# EDGAR Filing Document

**Accession Number:** 0001135300
**File Stem:** 0001145549-25-051746
**Filing Date:** 2025-8
**Character Count:** 36506
**Document Hash:** 7e2750c0b30c3a26b994deee4e9e0f9b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-051746.hdr.sgml**: 20250819

**ACCESSION NUMBER**: 0001145549-25-051746

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250819

**DATE AS OF CHANGE**: 20250819

**PERIOD START**: 20260331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BUFFALO FUNDS
- **CENTRAL INDEX KEY:** 0001135300

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-10303
- **FILM NUMBER:** 251231542

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Buffalo Early Stage Growth Fund** | **Buffalo Early Stage Growth Fund** | **Buffalo Early Stage Growth Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **June 30, 2025 (Unaudited)** | **June 30, 2025 (Unaudited)** | **June 30, 2025 (Unaudited)** |
| **COMMON STOCKS - 98.1%** | **Shares** | **Value**  |
| **<u>Consumer Discretionary</u> - 10.4%** | **<u>Consumer Discretionary</u> - 10.4%** | |
| **Automobile Components - 1.9%** | | |
| Patrick Industries, Inc. | 12600 | $1162602 |
|  |  | $– |
| **Diversified Consumer Services - 2.5%** |  |  |
| OneSpaWorld Holdings Ltd. | 75300 | 1535367 |
|  |  | $– |
| **Hotels, Restaurants & Leisure - 3.2%** |  |  |
| Accel Entertainment, Inc. <sup>(a)</sup> | 105100 | 1237027 |
| Portillo's, Inc. - Class A <sup>(a)</sup> | 64500 | 752715 |
|  |  | 1989742 |
| **Household Durables - 2.8%** |  |  |
| Champion Homes, Inc. <sup>(a)</sup> | 18070 | 1131363 |
| Lovesac Co. <sup>(a)</sup> | 35450 | 645190 |
|  |  | 1776553 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | 6464264 |
| **<u>Consumer Staples</u> - 4.1%** | **<u>Consumer Staples</u> - 4.1%** |  |
| **Consumer Staples Distribution & Retail - 1.7%** |  |  |
| Guardian Pharmacy Services, Inc. - Class A <sup>(a)</sup> | 50000 | 1065500 |
|  |  | $– |
| **Food Products - 2.4%** |  |  |
| SunOpta, Inc. <sup>(a)</sup> | 252700 | 1465660 |
| **Total Consumer Staples** | **Total Consumer Staples** | 2531160 |
| **<u>Energy</u> - 1.5%** | **<u>Energy</u> - 1.5%** |  |
| **Energy Equipment & Services - 1.5%** |  |  |
| Cactus, Inc. - Class A | 21320 | 932111 |
| **<u>Financials</u> - 9.7%** | **<u>Financials</u> - 9.7%** |  |
| **Capital Markets - 5.7%** |  |  |
| GCM Grosvenor, Inc. - Class A | 100000 | 1156000 |
| Hamilton Lane, Inc. - Class A | 6485 | 921648 |
| WisdomTree, Inc. | 129000 | 1484790 |
|  |  | 3562438 |
| **Financial Services - 2.3%** |  |  |
| Shift4 Payments, Inc. - Class A <sup>(a)</sup> | 14100 | 1397451 |
|  |  | $– |
| **Insurance - 1.7%** |  |  |
| Ategrity Specialty Holdings LLC <sup>(a)</sup> | 50000 | 1076000 |
| **Total Financials** | **Total Financials** | 6035889 |
| **<u>Health Care</u> - 24.2%** | **<u>Health Care</u> - 24.2%** |  |
| **Biotechnology - 3.8%** |  |  |
| ADMA Biologics, Inc. <sup>(a)</sup> | 47870 | 871713 |
| Halozyme Therapeutics, Inc. <sup>(a)</sup> | 11834 | 615604 |
| Vericel Corp. <sup>(a)</sup> | 20800 | 885040 |
|  |  | 2372357 |
| **Health Care Equipment & Supplies - 8.5%** |  |  |
| Establishment Labs Holdings, Inc. <sup>(a)</sup> | 23100 | 986601 |
| Inspire Medical Systems, Inc. <sup>(a)</sup> | 5800 | 752666 |
| LeMaitre Vascular, Inc. | 11090 | 921025 |
| Omnicell, Inc. <sup>(a)</sup> | 14700 | 432180 |
| OrthoPediatrics Corp. <sup>(a)</sup> | 26590 | 571153 |
| QuidelOrtho Corp. <sup>(a)</sup> | 24700 | 711854 |
| UFP Technologies, Inc. <sup>(a)</sup> | 3775 | 921704 |
|  |  | 5297183 |
| **Health Care Providers & Services - 3.6%** |  |  |
| Castle Biosciences, Inc. <sup>(a)</sup> | 38700 | 790254 |
| Option Care Health, Inc. <sup>(a)</sup> | 29240 | 949715 |
| Progyny, Inc. <sup>(a)</sup> | 23460 | 516120 |
|  |  | 2256089 |
| **Health Care Technology - 5.3%** |  |  |
| Evolent Health, Inc. - Class A <sup>(a)</sup> | 100600 | 1132756 |
| HealthStream, Inc. | 63100 | 1745977 |
| Simulations Plus, Inc. | 23000 | 401350 |
|  |  | 3280083 |
| **Life Sciences Tools & Services - 1.5%** |  |  |
| BioLife Solutions, Inc. <sup>(a)</sup> | 44000 | 947760 |
|  |  | $– |
| **Pharmaceuticals - 1.5%** |  |  |
| Harrow, Inc. <sup>(a)</sup> | 30000 | 916200 |
| **Total Health Care** | **Total Health Care** | 15069672 |
| **<u>Industrials</u> - 28.4%<sup>(b)</sup>** | **<u>Industrials</u> - 28.4%<sup>(b)</sup>** |  |
| **Aerospace & Defense - 6.6%** |  |  |
| AeroVironment, Inc. <sup>(a)</sup> | 2700 | 769365 |
| Cadre Holdings, Inc. | 40840 | 1300754 |
| Kratos Defense & Security Solutions, Inc. <sup>(a)</sup> | 18000 | 836100 |
| TAT Technologies Ltd. <sup>(a)</sup> | 40000 | 1221600 |
|  |  | 4127819 |
| **Building Products - 1.8%** |  |  |
| Apogee Enterprises, Inc. | 8500 | 345100 |
| Hayward Holdings, Inc. <sup>(a)</sup> | 55000 | 759000 |
|  |  | 1104100 |
| **Construction & Engineering - 3.6%** |  |  |
| Bowman Consulting Group Ltd. <sup>(a)</sup> | 58500 | 1681875 |
| Sterling Infrastructure, Inc. <sup>(a)</sup> | 2400 | 553752 |
|  |  | 2235627 |
| **Electrical Equipment - 2.1%** |  |  |
| American Superconductor Corp. <sup>(a)</sup> | 36660 | 1345055 |
|  |  | $– |
| **Machinery - 4.0%** |  |  |
| Federal Signal Corp. | 5000 | 532100 |
| Hillman Solutions Corp. <sup>(a)</sup> | 160000 | 1142400 |
| Kornit Digital Ltd. <sup>(a)</sup> | 40300 | 802373 |
|  |  | 2476873 |
| **Professional Services - 8.0%** |  |  |
| ICF International, Inc. | 12100 | 1024991 |
| NV5 Global, Inc. <sup>(a)</sup> | 52160 | 1204375 |
| Verra Mobility Corp. <sup>(a)</sup> | 38800 | 985132 |
| Willdan Group, Inc. <sup>(a)</sup> | 28000 | 1750280 |
|  |  | 4964778 |
| **Trading Companies & Distributors - 2.3%** |  |  |
| Transcat, Inc. <sup>(a)</sup> | 16700 | 1435532 |
| **Total Industrials** | **Total Industrials** | 17689784 |
| **<u>Information Technology</u> - 18.2%** | **<u>Information Technology</u> - 18.2%** |  |
| **Communications Equipment - 3.6%** |  |  |
| Applied Optoelectronics, Inc. <sup>(a)</sup> | 60295 | 1548979 |
| Calix, Inc. <sup>(a)</sup> | 13280 | 706363 |
|  |  | 2255342 |
| **Electronic Equipment, Instruments & Components - 3.3%** |  |  |
| Napco Security Technologies, Inc. | 32400 | 961956 |
| nLight, Inc. <sup>(a)</sup> | 20000 | 393600 |
| Powerfleet, Inc. NJ <sup>(a)</sup> | 162990 | 702487 |
|  |  | 2058043 |
| **IT Services - 1.7%** |  |  |
| BigCommerce Holdings, Inc. <sup>(a)</sup> | 53800 | 269000 |
| Grid Dynamics Holdings, Inc. <sup>(a)</sup> | 67900 | 784245 |
|  |  | 1053245 |
| **Software - 8.3%** |  |  |
| i3 Verticals, Inc. - Class A <sup>(a)</sup> | 48200 | 1324536 |
| nCino, Inc. <sup>(a)</sup> | 24000 | 671280 |
| Teradata Corp. <sup>(a)</sup> | 29000 | 646990 |
| Varonis Systems, Inc. <sup>(a)</sup> | 26500 | 1344875 |
| Vertex, Inc. - Class A <sup>(a)</sup> | 32460 | 1146974 |
|  |  | 5134655 |
| **Technology Hardware, Storage & Peripherals - 1.3%** |  |  |
| CPI Card Group, Inc. <sup>(a)</sup> | 35000 | 830200 |
| **Total Information Technology** | **Total Information Technology** | 11331485 |
| **<u>Materials</u> - 1.6%** | **<u>Materials</u> - 1.6%** |  |
| **Chemicals - 1.6%** |  |  |
| Element Solutions, Inc. | 44300 | 1003395 |
| **TOTAL COMMON STOCKS** (Cost $50,379,936) | **TOTAL COMMON STOCKS** (Cost $50,379,936) | 61057760 |
| **REAL ESTATE INVESTMENT TRUSTS - 1.2%** | **Shares** | **Value**  |
| **<u>Real Estate</u> - 1.2%** | **<u>Real Estate</u> - 1.2%** |  |
| **Health Care REITs - 1.2%** |  |  |
| Community Healthcare Trust, Inc. | 44600 | 741698 |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS** (Cost $1,045,870) | **TOTAL REAL ESTATE INVESTMENT TRUSTS** (Cost $1,045,870) | 741698 |
| **SHORT-TERM INVESTMENTS - 1.0%** | **Shares** | **Value**  |
| **Money Market Funds - 1.0%** |  |  |
| Fidelity Money Market Government Portfolio - Class I, 4.23% <sup>(c)</sup> | 628882 | 628882 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $628,882) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $628,882) | 628882 |
| **TOTAL INVESTMENTS - 100.3% (**Cost $52,054,688**)** | **TOTAL INVESTMENTS - 100.3% (**Cost $52,054,688**)** | 62428340 |
| Liabilities in Excess of Other Assets - (0.3)% | Liabilities in Excess of Other Assets - (0.3)% | (215515) |
| **TOTAL NET ASSETS - 100.0%** |  | $62212825 |
| two | two | –% |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | –% |
| The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. | The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. | The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. |

---

LLC - Limited Liability Company <br> REIT - Real Estate Investment Trust

(a) Non-income producing security.

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

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

------

#### <br>

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| **Assets:** | | | | |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $61057760 | $– | $– | $61057760 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Real Estate Investment Trusts | 741698 | – | – | 741698 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 628882 | – | – | 628882 |
| Total Investments | $62428340 | $– | $– | $62428340 |
| Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Mission

  - **State:** KS

  - **Foreign country:** US

  - **Zip / Postal Code:** 66205

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

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

- **a. Name of Series:** Buffalo Early Stage Growth Fund

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

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

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $62474393.44

**Total Liabilities:** $76086.26

**Net Assets:** $62398307.18

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000017894 | -1.87%               | 2.93%                | 5.43%                |
| Class ID C000214587 | -1.86%               | 2.98%                | 5.45%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $395.82                  | $-1068120.40                               |
| Month 2  | $2708288.80              | $-954507.04                                |
| Month 3  | $2774106.06              | $499721.96                                 |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                           | Title                                   | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ADMA Biologics Inc             | ADMA Biologics Inc                      | CUSIP: 000899104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     47870 | NS      | $871712.70    | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| American Superconductor Corp   | American Superconductor Corp            | CUSIP: 030111207<br>LEI: 549300S9YT8Z8LOK4452 | Long             | EC               | CORP              | US        |     36660 | NS      | $1345055.40   | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Cadre Holdings Inc             | Cadre Holdings Inc                      | CUSIP: 12763L105<br>LEI: 2549006IKQEWJ8M7CB97 | Long             | EC               | CORP              | US        |     40840 | NS      | $1300754.00   | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Kratos Defense & Security Solu | Kratos Defense & Security Solutions Inc | CUSIP: 50077B207<br>LEI: 5493000EKBN0UY1F3F88 | Long             | EC               | CORP              | US        |     18000 | NS      | $836100.00    | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Lovesac Co/The                 | Lovesac Co/The                          | CUSIP: 54738L109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     35450 | NS      | $645190.00    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| NV5 Global Inc                 | NV5 Global Inc                          | CUSIP: 62945V109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     52160 | NS      | $1204374.40   | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Powerfleet Inc NJ              | Powerfleet Inc NJ                       | CUSIP: 73931J109<br>LEI: 2549007NKEFPYEH4MF81 | Long             | EC               | CORP              | US        |    162990 | NS      | $702486.90    | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Sterling Infrastructure Inc    | Sterling Infrastructure Inc             | CUSIP: 859241101<br>LEI: 549300RZIK6K1215XU51 | Long             | EC               | CORP              | US        |      2400 | NS      | $553752.00    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| OneSpaWorld Holdings Ltd       | OneSpaWorld Holdings Ltd                | CUSIP: N/A<br>LEI: 5493007W8PZ8W6UC2X76       | Long             | EC               | CORP              | BS        |     75300 | NS      | $1535367.00   | 2.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Accel Entertainment Inc        | Accel Entertainment Inc                 | CUSIP: 00436Q106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    105100 | NS      | $1237027.00   | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| BioLife Solutions Inc          | BioLife Solutions Inc                   | CUSIP: 09062W204<br>LEI: 549300G2IVCMC2TJDW72 | Long             | EC               | CORP              | US        |     44000 | NS      | $947760.00    | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Signal Corp            | Federal Signal Corp                     | CUSIP: 313855108<br>LEI: 549300RTXZRPTNP6G884 | Long             | EC               | CORP              | US        |      5000 | NS      | $532100.00    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Guardian Pharmacy Services Inc | Guardian Pharmacy Services Inc          | CUSIP: 40145W101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     50000 | NS      | $1065500.00   | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| nLight Inc                     | nLight Inc                              | CUSIP: 65487K100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     20000 | NS      | $393600.00    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Establishment Labs Holdings In | Establishment Labs Holdings Inc         | CUSIP: N/A<br>LEI: 549300BCBQ714JNJ7V58       | Long             | EC               | CORP              | CR        |     23100 | NS      | $986601.00    | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Optoelectronics Inc    | Applied Optoelectronics Inc             | CUSIP: 03823U102<br>LEI: 529900I8U6Q5SYDNLT48 | Long             | EC               | CORP              | US        |     60295 | NS      | $1548978.55   | 2.48%             |  |  |  | No            |                  1 | On Loan: No      |
| BigCommerce Holdings Inc       | BigCommerce Holdings Inc                | CUSIP: 08975P108<br>LEI: 549300MOVEFQ78DMPG58 | Long             | EC               | CORP              | US        |     53800 | NS      | $269000.00    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Bowman Consulting Group Ltd    | Bowman Consulting Group Ltd             | CUSIP: 103002101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     58500 | NS      | $1681875.00   | 2.70%             |  |  |  | No            |                  1 | On Loan: No      |
| GCM Grosvenor Inc              | GCM Grosvenor Inc                       | CUSIP: 36831E108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    100000 | NS      | $1156000.00   | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| HealthStream Inc               | HealthStream Inc                        | CUSIP: 42222N103<br>LEI: 529900OJ88H8635JNH64 | Long             | EC               | CORP              | US        |     63100 | NS      | $1745977.00   | 2.80%             |  |  |  | No            |                  1 | On Loan: No      |
| LeMaitre Vascular Inc          | LeMaitre Vascular Inc                   | CUSIP: 525558201<br>LEI: 549300FZUBUB7MHY8R17 | Long             | EC               | CORP              | US        |     11090 | NS      | $921024.50    | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Napco Security Technologies In | Napco Security Technologies Inc         | CUSIP: 630402105<br>LEI: 529900KV21J4YY9YST76 | Long             | EC               | CORP              | US        |     32400 | NS      | $961956.00    | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Kornit Digital Ltd             | Kornit Digital Ltd                      | CUSIP: N/A<br>LEI: 5299006DPCQWP3VTFK34       | Long             | EC               | CORP              | IL        |     40300 | NS      | $802373.00    | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| OrthoPediatrics Corp           | OrthoPediatrics Corp                    | CUSIP: 68752L100<br>LEI: 5493000KUTPFGOPAT717 | Long             | EC               | CORP              | US        |     26590 | NS      | $571153.20    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Simulations Plus Inc           | Simulations Plus Inc                    | CUSIP: 829214105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     23000 | NS      | $401350.00    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Evolent Health Inc             | Evolent Health Inc                      | CUSIP: 30050B101<br>LEI: 549300CZOCFHQ2BBTR11 | Long             | EC               | CORP              | US        |    100600 | NS      | $1132756.00   | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Inspire Medical Systems Inc    | Inspire Medical Systems Inc             | CUSIP: 457730109<br>LEI: 549300XQQCQ7HCJKTW25 | Long             | EC               | CORP              | US        |      5800 | NS      | $752666.00    | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| nCino Inc                      | nCino Inc                               | CUSIP: 63947X101<br>LEI: 549300WVRR2WR3L6MZ46 | Long             | EC               | CORP              | US        |     24000 | NS      | $671280.00    | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Omnicell Inc                   | Omnicell Inc                            | CUSIP: 68213N109<br>LEI: 5493008RH0GTKHHPZI77 | Long             | EC               | CORP              | US        |     14700 | NS      | $432180.00    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Patrick Industries Inc         | Patrick Industries Inc                  | CUSIP: 703343103<br>LEI: 549300FZ5ZTCCJ3Z5W14 | Long             | EC               | CORP              | US        |     12600 | NS      | $1162602.00   | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Portillo's Inc                 | Portillo's Inc                          | CUSIP: 73642K106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     64500 | NS      | $752715.00    | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Teradata Corp                  | Teradata Corp                           | CUSIP: 88076W103<br>LEI: 549300JU9SOUHV4U4R71 | Long             | EC               | CORP              | US        |     29000 | NS      | $646990.00    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| UFP Technologies Inc           | UFP Technologies Inc                    | CUSIP: 902673102<br>LEI: 549300RJ8LY41HS70C91 | Long             | EC               | CORP              | US        |      3775 | NS      | $921704.00    | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| AeroVironment Inc              | AeroVironment Inc                       | CUSIP: 008073108<br>LEI: 529900PGHVI29YLZ6221 | Long             | EC               | CORP              | US        |      3090 | NS      | $880495.50    | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Government Portfolio  | Fidelity Government Portfolio           | CUSIP: 316175108<br>LEI: 549300FQDFZGLUOCWN51 | Long             | STIV             | RF                | US        |    628882 | NS      | $628882.40    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Hayward Holdings Inc           | Hayward Holdings Inc                    | CUSIP: 421298100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     55000 | NS      | $759000.00    | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Hillman Solutions Corp         | Hillman Solutions Corp                  | CUSIP: 431636109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    160000 | NS      | $1142400.00   | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| ICF International Inc          | ICF International Inc                   | CUSIP: 44925C103<br>LEI: 5493003KYFDDC5B3WY64 | Long             | EC               | CORP              | US        |     12100 | NS      | $1024991.00   | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Champion Homes Inc             | Champion Homes Inc                      | CUSIP: 830830105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     18070 | NS      | $1131362.70   | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Transcat Inc                   | Transcat Inc                            | CUSIP: 893529107<br>LEI: 54930081E40TSSHUOS40 | Long             | EC               | CORP              | US        |     16700 | NS      | $1435532.00   | 2.30%             |  |  |  | No            |                  1 | On Loan: No      |
| SunOpta Inc                    | SunOpta Inc                             | CUSIP: 8676EP108<br>LEI: 54930010CP0KEPPRPA40 | Long             | EC               | CORP              | US        |    252700 | NS      | $1465660.00   | 2.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Varonis Systems Inc            | Varonis Systems Inc                     | CUSIP: 922280102<br>LEI: 549300SHIVNRRH7STS26 | Long             | EC               | CORP              | US        |     26500 | NS      | $1344875.00   | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Verra Mobility Corp            | Verra Mobility Corp                     | CUSIP: 92511U102<br>LEI: 549300XX5EKGLR0M4152 | Long             | EC               | CORP              | US        |     38800 | NS      | $985132.00    | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Willdan Group Inc              | Willdan Group Inc                       | CUSIP: 96924N100<br>LEI: 529900YQO0LF5VAEKN05 | Long             | EC               | CORP              | US        |     28000 | NS      | $1750280.00   | 2.81%             |  |  |  | No            |                  1 | On Loan: No      |
| WisdomTree Inc                 | WisdomTree Inc                          | CUSIP: 97717P104<br>LEI: 549300WIU8IS7UFO7871 | Long             | EC               | CORP              | US        |    129000 | NS      | $1484790.00   | 2.38%             |  |  |  | No            |                  1 | On Loan: No      |
| QuidelOrtho Corp               | QuidelOrtho Corp                        | CUSIP: 219798105<br>LEI: 549300YU8CMO9HF53113 | Long             | EC               | CORP              | US        |     24700 | NS      | $711854.00    | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Harrow Inc                     | Harrow Inc                              | CUSIP: 415858109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     30000 | NS      | $916200.00    | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Castle Biosciences Inc         | Castle Biosciences Inc                  | CUSIP: 14843C105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     38700 | NS      | $790254.00    | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Halozyme Therapeutics Inc      | Halozyme Therapeutics Inc               | CUSIP: 40637H109<br>LEI: 529900242I3SV9AGM753 | Long             | EC               | CORP              | US        |     11834 | NS      | $615604.68    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| I3 Verticals Inc               | I3 Verticals Inc                        | CUSIP: 46571Y107<br>LEI: 549300944CYWVP06CJ97 | Long             | EC               | CORP              | US        |     48200 | NS      | $1324536.00   | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Option Care Health Inc         | Option Care Health Inc                  | CUSIP: 68404L201<br>LEI: 549300DI3Q5ACSYJRI17 | Long             | EC               | CORP              | US        |     29240 | NS      | $949715.20    | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Hamilton Lane Inc              | Hamilton Lane Inc                       | CUSIP: 407497106<br>LEI: 5493006OKN3V1NORM833 | Long             | EC               | CORP              | US        |      6485 | NS      | $921648.20    | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Apogee Enterprises Inc         | Apogee Enterprises Inc                  | CUSIP: 037598109<br>LEI: 549300579S7QW8V4IJ60 | Long             | EC               | CORP              | US        |      8500 | NS      | $345100.00    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Progyny Inc                    | Progyny Inc                             | CUSIP: 74340E103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     23460 | NS      | $516120.00    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Shift4 Payments Inc            | Shift4 Payments Inc                     | CUSIP: 82452J109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     14100 | NS      | $1397451.00   | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertex Inc                     | Vertex Inc                              | CUSIP: 92538J106<br>LEI: 549300QMYW171MP1PL50 | Long             | EC               | CORP              | US        |     32460 | NS      | $1146974.10   | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| TAT Technologies Ltd           | TAT Technologies Ltd                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | IL        |     40000 | NS      | $1221600.00   | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Calix Inc                      | Calix Inc                               | CUSIP: 13100M509<br>LEI: 5299002RQRZ4SXSCSJ58 | Long             | EC               | CORP              | US        |     13280 | NS      | $706363.20    | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| CPI Card Group Inc             | CPI Card Group Inc                      | CUSIP: 12634H200<br>LEI: 54930087HHJ1VWIJK062 | Long             | EC               | CORP              | US        |     35000 | NS      | $830200.00    | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Ategrity Specialty Holdings LL | Ategrity Specialty Holdings LLC         | CUSIP: 04681Y103<br>LEI: 549300KMIVG4HUBDUF07 | Long             | EC               | CORP              | US        |     50000 | NS      | $1076000.00   | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Cactus Inc                     | Cactus Inc                              | CUSIP: 127203107<br>LEI: 549300J3T8C9F8QFKV08 | Long             | EC               | CORP              | US        |     21320 | NS      | $932110.40    | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Community Healthcare Trust Inc | Community Healthcare Trust Inc          | CUSIP: 20369C106<br>LEI: 549300FATSRCMKOV9536 | Long             | EC               | CORP              | US        |     44600 | NS      | $741698.00    | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Element Solutions Inc          | Element Solutions Inc                   | CUSIP: 28618M106<br>LEI: 549300FLGN6P5CU20J91 | Long             | EC               | CORP              | US        |     44300 | NS      | $1003395.00   | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Grid Dynamics Holdings Inc     | Grid Dynamics Holdings Inc              | CUSIP: 39813G109<br>LEI: 9845007E77EEC65AZE29 | Long             | EC               | CORP              | US        |     58900 | NS      | $680295.00    | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Vericel Corp                   | Vericel Corp                            | CUSIP: 92346J108<br>LEI: 54930076YM3PLTDR4B91 | Long             | EC               | CORP              | US        |     20800 | NS      | $885040.00    | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

**Name of Applicant:** Buffalo Funds

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

**Name of Signer:** Laura Symon Browne

**Title:** President and Treasurer