# EDGAR Filing Document

**Accession Number:** 0001135300
**File Stem:** 0000894189-25-014252
**Filing Date:** 2025-11
**Character Count:** 25932
**Document Hash:** edb66a71ab46e18aa815983c062ee227
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-014252.hdr.sgml**: 20251121

**ACCESSION NUMBER**: 0000894189-25-014252

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251121

**DATE AS OF CHANGE**: 20251121

**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:** 251508105

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

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

## Series and Classes Contracts Data

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

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

## 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 Early Stage Growth Fund

- **b. EDGAR series identifier (if any):** S000006555

- **c. LEI of Series:** 254900OR0GOPIIGY0W29

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

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

- **b. Date as of which information is reported:** 2025-09-30

**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:** $69873099.68

**Total Liabilities:** $88647.07

**Net Assets:** $69784452.61

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000017894 | 3.58%                | 6.07%                | -1.20%               |
| Class ID C000214587 | 3.61%                | 6.01%                | -1.19%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1195176.92              | $1148392.95                                |
| Month 2  | $728060.06               | $3376584.58                                |
| Month 3  | $800984.89               | $-1599368.72                               |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Teradata Corp                  | Teradata Corp                           | CUSIP: 88076W103<br>LEI: 549300JU9SOUHV4U4R71 | Long             | EC               | CORP              | US        |     29000 | NS      | $623790.00    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Community Healthcare Trust Inc | Community Healthcare Trust Inc          | CUSIP: 20369C106<br>LEI: 549300FATSRCMKOV9536 | Long             | EC               | CORP              | US        |     44600 | NS      | $682380.00    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| American Superconductor Corp   | American Superconductor Corp            | CUSIP: 030111207<br>LEI: 549300S9YT8Z8LOK4452 | Long             | EC               | CORP              | US        |     34000 | NS      | $2019260.00   | 2.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Ategrity Specialty Holdings LL | Ategrity Specialty Holdings LLC         | CUSIP: 04681Y103<br>LEI: 549300KMIVG4HUBDUF07 | Long             | EC               | CORP              | US        |     50000 | NS      | $988500.00    | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| CPI Card Group Inc             | CPI Card Group Inc                      | CUSIP: 12634H200<br>LEI: 54930087HHJ1VWIJK062 | Long             | EC               | CORP              | US        |     35000 | NS      | $529900.00    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Cadre Holdings Inc             | Cadre Holdings Inc                      | CUSIP: 12763L105<br>LEI: 2549006IKQEWJ8M7CB97 | Long             | EC               | CORP              | US        |     40840 | NS      | $1491068.40   | 2.14%             |  |  |  | No            |                  1 | On Loan: No      |
| QuidelOrtho Corp               | QuidelOrtho Corp                        | CUSIP: 219798105<br>LEI: 549300YU8CMO9HF53113 | Long             | EC               | CORP              | US        |     24700 | NS      | $727415.00    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Element Solutions Inc          | Element Solutions Inc                   | CUSIP: 28618M106<br>LEI: 549300FLGN6P5CU20J91 | Long             | EC               | CORP              | US        |     44300 | NS      | $1115031.00   | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Evolent Health Inc             | Evolent Health Inc                      | CUSIP: 30050B101<br>LEI: 549300CZOCFHQ2BBTR11 | Long             | EC               | CORP              | US        |    100600 | NS      | $851076.00    | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Guardian Pharmacy Services Inc | Guardian Pharmacy Services Inc          | CUSIP: 40145W101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     50000 | NS      | $1311500.00   | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Portillo's Inc                 | Portillo's Inc                          | CUSIP: 73642K106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     64500 | NS      | $416025.00    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Red Cat Holdings Inc           | Red Cat Holdings Inc                    | CUSIP: 75644T100<br>LEI: 5493005OGSQW28V2PY05 | Long             | EC               | CORP              | US        |     85000 | NS      | $879750.00    | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Simulations Plus Inc           | Simulations Plus Inc                    | CUSIP: 829214105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     51000 | NS      | $768570.00    | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Vericel Corp                   | Vericel Corp                            | CUSIP: 92346J108<br>LEI: 54930076YM3PLTDR4B91 | Long             | EC               | CORP              | US        |     25800 | NS      | $811926.00    | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Optoelectronics Inc    | Applied Optoelectronics Inc             | CUSIP: 03823U102<br>LEI: 529900I8U6Q5SYDNLT48 | Long             | EC               | CORP              | US        |     60295 | NS      | $1563449.35   | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Bowman Consulting Group Ltd    | Bowman Consulting Group Ltd             | CUSIP: 103002101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     50000 | NS      | $2118000.00   | 3.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Castle Biosciences Inc         | Castle Biosciences Inc                  | CUSIP: 14843C105<br>LEI: 2549007M2Q4HLR1XD252 | Long             | EC               | CORP              | US        |     38700 | NS      | $881199.00    | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Catalyst Pharmaceuticals Inc   | Catalyst Pharmaceuticals Inc            | CUSIP: 14888U101<br>LEI: 5299004O0R5XXLA5H544 | Long             | EC               | CORP              | US        |     40000 | NS      | $788000.00    | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Grid Dynamics Holdings Inc     | Grid Dynamics Holdings Inc              | CUSIP: 39813G109<br>LEI: 9845007E77EEC65AZE29 | Long             | EC               | CORP              | US        |     77000 | NS      | $593670.00    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Hamilton Lane Inc              | Hamilton Lane Inc                       | CUSIP: 407497106<br>LEI: 5493006OKN3V1NORM833 | Long             | EC               | CORP              | US        |      6485 | NS      | $874113.15    | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Powerfleet Inc NJ              | Powerfleet Inc NJ                       | CUSIP: 73931J109<br>LEI: 2549007NKEFPYEH4MF81 | Long             | EC               | CORP              | US        |    192990 | NS      | $1011267.60   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| OneSpaWorld Holdings Ltd       | OneSpaWorld Holdings Ltd                | CUSIP: N/A<br>LEI: 5493007W8PZ8W6UC2X76       | Long             | EC               | CORP              | BS        |     75300 | NS      | $1591842.00   | 2.28%             |  |  |  | No            |                  1 | On Loan: No      |
| AeroVironment Inc              | AeroVironment Inc                       | CUSIP: 008073108<br>LEI: 529900PGHVI29YLZ6221 | Long             | EC               | CORP              | US        |      2700 | NS      | $850203.00    | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Commerce.com Inc               | Commerce.com Inc                        | CUSIP: 08975P108<br>LEI: 549300MOVEFQ78DMPG58 | Long             | EC               | CORP              | US        |     53800 | NS      | $268462.00    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Calix Inc                      | Calix Inc                               | CUSIP: 13100M509<br>LEI: 5299002RQRZ4SXSCSJ58 | Long             | EC               | CORP              | US        |     13280 | NS      | $814993.60    | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Carlsmed Inc                   | Carlsmed Inc                            | CUSIP: 14280C105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     55000 | NS      | $736450.00    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Signal Corp            | Federal Signal Corp                     | CUSIP: 313855108<br>LEI: 549300RTXZRPTNP6G884 | Long             | EC               | CORP              | US        |      2500 | NS      | $297475.00    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Hillman Solutions Corp         | Hillman Solutions Corp                  | CUSIP: 431636109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    130000 | NS      | $1193400.00   | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Champion Homes Inc             | Champion Homes Inc                      | CUSIP: 830830105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     18070 | NS      | $1380005.90   | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| HealthStream Inc               | HealthStream Inc                        | CUSIP: 42222N103<br>LEI: 529900OJ88H8635JNH64 | Long             | EC               | CORP              | US        |     63100 | NS      | $1781944.00   | 2.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Inspire Medical Systems Inc    | Inspire Medical Systems Inc             | CUSIP: 457730109<br>LEI: 549300XQQCQ7HCJKTW25 | Long             | EC               | CORP              | US        |      5800 | NS      | $430360.00    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Kratos Defense & Security Solu | Kratos Defense & Security Solutions Inc | CUSIP: 50077B207<br>LEI: 5493000EKBN0UY1F3F88 | Long             | EC               | CORP              | US        |     16000 | NS      | $1461920.00   | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Kornit Digital Ltd             | Kornit Digital Ltd                      | CUSIP: N/A<br>LEI: 5299006DPCQWP3VTFK34       | Long             | EC               | CORP              | IL        |     40300 | NS      | $544050.00    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Option Care Health Inc         | Option Care Health Inc                  | CUSIP: 68404L201<br>LEI: 549300DI3Q5ACSYJRI17 | Long             | EC               | CORP              | US        |     29240 | NS      | $811702.40    | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| SunOpta Inc                    | SunOpta Inc                             | CUSIP: 8676EP108<br>LEI: 54930010CP0KEPPRPA40 | Long             | EC               | CORP              | US        |    252700 | NS      | $1480822.00   | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Varonis Systems Inc            | Varonis Systems Inc                     | CUSIP: 922280102<br>LEI: 549300SHIVNRRH7STS26 | Long             | EC               | CORP              | US        |     26500 | NS      | $1522955.00   | 2.18%             |  |  |  | No            |                  1 | On Loan: No      |
| TAT Technologies Ltd           | TAT Technologies Ltd                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | IL        |     40000 | NS      | $1761200.00   | 2.52%             |  |  |  | No            |                  1 | On Loan: No      |
| ADMA Biologics Inc             | ADMA Biologics Inc                      | CUSIP: 000899104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     62370 | NS      | $914344.20    | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| BioLife Solutions Inc          | BioLife Solutions Inc                   | CUSIP: 09062W204<br>LEI: 549300G2IVCMC2TJDW72 | Long             | EC               | CORP              | US        |     49000 | NS      | $1249990.00   | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Sterling Infrastructure Inc    | Sterling Infrastructure Inc             | CUSIP: 859241101<br>LEI: 549300RZIK6K1215XU51 | Long             | EC               | CORP              | US        |      1200 | NS      | $407616.00    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| WisdomTree Inc                 | WisdomTree Inc                          | CUSIP: 97717P104<br>LEI: 549300WIU8IS7UFO7871 | Long             | EC               | CORP              | US        |    129000 | NS      | $1793100.00   | 2.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Establishment Labs Holdings In | Establishment Labs Holdings Inc         | CUSIP: N/A<br>LEI: 549300BCBQ714JNJ7V58       | Long             | EC               | CORP              | CR        |     23100 | NS      | $946869.00    | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| OrthoPediatrics Corp           | OrthoPediatrics Corp                    | CUSIP: 68752L100<br>LEI: 5493000KUTPFGOPAT717 | Long             | EC               | CORP              | US        |     26590 | NS      | $492712.70    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Progyny Inc                    | Progyny Inc                             | CUSIP: 74340E103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     23460 | NS      | $504859.20    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Transcat Inc                   | Transcat Inc                            | CUSIP: 893529107<br>LEI: 54930081E40TSSHUOS40 | Long             | EC               | CORP              | US        |     16700 | NS      | $1222440.00   | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Ambiq Micro Inc                | Ambiq Micro Inc                         | CUSIP: 023193105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     17000 | NS      | $508640.00    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Cactus Inc                     | Cactus Inc                              | CUSIP: 127203107<br>LEI: 549300J3T8C9F8QFKV08 | Long             | EC               | CORP              | US        |     21320 | NS      | $841500.40    | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Harrow Inc                     | Harrow Inc                              | CUSIP: 415858109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     30000 | NS      | $1445400.00   | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Omnicell Inc                   | Omnicell Inc                            | CUSIP: 68213N109<br>LEI: 5493008RH0GTKHHPZI77 | Long             | EC               | CORP              | US        |     28200 | NS      | $858690.00    | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Phreesia Inc                   | Phreesia Inc                            | CUSIP: 71944F106<br>LEI: 5493000HHF8NU4QOCG53 | Long             | EC               | CORP              | US        |     40000 | NS      | $940800.00    | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Shift4 Payments Inc            | Shift4 Payments Inc                     | CUSIP: 82452J109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     14100 | NS      | $1091340.00   | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Antimony Corp    | United States Antimony Corp             | CUSIP: 911549103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    115000 | NS      | $713000.00    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Verra Mobility Corp            | Verra Mobility Corp                     | CUSIP: 92511U102<br>LEI: 549300XX5EKGLR0M4152 | Long             | EC               | CORP              | US        |     38800 | NS      | $958360.00    | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertex Inc                     | Vertex Inc                              | CUSIP: 92538J106<br>LEI: 549300QMYW171MP1PL50 | Long             | EC               | CORP              | US        |     39460 | NS      | $978213.40    | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Willdan Group Inc              | Willdan Group Inc                       | CUSIP: 96924N100<br>LEI: 529900YQO0LF5VAEKN05 | Long             | EC               | CORP              | US        |     19000 | NS      | $1837110.00   | 2.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Government Portfolio  | Fidelity Government Portfolio           | CUSIP: 316175108<br>LEI: 549300FQDFZGLUOCWN51 | Long             | STIV             | RF                | US        |     10972 | NS      | $10972.28     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| GCM Grosvenor Inc              | GCM Grosvenor Inc                       | CUSIP: 36831E108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    100000 | NS      | $1207000.00   | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Hayward Holdings Inc           | Hayward Holdings Inc                    | CUSIP: 421298100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     55000 | NS      | $831600.00    | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Impinj Inc                     | Impinj Inc                              | CUSIP: 453204109<br>LEI: 549300M26VGKSMMWWN17 | Long             | EC               | CORP              | US        |      9000 | NS      | $1626750.00   | 2.33%             |  |  |  | No            |                  1 | On Loan: No      |
| nCino Inc                      | nCino Inc                               | CUSIP: 63947X101<br>LEI: 549300WVRR2WR3L6MZ46 | Long             | EC               | CORP              | US        |     24000 | NS      | $650640.00    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| nLight Inc                     | nLight Inc                              | CUSIP: 65487K100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     20000 | NS      | $592600.00    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Patrick Industries Inc         | Patrick Industries Inc                  | CUSIP: 703343103<br>LEI: 549300FZ5ZTCCJ3Z5W14 | Long             | EC               | CORP              | US        |     12600 | NS      | $1303218.00   | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| ICF International Inc          | ICF International Inc                   | CUSIP: 44925C103<br>LEI: 5493003KYFDDC5B3WY64 | Long             | EC               | CORP              | US        |     12100 | NS      | $1122880.00   | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| I3 Verticals Inc               | I3 Verticals Inc                        | CUSIP: 46571Y107<br>LEI: 549300944CYWVP06CJ97 | Long             | EC               | CORP              | US        |     48200 | NS      | $1564572.00   | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| LeMaitre Vascular Inc          | LeMaitre Vascular Inc                   | CUSIP: 525558201<br>LEI: 549300FZUBUB7MHY8R17 | Long             | EC               | CORP              | US        |     13090 | NS      | $1145505.90   | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Lovesac Co/The                 | Lovesac Co/The                          | CUSIP: 54738L109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     35450 | NS      | $600168.50    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Napco Security Technologies In | Napco Security Technologies Inc         | CUSIP: 630402105<br>LEI: 529900KV21J4YY9YST76 | Long             | EC               | CORP              | US        |     32400 | NS      | $1391580.00   | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| UFP Technologies Inc           | UFP Technologies Inc                    | CUSIP: 902673102<br>LEI: 549300RJ8LY41HS70C91 | Long             | EC               | CORP              | US        |      4775 | NS      | $953090.00    | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Accel Entertainment Inc        | Accel Entertainment Inc                 | CUSIP: 00436Q106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    105100 | NS      | $1163457.00   | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-21

**Name of Applicant:** Buffalo Funds

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

**Name of Signer:** Laura Symon Browne

**Title:** President and Treasurer