Early Stage Growth Fund - Full Holdings

Name of Holding	Ticker	% of Net Assets
CALIX INC	CALX	3.11%
I3 VERTICALS INC	IIIV	3.02%
NV5 GLOBAL INC	NVEE	2.98%
KINSALE CAP GROUP INC	KNSL	2.80%
FEDERAL SIGNAL CORP	FSS	2.80%
TRANSCAT INC	TRNS	2.64%
BOWMAN CONSULTING GROUP LTD	BWMN	2.53%
COMPASS DIVERSIFIED	CODI	2.52%
AIR TRANSPORT SERVICES GRP INC	ATSG	2.50%
ABSOLUTE SOFTWARE CORP	ABST	2.42%
ESTABLISHMENT LABS HLDGS INC C	ESTA	2.37%
PATRICK INDS INC	PATK	2.37%
PAYA HOLDINGS INC	PAYA	2.35%
COMMUNITY HEALTHCARE TR INC	CHCT	2.34%
UNIVAR SOLUTIONS INC	UNVR	2.23%
ICF INTL INC	ICFI	2.06%
HEALTHSTREAM INC	HSTM	2.03%
ENVESTNET INC	ENV	2.03%
PLAYA HOTELS & RESORTS NV	PLYA	1.97%
CADRE HLDGS INC	CDRE	1.96%
SUNOPTA INC	STKL	1.85%
VERRA MOBILITY CORP	VRRM	1.76%
MALIBU BOATS INC	MBUU	1.73%
WILLDAN GROUP INC	WLDN	1.73%
HAMILTON LANE INC	HLNE	1.71%
INSPIRE MED SYS INC	INSP	1.59%
APOGEE ENTERPRISES INC	APOG	1.59%
TARGET HOSPITALITY CORP	TH	1.57%
LGI HOMES INC	LGIH	1.57%
SHUTTERSTOCK INC	SSTK	1.53%
ACCEL ENTERTAINMENT INC	ACEL	1.47%
MAXLINEAR INC	MXL	1.45%
VARONIS SYS INC	VRNS	1.42%
HILLMAN SOLUTIONS CORP	HLMN	1.40%
ORTHOPEDIATRICS CORP	KIDS	1.38%
ONESPAWORLD HOLDINGS LIMITED C	OSW	1.37%
OPEN LENDING CORP	LPRO	1.33%
BIOLIFE SOLUTIONS INC	BLFS	1.30%
ADVANCED DRAIN SYS INC DEL	WMS	1.30%
KORNIT DIGITAL LTD	KRNT	1.29%
SOCIETAL CDMO INC	SCTL	1.25%
TERADATA CORP DEL	TDC	1.19%
CASTLE BIOSCIENCES INC	CSTL	1.15%
LHC GROUP INC	LHCG	1.14%
CYBERARK SOFTWARE LTD	CYBR	1.12%
STAAR SURGICAL CO	STAA	1.09%
THE REAL GOOD FOOD COMPANY INC	RGF	1.05%
CERENCE INC	CRNC	1.04%
CORECARD CORP	CCRD	1.01%
ELEMENT SOLUTIONS INC	ESI	1.00%
BIGCOMMERCE HLDGS INC	BIGC	0.98%
8X8 INC NEW	EGHT	0.93%
OMNICELL COM	OMCL	0.90%
LOVESAC COMPANY	LOVE	0.89%
OVERSTOCK COM INC DEL	OSTK	0.87%
PARAGON 28 INC	FNA	0.78%
SLEEP NUMBER CORP	SNBR	0.64%
RUSH STREET INTERACTIVE INC	RSI	0.61%
NLIGHT INC	LASR	0.53%
KRATOS DEFENSE & SEC SOLUTIONS	KTOS	0.50%
VERRICA PHARMACEUTICALS INC	VRCA	0.43%
AIRSCULPT TECHNOLOGIES INC	AIRS	0.38%
LUCID DIAGNOSTICS INC	LUCD	0.22%
LULUS FASHION LOUNGE HOLDINGS	LVLU	0.20%
1847 GOEDEKER INC	POL/WS	0.12%
CASH		0.78%

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References to other mutual funds should not to be considered an offer to buy or sell these securities. 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. Current performance may be lower or higher than the performance quoted. Standardized performance can be obtained here. 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.

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

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. Current performance may be lower or higher than the performance quoted. Standardized performance can be obtained here.

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.

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References to other mutual funds should not to be considered an offer to buy or sell these securities. 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. Current performance may be lower or higher than the performance quoted. Fund performance current to the most recent month-end can be obtained here. Standardized performance can be obtained here.

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References to other mutual funds should not to be considered an offer to buy or sell these securities. 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. Current performance may be lower or higher than the performance quoted. Fund performance current to the most recent month-end can be obtained here. Standardized performance can be obtained here.

Price/Earning Ratio or P/E Ratio is a ratio for valuing a company that measures its current share price relative to its per-share earnings. Non-GAAP (Generally Accepted Accounting Principles) earnings are an alternative accounting method used to measure the earnings of a company. Free cash flow 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. The S&P 500 Index is a capitalization weighted index of 500 large capitalization stocks which is designed to measure broad domestic securities markets. It is not possible to invest directly in an index. There can be no guarantee that any strategy will be successful. All investing involves risk, including potential loss of principal and Fund risk.

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References to other mutual funds should not to be considered an offer to buy or sell these securities. 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. Current performance may be lower or higher than the performance quoted. Standardized performance can be obtained here. 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.

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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.

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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.

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References to other mutual funds should not to be considered an offer to buy or sell these securities. 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. Current performance may be lower or higher than the performance quoted. Standardized performance can be obtained here. 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.

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References to other mutual funds should not to be considered an offer to buy or sell these securities. 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. Current performance may be lower or higher than the performance quoted. Standardized performance can be obtained here. 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.

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References to other mutual funds should not to be considered an offer to buy or sell these securities. 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. Current performance may be lower or higher than the performance quoted. Standardized performance can be obtained here. 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.

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References to other mutual funds should not to be considered an offer to buy or sell these securities. 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. Current performance may be lower or higher than the performance quoted. Standardized performance can be obtained here. 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.

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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.

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

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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.

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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References to other mutual funds should not to be considered an offer to buy or sell these securities. 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. Current performance may be lower or higher than the performance quoted. Standardized performance can be obtained here.

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

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. Current performance may be lower or higher than the performance quoted. Standardized performance can be obtained here.

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.

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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References to other mutual funds should not to be considered an offer to buy or sell these securities. 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. Current performance may be lower or higher than the performance quoted. Standardized performance can be obtained here. 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.

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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References to other mutual funds should not to be considered an offer to buy or sell these securities. 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. Current performance may be lower or higher than the performance quoted. Standardized performance can be obtained here. 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. The S&P Composite 1500 Index includes all stocks in the S&P 500, S&P 400, and S&P 600. The Russell 1000 Value Index is a composite of large and mid-cap companies located in the U.S. that also exhibit a value probability. One cannot invest directly in an index.

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

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

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. Current performance may be lower or higher than the performance quoted. Standardized performance can be obtained here.

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.

Overall Morningstar Rating™ of BUFTX based on risk-adjusted returns among 567 Midcap Growth funds as of 3/31/20. 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 three-, five-, and 10-year (if applicable) Morningstar Rating™ metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-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 three-year period actually has the greatest impact because it is included in all three rating periods. The Buffalo Discovery Fund (BUFTX) received 3 stars among 567 for the 3-year, 4 stars among 498 for the 5-year, and 4 stars among 386 Mid-Cap Growth funds for the 10-year period ending 3/31/20.

Capital expenditures, commonly known as CAPEX, are funds used by a company to acquire, upgrade, and maintain physical assets such as property, buildings, an industrial plant, technology, or equipment. The S&P MidCap 400 Index serves as a barometer for the U.S. mid-cap equities sector and is the most widely followed mid-cap index. The S&P 500 is a capitalization weighted index of 500 large capitalization stocks which is designed to measure broad domestic securities markets. It is not possible to invest directly in an index.

Jamie’s interview on the podcast begins at the 22:00 mark.

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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. Current performance may be lower or higher than the performance quoted. Fund performance current to the most recent month-end may be lower or higher than the performance quoted and can be obtained by visiting here. Full holdings for the Buffalo Funds can be found here.

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Annualized Performance (%)

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

The expense ratios for the Buffalo International Fund (BUFIX) and High Yield Fund (BUFHX) are 1.06% and 1.02%, respectively. 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. Standardized performance can be obtained here.

References to other mutual funds should not to be considered an offer to buy or sell these securities. The Morningstar Global Markets ex-US Index is designed to provide exposure to the top 97% of companies by market capitalization in each of two economic segments – developed markets (excluding the United States) and emerging markets. The ICE BofAML U.S. High Yield Index is an unmanaged index that tracks the performance of U.S. dollar denominated, below investment-grade rated corporate debt publicly issued in the U.S. domestic market. One cannot invest directly in an index.

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

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. Current performance may be lower or higher than the performance quoted. Standardized performance can be obtained here.

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.

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

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. Current performance may be lower or higher than the performance quoted. Standardized performance can be obtained here.

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.

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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.

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

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. Current performance may be lower or higher than the performance quoted. Standardized performance can be obtained here.

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.

The S&P 500 Index is a free-float, capitalization-weighted index published since 1957 of the prices of 500 large-cap common stocks actively traded in the United States. One cannot invest directly in an index. The SMR Rating is a proprietary rating pioneered by Investor’s Business Daily to help investors identify companies with the potential for superior Sales Growth, Profit Margins, and Return on Equity ratios.

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

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. Current performance may be lower or higher than the performance quoted. Standardized performance can be obtained here.

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.

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

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. Current performance may be lower or higher than the performance quoted. Standardized performance can be obtained here.

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.

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

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. Current performance may be lower or higher than the performance quoted. Standardized performance can be obtained here.

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.

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

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. Current performance may be lower or higher than the performance quoted. Standardized performance can be obtained here.

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.

The S&P 500 is a capitalization weighted index of 500 large capitalization stocks which is designed to measure broad domestic securities markets. The Russell 2000 Growth Index is an unmanaged index that measures the performance of those Russell 2000 Index companies with higher price-to-book ratios and higher forecasted growth values. It is not possible to invest directly in an index. Each Morningstar category average represents a universe of funds with similar objectives.

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 three-, five-, and 10-year (if applicable) Morningstar Rating™ metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-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 three-year period actually has the greatest impact because it is included in all three rating periods. The Buffalo Emerging Opportunities Fund received 4 stars among 585 for the three-year, 1 stars among 516 for the five-year, and 5 stars among 389 Small Growth funds for the ten-year period ending 1/31/19.

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Opinions expressed are subject to change, are not intended to be a forecast of future events, a guarantee of future results, nor investment advice.

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.

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Opinions expressed are subject to change, are not intended to be a forecast of future events, a guarantee of future results, nor
investment advice.

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Opinions expressed are subject to change, are not intended to be a forecast of future events, a guarantee of future results, nor
investment advice.

As of 12/31/2017, one Euro (€) equaled 1.2006 U.S. dollars (USD).

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

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. Current performance may be lower or higher than the performance quoted. Standardized performance can be obtained here.

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.

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

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. Current performance may be lower or higher than the performance quoted. Standardized performance can be obtained here.

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.

The Russell 2000 is an unmanaged index that consists of the smallest 2,000 securities in the Russell 3000 Index, representing approximately 10% of the Russell 3000 total market capitalization. The S&P Small Cap 600 is an unmanaged index that consists of 600 domestic stocks chosen for market size, liquidity, bid-asked spread, ownership, share turnover and number of no-trade days and industry group representation. The S&P 500 is a capitalization weighted index of 500 large capitalization stocks which is designed to measure broad domestic securities markets. It is not possible to invest directly in an index. Each Morningstar category average represents a universe of funds with similar objectives.

3 Star Overall Morningstar Rating™ out of 606 Small Growth funds as of 6/30/18 (derived from a weighted average of the fund’s three-, five-, and ten-year risk adjusted return measure). The Buffalo Small Cap Fund received 4 stars among 606 for the three-year, 2 stars among 534 for the five-year, and 4 stars among 404 Small Growth funds for the ten-year period ending 6/30/18. 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 three-, five-, and 10-year (if applicable) Morningstar Rating™ metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-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 three-year period actually has the greatest impact because it is included in all three rating periods. ©2018 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.

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

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. Current performance may be lower or higher than the performance quoted. Standardized performance can be obtained here.

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.

The S&P 500 is a capitalization weighted index of 500 large capitalization stocks which is designed to measure broad domestic securities markets. The Russell 3000 Index is a market capitalization weighted equity index maintained by the Russell Investment Group that seeks to be a benchmark of the entire U.S. stock market, encompassing the 3,000 largest U.S.-traded stocks, in which the underlying companies are all incorporated in the U.S. It is not possible to invest directly in an index.

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

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. Current performance may be lower or higher than the performance quoted. Standardized performance can be obtained here.

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.

The Russel Midcap Growth Index an unmanaged index that measures the performance of those Russell Midcap companies with higher price-to-book ratios and higher forecasted growth values. It is not possible to invest directly in an index. Each Morningstar category average represents a universe of funds with similar objectives.

5 Star Overall Morningstar Rating™ out of 549, 4 stars among 549 for the three-year, 5 stars among 485 for the five-year, and 5 stars among 352 for 10-year Midcap Growth funds as of 3/31/18 (derived from a weighted average of the fund’s 3-, 5-, and 10-year risk adjusted return measure). 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 three-, five-, and 10-year (if applicable) Morningstar Rating™ metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-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 three-year period actually has the greatest impact because it is included in all three rating periods.

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

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. Current performance may be lower or higher than the performance quoted. Standardized performance can be obtained here.

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.

The S&P 500 Index is a free-float, capitalization-weighted index published since 1957 of the prices of 500 large-cap common stocks actively traded in the United States. It is not possible to invest directly in an index.

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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. Current performance may be lower or higher than the performance quoted. Standardized performance can be obtained here.

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

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. Current performance may be lower or higher than the performance quoted. Standardized performance can be obtained here.

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.

The S&P 500 Index is a free-float, capitalization-weighted index published since 1957 of the prices of 500 large-cap common stocks actively traded in the United States. It is not possible to invest directly in an index. “Price-Earnings Ratio or P/E Ratio” is a ratio for valuing a company that measures its current share price relative to its per-share earnings.

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Annualized Performance (%)

As of 4/30/23	3 MO	YTD	1 YR	3 YR	5 YR	10 YR	Since Inception
BUFFALO INTERNATIONAL FUND - Investor	3.20	13.01	9.00	12.63	7.24	7.73	5.47
BUFFALO INTERNATIONAL FUND - Institutional	3.25	13.06	9.17	12.80	7.41	7.89	5.63
FTSE All World Ex-US Index	0.57	8.51	3.21	10.54	3.14	4.64	2.65
Morningstar Global Markets ex-US Index	0.39	8.12	2.27	9.99	2.55	-	-
Lipper International Fund Index	1.80	10.71	7.00	11.67	3.77	5.17	2.77
Morningstar Foreign Large Growth Category	1.72	10.94	4.20	7.98	4.15	5.61	2.75

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.

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Annualized Performance (%)

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

Expense ratio 1.03%. 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. Standardized performance can be obtained here.

References to other mutual funds should not to be considered an offer to buy or sell these securities.The S&P 500 Index is a free-float, capitalization-weighted index published since 1957 of the prices of 500 large-cap common stocks actively traded in the United States. It is not possible to invest directly in an index. EPS Growth or earnings per share growth is defined as the percentage change in normalized earnings per share over the previous 12 month period to the latest year end. Cash Flow 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. 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.

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

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. Current performance may be lower or higher than the performance quoted. Standardized performance can be obtained here.

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.

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

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

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

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. Current performance may be lower or higher than the performance quoted. Standardized performance can be obtained here.

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.

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

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. Current performance may be lower or higher than the performance quoted. Standardized performance can be obtained here.

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.

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Each fund listed in the article has earned a Zacks Mutual Fund Rank #1 (Strong Buy), and Zacks believes the funds are expected to outperform its peers in the future. The Zacks Mutual Fund Rank ranks funds on a scale from 1 to 5, with 1 being a Strong Buy and 5 being a Strong Sell. Each quarter, Zacks updates their Mutual Fund Rank by evaluating the average Zacks Rank for the stocks owned by the fund and blending this with other criteria their studies show is beneficial in finding funds that will outperform in the future. In general, the higher the average Zacks Rank for the stocks in the fund, then the higher the Zacks Mutual Fund Rank.

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

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. Current performance may be lower or higher than the performance quoted. Standardized performance can be obtained here.

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.

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Each fund listed in the article has earned a Zacks Mutual Fund Rank #1 (Strong Buy), and Zacks believes the funds are expected to outperform its peers in the future. The Zacks Mutual Fund Rank ranks funds on a scale from 1 to 5, with 1 being a Strong Buy and 5 being a Strong Sell. Each quarter, Zacks updates their Mutual Fund Rank by evaluating the average Zacks Rank for the stocks owned by the fund and blending this with other criteria their studies show is beneficial in finding funds that will outperform in the future. In general, the higher the average Zacks Rank for the stocks in the fund, then the higher the Zacks Mutual Fund Rank.

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

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. Current performance may be lower or higher than the performance quoted. Standardized performance can be obtained here.

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.

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