# EDGAR Filing Document

**Accession Number:** 0001135300
**File Stem:** 0001145549-23-013916
**Filing Date:** 2023-3
**Character Count:** 53520
**Document Hash:** 65f6206d1afa76838b11a06e210065eb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-013916.hdr.sgml**: 20230301

**ACCESSION NUMBER**: 0001145549-23-013916

**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:** 23688302

**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 Large Cap Fund (Series ID: S000022452)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000064613 | Investor Class      | BUFEX           |
| C000214593 | Institutional Class | BUIEX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Buffalo Large Cap Fund** | **Buffalo Large Cap Fund** | **Buffalo Large Cap 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 - 91.44%** | |
|  | **Communication Services - 5.86%** | |
|  | **Interactive Media & Services - 5.86%** | |
| 56900 | Alphabet, Inc. - Class A (a) | 5020287 |
|  | **Total Communication Services (Cost $1,596,150)** | **5020287** |
|  | **Consumer Discretionary - 12.18%** |  |
|  | **Automobiles - 0.46%** |  |
| 3245 | Tesla, Inc. (a) | 399719 |
|  | **Hotels, Restaurants & Leisure - 2.01%** |  |
| 2950 | McDonald's Corp. | 777414 |
| 7390 | Yum! Brands, Inc. | 946511 |
|  |  | 1723925 |
|  | **Internet & Direct Marketing Retail - 4.87%** |  |
| 49700 | Amazon.com, Inc. (a) | 4174800 |
|  | **Specialty Retail - 2.61%** |  |
| 1100 | O'Reilly Automotive, Inc. (a) | 928433 |
| 2175 | The Home Depot, Inc. | 686995 |
| 7795 | The TJX Companies, Inc. | 620482 |
|  |  | 2235910 |
|  | **Textiles, Apparel & Luxury Goods - 2.23%** |  |
| 1550 | lululemon athletica, Inc. (a) | 496589 |
| 3600 | LVMH Moet Hennessy Louis Vuitton SE - ADR (b) | 521532 |
| 5260 | NIKE, Inc. - Class B | 615473 |
| 16175 | On Holding AG - ADR (a)(b) | 277563 |
|  |  | 1911157 |
|  | **Total Consumer Discretionary (Cost $6,342,231)** | **10445511** |
|  | **Consumer Staples - 4.43%** |  |
|  | **Beverages - 1.04%** |  |
| 14050 | The Coca Cola Co. | 893721 |
|  | **Food & Staples Retailing - 2.60%** |  |
| 2775 | Costco Wholesale Corp. | 1266787 |
| 5350 | Sysco Corp. | 409008 |
| 3875 | Walmart, Inc. | 549436 |
|  |  | 2225231 |
|  | **Household Products - 0.79%** |  |
| 4475 | The Procter & Gamble Co. | 678231 |
|  | **Total Consumer Staples (Cost $3,814,975)** | **3797183** |
|  | **Energy - 2.33%** |  |
|  | **Energy Equipment & Services - 0.67%** |  |
| 10700 | Schlumberger Ltd. - ADR (b) | 572022 |
|  | **Oil, Gas & Consumable Fuels - 1.66%** |  |
| 7075 | APA Corp. | 330261 |
| 4550 | EOG Resources, Inc. | 589316 |
| 3575 | Hess Corp. | 507007 |
|  |  | 1426584 |
|  | **Total Energy (Cost $1,822,098)** | **1998606** |
|  | **Financials - 3.50%** |  |
|  | **Capital Markets - 1.46%** |  |
| 1025 | MSCI, Inc. | 476799 |
| 2325 | S&P Global, Inc. | 778736 |
|  |  | 1255535 |
|  | **Insurance - 2.04%** |  |
| 3200 | Aon PLC - ADR (b) | 960448 |
| 4175 | Arthur J. Gallagher & Co. | 787154 |
|  |  | 1747602 |
|  | **Total Financials (Cost $2,225,647)** | **3003137** |
|  | **Health Care - 16.67%** |  |
|  | **Biotechnology - 1.49%** |  |
| 1080 | Alnylam Pharmaceuticals, Inc. (a) | 256662 |
| 3525 | Vertex Pharmaceuticals Inc. (a) | 1017950 |
|  |  | 1274612 |
|  | **Health Care Equipment & Supplies - 4.82%** |  |
| 16825 | Boston Scientific Corp. (a) | 778493 |
| 2550 | Danaher Corp. | 676821 |
| 5725 | Edwards Lifesciences Corp. (a) | 427142 |
| 1425 | Insulet Corporation (a) | 419506 |
| 5325 | Medtronic, PLC - ADR (b) | 413859 |
| 3450 | Stryker Corp. | 843490 |
| 4500 | Zimmer Biomet Holdings, Inc. | 573750 |
|  |  | 4133061 |
|  | **Health Care Providers & Services - 4.79%** |  |
| 3375 | HCA Healthcare, Inc. | 809865 |
| 6220 | UnitedHealth Group, Inc. | 3297720 |
|  |  | 4107585 |
|  | **Life Sciences Tools & Services - 2.39%** |  |
| 2275 | ICON PLC. - ADR (a)(b) | 441919 |
| 1650 | Illumina, Inc. (a) | 333630 |
| 22615 | Stevanato Group SpA - ADR (b) | 406391 |
| 1575 | Thermo Fisher Scientific, Inc. | 867337 |
|  |  | 2049277 |
|  | **Pharmaceuticals - 3.18%** |  |
| 9925 | AstraZeneca PLC - ADR (b) | 672915 |
| 2650 | Eli Lilly & Co. | 969476 |
| 9075 | Sanofi - ADR (b) | 439502 |
| 4400 | Zoetis, Inc. | 644820 |
|  |  | 2726713 |
|  | **Total Health Care (Cost $12,569,563)** | **14291248** |
|  | **Industrials - 8.23%** |  |
|  | **Aerospace & Defense - 1.90%** |  |
| 1550 | Lockheed Martin Corp. | 754060 |
| 1600 | Northrop Grumman Corp. | 872976 |
|  |  | 1627036 |
|  | **Commercial Services & Supplies - 0.78%** |  |
| 4250 | Waste Management, Inc. | 666740 |
|  | **Electrical Equipment - 0.95%** |  |
| 5175 | Eaton Corp PLC - ADR (b) | 812216 |
|  | **Industrial Conglomerates - 1.38%** |  |
| 5525 | Honeywell International, Inc. | 1184007 |
|  | **Machinery - 1.47%** |  |
| 14050 | Ingersoll Rand, Inc. | 734112 |
| 4775 | Xylem, Inc. | 527972 |
|  |  | 1262084 |
|  | **Professional Services - 1.05%** |  |
| 17025 | KBR, Inc. | 898920 |
|  | **Road & Rail - 0.39%** |  |
| 13750 | Uber Technologies, Inc. (a) | 340038 |
|  | **Trading Companies & Distributors - 0.31%** |  |
| 750 | United Rentals, Inc. (a) | 266565 |
|  | **Total Industrials (Cost $6,005,346)** | **7057606** |
|  | **Information Technology - 34.88%** |  |
|  | **Communications Equipment - 0.89%** |  |
| 6275 | Arista Networks Inc. (a) | 761471 |
|  | **IT Services - 4.59%** |  |
| 1775 | Accenture PLC - ADR (b) | 473641 |
| 1700 | MasterCard, Inc. - Class A | 591141 |
| 1725 | Snowflake, Inc. (a) | 247607 |
| 12640 | Visa Inc. - Class A | 2626086 |
|  |  | 3938475 |
|  | **Semiconductors & Semiconductor Equipment - 5.11%** |  |
| 8575 | Applied Materials, Inc. | 835033 |
| 1975 | ASML Holding NV - NY Shares - ADR (b) | 1079140 |
| 4750 | Entegris, Inc. | 311552 |
| 10775 | NVIDIA Corp. | 1574659 |
| 16275 | STMicroelectronics N.V. - NY Shares - ADR (b) | 578902 |
|  |  | 4379286 |
|  | **Software - 16.41%** |  |
| 1070 | Adobe, Inc. (a) | 360087 |
| 1625 | ANSYS, Inc. (a) | 392584 |
| 1980 | CrowdStrike Holdings, Inc. (a) | 208474 |
| 850 | HubSpot, Inc. (a) | 245760 |
| 1035 | Intuit, Inc. | 402843 |
| 5650 | Manhattan Associates, Inc. (a) | 685910 |
| 37200 | Microsoft Corp. | 8921304 |
| 4925 | Palo Alto Networks, Inc. (a) | 687235 |
| 2820 | ServiceNow, Inc. (a) | 1094921 |
| 2075 | Synopsys, Inc. (a) | 662527 |
| 2435 | Workday, Inc. (a) | 407449 |
|  |  | 14069094 |
|  | **Technology Hardware, Storage & Peripherals - 7.88%** |  |
| 51980 | Apple Inc. | 6753761 |
|  | **Total Information Technology (Cost $16,925,126)** | **29902087** |
|  | **Materials - 3.36%** |  |
|  | **Chemicals - 2.71%** |  |
| 1425 | Albemarle Corp. | 309025 |
| 14170 | Corteva, Inc. | 832913 |
| 3630 | Linde PLC - ADR (b) | 1184033 |
|  |  | 2325971 |
|  | **Construction Materials - 0.65%** |  |
| 14000 | CRH PLC - ADR (b) | 557060 |
|  | **Total Materials (Cost $2,478,051)** | **2883031** |
|  | **TOTAL COMMON STOCKS (Cost $53,779,187)** | **78398696** |
|  | **REITS - 0.47%** |  |
|  | **Real Estate - 0.47%** |  |
|  | **Equity Real Estate Investment Trusts (REITs) - 0.47%** |  |
| 3550 | Prologis, Inc. | 400192 |
|  | **Total Real Estate (Cost $449,797)** | **400192** |
|  | **TOTAL REITS (Cost $449,797)** | **400192** |
|  | **EXCHANGE TRADED FUNDS - 0.39%** |  |
|  | **Other Investment Pools and Funds - 0.39%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6725 | SPDR S&P Metals & Mining ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 334972 |
|  | TOTAL EXCHANGE TRADED FUNDS (Cost $391,398) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 334972 |
|  | **SHORT TERM INVESTMENTS - 7.76%** |  |
|  | **Investment Company - 7.76%** |  |
| 6653238 | Fidelity Investments Money Market Funds - Government Portfolio - Class I - 4.074% (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6653238 |
|  | **Total Investment Company** | **6653238** |
|  | **TOTAL SHORT TERM INVESTMENTS (Cost $6,653,238)** | **6653238** |
|  | **Total Investments (Cost ($61273620) - 100.06%** | **85787098** |
|  | Liabilities in Excess of Other Assets - (0.06)% | (50238) |
|  | **TOTAL NET ASSETS - 100.00%** | $**85736860** |
|  | ADR — American Depositary Receipt |  |
|  | PLC — Public Limited Company |  |
| (a) <br>| Non Income Producing. |  |
| (b) <br>| Foreign Issued Securities. The total value of these securities amounted to $9,391,143 (10.95% of net assets) at December 31, 2022. |  |
| (c) <br>| The rate quoted is the annualized seven-day effective yield as of December 31, 2022. |  |
| \* <br>| See the accompanying Notes regarding valuation of securities. |  |
| The Global Industry Classification Standard (GICS) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor's Financial Services LLC ("S&P"). GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC. | The Global Industry Classification Standard (GICS) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor's Financial Services LLC ("S&P"). GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC. | The Global Industry Classification Standard (GICS) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor's Financial Services LLC ("S&P"). GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC. |
| *The accompanying notes are an integral part of these financial statements.* | *The accompanying notes are an integral part of these financial statements.* | *The accompanying notes are an integral part of these financial statements.* |

---

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

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Buffalo Large Cap Fund** | **Buffalo Large Cap Fund** | **Buffalo Large Cap Fund** | **Buffalo Large Cap Fund** | **Buffalo Large Cap Fund** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $78398696 | - |  | $78398696 |
| Real Estate Investment Trusts | $400192 |  |  | $400192 |
| Exchange Traded Funds | 334972 | - |  | 334972 |
| Short Term Investments | 6653238 | - |  | 6653238 |
| &nbsp;&nbsp;&nbsp; **Total\*** | $**85787098** | $**-** |  | $**85787098** |

---

---

| |
|:---|
| *\* 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. |
| **EXCHANGE-TRADED FUNDS** |
| A Fund's investment in other investment companies may consist of shares of Exchanged Traded Funds ("ETFs"). ETFs are securities whose value tracks a well-known securities index or basket of securities. A Fund's investments in ETFs are subject to its limitations on investments in other investment companies. The shares of an ETF may be assembled in a block (typically 50,000 shares) known as a creation unit and redeemed in kind for a portfolio of the underlying securities (based on the ETF's net asset value) together with a cash payment generally equal to accumulated dividends as of the date of redemption. Conversely, a creation unit may be purchased from the ETF by depositing a specified portfolio of the ETF's underlying securities, as well as a cash payment generally equal to accumulated dividends of the securities (net of expenses) up to the time of deposit. A Fund's ability to redeem creation units may be limited by the 1940 Act, which provides that the ETFs will not be obligated to redeem shares held by a Fund in an amount exceeding one percent of their total outstanding securities during any period of less than 30 days. |
| **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 Large Cap Fund

- **b. EDGAR series identifier (if any):** S000022452

- **c. LEI of Series:** 25490007GCR4EP7VZE49

**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:** $85835462.91

**Total Liabilities:** $78450.22

**Net Assets:** $85757012.69

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000064613 | 5.38%                | 4.13%                | -6.57%               |
| Class ID C000214593 | 5.42%                | 4.14%                | -6.57%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-106955.32              | $4673672.25                                |
| Month 2  | $-834750.35              | $4425453.45                                |
| Month 3  | $-91805.10               | $-5938964.82                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Adobe Inc                      | Adobe Inc                           | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |      1070 | NS      | $360087.10    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Albemarle Corp                 | Albemarle Corp                      | CUSIP: 012653101<br>LEI: HDBLS2Q6GV1LSKQPBS54 | Long             | EC               | CORP              | US        |      1425 | NS      | $309025.50    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Alnylam Pharmaceuticals Inc    | Alnylam Pharmaceuticals Inc         | CUSIP: 02043Q107<br>LEI: 529900S3ZI14OWRJII50 | Long             | EC               | CORP              | US        |      1080 | NS      | $256662.00    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                   | Alphabet Inc                        | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     56900 | NS      | $5020287.00   | 5.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                 | Amazon.com Inc                      | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     49700 | NS      | $4174800.00   | 4.87%             |  |  |  | No            |                  1 | On Loan: No      |
| ANSYS Inc                      | ANSYS Inc                           | CUSIP: 03662Q105<br>LEI: 549300VJV8H15Z5FJ571 | Long             | EC               | CORP              | US        |      1625 | NS      | $392583.75    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| APA Corp                       | APA Corp                            | CUSIP: 03743Q108<br>LEI: 549300VCIWLRHYVSHC79 | Long             | EC               | CORP              | US        |      7075 | NS      | $330261.00    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc                      | Apple Inc                           | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |     51980 | NS      | $6753761.40   | 7.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Materials Inc          | Applied Materials Inc               | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |      8575 | NS      | $835033.50    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Arista Networks Inc            | Arista Networks Inc                 | CUSIP: 040413106<br>LEI: 635400H1WKBLOQERUU95 | Long             | EC               | CORP              | US        |      6275 | NS      | $761471.25    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| AstraZeneca PLC                | AstraZeneca PLC                     | CUSIP: 046353108<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |      9925 | NS      | $672915.00    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Boston Scientific Corp         | Boston Scientific Corp              | CUSIP: 101137107<br>LEI: Y6ZDD9FP4P8JSSJMW954 | Long             | EC               | CORP              | US        |     16825 | NS      | $778492.75    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| CRH PLC                        | CRH PLC                             | CUSIP: 12626K203<br>LEI: 549300MIDJNNTH068E74 | Long             | EC               | CORP              | IE        |     14000 | NS      | $557060.00    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Co/The               | Coca-Cola Co/The                    | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |     14050 | NS      | $893720.50    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Corteva Inc                    | Corteva Inc                         | CUSIP: 22052L104<br>LEI: 549300WZN9I2QKLS0O94 | Long             | EC               | CORP              | US        |     14170 | NS      | $832912.60    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Costco Wholesale Corp          | Costco Wholesale Corp               | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               | CORP              | US        |      2775 | NS      | $1266787.50   | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Crowdstrike Holdings Inc       | Crowdstrike Holdings Inc            | CUSIP: 22788C105<br>LEI: 549300YBY08K9KM4HX32 | Long             | EC               | CORP              | US        |      1980 | NS      | $208474.20    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Danaher Corp                   | Danaher Corp                        | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               | CORP              | US        |      2550 | NS      | $676821.00    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| EOG Resources Inc              | EOG Resources Inc                   | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |      4550 | NS      | $589316.00    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Edwards Lifesciences Corp      | Edwards Lifesciences Corp           | CUSIP: 28176E108<br>LEI: YA13X31F3V31L8TMPR58 | Long             | EC               | CORP              | US        |      5725 | NS      | $427142.25    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Entegris Inc                   | Entegris Inc                        | CUSIP: 29362U104<br>LEI: IYX6OWO7BT5DKO3BYG52 | Long             | EC               | CORP              | US        |      4750 | NS      | $311552.50    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Government Portfolio  | Fidelity Government Portfolio       | CUSIP: 316175108<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   6653238 | NS      | $6653238.47   | 7.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Arthur J Gallagher & Co        | Arthur J Gallagher & Co             | CUSIP: 363576109<br>LEI: 54930049QLLMPART6V29 | Long             | EC               | CORP              | US        |      4175 | NS      | $787154.50    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| HCA Healthcare Inc             | HCA Healthcare Inc                  | CUSIP: 40412C101<br>LEI: 529900PH4ZGUH2MNEU89 | Long             | EC               | CORP              | US        |      3375 | NS      | $809865.00    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Hess Corp                      | Hess Corp                           | CUSIP: 42809H107<br>LEI: UASVRYNXNK17ULIGK870 | Long             | EC               | CORP              | US        |      3575 | NS      | $507006.50    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc/The             | Home Depot Inc/The                  | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |      2175 | NS      | $686995.50    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Honeywell International Inc    | Honeywell International Inc         | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               | CORP              | US        |      5525 | NS      | $1184007.50   | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| HubSpot Inc                    | HubSpot Inc                         | CUSIP: 443573100<br>LEI: 529900BLNVEW0MVKJB37 | Long             | EC               | CORP              | US        |       850 | NS      | $245760.50    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Illumina Inc                   | Illumina Inc                        | CUSIP: 452327109<br>LEI: SQ95QG8SR5Q56LSNF682 | Long             | EC               | CORP              | US        |      1650 | NS      | $333630.00    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Ingersoll Rand Inc             | Ingersoll Rand Inc                  | CUSIP: 45687V106<br>LEI: 5299004C02FMZCUOIR50 | Long             | EC               | CORP              | US        |     14050 | NS      | $734112.50    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Insulet Corp                   | Insulet Corp                        | CUSIP: 45784P101<br>LEI: 549300TZTYD2PYN92D43 | Long             | EC               | CORP              | US        |      1425 | NS      | $419505.75    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuit Inc                     | Intuit Inc                          | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |      1035 | NS      | $402842.70    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| KBR Inc                        | KBR Inc                             | CUSIP: 48242W106<br>LEI: 254900OFQDXZRKRCV808 | Long             | EC               | CORP              | US        |     17025 | NS      | $898920.00    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| LVMH Moet Hennessy Louis Vuitt | LVMH Moet Hennessy Louis Vuitton SE | CUSIP: 502441306<br>LEI: IOG4E947OATN0KJYSD45 | Long             | EC               | CORP              | FR        |      3600 | NS      | $521532.00    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co                 | Eli Lilly & Co                      | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |      2650 | NS      | $969476.00    | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Lockheed Martin Corp           | Lockheed Martin Corp                | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |      1550 | NS      | $754059.50    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Lululemon Athletica Inc        | Lululemon Athletica Inc             | CUSIP: 550021109<br>LEI: 549300D9GZ4BMLDW5T40 | Long             | EC               | CORP              | CA        |      1550 | NS      | $496589.00    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| MSCI Inc                       | MSCI Inc                            | CUSIP: 55354G100<br>LEI: 549300HTIN2PD78UB763 | Long             | EC               | CORP              | US        |      1025 | NS      | $476799.25    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Manhattan Associates Inc       | Manhattan Associates Inc            | CUSIP: 562750109<br>LEI: 529900Q1GJP7KD52SW51 | Long             | EC               | CORP              | US        |      5650 | NS      | $685910.00    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard Inc                 | Mastercard Inc                      | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |      1700 | NS      | $591141.00    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| McDonald's Corp                | McDonald's Corp                     | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |      2950 | NS      | $777413.50    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                 | Microsoft Corp                      | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     37200 | NS      | $8921304.00   | 10.40%            |  |  |  | No            |                  1 | On Loan: No      |
| NIKE Inc                       | NIKE Inc                            | CUSIP: 654106103<br>LEI: 787RXPR0UX0O0XUXPZ81 | Long             | EC               | CORP              | US        |      5260 | NS      | $615472.60    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Northrop Grumman Corp          | Northrop Grumman Corp               | CUSIP: 666807102<br>LEI: RIMU48P07456QXSO0R61 | Long             | EC               | CORP              | US        |      1600 | NS      | $872976.00    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp                    | NVIDIA Corp                         | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |     10775 | NS      | $1574658.50   | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| O'Reilly Automotive Inc        | O'Reilly Automotive Inc             | CUSIP: 67103H107<br>LEI: 549300K2RLMQL149Q332 | Long             | EC               | CORP              | US        |      1100 | NS      | $928433.00    | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Palo Alto Networks Inc         | Palo Alto Networks Inc              | CUSIP: 697435105<br>LEI: 549300QXR2YVZV231H43 | Long             | EC               | CORP              | US        |      4925 | NS      | $687234.50    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Procter & Gamble Co/The        | Procter & Gamble Co/The             | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |      4475 | NS      | $678231.00    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Prologis Inc                   | Prologis Inc                        | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |      3550 | NS      | $400191.50    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| S&P Global Inc                 | S&P Global Inc                      | CUSIP: 78409V104<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | EC               | CORP              | US        |      2325 | NS      | $778735.50    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR S&P Metals & Mining ETF   | SPDR S&P Metals & Mining ETF        | CUSIP: 78464A755<br>LEI: 5493008LMBT3IECLIE27 | Long             | EC               | RF                | US        |      6725 | NS      | $334972.25    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Sanofi                         | Sanofi                              | CUSIP: 80105N105<br>LEI: 549300E9PC51EN656011 | Long             | EC               | CORP              | FR        |      9075 | NS      | $439502.25    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Schlumberger Ltd               | Schlumberger Ltd                    | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | US        |     10700 | NS      | $572022.00    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| ServiceNow Inc                 | ServiceNow Inc                      | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |      2820 | NS      | $1094921.40   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Snowflake Inc                  | Snowflake Inc                       | CUSIP: 833445109<br>LEI: 254900CJNSY1K7T53Z16 | Long             | EC               | CORP              | US        |      1725 | NS      | $247606.50    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| STMicroelectronics NV          | STMicroelectronics NV               | CUSIP: 861012102<br>LEI: 213800Z8NOHIKRI42W10 | Long             | EC               | CORP              | CH        |     16275 | NS      | $578901.75    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Stryker Corp                   | Stryker Corp                        | CUSIP: 863667101<br>LEI: 5493002F0SC4JTBU5137 | Long             | EC               | CORP              | US        |      3450 | NS      | $843490.50    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Synopsys Inc                   | Synopsys Inc                        | CUSIP: 871607107<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | EC               | CORP              | US        |      2075 | NS      | $662526.75    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Sysco Corp                     | Sysco Corp                          | CUSIP: 871829107<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | EC               | CORP              | US        |      5350 | NS      | $409007.50    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| TJX Cos Inc/The                | TJX Cos Inc/The                     | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |      7795 | NS      | $620482.00    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Tesla Inc                      | Tesla Inc                           | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |      3245 | NS      | $399719.10    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Thermo Fisher Scientific Inc   | Thermo Fisher Scientific Inc        | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |      1575 | NS      | $867336.75    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Uber Technologies Inc          | Uber Technologies Inc               | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               | CORP              | US        |     13750 | NS      | $340037.50    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| United Rentals Inc             | United Rentals Inc                  | CUSIP: 911363109<br>LEI: 5323X5O7RN0NKFCDRY08 | Long             | EC               | CORP              | US        |       750 | NS      | $266565.00    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc         | UnitedHealth Group Inc              | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |      6220 | NS      | $3297719.60   | 3.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertex Pharmaceuticals Inc     | Vertex Pharmaceuticals Inc          | CUSIP: 92532F100<br>LEI: 54930015RAQRRZ5ZGJ91 | Long             | EC               | CORP              | US        |      3525 | NS      | $1017949.50   | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                       | Visa Inc                            | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |     12640 | NS      | $2626086.40   | 3.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart Inc                    | Walmart Inc                         | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |      3875 | NS      | $549436.25    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Waste Management Inc           | Waste Management Inc                | CUSIP: 94106L109<br>LEI: 549300YX8JIID70NFS41 | Long             | EC               | CORP              | US        |      4250 | NS      | $666740.00    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Workday Inc                    | Workday Inc                         | CUSIP: 98138H101<br>LEI: 549300J0DYC0N31V7G13 | Long             | EC               | CORP              | US        |      2435 | NS      | $407448.55    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Xylem Inc/NY                   | Xylem Inc/NY                        | CUSIP: 98419M100<br>LEI: 549300DF5MV96DRYLQ48 | Long             | EC               | CORP              | US        |      4775 | NS      | $527971.75    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Yum! Brands Inc                | Yum! Brands Inc                     | CUSIP: 988498101<br>LEI: 549300JE8XHZZ7OHN517 | Long             | EC               | CORP              | US        |      7390 | NS      | $946511.20    | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Zimmer Biomet Holdings Inc     | Zimmer Biomet Holdings Inc          | CUSIP: 98956P102<br>LEI: 2P2YLDVPES3BXQ1FRB91 | Long             | EC               | CORP              | US        |      4500 | NS      | $573750.00    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Zoetis Inc                     | Zoetis Inc                          | CUSIP: 98978V103<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | EC               | CORP              | US        |      4400 | NS      | $644820.00    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Aon PLC                        | Aon PLC                             | CUSIP: N/A<br>LEI: 635400FALWQYX5E6QC64       | Long             | EC               | CORP              | US        |      3200 | NS      | $960448.00    | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Accenture PLC                  | Accenture PLC                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | IE        |      1775 | NS      | $473641.00    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Eaton Corp PLC                 | Eaton Corp PLC                      | CUSIP: N/A<br>LEI: 549300VDIGTMXUNT7H71       | Long             | EC               | CORP              | US        |      5175 | NS      | $812216.25    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| ICON PLC                       | ICON PLC                            | CUSIP: N/A<br>LEI: 6354008SRQGEMC4XFI67       | Long             | EC               | CORP              | IE        |      2275 | NS      | $441918.75    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Linde PLC                      | Linde PLC                           | CUSIP: G5494J103<br>LEI: 8945002PAZHZLBGKGF02 | Long             | EC               | CORP              | GB        |      3630 | NS      | $1184033.40   | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic PLC                  | Medtronic PLC                       | CUSIP: N/A<br>LEI: 549300GX3ZBSQWUXY261       | Long             | EC               | CORP              | IE        |      5325 | NS      | $413859.00    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| On Holding AG                  | On Holding AG                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CH        |     16175 | NS      | $277563.00    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| ASML Holding NV                | ASML Holding NV                     | CUSIP: N/A<br>LEI: 724500Y6DUVHQD6OXN27       | Long             | EC               | CORP              | NL        |      1975 | NS      | $1079140.00   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Stevanato Group SpA            | Stevanato Group SpA                 | CUSIP: N/A<br>LEI: 81560033F7E1CD477507       | Long             | EC               | CORP              | IT        |     22615 | NS      | $406391.55    | 0.47%             |  |  |  | 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