# EDGAR Filing Document

**Accession Number:** 0001135300
**File Stem:** 0001145549-25-051744
**Filing Date:** 2025-8
**Character Count:** 31007
**Document Hash:** 0cc968120a6704f36d7c5899b28e8dec
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-051744.hdr.sgml**: 20250819

**ACCESSION NUMBER**: 0001145549-25-051744

**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:** 251231540

**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 Flexible Allocation Fund (Series ID: S000022450)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000064611 | Investor Class      | BUFBX           |
| C000214591 | Institutional Class | BUIBX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Buffalo Flexible Allocation Fund** | **Buffalo Flexible Allocation Fund** | **Buffalo Flexible Allocation Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **June 30, 2025 (Unaudited)** | **June 30, 2025 (Unaudited)** | **June 30, 2025 (Unaudited)** |
| **COMMON STOCKS - 96.4%** | **Shares** | **Value**  |
| **<u>Communication Services</u> - 3.6%** | **<u>Communication Services</u> - 3.6%** | |
| **Diversified Telecommunication Services - 2.8%** | | |
| AT&T, Inc. | 100000 | $2894000 |
| Verizon Communications, Inc. | 230000 | 9952100 |
|  |  | 12846100 |
| **Entertainment - 0.8%** |  |  |
| Lionsgate Studios Corp. <sup>(a)</sup> | 500000 | 2905000 |
| Starz Entertainment Corp. <sup>(a)</sup> | 33333 | 535661 |
|  |  | 3440661 |
| **Total Communication Services** | **Total Communication Services** | 16286761 |
| **<u>Consumer Staples</u> - 17.3%** | **<u>Consumer Staples</u> - 17.3%** |  |
| **Beverages - 4.4%** |  |  |
| Coca-Cola Co. | 140000 | 9905000 |
| PepsiCo, Inc. | 75000 | 9903000 |
|  |  | 19808000 |
| **Consumer Staples Distribution & Retail - 4.3%** |  |  |
| Costco Wholesale Corp. <sup>(b)(c)</sup> | 20000 | 19798800 |
|  |  | $– |
| **Food Products - 2.5%** |  |  |
| Conagra Brands, Inc. | 100000 | 2047000 |
| General Mills, Inc. | 150000 | 7771500 |
| Kellanova | 20000 | 1590600 |
|  |  | 11409100 |
| **Household Products - 6.1%** |  |  |
| Clorox Co. | 50000 | 6003500 |
| Colgate-Palmolive Co. | 25000 | 2272500 |
| Kimberly-Clark Corp. | 70000 | 9024400 |
| Procter & Gamble Co. | 65000 | 10355800 |
|  |  | 27656200 |
| **Total Consumer Staples** | **Total Consumer Staples** | 78672100 |
| **<u>Energy</u> - 24.3%** | **<u>Energy</u> - 24.3%** |  |
| **Energy Equipment & Services - 1.3%** |  |  |
| Schlumberger NV | 180000 | 6084000 |
|  |  | $– |
| **Oil, Gas & Consumable Fuels - 23.0%** |  |  |
| APA Corp. | 400000 | 7316000 |
| BP PLC - ADR | 25000 | 748250 |
| Chevron Corp. | 125000 | 17898750 |
| ConocoPhillips | 150000 | 13461000 |
| Delek Logistics Partners LP | 140000 | 6013000 |
| Exxon Mobil Corp. | 165000 | 17787000 |
| Hess Corp. | 100000 | 13854000 |
| HF Sinclair Corp. | 72500 | 2978300 |
| Kinder Morgan, Inc. | 560000 | 16464000 |
| Marathon Petroleum Corp. | 50000 | 8305500 |
|  |  | 104825800 |
| **Total Energy** | **Total Energy** | 110909800 |
| **<u>Financials</u> - 9.6%** | **<u>Financials</u> - 9.6%** |  |
| **Banks - 1.9%** |  |  |
| Truist Financial Corp. | 200000 | 8598000 |
|  |  | $– |
| **Insurance - 7.7%** |  |  |
| Allstate Corp. | 80000 | 16104800 |
| Arthur J. Gallagher & Co. | 60000 | 19207200 |
|  |  | 35312000 |
| **Total Financials** | **Total Financials** | 43910000 |
| **<u>Health Care</u> - 15.8%** | **<u>Health Care</u> - 15.8%** |  |
| **Biotechnology - 2.2%** |  |  |
| Gilead Sciences, Inc. | 90000 | 9978300 |
|  |  | $– |
| **Health Care Equipment & Supplies - 2.2%** |  |  |
| Abbott Laboratories | 75000 | 10200750 |
|  |  | $– |
| **Pharmaceuticals - 11.4%** |  |  |
| Bristol-Myers Squibb Co. | 8000 | 370320 |
| Eli Lilly & Co. <sup>(b)(c)</sup> | 35000 | 27283550 |
| Johnson & Johnson | 75000 | 11456250 |
| Merck & Co., Inc. | 80000 | 6332800 |
| Pfizer, Inc. | 270000 | 6544800 |
|  |  | 51987720 |
| **Total Health Care** | **Total Health Care** | 72166770 |
| **<u>Industrials</u> - 3.8%** | **<u>Industrials</u> - 3.8%** |  |
| **Commercial Services & Supplies - 3.2%** |  |  |
| Pitney Bowes, Inc. | 240000 | 2618400 |
| Waste Management, Inc. | 52000 | 11898640 |
|  |  | 14517040 |
| **Electrical Equipment - 0.6%** |  |  |
| ABB Ltd. - ADR | 45000 | 2685150 |
| **Total Industrials** | **Total Industrials** | 17202190 |
| **<u>Information Technology</u> - 21.1%** | **<u>Information Technology</u> - 21.1%** |  |
| **Communications Equipment - 2.7%** |  |  |
| Cisco Systems, Inc. | 175000 | 12141500 |
|  |  | $– |
| **IT Services - 4.5%** |  |  |
| International Business Machines Corp. | 70000 | 20634600 |
|  |  | $– |
| **Semiconductors & Semiconductor Equipment - 3.0%** |  |  |
| QUALCOMM, Inc. | 85000 | 13537100 |
|  |  | $– |
| **Software - 10.9%** |  |  |
| Microsoft Corp. <sup>(b)(c)</sup> | 100000 | 49741000 |
| **Total Information Technology** | **Total Information Technology** | 96054200 |
| **<u>Materials</u> - 0.9%** | **<u>Materials</u> - 0.9%** |  |
| **Chemicals - 0.3%** |  |  |
| Dow, Inc. | 50000 | 1324000 |
|  |  | $– |
| **Metals & Mining - 0.6%** |  |  |
| Rio Tinto PLC - ADR | 50000 | 2916500 |
| **Total Materials** | **Total Materials** | 4240500 |
| **TOTAL COMMON STOCKS** (Cost $167,526,235) | **TOTAL COMMON STOCKS** (Cost $167,526,235) | 439442321 |
| **REAL ESTATE INVESTMENT TRUSTS - 3.3%** | **Shares** | **Value**  |
| **<u>Real Estate</u> - 3.3%** | **<u>Real Estate</u> - 3.3%** |  |
| **Specialized REITs - 3.3%** |  |  |
| Digital Realty Trust, Inc. | 85300 | 14870349 |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS** (Cost $4,977,727) | **TOTAL REAL ESTATE INVESTMENT TRUSTS** (Cost $4,977,727) | 14870349 |
| **SHORT-TERM INVESTMENTS - 0.3%** | **Shares** | **Value**  |
| **Money Market Funds - 0.3%** |  |  |
| Fidelity Money Market Government Portfolio - Class I, 4.23% <sup>(d)</sup> | 1411629 | 1411629 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $1,411,629) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $1,411,629) | 1411629 |
| **TOTAL INVESTMENTS - 100.0% (**Cost $173,915,591**)** | **TOTAL INVESTMENTS - 100.0% (**Cost $173,915,591**)** | 455724299 |
| Liabilities in Excess of Other Assets - (0.0)% <sup>(e)</sup> | Liabilities in Excess of Other Assets - (0.0)% <sup>(e)</sup> | (167706) |
| **TOTAL NET ASSETS - 100.0%** |  | $455556593 |
| 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. |

---

---

| |
|:---|
| ADR - American Depositary Receipt |
| LP - Limited Partnership |
| PLC - Public Limited Company |
| REIT - Real Estate Investment Trust |

---

(a) Non-income producing security.

(b) Held in connection with written option contracts. See Schedule of Written Options for further information.

(c) All or a portion of this security is held as collateral for written options. At June 30, 2025, the total market value of these securities was $11,334,400 which represented 2.5% of net assets.

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

(e) Represents less than 0.05% of net assets.

---

| | | | |
|:---|:---|:---|:---|
| **Buffalo Flexible Allocation Fund** | **Buffalo Flexible Allocation Fund** | **Buffalo Flexible Allocation Fund** | **Buffalo Flexible Allocation Fund** |
| **Schedule of Written Options** | **Schedule of Written Options** | **Schedule of Written Options** | **Schedule of Written Options** |
| **June 30, 2025 (Unaudited)** | **June 30, 2025 (Unaudited)** | **June 30, 2025 (Unaudited)** | **June 30, 2025 (Unaudited)** |
| **WRITTEN OPTIONS - (0.0)%** | **Notional Amount** | **Contracts** | **Value** |
| **Call Options - (0.0)%** <sup>(a)(b)(c)</sup> | **Call Options - (0.0)%** <sup>(a)(b)(c)</sup> | **Call Options - (0.0)%** <sup>(a)(b)(c)</sup> | **Call Options - (0.0)%** <sup>(a)(b)(c)</sup> |
| Costco Wholesale Corp., Expiration: 07/18/2025; Exercise Price: $1,080.00 | $(4949700) | (50) | $(4000) |
| Eli Lilly & Co., Expiration: 07/18/2025; Exercise Price: $920.00 | (3897650) | (50) | (1750) |
| Microsoft Corp., Expiration: 08/15/2025; Exercise Price: $530.00 | (2487050) | (50) | (26500) |
| **TOTAL WRITTEN OPTIONS** (Premiums received $19,100) |  |  | $(32250) |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. |

---

(a) Represents less than 0.05% of net assets.

(b) 100 shares per contract.

(c) Exchange-traded.

------

#### <br>

#### Summary of Fair Value Disclosure as of June 30, 2025 (Unaudited)
Buffalo Flexible Allocation 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 | $439442321 | $– | $– | $439442321 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Real Estate Investment Trusts | 14870349 | – | – | 14870349 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 1411629 | – | – | 1411629 |
| Total Investments | 455724299 | – | – | 455724299 |
| **Liabilities:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Written Options | (32250) | – | – | (32250) |
| Total Investments | $(32250) | $– | $– | $(32250) |
| 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 Flexible Allocation Fund

- **b. EDGAR series identifier (if any):** S000022450

- **c. LEI of Series:** 254900G1XFV0LTHHIR76

**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:** $456134954.34

**Total Liabilities:** $452627.86

**Net Assets:** $455682326.48

**Cash Not Reported:** $5300.00

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000064611 | -4.45%               | 2.73%                | 2.09%                |
| Class ID C000214591 | -4.44%               | 2.74%                | 2.10%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $2311879.31              | $-23770542.54                              |
| Month 2  | $2825001.59              | $8176465.98                                |
| Month 3  | $1854422.06              | $6937518.07                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Pitney Bowes Inc              | Pitney Bowes Inc                     | CUSIP: 724479100<br>LEI: 549300N2O26NW4ST6W55 | Long             | EC               | CORP              | US        |    240000 | NS      | $2618400.00   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Procter & Gamble Co/The       | Procter & Gamble Co/The              | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |     65000 | NS      | $10355800.00  | 2.27%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM Inc                  | QUALCOMM Inc                         | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |     85000 | NS      | $13537100.00  | 2.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Rio Tinto PLC                 | Rio Tinto PLC                        | CUSIP: 767204100<br>LEI: 213800YOEO5OQ72G2R82 | Long             | EC               | CORP              | GB        |     50000 | NS      | $2916500.00   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Schlumberger NV               | Schlumberger NV                      | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | US        |    180000 | NS      | $6084000.00   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Starz Entertainment Corp      | Starz Entertainment Corp             | CUSIP: 855919106<br>LEI: 5493000JSMHPHZURLM72 | Long             | EC               | CORP              | US        |     33333 | NS      | $535661.31    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Truist Financial Corp         | Truist Financial Corp                | CUSIP: 89832Q109<br>LEI: 549300DRQQI75D2JP341 | Long             | EC               | CORP              | US        |    200000 | NS      | $8598000.00   | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Verizon Communications Inc    | Verizon Communications Inc           | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |    230000 | NS      | $9952100.00   | 2.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Waste Management Inc          | Waste Management Inc                 | CUSIP: 94106L109<br>LEI: 549300YX8JIID70NFS41 | Long             | EC               | CORP              | US        |     52000 | NS      | $11898640.00  | 2.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Pfizer Inc                    | Pfizer Inc                           | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |    270000 | NS      | $6544800.00   | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| ABB Ltd                       | ABB Ltd                              | CUSIP: 000375204<br>LEI: 5493000LKVGOO9PELI61 | Long             | EC               | CORP              | CH        |     45000 | NS      | $2685150.00   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T Inc                      | AT&T Inc                             | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |    100000 | NS      | $2894000.00   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Abbott Laboratories           | Abbott Laboratories                  | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |     75000 | NS      | $10200750.00  | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Allstate Corp/The             | Allstate Corp/The                    | CUSIP: 020002101<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | EC               | CORP              | US        |     80000 | NS      | $16104800.00  | 3.53%             |  |  |  | No            |                  1 | On Loan: No      |
| APA Corp                      | APA Corp                             | CUSIP: 03743Q108<br>LEI: 549300VCIWLRHYVSHC79 | Long             | EC               | CORP              | US        |    400000 | NS      | $7316000.00   | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| BP PLC                        | BP PLC                               | CUSIP: 055622104<br>LEI: 213800LH1BZH3DI6G760 | Long             | EC               | CORP              | GB        |     25000 | NS      | $748250.00    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Bristol-Myers Squibb Co       | Bristol-Myers Squibb Co              | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |      8000 | NS      | $370320.00    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp                  | Chevron Corp                         | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    125000 | NS      | $17898750.00  | 3.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems Inc             | Cisco Systems Inc                    | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |    175000 | NS      | $12141500.00  | 2.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Clorox Co/The                 | Clorox Co/The                        | CUSIP: 189054109<br>LEI: 54930044KVSC06Z79I06 | Long             | EC               | CORP              | US        |     50000 | NS      | $6003500.00   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Co/The              | Coca-Cola Co/The                     | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |    140000 | NS      | $9905000.00   | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Colgate-Palmolive Co          | Colgate-Palmolive Co                 | CUSIP: 194162103<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | EC               | CORP              | US        |     25000 | NS      | $2272500.00   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Conagra Brands Inc            | Conagra Brands Inc                   | CUSIP: 205887102<br>LEI: 54930035UDEIH090K650 | Long             | EC               | CORP              | US        |    100000 | NS      | $2047000.00   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| ConocoPhillips                | ConocoPhillips                       | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |    150000 | NS      | $13461000.00  | 2.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Costco Wholesale Corp         | Costco Wholesale Corp                | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               | CORP              | US        |     20000 | NS      | $19798800.00  | 4.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Delek Logistics Partners LP   | Delek Logistics Partners LP          | CUSIP: 24664T103<br>LEI: 549300UVYITDIU51P724 | Long             | EC               | CORP              | US        |    140000 | NS      | $6013000.00   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Arthur J Gallagher & Co       | Arthur J Gallagher & Co              | CUSIP: 363576109<br>LEI: 54930049QLLMPART6V29 | Long             | EC               | CORP              | US        |     60000 | NS      | $19207200.00  | 4.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Digital Realty Trust Inc      | Digital Realty Trust Inc             | CUSIP: 253868103<br>LEI: 549300HKCZ31D08NEI41 | Long             | EC               | CORP              | US        |     85300 | NS      | $14870349.00  | 3.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Dow Inc                       | Dow Inc                              | CUSIP: 260557103<br>LEI: 5493003S21INSLK2IP73 | Long             | EC               | CORP              | US        |     50000 | NS      | $1324000.00   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp              | Exxon Mobil Corp                     | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |    165000 | NS      | $17787000.00  | 3.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co                | Eli Lilly & Co                       | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |     35000 | NS      | $27283550.00  | 5.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Government Portfolio | Fidelity Government Portfolio        | CUSIP: 316175108<br>LEI: 549300FQDFZGLUOCWN51 | Long             | STIV             | RF                | US        |   1406329 | NS      | $1406328.57   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| General Mills Inc             | General Mills Inc                    | CUSIP: 370334104<br>LEI: 2TGYMUGI08PO8X8L6150 | Long             | EC               | CORP              | US        |    150000 | NS      | $7771500.00   | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Gilead Sciences Inc           | Gilead Sciences Inc                  | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |     90000 | NS      | $9978300.00   | 2.19%             |  |  |  | No            |                  1 | On Loan: No      |
| HF Sinclair Corp              | HF Sinclair Corp                     | CUSIP: 403949100<br>LEI: 2549009G116AM01XHN24 | Long             | EC               | CORP              | US        |     72500 | NS      | $2978300.00   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Hess Corp                     | Hess Corp                            | CUSIP: 42809H107<br>LEI: UASVRYNXNK17ULIGK870 | Long             | EC               | CORP              | US        |    100000 | NS      | $13854000.00  | 3.04%             |  |  |  | No            |                  1 | On Loan: No      |
| IBM                           | International Business Machines Corp | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               | CORP              | US        |     70000 | NS      | $20634600.00  | 4.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson             | Johnson & Johnson                    | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |     75000 | NS      | $11456250.00  | 2.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Kellanova                     | Kellanova                            | CUSIP: 487836108<br>LEI: LONOZNOJYIBXOHXWDB86 | Long             | EC               | CORP              | US        |     20000 | NS      | $1590600.00   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Kimberly-Clark Corp           | Kimberly-Clark Corp                  | CUSIP: 494368103<br>LEI: MP3J6QPYPGN75NVW2S34 | Long             | EC               | CORP              | US        |     70000 | NS      | $9024400.00   | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinder Morgan Inc             | Kinder Morgan Inc                    | CUSIP: 49456B101<br>LEI: 549300WR7IX8XE0TBO16 | Long             | EC               | CORP              | US        |    560000 | NS      | $16464000.00  | 3.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Lionsgate Studios Corp        | Lionsgate Studios Corp               | CUSIP: 53626N102<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |    500000 | NS      | $2905000.00   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Marathon Petroleum Corp       | Marathon Petroleum Corp              | CUSIP: 56585A102<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | EC               | CORP              | US        |     50000 | NS      | $8305500.00   | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co Inc                | Merck & Co Inc                       | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |     80000 | NS      | $6332800.00   | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                | Microsoft Corp                       | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |    100000 | NS      | $49741000.00  | 10.92%            |  |  |  | No            |                  1 | On Loan: No      |
| PepsiCo Inc                   | PepsiCo Inc                          | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |     75000 | NS      | $9903000.00   | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                           | Costco Wholesale Corp                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -50 | NC      | $-4000.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                           | Eli Lilly & Co                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -50 | NC      | $-1750.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                           | Microsoft Corp                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -50 | NC      | $-26500.00    | -0.01%            |  |  |  | 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