Buffalo International Fund
Schedule of Investments
June 30, 2026 (Unaudited)
COMMON STOCKS - 96.2%									Shares						Value
Belgium - 0.9%
Beverages - 0.9%
Anheuser-Busch InBev SA/NV									101,463						$        8,383,838
Canada - 3.7%
Commercial Services & Supplies - 1.4%
GFL Environmental, Inc.									350,000						12,876,500
Ground Transportation - 1.0%
Canadian National Railway Co.									73,998						8,823,521
Software - 1.3%
Constellation Software, Inc.									6,302						11,864,157
Total Canada															33,564,178
China - 0.6%
Banks - 0.6%
China Merchants Bank Co. Ltd. - Class H									900,000						5,167,589
France - 12.1%
Aerospace & Defense - 1.2%
Thales SA									42,064						10,810,473
Chemicals - 1.9%
Air Liquide SA									89,863						17,795,233
Commercial Services & Supplies - 0.8%
Elis SA									220,000						6,814,935
Construction & Engineering - 1.1%
Vinci SA									70,024						10,226,838
Electrical Equipment - 3.1%
Schneider Electric SE									86,500						28,304,931
Life Sciences Tools & Services - 0.8%
Sartorius Stedim Biotech									37,000						7,672,038
Personal Care Products - 1.0%
L'Oreal SA									20,500						8,986,284
Pharmaceuticals - 0.7%
Sanofi SA - ADR									110,062						4,695,245
Sanofi SA									23,000						1,966,577
															6,661,822
Professional Services - 1.5%
Bureau Veritas SA									443,422						13,581,429
Total France															110,853,983
Germany - 11.6%

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Capital Markets - 1.2%
DWS Group GmbH & Co. KGaA (a)									142,000						10,667,667
Electrical Equipment - 1.4%
Siemens Energy AG									65,647						12,515,000
Health Care Providers & Services - 1.6%
Fresenius SE & Co. KGaA									322,659						14,741,097
Industrial Conglomerates - 2.6%
Siemens AG									74,700						24,016,511
Insurance - 1.8%
Hannover Rueck SE									15,000						4,154,027
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen									22,434						12,528,461
															16,682,488
Multi-Utilities - 1.0%
E.ON SE									450,000						9,253,720
Pharmaceuticals - 1.0%
Merck KGaA									53,500						8,968,960
Software - 1.0%
SAP SE - ADR									60,000						9,246,600
Total Germany															106,092,043
Hong Kong - 0.6%
Capital Markets - 0.6%
Hong Kong Exchanges & Clearing Ltd.									120,000						5,583,235
Ireland - 6.0%
Chemicals - 1.8%
Linde PLC									31,029						16,102,189
Construction Materials - 1.5%
CRH PLC									128,000						13,696,000
Insurance - 1.4%
Aon PLC - Class A									40,000						13,267,600
Passenger Airlines - 1.3%
Ryanair Holdings PLC									370,903						11,593,916
Total Ireland															54,659,705
Italy - 0.2%
Oil, Gas & Consumable Fuels - 0.2%
Eni SpA									100,000						2,346,159
Japan - 10.6%
Banks - 1.3%
Resona Holdings, Inc.									900,000						11,734,237
Capital Markets - 0.6%
Japan Exchange Group, Inc.									450,000						5,695,164

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Electronic Equipment, Instruments & Components - 1.2%
Keyence Corp.									21,673						10,955,427
Entertainment - 1.0%
Nintendo Co. Ltd.									220,000						9,248,802
Professional Services - 1.8%
BayCurrent, Inc.									448,659						16,745,026
Semiconductors & Semiconductor Equipment - 4.7% (b)
Disco Corp.									34,500						17,948,069
Renesas Electronics Corp.									800,000						24,695,081
															42,643,150
Total Japan															97,021,806
Luxembourg - 0.7%
Life Sciences Tools & Services - 0.7%
Eurofins Scientific SE (c)									88,648						6,937,086
Netherlands - 7.5%
Aerospace & Defense - 0.9%
Airbus SE									38,000						8,454,660
Financial Services - 0.6%
Adyen NV (a)(c)									5,485						5,145,556
Semiconductors & Semiconductor Equipment - 5.6% (b)
ASM International NV									16,000						18,399,639
ASML Holding NV - NY Shares									16,477						32,780,003
															51,179,642
Trading Companies & Distributors - 0.4%
IMCD NV									45,000						4,069,060
Total Netherlands															68,848,918
South Korea - 13.2%
Semiconductors & Semiconductor Equipment - 10.2% (b)
SK hynix, Inc.									53,194						93,865,203
Technology Hardware, Storage & Peripherals - 3.0%
Samsung Electronics Co. Ltd.									123,000						27,293,361
Total South Korea															121,158,564
Switzerland - 7.7%
Capital Markets - 0.9%
Julius Baer Group Ltd.									93,937						8,116,152
Construction Materials - 1.9%
Amrize Ltd.									96,000						5,072,508
Holcim AG									136,000						12,262,132
															17,334,640
Electrical Equipment - 1.5%
ABB Ltd. - ADR									64,000						6,956,800
ABB Ltd.									65,000						7,070,657
															14,027,457
Life Sciences Tools & Services - 2.4%
Lonza Group AG									32,904						22,197,188

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Pharmaceuticals - 1.0%
Roche Holding AG - ADR									43,000						2,208,050
Roche Holding AG									15,800						6,495,165
															8,703,215
Total Switzerland															70,378,652
Taiwan - 5.6%
Semiconductors & Semiconductor Equipment - 5.6% (b)
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR									107,000						51,099,990
United Kingdom - 12.7%
Aerospace & Defense - 1.5%
BAE Systems PLC									549,679						13,470,816
Capital Markets - 1.1%
London Stock Exchange Group PLC									90,000						9,730,426
Financial Services - 0.5%
Wise Group PLC - Class A (c)									360,000						4,315,505
Health Care Equipment & Supplies - 1.0%
Smith & Nephew PLC - ADR									154,254						4,444,058
Smith & Nephew PLC									335,913						4,854,693
															9,298,751
Hotels, Restaurants & Leisure - 2.5%
Compass Group PLC									279,183						9,020,220
InterContinental Hotels Group PLC									78,873						13,556,898
															22,577,118
Industrial Conglomerates - 1.0%
Smiths Group PLC									261,901						8,896,730
Machinery - 1.0%
Weir Group PLC									285,000						9,090,662
Oil, Gas & Consumable Fuels - 0.5%
Shell PLC									129,010						4,996,891
Personal Care Products - 0.9%
Unilever PLC - ADR									144,240						8,671,709
Pharmaceuticals - 2.3%
AstraZeneca PLC									80,036						15,176,426
AstraZeneca PLC									34,000						6,347,964
															21,524,390
Professional Services - 0.4%
RELX PLC - ADR									130,000						4,117,100
Total United Kingdom															116,690,098
United States - 0.5%
Trading Companies & Distributors - 0.5%
Sunbelt Rentals Holdings, Inc.									59,000						4,303,966
Uruguay - 2.0%
Broadline Retail - 2.0%
MercadoLibre, Inc. (c)									10,851						18,418,379

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TOTAL COMMON STOCKS (Cost $417,174,542)

881,508,189

WARRANTS - 0.0% (d)

Contracts

Value

Canada - 0.0% (d)

Software — 0.0% (d)

Constellation Software, Inc., Expires 03/31/2040, Exercise Price $11.50 (c)(e)

5,500

0(f)

TOTAL WARRANTS (Cost $0)

0(f)

SHORT-TERM INVESTMENTS

MONEY MARKET FUNDS - 4.2%

Shares

Value

First American Government Obligations Fund - Class X, 3.57% (g)

38,250,652

38,250,652

TOTAL MONEY MARKET FUNDS (Cost $38,250,652)

38,250,652

TOTAL INVESTMENTS - 100.4% (Cost $455,425,194)

919,758,841

Liabilities in Excess of Other Assets - (0.4)%

(0.00373)

(3,414,302)

TOTAL NET ASSETS - 100.0%

$        916,344,539

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) 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. Bank Global Fund Services.

(a)						Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of June 30, 2026, the value of these securities total $15,813,223 or 1.7% of the Fund’s net assets.
(b)						To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect that industry or sector.
(c)						Non-income producing security.
(d)						Represents less than 0.05% of net assets.
(e)						Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $0 or 0.0% of net assets as of June 30, 2026.
(f)						Rounds to zero.
(g)						The rate shown represents the 7-day annualized yield as of June 30, 2026.

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Summary of Fair Value Disclosure as of June 30, 2026 (Unaudited)

 

Buffalo International Fund has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.

The following is a summary of the fair valuation hierarchy of the Fund’s securities as of June 30, 2026:

Level 1

Level 2

Level 3

Total

Investments:

Common Stocks

$        234,444,327

$        647,063,862

$        –

$        881,508,189

Warrants

–

–

0(a)

0(a)

Money Market Funds

38,250,652

–

–

38,250,652

Total Investments

$        272,694,979

$        647,063,862

$        0(a)

$        919,758,841

						Refer to the Schedule of Investments for further disaggregation of investment categories.
(a)						Rounds to zero.

Fair Value Measurement Using Significant Unobservable Inputs						Level 3
Beginning balance as of March 31, 2026						$        0
Ending balance as of June 30, 2026						$        0
						$0
Change in unrealized appreciation/depreciation still held as of June 30, 2026						$        0
						0