# EDGAR Filing Document

**Accession Number:** 0001135300
**File Stem:** 0000894189-26-004304
**Filing Date:** 2026-2
**Character Count:** 30081
**Document Hash:** 10243097806d7296dfd8f66d4658b562
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-26-004304.hdr.sgml**: 20260224

**ACCESSION NUMBER**: 0000894189-26-004304

**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:** 26670140

**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 Mid Cap Growth Fund (Series ID: S000006556)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000017895 | Investor Class      | BUFMX           |
| C000214588 | Institutional Class | BUIMX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Buffalo Mid Cap Growth Fund** | **Buffalo Mid Cap Growth Fund** | **Buffalo Mid Cap 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 - 93.8%** | **Shares** | **Value**  |
| **<u>Communication Services</u> - 7.9%** | **<u>Communication Services</u> - 7.9%** | |
| **Entertainment - 6.7%** | | |
| Liberty Media Corp.-Liberty Formula One - Class A <sup>(a)</sup> | 30529 | $2728682 |
| Live Nation Entertainment, Inc. <sup>(a)</sup> | 23000 | 3277500 |
| ROBLOX Corp. - Class A <sup>(a)</sup> | 11000 | 891330 |
| Take-Two Interactive Software, Inc. <sup>(a)</sup> | 6000 | 1536180 |
|  |  | 8433692 |
| **Interactive Media & Services - 1.2%** |  |  |
| Pinterest, Inc. - Class A <sup>(a)</sup> | 58202 | 1506850 |
| **Total Communication Services** | **Total Communication Services** | 9940542 |
| **<u>Consumer Discretionary</u> - 6.2%** | **<u>Consumer Discretionary</u> - 6.2%** |  |
| **Hotels, Restaurants & Leisure - 5.2%** |  |  |
| Carnival Corp. <sup>(a)</sup> | 50000 | 1527000 |
| Hilton Worldwide Holdings, Inc. | 12500 | 3590625 |
| Vail Resorts, Inc. | 10746 | 1427069 |
|  |  | 6544694 |
| **Textiles, Apparel & Luxury Goods - 1.0%** |  |  |
| Birkenstock Holding PLC <sup>(a)</sup> | 30000 | 1227000 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | 7771694 |
| **<u>Financials</u> - 7.8%** | **<u>Financials</u> - 7.8%** |  |
| **Capital Markets - 5.3%** |  |  |
| Moody's Corp. | 3500 | 1787975 |
| MSCI, Inc. | 8500 | 4876705 |
|  |  | 6664680 |
| **Insurance - 2.5%** |  |  |
| Kinsale Capital Group, Inc. | 7900 | 3089848 |
| **Total Financials** | **Total Financials** | 9754528 |
| **<u>Health Care</u> - 16.0%** | **<u>Health Care</u> - 16.0%** |  |
| **Health Care Providers & Services - 6.0%** |  |  |
| Cardinal Health, Inc. | 18000 | 3699000 |
| Encompass Health Corp. | 18000 | 1910520 |
| Progyny, Inc. <sup>(a)</sup> | 74300 | 1908024 |
|  |  | 7517544 |
| **Health Care Technology - 3.0%** |  |  |
| Veeva Systems, Inc. - Class A <sup>(a)</sup> | 16850 | 3761425 |
| **Life Sciences Tools & Services - 7.0%** |  |  |
| Bio-Rad Laboratories, Inc. - Class A <sup>(a)</sup> | 6130 | 1857329 |
| Bio-Techne Corp. | 34800 | 2046588 |
| IQVIA Holdings, Inc. <sup>(a)</sup> | 10600 | 2389346 |
| Mettler-Toledo International, Inc. <sup>(a)</sup> | 1800 | 2509542 |
|  |  | 8802805 |
| **Total Health Care** | **Total Health Care** | 20081774 |
| **<u>Industrials</u> - 25.6% <sup>(b)</sup>** | **<u>Industrials</u> - 25.6% <sup>(b)</sup>** |  |
| **Aerospace & Defense - 2.3%** |  |  |
| Axon Enterprise, Inc. <sup>(a)</sup> | 1700 | 965481 |
| TransDigm Group, Inc. | 1400 | 1861790 |
|  |  | 2827271 |
| **Commercial Services & Supplies - 4.3%** |  |  |
| Copart, Inc. <sup>(a)</sup> | 84000 | 3288600 |
| RB Global, Inc. | 20000 | 2057400 |
|  |  | 5346000 |
| **Construction & Engineering - 3.2%** |  |  |
| AECOM | 21800 | 2078194 |
| Comfort Systems USA, Inc. | 2100 | 1959909 |
|  |  | 4038103 |
| **Electrical Equipment - 6.4%** |  |  |
| AMETEK, Inc. | 20000 | 4106200 |
| Vertiv Holdings Co. - Class A | 24432 | 3958228 |
|  |  | 8064428 |
| **Professional Services - 8.3%** |  |  |
| Equifax, Inc. | 19100 | 4144318 |
| SS&C Technologies Holdings, Inc. | 25289 | 2210765 |
| Verisk Analytics, Inc. | 18100 | 4048789 |
|  |  | 10403872 |
| **Trading Companies & Distributors - 1.1%** |  |  |
| Ferguson Enterprises, Inc. | 6300 | 1402569 |
| **Total Industrials** | **Total Industrials** | 32082243 |
| **<u>Information Technology</u> - 16.9%** | **<u>Information Technology</u> - 16.9%** |  |
| **IT Services - 3.0%** |  |  |
| Gartner, Inc. <sup>(a)</sup> | 10800 | 2724624 |
| Snowflake, Inc. - Class A <sup>(a)</sup> | 5045 | 1106671 |
|  |  | 3831295 |
| **Semiconductors & Semiconductor Equipment - 1.9%** |  |  |
| ON Semiconductor Corp. <sup>(a)</sup> | 43310 | 2345237 |
| **Software - 12.0%** |  |  |
| Fair Isaac Corp. <sup>(a)</sup> | 890 | 1504652 |
| Guidewire Software, Inc. <sup>(a)</sup> | 11200 | 2251312 |
| Manhattan Associates, Inc. <sup>(a)</sup> | 7400 | 1282494 |
| Procore Technologies, Inc. <sup>(a)</sup> | 43800 | 3186012 |
| PTC, Inc. <sup>(a)</sup> | 16000 | 2787360 |
| Tyler Technologies, Inc. <sup>(a)</sup> | 4650 | 2110867 |
| Varonis Systems, Inc. <sup>(a)</sup> | 58500 | 1918800 |
|  |  | 15041497 |
| **Total Information Technology** | **Total Information Technology** | 21218029 |
| **<u>Materials</u> - 4.1%** | **<u>Materials</u> - 4.1%** |  |
| **Construction Materials - 4.1%** |  |  |
| James Hardie Industries PLC <sup>(a)</sup> | 97200 | 2016900 |
| Martin Marietta Materials, Inc. | 5000 | 3113300 |
| **Total Materials** | **Total Materials** | 5130200 |
| **<u>Real Estate</u> - 6.3%** | **<u>Real Estate</u> - 6.3%** |  |
| **Real Estate Management & Development - 6.3%** |  |  |
| CBRE Group, Inc. - Class A <sup>(a)</sup> | 34000 | 5466860 |
| CoStar Group, Inc. <sup>(a)</sup> | 36000 | 2420640 |
| **Total Real Estate** | **Total Real Estate** | 7887500 |
| **<u>Utilities</u> - 3.0%** | **<u>Utilities</u> - 3.0%** |  |
| **Independent Power and Renewable Electricity Producers - 3.0%** |  |  |
| Vistra Corp. | 23750 | 3831587 |
| **TOTAL COMMON STOCKS** (Cost $72,656,807) | **TOTAL COMMON STOCKS** (Cost $72,656,807) | 117698097 |
| **REAL ESTATE INVESTMENT TRUSTS - 1.5%** | **Shares** | **Value**  |
| **<u>Real Estate</u> - 1.5%** | **<u>Real Estate</u> - 1.5%** |  |
| **Health Care REITs - 1.5%** |  |  |
| Welltower, Inc. | 10000 | 1856100 |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS** (Cost $667,286) | **TOTAL REAL ESTATE INVESTMENT TRUSTS** (Cost $667,286) | 1856100 |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **MONEY MARKET FUNDS - 4.8%** | **Shares** | **Value**  |
| Fidelity Money Market Government Portfolio - Class I, 3.67% <sup>(c)</sup> | 6056781 | 6056781 |
| **TOTAL MONEY MARKET FUNDS** (Cost $6,056,781) | **TOTAL MONEY MARKET FUNDS** (Cost $6,056,781) | 6056781 |
| **TOTAL INVESTMENTS - 100.1% (**Cost $79,380,874**)** | **TOTAL INVESTMENTS - 100.1% (**Cost $79,380,874**)** | 125610978 |
| Liabilities in Excess of Other Assets - (0.1)% | Liabilities in Excess of Other Assets - (0.1)% | (120233) |
| **TOTAL NET ASSETS - 100.0%** |  | $125490745 |
| 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. |

---

PLC - Public Limited 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 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 Mid Cap 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 | $117698097 | $– | $– | $117698097 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Real Estate Investment Trusts | 1856100 | – | – | 1856100 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 6056781 | – | – | 6056781 |
| Total Investments | $125610978 | $– | $– | $125610978 |
| 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 Mid Cap Growth Fund

- **b. EDGAR series identifier (if any):** S000006556

- **c. LEI of Series:** 254900B7PLHHEGUAVX29

**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:** $125674631.29

**Total Liabilities:** $145732.45

**Net Assets:** $125528898.84

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000017895 | -1.24%               | -2.28%               | -1.60%               |
| Class ID C000214588 | -1.17%               | -2.25%               | -1.64%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-434253.42              | $-1075401.37                               |
| Month 2  | $4382940.38              | $-7382027.29                               |
| Month 3  | $37.18                   | $-2055832.99                               |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Equifax Inc                    | Equifax Inc                            | CUSIP: 294429105<br>LEI: 5493004MCF8JDC86VS77 | Long             | EC               | CORP              | US        |     19100 | NS      | $4144318.00   | 3.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Gartner Inc                    | Gartner Inc                            | CUSIP: 366651107<br>LEI: PP55B5R38BFB8O8HH686 | Long             | EC               | CORP              | US        |     10800 | NS      | $2724624.00   | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Hilton Worldwide Holdings Inc  | Hilton Worldwide Holdings Inc          | CUSIP: 43300A203<br>LEI: 549300HVGPK36ICB0B89 | Long             | EC               | CORP              | US        |     12500 | NS      | $3590625.00   | 2.86%             |  |  |  | No            |                  1 | On Loan: No      |
| MSCI Inc                       | MSCI Inc                               | CUSIP: 55354G100<br>LEI: 549300HTIN2PD78UB763 | Long             | EC               | CORP              | US        |      8500 | NS      | $4876705.00   | 3.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Pinterest Inc                  | Pinterest Inc                          | CUSIP: 72352L106<br>LEI: 529900Y043CEBGO4HB65 | Long             | EC               | CORP              | US        |     58202 | NS      | $1506849.78   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Bio-Techne Corp                | Bio-Techne Corp                        | CUSIP: 09073M104<br>LEI: 54930073RLKQ51TILZ35 | Long             | EC               | CORP              | US        |     34800 | NS      | $2046588.00   | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Comfort Systems USA Inc        | Comfort Systems USA Inc                | CUSIP: 199908104<br>LEI: 5299009DT1ZA5HTU6R38 | Long             | EC               | CORP              | US        |      2100 | NS      | $1959909.00   | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| SS&C Technologies Holdings Inc | SS&C Technologies Holdings Inc         | CUSIP: 78467J100<br>LEI: 529900POY8H7NPPNKK71 | Long             | EC               | CORP              | US        |     25289 | NS      | $2210764.38   | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Welltower Inc                  | Welltower Inc                          | CUSIP: 95040Q104<br>LEI: 254900F33BIAR82QTA19 | Long             | EC               | CORP              | US        |     10000 | NS      | $1856100.00   | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Bio-Rad Laboratories Inc       | Bio-Rad Laboratories Inc               | CUSIP: 090572207<br>LEI: 549300ZC1GPV35XYDK53 | Long             | EC               | CORP              | US        |      6130 | NS      | $1857328.70   | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Copart Inc                     | Copart Inc                             | CUSIP: 217204106<br>LEI: 549300KVYX3JWMYEHU61 | Long             | EC               | CORP              | US        |     84000 | NS      | $3288600.00   | 2.62%             |  |  |  | No            |                  1 | On Loan: No      |
| CoStar Group Inc               | CoStar Group Inc                       | CUSIP: 22160N109<br>LEI: 984500Q1D53D08E2E698 | Long             | EC               | CORP              | US        |     36000 | NS      | $2420640.00   | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Media Corp-Liberty For | Liberty Media Corp-Liberty Formula One | CUSIP: 531229771<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     30529 | NS      | $2728682.02   | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| ROBLOX Corp                    | ROBLOX Corp                            | CUSIP: 771049103<br>LEI: 529900ANZDBDFU91SO19 | Long             | EC               | CORP              | US        |     11000 | NS      | $891330.00    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| AMETEK Inc                     | AMETEK Inc                             | CUSIP: 031100100<br>LEI: 549300WZDEF9KKE40E98 | Long             | EC               | CORP              | US        |     20000 | NS      | $4106200.00   | 3.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Cardinal Health Inc            | Cardinal Health Inc                    | CUSIP: 14149Y108<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | EC               | CORP              | US        |     18000 | NS      | $3699000.00   | 2.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Vistra Corp                    | Vistra Corp                            | CUSIP: 92840M102<br>LEI: 549300KP43CPCUJOOG15 | Long             | EC               | CORP              | US        |     23750 | NS      | $3831587.50   | 3.05%             |  |  |  | No            |                  1 | On Loan: No      |
| AECOM                          | AECOM                                  | CUSIP: 00766T100<br>LEI: 0EEB8GF0W0NPCIHZX097 | Long             | EC               | CORP              | US        |     21800 | NS      | $2078194.00   | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Encompass Health Corp          | Encompass Health Corp                  | CUSIP: 29261A100<br>LEI: 549300FVRPM9DRQZRG64 | Long             | EC               | CORP              | US        |     18000 | NS      | $1910520.00   | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Fair Isaac Corp                | Fair Isaac Corp                        | CUSIP: 303250104<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | EC               | CORP              | US        |       890 | NS      | $1504651.80   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| IQVIA Holdings Inc             | IQVIA Holdings Inc                     | CUSIP: 46266C105<br>LEI: 549300W3R20NM4KQPH86 | Long             | EC               | CORP              | US        |     10600 | NS      | $2389346.00   | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Manhattan Associates Inc       | Manhattan Associates Inc               | CUSIP: 562750109<br>LEI: 529900Q1GJP7KD52SW51 | Long             | EC               | CORP              | US        |      7400 | NS      | $1282494.00   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Procore Technologies Inc       | Procore Technologies Inc               | CUSIP: 74275K108<br>LEI: 5493005PTWY0RHYRAH22 | Long             | EC               | CORP              | US        |     43800 | NS      | $3186012.00   | 2.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Progyny Inc                    | Progyny Inc                            | CUSIP: 74340E103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     74300 | NS      | $1908024.00   | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| TransDigm Group Inc            | TransDigm Group Inc                    | CUSIP: 893641100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1400 | NS      | $1861790.00   | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Vail Resorts Inc               | Vail Resorts Inc                       | CUSIP: 91879Q109<br>LEI: 529900PSZHRNU9HKH870 | Long             | EC               | CORP              | US        |     10746 | NS      | $1427068.80   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Verisk Analytics Inc           | Verisk Analytics Inc                   | CUSIP: 92345Y106<br>LEI: 549300I1YSWNIRKBWP67 | Long             | EC               | CORP              | US        |     18100 | NS      | $4048789.00   | 3.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Live Nation Entertainment Inc  | Live Nation Entertainment Inc          | CUSIP: 538034109<br>LEI: 5493007B9BM9ZXJINO78 | Long             | EC               | CORP              | US        |     23000 | NS      | $3277500.00   | 2.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Martin Marietta Materials Inc  | Martin Marietta Materials Inc          | CUSIP: 573284106<br>LEI: 5299005MZ4WZECVATV08 | Long             | EC               | CORP              | US        |      5000 | NS      | $3113300.00   | 2.48%             |  |  |  | No            |                  1 | On Loan: No      |
| PTC Inc                        | PTC Inc                                | CUSIP: 69370C100<br>LEI: 54930050SSMU8SKDJ030 | Long             | EC               | CORP              | US        |     16000 | NS      | $2787360.00   | 2.22%             |  |  |  | No            |                  1 | On Loan: No      |
| James Hardie Industries PLC    | James Hardie Industries PLC            | CUSIP: N/A<br>LEI: 635400NSGXKTVOO7JU45       | Long             | EC               | CORP              | IE        |     97200 | NS      | $2016900.00   | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Birkenstock Holding Plc        | Birkenstock Holding Plc                | CUSIP: N/A<br>LEI: 529900CQ8LQKQ7LIT631       | Long             | EC               | CORP              | GB        |     30000 | NS      | $1227000.00   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Axon Enterprise Inc            | Axon Enterprise Inc                    | CUSIP: 05464C101<br>LEI: 549300QP2IEEGFE16681 | Long             | EC               | CORP              | US        |      1700 | NS      | $965481.00    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| CBRE Group Inc                 | CBRE Group Inc                         | CUSIP: 12504L109<br>LEI: 52990016II9MJ2OSWA10 | Long             | EC               | CORP              | US        |     34000 | NS      | $5466860.00   | 4.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Carnival Corp                  | Carnival Corp                          | CUSIP: 143658300<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | EC               | CORP              | US        |     50000 | NS      | $1527000.00   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Ferguson Enterprises Inc       | Ferguson Enterprises Inc               | CUSIP: 31488V107<br>LEI: 2138003JYQMRP3SLX189 | Long             | EC               | CORP              | US        |      6300 | NS      | $1402569.00   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Government Portfolio  | Fidelity Government Portfolio          | CUSIP: 316175108<br>LEI: 549300FQDFZGLUOCWN51 | Long             | STIV             | RF                | US        |   6056781 | NS      | $6056780.71   | 4.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Guidewire Software Inc         | Guidewire Software Inc                 | CUSIP: 40171V100<br>LEI: 549300WXSG0J8IXZCK32 | Long             | EC               | CORP              | US        |     11200 | NS      | $2251312.00   | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinsale Capital Group Inc      | Kinsale Capital Group Inc              | CUSIP: 49714P108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7900 | NS      | $3089848.00   | 2.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Moody's Corp                   | Moody's Corp                           | CUSIP: 615369105<br>LEI: 549300GCEDD8YCF5WU84 | Long             | EC               | CORP              | US        |      3500 | NS      | $1787975.00   | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Veeva Systems Inc              | Veeva Systems Inc                      | CUSIP: 922475108<br>LEI: 549300YZEXPDB92M2F02 | Long             | EC               | CORP              | US        |     16850 | NS      | $3761425.50   | 3.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Varonis Systems Inc            | Varonis Systems Inc                    | CUSIP: 922280102<br>LEI: 549300SHIVNRRH7STS26 | Long             | EC               | CORP              | US        |     58500 | NS      | $1918800.00   | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Snowflake Inc                  | Snowflake Inc                          | CUSIP: 833445109<br>LEI: 254900CJNSY1K7T53Z16 | Long             | EC               | CORP              | US        |      5045 | NS      | $1106671.20   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Take-Two Interactive Software  | Take-Two Interactive Software Inc      | CUSIP: 874054109<br>LEI: BOMSTHHJK882EWYX3334 | Long             | EC               | CORP              | US        |      6000 | NS      | $1536180.00   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Tyler Technologies Inc         | Tyler Technologies Inc                 | CUSIP: 902252105<br>LEI: 25490040SMU4Z8LBCW70 | Long             | EC               | CORP              | US        |      4650 | NS      | $2110867.50   | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertiv Holdings Co             | Vertiv Holdings Co                     | CUSIP: 92537N108<br>LEI: 549300KTTIRAOGXCRV69 | Long             | EC               | CORP              | US        |     24432 | NS      | $3958228.32   | 3.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Mettler-Toledo International I | Mettler-Toledo International Inc       | CUSIP: 592688105<br>LEI: 5493000BD5GJNUDIUG10 | Long             | EC               | CORP              | US        |      1800 | NS      | $2509542.00   | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ON Semiconductor Corp          | ON Semiconductor Corp                  | CUSIP: 682189105<br>LEI: ZV20P4CNJVT8V1ZGJ064 | Long             | EC               | CORP              | US        |     43310 | NS      | $2345236.50   | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| RB Global Inc                  | RB Global Inc                          | CUSIP: 74935Q107<br>LEI: 5493002H8U24DJXQ4886 | Long             | EC               | CORP              | US        |     20000 | NS      | $2057400.00   | 1.64%             |  |  |  | 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