# EDGAR Filing Document

**Accession Number:** 0001135300
**File Stem:** 0001145549-23-013920
**Filing Date:** 2023-3
**Character Count:** 58735
**Document Hash:** e8af3a395e98b81d6fa5a69c991c0955
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-013920.hdr.sgml**: 20230301

**ACCESSION NUMBER**: 0001145549-23-013920

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230301

**DATE AS OF CHANGE**: 20230228

**PERIOD START**: 20230331

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-10303
- **FILM NUMBER:** 23688315

**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 Dividend Focus Fund (Series ID: S000039149)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000120435 | Investor Class      | BUFDX           |
| C000214596 | Institutional Class | BUIDX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Buffalo Dividend Focus Fund** | **Buffalo Dividend Focus Fund** | **Buffalo Dividend Focus Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **December 31, 2022 (Unaudited)** | **December 31, 2022 (Unaudited)** | **December 31, 2022 (Unaudited)** |
| **Shares or Face Amount** |  | **Fair Value\*** |
|  | **COMMON STOCKS - 83.01%** | |
|  | **Communication Services - 4.69%** | |
|  | **Diversified Telecommunication Services - 0.37%** | |
| 10625 | Verizon Communications, Inc. | 418625 |
|  | **Entertainment - 1.31%** |  |
| 10750 | Activision Blizzard, Inc. | 822913 |
| 7605 | The Walt Disney Co. (a) | 660722 |
|  |  | 1483635 |
|  | **Interactive Media & Services - 2.32%** |  |
| 12600 | Alphabet, Inc. - Class A (a) | 1111698 |
| 13000 | Alphabet, Inc. - Class C (a) | 1153490 |
| 3100 | Facebook, Inc. - Class A (a) | 373054 |
|  |  | 2638242 |
|  | **Media - 0.69%** |  |
| 22500 | Comcast Corp. - Class A | 786825 |
|  | **Total Communication Services (Cost $3,286,636)** | **5327327** |
|  | **Consumer Discretionary - 3.03%** |  |
|  | **Hotels, Restaurants & Leisure - 1.04%** |  |
| 5000 | Las Vegas Sands Corp (a) | 240350 |
| 9500 | Starbucks Corp. | 942400 |
|  |  | 1182750 |
|  | **Internet & Direct Marketing Retail - 0.81%** |  |
| 11000 | Amazon.com, Inc. (a) | 924000 |
|  | **Specialty Retail - 1.18%** |  |
| 4225 | The Home Depot, Inc. | 1334508 |
|  | **Total Consumer Discretionary (Cost $1,757,399)** | **3441258** |
|  | **Consumer Staples - 4.30%** |  |
|  | **Beverages - 1.75%** |  |
| 5550 | PepsiCo, Inc. | 1002663 |
| 63000 | Primo Water Corporation - ADR (b) | 979020 |
|  |  | 1981683 |
|  | **Food & Staples Retailing - 0.43%** |  |
| 3450 | Walmart, Inc. | 489175 |
|  | **Food Products - 1.36%** |  |
| 9000 | Lamb Weston Holdings, Inc. | 804240 |
| 11900 | Tyson Foods, Inc. | 740775 |
|  |  | 1545015 |
|  | **Household Products - 0.76%** |  |
| 5725 | The Procter & Gamble Co. | 867681 |
|  | **Total Consumer Staples (Cost $3,419,962)** | **4883554** |
|  | **Energy - 12.76%** |  |
|  | **Oil, Gas & Consumable Fuels - 12.76%** |  |
| 162600 | Energy Transfer Equity, L.P. | 1930062 |
| 46650 | Enterprise Products Partners L.P. | 1125198 |
| 17200 | Enviva, Inc. | 911084 |
| 9875 | Hess Corp. | 1400473 |
| 12126 | Marathon Petroleum Corp. | 1411345 |
| 63400 | Northern Oil and Gas, Inc. | 1953988 |
| 7900 | Valero Energy Corp. | 1002194 |
| 150000 | Viper Energy Partners LP | 4768500 |
|  | **Total Energy (Cost $6,506,011)** | **14502844** |
|  | **Financials - 13.92%** |  |
|  | **Banks - 6.95%** |  |
| 63000 | Bank of America Corp. | 2086560 |
| 24375 | Citigroup, Inc. | 1102481 |
| 40750 | Citizens Financial Group, Inc. | 1604328 |
| 14000 | JPMorgan Chase & Co. | 1877400 |
| 28600 | Truist Financial Corp. | 1230658 |
|  |  | 7901427 |
|  | **Capital Markets - 3.39%** |  |
| 1100 | BlackRock, Inc. | 779493 |
| 4025 | CME Group, Inc. | 676844 |
| 7136 | S&P Global, Inc. | 2390132 |
|  |  | 3846469 |
|  | **Diversified Financial Services - 1.66%** |  |
| 118100 | Burford Capital Ltd. - ADR (b) | 962515 |
| 27000 | Compass Diversified Holdings | 492210 |
| 4400 | Global Payments Inc. | 437008 |
|  |  | 1891733 |
|  | **Insurance - 1.92%** |  |
| 11575 | Arthur J. Gallagher & Co. | 2182350 |
|  | **Total Financials (Cost $10,044,735)** | **15821979** |
|  | **Health Care - 16.91%** |  |
|  | **Biotechnology - 2.47%** |  |
| 24700 | Horizon Therapeutics PLC - ADR (a)(b) | 2810860 |
|  | **Health Care Equipment & Supplies - 1.99%** |  |
| 10000 | Abbott Laboratories | 1097900 |
| 11600 | Baxter International, Inc. | 591252 |
| 7400 | Medtronic, PLC - ADR (b) | 575128 |
|  |  | 2264280 |
|  | **Health Care Providers & Services - 9.37%** |  |
| 3375 | Anthem, Inc. | 1731274 |
| 32900 | CVS Health Corp. | 3065951 |
| 8100 | HCA Healthcare, Inc. | 1943676 |
| 2500 | McKesson Corp. | 937800 |
| 5600 | UnitedHealth Group, Inc. | 2969008 |
|  |  | 10647709 |
|  | **Pharmaceuticals - 3.08%** |  |
| 3150 | Eli Lilly & Co. | 1152396 |
| 7125 | Johnson & Johnson | 1258631 |
| 9800 | Merck & Co., Inc. | 1087310 |
|  |  | 3498337 |
|  | **Total Health Care (Cost $10,043,378)** | **19221186** |
|  | **Industrials - 4.57%** |  |
|  | **Aerospace & Defense - 0.51%** |  |
| 3025 | The Boeing Co. (a) | 576232 |
|  | **Commercial Services & Supplies - 1.11%** |  |
| 2800 | Cintas Corp. | 1264536 |
|  | **Electrical Equipment - 0.31%** |  |
| 2500 | AMETEK, Inc. | 349300 |
|  | **Industrial Conglomerates - 0.65%** |  |
| 3450 | Honeywell International, Inc. | 739335 |
|  | **Machinery - 1.01%** |  |
| 3950 | Parker-Hannifin Corp. | 1149450 |
|  | **Professional Services - 0.55%** |  |
| 3200 | Equifax, Inc. | 621952 |
|  | **Trading Companies & Distributors - 0.43%** |  |
| 10300 | Fastenal Co. | 487396 |
|  | **Total Industrials (Cost $2,943,278)** | **5188201** |
|  | **Information Technology - 15.35%** |  |
|  | **Communications Equipment - 0.75%** |  |
| 17750 | Cisco Systems, Inc. | 845610 |
|  | **IT Services - 4.66%** |  |
| 7700 | International Business Machines Corp. | 1084853 |
| 4400 | MasterCard, Inc. - Class A | 1530012 |
| 12925 | Visa Inc. - Class A | 2685298 |
|  |  | 5300163 |
|  | **Semiconductors & Semiconductor Equipment - 1.64%** |  |
| 10100 | Marvell Technology, Inc. | 374104 |
| 9075 | QUALCOMM, Inc. | 997706 |
| 2950 | Texas Instruments, Inc. | 487399 |
|  |  | 1859209 |
|  | **Software - 4.75%** |  |
| 50100 | Absolute Software Corp. - ADR (b) | 523044 |
| 18650 | Microsoft Corp. | 4472643 |
| 7700 | SS&C Technologies Holdings, Inc. | 400862 |
|  |  | 5396549 |
|  | **Technology Hardware, Storage & Peripherals - 3.55%** |  |
| 31080 | Apple Inc. | 4038224 |
|  | **Total Information Technology (Cost $7,177,458)** | **17439755** |
|  | **Materials - 1.65%** |  |
|  | **Construction Materials - 0.80%** |  |
| 10000 | CRH PLC - ADR (b) | 397900 |
| 1500 | Martin Marietta Materials, Inc. | 506955 |
|  |  | 904855 |
|  | **Containers & Packaging - 0.85%** |  |
| 43700 | Graphic Packaging Holding Co. | 972325 |
|  | **Total Materials (Cost $1,579,697)** | **1877180** |
|  | **Utilities - 5.83%** |  |
|  | **Electric Utilities - 4.20%** |  |
| 15700 | American Electric Power Co., Inc. | 1490715 |
| 30550 | Edison International | 1943591 |
| 82600 | PG&E Corp. (a) | 1343076 |
|  |  | 4777382 |
|  | **Independent Power and Renewable Electricity Producers - 0.80%** |  |
| 39000 | Vistra Corp. | 904800 |
|  | **Multi-Utilities - 0.83%** |  |
| 6100 | Sempra Energy | 942694 |
|  | **Total Utilities (Cost $5,583,801)** | **6624876** |
|  | **TOTAL COMMON STOCKS (Cost $52,342,355)** | **94328160** |
|  | **REITS - 2.27%** |  |
|  | **Real Estate - 2.27%** |  |
|  | **Equity Real Estate Investment Trusts (REITs) - 2.27%** |  |
| 3200 | American Tower Corp. | 677952 |
| 19106 | Community Healthcare Trust, Inc. | 683995 |
| 5000 | Digital Realty Trust, Inc. | 501350 |
| 1100 | Equinix Inc. | 720533 |
|  | **Total Real Estate (Cost $2,023,895)** | **2583830** |
|  | **TOTAL REITS (Cost $2,023,895)** | **2583830** |
|  | **CONVERTIBLE PREFERRED STOCKS - 0.86%** |  |
|  | **Health Care - 0.86%** |  |
|  | **Pharmaceuticals - 0.86%** |  |
| 50000 | Elanco Animal Health, Inc. |  |
|  | &nbsp;&nbsp;&nbsp; 5.000%, 02/01/2023 (c) | 976500 |
|  | **Total Health Care (Cost $2,429,605)** | **976500** |
|  | **TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $2,429,605)** | **976500** |
|  | **PREFERRED STOCKS - 0.30%** |  |
|  | **Financials - 0.30%** |  |
|  | **Diversified Financial Services - 0.30%** |  |
| 15000 | Compass Diversified Holdings |  |
|  | &nbsp;&nbsp;&nbsp; 7.875%, 01/30/2025 (e) | 342300 |
|  | **Total Financials (Cost $349,499)** | **342300** |
|  | **TOTAL PREFERRED STOCKS (Cost $349,499)** | **342300** |
|  | **CONVERTIBLE BONDS - 5.26%** |  |
|  | **Communication Services - 0.43%** |  |
|  | **Entertainment - 0.43%** |  |
|  | Live Nation Entertainment, Inc. |  |
| 500000 | &nbsp;&nbsp;&nbsp; 2.000%, 02/15/2025 | 493250 |
|  | **Total Communication Services (Cost $499,375)** | **493250** |
|  | **Consumer Discretionary - 1.11%** |  |
|  | **Hotels, Restaurants & Leisure - 1.11%** |  |
|  | Royal Caribbean Cruises Ltd. |  |
| 1000000 | &nbsp;&nbsp;&nbsp; 6.000%, 08/15/2025 (b)(e) | 1261000 |
|  | **Total Consumer Discretionary (Cost $1,000,000)** | **1261000** |
|  | **Health Care - 1.53%** |  |
|  | **Biotechnology - 1.53%** |  |
|  | Apellis Pharmaceuticals, Inc. |  |
| 300000 | &nbsp;&nbsp;&nbsp; 3.500%, 09/15/2026 | 463312 |
|  | Exact Sciences Corp. |  |
| 100000 | &nbsp;&nbsp;&nbsp; 0.375%, 03/15/2027 | 83000 |
| 750000 | &nbsp;&nbsp;&nbsp; 0.375%, 03/01/2028 | 591600 |
|  | PTC Therapeutics, Inc. |  |
| 600000 | &nbsp;&nbsp;&nbsp; 1.500%, 09/15/2026 | 603600 |
|  | **Total Health Care (Cost $1,753,308)** | **1741512** |
|  | **Industrials - 0.80%** |  |
|  | **Airlines - 0.80%** |  |
|  | Southwest Airlines Co. |  |
| 750000 | &nbsp;&nbsp;&nbsp; 1.250%, 05/01/2025 | 903563 |
|  | **Total Industrials (Cost $750,000)** | **903563** |
|  | **Information Technology - 1.39%** |  |
|  | **Communications Equipment - 0.57%** |  |
|  | Lumentum Holdings, Inc. |  |
| 750000 | &nbsp;&nbsp;&nbsp; 0.500%, 12/15/2026 | 646875 |
|  | **Software - 0.82%** |  |
|  | Cerence, Inc. |  |
| 500000 | &nbsp;&nbsp;&nbsp; 3.000%, 06/01/2025 | 460718 |
|  | Guidewire Software, Inc. |  |
| 500000 | &nbsp;&nbsp;&nbsp; 1.250%, 03/15/2025 | 465250 |
|  |  | 925968 |
|  | **Total Information Technology (Cost $1,759,105)** | **1572843** |
|  | **TOTAL CONVERTIBLE BONDS (Cost $5,761,788)** | 5972168 |
|  | **SHORT TERM INVESTMENTS - 8.55%** |  |
|  | **Investment Company - 8.55%** |  |
| 9713972 | Fidelity Investments Money Market Funds - Government Portfolio - Class I - 4.074% (d) | &nbsp;&nbsp;&nbsp;&nbsp; 9713972 |
|  | **Total Investment Company** | **9713972** |
|  | **TOTAL SHORT TERM INVESTMENTS (Cost $9,713,972)** | **9713972** |
|  | **Total Investments (Cost ($72621114) - 100.25%** | **113916930** |
|  | Liabilities in Excess of Other Assets - (0.25)% | (280277) |
|  | **TOTAL NET ASSETS - 100.00%** | **113636653** |
|  | ADR — American Depositary Receipt |  |
|  | PLC — Public Limited Company |  |
| (a)<br>| Non Income Producing |  |
| (b)<br>| Foreign Issued Security. The total value of these securities amounted to $7,509,467 (6.61% of net assets) at December 31, 2022. | Foreign Issued Security. The total value of these securities amounted to $7,509,467 (6.61% of net assets) at December 31, 2022. |
| (c)<br>| Illiquid Security. The total value of these securities amounted to $976,500 (0.86% of net assets) at December 31, 2022 |  |
| (d)<br>| The rate quoted is the annualized seven-day effective yield as of December 31, 2022. | The rate quoted is the annualized seven-day effective yield as of December 31, 2022. |
| (e)<br>| Callable at any dividend payment date on or after date disclosed. |  |
| \* | See the accompanying Notes regarding valuation of securities. |  |
| The Global Industry Classification Standard (GICS) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor's Financial Services LLC ("S&P"). GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC. | The Global Industry Classification Standard (GICS) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor's Financial Services LLC ("S&P"). GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC. | The Global Industry Classification Standard (GICS) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor's Financial Services LLC ("S&P"). GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC. |
| *The accompanying notes are an integral part of these financial statements.* | *The accompanying notes are an integral part of these financial statements.* | *The accompanying notes are an integral part of these financial statements.* |

---

------

---

| |
|:---|
| **INVESTMENT VALUATION** |
| Equity securities and debt securities traded on a national securities exchange or national market, except those traded using the National Association of Securities Dealers' Automated Quotation System ("NASDAQ"), are valued at the latest sales price thereof, or if no sale was reported on that date, the mean between the most recent quoted bid and ask price is used. All equity securities that are traded using NASDAQ are valued using the NASDAQ Official Closing Price ("NOCP"), which may not necessarily represent the last sales price. If there has been no sale on such exchange or on NASDAQ on such day, the security is valued at the mean between the most recent quoted bid and ask price. |
| When market quotations are not readily available, any security or other asset is valued at its fair value as determined in good faith under procedures approved by the Board of Trustees (the "Board"). If events occur that will affect the value of a Fund's portfolio securities before the net asset value ("NAV") has been calculated (a "significant event"), the security will generally be priced using a fair value procedure. The Board has adopted specific procedures for valuing portfolio securities and delegated the responsibility of fair value determinations to the Valuation Committee. Some of the factors that may be considered by the Valuation Committee in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restriction on the position; trading in similar securities of the same issuer or comparable companies; information from broker-dealers; and an evaluation of the forces that influence the market in which the securities are purchased or sold. As of December 31, 2022, the Fund did not hold fair valued securities. |
| Debt securities with remaining maturities of 60 days or less are normally valued at the last reported sale price. If there is no trade on the particular day, then the security will be priced at the mean between the most recent bid and ask prices. |
| Restricted securities include securities that have not been registered under the Securities Act of 1933, as amended, and securities that are subject to restrictions on resale. The Funds may invest in restricted securities that are consistent with the Funds' investment objectives and investment strategies. In some cases, the issuer of restricted securities has agreed to register such securities for resale, at the issuer's expense either upon demand by the Funds or in connection with another registered offering of the securities. Investments in restricted securities are valued utilizing the Funds' corporate bond valuation policies. |
| **FOREIGN INVESTMENT RISK** |
| Investing in securities of foreign corporations and governments involves additional risks relating to: political, social, religious and economic developments abroad; market instInvesting in securities of foreign corporations and governments involves additional risks relating to: political, social, religious and economic developments abroad; market instability; fluctuations in foreign exchange rates; different regulatory requirements, market practices, accounting standards and practices; and less publicly available information about foreign issuers. Additionally, these investments may be less liquid, carry higher brokerage commissions and other fees, and procedures and regulations governing transactions and custody in foreign markets also may involve delays in payment, delivery or recovery of money or investments. Investments in common stocks of U.S. companies with international operations, and the purchase of sponsored or unsponsored ADRs (American Depositary Receipt) carry similar risks. In addition to risks associated with investing in foreign securities, there are special risks associated with investments in China and Hong Kong, including exposure to currency fluctuations, less liquidity, expropriation, confiscatory taxation, nationalization, exchange control regulations, differing legal standards and rapid fluctuations in inflation and interest rates. The Chinese government could, at any time, alter or discontinue economic reform programs implemented since 1978. |
| **Summary of Fair Value Exposure at December 31, 2022** |
| In accordance with FASB ASC 820, Fair Value Measurements ("ASC 820"), fair value is defined as the price that a Fund would receive to sell an investment or pay to transfer a liability in an orderly transaction with an independent buyer in the principal market, or in the absence of a principal market, the most advantageous market for the investment or liability. ASC 820 establishes a three-tier hierarchy to distinguish between (1) inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observable inputs) and (2) inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Funds' investments. The inputs are summarized in the three broad levels listed below: |
| Level 1 — Valuations based on quoted prices for investments in active markets that a Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments. |
| Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.). |
| Level 3 —Valuations based on significant unobservable inputs (including a Fund's own assumptions and judgment in determining the fair value of investments). |
| Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the market place. The inputs will be considered by Kornitzer Capital Management ("Advisor"), along with any other relevant factors in the calculation of an investment's fair value. The Funds use prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy. |
| Non-U.S. equity securities actively traded in foreign markets may be reflected in Level 2 despite the availability of closing prices, because the Funds evaluate and determine whether those closing prices reflect fair value at the close of the NYSE or require adjustment, as described above and in the Foreign Investment Risk note above. |
| Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models rely on one or more significant unobservable inputs and/or significant assumptions made by the Valuation Committee. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data. |
| The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. |
| The following table provides the fair value measurement of applicable Fund assets and liabilities by level within the fair value hierarchy as of December 31, 2022. These assets are measured on a recurring basis. |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Buffalo Dividend Focus Fund** | **Buffalo Dividend Focus Fund** | **Buffalo Dividend Focus Fund** | **Buffalo Dividend Focus Fund** | **Buffalo Dividend Focus Fund** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $94328160 | - |  | $94328160 |
| REITs | 2583830 | - |  | 2583830 |
| Convertible Preferred Stocks | 976500 | - |  | 976500 |
| Preferred Stocks | 342300 | - |  | 342300 |
| Convertible Bonds | - | 5972168 |  | 5972168 |
| Short Term Investments | 9713972 | - |  | 9713972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total\*** | $**107944762** | $**5972168** |  | $**113916930** |

---

---

| |
|:---|
| *\* Additional information regarding the industry and/or geographical classification of these investments is disclosed in the schedule of investments.* |
| **TRANSACTIONS WITH AFFILIATES** |
| Investments representing 5% or more of the outstanding voting securities of a portfolio company result in that company being considered an affiliated company, as defined in the 1940 Act. There were no affiliated companies held in any of the Buffalo Funds during the period ended December 31, 2022. |
| **FOREIGN CURRENCY TRANSLATION** |
| Values of investments denominated in foreign currencies are converted into U.S. dollars using a spot market rate of exchange on the day of valuation. Purchases and sales of investments and dividend and interest income are translated to U.S. dollars using a spot market rate of exchange prevailing on the respective dates of such transactions. The portion of security gains or losses resulting from changes in foreign exchange rates is included with net realized and unrealized gain or loss from investments, as appropriate, for both ﬁnancial reporting and tax purposes. |
| **PURCHASED AND WRITTEN OPTIONS CONTRACTS** |
| The Fund may purchase and write call or put options on securities and indices and enter into related closing transactions. As a holder of a call option, a Fund has the right, but not the obligation, to purchase a security at the exercise price during the exercise period. As the writer of a call option, a Fund has the obligation to sell the security at the exercise price during the exercise period. The Fund did not hold purchased or written call options as of December 31, 2022. The Fund's maximum payout in the case of written call option contracts cannot be determined. As a holder of a put option, a Fund has the right, but not the obligation, to sell a security at the exercise price during the exercise period. As the writer of a put option, a Fund has the obligation to buy the underlying security at the exercise price during the exercise period. The Fund did not hold any purchased or written put options as of December 31, 2022. The premium that a Fund pays when purchasing an option or receives when writing an option will reﬂect, among other things, the market price of the security, the relationship of the exercise price to the market price of the security, the relationship of the exercise price to the volatility of the security, the length of the option period and supply and demand factors. The premium is the market value of an option at the time of purchase. A purchaser (holder) of a put option pays a non-refundable premium to the seller (writer) of a put option to obtain the right to sell a speciﬁed amount of a security at a ﬁxed price (the exercise price) during a speciﬁed period (exercise period). Conversely, the seller (writer) of a put option, upon payment by the holder of the premium, has the obligation to buy the security from the holder of the put option at the exercise price during the exercise period. Exchange traded options are valued at the composite price, using the National Best Bid and Oﬀer quotes ("NBBO"). NBBO consists of the highest bid prices and lowest ask prices across any of the exchanges on which an option is quoted, thus providing a view across the entire U.S. options marketplace. Speciﬁcally, composite pricing looks at the last trades on the exchanges where the options are traded. If there are no trades for the option on a given business day, composite option pricing calculates the mean of the highest bid price and lowest ask price across the exchanges where the option is traded. Non exchange traded options also will be valued at the mean between the last bid and ask quotations. For options where market quotations are not readily available, a fair value shall be determined as set forth in the Fund' fair valuation guidelines. The Fund may use options with the objective to generate income as a non-principal investment strategy. A risk of using derivatives is that the counterparty to a derivative may fail to comply with their obligation to the Fund. |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Shawnee Mission

  - **State:** KS

  - **Foreign country:** US

  - **Zip / Postal Code:** 66205

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

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

- **a. Name of Series:** Buffalo Dividend Focus Fund

- **b. EDGAR series identifier (if any):** S000039149

- **c. LEI of Series:** 254900UIX1J4H0GH3324

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $114155117.04

**Total Liabilities:** $85580.46

**Net Assets:** $114069536.58

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000120435 | 7.74%                | 5.23%                | -4.19%               |
| Class ID C000214596 | 7.79%                | 5.23%                | -4.19%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $8068022.84                                |
| Month 2  | $-18.84                  | $5693326.97                                |
| Month 3  | $-64953.00               | $-5007948.39                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Edison International           | Edison International                 | CUSIP: 281020107<br>LEI: 549300I7ROF15MAEVP56 | Long             | EC               | CORP              | US        |     30550 | NS      | $1943591.00   | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| ELANCO ANIMAL HEALTH INC       | Elanco Animal Health Inc             | CUSIP: 28414H202<br>LEI: 549300SHPNDCE059M934 | Long             | EP               | CORP              | US        |     50000 | NS      | $976500.00    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Energy Transfer LP             | Energy Transfer LP                   | CUSIP: 29273V100<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | EC               | CORP              | US        |    162600 | NS      | $1930062.00   | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Enterprise Products Partners L | Enterprise Products Partners LP      | CUSIP: 293792107<br>LEI: K4CDIF4M54DJZ6TB4Q48 | Long             | EC               | CORP              | US        |     46650 | NS      | $1125198.00   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Enviva Inc                     | Enviva Inc                           | CUSIP: 29415B103<br>LEI: 549300WH5VXDEFM5KR81 | Long             | EC               | CORP              | US        |     17200 | NS      | $911084.00    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Equifax Inc                    | Equifax Inc                          | CUSIP: 294429105<br>LEI: 5493004MCF8JDC86VS77 | Long             | EC               | CORP              | US        |      3200 | NS      | $621952.00    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinix Inc                    | Equinix Inc                          | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               | CORP              | US        |      1100 | NS      | $720533.00    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| EXACT SCIENCES CORP            | Exact Sciences Corp                  | CUSIP: 30063PAB1<br>LEI: 549300VM3X1FYD4N9Z14 | Long             | DBT              | CORP              | US        |    100000 | PA      | $83000.00     | 0.07%             | 2027-03-15      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| EXACT SCIENCES CORP            | Exact Sciences Corp                  | CUSIP: 30063PAC9<br>LEI: 549300VM3X1FYD4N9Z14 | Long             | DBT              | CORP              | US        |    750000 | PA      | $591600.00    | 0.52%             | 2028-03-01      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| Meta Platforms Inc             | Meta Platforms Inc                   | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      3100 | NS      | $373054.00    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Fastenal Co                    | Fastenal Co                          | CUSIP: 311900104<br>LEI: 529900PP0C7H2HHPSJ32 | Long             | EC               | CORP              | US        |     10300 | NS      | $487396.00    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Government Portfolio  | Fidelity Government Portfolio        | CUSIP: 316175108<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   9713972 | NS      | $9713972.08   | 8.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Arthur J Gallagher & Co        | Arthur J Gallagher & Co              | CUSIP: 363576109<br>LEI: 54930049QLLMPART6V29 | Long             | EC               | CORP              | US        |     11575 | NS      | $2182350.50   | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Payments Inc            | Global Payments Inc                  | CUSIP: 37940X102<br>LEI: 549300NOMHGVQBX6S778 | Long             | EC               | CORP              | US        |      4400 | NS      | $437008.00    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Graphic Packaging Holding Co   | Graphic Packaging Holding Co         | CUSIP: 388689101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     43700 | NS      | $972325.00    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| GUIDEWIRE SOFTWARE INC         | Guidewire Software Inc               | CUSIP: 40171VAA8<br>LEI: 549300WXSG0J8IXZCK32 | Long             | DBT              | CORP              | US        |    500000 | PA      | $465250.00    | 0.41%             | 2025-03-15      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| HCA Healthcare Inc             | HCA Healthcare Inc                   | CUSIP: 40412C101<br>LEI: 529900PH4ZGUH2MNEU89 | Long             | EC               | CORP              | US        |      8100 | NS      | $1943676.00   | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Hess Corp                      | Hess Corp                            | CUSIP: 42809H107<br>LEI: UASVRYNXNK17ULIGK870 | Long             | EC               | CORP              | US        |      9875 | NS      | $1400472.50   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc/The             | Home Depot Inc/The                   | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |      4225 | NS      | $1334508.50   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Honeywell International Inc    | Honeywell International Inc          | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               | CORP              | US        |      3450 | NS      | $739335.00    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| IBM                            | International Business Machines Corp | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               | CORP              | US        |      7700 | NS      | $1084853.00   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co            | JPMorgan Chase & Co                  | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |     14000 | NS      | $1877400.00   | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson              | Johnson & Johnson                    | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |      7125 | NS      | $1258631.25   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Las Vegas Sands Corp           | Las Vegas Sands Corp                 | CUSIP: 517834107<br>LEI: 549300DUOO1KXOHPM605 | Long             | EC               | CORP              | US        |      5000 | NS      | $240350.00    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co                 | Eli Lilly & Co                       | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |      3150 | NS      | $1152396.00   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| LIVE NATION ENTERTAINMEN       | Live Nation Entertainment Inc        | CUSIP: 538034AU3<br>LEI: 5493007B9BM9ZXJINO78 | Long             | DBT              | CORP              | US        |    500000 | PA      | $493250.00    | 0.43%             | 2025-02-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| LUMENTUM HOLDINGS INC          | Lumentum Holdings Inc                | CUSIP: 55024UAD1<br>LEI: 549300JLWRRC38DWEF52 | Long             | DBT              | CORP              | US        |    750000 | PA      | $646875.00    | 0.57%             | 2026-12-15      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| Marathon Petroleum Corp        | Marathon Petroleum Corp              | CUSIP: 56585A102<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | EC               | CORP              | US        |     12126 | NS      | $1411345.14   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Martin Marietta Materials Inc  | Martin Marietta Materials Inc        | CUSIP: 573284106<br>LEI: 5299005MZ4WZECVATV08 | Long             | EC               | CORP              | US        |      1500 | NS      | $506955.00    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Vistra Corp                    | Vistra Corp                          | CUSIP: 92840M102<br>LEI: 549300KP43CPCUJOOG15 | Long             | EC               | CORP              | US        |     39000 | NS      | $904800.00    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart Inc                    | Walmart Inc                          | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |      3450 | NS      | $489175.50    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Burford Capital Ltd            | Burford Capital Ltd                  | CUSIP: G17977110<br>LEI: 549300FUKUWFYJMT2277 | Long             | EC               | CORP              | US        |    118100 | NS      | $962515.00    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Horizon Therapeutics Plc       | Horizon Therapeutics Plc             | CUSIP: N/A<br>LEI: 529900P0GSQ79OOZEV53       | Long             | EC               | CORP              | US        |     24700 | NS      | $2810860.00   | 2.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic PLC                  | Medtronic PLC                        | CUSIP: N/A<br>LEI: 549300GX3ZBSQWUXY261       | Long             | EC               | CORP              | IE        |      7400 | NS      | $575128.00    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Abbott Laboratories            | Abbott Laboratories                  | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |     10000 | NS      | $1097900.00   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Absolute Software Corp         | Absolute Software Corp               | CUSIP: 00386B109<br>LEI: 549300I8AXWGBEESC731 | Long             | EC               | CORP              | CA        |     50100 | NS      | $523044.00    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Activision Blizzard Inc        | Activision Blizzard Inc              | CUSIP: 00507V109<br>LEI: 549300TPQQDBP9GNOF40 | Long             | EC               | CORP              | US        |     10750 | NS      | $822912.50    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                   | Alphabet Inc                         | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     13000 | NS      | $1153490.00   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                   | Alphabet Inc                         | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     12600 | NS      | $1111698.00   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                 | Amazon.com Inc                       | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     11000 | NS      | $924000.00    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| American Electric Power Co Inc | American Electric Power Co Inc       | CUSIP: 025537101<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | EC               | CORP              | US        |     15700 | NS      | $1490715.00   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Marvell Technology Inc         | Marvell Technology Inc               | CUSIP: 573874104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10100 | NS      | $374104.00    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard Inc                 | Mastercard Inc                       | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |      4400 | NS      | $1530012.00   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| McKesson Corp                  | McKesson Corp                        | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |      2500 | NS      | $937800.00    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co Inc                 | Merck & Co Inc                       | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |      9800 | NS      | $1087310.00   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                 | Microsoft Corp                       | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     18650 | NS      | $4472643.00   | 3.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Oil and Gas Inc       | Northern Oil and Gas Inc             | CUSIP: 665531307<br>LEI: OKFF0PIZDDMNH4UCYE51 | Long             | EC               | CORP              | US        |     63400 | NS      | $1953988.00   | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| PG&E Corp                      | PG&E Corp                            | CUSIP: 69331C108<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | EC               | CORP              | US        |     82600 | NS      | $1343076.00   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| PTC THERAPEUTICS INC           | PTC Therapeutics Inc                 | CUSIP: 69366JAD3<br>LEI: 549300UJLWOIWFDGB318 | Long             | DBT              | CORP              | US        |    600000 | PA      | $603600.00    | 0.53%             | 2026-09-15      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Parker-Hannifin Corp           | Parker-Hannifin Corp                 | CUSIP: 701094104<br>LEI: 5493002CONDB4N2HKI23 | Long             | EC               | CORP              | US        |      3950 | NS      | $1149450.00   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| PepsiCo Inc                    | PepsiCo Inc                          | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |      5550 | NS      | $1002663.00   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Primo Water Corp               | Primo Water Corp                     | CUSIP: 74167P108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     63000 | NS      | $979020.00    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Procter & Gamble Co/The        | Procter & Gamble Co/The              | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |      5725 | NS      | $867681.00    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM Inc                   | QUALCOMM Inc                         | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |      9075 | NS      | $997705.50    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES        | Royal Caribbean Cruises Ltd          | CUSIP: 780153BP6<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |   1000000 | PA      | $1261000.00   | 1.11%             | 2025-08-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| S&P Global Inc                 | S&P Global Inc                       | CUSIP: 78409V104<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | EC               | CORP              | US        |      7136 | NS      | $2390131.84   | 2.10%             |  |  |  | No            |                  1 | On Loan: No      |
| SS&C Technologies Holdings Inc | SS&C Technologies Holdings Inc       | CUSIP: 78467J100<br>LEI: 529900POY8H7NPPNKK71 | Long             | EC               | CORP              | US        |      7700 | NS      | $400862.00    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Sempra Energy                  | Sempra Energy                        | CUSIP: 816851109<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | EC               | CORP              | US        |      6100 | NS      | $942694.00    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| SOUTHWEST AIRLINES CO          | Southwest Airlines Co                | CUSIP: 844741BG2<br>LEI: UDTZ87G0STFETI6HGH41 | Long             | DBT              | CORP              | US        |    750000 | PA      | $903562.50    | 0.79%             | 2025-05-01      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| Starbucks Corp                 | Starbucks Corp                       | CUSIP: 855244109<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | EC               | CORP              | US        |      9500 | NS      | $942400.00    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Instruments Inc          | Texas Instruments Inc                | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | EC               | CORP              | US        |      2950 | NS      | $487399.00    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Truist Financial Corp          | Truist Financial Corp                | CUSIP: 89832Q109<br>LEI: 549300DRQQI75D2JP341 | Long             | EC               | CORP              | US        |     28600 | NS      | $1230658.00   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Tyson Foods Inc                | Tyson Foods Inc                      | CUSIP: 902494103<br>LEI: WD6L6041MNRW1JE49D58 | Long             | EC               | CORP              | US        |     11900 | NS      | $740775.00    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc         | UnitedHealth Group Inc               | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |      5600 | NS      | $2969008.00   | 2.60%             |  |  |  | No            |                  1 | On Loan: No      |
| American Tower Corp            | American Tower Corp                  | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |      3200 | NS      | $677952.00    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| AMETEK Inc                     | AMETEK Inc                           | CUSIP: 031100100<br>LEI: 549300WZDEF9KKE40E98 | Long             | EC               | CORP              | US        |      2500 | NS      | $349300.00    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Elevance Health Inc            | Elevance Health Inc                  | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |      3375 | NS      | $1731273.75   | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| APELLIS PHARMACEUTICALS        | Apellis Pharmaceuticals Inc          | CUSIP: 03753UAB2<br>LEI: 254900HS0ZFRXXSB9D42 | Long             | DBT              | CORP              | US        |    300000 | PA      | $463312.50    | 0.41%             | 2026-09-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Apple Inc                      | Apple Inc                            | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |     31080 | NS      | $4038224.40   | 3.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp           | Bank of America Corp                 | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |     63000 | NS      | $2086560.00   | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Baxter International Inc       | Baxter International Inc             | CUSIP: 071813109<br>LEI: J5OIVXX3P24RJRW5CK77 | Long             | EC               | CORP              | US        |     11600 | NS      | $591252.00    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock Inc                  | BlackRock Inc                        | CUSIP: 09247X101<br>LEI: 549300LRIF3NWCU26A80 | Long             | EC               | CORP              | US        |      1100 | NS      | $779493.00    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Boeing Co/The                  | Boeing Co/The                        | CUSIP: 097023105<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | EC               | CORP              | US        |      3025 | NS      | $576232.25    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| CME Group Inc                  | CME Group Inc                        | CUSIP: 12572Q105<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | EC               | CORP              | US        |      4025 | NS      | $676844.00    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| CRH PLC                        | CRH PLC                              | CUSIP: 12626K203<br>LEI: 549300MIDJNNTH068E74 | Long             | EC               | CORP              | IE        |     10000 | NS      | $397900.00    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS Health Corp                | CVS Health Corp                      | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |     32900 | NS      | $3065951.00   | 2.69%             |  |  |  | No            |                  1 | On Loan: No      |
| CERENCE INC                    | Cerence Inc                          | CUSIP: 156727AB5<br>LEI: 5493002WL2W5WMS89568 | Long             | DBT              | CORP              | US        |    500000 | PA      | $460717.83    | 0.40%             | 2025-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Cisco Systems Inc              | Cisco Systems Inc                    | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |     17750 | NS      | $845610.00    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Cintas Corp                    | Cintas Corp                          | CUSIP: 172908105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2800 | NS      | $1264536.00   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc                  | Citigroup Inc                        | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |     24375 | NS      | $1102481.25   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Citizens Financial Group Inc   | Citizens Financial Group Inc         | CUSIP: 174610105<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | EC               | CORP              | US        |     40750 | NS      | $1604327.50   | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Comcast Corp                   | Comcast Corp                         | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |     22500 | NS      | $786825.00    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Community Healthcare Trust Inc | Community Healthcare Trust Inc       | CUSIP: 20369C106<br>LEI: 549300FATSRCMKOV9536 | Long             | EC               | CORP              | US        |     19106 | NS      | $683994.80    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Compass Diversified Holdings   | Compass Diversified Holdings         | CUSIP: 20451Q104<br>LEI: 5299001SM1LBYANJRR58 | Long             | EC               | CORP              | US        |     27000 | NS      | $492210.00    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| COMPASS DIVERSIF HOLDING       | Compass Diversified Holdings         | CUSIP: 20451Q401<br>LEI: 5299001SM1LBYANJRR58 | Long             | EP               | CORP              | US        |     15000 | NS      | $342300.00    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Digital Realty Trust Inc       | Digital Realty Trust Inc             | CUSIP: 253868103<br>LEI: 549300HKCZ31D08NEI41 | Long             | EC               | CORP              | US        |      5000 | NS      | $501350.00    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Walt Disney Co/The             | Walt Disney Co/The                   | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |      7605 | NS      | $660722.40    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Valero Energy Corp             | Valero Energy Corp                   | CUSIP: 91913Y100<br>LEI: 549300XTO5VR8SKV1V74 | Long             | EC               | CORP              | US        |      7900 | NS      | $1002194.00   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Verizon Communications Inc     | Verizon Communications Inc           | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |     10625 | NS      | $418625.00    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Viper Energy Partners LP       | Viper Energy Partners LP             | CUSIP: 92763M105<br>LEI: 5299009LINL232255G03 | Long             | EC               | CORP              | US        |    150000 | NS      | $4768500.00   | 4.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                       | Visa Inc                             | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |     12925 | NS      | $2685298.00   | 2.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Lamb Weston Holdings Inc       | Lamb Weston Holdings Inc             | CUSIP: 513272104<br>LEI: 5493005SMYID1D2OY946 | Long             | EC               | CORP              | US        |      9000 | NS      | $804240.00    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

**Name of Applicant:** Buffalo Funds

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

**Name of Signer:** Laura Symon Browne

**Title:** President and Treasurer