Discovery Fund – Full Holdings

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Full Portfolio Holdings as of 6/30/23

Name of Holding	Ticker	% of Net Assets
IQVIA HLDGS INC	IQV	2.51
MSCI INC	MSCI	2.50
DOUBLEVERIFY HLDGS INC	DV	2.29
COPART INC	CPRT	2.19
COSTAR GROUP INC	CSGP	2.01
MARTIN MARIETTA MATLS INC	MLM	2.01
AMETEK INC	AME	1.93
INGERSOLL RAND INC	IR	1.88
BOSTON SCIENTIFIC CORP	BSX	1.88
VERISK ANALYTICS INC	VRSK	1.87
CALIX INC	CALX	1.73
TRANSUNION	TRU	1.72
S&P Global Inc	SPGI	1.72
APTIV PLC	APTV	1.65
SYNOPSYS INC	SNPS	1.64
GODADDY INC	GDDY	1.55
GLOBAL PMTS INC	GPN	1.54
AMPHENOL CORP NEW	APH	1.53
ECOLAB INC	ECL	1.51
VEEVA SYS INC	VEEV	1.47
THE TRADE DESK INC	TTD	1.38
SCHLUMBERGER LTD	SLB	1.37
ALCON AG	ALC	1.36
FIVE BELOW INC	FIVE	1.35
EXPEDIA GROUP INC	EXPE	1.31
BIO RAD LABS INC	BIO	1.29
PALO ALTO NETWORKS INC	PANW	1.27
ENDEAVOR GROUP HLDGS INC	EDR	1.21
FASTENAL CO	FAST	1.20
BIO-TECHNE CORP	TECH	1.19
NATERA INC	NTRA	1.18
FERGUSON PLC NEW	FERG	1.16
IDEXX LABS INC	IDXX	1.16
EDWARDS LIFESCIENCES CORP	EW	1.12
FIVE9 INC	FIVN	1.11
KEYSIGHT TECHNOLOGIES INC	KEYS	1.10
FLEETCOR TECHNOLOGIES INC	FLT	1.10
TYLER TECHNOLOGIES INC	TYL	1.09
XYLEM INC	XYL	1.09
DARDEN RESTAURANTS INC	DRI	1.07
UNIVERSAL DISPLAY CORP	OLED	1.07
MONOLITHIC PWR SYS INC	MPWR	1.06
AGILENT TECHNOLOGIES INC	A	1.06
INTERCONTINENTAL EXCHANGE INC	ICE	1.06
CROWDSTRIKE HLDGS INC	CRWD	1.05
AVANTOR INC	AVTR	1.05
MGM RESORTS INTERNATIONAL	MGM	1.03
SHOALS TECHNOLOGIES GROUP INC	SHLS	1.02
MASTEC INC	MTZ	1.02
TREX CO INC	TREX	1.01
SHIFT4 PMTS INC	FOUR	0.97
LULULEMON ATHLETICA INC	LULU	0.96
LAUDER ESTEE COS INC	EL	0.92
ARISTA NETWORKS INC	ANET	0.92
TRACTOR SUPPLY CO	TSCO	0.91
NATIONAL INSTRS CORP	NATI	0.90
AZENTA INC	AZTA	0.90
PINTEREST INC	PINS	0.86
AUTODESK INC	ADSK	0.79
SPLUNK INC	SPLK	0.78
FACTSET RESH SYS INC	FDS	0.78
HEALTHEQUITY INC	HQY	0.76
TENABLE HLDGS INC	TENB	0.74
ANSYS INC	ANSS	0.72
INSPIRE MED SYS INC	INSP	0.69
TAKE-TWO INTERACTIVE SOFTWARE	TTWO	0.68
EPAM SYS INC	EPAM	0.67
WESCO INTL INC	WCC	0.67
ASPEN TECHNOLOGY INC	AZPN	0.65
CIENA CORP	CIEN	0.63
EVERI HLDGS INC	EVRI	0.56
BUILDERS FIRSTSOURCE INC	BLDR	0.55
FLOOR & DECOR HLDGS INC	FND	0.55
DOXIMITY INC	DOCS	0.54
SOLAREDGE TECHNOLOGIES INC	SEDG	0.53
EXLSERVICE HOLDINGS INC	EXLS	0.51
CHIPOTLE MEXICAN GRILL INC	CMG	0.49
EVOLENT HEALTH INC	EVH	0.49
ALNYLAM PHARMACEUTICALS INC	ALNY	0.47
SBA COMMUNICATIONS CORP NEW	SBAC	0.43
PROGYNY INC	PGNY	0.25
NORDSON CORP	NDSN	0.14
TOTAL CASH OR EQUIVALENT		7.22

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.

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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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 8/31/23	3 MO	YTD	1 YR	3 YR	5 YR	10 YR	Since Inception
BUFFALO INTERNATIONAL FUND - Investor	0.65	12.45	19.13	5.36	6.44	7.86	5.32
BUFFALO INTERNATIONAL FUND - Institutional	0.65	12.50	19.30	5.52	6.59	8.02	5.48
FTSE All World Ex-US Index	4.08	9.14	12.39	4.81	4.05	5.09	2.63
Morningstar Global Markets ex-US Index	4.16	8.75	11.64	4.23	3.46	4.84	2.48
Lipper International Fund Index	3.43	10.77	16.45	5.32	4.34	5.24	2.71
Morningstar Foreign Large Growth Category	1.18	9.38	11.97	-0.04	3.80	5.61	-

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

Discovery Fund – Full Holdings

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