Opinions expressed are those of the author or Funds as of 5/14/21 and are subject to change, are not intended to be a forecast of future events, a guarantee of future results, nor investment advice. A full listing of the Buffalo Small Cap Fund portfolio holdings can be found here. Past performance does not guarantee future results.

The Morningstar Rating™ for funds, or “star rating”, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating™ for a managed product is derived from a weighted average of the performance figures associated with its 3-, 5-, and 10-year (if applicable) Morningstar Rating™ metrics. The weights are: 100% 3-year rating for 36-59 months of total returns, 60% 5-year rating/40% 3-year rating for 60-119 months of total returns, and 50% 10-year rating/30% 5-year rating/20% 3-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent 3-year period actually has the greatest impact because it is included in all 3 rating periods. The Buffalo Small Cap Fund (BUFSX) received 5 stars among 576 for the Overall, 4 stars among 576 for the 3-year, 4 stars among 503 for the 5-year, and 4 stars among 379 Small Growth funds for the 10-year period ending 3/31/21. © 2021 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

EBITDA stands for earnings before interest, taxes, depreciation and amortization. EBITDA is one indicator of a company’s financial performance and is used as a proxy for a company’s current operating profitability. Cashflow is a measure of the cash produced by the firm in a given period on behalf of equity holders. The true measure of the value of a firm’s equity is considered to be the present value of all free cash flows.

As of 12/31/20 Buffalo Small Cap Fund top 10 equity holdings were Natera 2.98%, CareDx 2.38%, Kornit Digital 1.93%, Penn National Gaming 1.90%, Bandwidth 1.85%, Upwork 1.84%, Halozyme Therapeutics 1.84%, Lovesac 1.83%, Air Transport Services Group 1.74%, Guess? 1.73%. Top 10 holdings for the quarter are not disclosed until 60 days after quarter end. Fund holdings are subject to change and are not recommendations to buy or sell any securities.