International Fund – Full Holdings

Full Portfolio Holdings as of 12/31/24

Name of Holding	Ticker	% of Net Assets
Taiwan Semiconductor Manufactu	TSM	3.37
Schneider Electric SE	SU FP	2.60
SAP SE	SAP	2.42
BayCurrent Inc	6532 JP	2.35
MercadoLibre Inc	MELI	2.32
GFL Environmental Inc	GFL	2.26
Lonza Group AG	LONN SW	2.18
Adyen NV	ADYEN NA	2.12
Linde PLC	LIN	1.95
Kerry Group PLC	KYGA ID	1.94
Constellation Software Inc/Can	CSU CN	1.91
Bureau Veritas SA	BVI FP	1.85
London Stock Exchange Group PL	LSEG LN	1.82
Aon PLC	AON	1.80
ASML Holding NV	ASML	1.78
Siemens AG	SIE GR	1.78
Muenchener Rueckversicherungs-	MUV2 GR	1.67
SK Hynix Inc	000660 KS	1.66
Renesas Electronics Corp	6723 JP	1.65
ICON PLC	ICLR	1.58
Keyence Corp	6861 JP	1.56
AIR LIQUIDE SA	AI FP	1.49
CRH PLC	CRH	1.49
Ashtead Group PLC	AHT LN	1.47
LAFARGEHOLCIM LTD	HOLN SW	1.47
Novo Nordisk A/S	NVO	1.47
InterContinental Hotels Group	IHG LN	1.45
Nintendo Co Ltd	7974 JP	1.44
Disco Corp	6146 JP	1.41
Shin-Etsu Chemical Co Ltd	4063 JP	1.41
IMCD NV	IMCD NA	1.39
Julius Baer Group Ltd	BAER SW	1.34
Asahi Group Holdings Ltd	2502 JP	1.31
Hexagon AB	HEXAB SS	1.30
Thales SA	HO FP	1.29
Symrise AG	SY1 GR	1.28
LVMH Moet Hennessy Louis Vuitt	MC FP	1.26
Fresenius SE & Co KGaA	FRE GR	1.26
Merck KGaA	MRK GR	1.22
Alcon AG	ALC	1.20
Sanofi SA	SNY	1.19
Capgemini SE	CAP FP	1.18
AstraZeneca PLC	AZN	1.18
Vinci SA	DG FP	1.16
ABB Ltd	ABBNY	1.15
Coloplast A/S	COLOB DC	1.11
Canadian National Railway Co	CNI	1.07
Unilever PLC	UL	1.03
Puma SE	PUM GR	0.99
Eurofins Scientific SE	ERF FP	0.97
ICICI Bank Ltd	IBN	0.95
Dassault Systemes SE	DSY FP	0.93
BAE Systems PLC	BA/ LN	0.88
Diageo PLC	DEO	0.87
Evolution AB	EVO SS	0.86
Ryanair Holdings PLC	RYA ID	0.82
Davide Campari-Milano NV	CPR IM	0.78
Sartorius Stedim Biotech	DIM FP	0.72
Shell PLC	SHELL NA	0.70
Roche Holding AG	ROG SW	0.68
DWS Group GmbH & Co KGaA	DWS GR	0.66
Alcon AG	ALC SW	0.61
HDFC BANK LTD - ADR	HDB	0.61
ANHEUSER-BUSCH INBEV SA/NV	ABI BB	0.57
Nestle SA	NSRGY	0.53
Brenntag SE	BNR GR	0.53
China Merchants Bank Co Ltd	3968 HK	0.52
Hong Kong Exchanges & Clearing	388 HK	0.50
AstraZeneca PLC	AZN LN	0.50
Sanofi SA	SAN FP	0.47
Smith & Nephew PLC	SN/ LN	0.47
Ryanair Holdings PLC	RYAAY	0.46
TOMRA Systems ASA	TOM NO	0.43
Smith & Nephew PLC	SNN	0.43
Hannover Rueck SE	HNR1 GR	0.42
Murata Manufacturing Co Ltd	6981 JP	0.40
Unilever PLC	UNA NA	0.40
ABB Ltd	ABBN SW	0.39
Novo Nordisk A/S	NOVOB DC	0.39
Nestle SA	NESN SW	0.37
STMicroelectronics NV	STMPA FP	0.30
Shell PLC	SHEL	0.28
CHINA RESOURCES BEER HOLDINGS	291 HK	0.27
Roche Holding AG	RHHBY	0.27
Nintendo Co Ltd	NTDOY	0.25
TOTAL CASH OR EQUIVALENT		0.91

Buffalo publishes this listing of securities held as of the most recent calendar-quarter end, with a 60-day lag. Buffalo may exclude any portion of holdings from publication when deemed in the best interest of the portfolio.

Holdings are subject to change without notice and are not recommendations to buy or sell any securities.

The portfolio data and its presentation here may differ from the complete schedules of investments in regulatory filings due to differing accounting and reporting requirements.

Percentages may not equal 100% due to rounding.

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As of 4/30/21	1 YR	3 YR	5 YR	10 YR	Since Inception (4/14/98)	2019	2020
BUFFALO SMALL CAP FUND - Investor	96.02	33.69	28.90	16.36	14.25	40.97	66.36
BUFFALO SMALL CAP FUND - Institutional	96.42	33.89	29.09	16.54	14.42	41.17	66.60
Morningstar U.S. Small Growth Index	63.25	19.90	19.79	13.35	7.71	27.60	43.52

Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Fund performance may be subject to substantial short-term changes. Current performance may be lower or higher than the performance quoted. Standardized performance can be obtained here.

You are leaving the Buffalo Funds website and entering a third-party website. The Fund is not responsible for, nor can guarantee the accuracy of, any information contained on a third-party website.

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Annualized Performance (%)

As of 4/30/25	3 MO	YTD	1 YR	3 YR	5 YR	10 YR	Since Inception
BUFFALO INTERNATIONAL FUND - Investor	3.53	9.81	7.85	7.14	10.02	7.45	5.56
BUFFALO INTERNATIONAL FUND - Institutional	3.57	9.91	7.99	7.30	10.18	7.54	7.42
FTSE All World Ex-US Index	4.89	8.87	12.21	8.49	10.82	5.47	3.59
Lipper International Fund Index	5.20	10.09	12.68	9.65	11.40	5.68	3.67

Expense ratio 1.05%. Average annual total return represents past performance and is no guarantee of future results. Investment return and principal value will fluctuate and redemption value may be more or less than original cost. Fund performance current to the most recent month-end may be lower or higher than the performance quoted. Click here for month-end performance.

References to other mutual funds should not to be considered an offer to buy or sell these securities.

The Russell Global ex-US Index is an unmanaged index that measures the performance of the global equity market based on all investable equity securities, excluding companies assigned to the United States. The Lipper International Fund Index measures the performance of the 30 largest mutual funds in the international equity fund objective, as determined by Lipper, Inc. The Morningstar category average represents a universe of funds with similar objectives. The MSCI World Index is a broad global equity benchmark that represents large and mid-cap equity performance across 23 developed markets countries. It is not possible to invest directly in an index. Return on equity (ROE) is the amount of net income returned as a percentage of shareholders equity, and typically measures a corporation’s profitability by revealing how much profit a company generates with the money shareholders have invested. A complete list of the Fund’s holdings can be found here. Fund holdings are subject to change and should not be considered a recommendation to buy or sell any security.

As of 12/31/19	1 YR	3 YR	5 YR	10 YR
Buffalo International Fund	28.02	14.70	9.17	7.77
Morningstar Global Markets ex-US Index	21.57	9.94		5.59
Buffalo High Yield Fund	12.32	5.18	4.78	6.11
ICE BofAML U.S. High Yield Index	14.41	6.32		7.50

As of 12/31/17	1 YR	3 YR	5 YR	10 YR
Buffalo Discovery Fund	25.44	11.84	16.16	11.46
S&P 500 Index	21.83	11.41	15.79	8.50

International Fund – Full Holdings

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