# EDGAR Filing Document

**Accession Number:** 0001135300
**File Stem:** 0000894189-25-014255
**Filing Date:** 2025-11
**Character Count:** 31925
**Document Hash:** 6bc96809f5293daf39d046e3fa1781ac
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-014255.hdr.sgml**: 20251121

**ACCESSION NUMBER**: 0000894189-25-014255

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251121

**DATE AS OF CHANGE**: 20251121

**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:** 251508109

**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           |

## 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:** 2025-09-30

**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:** $931921972.25

**Total Liabilities:** $852049.64

**Net Assets:** $931069922.61

**Cash Not Reported:** $8598754.39

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000052696 | -4.42%               | 1.51%                | 1.79%                |
| Class ID C000214590 | -4.38%               | 1.51%                | 1.83%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $3215004.04              | $-44334071.71                              |
| Month 2  | $-753453.45              | $13715627.75                               |
| Month 3  | $-3547029.84             | $20116351.50                               |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Ashtead Group PLC              | Ashtead Group PLC                                         | CUSIP: N/A<br>LEI: 2138007UTBN8X9K1A235       | Long             | EC               | CORP              | GB        |    157000 | NS      | $10528635.79  | 1.13%             |  |  |  | No            |                  2 | On Loan: No      |
| BAE Systems PLC                | BAE Systems PLC                                           | CUSIP: N/A<br>LEI: 8SVCSVKSGDWMW2QHOH83       | Long             | EC               | CORP              | GB        |    545255 | NS      | $15177947.12  | 1.63%             |  |  |  | No            |                  2 | On Loan: No      |
| Canadian National Railway Co   | Canadian National Railway Co                              | CUSIP: 136375102<br>LEI: 3SU7BEP7TH9YEQOZCS77 | Long             | EC               | CORP              | CA        |     73998 | NS      | $6978011.40   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Airbus SE                      | Airbus SE                                                 | CUSIP: N/A<br>LEI: MINO79WLOO247M1IL051       | Long             | EC               | CORP              | FR        |     38000 | NS      | $8874013.41   | 0.95%             |  |  |  | No            |                  2 | On Loan: No      |
| HDFC Bank Ltd                  | HDFC Bank Ltd                                             | CUSIP: 40415F101<br>LEI: 335800ZQ6I4E2JXENC50 | Long             | EC               | CORP              | IN        |    140000 | NS      | $4782400.00   | 0.51%             |  |  |  | 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      | $18032018.40  | 1.94%             |  |  |  | No            |                  2 | On Loan: No      |
| Hannover Rueck SE              | Hannover Rueck SE                                         | CUSIP: N/A<br>LEI: 529900KIN5BE45V5KB18       | Long             | EC               | CORP              | DE        |     15000 | NS      | $4526395.53   | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| Schneider Electric SE          | Schneider Electric SE                                     | CUSIP: N/A<br>LEI: 969500A1YF1XUYYXS284       | Long             | EC               | CORP              | FR        |     93000 | NS      | $26176983.57  | 2.81%             |  |  |  | No            |                  2 | On Loan: No      |
| ASM International NV           | ASM International NV                                      | CUSIP: N/A<br>LEI: 7245001I22ND6ZFHX623       | Long             | EC               | CORP              | NL        |     15000 | NS      | $9047272.52   | 0.97%             |  |  |  | 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      | $17515952.87  | 1.88%             |  |  |  | No            |                  2 | On Loan: No      |
| MercadoLibre Inc               | MercadoLibre Inc                                          | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | UY        |     10851 | NS      | $25358135.94  | 2.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Asahi Group Holdings Ltd       | Asahi Group Holdings Ltd                                  | CUSIP: N/A<br>LEI: 353800KAJ02XNHLCJW79       | Long             | EC               | CORP              | JP        |   1116000 | NS      | $13379649.60  | 1.44%             |  |  |  | No            |                  2 | On Loan: No      |
| SK Hynix Inc                   | SK Hynix Inc                                              | CUSIP: N/A<br>LEI: 988400XAIK6XISWQV045       | Long             | EC               | CORP              | KR        |     94194 | NS      | $23350503.03  | 2.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Keyence Corp                   | Keyence Corp                                              | CUSIP: N/A<br>LEI: 529900M7PQBS7A89DZ11       | Long             | EC               | CORP              | JP        |     34173 | NS      | $12731524.06  | 1.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Nintendo Co Ltd                | Nintendo Co Ltd                                           | CUSIP: 654445303<br>LEI: 353800FEEXU6I9M0ZF27 | Long             | EC               | CORP              | JP        |    150000 | NS      | $3201000.00   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Renesas Electronics Corp       | Renesas Electronics Corp                                  | CUSIP: N/A<br>LEI: 5299000EPC47VJQOFB81       | Long             | EC               | CORP              | JP        |   1160000 | NS      | $13346024.08  | 1.43%             |  |  |  | No            |                  2 | On Loan: No      |
| Nintendo Co Ltd                | Nintendo Co Ltd                                           | CUSIP: N/A<br>LEI: 353800FEEXU6I9M0ZF27       | Long             | EC               | CORP              | JP        |    220000 | NS      | $19034235.19  | 2.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Novo Nordisk A/S               | Novo Nordisk A/S                                          | CUSIP: 670100205<br>LEI: 549300DAQ1CVT6CXN342 | Long             | EC               | CORP              | DK        |    152000 | NS      | $8434480.00   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Tokyo Electron Ltd             | Tokyo Electron Ltd                                        | CUSIP: N/A<br>LEI: 549300H5LSF8DP3RIJ34       | Long             | EC               | CORP              | JP        |     30000 | NS      | $5318009.02   | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |
| ABB Ltd                        | ABB Ltd                                                   | CUSIP: N/A<br>LEI: 5493000LKVGOO9PELI61       | Long             | EC               | CORP              | CH        |     65000 | NS      | $4703616.46   | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Lonza Group AG                 | Lonza Group AG                                            | CUSIP: N/A<br>LEI: 549300EFW4H2TCZ71055       | Long             | EC               | CORP              | CH        |     32904 | NS      | $22000876.12  | 2.36%             |  |  |  | No            |                  2 | On Loan: No      |
| RELX PLC                       | RELX PLC                                                  | CUSIP: 759530108<br>LEI: 549300WSX3VBUFFJOO66 | Long             | EC               | CORP              | GB        |    180000 | NS      | $8596800.00   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Roche Holding AG               | Roche Holding AG                                          | CUSIP: 771195104<br>LEI: 549300U41AUUVOAAOB37 | Long             | EC               | CORP              | CH        |     43000 | NS      | $1797830.00   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Ryanair Holdings PLC           | Ryanair Holdings PLC                                      | CUSIP: 783513203<br>LEI: 635400BR2ROC1FVEBQ56 | Long             | EC               | CORP              | IE        |     43000 | NS      | $2589460.00   | 0.28%             |  |  |  | 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      | $13188553.41  | 1.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Constellation Software Inc/Can | Constellation Software Inc/Canada                         | CUSIP: 21037X100<br>LEI: 549300B6PYHMCTDWQV29 | Long             | EC               | CORP              | CA        |      4302 | NS      | $11678429.23  | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Experian PLC                   | Experian PLC                                              | CUSIP: N/A<br>LEI: 635400RXXHHYT1JTSZ26       | Long             | EC               | CORP              | IE        |    201624 | NS      | $10126999.33  | 1.09%             |  |  |  | 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      | $5386478.40   | 0.58%             |  |  |  | No            |                  2 | On Loan: No      |
| Smiths Group PLC               | Smiths Group PLC                                          | CUSIP: N/A<br>LEI: 213800MJL6IPZS3ASA11       | Long             | EC               | CORP              | GB        |    140000 | NS      | $4438720.01   | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| Air Liquide SA                 | Air Liquide SA                                            | CUSIP: N/A<br>LEI: 969500MMPQVHK671GT54       | Long             | EC               | CORP              | FR        |     81694 | NS      | $17021535.96  | 1.83%             |  |  |  | No            |                  2 | On Loan: No      |
| Bureau Veritas SA              | Bureau Veritas SA                                         | CUSIP: N/A<br>LEI: 969500TPU5T3HA5D1F11       | Long             | EC               | CORP              | FR        |    543422 | NS      | $17044673.63  | 1.83%             |  |  |  | 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      | $8918226.02   | 0.96%             |  |  |  | No            |                  2 | On Loan: No      |
| Wise PLC                       | Wise PLC                                                  | CUSIP: N/A<br>LEI: 213800LD9XCHIC1C4V71       | Long             | EC               | CORP              | GB        |     60000 | NS      | $836418.48    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| IMCD NV                        | IMCD NV                                                   | CUSIP: N/A<br>LEI: 724500NSJPNFJPDAUP02       | Long             | EC               | CORP              | NL        |     45000 | NS      | $4664148.69   | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Eurofins Scientific SE         | Eurofins Scientific SE                                    | CUSIP: N/A<br>LEI: 529900JEHFM47DYY3S57       | Long             | EC               | CORP              | LU        |    133648 | NS      | $9746494.15   | 1.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Shell PLC                      | Shell PLC                                                 | CUSIP: N/A<br>LEI: 21380068P1DRHMJ8KU70       | Long             | EC               | CORP              | GB        |    129010 | NS      | $4627272.21   | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| AstraZeneca PLC                | AstraZeneca PLC                                           | CUSIP: 046353108<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |    160073 | NS      | $12280800.56  | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| GFL Environmental Inc          | GFL Environmental Inc                                     | CUSIP: 36168Q104<br>LEI: 894500E7NLBY9VZRT696 | Long             | EC               | CORP              | CA        |    350000 | NS      | $16583000.00  | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Kerry Group PLC                | Kerry Group PLC                                           | CUSIP: N/A<br>LEI: 635400TLVVBNXLFHWC59       | Long             | EC               | CORP              | IE        |    146635 | NS      | $13237908.59  | 1.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Disco Corp                     | Disco Corp                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |     47500 | NS      | $14893174.72  | 1.60%             |  |  |  | No            |                  2 | On Loan: No      |
| Holcim AG                      | Holcim AG                                                 | CUSIP: N/A<br>LEI: 529900EHPFPYHV6IQO98       | Long             | EC               | CORP              | CH        |    136000 | NS      | $11604140.67  | 1.25%             |  |  |  | No            |                  2 | On Loan: No      |
| TOMRA Systems ASA              | TOMRA Systems ASA                                         | CUSIP: N/A<br>LEI: 549300J726JCFJU3VT89       | Long             | EC               | CORP              | NO        |    196000 | NS      | $2938395.81   | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Amrize Ltd                     | Amrize Ltd                                                | CUSIP: N/A<br>LEI: 529900SLCCO6K43P8146       | Long             | EC               | CORP              | CH        |     96000 | NS      | $4693999.62   | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Alcon AG                       | Alcon AG                                                  | CUSIP: N/A<br>LEI: 549300LDT5AP8S0NBM78       | Long             | EC               | CORP              | CH        |     64598 | NS      | $4858729.34   | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| CRH PLC                        | CRH PLC                                                   | CUSIP: N/A<br>LEI: 549300MIDJNNTH068E74       | Long             | EC               | CORP              | US        |    128000 | NS      | $15347200.00  | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| BayCurrent Inc                 | BayCurrent Inc                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    521059 | NS      | $30621078.01  | 3.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Ryanair Holdings PLC           | Ryanair Holdings PLC                                      | CUSIP: N/A<br>LEI: 635400BR2ROC1FVEBQ56       | Long             | EC               | CORP              | IE        |    370903 | NS      | $10838714.06  | 1.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Sartorius Stedim Biotech       | Sartorius Stedim Biotech                                  | CUSIP: N/A<br>LEI: 52990006IVXY7GCSSR39       | Long             | EC               | CORP              | FR        |     37000 | NS      | $7540369.68   | 0.81%             |  |  |  | No            |                  2 | On Loan: No      |
| Adyen NV                       | Adyen NV                                                  | CUSIP: N/A<br>LEI: 724500973ODKK3IFQ447       | Long             | EC               | CORP              | NL        |      9785 | NS      | $15744881.80  | 1.69%             |  |  |  | No            |                  2 | On Loan: No      |
| Linde PLC                      | Linde PLC                                                 | CUSIP: N/A<br>LEI: 5299003QR1WT0EF88V51       | Long             | EC               | CORP              | US        |     34529 | NS      | $16401275.00  | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Alcon AG                       | Alcon AG                                                  | CUSIP: N/A<br>LEI: 549300LDT5AP8S0NBM78       | Long             | EC               | CORP              | CH        |    126317 | NS      | $9411879.67   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Monday.com Ltd                 | Monday.com Ltd                                            | CUSIP: N/A<br>LEI: 984500MDAFVD86E3B328       | Long             | EC               | CORP              | IL        |     36136 | NS      | $6999181.84   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| ASML Holding NV                | ASML Holding NV                                           | CUSIP: N/A<br>LEI: 724500Y6DUVHQD6OXN27       | Long             | EC               | CORP              | NL        |     19427 | NS      | $18807084.43  | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| ABB Ltd                        | ABB Ltd                                                   | CUSIP: 000375204<br>LEI: 5493000LKVGOO9PELI61 | Long             | EC               | CORP              | CH        |    134000 | NS      | $9641300.00   | 1.04%             |  |  |  | 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      |
| Anheuser-Busch InBev SA/NV     | Anheuser-Busch InBev SA/NV                                | CUSIP: N/A<br>LEI: 5493008H3828EMEXB082       | Long             | EC               | CORP              | BE        |    101463 | NS      | $6065140.08   | 0.65%             |  |  |  | No            |                  2 | On Loan: No      |
| Birkenstock Holding Plc        | Birkenstock Holding Plc                                   | CUSIP: N/A<br>LEI: 529900CQ8LQKQ7LIT631       | Long             | EC               | CORP              | GB        |    140000 | NS      | $6335000.00   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Rheinmetall AG                 | Rheinmetall AG                                            | CUSIP: N/A<br>LEI: 5299001OU9CSE29O6S05       | Long             | EC               | CORP              | DE        |      4459 | NS      | $10430395.09  | 1.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Siemens AG                     | Siemens AG                                                | CUSIP: N/A<br>LEI: W38RGI023J3WT1HWRP32       | Long             | EC               | CORP              | DE        |     81200 | NS      | $21922280.00  | 2.35%             |  |  |  | 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      | $12889320.47  | 1.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Unilever PLC                   | Unilever PLC                                              | CUSIP: 904767704<br>LEI: 549300MKFYEKVRWML317 | Long             | EC               | CORP              | GB        |    162271 | NS      | $9619424.88   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| AstraZeneca PLC                | AstraZeneca PLC                                           | CUSIP: N/A<br>LEI: PY6ZZQWO2IZFZC3IOL08       | Long             | EC               | CORP              | GB        |     34000 | NS      | $5208835.85   | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| Fidelity Government Portfolio  | Fidelity Government Portfolio                             | CUSIP: 316175108<br>LEI: 549300FQDFZGLUOCWN51 | Long             | STIV             | RF                | US        |  47262580 | NS      | $47262579.57  | 5.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck KGaA                     | Merck KGaA                                                | CUSIP: N/A<br>LEI: 529900OAREIS0MOPTW25       | Long             | EC               | CORP              | DE        |     74750 | NS      | $9698444.83   | 1.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Sanofi SA                      | Sanofi SA                                                 | CUSIP: N/A<br>LEI: 549300E9PC51EN656011       | Long             | EC               | CORP              | FR        |     23000 | NS      | $2177966.14   | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| HKEX                           | Hong Kong Exchanges & Clearing Ltd                        | CUSIP: N/A<br>LEI: 213800YTVSXYQN17BW16       | Long             | EC               | CORP              | HK        |    120000 | NS      | $6812466.75   | 0.73%             |  |  |  | No            |                  2 | On Loan: No      |
| Smith & Nephew PLC             | Smith & Nephew PLC                                        | CUSIP: 83175M205<br>LEI: 213800ZTMDN8S67S1H61 | Long             | EC               | CORP              | GB        |    154254 | NS      | $5597877.66   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Compass Group PLC              | Compass Group PLC                                         | CUSIP: G23296208<br>LEI: 2138008M6MH9OZ6U2T68 | Long             | EC               | CORP              | GB        |    225000 | NS      | $7669293.02   | 0.82%             |  |  |  | No            |                  2 | On Loan: No      |
| Aon PLC                        | Aon PLC                                                   | CUSIP: N/A<br>LEI: 635400FALWQYX5E6QC64       | Long             | EC               | CORP              | GB        |     44742 | NS      | $15954102.36  | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| ICON PLC                       | ICON PLC                                                  | CUSIP: N/A<br>LEI: 6354008SRQGEMC4XFI67       | Long             | EC               | CORP              | IE        |     54000 | NS      | $9450000.00   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Smith & Nephew PLC             | Smith & Nephew PLC                                        | CUSIP: N/A<br>LEI: 213800ZTMDN8S67S1H61       | Long             | EC               | CORP              | GB        |    335913 | NS      | $6092569.58   | 0.65%             |  |  |  | No            |                  2 | On Loan: No      |
| SAP SE                         | SAP SE                                                    | CUSIP: 803054204<br>LEI: 529900D6BF99LW9R2E68 | Long             | EC               | CORP              | DE        |     75000 | NS      | $20040750.00  | 2.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Tencent Holdings Ltd           | Tencent Holdings Ltd                                      | CUSIP: 88032Q109<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | CN        |     25000 | NS      | $2128750.00   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Unilever PLC                   | Unilever PLC                                              | CUSIP: N/A<br>LEI: 549300MKFYEKVRWML317       | Long             | EC               | CORP              | GB        |     62508 | NS      | $3712763.40   | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Thales SA                      | Thales SA                                                 | CUSIP: N/A<br>LEI: 529900FNDVTQJOVVPZ19       | Long             | EC               | CORP              | FR        |     52064 | NS      | $16458221.92  | 1.77%             |  |  |  | No            |                  2 | On Loan: No      |
| Sanofi SA                      | Sanofi SA                                                 | CUSIP: 80105N105<br>LEI: 549300E9PC51EN656011 | Long             | EC               | CORP              | FR        |    170000 | NS      | $8024000.00   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| TSMC                           | Taiwan Semiconductor Manufacturing Co Ltd                 | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |    107000 | NS      | $29884030.00  | 3.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Vinci SA                       | Vinci SA                                                  | CUSIP: N/A<br>LEI: 213800WFQ334R8UXUG83       | Long             | EC               | CORP              | FR        |     70024 | NS      | $9731400.98   | 1.05%             |  |  |  | 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      | $6541065.01   | 0.70%             |  |  |  | No            |                  2 | On Loan: No      |
| InterContinental Hotels Group  | InterContinental Hotels Group PLC                         | CUSIP: N/A<br>LEI: 2138007ZFQYRUSLU3J98       | Long             | EC               | CORP              | GB        |     78873 | NS      | $9536563.55   | 1.02%             |  |  |  | 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      | $1670450.02   | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| MakeMyTrip Ltd                 | MakeMyTrip Ltd                                            | CUSIP: N/A<br>LEI: 529900DNT8HNJ7RYUO60       | Long             | EC               | CORP              | IN        |     65000 | NS      | $6084000.00   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Roche Holding AG               | Roche Holding AG                                          | CUSIP: N/A<br>LEI: 549300U41AUUVOAAOB37       | Long             | EC               | CORP              | CH        |     15800 | NS      | $5261140.35   | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-21

**Name of Applicant:** Buffalo Funds

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

**Name of Signer:** Laura Symon Browne

**Title:** President and Treasurer