About the Firm John C. Kornitzer founded our firm in 1989 and remains the majority owner. From 1989 to October 2022, Mr. Kornitzer served as President of KCM. In October 2022, Mr. Kornitzer stepped down as President of KCM and appointed Joe Neuberger to assume the responsibilities of President and CEO. Mr. Kornitzer continues to serve on the Board of Directors of KCM and also continues to work with the firm as a Portfolio Manager. We render advice as an investment adviser or as a subadviser to individuals and institutions and act as the investment adviser to the Buffalo Funds. Advisory Services We manage our clients’ accounts on a discretionary basis by providing investment supervisory services and emphasizing traditional portfolio management techniques. We base our investment decisions on internally-generated research and make decisions best suited to our clients’ investment needs and mandates. Types of Advisory Services Separately Managed Accounts. We manage individual investment portfolios in separate accounts by providing investment supervisory services, and we continuously monitor and review your funds managed by us. Your funds are invested according to your own individual needs, objectives, and desires. In managing any account, we may use a balanced approach or follow a specific investment style, such as fixed income, value, or growth. A balanced approach uses both equity and fixed income securities. For fixed income portfolios we consider investment grade securities, non-investment grade securities, and municipal bonds. Value and growth investment styles use primarily equity securities issued by companies of all market sizes which may be classified as large-cap, mid-cap, small-cap, or micro-cap. In certain instances, we may invest in certain defined investment segments, such as technology or international. All styles and methods may be used within any account as we deem appropriate. In managing your account according to your investment needs, objectives, and desires, we obtain personal information from you concerning your financial situation, investment needs, objectives, desires, and such other information we deem appropriate. We focus on your individual circumstances and financial situation you express to us. You may place restrictions on our management of your funds subject to our consent on the reasonableness and feasibility of the restrictions. By placing restrictions on an account, your account’s performance may be inconsistent with the performance of similarly managed accounts and may not perform as you might otherwise desire. Account Termination, Non-Investment Grade Securities. Our client agreements state upon a termination, we liquidate the non-investment grade securities held in a terminating client’s account. We liquidate these securities upon a termination of the agreement by you unless you specifically authorize us to transfer the securities in-kind after we consult with you. Before we liquidate the securities, we discuss with you the liquidation of the non-investment grade securities and confirm the liquidation. If you desire to maintain the non-investment grade securities upon a termination, we will transfer them in-kind upon receipt of written instructions from you. Based on our experience, the succeeding firms for terminating clients may be unable to handle these securities. They usually lack the experience and capabilities to research non-investment grade securities, render advice on them, and execute transactions in them. The succeeding firms are usually unable to liquidate the securities as favorably as we may do so, especially if we transfer a smaller quantity that may be more difficult to execute. We believe we serve our clients’ interests better by liquidating these securities instead of transferring them to a firm inexperienced in handling them. If we believe these non-investment grade securities represent a continuing investment opportunity for our remaining clients, we may transfer the securities from a terminating client’s account to client accounts that continue to be managed by us. We understand the nature of the securities and if they present a value to remaining clients, we will transfer them at fair market value. In transferring these securities from any terminating client’s

account to remaining client accounts, we may be deemed to be favoring remaining clients over terminating clients. We could be deemed to have a conflict of interest if favoring remaining clients over terminating clients in transferring these securities. We believe it best serves all interests to handle these securities according to these policies and procedures regarding non-investment grade securities in terminating client accounts. Strategy Accounts. Our institutional clients typically specify the style or strategy they desire for funds they place with us, which is a style or strategy similar to one or more of the Buffalo Funds we manage. When our clients direct that we manage their accounts according to a designated investment strategy used by us in managing one or more of the Buffalo Funds, we refer to these accounts as “strategy accounts.” When clients direct an investment strategy, we make investment decisions for their funds within the strategy directed by them. For example, clients may direct that we manage their accounts using an investment strategy similar to the Buffalo Small Cap Fund, other Buffalo Funds, or a combination of two or more Buffalo Funds. The investment styles and strategies are described under Item 8 - Methods of Analysis, Investment Strategies and Risk of Loss below. We manage these strategy accounts in a manner similar to and follow the investment strategy of the respective Buffalo Fund to the fullest extent possible. The exact activity, performance, and trades of the designated Fund cannot be replicated in these strategy accounts. These strategy accounts are managed substantially similar but not identically to the respective Buffalo Fund. Any number of factors may cause the management of a strategy account to vary from the management of the designated Buffalo Fund, including variances in cash flows, relative sizes, trade execution and processing, and client-imposed restrictions. Higher account minimums may exist for these strategy accounts than for our individually managed accounts. Minimum account sizes may vary according to whether the investment strategy directed by the client may be appropriately implemented for the account based on the relative size of the respective Buffalo Fund, whether the Buffalo Fund for the desired investment strategy is closed to new investors, and any other considerations we deem appropriate. Mutual Funds. We organized the Buffalo Funds, an investment company with a series of no-load mutual funds and continue to act as its investment adviser. Following are the ten funds in the series:
• Buffalo Discovery Fund
• Buffalo Dividend Focus Fund
• Buffalo Early Stage Growth Fund
• Buffalo Flexible Income Fund
• Buffalo Growth Fund
• Buffalo High Yield Fund
• Buffalo International Fund
• Buffalo Large Cap Fund
• Buffalo Mid Cap Fund
• Buffalo Small Cap Fund We manage the Buffalo Funds and make investment decisions with respect to the types of assets to be placed in the Funds according to established investment strategies for each Fund. Our advisory services are rendered to the Funds as our client. As of March 31, 2023, we managed approximately $3.7 billion of assets in the Buffalo Funds. You may obtain additional information about the Buffalo Funds from the Prospectus and Statement of Additional Information at www.buffalofunds.com. Great Plains Trust Company. We provide investment advisory services to Great Plains Trust Company (GPTC) as a subadviser for accounts which GPTC acts as trustee, custodian, and in a similar capacity. We provide investment advisory services on behalf of GPTC to individual beneficiaries of trusts and retirement accounts according to the individual investment needs, objectives, and desires of the beneficiaries of the trusts and the retirement plans. Further reference may be made to www.greatplainstrust.com. Assets Under Management As of March 31, 2023, our assets under management were $6.4 billion, of which $6.3 billion were managed on a discretionary basis and $71 million on a non-discretionary basis.