# EDGAR Filing Document

**Accession Number:** 0001135300
**File Stem:** 0001145549-23-013917
**Filing Date:** 2023-3
**Character Count:** 50877
**Document Hash:** 23fc8905ad8e3d73f9ee9a2017a74eb5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-013917.hdr.sgml**: 20230301

**ACCESSION NUMBER**: 0001145549-23-013917

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230301

**DATE AS OF CHANGE**: 20230228

**PERIOD START**: 20230331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BUFFALO FUNDS
- **CENTRAL INDEX KEY:** 0001135300
- **IRS NUMBER:** 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:** 23688303

**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 Fund (Series ID: S000022453)

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

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Buffalo Small Cap Fund** | **Buffalo Small Cap Fund** | **Buffalo Small Cap Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **December 31, 2022 (Unaudited)** | **December 31, 2022 (Unaudited)** | **December 31, 2022 (Unaudited)** |
| **Shares or Face Amount** |  | **Fair Value\*** |
|  | **COMMON STOCKS - 97.61%** | |
|  | **Communication Services - 0.59%** | |
|  | **Interactive Media & Services - 0.59%** | |
| 811824 | Eventbrite, Inc. (a) | 4757289 |
|  | **Total Communication Services (Cost $15,253,617)** | **4757289** |
|  | **Consumer Discretionary - 12.02%** |  |
|  | **Diversified Consumer Services - 0.88%** |  |
| 567048 | European Wax Center, Inc. | 7059748 |
|  | **Hotels, Restaurants & Leisure - 6.63%** |  |
| 973015 | Everi Holdings Inc. (a) | 13962766 |
| 593717 | First Watch Restaurant Group, Inc. (a) | 8032991 |
| 1060075 | Rush Street Interactive, Inc. (a) | 3805669 |
| 859700 | Target Hospitality Corp. (a) | 13015858 |
| 59355 | Texas Roadhouse, Inc. | 5398337 |
| 65995 | Wingstop, Inc. | 9082232 |
|  |  | 53297853 |
|  | **Household Durables - 0.66%** |  |
| 239147 | Lovesac Co/The (a) | 5263625 |
|  | **Multiline Retail - 1.28%** |  |
| 220070 | Ollie's Bargain Outlet Holdings, Inc. (a) | 10308079 |
|  | **Specialty Retail - 1.11%** |  |
| 431561 | Guess?, Inc. | 8928997 |
|  | **Textiles, Apparel & Luxury Goods - 1.46%** |  |
| 367162 | Steven Madden Ltd. | 11734497 |
|  | **Total Consumer Discretionary (Cost $90,118,296)** | **96592799** |
|  | **Consumer Staples - 2.11%** |  |
|  | **Beverages - 2.11%** |  |
| 159670 | MGP Ingredients, Inc. | 16985695 |
|  | **Total Consumer Staples (Cost $5,617,191)** | **16985695** |
|  | **Energy - 4.58%** |  |
|  | **Energy Equipment & Services - 3.81%** |  |
| 288905 | Cactus, Inc. | 14520365 |
| 555115 | ChampionX Corp. | 16092784 |
|  |  | 30613149 |
|  | **Oil, Gas & Consumable Fuels - 0.77%** |  |
| 108630 | Matador Resources Co. | 6217981 |
|  | **Total Energy (Cost $28,906,490)** | **36831130** |
|  | **Financials - 6.56%** |  |
|  | **Banks - 2.62%** |  |
| 445170 | Bancorp Inc/The (a) | 12633924 |
| 297705 | Customers Bancorp, Inc. (a) | 8436960 |
|  |  | 21070884 |
|  | **Capital Markets - 1.81%** |  |
| 151195 | Hamilton Lane Inc. - Class A | 9658337 |
| 716455 | Open Lending Corp. (a) | 4836071 |
|  |  | 14494408 |
|  | **Insurance - 2.13%** |  |
| 348515 | BRP Group, Inc. (a) | 8761667 |
| 185163 | Palomar Holdings, Inc. (a) | 8361961 |
|  |  | 17123628 |
|  | **Total Financials (Cost $61,859,956)** | **52688920** |
|  | **Health Care - 25.83%** |  |
|  | **Biotechnology - 8.29%** |  |
| 98820 | Arrowhead Pharmaceuticals, Inc. (a) | 4008139 |
| 607445 | Avid Bioservices, Inc. (a) | 8364518 |
| 676144 | Castle Biosciences, Inc. (a) | 15916430 |
| 305349 | Halozyme Therapeutics, Inc. (a) | 17374358 |
| 106752 | Ligand Pharmaceuticals, Inc. (a) | 7131033 |
| 343304 | Natera, Inc. (a) | 13790522 |
| 47436 | OmniAb Inc./old (a)(d) | 475 |
| 47436 | OmniAb Inc./old (a)(d) | 474 |
|  |  | 66585949 |
|  | **Health Care Equipment & Supplies - 9.34%** |  |
| 248295 | Establishment Labs Holdings, Inc. - ADR (a)(b) | 16300567 |
| 425744 | Paragon 28, Inc. (a) | 8135968 |
| 114565 | QuidelOrtho Corp. (a) | 9814784 |
| 131610 | STAAR Surgical Co. (a) | 6388349 |
| 373496 | TransMedics Group, Inc. (a) | 23052173 |
| 494223 | Treace Medical Concepts, Inc. (a) | 11362187 |
|  |  | 75054028 |
|  | **Health Care Providers & Services - 3.75%** |  |
| 194048 | HealthEquity, Inc. (a) | 11961119 |
| 800885 | Privia Health Group, Inc. (a) | 18188098 |
|  |  | 30149217 |
|  | **Health Care Technology - 3.66%** |  |
| 464930 | Evolent Health, Inc. - Class A (a) | 13055234 |
| 44960 | Inspire Medical Systems, Inc. (a) | 11324525 |
| 299939 | OptimizeRx Corp. (a) | 5038975 |
|  |  | 29418734 |
|  | **Life Sciences Tools & Services - 0.79%** |  |
| 1760375 | OmniAb, Inc. - ADR (a)(b) | 6337350 |
|  | **Total Health Care (Cost $195,660,567)** | **207545278** |
|  | **Industrials - 19.63%** |  |
|  | **Air Freight & Logistics - 0.91%** |  |
| 279967 | Air Transport Services Group, Inc. (a) | 7273543 |
|  | **Building Products - 3.86%** |  |
| 85030 | Advanced Drainage Systems, Inc. | 6969909 |
| 299030 | AZEK Co Inc/The (a) | 6076290 |
| 836435 | Janus International Group, Inc. (a) | 7962861 |
| 556970 | PGT Innovations, Inc. (a) | 10003181 |
|  |  | 31012241 |
|  | **Construction & Engineering - 3.47%** |  |
| 149185 | MasTec, Inc. (a) | 12729956 |
| 114755 | NV5 Global, Inc. (a) | 15184382 |
|  |  | 27914338 |
|  | **Electrical Equipment - 2.67%** |  |
| 508230 | Array Technologies, Inc. (a) | 9824086 |
| 473177 | Shoals Technologies Group, Inc. (a) | 11673276 |
|  |  | 21497362 |
|  | **Machinery - 3.34%** |  |
| 79125 | Chart Industries, Inc. (a) | 9117574 |
| 119870 | John Bean Technologies Corp. | 10947727 |
| 293965 | Kornit Digital Ltd. - ADR (a)(b) | 6752376 |
|  |  | 26817677 |
|  | **Professional Services - 5.38%** |  |
| 82670 | FTI Consulting, Inc. (a) | 13127996 |
| 206919 | ICF International, Inc. | 20495327 |
| 396343 | Sterling Check Corp. (a) | 6131426 |
| 332885 | Upwork, Inc. (a) | 3475319 |
|  |  | 43230068 |
|  | **Total Industrials (Cost $137,431,491)** | **157745229** |
|  | **Information Technology - 24.08%** |  |
|  | **Communications Equipment - 7.12%** |  |
| 560066 | ADTRAN Holdings, Inc. | 10523640 |
| 294745 | Calix, Inc. (a) | 20169400 |
| 358880 | Cambium Networks Corp. - ADR (a)(b) | 7776930 |
| 238505 | Ciena Corp. (a) | 12158985 |
| 70000 | Clearfield, Inc. (a) | 6589800 |
|  |  | 57218755 |
|  | **IT Services - 7.40%** |  |
| 741070 | BigCommerce Holdings, Inc. (a) | 6476952 |
| 127505 | Endava PLC - ADR (a) (b) | 9754132 |
| 618025 | Grid Dynamics Holdings, Inc. (a) | 6934241 |
| 1714490 | Paya Holdings, Inc. (a) | 13493036 |
| 166300 | Shift4 Payments, Inc. (a) | 9301159 |
| 800579 | TaskUS, Inc. (a) | 13529785 |
|  |  | 59489305 |
|  | **Semiconductors & Semiconductor Equipment - 4.85%** |  |
| 321680 | MaxLinear, Inc. (a) | 10921036 |
| 78945 | Silicon Laboratories, Inc. (a) | 10710468 |
| 77110 | SiTime Corp. (a) | 7835919 |
| 87950 | Universal Display Corp. | 9502118 |
|  |  | 38969541 |
|  | **Software - 4.71%** |  |
| 672859 | DoubleVerify Holdings, Inc. (a) | 14775984 |
| 67105 | Five9, Inc. (a) | 4553745 |
| 273700 | Tenable Holdings, Inc. (a) | 10441655 |
| 1266590 | Zuora, Inc. (a) | 8055512 |
|  |  | 37826896 |
|  | **Total Information Technology (Cost $201,829,603)** | **193504497** |
|  | **Materials - 2.21%** |  |
|  | **Construction Materials - 1.67%** |  |
| 471311 | Summit Materials, Inc. - Class A (a) | 13380529 |
|  | **Containers & Packaging - 0.54%** |  |
| 302997 | Karat Packaging, Inc. | 4354067 |
|  | **Total Materials (Cost $12,354,782)** | **17734596** |
|  | **TOTAL COMMON STOCKS (Cost $749,031,993)** | **784385433** |
|  | **SHORT TERM INVESTMENTS - 3.02%** |  |
|  | **Investment Company - 3.02%** |  |
| 24294794 | Fidelity Investments Money Market Funds - Government Portfolio - Class I - 4.074% (c) | &nbsp;&nbsp;&nbsp;&nbsp; 24294794 |
|  | **Total Investment Company** | **24294794** |
|  | **TOTAL SHORT TERM INVESTMENTS (Cost $24,294,794)** | **24294794** |
|  | **Total Investments (Cost ($773326787) - 100.63%** | **808680227** |
|  | Liabilities in Excess of Other Assets - (0.63)% | (5045757) |
|  | **TOTAL NET ASSETS - 100.00%** | $**803634470** |
|  | ADR — American Depositary Receipt |  |
|  | PLC — Public Limited Company |  |
| (a) | Non Income Producing. |  |
| (b) | Foreign Issued Securities. The total value of these securities amounted to $46,921,355 (5.84% of net assets) at December 31, 2022. |  |
| (c) | The rate quoted is the annualized seven-day effective yield as of December 31, 2022. |  |
| (d) | Value determined using significant unobservable inputs. |  |
| \* | See the accompanying Notes regarding valuation of securities. |  |
| The Global Industry Classification Standard (GICS) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor's Financial Services LLC ("S&P"). GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC. | The Global Industry Classification Standard (GICS) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor's Financial Services LLC ("S&P"). GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC. | The Global Industry Classification Standard (GICS) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor's Financial Services LLC ("S&P"). GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC. |
| *The accompanying notes are an integral part of these financial statements.* | *The accompanying notes are an integral part of these financial statements.* | *The accompanying notes are an integral part of these financial statements.* |

---

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| |
|:---|
| **INVESTMENT VALUATION** |
| Equity securities and debt securities traded on a national securities exchange or national market, except those traded using the National Association of Securities Dealers' Automated Quotation System ("NASDAQ"), are valued at the latest sales price thereof, or if no sale was reported on that date, the mean between the most recent quoted bid and ask price is used. All equity securities that are traded using NASDAQ are valued using the NASDAQ Official Closing Price ("NOCP"), which may not necessarily represent the last sales price. If there has been no sale on such exchange or on NASDAQ on such day, the security is valued at the mean between the most recent quoted bid and ask price. |
| When market quotations are not readily available, any security or other asset is valued at its fair value as determined in good faith under procedures approved by the Board of Trustees (the "Board"). If events occur that will affect the value of a Fund's portfolio securities before the net asset value ("NAV") has been calculated (a "significant event"), the security will generally be priced using a fair value procedure. The Board has adopted specific procedures for valuing portfolio securities and delegated the responsibility of fair value determinations to the Valuation Committee. Some of the factors that may be considered by the Valuation Committee in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restriction on the position; trading in similar securities of the same issuer or comparable companies; information from broker-dealers; and an evaluation of the forces that influence the market in which the securities are purchased or sold. As of December 31, 2022, the Fund did not hold fair valued securities. |
| Debt securities with remaining maturities of 60 days or less are normally valued at the last reported sale price. If there is no trade on the particular day, then the security will be priced at the mean between the most recent bid and ask prices. |
| Restricted securities include securities that have not been registered under the Securities Act of 1933, as amended, and securities that are subject to restrictions on resale. The Funds may invest in restricted securities that are consistent with the Funds' investment objectives and investment strategies. In some cases, the issuer of restricted securities has agreed to register such securities for resale, at the issuer's expense either upon demand by the Funds or in connection with another registered offering of the securities. Investments in restricted securities are valued utilizing the Funds' corporate bond valuation policies. |
| **FOREIGN INVESTMENT RISK** |
| Investing in securities of foreign corporations and governments involves additional risks relating to: political, social, religious and economic developments abroad; market instability; fluctuations in foreign exchange rates; different regulatory requirements, market practices, accounting standards and practices; and less publicly available information about foreign issuers. Additionally, these investments may be less liquid, carry higher brokerage commissions and other fees, and procedures and regulations governing transactions and custody in foreign markets also may involve delays in payment, delivery or recovery of money or investments. Investments in common stocks of U.S. companies with international operations, and the purchase of sponsored or unsponsored ADRs (American Depositary Receipt) carry similar risks. In addition to risks associated with investing in foreign securities, there are special risks associated with investments in China and Hong Kong, including exposure to currency fluctuations, less liquidity, expropriation, confiscatory taxation, nationalization, exchange control regulations, differing legal standards and rapid fluctuations in inflation and interest rates. The Chinese government could, at any time, alter or discontinue economic reform programs implemented since 1978. |
| **Summary of Fair Value Exposure at December 31, 2022** |
| In accordance with FASB ASC 820, Fair Value Measurements ("ASC 820"), fair value is defined as the price that a Fund would receive to sell an investment or pay to transfer a liability in an orderly transaction with an independent buyer in the principal market, or in the absence of a principal market, the most advantageous market for the investment or liability. ASC 820 establishes a three-tier hierarchy to distinguish between (1) inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observable inputs) and (2) inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Funds' investments. The inputs are summarized in the three broad levels listed below: |
| Level 1 — Valuations based on quoted prices for investments in active markets that a Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments. |
| Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.). |
| Level 3 —Valuations based on significant unobservable inputs (including a Fund's own assumptions and judgment in determining the fair value of investments). |
| Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the market place. The inputs will be considered by Kornitzer Capital Management ("Advisor"), along with any other relevant factors in the calculation of an investment's fair value. The Funds use prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy. |
| Non-U.S. equity securities actively traded in foreign markets may be reflected in Level 2 despite the availability of closing prices, because the Funds evaluate and determine whether those closing prices reflect fair value at the close of the NYSE or require adjustment, as described above and in the Foreign Investment Risk note above. |
| Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models rely on one or more significant unobservable inputs and/or significant assumptions made by the Valuation Committee. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data. |
| The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. |
| The following table provides the fair value measurement of applicable Fund assets and liabilities by level within the fair value hierarchy as of December 31, 2022. These assets are measured on a recurring basis. |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| **Buffalo Small Cap Fund** | **Buffalo Small Cap Fund** | **Buffalo Small Cap Fund** | **Buffalo Small Cap Fund** | **Buffalo Small Cap Fund** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $784385433 | - |  | $784385433 |
| Short Term Investments | 24294794 | - |  | 24294794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total\*** | $**808680227** | $**-** |  | $**808680227** |

---

---

| |
|:---|
| *\* Additional information regarding the industry and/or geographical classification of these investments is disclosed in the schedule of investments.* |
| **TRANSACTIONS WITH AFFILIATES** |
| Investments representing 5% or more of the outstanding voting securities of a portfolio company result in that company being considered an affiliated company, as defined in the 1940 Act. There were no affiliated companies held in any of the Buffalo Funds during the period ended December 31, 2022. |
| **FOREIGN CURRENCY TRANSLATION** |
| Values of investments denominated in foreign currencies are converted into U.S. dollars using a spot market rate of exchange on the day of valuation. Purchases and sales of investments and dividend and interest income are translated to U.S. dollars using a spot market rate of exchange prevailing on the respective dates of such transactions. The portion of security gains or losses resulting from changes in foreign exchange rates is included with net realized and unrealized gain or loss from investments, as appropriate, for both ﬁnancial reporting and tax purposes. |
| **PURCHASED AND WRITTEN OPTIONS CONTRACTS** |
| The Fund may purchase and write call or put options on securities and indices and enter into related closing transactions. As a holder of a call option, a Fund has the right, but not the obligation, to purchase a security at the exercise price during the exercise period. As the writer of a call option, a Fund has the obligation to sell the security at the exercise price during the exercise period. The Fund did not hold purchased or written call options as of December 31, 2022. The Fund's maximum payout in the case of written call option contracts cannot be determined. As a holder of a put option, a Fund has the right, but not the obligation, to sell a security at the exercise price during the exercise period. As the writer of a put option, a Fund has the obligation to buy the underlying security at the exercise price during the exercise period. The Fund did not hold any purchased or written put options as of December 31, 2022. The premium that a Fund pays when purchasing an option or receives when writing an option will reﬂect, among other things, the market price of the security, the relationship of the exercise price to the market price of the security, the relationship of the exercise price to the volatility of the security, the length of the option period and supply and demand factors. The premium is the market value of an option at the time of purchase. A purchaser (holder) of a put option pays a non-refundable premium to the seller (writer) of a put option to obtain the right to sell a speciﬁed amount of a security at a ﬁxed price (the exercise price) during a speciﬁed period (exercise period). Conversely, the seller (writer) of a put option, upon payment by the holder of the premium, has the obligation to buy the security from the holder of the put option at the exercise price during the exercise period. Exchange traded options are valued at the composite price, using the National Best Bid and Oﬀer quotes ("NBBO"). NBBO consists of the highest bid prices and lowest ask prices across any of the exchanges on which an option is quoted, thus providing a view across the entire U.S. options marketplace. Speciﬁcally, composite pricing looks at the last trades on the exchanges where the options are traded. If there are no trades for the option on a given business day, composite option pricing calculates the mean of the highest bid price and lowest ask price across the exchanges where the option is traded. Non exchange traded options also will be valued at the mean between the last bid and ask quotations. For options where market quotations are not readily available, a fair value shall be determined as set forth in the Fund' fair valuation guidelines. The Fund may use options with the objective to generate income as a non-principal investment strategy. A risk of using derivatives is that the counterparty to a derivative may fail to comply with their obligation to the Fund. |

---

## 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:** Shawnee Mission

  - **State:** KS

  - **Foreign country:** US

  - **Zip / Postal Code:** 66205

  - **Telephone number:** 913-384-1513

**Item A.2. Information about the Series.**

- **a. Name of Series:** Buffalo Small Cap Fund

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

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

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

- **a. Date of fiscal year-end:** 2023-03-31

- **b. Date as of which information is reported:** 2022-12-31

**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:** $810098394.04

**Total Liabilities:** $5953078.74

**Net Assets:** $804145315.30

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000064614 | 8.31%                | -1.23%               | -7.14%               |
| Class ID C000214594 | 8.26%                | -1.23%               | -7.10%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $777294.82               | $66608417.82                               |
| Month 2  | $-515188.13              | $-9871286.79                               |
| Month 3  | $-16581739.36            | $-44888213.44                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ADTRAN Holdings Inc            | ADTRAN Holdings Inc                 | CUSIP: 00486H105<br>LEI: 549300VV36J86CRRWF77 | Long             | EC               | CORP              | US        |    560066 | NS      | $10523640.14  | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Drainage Systems Inc  | Advanced Drainage Systems Inc       | CUSIP: 00790R104<br>LEI: 6QQTOZ5MF5DHM7K92I60 | Long             | EC               | CORP              | US        |     85030 | NS      | $6969909.10   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Air Transport Services Group I | Air Transport Services Group Inc    | CUSIP: 00922R105<br>LEI: 5493000F3MSFGIXTQE27 | Long             | EC               | CORP              | US        |    304967 | NS      | $7923042.66   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Array Technologies Inc         | Array Technologies Inc              | CUSIP: 04271T100<br>LEI: 549300JM5FECYJQ85V37 | Long             | EC               | CORP              | US        |    508230 | NS      | $9824085.90   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Paragon 28 Inc                 | Paragon 28 Inc                      | CUSIP: 69913P105<br>LEI: 254900GM24PT1FMTRP66 | Long             | EC               | CORP              | US        |    425744 | NS      | $8135967.84   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Paya Holdings Inc              | Paya Holdings Inc                   | CUSIP: 70434P103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1714490 | NS      | $13493036.30  | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Privia Health Group Inc        | Privia Health Group Inc             | CUSIP: 74276R102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    800885 | NS      | $18188098.35  | 2.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Rush Street Interactive Inc    | Rush Street Interactive Inc         | CUSIP: 782011100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1060075 | NS      | $3805669.25   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Shift4 Payments Inc            | Shift4 Payments Inc                 | CUSIP: 82452J109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    166300 | NS      | $9301159.00   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Shoals Technologies Group Inc  | Shoals Technologies Group Inc       | CUSIP: 82489W107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    473177 | NS      | $11673276.59  | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Silicon Laboratories Inc       | Silicon Laboratories Inc            | CUSIP: 826919102<br>LEI: 4PRDF8Q9TDHRVZKZSZ47 | Long             | EC               | CORP              | US        |     78945 | NS      | $10710468.15  | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| SiTime Corp                    | SiTime Corp                         | CUSIP: 82982T106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     77110 | NS      | $7835918.20   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| STAAR Surgical Co              | STAAR Surgical Co                   | CUSIP: 852312305<br>LEI: 5299006LRHI7OJ8BY308 | Long             | EC               | CORP              | US        |    131610 | NS      | $6388349.40   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Sterling Check Corp            | Sterling Check Corp                 | CUSIP: 85917T109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    396343 | NS      | $6131426.21   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Summit Materials Inc           | Summit Materials Inc                | CUSIP: 86614U100<br>LEI: 549300XNOLX5GIOSO108 | Long             | EC               | CORP              | US        |    471311 | NS      | $13380529.54  | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Target Hospitality Corp        | Target Hospitality Corp             | CUSIP: 87615L107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    859700 | NS      | $13015858.00  | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| TaskUS Inc                     | TaskUS Inc                          | CUSIP: 87652V109<br>LEI: 549300VFPOK2Y6GLWE32 | Long             | EC               | CORP              | US        |    800579 | NS      | $13529785.10  | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Tenable Holdings Inc           | Tenable Holdings Inc                | CUSIP: 88025T102<br>LEI: 5493004S5OMPESF0EF83 | Long             | EC               | CORP              | US        |    273700 | NS      | $10441655.00  | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Roadhouse Inc            | Texas Roadhouse Inc                 | CUSIP: 882681109<br>LEI: 5299002Y1CNRPDGXTQ75 | Long             | EC               | CORP              | US        |     59355 | NS      | $5398337.25   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| TransMedics Group Inc          | TransMedics Group Inc               | CUSIP: 89377M109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    373496 | NS      | $23052173.12  | 2.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Treace Medical Concepts Inc    | Treace Medical Concepts Inc         | CUSIP: 89455T109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    494223 | NS      | $11362186.77  | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Display Corp         | Universal Display Corp              | CUSIP: 91347P105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     87950 | NS      | $9502118.00   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Upwork Inc                     | Upwork Inc                          | CUSIP: 91688F104<br>LEI: 5493004QJ6WWBXVE2S70 | Long             | EC               | CORP              | US        |    332885 | NS      | $3475319.40   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Wingstop Inc                   | Wingstop Inc                        | CUSIP: 974155103<br>LEI: 549300SSH3F8HPIM3Q47 | Long             | EC               | CORP              | US        |     65995 | NS      | $9082231.90   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Zuora Inc                      | Zuora Inc                           | CUSIP: 98983V106<br>LEI: 549300ISVGC1YZWQJ420 | Long             | EC               | CORP              | US        |   1266590 | NS      | $8055512.40   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Cambium Networks Corp          | Cambium Networks Corp               | CUSIP: N/A<br>LEI: 549300OYSIGK6OT5WL04       | Long             | EC               | CORP              | US        |    358880 | NS      | $7776929.60   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Establishment Labs Holdings In | Establishment Labs Holdings Inc     | CUSIP: N/A<br>LEI: 549300BCBQ714JNJ7V58       | Long             | EC               | CORP              | CR        |    248295 | NS      | $16300566.75  | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Kornit Digital Ltd             | Kornit Digital Ltd                  | CUSIP: N/A<br>LEI: 5299006DPCQWP3VTFK34       | Long             | EC               | CORP              | IL        |    293965 | NS      | $6752376.05   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Arrowhead Pharmaceuticals Inc  | Arrowhead Pharmaceuticals Inc       | CUSIP: 04280A100<br>LEI: 549300O3CSB8T7OZ3D66 | Long             | EC               | CORP              | US        |     73820 | NS      | $2994139.20   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Avid Bioservices Inc           | Avid Bioservices Inc                | CUSIP: 05368M106<br>LEI: 549300GRUS3ZMGP8MX22 | Long             | EC               | CORP              | US        |    607445 | NS      | $8364517.65   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| AZEK Co Inc/The                | AZEK Co Inc/The                     | CUSIP: 05478C105<br>LEI: 5493002LDDDU1RX46815 | Long             | EC               | CORP              | US        |    299030 | NS      | $6076289.60   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| BRP Group Inc                  | BRP Group Inc                       | CUSIP: 05589G102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    348515 | NS      | $8761667.10   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Bancorp Inc/The                | Bancorp Inc/The                     | CUSIP: 05969A105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    445170 | NS      | $12633924.60  | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| BigCommerce Holdings Inc       | BigCommerce Holdings Inc            | CUSIP: 08975P108<br>LEI: 549300MOVEFQ78DMPG58 | Long             | EC               | CORP              | US        |    741070 | NS      | $6476951.80   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Cactus Inc                     | Cactus Inc                          | CUSIP: 127203107<br>LEI: 549300J3T8C9F8QFKV08 | Long             | EC               | CORP              | US        |    288905 | NS      | $14520365.30  | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Calix Inc                      | Calix Inc                           | CUSIP: 13100M509<br>LEI: 5299002RQRZ4SXSCSJ58 | Long             | EC               | CORP              | US        |    294745 | NS      | $20169400.35  | 2.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Castle Biosciences Inc         | Castle Biosciences Inc              | CUSIP: 14843C105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    676144 | NS      | $15916429.76  | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| ChampionX Corp                 | ChampionX Corp                      | CUSIP: 15872M104<br>LEI: 549300EP2909K6DYYP38 | Long             | EC               | CORP              | US        |    555115 | NS      | $16092783.85  | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Chart Industries Inc           | Chart Industries Inc                | CUSIP: 16115Q308<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | EC               | CORP              | US        |     79125 | NS      | $9117573.75   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Ciena Corp                     | Ciena Corp                          | CUSIP: 171779309<br>LEI: W0CZ7N0GH8UIGXDM1H41 | Long             | EC               | CORP              | US        |    238505 | NS      | $12158984.90  | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Clearfield Inc                 | Clearfield Inc                      | CUSIP: 18482P103<br>LEI: 529900M4S2OQ1ADPR537 | Long             | EC               | CORP              | US        |     70000 | NS      | $6589800.00   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| QuidelOrtho Corp               | QuidelOrtho Corp                    | CUSIP: 219798105<br>LEI: 549300YU8CMO9HF53113 | Long             | EC               | CORP              | US        |    114565 | NS      | $9814783.55   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Customers Bancorp Inc          | Customers Bancorp Inc               | CUSIP: 23204G100<br>LEI: 549300WLBCHYKZ53FN68 | Long             | EC               | CORP              | US        |    297705 | NS      | $8436959.70   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| DoubleVerify Holdings Inc      | DoubleVerify Holdings Inc           | CUSIP: 25862V105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    672859 | NS      | $14775983.64  | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Endava PLC                     | Endava PLC                          | CUSIP: 29260V105<br>LEI: 213800JJ6CRPCWCQVZ25 | Long             | EC               | CORP              | GB        |    127505 | NS      | $9754132.50   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| European Wax Center Inc        | European Wax Center Inc             | CUSIP: 29882P106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    567048 | NS      | $7059747.60   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Eventbrite Inc                 | Eventbrite Inc                      | CUSIP: 29975E109<br>LEI: 549300N6XBV2B1FAUF55 | Long             | EC               | CORP              | US        |    811824 | NS      | $4757288.64   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Everi Holdings Inc             | Everi Holdings Inc                  | CUSIP: 30034T103<br>LEI: 5299006DK5S7BG10K532 | Long             | EC               | CORP              | US        |    973015 | NS      | $13962765.25  | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Evolent Health Inc             | Evolent Health Inc                  | CUSIP: 30050B101<br>LEI: 549300CZOCFHQ2BBTR11 | Long             | EC               | CORP              | US        |    464930 | NS      | $13055234.40  | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| FTI Consulting Inc             | FTI Consulting Inc                  | CUSIP: 302941109<br>LEI: 549300K17GM8EQD0FQ48 | Long             | EC               | CORP              | US        |     82670 | NS      | $13127996.00  | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Government Portfolio  | Fidelity Government Portfolio       | CUSIP: 316175108<br>LEI: N/A                  | Long             | STIV             | RF                | US        |  24294794 | NS      | $24294793.68  | 3.02%             |  |  |  | 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        |    593717 | NS      | $8032991.01   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Five9 Inc                      | Five9 Inc                           | CUSIP: 338307101<br>LEI: 254900MXP6EWY0SFFR59 | Long             | EC               | CORP              | US        |     67105 | NS      | $4553745.30   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Grid Dynamics Holdings Inc     | Grid Dynamics Holdings Inc          | CUSIP: 39813G109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    618025 | NS      | $6934240.50   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Guess? Inc                     | Guess? Inc                          | CUSIP: 401617105<br>LEI: 549300QVH3ZK2DW0KP86 | Long             | EC               | CORP              | US        |    431561 | NS      | $8928997.09   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Halozyme Therapeutics Inc      | Halozyme Therapeutics Inc           | CUSIP: 40637H109<br>LEI: 529900242I3SV9AGM753 | Long             | EC               | CORP              | US        |    305349 | NS      | $17374358.10  | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Hamilton Lane Inc              | Hamilton Lane Inc                   | CUSIP: 407497106<br>LEI: 5493006OKN3V1NORM833 | Long             | EC               | CORP              | US        |    151195 | NS      | $9658336.60   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| HealthEquity Inc               | HealthEquity Inc                    | CUSIP: 42226A107<br>LEI: 529900LRJU1RAFQHM467 | Long             | EC               | CORP              | US        |    194048 | NS      | $11961118.72  | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| ICF International Inc          | ICF International Inc               | CUSIP: 44925C103<br>LEI: 5493003KYFDDC5B3WY64 | Long             | EC               | CORP              | US        |    206919 | NS      | $20495326.95  | 2.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Inspire Medical Systems Inc    | Inspire Medical Systems Inc         | CUSIP: 457730109<br>LEI: 549300XQQCQ7HCJKTW25 | Long             | EC               | CORP              | US        |     44960 | NS      | $11324524.80  | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Janus International Group Inc  | Janus International Group Inc       | CUSIP: 47103N106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    836435 | NS      | $7962861.20   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| John Bean Technologies Corp    | John Bean Technologies Corp         | CUSIP: 477839104<br>LEI: 5493007CT6ATBZ2L6826 | Long             | EC               | CORP              | US        |    119870 | NS      | $10947727.10  | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Karat Packaging Inc            | Karat Packaging Inc                 | CUSIP: 48563L101<br>LEI: 549300JYUKCQP3P8D632 | Long             | EC               | CORP              | US        |    302997 | NS      | $4354066.89   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Ligand Pharmaceuticals Inc     | Ligand Pharmaceuticals Inc          | CUSIP: 53220K504<br>LEI: 5493008K7TB0IKP37H79 | Long             | EC               | CORP              | US        |    106752 | NS      | $7131033.60   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Lovesac Co/The                 | Lovesac Co/The                      | CUSIP: 54738L109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    239147 | NS      | $5263625.47   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| MGP Ingredients Inc            | MGP Ingredients Inc                 | CUSIP: 55303J106<br>LEI: 2549006OMHFVZ4MS8538 | Long             | EC               | CORP              | US        |    159670 | NS      | $16985694.60  | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Steven Madden Ltd              | Steven Madden Ltd                   | CUSIP: 556269108<br>LEI: 549300Z9GZ7GYJWSGF43 | Long             | EC               | CORP              | US        |    367162 | NS      | $11734497.52  | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| MasTec Inc                     | MasTec Inc                          | CUSIP: 576323109<br>LEI: 549300TMDIT8WREDOF45 | Long             | EC               | CORP              | US        |    149185 | NS      | $12729956.05  | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Matador Resources Co           | Matador Resources Co                | CUSIP: 576485205<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | EC               | CORP              | US        |    108630 | NS      | $6217981.20   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| MaxLinear Inc                  | MaxLinear Inc                       | CUSIP: 57776J100<br>LEI: 549300EMOI0SM2IY4F64 | Long             | EC               | CORP              | US        |    321680 | NS      | $10921036.00  | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| NV5 Global Inc                 | NV5 Global Inc                      | CUSIP: 62945V109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    114755 | NS      | $15184381.60  | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Natera Inc                     | Natera Inc                          | CUSIP: 632307104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    343304 | NS      | $13790521.68  | 1.71%             |  |  |  | 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        |    220070 | NS      | $10308078.80  | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| OmniAb Inc                     | OmniAb Inc                          | CUSIP: 68218J103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1760375 | NS      | $6337350.00   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Omniab Inc/old                 | Omniab Inc/old                      | CUSIP: 68218J202<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     47436 | NS      | $474.36       | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Omniab Inc/old                 | Omniab Inc/old                      | CUSIP: 68218J301<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     47436 | NS      | $474.36       | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Open Lending Corp              | Open Lending Corp                   | CUSIP: 68373J104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    716455 | NS      | $4836071.25   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| OptimizeRx Corp                | OptimizeRx Corp                     | CUSIP: 68401U204<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    299939 | NS      | $5038975.20   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| PGT Innovations Inc            | PGT Innovations Inc                 | CUSIP: 69336V101<br>LEI: 549300LRW9WM59C1S579 | Long             | EC               | CORP              | US        |    556970 | NS      | $10003181.20  | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Palomar Holdings Inc           | Palomar Holdings Inc                | CUSIP: 69753M105<br>LEI: 549300DOI1MUW11BLX74 | Long             | EC               | CORP              | US        |    185163 | NS      | $8361961.08   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-24

**Name of Applicant:** Buffalo Funds

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

**Name of Signer:** Laura Symon Browne

**Title:** President and Treasurer