# EDGAR Filing Document

**Accession Number:** 0001135300
**File Stem:** 0001145549-25-051749
**Filing Date:** 2025-8
**Character Count:** 39238
**Document Hash:** babc1bdde182037c9084926d0525667b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-051749.hdr.sgml**: 20250819

**ACCESSION NUMBER**: 0001145549-25-051749

**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:** 251231545

**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 Mid Cap Discovery Fund (Series ID: S000006557)

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

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Buffalo Mid Cap Discovery Fund** | **Buffalo Mid Cap Discovery Fund** | **Buffalo Mid Cap Discovery Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **June 30, 2025 (Unaudited)** | **June 30, 2025 (Unaudited)** | **June 30, 2025 (Unaudited)** |
| **COMMON STOCKS - 97.1%** | **Shares** | **Value**  |
| **<u>Communication Services</u> - 4.4%** | **<u>Communication Services</u> - 4.4%** | |
| **Entertainment - 1.6%** | | |
| Live Nation Entertainment, Inc. <sup>(a)</sup> | 63000 | $9530640 |
|  |  | $– |
| **Interactive Media & Services - 1.3%** |  |  |
| Pinterest, Inc. - Class A <sup>(a)</sup> | 206094 | 7390531 |
|  |  | $– |
| **Media - 1.5%** |  |  |
| DoubleVerify Holdings, Inc. <sup>(a)</sup> | 368744 | 5520098 |
| Trade Desk, Inc. - Class A <sup>(a)</sup> | 50000 | 3599500 |
|  |  | 9119598 |
| **Total Communication Services** | **Total Communication Services** | 26040769 |
| **<u>Consumer Discretionary</u> - 6.2%** | **<u>Consumer Discretionary</u> - 6.2%** |  |
| **Hotels, Restaurants & Leisure - 3.0%** |  |  |
| DraftKings, Inc. - Class A <sup>(a)</sup> | 143000 | 6133270 |
| Expedia Group, Inc. | 27952 | 4714944 |
| Wingstop, Inc. | 20350 | 6852659 |
|  |  | 17700873 |
| **Specialty Retail - 1.7%** |  |  |
| CarMax, Inc. <sup>(a)</sup> | 87000 | 5847270 |
| Ross Stores, Inc. | 30255 | 3859933 |
|  |  | 9707203 |
| **Textiles, Apparel & Luxury Goods - 1.5%** |  |  |
| Birkenstock Holding PLC <sup>(a)</sup> | 72600 | 3570468 |
| lululemon athletica, Inc. <sup>(a)</sup> | 22985 | 5460776 |
|  |  | 9031244 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | 36439320 |
| **<u>Consumer Staples</u> - 2.7%** | **<u>Consumer Staples</u> - 2.7%** |  |
| **Consumer Staples Distribution & Retail - 1.3%** |  |  |
| Maplebear, Inc. <sup>(a)</sup> | 163000 | 7374120 |
|  |  | $– |
| **Personal Care Products - 1.4%** |  |  |
| elf Beauty, Inc. <sup>(a)</sup> | 67600 | 8412144 |
| **Total Consumer Staples** | **Total Consumer Staples** | 15786264 |
| **<u>Energy</u> - 1.1%** | **<u>Energy</u> - 1.1%** |  |
| **Energy Equipment & Services - 1.1%** |  |  |
| Schlumberger NV | 193290 | 6533202 |
| **<u>Financials</u> - 11.0%** | **<u>Financials</u> - 11.0%** |  |
| **Capital Markets - 6.3%** |  |  |
| FactSet Research Systems, Inc. | 11100 | 4964808 |
| Intercontinental Exchange, Inc. | 33438 | 6134870 |
| MarketAxess Holdings, Inc. | 36500 | 8151910 |
| MSCI, Inc. | 30940 | 17844335 |
|  |  | 37095923 |
| **Financial Services - 3.4%** |  |  |
| Corpay, Inc. <sup>(a)</sup> | 22754 | 7550232 |
| Shift4 Payments, Inc. - Class A <sup>(a)</sup> | 126667 | 12553967 |
|  |  | 20104199 |
| **Insurance - 1.3%** |  |  |
| Kinsale Capital Group, Inc. | 14960 | 7239144 |
| **Total Financials** | **Total Financials** | 64439266 |
| **<u>Health Care</u> - 20.1%** | **<u>Health Care</u> - 20.1%** |  |
| **Biotechnology - 2.4%** |  |  |
| Alnylam Pharmaceuticals, Inc. <sup>(a)</sup> | 21514 | 7015501 |
| Natera, Inc. <sup>(a)</sup> | 41581 | 7024694 |
|  |  | 14040195 |
| **Health Care Equipment & Supplies - 6.5%** |  |  |
| Alcon AG | 76641 | 6765867 |
| DexCom, Inc. <sup>(a)</sup> | 73711 | 6434233 |
| Edwards Lifesciences Corp. <sup>(a)</sup> | 92000 | 7195320 |
| IDEXX Laboratories, Inc. <sup>(a)</sup> | 18299 | 9814486 |
| Insulet Corp. <sup>(a)</sup> | 25200 | 7917336 |
|  |  | 38127242 |
| **Health Care Providers & Services - 3.3%** |  |  |
| Cencora, Inc. | 39860 | 11952021 |
| Progyny, Inc. <sup>(a)</sup> | 340147 | 7483234 |
|  |  | 19435255 |
| **Health Care Technology - 3.0%** |  |  |
| Veeva Systems, Inc. - Class A <sup>(a)</sup> | 60687 | 17476642 |
|  |  | $– |
| **Life Sciences Tools & Services - 4.9%** |  |  |
| Agilent Technologies, Inc. | 46471 | 5484043 |
| Bio-Techne Corp. | 115975 | 5966914 |
| ICON PLC <sup>(a)</sup> | 35000 | 5090750 |
| IQVIA Holdings, Inc. <sup>(a)</sup> | 45662 | 7195874 |
| West Pharmaceutical Services, Inc. | 21000 | 4594800 |
|  |  | 28332381 |
| **Total Health Care** | **Total Health Care** | 117411715 |
| **<u>Industrials</u> - 18.5%** | **<u>Industrials</u> - 18.5%** |  |
| **Aerospace & Defense - 1.7%** |  |  |
| HEICO Corp. - Class A | 38600 | 9987750 |
|  |  | $– |
| **Building Products - 1.8%** |  |  |
| Advanced Drainage Systems, Inc. | 48500 | 5570710 |
| Trex Co., Inc. <sup>(a)</sup> | 91000 | 4948580 |
|  |  | 10519290 |
| **Commercial Services & Supplies - 1.7%** |  |  |
| Copart, Inc. <sup>(a)</sup> | 197088 | 9671108 |
|  |  | $– |
| **Electrical Equipment - 4.3%** |  |  |
| AMETEK, Inc. | 67600 | 12232896 |
| Vertiv Holdings Co. - Class A | 102500 | 13162025 |
|  |  | 25394921 |
| **Machinery - 0.5%** |  |  |
| Xylem, Inc. | 20200 | 2613072 |
|  |  | $– |
| **Professional Services - 7.0%** |  |  |
| Equifax, Inc. | 29662 | 7693433 |
| KBR, Inc. | 151500 | 7262910 |
| TransUnion | 145063 | 12765544 |
| Verisk Analytics, Inc. | 42223 | 13152465 |
|  |  | 40874352 |
| **Trading Companies & Distributors - 1.5%** |  |  |
| Ferguson Enterprises, Inc. | 41384 | 9011366 |
| **Total Industrials** | **Total Industrials** | 108071859 |
| **<u>Information Technology</u> - 26.9%<sup>(b)</sup>** | **<u>Information Technology</u> - 26.9%<sup>(b)</sup>** |  |
| **Electronic Equipment, Instruments & Components - 1.5%** |  |  |
| Amphenol Corp. - Class A | 91602 | 9045698 |
|  |  | $– |
| **IT Services - 5.6%** |  |  |
| Gartner, Inc. <sup>(a)</sup> | 30756 | 12432190 |
| GoDaddy, Inc. - Class A <sup>(a)</sup> | 30339 | 5462841 |
| MongoDB, Inc. <sup>(a)</sup> | 27200 | 5711728 |
| Snowflake, Inc. - Class A <sup>(a)</sup> | 41000 | 9174570 |
|  |  | 32781329 |
| **Semiconductors & Semiconductor Equipment - 2.8%** |  |  |
| Analog Devices, Inc. | 17500 | 4165350 |
| Monolithic Power Systems, Inc. | 5227 | 3822923 |
| Universal Display Corp. | 53894 | 8324467 |
|  |  | 16312740 |
| **Software - 17.0%** |  |  |
| Autodesk, Inc. <sup>(a)</sup> | 32365 | 10019233 |
| CCC Intelligent Solutions Holdings, Inc. <sup>(a)</sup> | 610000 | 5740100 |
| CyberArk Software Ltd. <sup>(a)</sup> | 20600 | 8381728 |
| Datadog, Inc. - Class A <sup>(a)</sup> | 45000 | 6044850 |
| Fair Isaac Corp. <sup>(a)</sup> | 3720 | 6800011 |
| Guidewire Software, Inc. <sup>(a)</sup> | 39875 | 9388569 |
| HubSpot, Inc. <sup>(a)</sup> | 13950 | 7764989 |
| Manhattan Associates, Inc. <sup>(a)</sup> | 30600 | 6042582 |
| Nutanix, Inc. - Class A <sup>(a)</sup> | 87500 | 6688500 |
| Procore Technologies, Inc. <sup>(a)</sup> | 154000 | 10536680 |
| Synopsys, Inc. <sup>(a)</sup> | 14655 | 7513325 |
| Tyler Technologies, Inc. <sup>(a)</sup> | 14000 | 8299760 |
| Zscaler, Inc. <sup>(a)</sup> | 19200 | 6027648 |
|  |  | 99247975 |
| **Total Information Technology** | **Total Information Technology** | 157387742 |
| **<u>Materials</u> - 1.1%** | **<u>Materials</u> - 1.1%** |  |
| **Construction Materials - 1.1%** |  |  |
| Martin Marietta Materials, Inc. | 12193 | 6693469 |
| **<u>Real Estate</u> - 2.2%** | **<u>Real Estate</u> - 2.2%** |  |
| **Real Estate Management & Development - 2.2%** |  |  |
| CoStar Group, Inc. <sup>(a)</sup> | 159341 | 12811016 |
| **<u>Utilities</u> - 2.9%** | **<u>Utilities</u> - 2.9%** |  |
| **Independent Power and Renewable Electricity Producers - 2.9%** |  |  |
| Vistra Corp. | 87950 | 17045589 |
| **TOTAL COMMON STOCKS** (Cost $399,360,675) | **TOTAL COMMON STOCKS** (Cost $399,360,675) | 568660211 |
| **SHORT-TERM INVESTMENTS - 3.1%** | **Shares** | **Value**  |
| **Money Market Funds - 3.1%** |  |  |
| Fidelity Money Market Government Portfolio - Class I, 4.23% <sup>(c)</sup> | 18050110 | 18050110 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $18,050,110) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $18,050,110) | 18050110 |
| **TOTAL INVESTMENTS - 100.2% (**Cost $417,410,785**)** | **TOTAL INVESTMENTS - 100.2% (**Cost $417,410,785**)** | 586710321 |
| Liabilities in Excess of Other Assets - (0.2)% | Liabilities in Excess of Other Assets - (0.2)% | (1131874) |
| **TOTAL NET ASSETS - 100.0%** |  | $585578447 |
| 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. |

---

PLC - Public Limited Company<br>

(a) Non-income producing security.

(b) To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those
 industries or sectors.

(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 Mid Cap Discovery 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 | $568660211 | $– | $– | $568660211 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 18050110 | – | – | 18050110 |
| Total Investments | $586710321 | $– | $– | $586710321 |
| 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. |

---

## 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 Mid Cap Discovery Fund

- **b. EDGAR series identifier (if any):** S000006557

- **c. LEI of Series:** 2549003XUN268798ON70

**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:** $586955412.81

**Total Liabilities:** $585769.94

**Net Assets:** $586369642.87

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000017896 | -0.37%               | 6.65%                | 3.77%                |
| Class ID C000214589 | -0.36%               | 6.67%                | 3.77%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-10072466.90            | $7619260.47                                |
| Month 2  | $6989078.50              | $29850511.34                               |
| Month 3  | $11393087.67             | $10321700.84                               |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Analog Devices Inc             | Analog Devices Inc                     | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | EC               | CORP              | US        |     17500 | NS      | $4165350.00   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| CCC Intelligent Solutions Hold | CCC Intelligent Solutions Holdings Inc | CUSIP: 12510Q100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    610000 | NS      | $5740100.00   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| CarMax Inc                     | CarMax Inc                             | CUSIP: 143130102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     87000 | NS      | $5847270.00   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Equifax Inc                    | Equifax Inc                            | CUSIP: 294429105<br>LEI: 5493004MCF8JDC86VS77 | Long             | EC               | CORP              | US        |     29662 | NS      | $7693432.94   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| FactSet Research Systems Inc   | FactSet Research Systems Inc           | CUSIP: 303075105<br>LEI: 549300ZSJE7NBK6K9P30 | Long             | EC               | CORP              | US        |     11100 | NS      | $4964808.00   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| GoDaddy Inc                    | GoDaddy Inc                            | CUSIP: 380237107<br>LEI: 549300J8H1TB0I2CB447 | Long             | EC               | CORP              | US        |     30339 | NS      | $5462840.34   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Insulet Corp                   | Insulet Corp                           | CUSIP: 45784P101<br>LEI: 549300TZTYD2PYN92D43 | Long             | EC               | CORP              | US        |     25200 | NS      | $7917336.00   | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| IQVIA Holdings Inc             | IQVIA Holdings Inc                     | CUSIP: 46266C105<br>LEI: 549300W3R20NM4KQPH86 | Long             | EC               | CORP              | US        |     45662 | NS      | $7195874.58   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Natera Inc                     | Natera Inc                             | CUSIP: 632307104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     41581 | NS      | $7024694.14   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Procore Technologies Inc       | Procore Technologies Inc               | CUSIP: 74275K108<br>LEI: 5493005PTWY0RHYRAH22 | Long             | EC               | CORP              | US        |    154000 | NS      | $10536680.00  | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Snowflake Inc                  | Snowflake Inc                          | CUSIP: 833445109<br>LEI: 254900CJNSY1K7T53Z16 | Long             | EC               | CORP              | US        |     41000 | NS      | $9174570.00   | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Verisk Analytics Inc           | Verisk Analytics Inc                   | CUSIP: 92345Y106<br>LEI: 549300I1YSWNIRKBWP67 | Long             | EC               | CORP              | US        |     42223 | NS      | $13152464.50  | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Zscaler Inc                    | Zscaler Inc                            | CUSIP: 98980G102<br>LEI: 529900MZ0RTK1BWRNF46 | Long             | EC               | CORP              | US        |     19200 | NS      | $6027648.00   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Martin Marietta Materials Inc  | Martin Marietta Materials Inc          | CUSIP: 573284106<br>LEI: 5299005MZ4WZECVATV08 | Long             | EC               | CORP              | US        |     12193 | NS      | $6693469.28   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Synopsys Inc                   | Synopsys Inc                           | CUSIP: 871607107<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | EC               | CORP              | US        |     14655 | NS      | $7513325.40   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Trade Desk Inc/The             | Trade Desk Inc/The                     | CUSIP: 88339J105<br>LEI: 549300GXPD31VT3E0P46 | Long             | EC               | CORP              | US        |     50000 | NS      | $3599500.00   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Government Portfolio  | Fidelity Government Portfolio          | CUSIP: 316175108<br>LEI: 549300FQDFZGLUOCWN51 | Long             | STIV             | RF                | US        |  18050110 | NS      | $18050110.03  | 3.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Guidewire Software Inc         | Guidewire Software Inc                 | CUSIP: 40171V100<br>LEI: 549300WXSG0J8IXZCK32 | Long             | EC               | CORP              | US        |     39875 | NS      | $9388568.75   | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Intercontinental Exchange Inc  | Intercontinental Exchange Inc          | CUSIP: 45866F104<br>LEI: 5493000F4ZO33MV32P92 | Long             | EC               | CORP              | US        |     33438 | NS      | $6134869.86   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| ICON PLC                       | ICON PLC                               | CUSIP: N/A<br>LEI: 6354008SRQGEMC4XFI67       | Long             | EC               | CORP              | IE        |     35000 | NS      | $5090750.00   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Drainage Systems Inc  | Advanced Drainage Systems Inc          | CUSIP: 00790R104<br>LEI: 6QQTOZ5MF5DHM7K92I60 | Long             | EC               | CORP              | US        |     48500 | NS      | $5570710.00   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Gartner Inc                    | Gartner Inc                            | CUSIP: 366651107<br>LEI: PP55B5R38BFB8O8HH686 | Long             | EC               | CORP              | US        |     30756 | NS      | $12432190.32  | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| IDEXX Laboratories Inc         | IDEXX Laboratories Inc                 | CUSIP: 45168D104<br>LEI: OGMTXK0LUU1HKV2P0J84 | Long             | EC               | CORP              | US        |     18299 | NS      | $9814485.66   | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinsale Capital Group Inc      | Kinsale Capital Group Inc              | CUSIP: 49714P108<br>LEI: 529900QTUQHNZ6HOA508 | Long             | EC               | CORP              | US        |     14960 | NS      | $7239144.00   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| MarketAxess Holdings Inc       | MarketAxess Holdings Inc               | CUSIP: 57060D108<br>LEI: 5493002U1CA1XJOVID83 | Long             | EC               | CORP              | US        |     36500 | NS      | $8151910.00   | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| MongoDB Inc                    | MongoDB Inc                            | CUSIP: 60937P106<br>LEI: 549300TPTG69WKWE1Z37 | Long             | EC               | CORP              | US        |     27200 | NS      | $5711728.00   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Monolithic Power Systems Inc   | Monolithic Power Systems Inc           | CUSIP: 609839105<br>LEI: 529900TB7O85LSZ1XU31 | Long             | EC               | CORP              | US        |      5227 | NS      | $3822923.26   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Nutanix Inc                    | Nutanix Inc                            | CUSIP: 67059N108<br>LEI: 549300X7J6E8TKVIXW09 | Long             | EC               | CORP              | US        |     87500 | NS      | $6688500.00   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Wingstop Inc                   | Wingstop Inc                           | CUSIP: 974155103<br>LEI: 549300SSH3F8HPIM3Q47 | Long             | EC               | CORP              | US        |     20350 | NS      | $6852659.00   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Edwards Lifesciences Corp      | Edwards Lifesciences Corp              | CUSIP: 28176E108<br>LEI: YA13X31F3V31L8TMPR58 | Long             | EC               | CORP              | US        |     92000 | NS      | $7195320.00   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Fair Isaac Corp                | Fair Isaac Corp                        | CUSIP: 303250104<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | EC               | CORP              | US        |      3720 | NS      | $6800011.20   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Alcon AG                       | Alcon AG                               | CUSIP: N/A<br>LEI: 549300LDT5AP8S0NBM78       | Long             | EC               | CORP              | CH        |     76641 | NS      | $6765867.48   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Display Corp         | Universal Display Corp                 | CUSIP: 91347P105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     53894 | NS      | $8324467.24   | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Veeva Systems Inc              | Veeva Systems Inc                      | CUSIP: 922475108<br>LEI: 549300YZEXPDB92M2F02 | Long             | EC               | CORP              | US        |     60687 | NS      | $17476642.26  | 2.98%             |  |  |  | No            |                  1 | On Loan: No      |
| West Pharmaceutical Services I | West Pharmaceutical Services Inc       | CUSIP: 955306105<br>LEI: 5493007NKRGM1RJQ1P16 | Long             | EC               | CORP              | US        |     21000 | NS      | $4594800.00   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| TransUnion                     | TransUnion                             | CUSIP: 89400J107<br>LEI: 549300ZS772LUNUMRB03 | Long             | EC               | CORP              | US        |    145063 | NS      | $12765544.00  | 2.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Trex Co Inc                    | Trex Co Inc                            | CUSIP: 89531P105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     91000 | NS      | $4948580.00   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Vistra Corp                    | Vistra Corp                            | CUSIP: 92840M102<br>LEI: 549300KP43CPCUJOOG15 | Long             | EC               | CORP              | US        |     87950 | NS      | $17045589.50  | 2.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Xylem Inc/NY                   | Xylem Inc/NY                           | CUSIP: 98419M100<br>LEI: 549300DF5MV96DRYLQ48 | Long             | EC               | CORP              | US        |     20200 | NS      | $2613072.00   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Amphenol Corp                  | Amphenol Corp                          | CUSIP: 032095101<br>LEI: 549300D3L3G0R4U4VT04 | Long             | EC               | CORP              | US        |     91602 | NS      | $9045697.50   | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Autodesk Inc                   | Autodesk Inc                           | CUSIP: 052769106<br>LEI: FRKKVKAIQEF3FCSTPG55 | Long             | EC               | CORP              | US        |     32365 | NS      | $10019233.05  | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| CoStar Group Inc               | CoStar Group Inc                       | CUSIP: 22160N109<br>LEI: 984500Q1D53D08E2E698 | Long             | EC               | CORP              | US        |    159341 | NS      | $12811016.40  | 2.18%             |  |  |  | No            |                  1 | On Loan: No      |
| DraftKings Inc                 | DraftKings Inc                         | CUSIP: 26142V105<br>LEI: 2549006G33IUL6IVOD83 | Long             | EC               | CORP              | US        |    143000 | NS      | $6133270.00   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| elf Beauty Inc                 | elf Beauty Inc                         | CUSIP: 26856L103<br>LEI: 549300U2K9TCON25C029 | Long             | EC               | CORP              | US        |     67600 | NS      | $8412144.00   | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| HubSpot Inc                    | HubSpot Inc                            | CUSIP: 443573100<br>LEI: 529900BLNVEW0MVKJB37 | Long             | EC               | CORP              | US        |     13950 | NS      | $7764988.50   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Cencora Inc                    | Cencora Inc                            | CUSIP: 03073E105<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | EC               | CORP              | US        |     39860 | NS      | $11952021.00  | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Copart Inc                     | Copart Inc                             | CUSIP: 217204106<br>LEI: 549300KVYX3JWMYEHU61 | Long             | EC               | CORP              | US        |    197088 | NS      | $9671108.16   | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Dexcom Inc                     | Dexcom Inc                             | CUSIP: 252131107<br>LEI: 549300YSK3QDSFR5EU59 | Long             | EC               | CORP              | US        |     73711 | NS      | $6434233.19   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Manhattan Associates Inc       | Manhattan Associates Inc               | CUSIP: 562750109<br>LEI: 529900Q1GJP7KD52SW51 | Long             | EC               | CORP              | US        |     30600 | NS      | $6042582.00   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Corpay Inc                     | Corpay Inc                             | CUSIP: 219948106<br>LEI: 549300DG6RR0NQSFLN74 | Long             | EC               | CORP              | US        |     22754 | NS      | $7550232.28   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| DoubleVerify Holdings Inc      | DoubleVerify Holdings Inc              | CUSIP: 25862V105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    368744 | NS      | $5520097.68   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Ferguson Enterprises Inc       | Ferguson Enterprises Inc               | CUSIP: 31488V107<br>LEI: 2138003JYQMRP3SLX189 | Long             | EC               | CORP              | US        |     41384 | NS      | $9011366.00   | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Live Nation Entertainment Inc  | Live Nation Entertainment Inc          | CUSIP: 538034109<br>LEI: 5493007B9BM9ZXJINO78 | Long             | EC               | CORP              | US        |     63000 | NS      | $9530640.00   | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Lululemon Athletica Inc        | Lululemon Athletica Inc                | CUSIP: 550021109<br>LEI: 549300D9GZ4BMLDW5T40 | Long             | EC               | CORP              | CA        |     22985 | NS      | $5460776.30   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| MSCI Inc                       | MSCI Inc                               | CUSIP: 55354G100<br>LEI: 549300HTIN2PD78UB763 | Long             | EC               | CORP              | US        |     30940 | NS      | $17844335.60  | 3.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Progyny Inc                    | Progyny Inc                            | CUSIP: 74340E103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    340147 | NS      | $7483234.00   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Ross Stores Inc                | Ross Stores Inc                        | CUSIP: 778296103<br>LEI: 549300ENZFLPGRDFZQ60 | Long             | EC               | CORP              | US        |     30255 | NS      | $3859932.90   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Schlumberger NV                | Schlumberger NV                        | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | US        |    193290 | NS      | $6533202.00   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Tyler Technologies Inc         | Tyler Technologies Inc                 | CUSIP: 902252105<br>LEI: 25490040SMU4Z8LBCW70 | Long             | EC               | CORP              | US        |     14000 | NS      | $8299760.00   | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Pinterest Inc                  | Pinterest Inc                          | CUSIP: 72352L106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    206094 | NS      | $7390530.84   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Shift4 Payments Inc            | Shift4 Payments Inc                    | CUSIP: 82452J109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    126667 | NS      | $12553966.37  | 2.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertiv Holdings Co             | Vertiv Holdings Co                     | CUSIP: 92537N108<br>LEI: 549300KTTIRAOGXCRV69 | Long             | EC               | CORP              | US        |    102500 | NS      | $13162025.00  | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| AMETEK Inc                     | AMETEK Inc                             | CUSIP: 031100100<br>LEI: 549300WZDEF9KKE40E98 | Long             | EC               | CORP              | US        |     67600 | NS      | $12232896.00  | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Bio-Techne Corp                | Bio-Techne Corp                        | CUSIP: 09073M104<br>LEI: 54930073RLKQ51TILZ35 | Long             | EC               | CORP              | US        |    115975 | NS      | $5966913.75   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| HEICO Corp                     | HEICO Corp                             | CUSIP: 422806208<br>LEI: 529900O1DTDLCJ7L0I14 | Long             | EC               | CORP              | US        |     38600 | NS      | $9987750.00   | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| KBR Inc                        | KBR Inc                                | CUSIP: 48242W106<br>LEI: 254900OFQDXZRKRCV808 | Long             | EC               | CORP              | US        |    151500 | NS      | $7262910.00   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Maplebear Inc                  | Maplebear Inc                          | CUSIP: 565394103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    163000 | NS      | $7374120.00   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Agilent Technologies Inc       | Agilent Technologies Inc               | CUSIP: 00846U101<br>LEI: QUIX8Y7A2WP0XRMW7G29 | Long             | EC               | CORP              | US        |     46471 | NS      | $5484042.71   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Alnylam Pharmaceuticals Inc    | Alnylam Pharmaceuticals Inc            | CUSIP: 02043Q107<br>LEI: 529900S3ZI14OWRJII50 | Long             | EC               | CORP              | US        |     21514 | NS      | $7015500.26   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Datadog Inc                    | Datadog Inc                            | CUSIP: 23804L103<br>LEI: 549300F6JNO0KRPO1K63 | Long             | EC               | CORP              | US        |     45000 | NS      | $6044850.00   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Expedia Group Inc              | Expedia Group Inc                      | CUSIP: 30212P303<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     27952 | NS      | $4714943.36   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Birkenstock Holding Plc        | Birkenstock Holding Plc                | CUSIP: N/A<br>LEI: 529900CQ8LQKQ7LIT631       | Long             | EC               | CORP              | GB        |     72600 | NS      | $3570468.00   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| CyberArk Software Ltd          | CyberArk Software Ltd                  | CUSIP: N/A<br>LEI: 529900YEXNDM894PWS93       | Long             | EC               | CORP              | IL        |     20600 | NS      | $8381728.00   | 1.43%             |  |  |  | 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