# EDGAR Filing Document

**Accession Number:** 0001135300
**File Stem:** 0000894189-26-004302
**Filing Date:** 2026-2
**Character Count:** 37956
**Document Hash:** be8e0bbddf9fe1d4e55bce668c12a742
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-26-004302.hdr.sgml**: 20260224

**ACCESSION NUMBER**: 0000894189-26-004302

**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:** 26670138

**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 Discovery Fund (Series ID: S000006557)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000017896 | Investor Class      | BUFTX           |
| C000214589 | Institutional Class | BUITX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Buffalo Mid Cap Discovery Fund** | **Buffalo Mid Cap Discovery Fund** | **Buffalo Mid Cap Discovery Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **December 31, 2025 (Unaudited)** | **December 31, 2025 (Unaudited)** | **December 31, 2025 (Unaudited)** |
| **COMMON STOCKS - 99.4%** | **Shares** | **Value**  |
| **<u>Communication Services</u> - 5.0%** | **<u>Communication Services</u> - 5.0%** | |
| **Entertainment - 2.9%** | | |
| Live Nation Entertainment, Inc. <sup>(a)</sup> | 63000 | $8977500 |
| ROBLOX Corp. - Class A <sup>(a)</sup> | 42250 | 3423517 |
|  |  | 12401017 |
| **Interactive Media & Services - 2.1%** |  |  |
| Pinterest, Inc. - Class A <sup>(a)</sup> | 206094 | 5335774 |
| Reddit, Inc. - Class A <sup>(a)</sup> | 17100 | 3930777 |
|  |  | 9266551 |
| **Total Communication Services** | **Total Communication Services** | 21667568 |
| **<u>Consumer Discretionary</u> - 10.0%** | **<u>Consumer Discretionary</u> - 10.0%** |  |
| **Hotels, Restaurants & Leisure - 8.1%** |  |  |
| Expedia Group, Inc. | 18500 | 5241235 |
| Flutter Entertainment PLC <sup>(a)</sup> | 25000 | 5376000 |
| Hilton Worldwide Holdings, Inc. | 47950 | 13773637 |
| Royal Caribbean Cruises Ltd. | 28500 | 7949220 |
| Wingstop, Inc. | 11800 | 2814182 |
|  |  | 35154274 |
| **Specialty Retail - 0.8%** |  |  |
| Ross Stores, Inc. | 20855 | 3756820 |
| **Textiles, Apparel & Luxury Goods - 1.1%** |  |  |
| Birkenstock Holding PLC <sup>(a)</sup> | 115600 | 4728040 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | 43639134 |
| **<u>Consumer Staples</u> - 2.5%** | **<u>Consumer Staples</u> - 2.5%** |  |
| **Beverages - 1.2%** |  |  |
| Celsius Holdings, Inc. <sup>(a)</sup> | 115121 | 5265635 |
| **Personal Care Products - 1.3%** |  |  |
| elf Beauty, Inc. <sup>(a)</sup> | 74251 | 5646046 |
| **Total Consumer Staples** | **Total Consumer Staples** | 10911681 |
| **<u>Energy</u> - 1.7%** | **<u>Energy</u> - 1.7%** |  |
| **Energy Equipment & Services - 1.7%** |  |  |
| SLB Ltd. | 193290 | 7418470 |
| **<u>Financials</u> - 10.6%** | **<u>Financials</u> - 10.6%** |  |
| **Capital Markets - 6.7%** |  |  |
| Ameriprise Financial, Inc. | 10085 | 4945079 |
| Intercontinental Exchange, Inc. | 44538 | 7213375 |
| LPL Financial Holdings, Inc. | 13500 | 4821795 |
| MSCI, Inc. | 20940 | 12013906 |
|  |  | 28994155 |
| **Financial Services - 2.6%** |  |  |
| Corpay, Inc. <sup>(a)</sup> | 22754 | 6847361 |
| Shift4 Payments, Inc. - Class A <sup>(a)</sup> | 73867 | 4651405 |
|  |  | 11498766 |
| **Insurance - 1.3%** |  |  |
| Kinsale Capital Group, Inc. | 14960 | 5851155 |
| **Total Financials** | **Total Financials** | 46344076 |
| **<u>Health Care</u> - 19.5%** | **<u>Health Care</u> - 19.5%** |  |
| **Biotechnology - 2.3%** |  |  |
| Alnylam Pharmaceuticals, Inc. <sup>(a)</sup> | 11114 | 4419482 |
| Natera, Inc. <sup>(a)</sup> | 24281 | 5562534 |
|  |  | 9982016 |
| **Health Care Equipment & Supplies - 5.8%** |  |  |
| DexCom, Inc. <sup>(a)</sup> | 73711 | 4892199 |
| Edwards Lifesciences Corp. <sup>(a)</sup> | 70000 | 5967500 |
| IDEXX Laboratories, Inc. <sup>(a)</sup> | 13399 | 9064826 |
| Insulet Corp. <sup>(a)</sup> | 18500 | 5258440 |
|  |  | 25182965 |
| **Health Care Providers & Services - 3.8%** |  |  |
| Cencora, Inc. | 30660 | 10355415 |
| Progyny, Inc. <sup>(a)</sup> | 255147 | 6552175 |
|  |  | 16907590 |
| **Health Care Technology - 2.2%** |  |  |
| Veeva Systems, Inc. - Class A <sup>(a)</sup> | 42687 | 9529019 |
| **Life Sciences Tools & Services - 5.4%** |  |  |
| Agilent Technologies, Inc. | 42971 | 5847064 |
| Bio-Techne Corp. | 124975 | 7349780 |
| ICON PLC <sup>(a)</sup> | 24900 | 4537278 |
| Repligen Corp. <sup>(a)</sup> | 35000 | 5735100 |
|  |  | 23469222 |
| **Total Health Care** | **Total Health Care** | 85070812 |
| **<u>Industrials</u> - 20.6%** | **<u>Industrials</u> - 20.6%** |  |
| **Aerospace & Defense - 4.1%** |  |  |
| Axon Enterprise, Inc. <sup>(a)</sup> | 6485 | 3683026 |
| HEICO Corp. - Class A | 26600 | 6714638 |
| Howmet Aerospace, Inc. | 36300 | 7442226 |
|  |  | 17839890 |
| **Building Products - 0.6%** |  |  |
| Advanced Drainage Systems, Inc. | 19000 | 2751770 |
| **Commercial Services & Supplies - 1.8%** |  |  |
| Copart, Inc. <sup>(a)</sup> | 197088 | 7715995 |
| **Construction & Engineering - 1.8%** |  |  |
| Comfort Systems USA, Inc. | 8500 | 7932965 |
| **Electrical Equipment - 4.9%** |  |  |
| AMETEK, Inc. | 40600 | 8335586 |
| Rockwell Automation, Inc. | 11000 | 4279770 |
| Vertiv Holdings Co. - Class A | 55000 | 8910550 |
|  |  | 21525906 |
| **Professional Services - 5.1%** |  |  |
| TransUnion | 104000 | 8918000 |
| Verisk Analytics, Inc. | 58423 | 13068641 |
|  |  | 21986641 |
| **Trading Companies & Distributors - 2.3%** |  |  |
| Fastenal Co. | 55500 | 2227215 |
| Ferguson Enterprises, Inc. | 9406 | 2094058 |
| WW Grainger, Inc. | 5400 | 5448870 |
|  |  | 9770143 |
| **Total Industrials** | **Total Industrials** | 89523310 |
| **<u>Information Technology</u> - 20.1%** | **<u>Information Technology</u> - 20.1%** |  |
| **Electronic Equipment, Instruments & Components - 1.3%** |  |  |
| Amphenol Corp. - Class A | 41502 | 5608580 |
| **IT Services - 2.8%** |  |  |
| Gartner, Inc. <sup>(a)</sup> | 30756 | 7759124 |
| Snowflake, Inc. - Class A <sup>(a)</sup> | 18844 | 4133620 |
|  |  | 11892744 |
| **Semiconductors & Semiconductor Equipment - 3.6%** |  |  |
| Analog Devices, Inc. | 17500 | 4746000 |
| Monolithic Power Systems, Inc. | 5227 | 4737544 |
| Universal Display Corp. | 53894 | 6293741 |
|  |  | 15777285 |
| **Software - 12.4%** |  |  |
| Autodesk, Inc. <sup>(a)</sup> | 28065 | 8307521 |
| CCC Intelligent Solutions Holdings, Inc. <sup>(a)</sup> | 300000 | 2385000 |
| Datadog, Inc. - Class A <sup>(a)</sup> | 15900 | 2162241 |
| Fair Isaac Corp. <sup>(a)</sup> | 3720 | 6289106 |
| Guidewire Software, Inc. <sup>(a)</sup> | 32875 | 6608204 |
| Manhattan Associates, Inc. <sup>(a)</sup> | 30600 | 5303286 |
| Procore Technologies, Inc. <sup>(a)</sup> | 101000 | 7346740 |
| Synopsys, Inc. <sup>(a)</sup> | 8755 | 4112398 |
| Tyler Technologies, Inc. <sup>(a)</sup> | 16000 | 7263200 |
| Zscaler, Inc. <sup>(a)</sup> | 19200 | 4318464 |
|  |  | 54096160 |
| **Total Information Technology** | **Total Information Technology** | 87374769 |
| **<u>Materials</u> - 3.2%** | **<u>Materials</u> - 3.2%** |  |
| **Construction Materials - 3.2%** |  |  |
| James Hardie Industries PLC <sup>(a)</sup> | 401325 | 8327494 |
| Vulcan Materials Co. | 19600 | 5590312 |
| **Total Materials** | **Total Materials** | 13917806 |
| **<u>Real Estate</u> - 3.0%** | **<u>Real Estate</u> - 3.0%** |  |
| **Real Estate Management & Development - 3.0%** |  |  |
| CoStar Group, Inc. <sup>(a)</sup> | 129341 | 8696889 |
| Jones Lang LaSalle, Inc. <sup>(a)</sup> | 12500 | 4205875 |
| **Total Real Estate** | **Total Real Estate** | 12902764 |
| **<u>Utilities</u> - 3.2%** | **<u>Utilities</u> - 3.2%** |  |
| **Electric Utilities - 1.1%** |  |  |
| NRG Energy, Inc. | 29000 | 4617960 |
| **Independent Power and Renewable Electricity Producers - 2.1%** |  |  |
| Vistra Corp. | 57950 | 9349073 |
| **Total Utilities** | **Total Utilities** | 13967033 |
| **TOTAL COMMON STOCKS** (Cost $336,113,974) | **TOTAL COMMON STOCKS** (Cost $336,113,974) | 432737423 |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **MONEY MARKET FUNDS - 1.0%** | **Shares** | **Value**  |
| Fidelity Money Market Government Portfolio - Class I, 3.67% <sup>(b)</sup> | 4311390 | 4311390 |
| **TOTAL MONEY MARKET FUNDS** (Cost $4,311,390) | **TOTAL MONEY MARKET FUNDS** (Cost $4,311,390) | 4311390 |
| **TOTAL INVESTMENTS - 100.4% (**Cost $340,425,364**)** | **TOTAL INVESTMENTS - 100.4% (**Cost $340,425,364**)** | 437048813 |
| Liabilities in Excess of Other Assets - (0.4)% | Liabilities in Excess of Other Assets - (0.4)% | (1639427) |
| **TOTAL NET ASSETS - 100.0%** |  | $435409386 |
| 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>

(a) Non-income producing security.

(b) 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 Discovery 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 | $432737423 | $– | $– | $432737423 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 4311390 | – | – | 4311390 |
| Total Investments | $437048813 | $– | $– | $437048813 |
| 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 Discovery Fund

- **b. EDGAR series identifier (if any):** S000006557

- **c. LEI of Series:** 2549003XUN268798ON70

**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:** $437760307.51

**Total Liabilities:** $605037.58

**Net Assets:** $437155269.93

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000017896 | -0.09%               | -1.07%               | -2.01%               |
| Class ID C000214589 | -0.04%               | -1.06%               | -2.03%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1705170.01              | $-1647587.98                               |
| Month 2  | $22368051.70             | $-28157244.69                              |
| Month 3  | $5585718.44              | $-14902002.18                              |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Edwards Lifesciences Corp      | Edwards Lifesciences Corp              | CUSIP: 28176E108<br>LEI: YA13X31F3V31L8TMPR58 | Long             | EC               | CORP              | US        |     70000 | NS      | $5967500.00   | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Fastenal Co                    | Fastenal Co                            | CUSIP: 311900104<br>LEI: 529900PP0C7H2HHPSJ32 | Long             | EC               | CORP              | US        |     55500 | NS      | $2227215.00   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| WW Grainger Inc                | WW Grainger Inc                        | CUSIP: 384802104<br>LEI: 549300TWZSP6O1IH2V34 | Long             | EC               | CORP              | US        |      5400 | NS      | $5448870.00   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| HEICO Corp                     | HEICO Corp                             | CUSIP: 422806208<br>LEI: 529900O1DTDLCJ7L0I14 | Long             | EC               | CORP              | US        |     26600 | NS      | $6714638.00   | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| IDEXX Laboratories Inc         | IDEXX Laboratories Inc                 | CUSIP: 45168D104<br>LEI: OGMTXK0LUU1HKV2P0J84 | Long             | EC               | CORP              | US        |     13399 | NS      | $9064825.47   | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Manhattan Associates Inc       | Manhattan Associates Inc               | CUSIP: 562750109<br>LEI: 529900Q1GJP7KD52SW51 | Long             | EC               | CORP              | US        |     30600 | NS      | $5303286.00   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Pinterest Inc                  | Pinterest Inc                          | CUSIP: 72352L106<br>LEI: 529900Y043CEBGO4HB65 | Long             | EC               | CORP              | US        |    206094 | NS      | $5335773.66   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Reddit Inc                     | Reddit Inc                             | CUSIP: 75734B100<br>LEI: 529900APN1YHPBHPI679 | Long             | EC               | CORP              | US        |     17100 | NS      | $3930777.00   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| TransUnion                     | TransUnion                             | CUSIP: 89400J107<br>LEI: 549300ZS772LUNUMRB03 | Long             | EC               | CORP              | US        |    104000 | NS      | $8918000.00   | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Veeva Systems Inc              | Veeva Systems Inc                      | CUSIP: 922475108<br>LEI: 549300YZEXPDB92M2F02 | Long             | EC               | CORP              | US        |     42687 | NS      | $9529019.01   | 2.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Vulcan Materials Co            | Vulcan Materials Co                    | CUSIP: 929160109<br>LEI: 549300Q8LSNHAVWBNI21 | Long             | EC               | CORP              | US        |     19600 | NS      | $5590312.00   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Zscaler Inc                    | Zscaler Inc                            | CUSIP: 98980G102<br>LEI: 529900MZ0RTK1BWRNF46 | Long             | EC               | CORP              | US        |     19200 | NS      | $4318464.00   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| ICON PLC                       | ICON PLC                               | CUSIP: N/A<br>LEI: 6354008SRQGEMC4XFI67       | Long             | EC               | CORP              | IE        |     24900 | NS      | $4537278.00   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| AMETEK Inc                     | AMETEK Inc                             | CUSIP: 031100100<br>LEI: 549300WZDEF9KKE40E98 | Long             | EC               | CORP              | US        |     40600 | NS      | $8335586.00   | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Live Nation Entertainment Inc  | Live Nation Entertainment Inc          | CUSIP: 538034109<br>LEI: 5493007B9BM9ZXJINO78 | Long             | EC               | CORP              | US        |     63000 | NS      | $8977500.00   | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Monolithic Power Systems Inc   | Monolithic Power Systems Inc           | CUSIP: 609839105<br>LEI: 529900TB7O85LSZ1XU31 | Long             | EC               | CORP              | US        |      5227 | NS      | $4737543.72   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Snowflake Inc                  | Snowflake Inc                          | CUSIP: 833445109<br>LEI: 254900CJNSY1K7T53Z16 | Long             | EC               | CORP              | US        |     18844 | NS      | $4133619.84   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Tyler Technologies Inc         | Tyler Technologies Inc                 | CUSIP: 902252105<br>LEI: 25490040SMU4Z8LBCW70 | Long             | EC               | CORP              | US        |     16000 | NS      | $7263200.00   | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Alnylam Pharmaceuticals Inc    | Alnylam Pharmaceuticals Inc            | CUSIP: 02043Q107<br>LEI: 529900S3ZI14OWRJII50 | Long             | EC               | CORP              | US        |     11114 | NS      | $4419482.10   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Cencora Inc                    | Cencora Inc                            | CUSIP: 03073E105<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | EC               | CORP              | US        |     30660 | NS      | $10355415.00  | 2.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Autodesk Inc                   | Autodesk Inc                           | CUSIP: 052769106<br>LEI: FRKKVKAIQEF3FCSTPG55 | Long             | EC               | CORP              | US        |     28065 | NS      | $8307520.65   | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Gartner Inc                    | Gartner Inc                            | CUSIP: 366651107<br>LEI: PP55B5R38BFB8O8HH686 | Long             | EC               | CORP              | US        |     30756 | NS      | $7759123.68   | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Howmet Aerospace Inc           | Howmet Aerospace Inc                   | CUSIP: 443201108<br>LEI: 549300HO5WFZUT5N2T22 | Long             | EC               | CORP              | US        |     36300 | NS      | $7442226.00   | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Corpay Inc                     | Corpay Inc                             | CUSIP: 219948106<br>LEI: 549300DG6RR0NQSFLN74 | Long             | EC               | CORP              | US        |     22754 | NS      | $6847361.22   | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Hilton Worldwide Holdings Inc  | Hilton Worldwide Holdings Inc          | CUSIP: 43300A203<br>LEI: 549300HVGPK36ICB0B89 | Long             | EC               | CORP              | US        |     47950 | NS      | $13773637.50  | 3.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinsale Capital Group Inc      | Kinsale Capital Group Inc              | CUSIP: 49714P108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     14960 | NS      | $5851155.20   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Drainage Systems Inc  | Advanced Drainage Systems Inc          | CUSIP: 00790R104<br>LEI: 6QQTOZ5MF5DHM7K92I60 | Long             | EC               | CORP              | US        |     37300 | NS      | $5402159.00   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| elf Beauty Inc                 | elf Beauty Inc                         | CUSIP: 26856L103<br>LEI: 549300U2K9TCON25C029 | Long             | EC               | CORP              | US        |     74251 | NS      | $5646046.04   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Jones Lang LaSalle Inc         | Jones Lang LaSalle Inc                 | CUSIP: 48020Q107<br>LEI: 6SYKCME112RT8TQUO411 | Long             | EC               | CORP              | US        |     12500 | NS      | $4205875.00   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Natera Inc                     | Natera Inc                             | CUSIP: 632307104<br>LEI: 529900CQ3OZ0A0VYVU59 | Long             | EC               | CORP              | US        |     24281 | NS      | $5562534.29   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Agilent Technologies Inc       | Agilent Technologies Inc               | CUSIP: 00846U101<br>LEI: QUIX8Y7A2WP0XRMW7G29 | Long             | EC               | CORP              | US        |     42971 | NS      | $5847063.97   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Celsius Holdings Inc           | Celsius Holdings Inc                   | CUSIP: 15118V207<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    115121 | NS      | $5265634.54   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Comfort Systems USA Inc        | Comfort Systems USA Inc                | CUSIP: 199908104<br>LEI: 5299009DT1ZA5HTU6R38 | Long             | EC               | CORP              | US        |      8500 | NS      | $7932965.00   | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Copart Inc                     | Copart Inc                             | CUSIP: 217204106<br>LEI: 549300KVYX3JWMYEHU61 | Long             | EC               | CORP              | US        |    197088 | NS      | $7715995.20   | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| CoStar Group Inc               | CoStar Group Inc                       | CUSIP: 22160N109<br>LEI: 984500Q1D53D08E2E698 | Long             | EC               | CORP              | US        |    129341 | NS      | $8696888.84   | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Expedia Group Inc              | Expedia Group Inc                      | CUSIP: 30212P303<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     18500 | NS      | $5241235.00   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Insulet Corp                   | Insulet Corp                           | CUSIP: 45784P101<br>LEI: 549300TZTYD2PYN92D43 | Long             | EC               | CORP              | US        |     18500 | NS      | $5258440.00   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Flutter Entertainment PLC      | Flutter Entertainment PLC              | CUSIP: N/A<br>LEI: 635400EG4YIJLJMZJ782       | Long             | EC               | CORP              | US        |     25000 | NS      | $5376000.00   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| James Hardie Industries PLC    | James Hardie Industries PLC            | CUSIP: N/A<br>LEI: 635400NSGXKTVOO7JU45       | Long             | EC               | CORP              | IE        |    401325 | NS      | $8327493.75   | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Axon Enterprise Inc            | Axon Enterprise Inc                    | CUSIP: 05464C101<br>LEI: 549300QP2IEEGFE16681 | Long             | EC               | CORP              | US        |      6485 | NS      | $3683026.05   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| CCC Intelligent Solutions Hold | CCC Intelligent Solutions Holdings Inc | CUSIP: 12510Q100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    300000 | NS      | $2385000.00   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Datadog Inc                    | Datadog Inc                            | CUSIP: 23804L103<br>LEI: 549300F6JNO0KRPO1K63 | Long             | EC               | CORP              | US        |     15900 | NS      | $2162241.00   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| ROBLOX Corp                    | ROBLOX Corp                            | CUSIP: 771049103<br>LEI: 529900ANZDBDFU91SO19 | Long             | EC               | CORP              | US        |     42250 | NS      | $3423517.50   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Repligen Corp                  | Repligen Corp                          | CUSIP: 759916109<br>LEI: 54930006QJ0T5AUO1E71 | Long             | EC               | CORP              | US        |     35000 | NS      | $5735100.00   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Fair Isaac Corp                | Fair Isaac Corp                        | CUSIP: 303250104<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | EC               | CORP              | US        |      3720 | NS      | $6289106.40   | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| MSCI Inc                       | MSCI Inc                               | CUSIP: 55354G100<br>LEI: 549300HTIN2PD78UB763 | Long             | EC               | CORP              | US        |     20940 | NS      | $12013906.20  | 2.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Progyny Inc                    | Progyny Inc                            | CUSIP: 74340E103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    255147 | NS      | $6552174.96   | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Rockwell Automation Inc        | Rockwell Automation Inc                | CUSIP: 773903109<br>LEI: VH3R4HHBHH12O0EXZJ88 | Long             | EC               | CORP              | US        |     11000 | NS      | $4279770.00   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Shift4 Payments Inc            | Shift4 Payments Inc                    | CUSIP: 82452J109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     73867 | NS      | $4651404.99   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Display Corp         | Universal Display Corp                 | CUSIP: 91347P105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     53894 | NS      | $6293741.32   | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Verisk Analytics Inc           | Verisk Analytics Inc                   | CUSIP: 92345Y106<br>LEI: 549300I1YSWNIRKBWP67 | Long             | EC               | CORP              | US        |     58423 | NS      | $13068640.87  | 2.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Wingstop Inc                   | Wingstop Inc                           | CUSIP: 974155103<br>LEI: 549300SSH3F8HPIM3Q47 | Long             | EC               | CORP              | US        |     11800 | NS      | $2814182.00   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Dexcom Inc                     | Dexcom Inc                             | CUSIP: 252131107<br>LEI: 549300YSK3QDSFR5EU59 | Long             | EC               | CORP              | US        |     73711 | NS      | $4892199.07   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Procore Technologies Inc       | Procore Technologies Inc               | CUSIP: 74275K108<br>LEI: 5493005PTWY0RHYRAH22 | Long             | EC               | CORP              | US        |    101000 | NS      | $7346740.00   | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Ross Stores Inc                | Ross Stores Inc                        | CUSIP: 778296103<br>LEI: 549300ENZFLPGRDFZQ60 | Long             | EC               | CORP              | US        |     20855 | NS      | $3756819.70   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| SLB Ltd                        | SLB Ltd                                | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | US        |    193290 | NS      | $7418470.20   | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameriprise Financial Inc       | Ameriprise Financial Inc               | CUSIP: 03076C106<br>LEI: 6ZLKQF7QB6JAEKQS5388 | Long             | EC               | CORP              | US        |     10085 | NS      | $4945078.90   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Amphenol Corp                  | Amphenol Corp                          | CUSIP: 032095101<br>LEI: 549300D3L3G0R4U4VT04 | Long             | EC               | CORP              | US        |     41502 | NS      | $5608580.28   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Analog Devices Inc             | Analog Devices Inc                     | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | EC               | CORP              | US        |     17500 | NS      | $4746000.00   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Bio-Techne Corp                | Bio-Techne Corp                        | CUSIP: 09073M104<br>LEI: 54930073RLKQ51TILZ35 | Long             | EC               | CORP              | US        |    124975 | NS      | $7349779.75   | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Government Portfolio  | Fidelity Government Portfolio          | CUSIP: 316175108<br>LEI: 549300FQDFZGLUOCWN51 | Long             | STIV             | RF                | US        |   4311390 | NS      | $4311389.89   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Guidewire Software Inc         | Guidewire Software Inc                 | CUSIP: 40171V100<br>LEI: 549300WXSG0J8IXZCK32 | Long             | EC               | CORP              | US        |     32875 | NS      | $6608203.75   | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| LPL Financial Holdings Inc     | LPL Financial Holdings Inc             | CUSIP: 50212V100<br>LEI: 549300XROQ4Y8G2L7682 | Long             | EC               | CORP              | US        |     13500 | NS      | $4821795.00   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| NRG Energy Inc                 | NRG Energy Inc                         | CUSIP: 629377508<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | EC               | CORP              | US        |     29000 | NS      | $4617960.00   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Synopsys Inc                   | Synopsys Inc                           | CUSIP: 871607107<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | EC               | CORP              | US        |      8755 | NS      | $4112398.60   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertiv Holdings Co             | Vertiv Holdings Co                     | CUSIP: 92537N108<br>LEI: 549300KTTIRAOGXCRV69 | Long             | EC               | CORP              | US        |     55000 | NS      | $8910550.00   | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Vistra Corp                    | Vistra Corp                            | CUSIP: 92840M102<br>LEI: 549300KP43CPCUJOOG15 | Long             | EC               | CORP              | US        |     57950 | NS      | $9349073.50   | 2.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Royal Caribbean Cruises Ltd    | Royal Caribbean Cruises Ltd            | CUSIP: N/A<br>LEI: K2NEH8QNVW44JIWK7Z55       | Long             | EC               | CORP              | US        |     28500 | NS      | $7949220.00   | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Intercontinental Exchange Inc  | Intercontinental Exchange Inc          | CUSIP: 45866F104<br>LEI: 5493000F4ZO33MV32P92 | Long             | EC               | CORP              | US        |     44538 | NS      | $7213374.48   | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Birkenstock Holding Plc        | Birkenstock Holding Plc                | CUSIP: N/A<br>LEI: 529900CQ8LQKQ7LIT631       | Long             | EC               | CORP              | GB        |    115600 | NS      | $4728040.00   | 1.08%             |  |  |  | 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