# EDGAR Filing Document

**Accession Number:** 0001135300
**File Stem:** 0000894189-26-004303
**Filing Date:** 2026-2
**Character Count:** 43939
**Document Hash:** 2bb20d035a44a64e2cf1afebc9c270a1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-26-004303.hdr.sgml**: 20260224

**ACCESSION NUMBER**: 0000894189-26-004303

**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:** 26670141

**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 Small Cap Growth Fund (Series ID: S000022453)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000064614 | Investor Class      | BUFSX           |
| C000214594 | Institutional Class | BUISX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Buffalo Small Cap Growth Fund** | **Buffalo Small Cap Growth Fund** | **Buffalo Small 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 - 96.7%** | **Shares** | **Value**  |
| **<u>Consumer Discretionary</u> - 8.7%** | **<u>Consumer Discretionary</u> - 8.7%** | |
| **Automobile Components - 1.1%** | | |
| Dorman Products, Inc. <sup>(a)</sup> | 40065 | $4935607 |
| **Broadline Retail - 0.5%** |  |  |
| Ollie's Bargain Outlet Holdings, Inc. <sup>(a)</sup> | 19055 | 2088619 |
| **Hotels, Restaurants & Leisure - 1.8%** |  |  |
| Dutch Bros, Inc. - Class A <sup>(a)</sup> | 58620 | 3588716 |
| First Watch Restaurant Group, Inc. <sup>(a)</sup> | 309387 | 4665556 |
|  |  | 8254272 |
| **Household Durables - 2.4%** |  |  |
| Champion Homes, Inc. <sup>(a)</sup> | 127710 | 10791495 |
| **Specialty Retail - 2.9%** |  |  |
| Boot Barn Holdings, Inc. <sup>(a)</sup> | 29160 | 5145865 |
| Valvoline, Inc. <sup>(a)</sup> | 139025 | 4040067 |
| Warby Parker, Inc. - Class A <sup>(a)</sup> | 167680 | 3653747 |
|  |  | 12839679 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | 38909672 |
| **<u>Consumer Staples</u> - 2.1%** | **<u>Consumer Staples</u> - 2.1%** |  |
| **Beverages - 1.2%** |  |  |
| Celsius Holdings, Inc. <sup>(a)</sup> | 113750 | 5202925 |
| **Personal Care Products - 0.9%** |  |  |
| elf Beauty, Inc. <sup>(a)</sup> | 52900 | 4022516 |
| **Total Consumer Staples** | **Total Consumer Staples** | 9225441 |
| **<u>Energy</u> - 4.2%** | **<u>Energy</u> - 4.2%** |  |
| **Energy Equipment & Services - 3.4%** |  |  |
| Cactus, Inc. - Class A | 158290 | 7230687 |
| Patterson-UTI Energy, Inc. | 593320 | 3625185 |
| Solaris Energy Infrastructure, Inc. | 96950 | 4456792 |
|  |  | 15312664 |
| **Oil, Gas & Consumable Fuels - 0.8%** |  |  |
| Matador Resources Co. | 84935 | 3604641 |
| **Total Energy** | **Total Energy** | 18917305 |
| **<u>Financials</u> - 10.6%** | **<u>Financials</u> - 10.6%** |  |
| **Capital Markets - 4.1%** |  |  |
| Hamilton Lane Inc. - Class A | 19053 | 2559008 |
| PJT Partners, Inc. - Class A | 34585 | 5782612 |
| WisdomTree, Inc. | 841830 | 10261908 |
|  |  | 18603528 |
| **Financial Services - 2.3%** |  |  |
| Paymentus Holdings, Inc. - Class A <sup>(a)</sup> | 164510 | 5196871 |
| Shift4 Payments, Inc. - Class A <sup>(a)</sup> | 83092 | 5232303 |
|  |  | 10429174 |
| **Insurance - 4.2%** |  |  |
| Baldwin Insurance Group, Inc. - Class A <sup>(a)</sup> | 176645 | 4244779 |
| Kinsale Capital Group, Inc. | 15130 | 5917646 |
| Palomar Holdings, Inc. <sup>(a)</sup> | 63823 | 8600788 |
|  |  | 18763213 |
| **Total Financials** | **Total Financials** | 47795915 |
| **<u>Health Care</u> - 24.6%** | **<u>Health Care</u> - 24.6%** |  |
| **Biotechnology - 7.2%** |  |  |
| ADMA Biologics, Inc. <sup>(a)</sup> | 293215 | 5348242 |
| Arcutis Biotherapeutics, Inc. <sup>(a)</sup> | 110935 | 3221552 |
| Arrowhead Pharmaceuticals, Inc. <sup>(a)</sup> | 35780 | 2375434 |
| Halozyme Therapeutics, Inc. <sup>(a)</sup> | 111449 | 7500518 |
| Ionis Pharmaceuticals, Inc. <sup>(a)</sup> | 29105 | 2302496 |
| Natera, Inc. <sup>(a)</sup> | 25108 | 5751992 |
| Vericel Corp. <sup>(a)</sup> | 88880 | 3200569 |
| Zymeworks, Inc. <sup>(a)</sup> | 88800 | 2338104 |
|  |  | 32038907 |
| **Health Care Equipment & Supplies - 3.2%** |  |  |
| Establishment Labs Holdings, Inc. <sup>(a)</sup> | 73415 | 5350485 |
| Lantheus Holdings, Inc. <sup>(a)</sup> | 40385 | 2687622 |
| PROCEPT BioRobotics Corp. <sup>(a)</sup> | 42735 | 1344443 |
| QuidelOrtho Corp. <sup>(a)</sup> | 180215 | 5146940 |
|  |  | 14529490 |
| **Health Care Providers & Services - 7.1%** |  |  |
| Castle Biosciences, Inc. <sup>(a)</sup> | 239614 | 9320985 |
| HealthEquity, Inc. <sup>(a)</sup> | 74969 | 6867910 |
| Option Care Health, Inc. <sup>(a)</sup> | 395255 | 12592824 |
| Privia Health Group, Inc. <sup>(a)</sup> | 124535 | 2952725 |
|  |  | 31734444 |
| **Health Care Technology - 1.2%** |  |  |
| Waystar Holding Corp. <sup>(a)</sup> | 169730 | 5558657 |
| **Life Sciences Tools & Services - 3.3%** |  |  |
| Medpace Holdings, Inc. <sup>(a)</sup> | 12455 | 6995351 |
| OmniAb, Inc. – 12.50 Earnout <sup>(a)(b)</sup> | 47436 | 475 |
| OmniAb, Inc. – 15.00 Earnout <sup>(a)(b)</sup> | 47436 | 474 |
| Repligen Corp. <sup>(a)</sup> | 48280 | 7911161 |
|  |  | 14907461 |
| **Pharmaceuticals - 2.6%** |  |  |
| Ligand Pharmaceuticals, Inc. <sup>(a)</sup> | 60342 | 11408862 |
| **Total Health Care** | **Total Health Care** | 110177821 |
| **<u>Industrials</u> - 25.6% <sup>(c)</sup>** | **<u>Industrials</u> - 25.6% <sup>(c)</sup>** |  |
| **Aerospace & Defense - 1.6%** |  |  |
| AeroVironment, Inc. <sup>(a)</sup> | 29810 | 7210741 |
| **Building Products - 4.3%** |  |  |
| Advanced Drainage Systems, Inc. | 54880 | 7948270 |
| Modine Manufacturing Co. <sup>(a)</sup> | 56560 | 7551326 |
| Trex Co., Inc. <sup>(a)</sup> | 106705 | 3743211 |
|  |  | 19242807 |
| **Commercial Services & Supplies - 0.9%** |  |  |
| Casella Waste Systems, Inc. - Class A <sup>(a)</sup> | 43355 | 4246189 |
| **Construction & Engineering - 4.2%** |  |  |
| Argan, Inc. | 9590 | 3004739 |
| Everus Construction Group, Inc. <sup>(a)</sup> | 54595 | 4671148 |
| MYR Group, Inc. <sup>(a)</sup> | 31890 | 6967965 |
| Sterling Infrastructure, Inc. <sup>(a)</sup> | 13075 | 4003957 |
|  |  | 18647809 |
| **Electrical Equipment - 0.5%** |  |  |
| Bloom Energy Corp. - Class A <sup>(a)</sup> | 23395 | 2032791 |
| **Machinery - 7.4%** |  |  |
| Chart Industries, Inc. <sup>(a)</sup> | 34180 | 7048942 |
| ESCO Technologies, Inc. | 30865 | 6030712 |
| JBT Marel Corp. | 75275 | 11341684 |
| Kadant, Inc. | 14540 | 4144191 |
| Kornit Digital Ltd. <sup>(a)</sup> | 326205 | 4690828 |
|  |  | 33256357 |
| **Professional Services - 4.1%** |  |  |
| FTI Consulting, Inc. <sup>(a)</sup> | 41890 | 7156069 |
| ICF International, Inc. | 31404 | 2678761 |
| TIC Solutions, Inc. <sup>(a)</sup> | 291428 | 2946337 |
| Willdan Group, Inc. <sup>(a)</sup> | 54220 | 5620445 |
|  |  | 18401612 |
| **Trading Companies & Distributors - 2.6%** |  |  |
| SiteOne Landscape Supply, Inc. <sup>(a)</sup> | 37190 | 4632387 |
| Transcat, Inc. <sup>(a)</sup> | 40000 | 2269200 |
| WESCO International, Inc. | 19855 | 4857327 |
|  |  | 11758914 |
| **Total Industrials** | **Total Industrials** | 114797220 |
| **<u>Information Technology</u> - 20.9%** | **<u>Information Technology</u> - 20.9%** |  |
| **Communications Equipment - 0.9%** |  |  |
| Ciena Corp. <sup>(a)</sup> | 17555 | 4105588 |
| **Electronic Equipment, Instruments & Components - 2.9%** |  |  |
| Napco Security Technologies, Inc. | 138980 | 5795466 |
| Novanta, Inc. <sup>(a)</sup> | 59255 | 7050753 |
|  |  | 12846219 |
| **Semiconductors & Semiconductor Equipment - 7.7%** |  |  |
| Credo Technology Group Holding Ltd. <sup>(a)</sup> | 31795 | 4574982 |
| Onto Innovation, Inc. <sup>(a)</sup> | 35645 | 5626920 |
| Silicon Laboratories, Inc. <sup>(a)</sup> | 62330 | 8146531 |
| SiTime Corp. <sup>(a)</sup> | 17705 | 6253229 |
| SkyWater Technology, Inc. <sup>(a)</sup> | 214560 | 3896410 |
| Universal Display Corp. | 51593 | 6025030 |
|  |  | 34523102 |
| **Software - 9.4%** |  |  |
| Clearwater Analytics Holdings, Inc. - Class A <sup>(a)</sup> | 424750 | 10244970 |
| Commvault Systems, Inc. <sup>(a)</sup> | 39190 | 4912858 |
| Intapp, Inc. <sup>(a)</sup> | 128180 | 5873208 |
| Onestream, Inc. <sup>(a)</sup> | 245605 | 4514220 |
| Pegasystems, Inc. | 95185 | 5684448 |
| Tenable Holdings, Inc. <sup>(a)</sup> | 139050 | 3271847 |
| Varonis Systems, Inc. <sup>(a)</sup> | 95245 | 3124036 |
| Vertex, Inc. - Class A <sup>(a)</sup> | 229357 | 4580259 |
|  |  | 42205846 |
| **Total Information Technology** | **Total Information Technology** | 93680755 |
| **TOTAL COMMON STOCKS** (Cost $363,383,754) | **TOTAL COMMON STOCKS** (Cost $363,383,754) | 433504129 |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **MONEY MARKET FUNDS - 3.5%** | **Shares** | **Value**  |
| Fidelity Money Market Government Portfolio - Class I, 3.67% <sup>(d)</sup> | 15914121 | 15914121 |
| **TOTAL MONEY MARKET FUNDS** (Cost $15,914,121) | **TOTAL MONEY MARKET FUNDS** (Cost $15,914,121) | 15914121 |
| **TOTAL INVESTMENTS - 100.2% (**Cost $379,297,875**)** | **TOTAL INVESTMENTS - 100.2% (**Cost $379,297,875**)** | 449418250 |
| Liabilities in Excess of Other Assets - (0.2)% | Liabilities in Excess of Other Assets - (0.2)% | (761841) |
| **TOTAL NET ASSETS - 100.0%** |  | $448656409 |
| 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. |

---

(a) Non-income producing security.

(b) Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $949 or
 0.0% of net assets as of December 31, 2025.

(c) 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.

(d) 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 Small 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 | $433503180 | $– | $949 | $433504129 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 15914121 | – | – | 15914121 |
| Total Investments | $449417301 | $– | $949 | $449418250 |
| 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. |

---

---

| | |
|:---|:---|
| <br>**<br> Fair Value Measurement Using Significant Unobservable Inputs (Level 3)** | **Investment in**<br> **Securities**<br> **Period Ended**<br> **December 31, 2025** |
| Fair Value as of 3/31/2025 | $949 |
| Total unrealized gains included in earnings | - |
| Realized gains included in earnings | - |
| Purchases | - |
| Sales | - |
| Fair Value as of 12/31/2025 | $949 |
| The amount of total gains or losses for the period included in net increase (decrease) in net asset applicable to outstanding shares attributed to the change in unrealized gains or losses relating to assets still held at the reporting date | $- |

---

## 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 Small Cap Growth Fund

- **b. EDGAR series identifier (if any):** S000022453

- **c. LEI of Series:** 2549007SK7GAXYS8QU18

**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:** $449536705.59

**Total Liabilities:** $577079.58

**Net Assets:** $448959626.01

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000064614 | 0.40%                | 1.48%                | -1.59%               |
| Class ID C000214594 | 0.40%                | 1.53%                | -1.64%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $4233259.88              | $-1911796.43                               |
| Month 2  | $266369.28               | $6687419.83                                |
| Month 3  | $4398553.87              | $-11630619.64                              |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Onto Innovation Inc            | Onto Innovation Inc                 | CUSIP: 683344105<br>LEI: 254900RXZVN73CHOO062 | Long             | EC               | CORP              | US        |     35645 | NS      | $5626919.70   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Shift4 Payments Inc            | Shift4 Payments Inc                 | CUSIP: 82452J109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     83092 | NS      | $5232303.24   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Waystar Holding Corp           | Waystar Holding Corp                | CUSIP: 946784105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    169730 | NS      | $5558657.50   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Boot Barn Holdings Inc         | Boot Barn Holdings Inc              | CUSIP: 099406100<br>LEI: 529900QE1BFMYA3N4E71 | Long             | EC               | CORP              | US        |     29160 | NS      | $5145865.20   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Casella Waste Systems Inc      | Casella Waste Systems Inc           | CUSIP: 147448104<br>LEI: 8EU0XUFVJ48U37IIDH51 | Long             | EC               | CORP              | US        |     43355 | NS      | $4246188.70   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Chart Industries Inc           | Chart Industries Inc                | CUSIP: 16115Q308<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | EC               | CORP              | US        |     34180 | NS      | $7048941.40   | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Clearwater Analytics Holdings  | Clearwater Analytics Holdings Inc   | CUSIP: 185123106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    424750 | NS      | $10244970.00  | 2.28%             |  |  |  | No            |                  1 | On Loan: No      |
| ESCO Technologies Inc          | ESCO Technologies Inc               | CUSIP: 296315104<br>LEI: 5493007JJLP5MEWVDH10 | Long             | EC               | CORP              | US        |     30865 | NS      | $6030712.35   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Silicon Laboratories Inc       | Silicon Laboratories Inc            | CUSIP: 826919102<br>LEI: 4PRDF8Q9TDHRVZKZSZ47 | Long             | EC               | CORP              | US        |     62330 | NS      | $8146531.00   | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Drainage Systems Inc  | Advanced Drainage Systems Inc       | CUSIP: 00790R104<br>LEI: 6QQTOZ5MF5DHM7K92I60 | Long             | EC               | CORP              | US        |     54880 | NS      | $7948270.40   | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| AeroVironment Inc              | AeroVironment Inc                   | CUSIP: 008073108<br>LEI: 529900PGHVI29YLZ6221 | Long             | EC               | CORP              | US        |     29810 | NS      | $7210740.90   | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Argan Inc                      | Argan Inc                           | CUSIP: 04010E109<br>LEI: 529900E4KZWBV9KGBS83 | Long             | EC               | CORP              | US        |      9590 | NS      | $3004738.80   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Arrowhead Pharmaceuticals Inc  | Arrowhead Pharmaceuticals Inc       | CUSIP: 04280A100<br>LEI: 549300O3CSB8T7OZ3D66 | Long             | EC               | CORP              | US        |     35780 | NS      | $2375434.20   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Bloom Energy Corp              | Bloom Energy Corp                   | CUSIP: 093712107<br>LEI: 549300XB5J9BFW5JXV97 | Long             | EC               | CORP              | US        |     23395 | NS      | $2032791.55   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Cactus Inc                     | Cactus Inc                          | CUSIP: 127203107<br>LEI: 549300J3T8C9F8QFKV08 | Long             | EC               | CORP              | US        |    158290 | NS      | $7230687.20   | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Castle Biosciences Inc         | Castle Biosciences Inc              | CUSIP: 14843C105<br>LEI: 2549007M2Q4HLR1XD252 | Long             | EC               | CORP              | US        |    239614 | NS      | $9320984.60   | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| elf Beauty Inc                 | elf Beauty Inc                      | CUSIP: 26856L103<br>LEI: 549300U2K9TCON25C029 | Long             | EC               | CORP              | US        |     52900 | NS      | $4022516.00   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Halozyme Therapeutics Inc      | Halozyme Therapeutics Inc           | CUSIP: 40637H109<br>LEI: 529900242I3SV9AGM753 | Long             | EC               | CORP              | US        |    111449 | NS      | $7500517.70   | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| HealthEquity Inc               | HealthEquity Inc                    | CUSIP: 42226A107<br>LEI: 529900LRJU1RAFQHM467 | Long             | EC               | CORP              | US        |     74969 | NS      | $6867910.09   | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Champion Homes Inc             | Champion Homes Inc                  | CUSIP: 830830105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    127710 | NS      | $10791495.00  | 2.40%             |  |  |  | No            |                  1 | On Loan: No      |
| QuidelOrtho Corp               | QuidelOrtho Corp                    | CUSIP: 219798105<br>LEI: 549300YU8CMO9HF53113 | Long             | EC               | CORP              | US        |    180215 | NS      | $5146940.40   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Modine Manufacturing Co        | Modine Manufacturing Co             | CUSIP: 607828100<br>LEI: Z35SZFYJR8GZZRSIUU09 | Long             | EC               | CORP              | US        |     56560 | NS      | $7551325.60   | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Warby Parker Inc               | Warby Parker Inc                    | CUSIP: 93403J106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    167680 | NS      | $3653747.20   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinsale Capital Group Inc      | Kinsale Capital Group Inc           | CUSIP: 49714P108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15130 | NS      | $5917645.60   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Medpace Holdings Inc           | Medpace Holdings Inc                | CUSIP: 58506Q109<br>LEI: 549300H8TYEUVTW14A54 | Long             | EC               | CORP              | US        |     12455 | NS      | $6995350.75   | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Napco Security Technologies In | Napco Security Technologies Inc     | CUSIP: 630402105<br>LEI: 529900KV21J4YY9YST76 | Long             | EC               | CORP              | US        |    138980 | NS      | $5795466.00   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Novanta Inc                    | Novanta Inc                         | CUSIP: 67000B104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     59255 | NS      | $7050752.45   | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| SkyWater Technology Inc        | SkyWater Technology Inc             | CUSIP: 83089J108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    214560 | NS      | $3896409.60   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Display Corp         | Universal Display Corp              | CUSIP: 91347P105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     51593 | NS      | $6025030.54   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Varonis Systems Inc            | Varonis Systems Inc                 | CUSIP: 922280102<br>LEI: 549300SHIVNRRH7STS26 | Long             | EC               | CORP              | US        |     95245 | NS      | $3124036.00   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Vericel Corp                   | Vericel Corp                        | CUSIP: 92346J108<br>LEI: 54930076YM3PLTDR4B91 | Long             | EC               | CORP              | US        |     88880 | NS      | $3200568.80   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertex Inc                     | Vertex Inc                          | CUSIP: 92538J106<br>LEI: 549300QMYW171MP1PL50 | Long             | EC               | CORP              | US        |    229357 | NS      | $4580259.29   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Zymeworks Inc                  | Zymeworks Inc                       | CUSIP: 98985Y108<br>LEI: 894500AHOYAGYLYZJL67 | Long             | EC               | CORP              | US        |     88800 | NS      | $2338104.00   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Arcutis Biotherapeutics Inc    | Arcutis Biotherapeutics Inc         | CUSIP: 03969K108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    110935 | NS      | $3221552.40   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Ciena Corp                     | Ciena Corp                          | CUSIP: 171779309<br>LEI: W0CZ7N0GH8UIGXDM1H41 | Long             | EC               | CORP              | US        |     17555 | NS      | $4105587.85   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Dorman Products Inc            | Dorman Products Inc                 | CUSIP: 258278100<br>LEI: 2549000O0BBUX740XR59 | Long             | EC               | CORP              | US        |     40065 | NS      | $4935607.35   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Everus Construction Group Inc  | Everus Construction Group Inc       | CUSIP: 300426103<br>LEI: 2549006JMMHR0KILT425 | Long             | EC               | CORP              | US        |     54595 | NS      | $4671148.20   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Government Portfolio  | Fidelity Government Portfolio       | CUSIP: 316175108<br>LEI: 549300FQDFZGLUOCWN51 | Long             | STIV             | RF                | US        |  15914121 | NS      | $15914120.75  | 3.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Hamilton Lane Inc              | Hamilton Lane Inc                   | CUSIP: 407497106<br>LEI: 5493006OKN3V1NORM833 | Long             | EC               | CORP              | US        |     19053 | NS      | $2559008.43   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| JBT Marel Corp                 | JBT Marel Corp                      | CUSIP: 477839104<br>LEI: 5493007CT6ATBZ2L6826 | Long             | EC               | CORP              | US        |     75275 | NS      | $11341684.25  | 2.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Ligand Pharmaceuticals Inc     | Ligand Pharmaceuticals Inc          | CUSIP: 53220K504<br>LEI: 5493008K7TB0IKP37H79 | Long             | EC               | CORP              | US        |     60342 | NS      | $11408861.94  | 2.54%             |  |  |  | No            |                  1 | On Loan: No      |
| MYR Group Inc                  | MYR Group Inc                       | CUSIP: 55405W104<br>LEI: 529900G1IMMZHOQ17I54 | Long             | EC               | CORP              | US        |     31890 | NS      | $6967965.00   | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Ollie's Bargain Outlet Holding | Ollie's Bargain Outlet Holdings Inc | CUSIP: 681116109<br>LEI: 529900YO5DSQCPEFDZ05 | Long             | EC               | CORP              | US        |     19055 | NS      | $2088618.55   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| OmniAb Inc                     | OmniAb Inc                          | CUSIP: 68218J301<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     47436 | NS      | $474.36       | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| PJT Partners Inc               | PJT Partners Inc                    | CUSIP: 69343T107<br>LEI: 549300W3WBEQUBKYTN87 | Long             | EC               | CORP              | US        |     34585 | NS      | $5782612.00   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Patterson-UTI Energy Inc       | Patterson-UTI Energy Inc            | CUSIP: 703481101<br>LEI: 254900XGFBKIXD6G0697 | Long             | EC               | CORP              | US        |    593320 | NS      | $3625185.20   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| PROCEPT BioRobotics Corp       | PROCEPT BioRobotics Corp            | CUSIP: 74276L105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     42735 | NS      | $1344443.10   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Privia Health Group Inc        | Privia Health Group Inc             | CUSIP: 74276R102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    124535 | NS      | $2952724.85   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Repligen Corp                  | Repligen Corp                       | CUSIP: 759916109<br>LEI: 54930006QJ0T5AUO1E71 | Long             | EC               | CORP              | US        |     48280 | NS      | $7911160.80   | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Tenable Holdings Inc           | Tenable Holdings Inc                | CUSIP: 88025T102<br>LEI: 5493004S5OMPESF0EF83 | Long             | EC               | CORP              | US        |    139050 | NS      | $3271846.50   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Transcat Inc                   | Transcat Inc                        | CUSIP: 893529107<br>LEI: 54930081E40TSSHUOS40 | Long             | EC               | CORP              | US        |     40000 | NS      | $2269200.00   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Valvoline Inc                  | Valvoline Inc                       | CUSIP: 92047W101<br>LEI: 549300CMHPBEY6VPOT75 | Long             | EC               | CORP              | US        |    139025 | NS      | $4040066.50   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| WESCO International Inc        | WESCO International Inc             | CUSIP: 95082P105<br>LEI: 529900TXOGREY3WNJ434 | Long             | EC               | CORP              | US        |     19855 | NS      | $4857327.20   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Commvault Systems Inc          | Commvault Systems Inc               | CUSIP: 204166102<br>LEI: 65T5VRP62VXG39YFML83 | Long             | EC               | CORP              | US        |     39190 | NS      | $4912858.40   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| First Watch Restaurant Group I | First Watch Restaurant Group Inc    | CUSIP: 33748L101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    309387 | NS      | $4665555.96   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| ICF International Inc          | ICF International Inc               | CUSIP: 44925C103<br>LEI: 5493003KYFDDC5B3WY64 | Long             | EC               | CORP              | US        |     31404 | NS      | $2678761.20   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Kadant Inc                     | Kadant Inc                          | CUSIP: 48282T104<br>LEI: 549300K06LNJYBMPYP15 | Long             | EC               | CORP              | US        |     14540 | NS      | $4144190.80   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Lantheus Holdings Inc          | Lantheus Holdings Inc               | CUSIP: 516544103<br>LEI: 5299005HUB5IOJGO7S39 | Long             | EC               | CORP              | US        |     40385 | NS      | $2687621.75   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Credo Technology Group Holding | Credo Technology Group Holding Ltd  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     31795 | NS      | $4574982.55   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| SiTime Corp                    | SiTime Corp                         | CUSIP: 82982T106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     17705 | NS      | $6253228.95   | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Willdan Group Inc              | Willdan Group Inc                   | CUSIP: 96924N100<br>LEI: 529900YQO0LF5VAEKN05 | Long             | EC               | CORP              | US        |     54220 | NS      | $5620445.20   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| ADMA Biologics Inc             | ADMA Biologics Inc                  | CUSIP: 000899104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    293215 | NS      | $5348241.60   | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Ionis Pharmaceuticals Inc      | Ionis Pharmaceuticals Inc           | CUSIP: 462222100<br>LEI: 549300SI4ZGLG0BLUZ92 | Long             | EC               | CORP              | US        |     29105 | NS      | $2302496.55   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| OmniAb Inc                     | OmniAb Inc                          | CUSIP: 68218J202<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     47436 | NS      | $474.36       | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Onestream Inc                  | Onestream Inc                       | CUSIP: 68278B107<br>LEI: 254900CRBCHIYDC37W82 | Long             | EC               | CORP              | US        |    245605 | NS      | $4514219.90   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Option Care Health Inc         | Option Care Health Inc              | CUSIP: 68404L201<br>LEI: 549300DI3Q5ACSYJRI17 | Long             | EC               | CORP              | US        |    395255 | NS      | $12592824.30  | 2.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Palomar Holdings Inc           | Palomar Holdings Inc                | CUSIP: 69753M105<br>LEI: 549300DOI1MUW11BLX74 | Long             | EC               | CORP              | US        |     63823 | NS      | $8600787.48   | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| SiteOne Landscape Supply Inc   | SiteOne Landscape Supply Inc        | CUSIP: 82982L103<br>LEI: 5299008LX7SBD4HIAU03 | Long             | EC               | CORP              | US        |     37190 | NS      | $4632386.40   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Establishment Labs Holdings In | Establishment Labs Holdings Inc     | CUSIP: N/A<br>LEI: 549300BCBQ714JNJ7V58       | Long             | EC               | CORP              | CR        |     73415 | NS      | $5350485.20   | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Kornit Digital Ltd             | Kornit Digital Ltd                  | CUSIP: N/A<br>LEI: 5299006DPCQWP3VTFK34       | Long             | EC               | CORP              | IL        |    326205 | NS      | $4690827.90   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Trex Co Inc                    | Trex Co Inc                         | CUSIP: 89531P105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    106705 | NS      | $3743211.40   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Baldwin Insurance Group Inc/Th | Baldwin Insurance Group Inc/The     | CUSIP: 05589G102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    176645 | NS      | $4244779.35   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Celsius Holdings Inc           | Celsius Holdings Inc                | CUSIP: 15118V207<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    113750 | NS      | $5202925.00   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Dutch Bros Inc                 | Dutch Bros Inc                      | CUSIP: 26701L100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     58620 | NS      | $3588716.40   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| FTI Consulting Inc             | FTI Consulting Inc                  | CUSIP: 302941109<br>LEI: 549300K17GM8EQD0FQ48 | Long             | EC               | CORP              | US        |     41890 | NS      | $7156068.70   | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Intapp Inc                     | Intapp Inc                          | CUSIP: 45827U109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    128180 | NS      | $5873207.60   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Matador Resources Co           | Matador Resources Co                | CUSIP: 576485205<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | EC               | CORP              | US        |     84935 | NS      | $3604641.40   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Natera Inc                     | Natera Inc                          | CUSIP: 632307104<br>LEI: 529900CQ3OZ0A0VYVU59 | Long             | EC               | CORP              | US        |     25108 | NS      | $5751991.72   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Paymentus Holdings Inc         | Paymentus Holdings Inc              | CUSIP: 70439P108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    164510 | NS      | $5196870.90   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Pegasystems Inc                | Pegasystems Inc                     | CUSIP: 705573103<br>LEI: 549300FMCOKPL06FYN26 | Long             | EC               | CORP              | US        |     95185 | NS      | $5684448.20   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| TIC Solutions Inc              | TIC Solutions Inc                   | CUSIP: 00510N102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    291428 | NS      | $2946337.08   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Solaris Energy Infrastructure  | Solaris Energy Infrastructure Inc   | CUSIP: 83418M103<br>LEI: 529900MTK3C8Y8TIIC10 | Long             | EC               | CORP              | US        |     96950 | NS      | $4456791.50   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Sterling Infrastructure Inc    | Sterling Infrastructure Inc         | CUSIP: 859241101<br>LEI: 549300RZIK6K1215XU51 | Long             | EC               | CORP              | US        |     13075 | NS      | $4003957.25   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| WisdomTree Inc                 | WisdomTree Inc                      | CUSIP: 97717P104<br>LEI: 549300WIU8IS7UFO7871 | Long             | EC               | CORP              | US        |    841830 | NS      | $10261907.70  | 2.29%             |  |  |  | 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