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Form N-PX · fund registrantSEC filer no. 1135300

BUFFALO FUNDS

fund voting report

Vote records reported
7,406year to 30 June 2026
Against management
4.3%276 of 6,410 marked votes
Say-on-pay support
89.4%for, of for + against + abstain
Shareholder-proposal support
6.9%for, of for + against + abstain
90.0% for8.8% against1.3% other4.3% against management6,460 votes

foragainstabstain, withhold or otheramber tick: the portion cast against management

In its Form N-PX for the year to 30 June 2026, BUFFALO FUNDS listed 7,406 vote records. Votes against management made up 4.3% of those marked either way (276 of 6,410); the median fund registrant stood at 6.2%.

Weighted by the number of shares voted, the against-management share is 6.7%. The two figures differ when the votes against management fall on larger or smaller holdings than the rest.

On pay and on shareholder proposals: it voted for 89.4% of the section 14A say-on-pay items it reported (the median fund registrant: 91.6%) and it voted for 6.9% of the proposals put forward by security holders (the median fund registrant: 27.5%).

By category, votes against management were most frequent in SHAREHOLDER RIGHTS AND DEFENSES (13.9% of 36), COMPENSATION (12.8% of 188) and SECTION 14A SAY-ON-PAY VOTES (9.9% of 544).

Compared with other filers

Each rate is defined once, in the methodology. The median is taken over 1,241 fund registrants with at least 25 vote records in the season.

year to 30 June 2026This filerMedian fund registrantAll filers pooled
Against-management share4.3%6.2%10.6%
Say-on-pay support rate89.4%91.6%86.0%
Shareholder-proposal support rate6.9%27.5%33.9%
Shares on loan, share of shares held0.00%0.00%3.12%
Largest families, year to 30 June 2026Against managementSay-on-pay supportShareholder-proposal support
Vanguard20.1%94.1%42.0%
BlackRock and iShares7.5%88.3%11.9%
Fidelity6.0%94.7%27.6%
Dimensional16.4%78.9%57.4%
State Street and SPDR16.9%77.1%50.4%

Of the 7,406 vote records in this filing, 946 carry something the form does not expect: a missing vote source or category, a record with no vote line, a meeting date that cannot be read, or a security identifier this site could not use. They are counted as filed. What is checked

Votes by category

Filers choose one or more categories for each vote, so a vote can appear in more than one row. Category names are printed as Form N-PX defines them.

Category (as the form names it)VotesForAgainstAgainst managementSplit
DIRECTOR ELECTIONS4,2264,0671383.7%
SECTION 14A SAY-ON-PAY VOTES547455539.9%
AUDIT-RELATED56555442.0%
INVESTMENT COMPANY MATTERS2200.0%
SHAREHOLDER RIGHTS AND DEFENSES40122513.9%
EXTRAORDINARY TRANSACTIONS131217.7%
CAPITAL STRUCTURE23322493.1%
COMPENSATION1971692612.8%
CORPORATE GOVERNANCE3992871064.9%
ENVIRONMENT OR CLIMATE502482.0%
HUMAN RIGHTS OR HUMAN CAPITAL/WORKFORCE730691.4%
DIVERSITY, EQUITY, AND INCLUSION130130.0%
OTHER SOCIAL ISSUES140121281.4%
OTHER9780132.2%

By season

SeasonVote recordsAgainst managementSay-on-pay supportShareholder-proposal supportSplit
year to 30 June 20248,2762.6%88.2%3.3%
year to 30 June 20257,3165.5%81.6%6.7%
year to 30 June 20267,4064.3%89.4%6.9%

Say-on-pay votes against management

Counting one say-on-pay item per company meeting, BUFFALO FUNDS voted against management on 33 of the 349 it marked either way (9.5%) in the year to 30 June 2026.

A further 30 say-on-pay items were reported without a management mark and are left out of both sides of that fraction.

Shareholder proposals it supported

Of 198 proposals from security holders that could be told apart in the filings and on which it cast a vote, BUFFALO FUNDS voted for 18 (9.1%). Titles are the most common wording among filers; where a wording could name a person, the SEC category is printed instead.

CompanyMeetingProposal
PEPSICO, INC.6 May 2026Shareholder Proposal - Independent Board Chair.
Tesla, Inc.6 Nov 2025A shareholder proposal regarding adopting targets and reporting on metrics to assess the feasibility of...
Tesla, Inc.6 Nov 2025A shareholder proposal to seek shareholder approval before adopting an amendment to the bylaws pursuant to...
Tesla, Inc.6 Nov 2025Declassify the Board of Directors
Verizon Communications Inc.21 May 2026Independent board chair
Pfizer Inc.23 Apr 2026Adopt an Independent Chair Policy
ConocoPhillips12 May 2026Stockholder Proposal - Independent Board Chairman.
EXXON MOBIL CORPORATION27 May 2026Require Independent Board Chair
Colgate-Palmolive Company8 May 2026Stockholder proposal entitled "Independent Board Chairman."
Kimberly-Clark Corporation14 May 2026Stockholder Proposal to Require Independent Board Chair
Bio-Rad Laboratories, Inc.21 Apr 2026Stockholder proposal regarding dual class capital structure.
ABB LTD19 Mar 2026Shareholder proposal: CORPORATE GOVERNANCE
ABB LTD19 Mar 2026Shareholder proposal: CORPORATE GOVERNANCE
ABB LTD19 Mar 2026Shareholder proposal: CORPORATE GOVERNANCE
ABB LTD19 Mar 2026Shareholder proposal: CORPORATE GOVERNANCE
ABB LTD19 Mar 2026Shareholder proposal: CORPORATE GOVERNANCE
Shell Plc19 May 2026Request Company to Publish a Report Disclosing the Company's Strategy to Create Shareholder Value Under...
RELX PLC23 Apr 2026Corporate governance

Shares on loan

BUFFALO FUNDS reported no shares on loan for the year to 30 June 2026. Shares lent out at the record date cannot be voted by the lender, which is why Form N-PX asks for the figure. More on lending and votes.

Fund series in this filing

9 series reported votes. A vote record can list several series. Series with 500 or more vote records have their own page.

SeriesVote recordsAgainst managementSay-on-pay supportShareholder-proposal support
Buffalo International Fund1,5711.7%100.0%87.5%
Buffalo Growth & Income Fund1,1264.8%85.1%1.8%
Buffalo Blue Chip Growth Fund1,1104.6%89.3%3.9%
Buffalo Mid Cap Discovery Fund7731.2%95.5%0.0%
Buffalo Mid Cap Growth Fund6400.2%100.0%7.7%
Buffalo Small Cap Growth Fund6262.9%97.2%not reported
Buffalo Flexible Allocation Fund57422.8%26.3%21.4%
Buffalo Early Stage Growth Fund4950.0%100.0%not reported
Buffalo Growth Fund4911.2%94.3%0.0%

The filings

These figures are read from the filer's own Form N-PX. If a vote on this page looks wrong, the filing is the record: a dispute about a filed vote is a matter for the filer, and an error in how this site read the filing is a matter for corrections.

Questions

How did BUFFALO FUNDS vote on executive pay?

In the year to 30 June 2026 BUFFALO FUNDS reported 509 votes in the category SECTION 14A SAY-ON-PAY VOTES that were cast for, against or abstain. 455 were for (89.4%), 50 against and 4 abstentions. Counting one item per company meeting, it voted against management on 33 of the 349 say-on-pay items it marked either way. A further 30 say-on-pay items were reported without a management mark and are not counted in that figure.

How often does BUFFALO FUNDS vote against management?

4.3% of the time in the year to 30 June 2026: 276 of the 6,410 votes it marked as for or against management. Form N-PX asks each filer to state, vote by vote, whether the vote was for or against management's recommendation; this figure counts those marks.

Did BUFFALO FUNDS support shareholder proposals on climate?

In the category ENVIRONMENT OR CLIMATE it reported 49 votes on proposals from security holders in the year to 30 June 2026 and voted for 1 of them (2.0%). Across every category it voted for 6.9% of security-holder proposals. Filers choose the category for each vote, so the same proposal can sit in different categories in different filings.

Is this the result of the meetings?

No. Form N-PX shows how this filer voted the shares it held. It does not show how other shareholders voted or whether a proposal was approved. Companies report certified results separately, on Form 8-K.

Where does the data come from?

From the Form N-PX filings of this filer on the SEC's EDGAR system, read as filed. The SEC does not verify the contents. Amended filings (N-PX/A) replace the filings they amend. Data on this page runs through 23 Sep 2026.

Provenance: SEC EDGAR, Form N-PX and N-PX/A filings by BUFFALO FUNDS (filer no. 1135300), read as filed and not verified by the SEC. Amended filings replace the filings they amend. Filings read through 23 Sep 2026; page built 26 Sep 2026.