# EDGAR Filing Document

**Accession Number:** 0001135300
**File Stem:** 0000894189-26-004301
**Filing Date:** 2026-2
**Character Count:** 46917
**Document Hash:** 72d7f94ee2b861323e61fccaa0b6796b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-26-004301.hdr.sgml**: 20260224

**ACCESSION NUMBER**: 0000894189-26-004301

**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:** 26670139

**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 International Fund (Series ID: S000019058)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000052696 | Investor Class      | BUFIX           |
| C000214590 | Institutional Class | BUIIX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Buffalo International Fund** | **Buffalo International Fund** | **Buffalo International Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **December 31, 2025 (Unaudited)** | **December 31, 2025 (Unaudited)** | **December 31, 2025 (Unaudited)** |
| **COMMON STOCKS - 98.9%** | **Shares** | **Value**  |
| **<u>Belgium</u> - 0.7%** | **<u>Belgium</u> - 0.7%** | |
| **Beverages - 0.7%** | | |
| Anheuser-Busch InBev SA/NV | 101463 | $6511994 |
| **<u>Canada</u> - 3.3%** | **<u>Canada</u> - 3.3%** |  |
| **Commercial Services & Supplies - 1.7%** |  |  |
| GFL Environmental, Inc. | 350000 | 15032500 |
| **Ground Transportation - 0.8%** |  |  |
| Canadian National Railway Co. | 73998 | 7314702 |
| **Software - 0.8%** |  |  |
| Constellation Software, Inc. | 2802 | 6739662 |
| **Total Canada** | **Total Canada** | 29086864 |
| **<u>China</u> - 1.4%** | **<u>China</u> - 1.4%** |  |
| **Banks - 0.7%** |  |  |
| China Merchants Bank Co. Ltd. - Class H | 900000 | 6122608 |
| **Interactive Media & Services - 0.7%** |  |  |
| Tencent Holdings Ltd. - ADR | 85000 | 6506750 |
| **Total China** | **Total China** | 12629358 |
| **<u>Denmark</u> - 1.1%** | **<u>Denmark</u> - 1.1%** |  |
| **Pharmaceuticals - 1.1%** |  |  |
| Novo Nordisk AS - ADR | 152000 | 7733760 |
| Novo Nordisk AS - Class B | 30000 | 1521554 |
| **Total Denmark** | **Total Denmark** | 9255314 |
| **<u>France</u> - 13.1%** | **<u>France</u> - 13.1%** |  |
| **Aerospace & Defense - 2.3%** |  |  |
| Airbus SE | 38000 | 8824501 |
| Thales SA | 42064 | 11347416 |
|  |  | 20171917 |
| **Chemicals - 1.8%** |  |  |
| Air Liquide SA | 81694 | 15354693 |
| **Construction & Engineering - 1.1%** |  |  |
| Vinci SA | 70024 | 9851182 |
| **Electrical Equipment - 2.9%** |  |  |
| Schneider Electric SE | 93000 | 25442469 |
| **Life Sciences Tools & Services - 1.0%** |  |  |
| Sartorius Stedim Biotech | 37000 | 9087989 |
| **Media - 0.8%** |  |  |
| Publicis Groupe SA | 70000 | 7269332 |
| **Pharmaceuticals - 1.2%** |  |  |
| Sanofi SA | 23000 | 2225367 |
| Sanofi SA - ADR | 170000 | 8238200 |
|  |  | 10463567 |
| **Professional Services - 2.0%** |  |  |
| Bureau Veritas SA | 543422 | 17287771 |
| **Total France** | **Total France** | 114928920 |
| **<u>Germany</u> - 13.7%** | **<u>Germany</u> - 13.7%** |  |
| **Aerospace & Defense - 1.2%** |  |  |
| Rheinmetall AG | 5759 | 10506677 |
| **Capital Markets - 1.1%** |  |  |
| DWS Group GmbH & Co. KGaA <sup>(a)</sup> | 142000 | 9332787 |
| **Electrical Equipment - 0.6%** |  |  |
| Siemens Energy AG <sup>(b)</sup> | 40083 | 5623180 |
| **Health Care Providers & Services - 2.1%** |  |  |
| Fresenius SE & Co. KGaA | 322659 | 18485693 |
| **Industrial Conglomerates - 2.6%** |  |  |
| Siemens AG | 81200 | 22742193 |
| **Insurance - 2.6%** |  |  |
| Hannover Rueck SE | 15000 | 4667714 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 27434 | 18053922 |
|  |  | 22721636 |
| **Multi-Utilities - 0.5%** |  |  |
| E.ON SE | 250000 | 4733725 |
| **Pharmaceuticals - 0.9%** |  |  |
| Merck KGaA | 53500 | 7635685 |
| **Software - 2.1%** |  |  |
| SAP SE - ADR | 75000 | 18218250 |
| **Total Germany** | **Total Germany** | 119999826 |
| **<u>Hong Kong</u> - 0.7%** | **<u>Hong Kong</u> - 0.7%** |  |
| **Capital Markets - 0.7%** |  |  |
| Hong Kong Exchanges & Clearing Ltd. | 120000 | 6278563 |
| **<u>India</u> - 1.3%** | **<u>India</u> - 1.3%** |  |
| **Banks - 0.6%** |  |  |
| HDFC Bank Ltd. - ADR | 140000 | 5115600 |
| **Hotels, Restaurants & Leisure - 0.7%** |  |  |
| MakeMyTrip Ltd. <sup>(b)</sup> | 80000 | 6569600 |
| **Total India** | **Total India** | 11685200 |
| **<u>Ireland</u> - 9.1%** | **<u>Ireland</u> - 9.1%** |  |
| **Chemicals - 1.7%** |  |  |
| Linde PLC | 34529 | 14722820 |
| **Construction Materials - 1.8%** |  |  |
| CRH PLC | 128000 | 15974400 |
| **Food Products - 1.0%** |  |  |
| Kerry Group PLC - Class A | 96635 | 8830758 |
| **Insurance - 1.8%** |  |  |
| Aon PLC - Class A | 44742 | 15788557 |
| **Passenger Airlines - 1.8%** |  |  |
| Ryanair Holdings PLC | 370903 | 12787829 |
| Ryanair Holdings PLC - ADR | 43000 | 3104170 |
|  |  | 15891999 |
| **Professional Services - 1.0%** |  |  |
| Experian PLC | 201624 | 9090504 |
| **Total Ireland** | **Total Ireland** | 80299038 |
| **<u>Japan</u> - 10.2%** | **<u>Japan</u> - 10.2%** |  |
| **Banks - 0.5%** |  |  |
| Resona Holdings, Inc. | 450000 | 4282974 |
| **Beverages - 0.4%** |  |  |
| Asahi Group Holdings Ltd. | 381000 | 3993568 |
| **Capital Markets - 0.5%** |  |  |
| Japan Exchange Group, Inc. | 450000 | 4803103 |
| **Electronic Equipment, Instruments & Components - 1.1%** |  |  |
| Keyence Corp. | 26173 | 9467428 |
| **Entertainment - 2.0%** |  |  |
| Nintendo Co. Ltd. | 220000 | 14853205 |
| Nintendo Co. Ltd. - ADR | 150000 | 2529000 |
|  |  | 17382205 |
| **Professional Services - 2.5%** |  |  |
| BayCurrent, Inc. | 521059 | 21605032 |
| **Semiconductors & Semiconductor Equipment - 3.2%** |  |  |
| Disco Corp. | 47500 | 14471458 |
| Renesas Electronics Corp. | 1000000 | 13696853 |
|  |  | 28168311 |
| **Total Japan** | **Total Japan** | 89702621 |
| **<u>Luxembourg</u> - 1.0%** | **<u>Luxembourg</u> - 1.0%** |  |
| **Life Sciences Tools & Services - 1.0%** |  |  |
| Eurofins Scientific SE <sup>(b)</sup> | 113648 | 8310890 |
| **<u>Netherlands</u> - 6.8%** | **<u>Netherlands</u> - 6.8%** |  |
| **Financial Services - 1.8%** |  |  |
| Adyen NV <sup>(a)(b)</sup> | 9785 | 15779026 |
| **Semiconductors & Semiconductor Equipment - 3.7%** |  |  |
| ASM International NV | 20000 | 12107892 |
| ASML Holding NV - NY Shares | 19427 | 20784170 |
|  |  | 32892062 |
| **Software - 0.8%** |  |  |
| Topicus.com, Inc. <sup>(b)</sup> | 80000 | 7411023 |
| **Trading Companies & Distributors - 0.5%** |  |  |
| IMCD NV | 45000 | 4084304 |
| **Total Netherlands** | **Total Netherlands** | 60166415 |
| **<u>South Korea</u> - 6.3%** | **<u>South Korea</u> - 6.3%** |  |
| **Semiconductors & Semiconductor Equipment - 4.3%** |  |  |
| SK hynix, Inc. | 83194 | 37676747 |
| **Technology Hardware, Storage & Peripherals - 2.0%** |  |  |
| Samsung Electronics Co. Ltd. | 215000 | 18020203 |
| **Total South Korea** | **Total South Korea** | 55696950 |
| **<u>Switzerland</u> - 9.7%** | **<u>Switzerland</u> - 9.7%** |  |
| **Capital Markets - 0.8%** |  |  |
| Julius Baer Group Ltd. | 93937 | 7339376 |
| **Construction Materials - 2.1%** |  |  |
| Amrize Ltd. <sup>(b)</sup> | 96000 | 5210993 |
| Holcim AG | 136000 | 13239643 |
|  |  | 18450636 |
| **Electrical Equipment - 1.7%** |  |  |
| ABB Ltd. | 65000 | 4791641 |
| ABB Ltd. - ADR | 134000 | 9911980 |
|  |  | 14703621 |
| **Health Care Equipment & Supplies - 1.6%** |  |  |
| Alcon AG | 126317 | 9955043 |
| Alcon AG | 46000 | 3639893 |
|  |  | 13594936 |
| **Life Sciences Tools & Services - 2.5%** |  |  |
| Lonza Group AG | 32904 | 22184532 |
| **Pharmaceuticals - 1.0%** |  |  |
| Roche Holding AG | 15800 | 6524930 |
| Roche Holding AG - ADR | 43000 | 2217510 |
|  |  | 8742440 |
| **Total Switzerland** | **Total Switzerland** | 85015541 |
| **<u>Taiwan</u> - 3.7%** | **<u>Taiwan</u> - 3.7%** |  |
| **Semiconductors & Semiconductor Equipment - 3.7%** |  |  |
| Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | 107000 | 32516230 |
| **<u>United Kingdom</u> - 14.3%** | **<u>United Kingdom</u> - 14.3%** |  |
| **Aerospace & Defense - 1.4%** |  |  |
| BAE Systems PLC | 549679 | 12650846 |
| **Capital Markets - 1.6%** |  |  |
| London Stock Exchange Group PLC | 115000 | 13833128 |
| **Financial Services - 0.5%** |  |  |
| Wise PLC - Class A <sup>(b)</sup> | 360000 | 4312794 |
| **Health Care Equipment & Supplies - 1.2%** |  |  |
| Smith & Nephew PLC | 335913 | 5586533 |
| Smith & Nephew PLC - ADR | 154254 | 5061074 |
|  |  | 10647607 |
| **Hotels, Restaurants & Leisure - 2.5%** |  |  |
| Compass Group PLC | 335000 | 10614453 |
| InterContinental Hotels Group PLC <sup>(b)</sup> | 78873 | 11083889 |
|  |  | 21698342 |
| **Industrial Conglomerates - 0.6%** |  |  |
| Smiths Group PLC | 170000 | 5377124 |
| **Oil, Gas & Consumable Fuels - 0.6%** |  |  |
| Shell PLC | 129010 | 4779049 |
| **Personal Care Products - 1.5%** |  |  |
| Unilever PLC | 55563 | 3635443 |
| Unilever PLC - ADR | 144241 | 9433354 |
|  |  | 13068797 |
| **Pharmaceuticals - 2.4%** |  |  |
| AstraZeneca PLC | 34000 | 6291995 |
| AstraZeneca PLC - ADR | 160073 | 14715511 |
|  |  | 21007506 |
| **Professional Services - 0.8%** |  |  |
| RELX PLC - ADR | 180000 | 7275600 |
| **Trading Companies & Distributors - 1.2%** |  |  |
| Ashtead Group PLC | 157000 | 10704095 |
| **Total United Kingdom** | **Total United Kingdom** | 125354888 |
| **<u>Uruguay</u> - 2.5%** | **<u>Uruguay</u> - 2.5%** |  |
| **Broadline Retail - 2.5%** |  |  |
| MercadoLibre, Inc. <sup>(b)</sup> | 10851 | 21856735 |
| **TOTAL COMMON STOCKS** (Cost $514,173,289) | **TOTAL COMMON STOCKS** (Cost $514,173,289) | 869295347 |
| **WARRANTS - 0.0% <sup>(c)</sup>** | **Contracts** | **Value**  |
| **Canada *-* 0.0%<sup>(c)</sup>** | **Canada *-* 0.0%<sup>(c)</sup>** |  |
| **Software — 0.0%<sup>(c)</sup>** | **Software — 0.0%<sup>(c)</sup>** |  |
| Constellation Software, Inc., Expires 03/31/2040, Exercise Price $0.00 <sup>(b)(d)</sup> | 5500 | 0<br> <sup>(e)</sup><br>|
| **TOTAL WARRANTS** (Cost $0) | **TOTAL WARRANTS** (Cost $0) | 0<br> <sup>(e)</sup><br>|
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **MONEY MARKET FUNDS - 0.8%** | **Shares** | **Value**  |
| Fidelity Money Market Government Portfolio - Class I, 3.67% <sup>(f)</sup> | 7192676 | 7192676 |
| **TOTAL MONEY MARKET FUNDS** (Cost $7,192,676) | **TOTAL MONEY MARKET FUNDS** (Cost $7,192,676) | 7192676 |
| **TOTAL INVESTMENTS - 99.7% (**Cost $521,365,965**)** | **TOTAL INVESTMENTS - 99.7% (**Cost $521,365,965**)** | 876488023 |
| Other Assets in Excess of Liabilities - 0.3% | Other Assets in Excess of Liabilities - 0.3% | 2924365 |
| **TOTAL NET ASSETS - 100.0%** |  | $879412388 |
| 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. |

---

ADR - American Depositary Receipt <br> PLC - Public Limited Company

(a) Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional
 investors. As of December 31, 2025, the value of these securities total $25,111,813 or 2.9% of the Fund's net assets.

(b) Non-income producing security.

(c) Represents less than 0.05% of net assets.

(d) 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 $0 or
 0.0% of net assets as of December 31, 2025.

(e) Rounds to zero.

(f) 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 International 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 | $274726201 | $594569146 | $– | $869295347 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Warrants | – | – | 0<br> <sup>(a)</sup>  | 0<br> <sup>(a)</sup>  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 7192676 | – | – | 7192676 |
| Total Investments | $281918877 | $594569146 | $0<br> <sup>(a)</sup>  | $876488023 |
| 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. |

---

(a) Rounds to zero.

## 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 International Fund

- **b. EDGAR series identifier (if any):** S000019058

- **c. LEI of Series:** 254900LT9J258PI02I17

**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:** $880916942.07

**Total Liabilities:** $1056075.31

**Net Assets:** $879860866.76

**Cash Not Reported:** $1812288.62

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000052696 | 1.05%                | -2.61%               | 2.54%                |
| Class ID C000214590 | 1.04%                | -2.61%               | 2.54%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-12263071.75            | $22187519.73                               |
| Month 2  | $5002428.59              | $-29046370.04                              |
| Month 3  | $4477366.98              | $17502378.46                               |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Smith & Nephew PLC             | Smith & Nephew PLC                                        | CUSIP: N/A<br>LEI: 213800ZTMDN8S67S1H61       | Long             | EC               | CORP              | GB        |    335913 | NS      | $5586533.35   | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| SAP SE                         | SAP SE                                                    | CUSIP: 803054204<br>LEI: 529900D6BF99LW9R2E68 | Long             | EC               | CORP              | DE        |     75000 | NS      | $18218250.00  | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Wise PLC                       | Wise PLC                                                  | CUSIP: N/A<br>LEI: 213800LD9XCHIC1C4V71       | Long             | EC               | CORP              | GB        |    360000 | NS      | $4312793.89   | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| Shell PLC                      | Shell PLC                                                 | CUSIP: N/A<br>LEI: 21380068P1DRHMJ8KU70       | Long             | EC               | CORP              | GB        |    129010 | NS      | $4779048.64   | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| AstraZeneca PLC                | AstraZeneca PLC                                           | CUSIP: 046353108<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |    160073 | NS      | $14715510.89  | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Rheinmetall AG                 | Rheinmetall AG                                            | CUSIP: N/A<br>LEI: 5299001OU9CSE29O6S05       | Long             | EC               | CORP              | DE        |      5759 | NS      | $10506677.04  | 1.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Nintendo Co Ltd                | Nintendo Co Ltd                                           | CUSIP: N/A<br>LEI: 353800FEEXU6I9M0ZF27       | Long             | EC               | CORP              | JP        |    220000 | NS      | $14853204.90  | 1.69%             |  |  |  | No            |                  2 | On Loan: No      |
| Ryanair Holdings PLC           | Ryanair Holdings PLC                                      | CUSIP: 783513203<br>LEI: 635400BR2ROC1FVEBQ56 | Long             | EC               | CORP              | IE        |     43000 | NS      | $3104170.00   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| CONSTELLATION SOFTWARE INC     | Constellation Software Inc/Canada                         | CUSIP: 21037X134<br>LEI: 549300B6PYHMCTDWQV29 | N/A              | DE               | CORP              | CA        |      5500 | NS      | $0.40         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Ryanair Holdings PLC           | Ryanair Holdings PLC                                      | CUSIP: N/A<br>LEI: 635400BR2ROC1FVEBQ56       | Long             | EC               | CORP              | IE        |    370903 | NS      | $12787828.97  | 1.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Vinci SA                       | Vinci SA                                                  | CUSIP: N/A<br>LEI: 213800WFQ334R8UXUG83       | Long             | EC               | CORP              | FR        |     70024 | NS      | $9851181.75   | 1.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Airbus SE                      | Airbus SE                                                 | CUSIP: N/A<br>LEI: MINO79WLOO247M1IL051       | Long             | EC               | CORP              | FR        |     38000 | NS      | $8824501.06   | 1.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Resona Holdings Inc            | Resona Holdings Inc                                       | CUSIP: N/A<br>LEI: 52990067JE75XZCYYT81       | Long             | EC               | CORP              | JP        |    450000 | NS      | $4282974.26   | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| Nintendo Co Ltd                | Nintendo Co Ltd                                           | CUSIP: 654445303<br>LEI: 353800FEEXU6I9M0ZF27 | Long             | EC               | CORP              | JP        |    150000 | NS      | $2529000.00   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Tencent Holdings Ltd           | Tencent Holdings Ltd                                      | CUSIP: 88032Q109<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | CN        |     85000 | NS      | $6506750.00   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Topicus.com Inc                | Topicus.com Inc                                           | CUSIP: 89072T102<br>LEI: N/A                  | Long             | EC               | CORP              | NL        |     80000 | NS      | $7411023.28   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Sartorius Stedim Biotech       | Sartorius Stedim Biotech                                  | CUSIP: N/A<br>LEI: 52990006IVXY7GCSSR39       | Long             | EC               | CORP              | FR        |     37000 | NS      | $9087988.94   | 1.03%             |  |  |  | No            |                  2 | On Loan: No      |
| MercadoLibre Inc               | MercadoLibre Inc                                          | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | UY        |     10851 | NS      | $21856735.26  | 2.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Novo Nordisk A/S               | Novo Nordisk A/S                                          | CUSIP: 670100205<br>LEI: 549300DAQ1CVT6CXN342 | Long             | EC               | CORP              | DK        |    152000 | NS      | $7733760.00   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Roche Holding AG               | Roche Holding AG                                          | CUSIP: 771195104<br>LEI: 549300U41AUUVOAAOB37 | Long             | EC               | CORP              | CH        |     43000 | NS      | $2217510.00   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| BAE Systems PLC                | BAE Systems PLC                                           | CUSIP: N/A<br>LEI: 8SVCSVKSGDWMW2QHOH83       | Long             | EC               | CORP              | GB        |    549679 | NS      | $12650846.59  | 1.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Hannover Rueck SE              | Hannover Rueck SE                                         | CUSIP: N/A<br>LEI: 529900KIN5BE45V5KB18       | Long             | EC               | CORP              | DE        |     15000 | NS      | $4667714.32   | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Kerry Group PLC                | Kerry Group PLC                                           | CUSIP: N/A<br>LEI: 635400TLVVBNXLFHWC59       | Long             | EC               | CORP              | IE        |     96635 | NS      | $8830757.78   | 1.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SK hynix Inc                   | SK hynix Inc                                              | CUSIP: N/A<br>LEI: 988400XAIK6XISWQV045       | Long             | EC               | CORP              | KR        |     83194 | NS      | $37676747.23  | 4.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Electronics Co Ltd     | Samsung Electronics Co Ltd                                | CUSIP: N/A<br>LEI: 9884007ER46L6N7EI764       | Long             | EC               | CORP              | KR        |    215000 | NS      | $18020203.14  | 2.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Roche Holding AG               | Roche Holding AG                                          | CUSIP: N/A<br>LEI: 549300U41AUUVOAAOB37       | Long             | EC               | CORP              | CH        |     15800 | NS      | $6524930.37   | 0.74%             |  |  |  | No            |                  2 | On Loan: No      |
| TSMC                           | Taiwan Semiconductor Manufacturing Co Ltd                 | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |    107000 | NS      | $32516230.00  | 3.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Compass Group PLC              | Compass Group PLC                                         | CUSIP: G23296208<br>LEI: 2138008M6MH9OZ6U2T68 | Long             | EC               | CORP              | GB        |    335000 | NS      | $10614453.35  | 1.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Novo Nordisk A/S               | Novo Nordisk A/S                                          | CUSIP: N/A<br>LEI: 549300DAQ1CVT6CXN342       | Long             | EC               | CORP              | DK        |     30000 | NS      | $1521554.37   | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Aon PLC                        | Aon PLC                                                   | CUSIP: N/A<br>LEI: 635400FALWQYX5E6QC64       | Long             | EC               | CORP              | GB        |     44742 | NS      | $15788556.96  | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Linde PLC                      | Linde PLC                                                 | CUSIP: N/A<br>LEI: 5299003QR1WT0EF88V51       | Long             | EC               | CORP              | US        |     34529 | NS      | $14722820.31  | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Thales SA                      | Thales SA                                                 | CUSIP: N/A<br>LEI: 529900FNDVTQJOVVPZ19       | Long             | EC               | CORP              | FR        |     42064 | NS      | $11347415.63  | 1.29%             |  |  |  | No            |                  2 | On Loan: No      |
| ABB Ltd                        | ABB Ltd                                                   | CUSIP: 000375204<br>LEI: 5493000LKVGOO9PELI61 | Long             | EC               | CORP              | CH        |    134000 | NS      | $9911980.00   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Asahi Group Holdings Ltd       | Asahi Group Holdings Ltd                                  | CUSIP: N/A<br>LEI: 353800KAJ02XNHLCJW79       | Long             | EC               | CORP              | JP        |    381000 | NS      | $3993567.61   | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Fidelity Government Portfolio  | Fidelity Government Portfolio                             | CUSIP: 316175108<br>LEI: 549300FQDFZGLUOCWN51 | Long             | STIV             | RF                | US        |   7192676 | NS      | $7192675.53   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Munich Re                      | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | CUSIP: N/A<br>LEI: 529900MUF4C20K50JS49       | Long             | EC               | CORP              | DE        |     27434 | NS      | $18053921.74  | 2.05%             |  |  |  | No            |                  2 | On Loan: No      |
| RELX PLC                       | RELX PLC                                                  | CUSIP: 759530108<br>LEI: 549300WSX3VBUFFJOO66 | Long             | EC               | CORP              | GB        |    180000 | NS      | $7275600.00   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Unilever PLC                   | Unilever PLC                                              | CUSIP: 904767803<br>LEI: 549300MKFYEKVRWML317 | Long             | EC               | CORP              | GB        |    144241 | NS      | $9433354.25   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Unilever PLC                   | Unilever PLC                                              | CUSIP: N/A<br>LEI: 549300MKFYEKVRWML317       | Long             | EC               | CORP              | GB        |     55563 | NS      | $3635442.52   | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| BayCurrent Inc                 | BayCurrent Inc                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    521059 | NS      | $21605032.34  | 2.46%             |  |  |  | No            |                  2 | On Loan: No      |
| Ashtead Group PLC              | Ashtead Group PLC                                         | CUSIP: N/A<br>LEI: 2138007UTBN8X9K1A235       | Long             | EC               | CORP              | GB        |    157000 | NS      | $10704095.44  | 1.22%             |  |  |  | No            |                  2 | On Loan: No      |
| AstraZeneca PLC                | AstraZeneca PLC                                           | CUSIP: N/A<br>LEI: PY6ZZQWO2IZFZC3IOL08       | Long             | EC               | CORP              | GB        |     34000 | NS      | $6291994.76   | 0.72%             |  |  |  | No            |                  2 | On Loan: No      |
| HDFC Bank Ltd                  | HDFC Bank Ltd                                             | CUSIP: 40415F101<br>LEI: 335800ZQ6I4E2JXENC50 | Long             | EC               | CORP              | IN        |    140000 | NS      | $5115600.00   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Schneider Electric SE          | Schneider Electric SE                                     | CUSIP: N/A<br>LEI: 969500A1YF1XUYYXS284       | Long             | EC               | CORP              | FR        |     93000 | NS      | $25442469.32  | 2.89%             |  |  |  | No            |                  2 | On Loan: No      |
| Siemens AG                     | Siemens AG                                                | CUSIP: N/A<br>LEI: W38RGI023J3WT1HWRP32       | Long             | EC               | CORP              | DE        |     81200 | NS      | $22742192.49  | 2.58%             |  |  |  | No            |                  2 | On Loan: No      |
| HKEX                           | Hong Kong Exchanges & Clearing Ltd                        | CUSIP: N/A<br>LEI: 213800YTVSXYQN17BW16       | Long             | EC               | CORP              | HK        |    120000 | NS      | $6278562.58   | 0.71%             |  |  |  | No            |                  2 | On Loan: No      |
| ABB Ltd                        | ABB Ltd                                                   | CUSIP: N/A<br>LEI: 5493000LKVGOO9PELI61       | Long             | EC               | CORP              | CH        |     65000 | NS      | $4791640.80   | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| Holcim AG                      | Holcim AG                                                 | CUSIP: N/A<br>LEI: 529900EHPFPYHV6IQO98       | Long             | EC               | CORP              | CH        |    136000 | NS      | $13239643.10  | 1.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Constellation Software Inc/Can | Constellation Software Inc/Canada                         | CUSIP: 21037X100<br>LEI: 549300B6PYHMCTDWQV29 | Long             | EC               | CORP              | CA        |      2802 | NS      | $6739661.80   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Smiths Group PLC               | Smiths Group PLC                                          | CUSIP: N/A<br>LEI: 213800MJL6IPZS3ASA11       | Long             | EC               | CORP              | GB        |    170000 | NS      | $5377123.81   | 0.61%             |  |  |  | No            |                  2 | On Loan: No      |
| Amrize Ltd                     | Amrize Ltd                                                | CUSIP: N/A<br>LEI: 529900SLCCO6K43P8146       | Long             | EC               | CORP              | CH        |     96000 | NS      | $5210992.71   | 0.59%             |  |  |  | No            |                  2 | On Loan: No      |
| CRH PLC                        | CRH PLC                                                   | CUSIP: N/A<br>LEI: 549300MIDJNNTH068E74       | Long             | EC               | CORP              | IE        |    128000 | NS      | $15974400.00  | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Alcon AG                       | Alcon AG                                                  | CUSIP: N/A<br>LEI: 549300LDT5AP8S0NBM78       | Long             | EC               | CORP              | CH        |    126317 | NS      | $9955042.77   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| ASML Holding NV                | ASML Holding NV                                           | CUSIP: N/A<br>LEI: 724500Y6DUVHQD6OXN27       | Long             | EC               | CORP              | NL        |     19427 | NS      | $20784170.22  | 2.36%             |  |  |  | No            |                  1 | On Loan: No      |
| GFL Environmental Inc          | GFL Environmental Inc                                     | CUSIP: 36168Q104<br>LEI: 894500E7NLBY9VZRT696 | Long             | EC               | CORP              | CA        |    350000 | NS      | $15032500.00  | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Disco Corp                     | Disco Corp                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |     47500 | NS      | $14471457.95  | 1.64%             |  |  |  | No            |                  2 | On Loan: No      |
| Keyence Corp                   | Keyence Corp                                              | CUSIP: N/A<br>LEI: 529900M7PQBS7A89DZ11       | Long             | EC               | CORP              | JP        |     26173 | NS      | $9467428.44   | 1.08%             |  |  |  | No            |                  2 | On Loan: No      |
| InterContinental Hotels Group  | InterContinental Hotels Group PLC                         | CUSIP: N/A<br>LEI: 2138007ZFQYRUSLU3J98       | Long             | EC               | CORP              | GB        |     78873 | NS      | $11083888.83  | 1.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Alcon AG                       | Alcon AG                                                  | CUSIP: N/A<br>LEI: 549300LDT5AP8S0NBM78       | Long             | EC               | CORP              | CH        |     46000 | NS      | $3639893.18   | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Eurofins Scientific SE         | Eurofins Scientific SE                                    | CUSIP: N/A<br>LEI: 529900JEHFM47DYY3S57       | Long             | EC               | CORP              | LU        |    113648 | NS      | $8310890.24   | 0.94%             |  |  |  | No            |                  2 | On Loan: No      |
| Adyen NV                       | Adyen NV                                                  | CUSIP: N/A<br>LEI: 724500973ODKK3IFQ447       | Long             | EC               | CORP              | NL        |      9785 | NS      | $15779025.75  | 1.79%             |  |  |  | No            |                  2 | On Loan: No      |
| Air Liquide SA                 | Air Liquide SA                                            | CUSIP: N/A<br>LEI: 969500MMPQVHK671GT54       | Long             | EC               | CORP              | FR        |     81694 | NS      | $15354692.99  | 1.75%             |  |  |  | No            |                  2 | On Loan: No      |
| Canadian National Railway Co   | Canadian National Railway Co                              | CUSIP: 136375102<br>LEI: 3SU7BEP7TH9YEQOZCS77 | Long             | EC               | CORP              | CA        |     73998 | NS      | $7314702.30   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| E.ON SE                        | E.ON SE                                                   | CUSIP: N/A<br>LEI: Q9MAIUP40P25UFBFG033       | Long             | EC               | CORP              | DE        |    250000 | NS      | $4733724.67   | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| ASM International NV           | ASM International NV                                      | CUSIP: N/A<br>LEI: 7245001I22ND6ZFHX623       | Long             | EC               | CORP              | NL        |     20000 | NS      | $12107892.23  | 1.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Bureau Veritas SA              | Bureau Veritas SA                                         | CUSIP: N/A<br>LEI: 969500TPU5T3HA5D1F11       | Long             | EC               | CORP              | FR        |    543422 | NS      | $17287771.07  | 1.96%             |  |  |  | No            |                  2 | On Loan: No      |
| Anheuser-Busch InBev SA/NV     | Anheuser-Busch InBev SA/NV                                | CUSIP: N/A<br>LEI: 5493008H3828EMEXB082       | Long             | EC               | CORP              | BE        |    101463 | NS      | $6511993.40   | 0.74%             |  |  |  | No            |                  2 | On Loan: No      |
| Publicis Groupe SA             | Publicis Groupe SA                                        | CUSIP: N/A<br>LEI: 2138004KW8BV57III342       | Long             | EC               | CORP              | FR        |     70000 | NS      | $7269331.77   | 0.83%             |  |  |  | No            |                  2 | On Loan: No      |
| Merck KGaA                     | Merck KGaA                                                | CUSIP: N/A<br>LEI: 529900OAREIS0MOPTW25       | Long             | EC               | CORP              | DE        |     53500 | NS      | $7635685.14   | 0.87%             |  |  |  | No            |                  2 | On Loan: No      |
| Sanofi SA                      | Sanofi SA                                                 | CUSIP: N/A<br>LEI: 549300E9PC51EN656011       | Long             | EC               | CORP              | FR        |     23000 | NS      | $2225367.58   | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Renesas Electronics Corp       | Renesas Electronics Corp                                  | CUSIP: N/A<br>LEI: 5299000EPC47VJQOFB81       | Long             | EC               | CORP              | JP        |   1000000 | NS      | $13696852.50  | 1.56%             |  |  |  | No            |                  2 | On Loan: No      |
| Sanofi SA                      | Sanofi SA                                                 | CUSIP: 80105N105<br>LEI: 549300E9PC51EN656011 | Long             | EC               | CORP              | FR        |    170000 | NS      | $8238200.00   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Smith & Nephew PLC             | Smith & Nephew PLC                                        | CUSIP: 83175M205<br>LEI: 213800ZTMDN8S67S1H61 | Long             | EC               | CORP              | GB        |    154254 | NS      | $5061073.74   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| London Stock Exchange Group PL | London Stock Exchange Group PLC                           | CUSIP: G5689U103<br>LEI: 213800QAUUUP6I445N30 | Long             | EC               | CORP              | GB        |    115000 | NS      | $13833127.97  | 1.57%             |  |  |  | No            |                  2 | On Loan: No      |
| Experian PLC                   | Experian PLC                                              | CUSIP: N/A<br>LEI: 635400RXXHHYT1JTSZ26       | Long             | EC               | CORP              | IE        |    201624 | NS      | $9090503.69   | 1.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Julius Baer Group Ltd          | Julius Baer Group Ltd                                     | CUSIP: N/A<br>LEI: 5299007MF0604ZGJER92       | Long             | EC               | CORP              | CH        |     93937 | NS      | $7339375.49   | 0.83%             |  |  |  | No            |                  2 | On Loan: No      |
| Siemens Energy AG              | Siemens Energy AG                                         | CUSIP: N/A<br>LEI: 5299005CHJZ14D4FDJ62       | Long             | EC               | CORP              | DE        |     40083 | NS      | $5623180.44   | 0.64%             |  |  |  | No            |                  2 | On Loan: No      |
| IMCD NV                        | IMCD NV                                                   | CUSIP: N/A<br>LEI: 724500NSJPNFJPDAUP02       | Long             | EC               | CORP              | NL        |     45000 | NS      | $4084303.75   | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| MakeMyTrip Ltd                 | MakeMyTrip Ltd                                            | CUSIP: N/A<br>LEI: 529900DNT8HNJ7RYUO60       | Long             | EC               | CORP              | IN        |     80000 | NS      | $6569600.00   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Fresenius SE & Co KGaA         | Fresenius SE & Co KGaA                                    | CUSIP: N/A<br>LEI: XDFJ0CYCOO1FXRFTQS51       | Long             | EC               | CORP              | DE        |    322659 | NS      | $18485693.11  | 2.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Lonza Group AG                 | Lonza Group AG                                            | CUSIP: N/A<br>LEI: 549300EFW4H2TCZ71055       | Long             | EC               | CORP              | CH        |     32904 | NS      | $22184532.22  | 2.52%             |  |  |  | No            |                  2 | On Loan: No      |
| China Merchants Bank Co Ltd    | China Merchants Bank Co Ltd                               | CUSIP: N/A<br>LEI: 549300MKO5B60FFIHF58       | Long             | EC               | CORP              | CN        |    900000 | NS      | $6122607.71   | 0.70%             |  |  |  | No            |                  2 | On Loan: No      |
| Japan Exchange Group Inc       | Japan Exchange Group Inc                                  | CUSIP: N/A<br>LEI: 353800578ADEGIJTVW07       | Long             | EC               | CORP              | JP        |    450000 | NS      | $4803103.25   | 0.55%             |  |  |  | No            |                  2 | On Loan: No      |
| DWS Group GmbH & Co KGaA       | DWS Group GmbH & Co KGaA                                  | CUSIP: N/A<br>LEI: 529900VM3464806ERS69       | Long             | EC               | CORP              | DE        |    142000 | NS      | $9332786.96   | 1.06%             |  |  |  | No            |                  2 | 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