# EDGAR Filing Document

**Accession Number:** 0001135300
**File Stem:** 0001145549-23-013922
**Filing Date:** 2023-3
**Character Count:** 62788
**Document Hash:** 94b08828a6d345aa1539de48ac7466a9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-013922.hdr.sgml**: 20230301

**ACCESSION NUMBER**: 0001145549-23-013922

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230301

**DATE AS OF CHANGE**: 20230228

**PERIOD START**: 20230331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BUFFALO FUNDS
- **CENTRAL INDEX KEY:** 0001135300
- **IRS NUMBER:** 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:** 23688318

**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, 2022 (Unaudited)** | **December 31, 2022 (Unaudited)** | **December 31, 2022 (Unaudited)** |
| **Shares or Face Amount** |  | **Fair Value\*** |
|  | **COMMON STOCKS - 93.97%** | |
|  | **Belgium - 0.51%** | |
|  | **Beverages - 0.51%** | |
| 45000 | Anheuser-Busch InBev SA/NV | $2710383 |
|  | **Total Belgium (Cost $2,291,611)** | **2710383** |
|  | **Bermuda - 0.35%** |  |
|  | **Machinery - 0.35%** |  |
| 1000000 | AutoStore Holdings Ltd.(a) | 1826118 |
|  | **Total Bermuda (Cost $3,030,182)** | **1826118** |
|  | **Canada - 4.24%** |  |
|  | **Commercial Services & Supplies - 1.11%** |  |
| 200000 | GFL Environmental, Inc. - ADR | 5846000 |
|  | **Road & Rail - 1.51%** |  |
| 67000 | Canadian National Railway Co. - ADR | 7964960 |
|  | **Software - 1.62%** |  |
| 5500 | Constellation Software Inc/Canada(a) | 8586987 |
|  | **Total Canada (Cost $18,807,156)** | **22397947** |
|  | **Cayman Islands - 0.89%** |  |
|  | **Textiles, Apparel & Luxury Goods - 0.89%** |  |
| 550000 | Li Ning Co Ltd. | 4729453 |
|  | **Total Cayman Islands (Cost $4,032,441)** | **4729453** |
|  | **China - 0.63%** |  |
|  | **Commercial Banks - 0.63%** |  |
| 600000 | China Merchants Bank Co., Ltd. | 3320314 |
|  | **Total China (Cost $3,336,871)** | **3320314** |
|  | **Denmark - 2.33%** |  |
|  | **Pharmaceuticals - 2.33%** |  |
| 15000 | Novo Nordisk A/S | 2037233 |
| 76000 | Novo Nordisk A/S - ADR - ADR | 10285840 |
|  |  | 12323073 |
|  | **Total Denmark (Cost $5,103,075)** | **12323073** |
|  | **France - 17.00%** |  |
|  | **Aerospace & Defense - 1.93%** |  |
| 80000 | Thales SA | 10221469 |
|  | **Beverages - 1.40%** |  |
| 37500 | Pernod Ricard SA | 7377073 |
|  | **Chemicals - 1.51%** |  |
| 56168 | Air Liquide SA | 7972200 |
|  | **Construction & Engineering - 1.40%** |  |
| 74000 | Vinci SA | 7376812 |
|  | **Electrical Equipment - 2.36%** |  |
| 89000 | Schneider Electric SE | 12498638 |
|  | **Life Sciences Tools & Services - 1.41%** |  |
| 23000 | Sartorius Stedim Biotech | 7474239 |
|  | **Pharmaceuticals - 1.55%** |  |
| 149587 | Sanofi - ADR | 7244499 |
| 10000 | Sanofi | 964262 |
|  |  | 8208761 |
|  | **Professional Services - 1.26%** |  |
| 253000 | Bureau Veritas SA | 6667537 |
|  | **Software - 0.95%** |  |
| 140000 | Dassault Systemes SE | 5034335 |
|  | **Textiles, Apparel & Luxury Goods - 3.23%** |  |
| 14800 | Kering SA | 7532105 |
| 13100 | LVMH Moet Hennessy Louis Vuitton SE | 9532747 |
|  |  | 17064852 |
|  | **Total France (Cost $55,807,989)** | **89895916** |
|  | **Germany - 15.05%** |  |
|  | **Capital Markets - 0.87%** |  |
| 142000 | DWS Group GmbH & Co KGaA | 4582396 |
|  | **Chemicals - 0.94%** |  |
| 46000 | Symrise AG | 4995814 |
|  | **Electrical Equipment - 0.22%** |  |
| 62600 | Siemens Energy AG | 1175383 |
|  | **Electronic Equipment, Instruments & Components - 0.95%** |  |
| 185211 | Jenoptik AG | 5037406 |
|  | **Health Care Equipment & Supplies - 1.32%** |  |
| 55525 | Carl Zeiss Meditec AG | 6979131 |
|  | **Health Care Providers & Services - 0.42%** |  |
| 78900 | Fresenius SE & Co. KGaA | 2203820 |
|  | **Industrial Conglomerates - 2.04%** |  |
| 78200 | Siemens A.G. - ADR | 10779934 |
|  | **Insurance - 2.21%** |  |
| 15000 | Hannover Rueck SE | 2959605 |
| 26900 | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 8701332 |
|  |  | 11660937 |
|  | **Pharmaceuticals - 2.32%** |  |
| 63500 | Merck KGaA | 12251670 |
|  | **Semiconductors & Semiconductor Equipment - 0.31%** |  |
| 54000 | Infineon Technologies AG | 1641158 |
|  | **Software - 1.26%** |  |
| 64800 | SAP SE - ADR | 6686712 |
|  | **Textiles, Apparel & Luxury Goods - 0.83%** |  |
| 72160 | Puma SE | 4361572 |
|  | **Trading Companies & Distributors - 1.36%** |  |
| 113000 | Brenntag AG | 7206535 |
|  | **Total Germany (Cost $55,766,694)** | **79562468** |
|  | **Hong Kong - 1.09%** |  |
|  | **Beverages - 0.52%** |  |
| 400000 | China Resources Beer Holdings Co Ltd. | 2782233 |
|  | **Capital Markets - 0.57%** |  |
| 70000 | Hong Kong Exchanges & Clearing Ltd. | 3007918 |
|  | **Total Hong Kong (Cost $5,758,447)** | **5790151** |
|  | **India - 2.48%** |  |
|  | **Banks - 2.48%** |  |
| 55000 | HDFC Bank Ltd. - ADR | 3762550 |
| 427480 | ICICI Bank Ltd. - ADR | 9357537 |
|  |  | 13120087 |
|  | **Total India (Cost $6,778,180)** | **13120087** |
|  | **Ireland - 9.31%** |  |
|  | **Chemicals - 2.88%** |  |
| 46760 | Linde PLC | 15241892 |
|  | **Construction Materials - 1.45%** |  |
| 78000 | CRH PLC - ADR | 3103620 |
| 5000 | CRH PLC | 198975 |
| 110000 | CRH public limited company | 4374703 |
|  |  | 7677298 |
|  | **Food Products - 0.47%** |  |
| 27150 | Kerry Group Plc | 2452460 |
|  | **Health Care Equipment & Supplies - 1.14%** |  |
| 77400 | Medtronic, PLC - ADR | 6015528 |
|  | **Insurance - 2.27%** |  |
| 40000 | Aon Plc - ADR | 12005600 |
|  | **Life Sciences Tools & Services - 1.10%** |  |
| 30000 | ICON PLC. - ADR (a) | 5827500 |
|  | **Total Ireland (Cost $34,179,786)** | **49220278** |
|  | **Japan - 8.69%** |  |
|  | **Beverages - 0.69%** |  |
| 117000 | Asahi Group Holdings Ltd. | 3641931 |
|  | **Electronic Equipment, Instruments & Components - 2.40%** |  |
| 16100 | KEYENCE CORP. | 6250741 |
| 75000 | Murata Manufacturing Co., Ltd. | 3698639 |
| 57000 | Omron Corp. | 2754684 |
|  |  | 12704064 |
|  | **Entertainment - 1.35%** |  |
| 170000 | Nintendo Co Ltd. | 7147919 |
|  | **Machinery - 0.58%** |  |
| 18500 | FANUC Corp. | 2768462 |
| 18000 | FANUC Corp. - ADR (a) | 267660 |
|  |  | 3036122 |
|  | **Professional Services - 1.46%** |  |
| 247600 | BayCurrent Consulting, Inc. | 7707788 |
|  | **Semiconductors & Semiconductor Equipment - 2.21%** |  |
| 10000 | Disco Corp. | 2850211 |
| 1000000 | Renesas Electronics Corp.(a) | 8838264 |
|  |  | 11688475 |
|  | **Total Japan (Cost $49,714,125)** | **45926299** |
|  | **Luxembourg - 1.50%** |  |
|  | **Life Sciences Tools & Services - 1.07%** |  |
| 79000 | EUROFINS SCIENTIFI | 5672038 |
|  | **Personal Products - 0.43%** |  |
| 730750 | L'Occitane International SA | 2272529 |
|  | **Total Luxembourg (Cost $4,301,530)** | **7944567** |
|  | **Netherlands - 5.81%** |  |
|  | **Beverages - 1.17%** |  |
| 610000 | Davide Campari-Milano NV | 6192883 |
|  | **IT Services - 1.23%** |  |
| 4700 | Adyen NV(a) | 6524751 |
|  | **Semiconductors & Semiconductor Equipment - 2.19%** |  |
| 11741 | ASML Holding NV - NY Shares - ADR | 6415282 |
| 65000 | STMicroelectronics N.V. | 2309836 |
| 80600 | STMicroelectronics N.V. - NY Shares - ADR | 2866942 |
|  |  | 11592060 |
|  | **Trading Companies & Distributors - 1.22%** |  |
| 45000 | IMCD N.V. | 6436847 |
|  | **Total Netherlands (Cost $13,266,290)** | **30746541** |
|  | **Norway - 1.75%** |  |
|  | **Commercial Services & Supplies - 0.91%** |  |
| 286000 | TOMRA Systems ASA | 4823751 |
|  | **Semiconductors & Semiconductor Equipment - 0.84%** |  |
| 265459 | Nordic Semiconductor ASA(a) | 4449678 |
|  | **Total Norway (Cost $7,364,883)** | **9273429** |
|  | **Republic of Korea - 0.33%** |  |
|  | **Semiconductors & Semiconductor Equipment - 0.33%** |  |
| 40000 | Samsung Electronic Co., Ltd. | 1755730 |
|  | **Total Republic of Korea (Cost $894,090)** | **1755730** |
|  | **Sweden - 2.38%** |  |
|  | **Electronic Equipment, Instruments & Components - 1.92%** |  |
| 966000 | HEXAGON AB | 10128599 |
|  | **Hotels, Restaurants & Leisure - 0.46%** |  |
| 25000 | Evolution AB | 2435111 |
|  | **Total Sweden (Cost $9,818,401)** | **12563710** |
|  | **Switzerland - 6.50%** |  |
|  | **Capital Markets - 1.07%** |  |
| 96937 | Julius Baer Group Ltd. | 5641842 |
|  | **Construction Materials - 0.68%** |  |
| 70000 | LafargeHolcim Ltd. | 3623430 |
|  | **Electrical Equipment - 1.28%** |  |
| 222500 | ABB Ltd. - ADR | 6777350 |
|  | **Food Products - 0.44%** |  |
| 20000 | Nestle SA | 2310189 |
|  | **Health Care Equipment & Supplies - 0.60%** |  |
| 46000 | Alcon, Inc. | 3156473 |
|  | **Life Sciences Tools & Services - 1.39%** |  |
| 15000 | Lonza Group AG | 7363132 |
|  | **Pharmaceuticals - 1.04%** |  |
| 11800 | Roche Holding AG | 3708003 |
| 45400 | Roche Holding AG - ADR | 1777410 |
|  |  | 5485413 |
|  | **Total Switzerland (Cost $25,516,195)** | **34357829** |
|  | **Taiwan, Province of China - 1.82%** |  |
|  | **Semiconductors & Semiconductor Equipment - 1.82%** |  |
| 129281 | Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | 9630142 |
|  | **Total Taiwan, Province of China (Cost $1,607,687)** | **9630142** |
|  | **United Kingdom - 10.35%** |  |
|  | **Aerospace & Defense - 0.86%** |  |
| 440000 | BAE Systems Plc | 4544520 |
|  | **Beverages - 1.36%** |  |
| 40300 | Diageo PLC - ADR | 7181057 |
|  | **Food Products - 0.62%** |  |
| 64700 | Unilever PLC - ADR | 3257645 |
|  | **Health Care Equipment & Supplies - 0.64%** |  |
| 127000 | Smith & Nephew Plc - ADR | 3415030 |
|  | **Hotels, Restaurants & Leisure - 0.79%** |  |
| 73100 | InterContinental Hotels Group PLC | 4194411 |
|  | **Oil, Gas & Consumable Fuels - 1.34%** |  |
| 200000 | Shell Plc | 5671457 |
| 25000 | Shell Plc - ADR | 1423750 |
|  |  | 7095207 |
|  | **Personal Products - 0.38%** |  |
| 40000 | Unilever Plc | 2007065 |
|  | **Pharmaceuticals - 2.08%** |  |
| 144000 | AstraZeneca PLC - ADR | 9763200 |
| 9000 | AstraZeneca PLC | 1217880 |
|  |  | 10981080 |
|  | **Trading Companies & Distributors - 2.28%** |  |
| 212000 | Ashtead Group Plc | 12042675 |
|  | **Total United Kingdom (Cost $38,284,721)** | **54718690** |
|  | **United States - 0.96%** |  |
|  | **Internet & Direct Marketing Retail - 0.96%** |  |
| 6000 | MercadoLibre, Inc.(a) | 5077440 |
|  | **Total United States (Cost $6,274,753)** | **5077440** |
|  | **TOTAL COMMON STOCKS (Cost $351,935,107)** | **496890565** |
|  | **SHORT TERM INVESTMENTS - 5.82%** |  |
|  | **Investment Company - 5.82%** |  |
| 30762200 | Fidelity Investments Money Market Funds - Government Portfolio - Class I - 4.074% (b) | 30762200 |
|  | **Total Investment Company** | **30762200** |
|  | **TOTAL SHORT TERM INVESTMENTS (Cost $30,762,200)** | **30762200** |
|  | **Total Investments (Cost ($382697307) - 99.79%** | **527652765** |
|  | Other Assets in Excess of Liabilities - 0.21% | 1113491 |
|  | **TOTAL NET ASSETS - 100.00%** | $**528766256** |
|  | ADR — American Depositary Receipt |  |
|  | PLC — Public Limited Company |  |
| (a)<br>| Non Income Producing. |  |
| (b)<br>| The rate quoted is the annualized seven-day effective yield as of December 31, 2022. |  |
| \* | See the accompanying Notes regarding valuation of securities. |  |
| The Global Industry Classification Standard (GICS) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor's Financial Services LLC ("S&P"). GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC. | The Global Industry Classification Standard (GICS) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor's Financial Services LLC ("S&P"). GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC. | The Global Industry Classification Standard (GICS) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor's Financial Services LLC ("S&P"). GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC. |
| *The accompanying notes are an integral part of these financial statements.* | *The accompanying notes are an integral part of these financial statements.* | *The accompanying notes are an integral part of these financial statements.* |

---

---

| | | |
|:---|:---|:---|
| **Buffalo International Fund** | **Buffalo International Fund** | **Buffalo International Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **December 31, 2022 (Unaudited)** | **December 31, 2022 (Unaudited)** | **December 31, 2022 (Unaudited)** |
| As of December 31, 2022, the industry diversification was as follows: | As of December 31, 2022, the industry diversification was as follows: | As of December 31, 2022, the industry diversification was as follows: |
|  | Fair Value | Percentage |
| Common Stocks |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Aerospace & Defense | 14765988 | 2.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;Banks | 13120087 | 2.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;Beverages | 29885562 | 5.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital Markets | 13232156 | 2.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chemicals | 28209907 | 5.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial Banks | 3320314 | 0.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial Services & Supplies | 10669750 | 2.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction & Engineering | 7376812 | 1.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction Materials | 11300728 | 2.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Electrical Equipment | 20451371 | 3.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;Electronic Equipment, Instruments & Components | 27870069 | 5.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;Entertainment | 7147919 | 1.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;Food Products | 8020293 | 1.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care Equipment & Supplies | 19566161 | 3.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care Providers & Services | 2203820 | 0.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hotels, Restaurants & Leisure | 6629522 | 1.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrial Conglomerates | 10779934 | 2.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance | 23666538 | 4.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;Internet & Direct Marketing Retail | 5077440 | 0.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;IT Services | 6524750 | 1.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;Life Sciences Tools & Services | 26336908 | 4.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;Machinery | 4862240 | 0.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;Oil, Gas & Consumable Fuels | 7095207 | 1.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;Personal Products | 4279594 | 0.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;Pharmaceuticals | 49249998 | 9.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional Services | 14375325 | 2.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;Road & Rail | 7964960 | 1.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;Semiconductors & Semiconductor Equipment | 40757243 | 7.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | 20308034 | 3.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;Textiles, Apparel & Luxury Goods | 26155878 | 4.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;Trading Companies & Distributors | 25686057 | 4.86% |
| Total Common Stocks | 496890565 | 93.97% |
| Short Term Investments |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Company | 30762200 | 5.82% |
| Total Short Term Investments | 30762200 | 5.82% |
| Total Investments | 527652765 | 99.79% |
| Other Assets in Excess of Liabilities | 1113491 | 0.21% |
| **TOTAL NET ASSETS** | $528766256 | 100.00% |

---

------

---

| |
|:---|
| **INVESTMENT VALUATION** |
| Equity securities and debt securities traded on a national securities exchange or national market, except those traded using the National Association of Securities Dealers' Automated Quotation System ("NASDAQ"), are valued at the latest sales price thereof, or if no sale was reported on that date, the mean between the most recent quoted bid and ask price is used. All equity securities that are traded using NASDAQ are valued using the NASDAQ Official Closing Price ("NOCP"), which may not necessarily represent the last sales price. If there has been no sale on such exchange or on NASDAQ on such day, the security is valued at the mean between the most recent quoted bid and ask price. |
| When market quotations are not readily available, any security or other asset is valued at its fair value as determined in good faith under procedures approved by the Board of Trustees (the "Board"). If events occur that will affect the value of a Fund's portfolio securities before the net asset value ("NAV") has been calculated (a "significant event"), the security will generally be priced using a fair value procedure. The Board has adopted specific procedures for valuing portfolio securities and delegated the responsibility of fair value determinations to the Valuation Committee. Some of the factors that may be considered by the Valuation Committee in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restriction on the position; trading in similar securities of the same issuer or comparable companies; information from broker-dealers; and an evaluation of the forces that influence the market in which the securities are purchased or sold. As of December 31, 2022, the Fund held 67 securities where a fair value factor was applied, with a market value of $352,350,325, or 66.64% of Net Assets. |
| Debt securities with remaining maturities of 60 days or less are normally valued at the last reported sale price. If there is no trade on the particular day, then the security will be priced at the mean between the most recent bid and ask prices. |
| Restricted securities include securities that have not been registered under the Securities Act of 1933, as amended, and securities that are subject to restrictions on resale. The Funds may invest in restricted securities that are consistent with the Funds' investment objectives and investment strategies. In some cases, the issuer of restricted securities has agreed to register such securities for resale, at the issuer's expense either upon demand by the Funds or in connection with another registered offering of the securities. Investments in restricted securities are valued utilizing the Funds' corporate bond valuation policies. |
| **FOREIGN INVESTMENT RISK** |
| Investing in securities of foreign corporations and governments involves additional risks relating to: political, social, religious and economic developments abroad; market instability; fluctuations in foreign exchange rates; different regulatory requirements, market practices, accounting standards and practices; and less publicly available information about foreign issuers. Additionally, these investments may be less liquid, carry higher brokerage commissions and other fees, and procedures and regulations governing transactions and custody in foreign markets also may involve delays in payment, delivery or recovery of money or investments. Investments in common stocks of U.S. companies with international operations, and the purchase of sponsored or unsponsored ADRs (American Depositary Receipt) carry similar risks. In addition to risks associated with investing in foreign securities, there are special risks associated with investments in China and Hong Kong, including exposure to currency fluctuations, less liquidity, expropriation, confiscatory taxation, nationalization, exchange control regulations, differing legal standards and rapid fluctuations in inflation and interest rates. The Chinese government could, at any time, alter or discontinue economic reform programs implemented since 1978. |
| **Summary of Fair Value Exposure at December 31, 2022** |
| In accordance with FASB ASC 820, Fair Value Measurements ("ASC 820"), fair value is defined as the price that a Fund would receive to sell an investment or pay to transfer a liability in an orderly transaction with an independent buyer in the principal market, or in the absence of a principal market, the most advantageous market for the investment or liability. ASC 820 establishes a three-tier hierarchy to distinguish between (1) inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observable inputs) and (2) inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Funds' investments. The inputs are summarized in the three broad levels listed below: |
| Level 1 — Valuations based on quoted prices for investments in active markets that a Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments. |
| Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.). |
| Level 3 —Valuations based on significant unobservable inputs (including a Fund's own assumptions and judgment in determining the fair value of investments). |
| Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the market place. The inputs will be considered by Kornitzer Capital Management ("Advisor"), along with any other relevant factors in the calculation of an investment's fair value. The Funds use prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy. |
| Non-U.S. equity securities actively traded in foreign markets may be reflected in Level 2 despite the availability of closing prices, because the Funds evaluate and determine whether those closing prices reflect fair value at the close of the NYSE or require adjustment, as described above and in the Foreign Investment Risk note above. |
| Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models rely on one or more significant unobservable inputs and/or significant assumptions made by the Valuation Committee. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data. |
| The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. |
| The following table provides the fair value measurement of applicable Fund assets and liabilities by level within the fair value hierarchy as of December 31, 2022. These assets are measured on a recurring basis. |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Buffalo International Fund** | **Buffalo International Fund** | **Buffalo International Fund** | **Buffalo International Fund** | **Buffalo International Fund** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $144540240 | 352350325 |  | $496890565 |
| Short Term Investments | 30762200 | - |  | 30762200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total\*** | $**175302440** | $**352350325** |  | $**527652765** |

---

---

| |
|:---|
| *\* Additional information regarding the industry and/or geographical classification of these investments is disclosed in the schedule of investments.* |
| **TRANSACTIONS WITH AFFILIATES** |
| Investments representing 5% or more of the outstanding voting securities of a portfolio company result in that company being considered an affiliated company, as defined in the 1940 Act. There were no affiliated companies held in any of the Buffalo Funds during the period ended December 31, 2022. |
| **FOREIGN CURRENCY TRANSLATION** |
| Values of investments denominated in foreign currencies are converted into U.S. dollars using a spot market rate of exchange on the day of valuation. Purchases and sales of investments and dividend and interest income are translated to U.S. dollars using a spot market rate of exchange prevailing on the respective dates of such transactions. The portion of security gains or losses resulting from changes in foreign exchange rates is included with net realized and unrealized gain or loss from investments, as appropriate, for both ﬁnancial reporting and tax purposes. |
| **PURCHASED AND WRITTEN OPTIONS CONTRACTS** |
| The Fund may purchase and write call or put options on securities and indices and enter into related closing transactions. As a holder of a call option, a Fund has the right, but not the obligation, to purchase a security at the exercise price during the exercise period. As the writer of a call option, a Fund has the obligation to sell the security at the exercise price during the exercise period. The Fund did not hold purchased or written call options as of December 31, 2022. The Fund's maximum payout in the case of written call option contracts cannot be determined. As a holder of a put option, a Fund has the right, but not the obligation, to sell a security at the exercise price during the exercise period. As the writer of a put option, a Fund has the obligation to buy the underlying security at the exercise price during the exercise period. The Fund did not hold any purchased or written put options as of December 31, 2022. The premium that a Fund pays when purchasing an option or receives when writing an option will reﬂect, among other things, the market price of the security, the relationship of the exercise price to the market price of the security, the relationship of the exercise price to the volatility of the security, the length of the option period and supply and demand factors. The premium is the market value of an option at the time of purchase. A purchaser (holder) of a put option pays a non-refundable premium to the seller (writer) of a put option to obtain the right to sell a speciﬁed amount of a security at a ﬁxed price (the exercise price) during a speciﬁed period (exercise period). Conversely, the seller (writer) of a put option, upon payment by the holder of the premium, has the obligation to buy the security from the holder of the put option at the exercise price during the exercise period. Exchange traded options are valued at the composite price, using the National Best Bid and Oﬀer quotes ("NBBO"). NBBO consists of the highest bid prices and lowest ask prices across any of the exchanges on which an option is quoted, thus providing a view across the entire U.S. options marketplace. Speciﬁcally, composite pricing looks at the last trades on the exchanges where the options are traded. If there are no trades for the option on a given business day, composite option pricing calculates the mean of the highest bid price and lowest ask price across the exchanges where the option is traded. Non exchange traded options also will be valued at the mean between the last bid and ask quotations. For options where market quotations are not readily available, a fair value shall be determined as set forth in the Fund' fair valuation guidelines. The Fund may use options with the objective to generate income as a non-principal investment strategy. A risk of using derivatives is that the counterparty to a derivative may fail to comply with their obligation to the Fund. |

---

## 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:** Shawnee Mission

  - **State:** KS

  - **Foreign country:** US

  - **Zip / Postal Code:** 66205

  - **Telephone number:** 913-384-1513

**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:** 2023-03-31

- **b. Date as of which information is reported:** 2022-12-31

**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:** $531390845.54

**Total Liabilities:** $2642939.65

**Net Assets:** $528747905.89

**Delayed Delivery Securities:** $2153838.20

**Cash Not Reported:** $978992.95

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000052696 | 5.87%                | 12.52%               | -2.93%               |
| Class ID C000214590 | 5.86%                | 12.50%               | -2.88%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-595773.25              | $27199153.36                               |
| Month 2  | $-58967.51               | $60247141.45                               |
| Month 3  | $3151488.23              | $-19590379.27                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Pernod Ricard SA               | Pernod Ricard SA                                          | CUSIP: F72027109<br>LEI: 52990097YFPX9J0H5D87 | Long             | EC               | CORP              | FR        |     37500 | NS      | $7377073.51   | 1.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Merck KGaA                     | Merck KGaA                                                | CUSIP: D5357W103<br>LEI: 529900OAREIS0MOPTW25 | Long             | EC               | CORP              | DE        |     63500 | NS      | $12251669.70  | 2.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Schneider Electric SE          | Schneider Electric SE                                     | CUSIP: N/A<br>LEI: 969500A1YF1XUYYXS284       | Long             | EC               | CORP              | FR        |     89000 | NS      | $12498637.67  | 2.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Puma SE                        | Puma SE                                                   | CUSIP: N/A<br>LEI: 529900GRZ2BQY5ZM9N49       | Long             | EC               | CORP              | DE        |     72160 | NS      | $4361572.51   | 0.82%             |  |  |  | No            |                  2 | On Loan: No      |
| Munich Re                      | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | CUSIP: N/A<br>LEI: 529900MUF4C20K50JS49       | Long             | EC               | CORP              | DE        |     26900 | NS      | $8701331.79   | 1.65%             |  |  |  | No            |                  2 | On Loan: No      |
| Kering SA                      | Kering SA                                                 | CUSIP: N/A<br>LEI: 549300VGEJKB7SVUZR78       | Long             | EC               | CORP              | FR        |     14800 | NS      | $7532105.43   | 1.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Sanofi                         | Sanofi                                                    | CUSIP: N/A<br>LEI: 549300E9PC51EN656011       | Long             | EC               | CORP              | FR        |     10000 | NS      | $964262.31    | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Siemens AG                     | Siemens AG                                                | CUSIP: N/A<br>LEI: W38RGI023J3WT1HWRP32       | Long             | EC               | CORP              | DE        |     78200 | NS      | $10779933.74  | 2.04%             |  |  |  | No            |                  2 | On Loan: No      |
| MercadoLibre Inc               | MercadoLibre Inc                                          | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | UY        |      6000 | NS      | $5077440.00   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Infineon Technologies AG       | Infineon Technologies AG                                  | CUSIP: N/A<br>LEI: TSI2PJM6EPETEQ4X1U25       | Long             | EC               | CORP              | DE        |     54000 | NS      | $1641158.03   | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Carl Zeiss Meditec AG          | Carl Zeiss Meditec AG                                     | CUSIP: N/A<br>LEI: 529900GRL4MZ8NMOOK95       | Long             | EC               | CORP              | DE        |     55525 | NS      | $6979130.77   | 1.32%             |  |  |  | No            |                  2 | On Loan: No      |
| STMicroelectronics NV          | STMicroelectronics NV                                     | CUSIP: N/A<br>LEI: 213800Z8NOHIKRI42W10       | Long             | EC               | CORP              | CH        |     65000 | NS      | $2309835.56   | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Asahi Group Holdings Ltd       | Asahi Group Holdings Ltd                                  | CUSIP: N/A<br>LEI: 353800KAJ02XNHLCJW79       | Long             | EC               | CORP              | JP        |    117000 | NS      | $3641931.48   | 0.69%             |  |  |  | No            |                  2 | On Loan: No      |
| HKEX                           | Hong Kong Exchanges & Clearing Ltd                        | CUSIP: N/A<br>LEI: 213800YTVSXYQN17BW16       | Long             | EC               | CORP              | HK        |     70000 | NS      | $3007917.91   | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |
| Disco Corp                     | Disco Corp                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |     10000 | NS      | $2850210.72   | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| FANUC Corp                     | FANUC Corp                                                | CUSIP: N/A<br>LEI: 529900QTSW745LOKW705       | Long             | EC               | CORP              | JP        |     18500 | NS      | $2768461.75   | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| Keyence Corp                   | Keyence Corp                                              | CUSIP: N/A<br>LEI: 529900M7PQBS7A89DZ11       | Long             | EC               | CORP              | JP        |     16100 | NS      | $6250741.00   | 1.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Murata Manufacturing Co Ltd    | Murata Manufacturing Co Ltd                               | CUSIP: N/A<br>LEI: 529900QZG6DL8ZRI7140       | Long             | EC               | CORP              | JP        |     75000 | NS      | $3698639.31   | 0.70%             |  |  |  | No            |                  2 | On Loan: No      |
| Renesas Electronics Corp       | Renesas Electronics Corp                                  | CUSIP: N/A<br>LEI: 5299000EPC47VJQOFB81       | Long             | EC               | CORP              | JP        |   1000000 | NS      | $8838264.20   | 1.67%             |  |  |  | No            |                  2 | On Loan: No      |
| Nintendo Co Ltd                | Nintendo Co Ltd                                           | CUSIP: N/A<br>LEI: 353800FEEXU6I9M0ZF27       | Long             | EC               | CORP              | JP        |    170000 | NS      | $7147918.70   | 1.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Omron Corp                     | Omron Corp                                                | CUSIP: N/A<br>LEI: 549300ZHW0TR2QZ0NY83       | Long             | EC               | CORP              | JP        |     57000 | NS      | $2754684.27   | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| Linde PLC                      | Linde PLC                                                 | CUSIP: N/A<br>LEI: 8945002PAZHZLBGKGF02       | Long             | EC               | CORP              | GB        |     46760 | NS      | $15241892.68  | 2.88%             |  |  |  | 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        |     45000 | NS      | $2710383.59   | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Sartorius Stedim Biotech       | Sartorius Stedim Biotech                                  | CUSIP: N/A<br>LEI: 52990006IVXY7GCSSR39       | Long             | EC               | CORP              | FR        |     23000 | NS      | $7474238.82   | 1.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Adyen NV                       | Adyen NV                                                  | CUSIP: N/A<br>LEI: 724500973ODKK3IFQ447       | Long             | EC               | CORP              | NL        |      4700 | NS      | $6524750.37   | 1.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Aon PLC                        | Aon PLC                                                   | CUSIP: N/A<br>LEI: 635400FALWQYX5E6QC64       | Long             | EC               | CORP              | US        |     40000 | NS      | $12005600.00  | 2.27%             |  |  |  | No            |                  1 | On Loan: No      |
| ICON PLC                       | ICON PLC                                                  | CUSIP: N/A<br>LEI: 6354008SRQGEMC4XFI67       | Long             | EC               | CORP              | IE        |     30000 | NS      | $5827500.00   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic PLC                  | Medtronic PLC                                             | CUSIP: N/A<br>LEI: 549300GX3ZBSQWUXY261       | Long             | EC               | CORP              | IE        |     77400 | NS      | $6015528.00   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| ASML Holding NV                | ASML Holding NV                                           | CUSIP: N/A<br>LEI: 724500Y6DUVHQD6OXN27       | Long             | EC               | CORP              | NL        |     11741 | NS      | $6415282.40   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Novo Nordisk A/S               | Novo Nordisk A/S                                          | CUSIP: 670100205<br>LEI: 549300DAQ1CVT6CXN342 | Long             | EC               | CORP              | DK        |     76000 | NS      | $10285840.00  | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Electronics Co Ltd     | Samsung Electronics Co Ltd                                | CUSIP: N/A<br>LEI: 9884007ER46L6N7EI764       | Long             | EC               | CORP              | KR        |     40000 | NS      | $1755729.74   | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| CHINA RES BEER                 | China Resources Beer Holdings Co Ltd                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | HK        |    400000 | NS      | $2782232.88   | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Roche Holding AG               | Roche Holding AG                                          | CUSIP: H69293217<br>LEI: 549300U41AUUVOAAOB37 | Long             | EC               | CORP              | CH        |     11800 | NS      | $3708003.16   | 0.70%             |  |  |  | No            |                  2 | On Loan: No      |
| Holcim AG                      | Holcim AG                                                 | CUSIP: N/A<br>LEI: 529900EHPFPYHV6IQO98       | Long             | EC               | CORP              | CH        |     70000 | NS      | $3623430.29   | 0.69%             |  |  |  | No            |                  2 | On Loan: No      |
| Nestle SA                      | Nestle SA                                                 | CUSIP: N/A<br>LEI: KY37LUS27QQX7BB93L28       | Long             | EC               | CORP              | CH        |     20000 | NS      | $2310188.68   | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Lonza Group AG                 | Lonza Group AG                                            | CUSIP: H50524133<br>LEI: 549300EFW4H2TCZ71055 | Long             | EC               | CORP              | CH        |     15000 | NS      | $7363131.77   | 1.39%             |  |  |  | No            |                  2 | On Loan: No      |
| Roche Holding AG               | Roche Holding AG                                          | CUSIP: 771195104<br>LEI: 549300U41AUUVOAAOB37 | Long             | EC               | CORP              | CH        |     45400 | NS      | $1777410.00   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Shell PLC                      | Shell PLC                                                 | CUSIP: 780259305<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |     25000 | NS      | $1423750.00   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Thales SA                      | Thales SA                                                 | CUSIP: N/A<br>LEI: 529900FNDVTQJOVVPZ19       | Long             | EC               | CORP              | FR        |     80000 | NS      | $10221468.78  | 1.93%             |  |  |  | No            |                  2 | On Loan: No      |
| CRH PLC                        | CRH PLC                                                   | CUSIP: G25508105<br>LEI: 549300MIDJNNTH068E74 | Long             | EC               | CORP              | IE        |    110000 | NS      | $4374703.03   | 0.83%             |  |  |  | No            |                  2 | On Loan: No      |
| Fresenius SE & Co KGaA         | Fresenius SE & Co KGaA                                    | CUSIP: N/A<br>LEI: XDFJ0CYCOO1FXRFTQS51       | Long             | EC               | CORP              | DE        |     78900 | NS      | $2203820.35   | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| ICICI Bank Ltd                 | ICICI Bank Ltd                                            | CUSIP: 45104G104<br>LEI: R7RX8ER1V4666J8D1I38 | Long             | EC               | CORP              | IN        |    427480 | NS      | $9357537.20   | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Hannover Rueck SE              | Hannover Rueck SE                                         | CUSIP: N/A<br>LEI: 529900KIN5BE45V5KB18       | Long             | EC               | CORP              | DE        |     15000 | NS      | $2959605.56   | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| Kerry Group PLC                | Kerry Group PLC                                           | CUSIP: G52416107<br>LEI: 635400TLVVBNXLFHWC59 | Long             | EC               | CORP              | IE        |     27150 | NS      | $2452459.71   | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| ABB Ltd                        | ABB Ltd                                                   | CUSIP: 000375204<br>LEI: 5493000LKVGOO9PELI61 | Long             | EC               | CORP              | CH        |    222500 | NS      | $6777350.00   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Ashtead Group PLC              | Ashtead Group PLC                                         | CUSIP: N/A<br>LEI: 2138007UTBN8X9K1A235       | Long             | EC               | CORP              | GB        |    212000 | NS      | $12042675.17  | 2.28%             |  |  |  | No            |                  2 | On Loan: No      |
| CRH PLC                        | CRH PLC                                                   | CUSIP: N/A<br>LEI: 549300MIDJNNTH068E74       | Long             | EC               | CORP              | IE        |      5000 | NS      | $198974.76    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| BAE Systems PLC                | BAE Systems PLC                                           | CUSIP: N/A<br>LEI: 8SVCSVKSGDWMW2QHOH83       | Long             | EC               | CORP              | GB        |    440000 | NS      | $4544519.75   | 0.86%             |  |  |  | No            |                  2 | On Loan: No      |
| AstraZeneca PLC                | AstraZeneca PLC                                           | CUSIP: 046353108<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |    144000 | NS      | $9763200.00   | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| AstraZeneca PLC                | AstraZeneca PLC                                           | CUSIP: G0593M107<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |      9000 | NS      | $1217880.43   | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| CRH PLC                        | CRH PLC                                                   | CUSIP: 12626K203<br>LEI: 549300MIDJNNTH068E74 | Long             | EC               | CORP              | IE        |     78000 | NS      | $3103620.00   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Canadian National Railway Co   | Canadian National Railway Co                              | CUSIP: 136375102<br>LEI: 3SU7BEP7TH9YEQOZCS77 | Long             | EC               | CORP              | CA        |     67000 | NS      | $7964960.00   | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Diageo PLC                     | Diageo PLC                                                | CUSIP: 25243Q205<br>LEI: 213800ZVIELEA55JMJ32 | Long             | EC               | CORP              | GB        |     40300 | NS      | $7181057.00   | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| FANUC Corp                     | FANUC Corp                                                | CUSIP: 307305102<br>LEI: 529900QTSW745LOKW705 | Long             | EC               | CORP              | JP        |     18000 | NS      | $267660.00    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Government Portfolio  | Fidelity Government Portfolio                             | CUSIP: 316175108<br>LEI: N/A                  | Long             | STIV             | RF                | US        |  30762200 | NS      | $30762200.13  | 5.82%             |  |  |  | No            |                  1 | On Loan: No      |
| GFL Environmental Inc          | GFL Environmental Inc                                     | CUSIP: 36168Q104<br>LEI: 549300FYK4MBXWIVZU26 | Long             | EC               | CORP              | CA        |    200000 | NS      | $5846000.00   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| HDFC Bank Ltd                  | HDFC Bank Ltd                                             | CUSIP: 40415F101<br>LEI: 335800ZQ6I4E2JXENC50 | Long             | EC               | CORP              | IN        |     55000 | NS      | $3762550.00   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| LVMH Moet Hennessy Louis Vuitt | LVMH Moet Hennessy Louis Vuitton SE                       | CUSIP: N/A<br>LEI: IOG4E947OATN0KJYSD45       | Long             | EC               | CORP              | FR        |     13100 | NS      | $9532746.82   | 1.80%             |  |  |  | No            |                  2 | On Loan: No      |
| Sanofi                         | Sanofi                                                    | CUSIP: 80105N105<br>LEI: 549300E9PC51EN656011 | Long             | EC               | CORP              | FR        |    149587 | NS      | $7244498.41   | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| SAP SE                         | SAP SE                                                    | CUSIP: 803054204<br>LEI: 529900D6BF99LW9R2E68 | Long             | EC               | CORP              | DE        |     64800 | NS      | $6686712.00   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Smith & Nephew PLC             | Smith & Nephew PLC                                        | CUSIP: 83175M205<br>LEI: 213800ZTMDN8S67S1H61 | Long             | EC               | CORP              | GB        |    127000 | NS      | $3415030.00   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| STMicroelectronics NV          | STMicroelectronics NV                                     | CUSIP: 861012102<br>LEI: 213800Z8NOHIKRI42W10 | Long             | EC               | CORP              | CH        |     80600 | NS      | $2866942.00   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| TSMC                           | Taiwan Semiconductor Manufacturing Co Ltd                 | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |    129281 | NS      | $9630141.69   | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Unilever PLC                   | Unilever PLC                                              | CUSIP: 904767704<br>LEI: 549300MKFYEKVRWML317 | Long             | EC               | CORP              | GB        |     64700 | NS      | $3257645.00   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Nordic Semiconductor ASA       | Nordic Semiconductor ASA                                  | CUSIP: N/A<br>LEI: 5967007LIEEXZXJGFK95       | Long             | EC               | CORP              | NO        |    265459 | NS      | $4449678.07   | 0.84%             |  |  |  | No            |                  2 | On Loan: No      |
| Li Ning Co Ltd                 | Li Ning Co Ltd                                            | CUSIP: N/A<br>LEI: 529900T77L2FV3FZ3U81       | Long             | EC               | CORP              | CN        |    550000 | NS      | $4729452.85   | 0.89%             |  |  |  | No            |                  2 | On Loan: No      |
| Constellation Software Inc/Can | Constellation Software Inc/Canada                         | CUSIP: 21037X100<br>LEI: 549300B6PYHMCTDWQV29 | Long             | EC               | CORP              | CA        |      5500 | NS      | $8586986.71   | 1.62%             |  |  |  | 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        |    600000 | NS      | $3320314.04   | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| Symrise AG                     | Symrise AG                                                | CUSIP: N/A<br>LEI: 529900D82I6R9601CF26       | Long             | EC               | CORP              | DE        |     46000 | NS      | $4995814.15   | 0.94%             |  |  |  | No            |                  2 | On Loan: No      |
| Vinci SA                       | Vinci SA                                                  | CUSIP: N/A<br>LEI: 213800WFQ334R8UXUG83       | Long             | EC               | CORP              | FR        |     74000 | NS      | $7376811.74   | 1.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Air Liquide SA                 | Air Liquide SA                                            | CUSIP: N/A<br>LEI: 969500MMPQVHK671GT54       | Long             | EC               | CORP              | FR        |     56168 | NS      | $7972200.29   | 1.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Bureau Veritas SA              | Bureau Veritas SA                                         | CUSIP: N/A<br>LEI: 969500TPU5T3HA5D1F11       | Long             | EC               | CORP              | FR        |    253000 | NS      | $6667537.01   | 1.26%             |  |  |  | No            |                  2 | On Loan: No      |
| L'Occitane International SA    | L'Occitane International SA                               | CUSIP: N/A<br>LEI: 549300TLZP9DZV3ROI47       | Long             | EC               | CORP              | LU        |    730750 | NS      | $2272529.38   | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| Julius Baer Group Ltd          | Julius Baer Group Ltd                                     | CUSIP: N/A<br>LEI: 5299007MF0604ZGJER92       | Long             | EC               | CORP              | CH        |     96937 | NS      | $5641842.22   | 1.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Brenntag SE                    | Brenntag SE                                               | CUSIP: N/A<br>LEI: NNROIXVWJ7CPSR27SV97       | Long             | EC               | CORP              | DE        |    113000 | NS      | $7206534.57   | 1.36%             |  |  |  | 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      | $4582395.74   | 0.87%             |  |  |  | No            |                  2 | On Loan: No      |
| Jenoptik AG                    | Jenoptik AG                                               | CUSIP: N/A<br>LEI: 529900P34GDHGXK6VB37       | Long             | EC               | CORP              | DE        |    185211 | NS      | $5037405.73   | 0.95%             |  |  |  | No            |                  2 | On Loan: No      |
| Novo Nordisk A/S               | Novo Nordisk A/S                                          | CUSIP: N/A<br>LEI: 549300DAQ1CVT6CXN342       | Long             | EC               | CORP              | DK        |     15000 | NS      | $2037233.43   | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| InterContinental Hotels Group  | InterContinental Hotels Group PLC                         | CUSIP: N/A<br>LEI: 2138007ZFQYRUSLU3J98       | Long             | EC               | CORP              | GB        |     73100 | NS      | $4194411.21   | 0.79%             |  |  |  | No            |                  2 | On Loan: No      |
| Alcon Inc                      | Alcon Inc                                                 | CUSIP: N/A<br>LEI: 549300LDT5AP8S0NBM78       | Long             | EC               | CORP              | CH        |     46000 | NS      | $3156472.49   | 0.60%             |  |  |  | No            |                  2 | On Loan: No      |
| Evolution AB                   | Evolution AB                                              | CUSIP: N/A<br>LEI: 549300SUH6ZR1RF6TA88       | Long             | EC               | CORP              | SE        |     25000 | NS      | $2435111.14   | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| Unilever PLC                   | Unilever PLC                                              | CUSIP: G92087165<br>LEI: 549300MKFYEKVRWML317 | Long             | EC               | CORP              | GB        |     40000 | NS      | $2007064.52   | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Dassault Systemes SE           | Dassault Systemes SE                                      | CUSIP: N/A<br>LEI: 96950065LBWY0APQIM86       | Long             | EC               | CORP              | FR        |    140000 | NS      | $5034335.20   | 0.95%             |  |  |  | No            |                  2 | On Loan: No      |
| Davide Campari-Milano NV       | Davide Campari-Milano NV                                  | CUSIP: N/A<br>LEI: 213800ED5AN2J56N6Z02       | Long             | EC               | CORP              | IT        |    610000 | NS      | $6192883.32   | 1.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Siemens Energy AG              | Siemens Energy AG                                         | CUSIP: N/A<br>LEI: 5299005CHJZ14D4FDJ62       | Long             | EC               | CORP              | DE        |     62600 | NS      | $1175383.00   | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| AutoStore Holdings Ltd         | AutoStore Holdings Ltd                                    | CUSIP: N/A<br>LEI: 549300KYN3M0LSM5A413       | Long             | EC               | CORP              | NO        |   1000000 | NS      | $1826118.53   | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| IMCD NV                        | IMCD NV                                                   | CUSIP: N/A<br>LEI: 724500NSJPNFJPDAUP02       | Long             | EC               | CORP              | NL        |     45000 | NS      | $6436847.13   | 1.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Eurofins Scientific SE         | Eurofins Scientific SE                                    | CUSIP: N/A<br>LEI: 529900JEHFM47DYY3S57       | Long             | EC               | CORP              | LU        |     79000 | NS      | $5672037.63   | 1.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Hexagon AB                     | Hexagon AB                                                | CUSIP: W4R431112<br>LEI: 549300WJFW6ILNI4TA80 | Long             | EC               | CORP              | SE        |    966000 | NS      | $10128598.94  | 1.92%             |  |  |  | No            |                  2 | On Loan: No      |
| Shell PLC                      | Shell PLC                                                 | CUSIP: G80827101<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |    200000 | NS      | $5671456.98   | 1.07%             |  |  |  | No            |                  2 | On Loan: No      |
| TOMRA Systems ASA              | TOMRA Systems ASA                                         | CUSIP: N/A<br>LEI: 549300J726JCFJU3VT89       | Long             | EC               | CORP              | NO        |    286000 | NS      | $4823750.54   | 0.91%             |  |  |  | No            |                  2 | On Loan: No      |
| BayCurrent Consulting Inc      | BayCurrent Consulting Inc                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    247600 | NS      | $7707788.02   | 1.46%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-24

**Name of Applicant:** Buffalo Funds

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

**Name of Signer:** Laura Symon Browne

**Title:** President and Treasurer