liabilities - 1.6% | 8233936 |
| **TOTAL NET ASSETS - 100.0%** |  | $513220119 |
| two | two | –% |
| Percentages are stated as a percent of net assets. | 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. | 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. | 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 <br> PLC - Public Limited Company

(a) Non-income producing security.

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

(c) The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

------

#### <br>

#### Summary of Fair Value Disclosure as of June 30, 2025 (Unaudited)
Buffalo Small Cap Growth Fund (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.

The following is a summary of the fair valuation hierarchy of the Fund's securities as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| **Assets:** | | | | |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $476034464 | $– | $949 | $476035413 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 28950770 | – | – | 28950770 |
| Total Investments | $504985234 | $– | $949 | $504986183 |
| Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. |

---

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 June 30, 2025:

---

| | |
|:---|:---|
| <br>**<br> Fair Value Measurement Using Significant Unobservable Inputs (Level 3)** | **Investment in** <br> **Securities**<br> **Period Ended**<br> **June 30, 2025** |
| Fair Value as of 3/31/2025 | $949 |
| Total unrealized gains included in earnings | - |
| Realized gains included in earnings | - |
| Purchases | - |
| Sales | - |
| Fair Value as of 6/30/2025 | $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 | $- |

---

## 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:** Mission

  - **State:** KS

  - **Foreign country:** US

  - **Zip / Postal Code:** 66205

  - **Telephone number:** 913-677-7778

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

- **a. Name of Series:** Buffalo Small Cap Growth Fund

- **b. EDGAR series identifier (if any):** S000022453

- **c. LEI of Series:** 2549007SK7GAXYS8QU18

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

- **a. Date of fiscal year-end:** 2026-03-31

- **b. Date as of which information is reported:** 2025-06-30

**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:** $514127202.03

**Total Liabilities:** $452845.83

**Net Assets:** $513674356.20

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000064614 | -1.94%               | 4.79%                | 5.52%                |
| Class ID C000214594 | -1.92%               | 4.83%                | 5.47%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $5621497.78              | $-15299247.68                              |
| Month 2  | $2620384.55              | $21020034.91                               |
| Month 3  | $9083644.28              | $18051457.21                               |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ESCO Technologies Inc          | ESCO Technologies Inc               | CUSIP: 296315104<br>LEI: 5493007JJLP5MEWVDH10 | Long             | EC               | CORP              | US        |     30865 | NS      | $5922067.55   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Inspire Medical Systems Inc    | Inspire Medical Systems Inc         | CUSIP: 457730109<br>LEI: 549300XQQCQ7HCJKTW25 | Long             | EC               | CORP              | US        |     44440 | NS      | $5766978.80   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| JBT Marel Corp                 | JBT Marel Corp                      | CUSIP: 477839104<br>LEI: 5493007CT6ATBZ2L6826 | Long             | EC               | CORP              | US        |    101440 | NS      | $12199174.40  | 2.37%             |  |  |  | No            |                  1 | On Loan: No      |
| AZEK Co Inc/The                | AZEK Co Inc/The                     | CUSIP: 05478C105<br>LEI: 5493002LDDDU1RX46815 | Long             | EC               | CORP              | US        |    164695 | NS      | $8951173.25   | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Celsius Holdings Inc           | Celsius Holdings Inc                | CUSIP: 15118V207<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    140845 | NS      | $6533799.55   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Intapp Inc                     | Intapp Inc                          | CUSIP: 45827U109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    105445 | NS      | $5443070.90   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinsale Capital Group Inc      | Kinsale Capital Group Inc           | CUSIP: 49714P108<br>LEI: 529900QTUQHNZ6HOA508 | Long             | EC               | CORP              | US        |     15130 | NS      | $7321407.00   | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Onto Innovation Inc            | Onto Innovation Inc                 | CUSIP: 683344105<br>LEI: 254900RXZVN73CHOO062 | Long             | EC               | CORP              | US        |     35645 | NS      | $3597649.85   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| PagerDuty Inc                  | PagerDuty Inc                       | CUSIP: 69553P100<br>LEI: 549300U1SB749EDAGH21 | Long             | EC               | CORP              | US        |    296510 | NS      | $4530672.80   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Establishment Labs Holdings In | Establishment Labs Holdings Inc     | CUSIP: N/A<br>LEI: 549300BCBQ714JNJ7V58       | Long             | EC               | CORP              | CR        |    184940 | NS      | $7898787.40   | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Drainage Systems Inc  | Advanced Drainage Systems Inc       | CUSIP: 00790R104<br>LEI: 6QQTOZ5MF5DHM7K92I60 | Long             | EC               | CORP              | US        |     83880 | NS      | $9634456.80   | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Ciena Corp                     | Ciena Corp                          | CUSIP: 171779309<br>LEI: W0CZ7N0GH8UIGXDM1H41 | Long             | EC               | CORP              | US        |     67645 | NS      | $5501567.85   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| QuidelOrtho Corp               | QuidelOrtho Corp                    | CUSIP: 219798105<br>LEI: 549300YU8CMO9HF53113 | Long             | EC               | CORP              | US        |    180215 | NS      | $5193796.30   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Ollie's Bargain Outlet Holding | Ollie's Bargain Outlet Holdings Inc | CUSIP: 681116109<br>LEI: 529900YO5DSQCPEFDZ05 | Long             | EC               | CORP              | US        |     43915 | NS      | $5787118.70   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| OmniAb Inc                     | OmniAb Inc                          | CUSIP: 68218J301<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     47436 | NS      | $474.36       | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Champion Homes Inc             | Champion Homes Inc                  | CUSIP: 830830105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    127710 | NS      | $7995923.10   | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Vericel Corp                   | Vericel Corp                        | CUSIP: 92346J108<br>LEI: 54930076YM3PLTDR4B91 | Long             | EC               | CORP              | US        |     88880 | NS      | $3781844.00   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Warby Parker Inc               | Warby Parker Inc                    | CUSIP: 93403J106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    130990 | NS      | $2872610.70   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Installed Building Products In | Installed Building Products Inc     | CUSIP: 45780R101<br>LEI: 549300I95Y9P9YM5FI86 | Long             | EC               | CORP              | US        |     30500 | NS      | $5499760.00   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| MYR Group Inc                  | MYR Group Inc                       | CUSIP: 55405W104<br>LEI: 529900G1IMMZHOQ17I54 | Long             | EC               | CORP              | US        |     31890 | NS      | $5786440.50   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Novanta Inc                    | Novanta Inc                         | CUSIP: 67000B104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     59255 | NS      | $7639747.15   | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| OmniAb Inc                     | OmniAb Inc                          | CUSIP: 68218J202<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     47436 | NS      | $474.36       | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Pegasystems Inc                | Pegasystems Inc                     | CUSIP: 705573103<br>LEI: 549300FMCOKPL06FYN26 | Long             | EC               | CORP              | US        |    119810 | NS      | $6485315.30   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Portillo's Inc                 | Portillo's Inc                      | CUSIP: 73642K106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    237985 | NS      | $2777284.95   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Sterling Infrastructure Inc    | Sterling Infrastructure Inc         | CUSIP: 859241101<br>LEI: 549300RZIK6K1215XU51 | Long             | EC               | CORP              | US        |     54815 | NS      | $12647464.95  | 2.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Varonis Systems Inc            | Varonis Systems Inc                 | CUSIP: 922280102<br>LEI: 549300SHIVNRRH7STS26 | Long             | EC               | CORP              | US        |    221835 | NS      | $11258126.25  | 2.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Waystar Holding Corp           | Waystar Holding Corp                | CUSIP: 946784105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    103890 | NS      | $4245984.30   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| WESCO International Inc        | WESCO International Inc             | CUSIP: 95082P105<br>LEI: 529900TXOGREY3WNJ434 | Long             | EC               | CORP              | US        |     19855 | NS      | $3677146.00   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Boot Barn Holdings Inc         | Boot Barn Holdings Inc              | CUSIP: 099406100<br>LEI: 529900QE1BFMYA3N4E71 | Long             | EC               | CORP              | US        |     55240 | NS      | $8396480.00   | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| FTI Consulting Inc             | FTI Consulting Inc                  | CUSIP: 302941109<br>LEI: 549300K17GM8EQD0FQ48 | Long             | EC               | CORP              | US        |     41890 | NS      | $6765235.00   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Ligand Pharmaceuticals Inc     | Ligand Pharmaceuticals Inc          | CUSIP: 53220K504<br>LEI: 5493008K7TB0IKP37H79 | Long             | EC               | CORP              | US        |     91167 | NS      | $10363864.56  | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Madrigal Pharmaceuticals Inc   | Madrigal Pharmaceuticals Inc        | CUSIP: 558868105<br>LEI: 549300CHIMT2EUSNJB60 | Long             | EC               | CORP              | US        |     14760 | NS      | $4466966.40   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Palomar Holdings Inc           | Palomar Holdings Inc                | CUSIP: 69753M105<br>LEI: 549300DOI1MUW11BLX74 | Long             | EC               | CORP              | US        |     86813 | NS      | $13390905.25  | 2.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Patterson-UTI Energy Inc       | Patterson-UTI Energy Inc            | CUSIP: 703481101<br>LEI: 254900XGFBKIXD6G0697 | Long             | EC               | CORP              | US        |    593320 | NS      | $3518387.60   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertex Inc                     | Vertex Inc                          | CUSIP: 92538J106<br>LEI: 549300QMYW171MP1PL50 | Long             | EC               | CORP              | US        |    229357 | NS      | $8104329.60   | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Credo Technology Group Holding | Credo Technology Group Holding Ltd  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     48040 | NS      | $4448023.60   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Arrowhead Pharmaceuticals Inc  | Arrowhead Pharmaceuticals Inc       | CUSIP: 04280A100<br>LEI: 549300O3CSB8T7OZ3D66 | Long             | EC               | CORP              | US        |    126510 | NS      | $1998858.00   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Natera Inc                     | Natera Inc                          | CUSIP: 632307104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     45593 | NS      | $7702481.42   | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Option Care Health Inc         | Option Care Health Inc              | CUSIP: 68404L201<br>LEI: 549300DI3Q5ACSYJRI17 | Long             | EC               | CORP              | US        |    395255 | NS      | $12837882.40  | 2.50%             |  |  |  | No            |                  1 | On Loan: No      |
| PROCEPT BioRobotics Corp       | PROCEPT BioRobotics Corp            | CUSIP: 74276L105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     42735 | NS      | $2461536.00   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| SiteOne Landscape Supply Inc   | SiteOne Landscape Supply Inc        | CUSIP: 82982L103<br>LEI: 5299008LX7SBD4HIAU03 | Long             | EC               | CORP              | US        |     55485 | NS      | $6710355.90   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Kornit Digital Ltd             | Kornit Digital Ltd                  | CUSIP: N/A<br>LEI: 5299006DPCQWP3VTFK34       | Long             | EC               | CORP              | IL        |    326205 | NS      | $6494741.55   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Transcat Inc                   | Transcat Inc                        | CUSIP: 893529107<br>LEI: 54930081E40TSSHUOS40 | Long             | EC               | CORP              | US        |     40000 | NS      | $3438400.00   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Treace Medical Concepts Inc    | Treace Medical Concepts Inc         | CUSIP: 89455T109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    365393 | NS      | $2148510.84   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Display Corp         | Universal Display Corp              | CUSIP: 91347P105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     51593 | NS      | $7969054.78   | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| WisdomTree Inc                 | WisdomTree Inc                      | CUSIP: 97717P104<br>LEI: 549300WIU8IS7UFO7871 | Long             | EC               | CORP              | US        |    841830 | NS      | $9689463.30   | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| AeroVironment Inc              | AeroVironment Inc                   | CUSIP: 008073108<br>LEI: 529900PGHVI29YLZ6221 | Long             | EC               | CORP              | US        |     38230 | NS      | $10893638.50  | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Castle Biosciences Inc         | Castle Biosciences Inc              | CUSIP: 14843C105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    239614 | NS      | $4892917.88   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Hamilton Lane Inc              | Hamilton Lane Inc                   | CUSIP: 407497106<br>LEI: 5493006OKN3V1NORM833 | Long             | EC               | CORP              | US        |     64708 | NS      | $9196300.96   | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| HealthEquity Inc               | HealthEquity Inc                    | CUSIP: 42226A107<br>LEI: 529900LRJU1RAFQHM467 | Long             | EC               | CORP              | US        |     74969 | NS      | $7853752.44   | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Matador Resources Co           | Matador Resources Co                | CUSIP: 576485205<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | EC               | CORP              | US        |     84935 | NS      | $4053098.20   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| NV5 Global Inc                 | NV5 Global Inc                      | CUSIP: 62945V109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    503320 | NS      | $11621658.80  | 2.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Privia Health Group Inc        | Privia Health Group Inc             | CUSIP: 74276R102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    218025 | NS      | $5014575.00   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Shift4 Payments Inc            | Shift4 Payments Inc                 | CUSIP: 82452J109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    156037 | NS      | $15464827.07  | 3.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Silicon Laboratories Inc       | Silicon Laboratories Inc            | CUSIP: 826919102<br>LEI: 4PRDF8Q9TDHRVZKZSZ47 | Long             | EC               | CORP              | US        |     62330 | NS      | $9184948.80   | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Endava PLC                     | Endava PLC                          | CUSIP: 29260V105<br>LEI: 213800JJ6CRPCWCQVZ25 | Long             | EC               | CORP              | GB        |    279565 | NS      | $4282935.80   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| First Watch Restaurant Group I | First Watch Restaurant Group Inc    | CUSIP: 33748L101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    309387 | NS      | $4962567.48   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Baldwin Insurance Group Inc/Th | Baldwin Insurance Group Inc/The     | CUSIP: 05589G102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    176645 | NS      | $7562172.45   | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| BellRing Brands Inc            | BellRing Brands Inc                 | CUSIP: 07831C103<br>LEI: 549300S3BOK5CMTS8054 | Long             | EC               | CORP              | US        |    114250 | NS      | $6618502.50   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Chart Industries Inc           | Chart Industries Inc                | CUSIP: 16115Q308<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | EC               | CORP              | US        |     65085 | NS      | $10716245.25  | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| elf Beauty Inc                 | elf Beauty Inc                      | CUSIP: 26856L103<br>LEI: 549300U2K9TCON25C029 | Long             | EC               | CORP              | US        |     85225 | NS      | $10605399.00  | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Lantheus Holdings Inc          | Lantheus Holdings Inc               | CUSIP: 516544103<br>LEI: 5299005HUB5IOJGO7S39 | Long             | EC               | CORP              | US        |     79320 | NS      | $6493135.20   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Medpace Holdings Inc           | Medpace Holdings Inc                | CUSIP: 58506Q109<br>LEI: 549300H8TYEUVTW14A54 | Long             | EC               | CORP              | US        |     12455 | NS      | $3909126.30   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Napco Security Technologies In | Napco Security Technologies Inc     | CUSIP: 630402105<br>LEI: 529900KV21J4YY9YST76 | Long             | EC               | CORP              | US        |    138980 | NS      | $4126316.20   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| SiTime Corp                    | SiTime Corp                         | CUSIP: 82982T106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     33110 | NS      | $7055078.80   | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Tenable Holdings Inc           | Tenable Holdings Inc                | CUSIP: 88025T102<br>LEI: 5493004S5OMPESF0EF83 | Long             | EC               | CORP              | US        |    139050 | NS      | $4697109.00   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Valvoline Inc                  | Valvoline Inc                       | CUSIP: 92047W101<br>LEI: 549300CMHPBEY6VPOT75 | Long             | EC               | CORP              | US        |    139025 | NS      | $5264876.75   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Cactus Inc                     | Cactus Inc                          | CUSIP: 127203107<br>LEI: 549300J3T8C9F8QFKV08 | Long             | EC               | CORP              | US        |    158290 | NS      | $6920438.80   | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Clearwater Analytics Holdings  | Clearwater Analytics Holdings Inc   | CUSIP: 185123106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    424750 | NS      | $9314767.50   | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| DoubleVerify Holdings Inc      | DoubleVerify Holdings Inc           | CUSIP: 25862V105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    415664 | NS      | $6222490.08   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Dutch Bros Inc                 | Dutch Bros Inc                      | CUSIP: 26701L100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     58620 | NS      | $4007849.40   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Government Portfolio  | Fidelity Government Portfolio       | CUSIP: 316175108<br>LEI: 549300FQDFZGLUOCWN51 | Long             | STIV             | RF                | US        |  28950770 | NS      | $28950769.88  | 5.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Halozyme Therapeutics Inc      | Halozyme Therapeutics Inc           | CUSIP: 40637H109<br>LEI: 529900242I3SV9AGM753 | Long             | EC               | CORP              | US        |    111449 | NS      | $5797576.98   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| ICF International Inc          | ICF International Inc               | CUSIP: 44925C103<br>LEI: 5493003KYFDDC5B3WY64 | Long             | EC               | CORP              | US        |     99144 | NS      | $8398488.24   | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-19

**Name of Applicant:** Buffalo Funds

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

**Name of Signer:** Laura Symon Browne

**Title:** President and Treasurer