# EDGAR Filing Document

**Accession Number:** 0001135300
**File Stem:** 0001145549-25-051750
**Filing Date:** 2025-8
**Character Count:** 47465
**Document Hash:** fc3ecca19f97922d85a01deac6040ee5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-051750.hdr.sgml**: 20250819

**ACCESSION NUMBER**: 0001145549-25-051750

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250819

**DATE AS OF CHANGE**: 20250819

**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:** 251231546

**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** |
| **June 30, 2025 (Unaudited)** | **June 30, 2025 (Unaudited)** | **June 30, 2025 (Unaudited)** |
| **COMMON STOCKS - 96.5%** | **Shares** | **Value**  |
| **<u>Belgium</u> - 0.8%** | **<u>Belgium</u> - 0.8%** | |
| **Beverages - 0.8%** | | |
| Anheuser-Busch InBev SA/NV | 101463 | $6980713 |
| **<u>Canada</u> - 4.4%** | **<u>Canada</u> - 4.4%** |  |
| **Commercial Services & Supplies - 1.9%** |  |  |
| GFL Environmental, Inc. | 350000 | 17661000 |
|  |  | $– |
| **Ground Transportation - 0.8%** |  |  |
| Canadian National Railway Co. | 73998 | 7698752 |
|  |  | $– |
| **Software - 1.7%** |  |  |
| Constellation Software, Inc. | 4302 | 15774369 |
| **Total Canada** | **Total Canada** | 41134121 |
| **<u>China</u> - 0.7%** | **<u>China</u> - 0.7%** |  |
| **Banks - 0.7%** |  |  |
| China Merchants Bank Co. Ltd. - Class H | 900000 | 6313466 |
| **<u>Denmark</u> - 2.3%** | **<u>Denmark</u> - 2.3%** |  |
| **Health Care Equipment & Supplies - 0.9%** |  |  |
| Coloplast AS - Class B | 90000 | 8568265 |
|  |  | $– |
| **Pharmaceuticals - 1.4%** |  |  |
| Novo Nordisk AS - ADR | 152000 | 10491040 |
| Novo Nordisk AS - Class B | 40000 | 2771762 |
|  |  | 13262802 |
| **Total Denmark** | **Total Denmark** | 21831067 |
| **<u>France</u> - 14.0%** | **<u>France</u> - 14.0%** |  |
| **Aerospace & Defense - 2.8%** |  |  |
| Airbus SE | 25000 | 5230034 |
| Thales SA | 72064 | 21278730 |
|  |  | 26508764 |
| **Chemicals - 1.8%** |  |  |
| Air Liquide SA | 81694 | 16845444 |
|  |  | $– |
| **Construction & Engineering - 1.6%** |  |  |
| Vinci SA | 100024 | 14750621 |
|  |  | $– |
| **Electrical Equipment - 2.7%** |  |  |
| Schneider Electric SE | 93000 | 24969168 |
|  |  | $– |
| **IT Services - 0.8%** |  |  |
| Capgemini SE | 44607 | 7638364 |
|  |  | $– |
| **Life Sciences Tools & Services - 0.9%** |  |  |
| Sartorius Stedim Biotech | 37000 | 8852736 |
|  |  | $– |
| **Pharmaceuticals - 1.1%** |  |  |
| Sanofi SA | 23000 | 2226722 |
| Sanofi SA - ADR | 170000 | 8212700 |
|  |  | 10439422 |
| **Professional Services - 2.0%** |  |  |
| Bureau Veritas SA | 543422 | 18548290 |
|  |  | $– |
| **Software - 0.3%** |  |  |
| Dassault Systemes SE | 69892 | 2533007 |
| **Total France** | **Total France** | 131085816 |
| **<u>Germany</u> - 10.7%** | **<u>Germany</u> - 10.7%** |  |
| **Capital Markets - 0.9%** |  |  |
| DWS Group GmbH & Co. KGaA <sup>(a)</sup> | 142000 | 8420057 |
|  |  | $– |
| **Health Care Providers & Services - 1.7%** |  |  |
| Fresenius SE & Co. KGaA | 322659 | 16237147 |
|  |  | $– |
| **Industrial Conglomerates - 2.2%** |  |  |
| Siemens AG | 81200 | 20856946 |
|  |  | $– |
| **Insurance - 2.4%** |  |  |
| Hannover Rueck SE | 15000 | 4726714 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 27434 | 17813894 |
|  |  | 22540608 |
| **Pharmaceuticals - 1.0%** |  |  |
| Merck KGaA | 74750 | 9691990 |
|  |  | $– |
| **Software - 2.5%** |  |  |
| SAP SE - ADR | 75000 | 22807500 |
| **Total Germany** | **Total Germany** | 100554248 |
| **<u>Hong Kong</u> - 1.0%** | **<u>Hong Kong</u> - 1.0%** |  |
| **Beverages - 0.3%** |  |  |
| China Resources Beer Holdings Co. Ltd. | 750000 | 2399083 |
|  |  | $– |
| **Capital Markets - 0.7%** |  |  |
| Hong Kong Exchanges & Clearing Ltd. | 120000 | 6454388 |
| **Total Hong Kong** | **Total Hong Kong** | 8853471 |
| **<u>India</u> - 1.3%** | **<u>India</u> - 1.3%** |  |
| **Banks - 0.6%** |  |  |
| HDFC Bank Ltd. - ADR | 70000 | 5366900 |
|  |  | $– |
| **Hotels, Restaurants & Leisure - 0.7%** |  |  |
| MakeMyTrip Ltd. <sup>(b)</sup> | 65000 | 6371300 |
| **Total India** | **Total India** | 11738200 |
| **<u>Ireland</u> - 10.1%** | **<u>Ireland</u> - 10.1%** |  |
| **Chemicals - 1.7%** |  |  |
| Linde PLC | 34529 | 16200316 |
|  |  | $– |
| **Construction Materials - 1.3%** |  |  |
| CRH PLC | 128000 | 11750400 |
|  |  | $– |
| **Food Products - 2.1%** |  |  |
| Kerry Group PLC - Class A | 178785 | 19753368 |
|  |  | $– |
| **Insurance - 1.7%** |  |  |
| Aon PLC - Class A | 44742 | 15962156 |
|  |  | $– |
| **Life Sciences Tools & Services - 0.8%** |  |  |
| ICON PLC <sup>(b)</sup> | 54000 | 7854300 |
|  |  | $– |
| **Passenger Airlines - 1.4%** |  |  |
| Ryanair Holdings PLC | 370903 | 10520952 |
| Ryanair Holdings PLC - ADR | 43000 | 2479810 |
|  |  | 13000762 |
| **Professional Services - 1.1%** |  |  |
| Experian PLC | 201624 | 10396964 |
| **Total Ireland** | **Total Ireland** | 94918266 |
| **<u>Israel</u> - 1.2%** | **<u>Israel</u> - 1.2%** |  |
| **Software - 1.2%** |  |  |
| Monday.com Ltd. <sup>(b)</sup> | 36136 | 11364049 |
| **<u>Japan</u> - 12.9%** | **<u>Japan</u> - 12.9%** |  |
| **Beverages - 1.6%** |  |  |
| Asahi Group Holdings Ltd. | 1116000 | 14917727 |
|  |  | $– |
| **Chemicals - 1.3%** |  |  |
| Shin-Etsu Chemical Co. Ltd. | 380262 | 12557005 |
|  |  | $– |
| **Electronic Equipment, Instruments & Components - 1.5%** |  |  |
| Keyence Corp. | 34173 | 13663332 |
|  |  | $– |
| **Entertainment - 2.6%** |  |  |
| Nintendo Co. Ltd. | 220000 | 21126565 |
| Nintendo Co. Ltd. - ADR | 150000 | 3603000 |
|  |  | 24729565 |
| **Professional Services - 2.9%** |  |  |
| BayCurrent, Inc. | 521059 | 26805593 |
|  |  | $– |
| **Semiconductors & Semiconductor Equipment - 3.0%** |  |  |
| Disco Corp. | 47500 | 14071563 |
| Renesas Electronics Corp. | 1160000 | 14350862 |
|  |  | 28422425 |
| **Total Japan** | **Total Japan** | 121095647 |
| **<u>Luxembourg</u> - 1.0%** | **<u>Luxembourg</u> - 1.0%** |  |
| **Life Sciences Tools & Services - 1.0%** |  |  |
| Eurofins Scientific SE | 133648 | 9524492 |
| **<u>Netherlands</u> - 5.7%** | **<u>Netherlands</u> - 5.7%** |  |
| **Financial Services - 2.2%** |  |  |
| Adyen NV <sup>(a)(b)</sup> | 11185 | 20541729 |
|  |  | $– |
| **Semiconductors & Semiconductor Equipment - 2.3%** |  |  |
| ASM International NV | 10000 | 6414795 |
| ASML Holding NV - NY Shares | 19427 | 15568604 |
|  |  | 21983399 |
| **Trading Companies & Distributors - 1.2%** |  |  |
| IMCD NV | 83441 | 11222461 |
| **Total Netherlands** | **Total Netherlands** | 53747589 |
| **<u>Norway</u> - 0.4%** | **<u>Norway</u> - 0.4%** |  |
| **Machinery - 0.4%** |  |  |
| TOMRA Systems ASA | 246000 | 3839705 |
| **<u>South Korea</u> - 3.0%** | **<u>South Korea</u> - 3.0%** |  |
| **Semiconductors & Semiconductor Equipment - 3.0%** |  |  |
| SK Hynix, Inc. | 129194 | 27838931 |
| **<u>Switzerland</u> - 8.1%** | **<u>Switzerland</u> - 8.1%** |  |
| **Capital Markets - 0.7%** |  |  |
| Julius Baer Group Ltd. | 93937 | 6372202 |
|  |  | $– |
| **Construction Materials - 1.8%** |  |  |
| Amrize Ltd. <sup>(b)</sup> | 136000 | 6784145 |
| Holcim AG | 136000 | 10099243 |
|  |  | 16883388 |
| **Electrical Equipment - 1.3%** |  |  |
| ABB Ltd. | 65000 | 3895374 |
| ABB Ltd. - ADR | 134000 | 7995780 |
|  |  | 11891154 |
| **Health Care Equipment & Supplies - 1.8%** |  |  |
| Alcon AG | 126317 | 11151265 |
| Alcon AG | 64598 | 5728743 |
|  |  | 16880008 |
| **Life Sciences Tools & Services - 2.5%** |  |  |
| Lonza Group AG | 32904 | 23531739 |
|  |  | $– |
| **Pharmaceuticals - 0.7%** |  |  |
| Roche Holding AG | 15800 | 5157434 |
| Roche Holding AG - ADR | 43000 | 1752680 |
|  |  | 6910114 |
| **Total Switzerland** | **Total Switzerland** | 82468605 |
| **<u>Taiwan</u> - 2.6%** | **<u>Taiwan</u> - 2.6%** |  |
| **Semiconductors & Semiconductor Equipment - 2.6%** |  |  |
| Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | 107000 | 24234430 |
| **<u>United Kingdom</u> - 12.6%** | **<u>United Kingdom</u> - 12.6%** |  |
| **Aerospace & Defense - 1.5%** |  |  |
| BAE Systems PLC | 545255 | 14150899 |
|  |  | $– |
| **Capital Markets - 1.8%** |  |  |
| London Stock Exchange Group PLC | 115000 | 16818380 |
|  |  | $– |
| **Health Care Equipment & Supplies - 1.1%** |  |  |
| Smith & Nephew PLC | 335913 | 5144239 |
| Smith & Nephew PLC - ADR | 154254 | 4724800 |
|  |  | 9869039 |
| **Hotels, Restaurants & Leisure - 1.7%** |  |  |
| Compass Group PLC | 125000 | 4233988 |
| InterContinental Hotels Group PLC | 103873 | 11876304 |
|  |  | 16110292 |
| **Oil, Gas & Consumable Fuels - 0.5%** |  |  |
| Shell PLC | 129010 | 4530780 |
|  |  | $– |
| **Personal Care Products - 1.5%** |  |  |
| Unilever PLC | 61999 | 3784265 |
| Unilever PLC - ADR | 162271 | 9926117 |
|  |  | 13710382 |
| **Pharmaceuticals - 1.7%** |  |  |
| AstraZeneca PLC | 34000 | 4731738 |
| AstraZeneca PLC - ADR | 160073 | 11185901 |
|  |  | 15917639 |
| **Professional Services - 1.0%** |  |  |
| RELX PLC - ADR | 180000 | 9781200 |
|  |  | $– |
| **Textiles, Apparel & Luxury Goods - 0.7%** |  |  |
| Birkenstock Holding PLC <sup>(b)</sup> | 140000 | 6885200 |
|  |  | $– |
| **Trading Companies & Distributors - 1.1%** |  |  |
| Ashtead Group PLC | 157000 | 10067762 |
| **Total United Kingdom** | **Total United Kingdom** | 117841573 |
| **<u>Uruguay</u> - 3.0%** | **<u>Uruguay</u> - 3.0%** |  |
| **Broadline Retail - 3.0%** |  |  |
| MercadoLibre, Inc. <sup>(b)</sup> | 10851 | 28360499 |
| **TOTAL COMMON STOCKS** (Cost $548,885,198) | **TOTAL COMMON STOCKS** (Cost $548,885,198) | 903724888 |
| **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>  |
| **TOTAL WARRANTS** (Cost $0) | **TOTAL WARRANTS** (Cost $0) | 0<br> <sup>(e)</sup>  |
| **SHORT-TERM INVESTMENTS - 3.0%** | **Shares** | **Value**  |
| **Money Market Funds - 3.0%** |  |  |
| Fidelity Money Market Government Portfolio - Class I, 4.23% <sup>(f)</sup> | 28409022 | 28409022 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $28,409,022) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $28,409,022) | 28409022 |
| **TOTAL INVESTMENTS - 99.5% (**Cost $577,294,220**)** | **TOTAL INVESTMENTS - 99.5% (**Cost $577,294,220**)** | 932133910 |
| Other Assets in Excess of Liabilities - 0.5% | Other Assets in Excess of Liabilities - 0.5% | 4299080 |
| **TOTAL NET ASSETS - 100.0%** |  | $936432990 |
| two | two | –% |
| 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> ASA - Advanced Subscription Agreement <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 June 30, 2025, the value of these securities total $28,961,786 or 3.1% 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 June 30, 2025.

(e) Rounds to zero.

(f) The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

------

#### <br>

#### Summary of Fair Value Disclosure as of June 30, 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 June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| **Assets:** | | | | |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $301948213 | $601776675 | $– | $903724888 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Warrants | – | – | 0<br> <sup>(a)</sup>  | 0<br> <sup>(a)</sup>  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 28409022 | – | – | 28409022 |
| Total Investments | $330357235 | $601776675 | $0<br> <sup>(a)</sup>  | $932133910 |
| 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) Amount is less than $0.50.

The following is a reconciliation of the Buffalo International Fund Level 3 assets for which significant unobservable inputs were used to determine fair value for the period ended June 30, 2025:

---

| | |
|:---|:---|
| <br>**<br> Fair Value Measurement Using Significant Unobservable Inputs (Level 3)** | **Investment in** <br> **Securities**<br> **Period Ended**<br> **June 30, 2025** |
| Fair Value as of 3/31/2025 | $0 |
| Total unrealized gains included in earnings | - |
| Realized gains included in earnings | - |
| Purchases | - |
| Sales | - |
| Fair Value as of 6/30/2025 | $0 |
| The amount of total gains or losses for the period included in net increase (decrease) in net asset applicable to outstanding shares attributed to the change in unrealized gains or losses relating to assets still held at the reporting date | $- |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Buffalo Funds

- **b. Investment Company Act file number:** 811-10303

- **c. CIK number of Registrant:** 0001135300

- **d. LEI of Registrant:** 2549004OPHDSAY1EO405

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 5420 West 61st Place

  - **City:** Mission

  - **State:** KS

  - **Foreign country:** US

  - **Zip / Postal Code:** 66205

  - **Telephone number:** 913-677-7778

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

- **a. Name of Series:** Buffalo 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:** 2025-06-30

**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:** $938476323.90

**Total Liabilities:** $796886.51

**Net Assets:** $937679437.39

**Cash Not Reported:** $3640829.74

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000052696 | 4.48%                | 3.32%                | 3.55%                |
| Class ID C000214590 | 4.48%                | 3.31%                | 3.55%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $8175742.35              | $28240984.07                               |
| Month 2  | $9856262.17              | $16143171.76                               |
| Month 3  | $22966.37                | $31967190.25                               |

**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      | $5144238.41   | 0.55%             |  |  |  | No            |                  2 | On Loan: No      |
| Munich Re                      | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | CUSIP: N/A<br>LEI: 529900MUF4C20K50JS49       | Long             | EC               | CORP              | DE        |     27434 | NS      | $17813893.79  | 1.90%             |  |  |  | No            |                  2 | On Loan: No      |
| Nintendo Co Ltd                | Nintendo Co Ltd                                           | CUSIP: 654445303<br>LEI: 353800FEEXU6I9M0ZF27 | Long             | EC               | CORP              | JP        |    150000 | NS      | $3603000.00   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Shin-Etsu Chemical Co Ltd      | Shin-Etsu Chemical Co Ltd                                 | CUSIP: N/A<br>LEI: 353800PX8Q64N86H5W41       | Long             | EC               | CORP              | JP        |    380262 | NS      | $12557004.74  | 1.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Holcim AG                      | Holcim AG                                                 | CUSIP: N/A<br>LEI: 529900EHPFPYHV6IQO98       | Long             | EC               | CORP              | CH        |    136000 | NS      | $10099243.10  | 1.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Experian PLC                   | Experian PLC                                              | CUSIP: N/A<br>LEI: 635400RXXHHYT1JTSZ26       | Long             | EC               | CORP              | IE        |    201624 | NS      | $10396964.13  | 1.11%             |  |  |  | No            |                  2 | On Loan: No      |
| IMCD NV                        | IMCD NV                                                   | CUSIP: N/A<br>LEI: 724500NSJPNFJPDAUP02       | Long             | EC               | CORP              | NL        |     83441 | NS      | $11222460.66  | 1.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Novo Nordisk A/S               | Novo Nordisk A/S                                          | CUSIP: N/A<br>LEI: 549300DAQ1CVT6CXN342       | Long             | EC               | CORP              | DK        |     40000 | NS      | $2771762.00   | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| ABB Ltd                        | ABB Ltd                                                   | CUSIP: 000375204<br>LEI: 5493000LKVGOO9PELI61 | Long             | EC               | CORP              | CH        |    134000 | NS      | $7995780.00   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Ashtead Group PLC              | Ashtead Group PLC                                         | CUSIP: N/A<br>LEI: 2138007UTBN8X9K1A235       | Long             | EC               | CORP              | GB        |    157000 | NS      | $10067762.28  | 1.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Fresenius SE & Co KGaA         | Fresenius SE & Co KGaA                                    | CUSIP: N/A<br>LEI: XDFJ0CYCOO1FXRFTQS51       | Long             | EC               | CORP              | DE        |    322659 | NS      | $16237147.42  | 1.73%             |  |  |  | No            |                  2 | On Loan: No      |
| Kerry Group PLC                | Kerry Group PLC                                           | CUSIP: N/A<br>LEI: 635400TLVVBNXLFHWC59       | Long             | EC               | CORP              | IE        |    178785 | NS      | $19753367.56  | 2.11%             |  |  |  | No            |                  2 | On Loan: No      |
| CHINA RES BEER                 | China Resources Beer Holdings Co Ltd                      | CUSIP: N/A<br>LEI: 254900OH02Y7OS7RNG48       | Long             | EC               | CORP              | HK        |    750000 | NS      | $2399082.80   | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Lonza Group AG                 | Lonza Group AG                                            | CUSIP: N/A<br>LEI: 549300EFW4H2TCZ71055       | Long             | EC               | CORP              | CH        |     32904 | NS      | $23531738.60  | 2.51%             |  |  |  | No            |                  2 | On Loan: No      |
| ICON PLC                       | ICON PLC                                                  | CUSIP: N/A<br>LEI: 6354008SRQGEMC4XFI67       | Long             | EC               | CORP              | IE        |     54000 | NS      | $7854300.00   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| BAE Systems PLC                | BAE Systems PLC                                           | CUSIP: N/A<br>LEI: 8SVCSVKSGDWMW2QHOH83       | Long             | EC               | CORP              | GB        |    545255 | NS      | $14150899.31  | 1.51%             |  |  |  | No            |                  2 | On Loan: No      |
| AstraZeneca PLC                | AstraZeneca PLC                                           | CUSIP: N/A<br>LEI: PY6ZZQWO2IZFZC3IOL08       | Long             | EC               | CORP              | GB        |     34000 | NS      | $4731737.61   | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Bureau Veritas SA              | Bureau Veritas SA                                         | CUSIP: N/A<br>LEI: 969500TPU5T3HA5D1F11       | Long             | EC               | CORP              | FR        |    543422 | NS      | $18548289.82  | 1.98%             |  |  |  | No            |                  2 | On Loan: No      |
| Adyen NV                       | Adyen NV                                                  | CUSIP: N/A<br>LEI: 724500973ODKK3IFQ447       | Long             | EC               | CORP              | NL        |     11185 | NS      | $20541729.34  | 2.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Birkenstock Holding Plc        | Birkenstock Holding Plc                                   | CUSIP: N/A<br>LEI: 529900CQ8LQKQ7LIT631       | Long             | EC               | CORP              | GB        |    140000 | NS      | $6885200.00   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Thales SA                      | Thales SA                                                 | CUSIP: N/A<br>LEI: 529900FNDVTQJOVVPZ19       | Long             | EC               | CORP              | FR        |     72064 | NS      | $21278730.05  | 2.27%             |  |  |  | No            |                  2 | On Loan: No      |
| ASM International NV           | ASM International NV                                      | CUSIP: N/A<br>LEI: 7245001I22ND6ZFHX623       | Long             | EC               | CORP              | NL        |     10000 | NS      | $6414794.98   | 0.68%             |  |  |  | No            |                  2 | On Loan: No      |
| Sanofi SA                      | Sanofi SA                                                 | CUSIP: N/A<br>LEI: 549300E9PC51EN656011       | Long             | EC               | CORP              | FR        |     23000 | NS      | $2226721.89   | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| SK Hynix Inc                   | SK Hynix Inc                                              | CUSIP: N/A<br>LEI: 988400XAIK6XISWQV045       | Long             | EC               | CORP              | KR        |    129194 | NS      | $27838931.39  | 2.97%             |  |  |  | No            |                  2 | On Loan: No      |
| Keyence Corp                   | Keyence Corp                                              | CUSIP: N/A<br>LEI: 529900M7PQBS7A89DZ11       | Long             | EC               | CORP              | JP        |     34173 | NS      | $13663332.26  | 1.46%             |  |  |  | No            |                  2 | On Loan: No      |
| Renesas Electronics Corp       | Renesas Electronics Corp                                  | CUSIP: N/A<br>LEI: 5299000EPC47VJQOFB81       | Long             | EC               | CORP              | JP        |   1160000 | NS      | $14350861.39  | 1.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Nintendo Co Ltd                | Nintendo Co Ltd                                           | CUSIP: N/A<br>LEI: 353800FEEXU6I9M0ZF27       | Long             | EC               | CORP              | JP        |    220000 | NS      | $21126565.01  | 2.25%             |  |  |  | No            |                  2 | On Loan: No      |
| RELX PLC                       | RELX PLC                                                  | CUSIP: 759530108<br>LEI: 549300WSX3VBUFFJOO66 | Long             | EC               | CORP              | GB        |    180000 | NS      | $9781200.00   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Ryanair Holdings PLC           | Ryanair Holdings PLC                                      | CUSIP: 783513203<br>LEI: 635400BR2ROC1FVEBQ56 | Long             | EC               | CORP              | IE        |     43000 | NS      | $2479810.00   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| SAP SE                         | SAP SE                                                    | CUSIP: 803054204<br>LEI: 529900D6BF99LW9R2E68 | Long             | EC               | CORP              | DE        |     75000 | NS      | $22807500.00  | 2.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Air Liquide SA                 | Air Liquide SA                                            | CUSIP: N/A<br>LEI: 969500MMPQVHK671GT54       | Long             | EC               | CORP              | FR        |     81694 | NS      | $16845444.26  | 1.80%             |  |  |  | No            |                  2 | On Loan: No      |
| Dassault Systemes SE           | Dassault Systemes SE                                      | CUSIP: N/A<br>LEI: 96950065LBWY0APQIM86       | Long             | EC               | CORP              | FR        |     69892 | NS      | $2533007.25   | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Shell PLC                      | Shell PLC                                                 | CUSIP: N/A<br>LEI: 21380068P1DRHMJ8KU70       | Long             | EC               | CORP              | GB        |    129010 | NS      | $4530779.59   | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| Merck KGaA                     | Merck KGaA                                                | CUSIP: N/A<br>LEI: 529900OAREIS0MOPTW25       | Long             | EC               | CORP              | DE        |     74750 | NS      | $9691989.66   | 1.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Novo Nordisk A/S               | Novo Nordisk A/S                                          | CUSIP: 670100205<br>LEI: 549300DAQ1CVT6CXN342 | Long             | EC               | CORP              | DK        |    152000 | NS      | $10491040.00  | 1.12%             |  |  |  | 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      | $16818379.99  | 1.79%             |  |  |  | No            |                  2 | On Loan: No      |
| Linde PLC                      | Linde PLC                                                 | CUSIP: N/A<br>LEI: 5299003QR1WT0EF88V51       | Long             | EC               | CORP              | US        |     34529 | NS      | $16200316.22  | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| AstraZeneca PLC                | AstraZeneca PLC                                           | CUSIP: 046353108<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |    160073 | NS      | $11185901.24  | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| GFL Environmental Inc          | GFL Environmental Inc                                     | CUSIP: 36168Q104<br>LEI: 549300FYK4MBXWIVZU26 | Long             | EC               | CORP              | CA        |    350000 | NS      | $17661000.00  | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Hannover Rueck SE              | Hannover Rueck SE                                         | CUSIP: N/A<br>LEI: 529900KIN5BE45V5KB18       | Long             | EC               | CORP              | DE        |     15000 | NS      | $4726714.43   | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Asahi Group Holdings Ltd       | Asahi Group Holdings Ltd                                  | CUSIP: N/A<br>LEI: 353800KAJ02XNHLCJW79       | Long             | EC               | CORP              | JP        |   1116000 | NS      | $14917727.37  | 1.59%             |  |  |  | No            |                  2 | On Loan: No      |
| Disco Corp                     | Disco Corp                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |     47500 | NS      | $14071563.17  | 1.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Constellation Software Inc/Can | Constellation Software Inc/Canada                         | CUSIP: 21037X100<br>LEI: 549300B6PYHMCTDWQV29 | Long             | EC               | CORP              | CA        |      4302 | NS      | $15774368.57  | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Amrize Ltd                     | Amrize Ltd                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    136000 | NS      | $6784145.19   | 0.72%             |  |  |  | No            |                  1 | 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      | $6980713.08   | 0.74%             |  |  |  | No            |                  2 | On Loan: No      |
| CRH PLC                        | CRH PLC                                                   | CUSIP: N/A<br>LEI: 549300MIDJNNTH068E74       | Long             | EC               | CORP              | US        |    128000 | NS      | $11750400.00  | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Vinci SA                       | Vinci SA                                                  | CUSIP: N/A<br>LEI: 213800WFQ334R8UXUG83       | Long             | EC               | CORP              | FR        |    100024 | NS      | $14750620.80  | 1.57%             |  |  |  | No            |                  2 | On Loan: No      |
| HDFC Bank Ltd                  | HDFC Bank Ltd                                             | CUSIP: 40415F101<br>LEI: 335800ZQ6I4E2JXENC50 | Long             | EC               | CORP              | IN        |     70000 | NS      | $5366900.00   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Siemens AG                     | Siemens AG                                                | CUSIP: N/A<br>LEI: W38RGI023J3WT1HWRP32       | Long             | EC               | CORP              | DE        |     81200 | NS      | $20856946.32  | 2.22%             |  |  |  | No            |                  2 | On Loan: No      |
| MercadoLibre Inc               | MercadoLibre Inc                                          | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | UY        |     10851 | NS      | $28360499.13  | 3.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Unilever PLC                   | Unilever PLC                                              | CUSIP: 904767704<br>LEI: 549300MKFYEKVRWML317 | Long             | EC               | CORP              | GB        |    162271 | NS      | $9926117.07   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| InterContinental Hotels Group  | InterContinental Hotels Group PLC                         | CUSIP: N/A<br>LEI: 2138007ZFQYRUSLU3J98       | Long             | EC               | CORP              | GB        |    103873 | NS      | $11876303.60  | 1.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Sartorius Stedim Biotech       | Sartorius Stedim Biotech                                  | CUSIP: N/A<br>LEI: 52990006IVXY7GCSSR39       | Long             | EC               | CORP              | FR        |     37000 | NS      | $8852735.68   | 0.94%             |  |  |  | No            |                  2 | On Loan: No      |
| Fidelity Government Portfolio  | Fidelity Government Portfolio                             | CUSIP: 316175108<br>LEI: 549300FQDFZGLUOCWN51 | Long             | STIV             | RF                | US        |  28368130 | NS      | $28368129.83  | 3.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Roche Holding AG               | Roche Holding AG                                          | CUSIP: 771195104<br>LEI: 549300U41AUUVOAAOB37 | Long             | EC               | CORP              | CH        |     43000 | NS      | $1752680.00   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Sanofi SA                      | Sanofi SA                                                 | CUSIP: 80105N105<br>LEI: 549300E9PC51EN656011 | Long             | EC               | CORP              | FR        |    170000 | NS      | $8212700.00   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Julius Baer Group Ltd          | Julius Baer Group Ltd                                     | CUSIP: N/A<br>LEI: 5299007MF0604ZGJER92       | Long             | EC               | CORP              | CH        |     93937 | NS      | $6372201.63   | 0.68%             |  |  |  | No            |                  2 | On Loan: No      |
| Capgemini SE                   | Capgemini SE                                              | CUSIP: N/A<br>LEI: 96950077L0TN7BAROX36       | Long             | EC               | CORP              | FR        |     44607 | NS      | $7638364.21   | 0.81%             |  |  |  | No            |                  2 | On Loan: No      |
| ABB Ltd                        | ABB Ltd                                                   | CUSIP: N/A<br>LEI: 5493000LKVGOO9PELI61       | Long             | EC               | CORP              | CH        |     65000 | NS      | $3895374.59   | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Roche Holding AG               | Roche Holding AG                                          | CUSIP: N/A<br>LEI: 549300U41AUUVOAAOB37       | Long             | EC               | CORP              | CH        |     15800 | NS      | $5157434.23   | 0.55%             |  |  |  | No            |                  2 | On Loan: No      |
| TOMRA Systems ASA              | TOMRA Systems ASA                                         | CUSIP: N/A<br>LEI: 549300J726JCFJU3VT89       | Long             | EC               | CORP              | NO        |    246000 | NS      | $3839705.18   | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| BayCurrent Inc                 | BayCurrent Inc                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    521059 | NS      | $26805593.05  | 2.86%             |  |  |  | No            |                  2 | On Loan: No      |
| Aon PLC                        | Aon PLC                                                   | CUSIP: N/A<br>LEI: 635400FALWQYX5E6QC64       | Long             | EC               | CORP              | GB        |     44742 | NS      | $15962155.92  | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Monday.com Ltd                 | Monday.com Ltd                                            | CUSIP: N/A<br>LEI: 984500MDAFVD86E3B328       | Long             | EC               | CORP              | IL        |     36136 | NS      | $11364049.28  | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| ASML Holding NV                | ASML Holding NV                                           | CUSIP: N/A<br>LEI: 724500Y6DUVHQD6OXN27       | Long             | EC               | CORP              | NL        |     19427 | NS      | $15568603.53  | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| TSMC                           | Taiwan Semiconductor Manufacturing Co Ltd                 | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |    107000 | NS      | $24234430.00  | 2.58%             |  |  |  | No            |                  1 | 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      | $6313465.92   | 0.67%             |  |  |  | No            |                  2 | On Loan: No      |
| Compass Group PLC              | Compass Group PLC                                         | CUSIP: G23296208<br>LEI: 2138008M6MH9OZ6U2T68 | Long             | EC               | CORP              | GB        |    125000 | NS      | $4233988.43   | 0.45%             |  |  |  | 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      | $8420056.71   | 0.90%             |  |  |  | No            |                  2 | On Loan: No      |
| Unilever PLC                   | Unilever PLC                                              | CUSIP: N/A<br>LEI: 549300MKFYEKVRWML317       | Long             | EC               | CORP              | GB        |     61999 | NS      | $3784265.36   | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Eurofins Scientific SE         | Eurofins Scientific SE                                    | CUSIP: N/A<br>LEI: 529900JEHFM47DYY3S57       | Long             | EC               | CORP              | LU        |    133648 | NS      | $9524492.19   | 1.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Airbus SE                      | Airbus SE                                                 | CUSIP: N/A<br>LEI: MINO79WLOO247M1IL051       | Long             | EC               | CORP              | FR        |     25000 | NS      | $5230033.93   | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| HKEX                           | Hong Kong Exchanges & Clearing Ltd                        | CUSIP: N/A<br>LEI: 213800YTVSXYQN17BW16       | Long             | EC               | CORP              | HK        |    120000 | NS      | $6454388.46   | 0.69%             |  |  |  | No            |                  2 | On Loan: No      |
| Coloplast A/S                  | Coloplast A/S                                             | CUSIP: N/A<br>LEI: 529900NN7SOJ5QG82X67       | Long             | EC               | CORP              | DK        |     90000 | NS      | $8568264.60   | 0.91%             |  |  |  | No            |                  2 | On Loan: No      |
| Alcon AG                       | Alcon AG                                                  | CUSIP: N/A<br>LEI: 549300LDT5AP8S0NBM78       | Long             | EC               | CORP              | CH        |     64598 | NS      | $5728743.18   | 0.61%             |  |  |  | No            |                  2 | On Loan: No      |
| Alcon AG                       | Alcon AG                                                  | CUSIP: N/A<br>LEI: 549300LDT5AP8S0NBM78       | Long             | EC               | CORP              | CH        |    126317 | NS      | $11151264.76  | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Canadian National Railway Co   | Canadian National Railway Co                              | CUSIP: 136375102<br>LEI: 3SU7BEP7TH9YEQOZCS77 | Long             | EC               | CORP              | CA        |     73998 | NS      | $7698751.92   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Schneider Electric SE          | Schneider Electric SE                                     | CUSIP: N/A<br>LEI: 969500A1YF1XUYYXS284       | Long             | EC               | CORP              | FR        |     93000 | NS      | $24969167.99  | 2.66%             |  |  |  | No            |                  2 | On Loan: No      |
| Smith & Nephew PLC             | Smith & Nephew PLC                                        | CUSIP: 83175M205<br>LEI: 213800ZTMDN8S67S1H61 | Long             | EC               | CORP              | GB        |    154254 | NS      | $4724800.02   | 0.50%             |  |  |  | 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      | $10520951.76  | 1.12%             |  |  |  | No            |                  2 | On Loan: No      |
| MakeMyTrip Ltd                 | MakeMyTrip Ltd                                            | CUSIP: N/A<br>LEI: 529900DNT8HNJ7RYUO60       | Long             | EC               | CORP              | IN        |     65000 | NS      | $6371300.00   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-19

**Name of Applicant:** Buffalo Funds

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

**Name of Signer:** Laura Symon Browne

**Title:** President and Treasurer