# EDGAR Filing Document

**Accession Number:** 0001135300
**File Stem:** 0000894189-26-004299
**Filing Date:** 2026-2
**Character Count:** 45583
**Document Hash:** a48eb16bd58d6accb3900760c9d28365
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-26-004299.hdr.sgml**: 20260224

**ACCESSION NUMBER**: 0000894189-26-004299

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260224

**DATE AS OF CHANGE**: 20260224

**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:** 26670136

**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 Blue Chip Growth Fund (Series ID: S000022452)

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

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Buffalo Blue Chip Growth Fund** | **Buffalo Blue Chip Growth Fund** | **Buffalo Blue Chip Growth Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **December 31, 2025 (Unaudited)** | **December 31, 2025 (Unaudited)** | **December 31, 2025 (Unaudited)** |
| **COMMON STOCKS - 94.8%** | **Shares** | **Value**  |
| **<u>Communication Services</u> - 12.0%** | **<u>Communication Services</u> - 12.0%** | |
| **Entertainment - 1.5%** | | |
| Netflix, Inc. <sup>(a)</sup> | 21750 | $2039280 |
| Spotify Technology SA <sup>(a)</sup> | 1025 | 595228 |
|  |  | 2634508 |
| **Interactive Media & Services - 10.0%** |  |  |
| Alphabet, Inc. - Class A | 35050 | 10970650 |
| Meta Platforms, Inc. - Class A | 9325 | 6155339 |
|  |  | 17125989 |
| **Wireless Telecommunication Services - 0.5%** |  |  |
| T-Mobile US, Inc. | 3950 | 802008 |
| **Total Communication Services** | **Total Communication Services** | 20562505 |
| **<u>Consumer Discretionary</u> - 11.3%** | **<u>Consumer Discretionary</u> - 11.3%** |  |
| **Automobiles - 1.7%** |  |  |
| Tesla, Inc. <sup>(a)</sup> | 6625 | 2979395 |
| **Broadline Retail - 5.6%** |  |  |
| Amazon.com, Inc. <sup>(a)</sup> | 38625 | 8915423 |
| MercadoLibre, Inc. <sup>(a)</sup> | 350 | 704991 |
|  |  | 9620414 |
| **Hotels, Restaurants & Leisure - 1.7%** |  |  |
| Booking Holdings, Inc. | 175 | 937183 |
| Hilton Worldwide Holdings, Inc. | 3750 | 1077187 |
| Yum! Brands, Inc. | 5775 | 873642 |
|  |  | 2888012 |
| **Specialty Retail - 1.7%** |  |  |
| Home Depot, Inc. | 2985 | 1027138 |
| O'Reilly Automotive, Inc. <sup>(a)</sup> | 10370 | 945848 |
| TJX Companies, Inc. | 5520 | 847927 |
|  |  | 2820913 |
| **Textiles, Apparel & Luxury Goods - 0.6%** |  |  |
| Birkenstock Holding PLC <sup>(a)</sup> | 14925 | 610433 |
| On Holding AG - Class A <sup>(a)</sup> | 8450 | 392756 |
|  |  | 1003189 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | 19311923 |
| **<u>Consumer Staples</u> - 1.3%** | **<u>Consumer Staples</u> - 1.3%** |  |
| **Consumer Staples Distribution & Retail - 1.3%** |  |  |
| Costco Wholesale Corp. | 1200 | 1034808 |
| Walmart, Inc. | 10475 | 1167020 |
| **Total Consumer Staples** | **Total Consumer Staples** | 2201828 |
| **<u>Energy</u> - 1.4%** | **<u>Energy</u> - 1.4%** |  |
| **Oil, Gas & Consumable Fuels - 1.4%** |  |  |
| APA Corp. | 19075 | 466574 |
| Exxon Mobil Corp. | 9025 | 1086069 |
| Shell PLC - ADR | 10550 | 775214 |
| **Total Energy** | **Total Energy** | 2327857 |
| **<u>Financials</u> - 6.5%** | **<u>Financials</u> - 6.5%** |  |
| **Banks - 0.6%** |  |  |
| JPMorgan Chase & Co. | 3100 | 998882 |
| **Capital Markets - 1.4%** |  |  |
| Ameriprise Financial, Inc. | 1450 | 710993 |
| Goldman Sachs Group, Inc. | 800 | 703200 |
| S&P Global, Inc. | 1750 | 914533 |
|  |  | 2328726 |
| **Financial Services - 4.1%** |  |  |
| Berkshire Hathaway, Inc. - Class B <sup>(a)</sup> | 2425 | 1218926 |
| Mastercard, Inc. - Class A | 5225 | 2982848 |
| Visa, Inc. - Class A | 8265 | 2898618 |
|  |  | 7100392 |
| **Insurance - 0.4%** |  |  |
| Arthur J. Gallagher & Co. | 2775 | 718142 |
| **Total Financials** | **Total Financials** | 11146142 |
| **<u>Health Care</u> - 8.0%** | **<u>Health Care</u> - 8.0%** |  |
| **Biotechnology - 1.4%** |  |  |
| AbbVie, Inc. | 3800 | 868262 |
| Argenx SE - ADR <sup>(a)</sup> | 1050 | 882997 |
| Vertex Pharmaceuticals, Inc. <sup>(a)</sup> | 1600 | 725376 |
|  |  | 2476635 |
| **Health Care Equipment & Supplies - 2.3%** |  |  |
| Abbott Laboratories | 11025 | 1381322 |
| Boston Scientific Corp. <sup>(a)</sup> | 5610 | 534914 |
| Intuitive Surgical, Inc. <sup>(a)</sup> | 1150 | 651314 |
| Medtronic PLC | 6550 | 629193 |
| Stryker Corp. | 2175 | 764447 |
|  |  | 3961190 |
| **Health Care Providers & Services - 0.4%** |  |  |
| UnitedHealth Group, Inc. | 2025 | 668473 |
| **Life Sciences Tools & Services - 1.0%** |  |  |
| Danaher Corp. | 3575 | 818389 |
| Thermo Fisher Scientific, Inc. | 1495 | 866278 |
|  |  | 1684667 |
| **Pharmaceuticals - 2.9%** |  |  |
| Eli Lilly & Co. | 3365 | 3616298 |
| Johnson & Johnson | 6425 | 1329654 |
|  |  | 4945952 |
| **Total Health Care** | **Total Health Care** | 13736917 |
| **<u>Industrials</u> - 5.1%** | **<u>Industrials</u> - 5.1%** |  |
| **Aerospace & Defense - 1.0%** |  |  |
| General Electric Co. | 5595 | 1723428 |
| **Building Products - 0.3%** |  |  |
| Trane Technologies PLC | 1450 | 564340 |
| **Electrical Equipment - 1.3%** |  |  |
| Eaton Corp. PLC | 2025 | 644983 |
| GE Vernova, Inc. | 1400 | 914998 |
| Vertiv Holdings Co. - Class A | 3625 | 587286 |
|  |  | 2147267 |
| **Ground Transportation - 0.7%** |  |  |
| Uber Technologies, Inc. <sup>(a)</sup> | 7200 | 588312 |
| Union Pacific Corp. | 3025 | 699743 |
|  |  | 1288055 |
| **Industrial Conglomerates - 0.5%** |  |  |
| Honeywell International, Inc. | 4725 | 921800 |
| **Machinery - 1.1%** |  |  |
| Westinghouse Air Brake Technologies Corp. | 4050 | 864472 |
| Xylem, Inc. | 7025 | 956665 |
|  |  | 1821137 |
| **Trading Companies & Distributors - 0.2%** |  |  |
| FTAI Aviation Ltd. | 1650 | 324803 |
| **Total Industrials** | **Total Industrials** | 8790830 |
| **<u>Information Technology</u> - 47.2% <sup>(b)</sup>** | **<u>Information Technology</u> - 47.2% <sup>(b)</sup>** |  |
| **Communications Equipment - 0.8%** |  |  |
| Arista Networks, Inc. <sup>(a)</sup> | 4125 | 540499 |
| Cisco Systems, Inc. | 11050 | 851181 |
|  |  | 1391680 |
| **Electronic Equipment, Instruments & Components - 1.1%** |  |  |
| Amphenol Corp. - Class A | 6800 | 918952 |
| Corning, Inc. | 10625 | 930325 |
|  |  | 1849277 |
| **IT Services - 0.8%** |  |  |
| Cloudflare, Inc. - Class A <sup>(a)</sup> | 2150 | 423872 |
| Shopify, Inc. - Class A <sup>(a)</sup> | 5700 | 917529 |
|  |  | 1341401 |
| **Semiconductors & Semiconductor Equipment - 19.7%** |  |  |
| Advanced Micro Devices, Inc. <sup>(a)</sup> | 4250 | 910180 |
| Applied Materials, Inc. | 3075 | 790244 |
| ASML Holding NV - NY Shares | 780 | 834491 |
| Broadcom, Inc. | 20132 | 6967685 |
| First Solar, Inc. <sup>(a)</sup> | 2325 | 607360 |
| NVIDIA Corp. | 109800 | 20477700 |
| NXP Semiconductors NV | 4050 | 879093 |
| SiTime Corp. <sup>(a)</sup> | 1050 | 370850 |
| Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | 5850 | 1777756 |
|  |  | 33615359 |
| **Software - 14.6%** |  |  |
| AppLovin Corp. - Class A <sup>(a)</sup> | 1350 | 909657 |
| Cadence Design Systems, Inc. <sup>(a)</sup> | 2325 | 726748 |
| Intuit, Inc. | 2410 | 1596432 |
| Microsoft Corp. | 35525 | 17180601 |
| Nutanix, Inc. - Class A <sup>(a)</sup> | 8950 | 462626 |
| Oracle Corp. | 4800 | 935568 |
| Palo Alto Networks, Inc. <sup>(a)</sup> | 5160 | 950472 |
| Salesforce, Inc. | 2125 | 562934 |
| ServiceNow, Inc. <sup>(a)</sup> | 6475 | 991905 |
| Zscaler, Inc. <sup>(a)</sup> | 2475 | 556677 |
|  |  | 24873620 |
| **Technology Hardware, Storage & Peripherals - 10.2%** |  |  |
| Apple, Inc. | 62055 | 16870273 |
| Seagate Technology Holdings PLC | 2175 | 598973 |
|  |  | 17469246 |
| **Total Information Technology** | **Total Information Technology** | 80540583 |
| **<u>Materials</u> - 1.6%** | **<u>Materials</u> - 1.6%** |  |
| **Chemicals - 1.0%** |  |  |
| Ecolab, Inc. | 2600 | 682552 |
| Linde PLC | 2380 | 1014808 |
|  |  | 1697360 |
| **Construction Materials - 0.6%** |  |  |
| CRH PLC | 7700 | 960960 |
| **Total Materials** | **Total Materials** | 2658320 |
| **<u>Utilities</u> - 0.4%** | **<u>Utilities</u> - 0.4%** |  |
| **Independent Power and Renewable Electricity Producers - 0.4%** |  |  |
| Vistra Corp. | 3800 | 613054 |
| **TOTAL COMMON STOCKS** (Cost $70,652,768) | **TOTAL COMMON STOCKS** (Cost $70,652,768) | 161889959 |
| **EXCHANGE TRADED FUNDS - 0.8%** | **Shares** | **Value**  |
| iShares Biotechnology ETF | 6125 | 1033716 |
| State Street Consumer Staples Select Sector SPDR ETF | 5275 | 409762 |
| **TOTAL EXCHANGE TRADED FUNDS** (Cost $1,309,926) | **TOTAL EXCHANGE TRADED FUNDS** (Cost $1,309,926) | 1443478 |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **MONEY MARKET FUNDS - 4.5%** | **Shares** | **Value**  |
| Fidelity Money Market Government Portfolio - Class I, 3.67% <sup>(c)</sup> | 7612144 | 7612144 |
| **TOTAL MONEY MARKET FUNDS** (Cost $7,612,144) | **TOTAL MONEY MARKET FUNDS** (Cost $7,612,144) | 7612144 |
| **TOTAL INVESTMENTS - 100.1% (**Cost $79,574,838**)** | **TOTAL INVESTMENTS - 100.1% (**Cost $79,574,838**)** | 170945581 |
| Liabilities in Excess of Other Assets - (0.1)% | Liabilities in Excess of Other Assets - (0.1)% | (165114) |
| **TOTAL NET ASSETS - 100.0%** |  | $170780467 |
| 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 <br> PLC - Public Limited Company

(a) Non-income producing security.

(b) To the extent that the Fund invests more heavily in a particular industries or sectors 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 yield as of December 31, 2025.

------

#### Summary of Fair Value Disclosure as of December 31, 2025 (Unaudited)
Buffalo Blue Chip 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 December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $161889959 | $– | $– | $161889959 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Exchange Traded Funds | 1443478 | – | – | 1443478 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 7612144 | – | – | 7612144 |
| Total Investments | $170945581 | $– | $– | $170945581 |
| 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 Blue Chip Growth Fund

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

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

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

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

- **b. Date as of which information is reported:** 2025-12-31

**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:** $171010575.15

**Total Liabilities:** $158430.50

**Net Assets:** $170852144.65

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000064613 | 3.20%                | -1.49%               | -0.80%               |
| Class ID C000214593 | 3.22%                | -1.48%               | -0.80%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $2625506.15              | $2914743.37                                |
| Month 2  | $343733.38               | $-2988905.77                               |
| Month 3  | $1675602.68              | $-3059993.37                               |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| FTAI Aviation Ltd              | FTAI Aviation Ltd                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      1650 | NS      | $324802.50    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameriprise Financial Inc       | Ameriprise Financial Inc                             | CUSIP: 03076C106<br>LEI: 6ZLKQF7QB6JAEKQS5388 | Long             | EC               | CORP              | US        |      1450 | NS      | $710993.00    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Ecolab Inc                     | Ecolab Inc                                           | CUSIP: 278865100<br>LEI: 82DYEISM090VG8LTLS26 | Long             | EC               | CORP              | US        |      2600 | NS      | $682552.00    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc             | Meta Platforms Inc                                   | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      9325 | NS      | $6155339.25   | 3.60%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp                    | NVIDIA Corp                                          | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |    109800 | NS      | $20477700.00  | 11.99%            |  |  |  | No            |                  1 | On Loan: No      |
| Stryker Corp                   | Stryker Corp                                         | CUSIP: 863667101<br>LEI: 5493002F0SC4JTBU5137 | Long             | EC               | CORP              | US        |      2175 | NS      | $764447.25    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| TJX Cos Inc/The                | TJX Cos Inc/The                                      | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |      5520 | NS      | $847927.20    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| T-Mobile US Inc                | T-Mobile US Inc                                      | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               | CORP              | US        |      3950 | NS      | $802008.00    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| TSMC                           | Taiwan Semiconductor Manufacturing Co Ltd            | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |      5850 | NS      | $1777756.50   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Thermo Fisher Scientific Inc   | Thermo Fisher Scientific Inc                         | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |      1495 | NS      | $866277.75    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Uber Technologies Inc          | Uber Technologies Inc                                | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               | CORP              | US        |      7200 | NS      | $588312.00    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                       | Visa Inc                                             | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |      8265 | NS      | $2898618.15   | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Yum! Brands Inc                | Yum! Brands Inc                                      | CUSIP: 988498101<br>LEI: 549300JE8XHZZ7OHN517 | Long             | EC               | CORP              | US        |      5775 | NS      | $873642.00    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Argenx SE                      | Argenx SE                                            | CUSIP: 04016X101<br>LEI: 7245009C5FZE6G9ODQ71 | Long             | EC               | CORP              | NL        |      1050 | NS      | $882997.50    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Cadence Design Systems Inc     | Cadence Design Systems Inc                           | CUSIP: 127387108<br>LEI: GCT7RXJOGLXPV0NXZY22 | Long             | EC               | CORP              | US        |      2325 | NS      | $726748.50    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| GE Vernova Inc                 | GE Vernova Inc                                       | CUSIP: 36828A101<br>LEI: 254900DP080RU6OK2553 | Long             | EC               | CORP              | US        |      1400 | NS      | $914998.00    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co                 | Eli Lilly & Co                                       | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |      3365 | NS      | $3616298.20   | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Arista Networks Inc            | Arista Networks Inc                                  | CUSIP: 040413205<br>LEI: 635400H1WKBLOQERUU95 | Long             | EC               | CORP              | US        |      4125 | NS      | $540498.75    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Booking Holdings Inc           | Booking Holdings Inc                                 | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               | CORP              | US        |       175 | NS      | $937182.75    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard Inc                 | Mastercard Inc                                       | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |      5225 | NS      | $2982848.00   | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                 | Microsoft Corp                                       | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     35525 | NS      | $17180600.50  | 10.06%            |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corp                    | Oracle Corp                                          | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |      4800 | NS      | $935568.00    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| S&P Global Inc                 | S&P Global Inc                                       | CUSIP: 78409V104<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | EC               | CORP              | US        |      1750 | NS      | $914532.50    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Shopify Inc                    | Shopify Inc                                          | CUSIP: 82509L107<br>LEI: 549300HGQ43STJLLP808 | Long             | EC               | CORP              | CA        |      5700 | NS      | $917529.00    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Seagate Technology Holdings PL | Seagate Technology Holdings PLC                      | CUSIP: N/A<br>LEI: 635400RUXIFEZSRU8X70       | Long             | EC               | CORP              | US        |      2175 | NS      | $598973.25    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Abbott Laboratories            | Abbott Laboratories                                  | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |     11025 | NS      | $1381322.25   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie Inc                     | AbbVie Inc                                           | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |      3800 | NS      | $868262.00    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| APA Corp                       | APA Corp                                             | CUSIP: 03743Q108<br>LEI: 549300VCIWLRHYVSHC79 | Long             | EC               | CORP              | US        |     19075 | NS      | $466574.50    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| AppLovin Corp                  | AppLovin Corp                                        | CUSIP: 03831W108<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | EC               | CORP              | US        |      1350 | NS      | $909657.00    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Berkshire Hathaway Inc         | Berkshire Hathaway Inc                               | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |      2425 | NS      | $1218926.25   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Boston Scientific Corp         | Boston Scientific Corp                               | CUSIP: 101137107<br>LEI: Y6ZDD9FP4P8JSSJMW954 | Long             | EC               | CORP              | US        |      5610 | NS      | $534913.50    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                   | Broadcom Inc                                         | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |     20132 | NS      | $6967685.20   | 4.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Cloudflare Inc                 | Cloudflare Inc                                       | CUSIP: 18915M107<br>LEI: 5493007DY18BGNLDWU14 | Long             | EC               | CORP              | US        |      2150 | NS      | $423872.50    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Danaher Corp                   | Danaher Corp                                         | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               | CORP              | US        |      3575 | NS      | $818389.00    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp               | Exxon Mobil Corp                                     | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |      9025 | NS      | $1086068.50   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Government Portfolio  | Fidelity Government Portfolio                        | CUSIP: 316175108<br>LEI: 549300FQDFZGLUOCWN51 | Long             | STIV             | RF                | US        |   7612144 | NS      | $7612144.03   | 4.46%             |  |  |  | No            |                  1 | On Loan: No      |
| First Solar Inc                | First Solar Inc                                      | CUSIP: 336433107<br>LEI: 549300NPYMLM4NHTOF27 | Long             | EC               | CORP              | US        |      2325 | NS      | $607359.75    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Arthur J Gallagher & Co        | Arthur J Gallagher & Co                              | CUSIP: 363576109<br>LEI: 54930049QLLMPART6V29 | Long             | EC               | CORP              | US        |      2775 | NS      | $718142.25    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuitive Surgical Inc         | Intuitive Surgical Inc                               | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Long             | EC               | CORP              | US        |      1150 | NS      | $651314.00    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Netflix Inc                    | Netflix Inc                                          | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |     21750 | NS      | $2039280.00   | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Union Pacific Corp             | Union Pacific Corp                                   | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |      3025 | NS      | $699743.00    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc         | UnitedHealth Group Inc                               | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |      2025 | NS      | $668472.75    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Vistra Corp                    | Vistra Corp                                          | CUSIP: 92840M102<br>LEI: 549300KP43CPCUJOOG15 | Long             | EC               | CORP              | US        |      3800 | NS      | $613054.00    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Westinghouse Air Brake Technol | Westinghouse Air Brake Technologies Corp             | CUSIP: 929740108<br>LEI: 06BTX5UWZD0GQ5N5Y745 | Long             | EC               | CORP              | US        |      4050 | NS      | $864472.50    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart Inc                    | Walmart Inc                                          | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |     10475 | NS      | $1167019.75   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Eaton Corp PLC                 | Eaton Corp PLC                                       | CUSIP: N/A<br>LEI: 549300VDIGTMXUNT7H71       | Long             | EC               | CORP              | IE        |      2025 | NS      | $644982.75    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Birkenstock Holding Plc        | Birkenstock Holding Plc                              | CUSIP: N/A<br>LEI: 529900CQ8LQKQ7LIT631       | Long             | EC               | CORP              | GB        |     14925 | NS      | $610432.50    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| ASML Holding NV                | ASML Holding NV                                      | CUSIP: N/A<br>LEI: 724500Y6DUVHQD6OXN27       | Long             | EC               | CORP              | NL        |       780 | NS      | $834490.80    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Micro Devices Inc     | Advanced Micro Devices Inc                           | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Long             | EC               | CORP              | US        |      4250 | NS      | $910180.00    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Costco Wholesale Corp          | Costco Wholesale Corp                                | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               | CORP              | US        |      1200 | NS      | $1034808.00   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc/The             | Home Depot Inc/The                                   | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |      2985 | NS      | $1027138.50   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Honeywell International Inc    | Honeywell International Inc                          | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               | CORP              | US        |      4725 | NS      | $921800.25    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson              | Johnson & Johnson                                    | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |      6425 | NS      | $1329653.75   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| MercadoLibre Inc               | MercadoLibre Inc                                     | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | UY        |       350 | NS      | $704991.00    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| NXP Semiconductors NV          | NXP Semiconductors NV                                | CUSIP: N/A<br>LEI: 724500M9BY5293JDF951       | Long             | EC               | CORP              | NL        |      4050 | NS      | $879093.00    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Amphenol Corp                  | Amphenol Corp                                        | CUSIP: 032095101<br>LEI: 549300D3L3G0R4U4VT04 | Long             | EC               | CORP              | US        |      6800 | NS      | $918952.00    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Biotechnology ETF      | iShares Biotechnology ETF                            | CUSIP: 464287556<br>LEI: 549300S7IVD88MPK0066 | Long             | EC               | RF                | US        |      6125 | NS      | $1033716.25   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Nutanix Inc                    | Nutanix Inc                                          | CUSIP: 67059N108<br>LEI: 549300X7J6E8TKVIXW09 | Long             | EC               | CORP              | US        |      8950 | NS      | $462625.50    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Palo Alto Networks Inc         | Palo Alto Networks Inc                               | CUSIP: 697435105<br>LEI: 549300QXR2YVZV231H43 | Long             | EC               | CORP              | US        |      5160 | NS      | $950472.00    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Consumer Staples  | State Street Consumer Staples Select Sector SPDR ETF | CUSIP: 81369Y308<br>LEI: 549300Z52QUV3UXHLA68 | Long             | EC               | RF                | US        |      5275 | NS      | $409762.00    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| ServiceNow Inc                 | ServiceNow Inc                                       | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |      6475 | NS      | $991905.25    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| SiTime Corp                    | SiTime Corp                                          | CUSIP: 82982T106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1050 | NS      | $370849.50    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Tesla Inc                      | Tesla Inc                                            | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |      6625 | NS      | $2979395.00   | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Linde PLC                      | Linde PLC                                            | CUSIP: N/A<br>LEI: 5299003QR1WT0EF88V51       | Long             | EC               | CORP              | US        |      2380 | NS      | $1014808.20   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| On Holding AG                  | On Holding AG                                        | CUSIP: N/A<br>LEI: 506700FB3467B9W95526       | Long             | EC               | CORP              | CH        |      8450 | NS      | $392756.00    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Spotify Technology SA          | Spotify Technology SA                                | CUSIP: N/A<br>LEI: 549300B4X0JHWV0DTD60       | Long             | EC               | CORP              | SE        |      1025 | NS      | $595227.75    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Zscaler Inc                    | Zscaler Inc                                          | CUSIP: 98980G102<br>LEI: 529900MZ0RTK1BWRNF46 | Long             | EC               | CORP              | US        |      2475 | NS      | $556677.00    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| General Electric Co            | General Electric Co                                  | CUSIP: 369604301<br>LEI: 3C7474T6CDKPR9K6YT90 | Long             | EC               | CORP              | US        |      5595 | NS      | $1723427.85   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Hilton Worldwide Holdings Inc  | Hilton Worldwide Holdings Inc                        | CUSIP: 43300A203<br>LEI: 549300HVGPK36ICB0B89 | Long             | EC               | CORP              | US        |      3750 | NS      | $1077187.50   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuit Inc                     | Intuit Inc                                           | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |      2410 | NS      | $1596432.20   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co            | JPMorgan Chase & Co                                  | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |      3100 | NS      | $998882.00    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Salesforce Inc                 | Salesforce Inc                                       | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |      2125 | NS      | $562933.75    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic PLC                  | Medtronic PLC                                        | CUSIP: N/A<br>LEI: 549300GX3ZBSQWUXY261       | Long             | EC               | CORP              | IE        |      6550 | NS      | $629193.00    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                 | Amazon.com Inc                                       | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     38625 | NS      | $8915422.50   | 5.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Materials Inc          | Applied Materials Inc                                | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |      3075 | NS      | $790244.25    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems Inc              | Cisco Systems Inc                                    | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |     11050 | NS      | $851181.50    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group Inc/The    | Goldman Sachs Group Inc/The                          | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |       800 | NS      | $703200.00    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| O'Reilly Automotive Inc        | O'Reilly Automotive Inc                              | CUSIP: 67103H107<br>LEI: 549300K2RLMQL149Q332 | Long             | EC               | CORP              | US        |     10370 | NS      | $945847.70    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Shell PLC                      | Shell PLC                                            | CUSIP: 780259305<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |     10550 | NS      | $775214.00    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertex Pharmaceuticals Inc     | Vertex Pharmaceuticals Inc                           | CUSIP: 92532F100<br>LEI: 54930015RAQRRZ5ZGJ91 | Long             | EC               | CORP              | US        |      1600 | NS      | $725376.00    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertiv Holdings Co             | Vertiv Holdings Co                                   | CUSIP: 92537N108<br>LEI: 549300KTTIRAOGXCRV69 | Long             | EC               | CORP              | US        |      3625 | NS      | $587286.25    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| CRH PLC                        | CRH PLC                                              | CUSIP: N/A<br>LEI: 549300MIDJNNTH068E74       | Long             | EC               | CORP              | IE        |      7700 | NS      | $960960.00    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Trane Technologies PLC         | Trane Technologies PLC                               | CUSIP: N/A<br>LEI: 549300BURLR9SLYY2705       | Long             | EC               | CORP              | IE        |      1450 | NS      | $564340.00    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                   | Alphabet Inc                                         | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     35050 | NS      | $10970650.00  | 6.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc                      | Apple Inc                                            | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |     62055 | NS      | $16870272.30  | 9.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Corning Inc                    | Corning Inc                                          | CUSIP: 219350105<br>LEI: 549300X2937PB0CJ7I56 | Long             | EC               | CORP              | US        |     10625 | NS      | $930325.00    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Xylem Inc/NY                   | Xylem Inc/NY                                         | CUSIP: 98419M100<br>LEI: 549300DF5MV96DRYLQ48 | Long             | EC               | CORP              | US        |      7025 | NS      | $956664.50    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-02-23

**Name of Applicant:** Buffalo Funds

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

**Name of Signer:** Laura Symon Browne

**Title:** President and Treasurer