Large Cap Fund – Full Holdings

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Full Portfolio Holdings as of 6/30/23

Name of Holding	Ticker	% of Net Assets
MICROSOFT CORP	MSFT	11.51
APPLE INC	AAPL	9.68
AMAZON COM INC	AMZN	5.88
ALPHABET INC	GOOGL	5.24
NVIDIA CORPORATION	NVDA	4.37
VISA INC	V	2.52
UNITEDHEALTH GROUP INC	UNH	1.87
META PLATFORMS INC	META	1.84
COSTCO WHSL CORP NEW	COST	1.73
LILLY ELI & CO	LLY	1.19
VERTEX PHARMACEUTICALS INC	VRTX	1.19
ADVANCED MICRO DEVICES INC	AMD	1.10
PALO ALTO NETWORKS INC	PANW	1.09
AON PLC	AON	1.06
UBER TECHNOLOGIES INC	UBER	1.02
TJX COS INC NEW	TJX	1.01
ORACLE CORP	ORCL	1.01
SYNOPSYS INC	SNPS	1.00
ZOETIS INC	ZTS	0.98
MOTOROLA SOLUTIONS INC	MSI	0.97
WALMART INC	WMT	0.91
S&P Global Inc	SPGI	0.89
ADOBE SYSTEMS INCORPORATED	ADBE	0.89
CRH PLC	CRH	0.88
INGERSOLL RAND INC	IR	0.88
GALLAGHER ARTHUR J & CO	AJG	0.88
OREILLY AUTOMOTIVE INC	ORLY	0.87
MCDONALDS CORP	MCD	0.85
LINDE PLC	LIN	0.83
XYLEM INC	XYL	0.83
HONEYWELL INTL INC	HON	0.82
NIKE INC	NKE	0.82
KBR INC	KBR	0.82
COCA COLA CO	KO	0.81
TESLA INC	TSLA	0.81
HESS CORP	HES	0.80
YUM BRANDS INC	YUM	0.78
CORTEVA INC	CTVA	0.78
HCA HEALTHCARE INC	HCA	0.77
STRYKER CORPORATION	SYK	0.72
ANSYS INC	ANSS	0.72
BOSTON SCIENTIFIC CORP	BSX	0.71
WASTE MGMT INC DEL	WM	0.71
ZIMMER BIOMET HOLDINGS INC	ZBH	0.71
EATON CORP PLC	ETN	0.69
LOCKHEED MARTIN CORP	LMT	0.69
ASTRAZENECA PLC	AZN	0.68
ASML HOLDING N V	ASML	0.66
PROCTER AND GAMBLE CO	PG	0.65
INTUITIVE SURGICAL INC	ISRG	0.65
MASTERCARD INCORPORATED	MA	0.64
MANHATTAN ASSOCIATES INC	MANH	0.61
SANOFI	SNY	0.60
NETFLIX INC	NFLX	0.59
THERMO FISHER SCIENTIFIC INC C	TMO	0.59
DANAHER CORPORATION	DHR	0.59
LVMH MOET HENNESSY LOU VUITTON	LVMUY	0.57
MONGODB INC	MDB	0.55
APPLIED MATLS INC	AMAT	0.55
STMICROELECTRONICS N V	STM	0.55
ICON PLC	ICLR	0.55
ARISTA NETWORKS INC	ANET	0.54
FORTINET INC	FTNT	0.54
NORTHROP GRUMMAN CORP	NOC	0.54
WORKDAY INC	WDAY	0.53
ACCENTURE PLC IRELAND	ACN	0.53
SERVICENOW INC	NOW	0.52
SCHLUMBERGER LTD	SLB	0.50
BROADCOM INC	AVGO	0.50
HOME DEPOT INC	HD	0.49
UNITED RENTALS INC	URI	0.48
MSCI INC	MSCI	0.46
INTUIT	INTU	0.46
PURE STORAGE INC	PSTG	0.44
HUBSPOT INC	HUBS	0.43
CROWDSTRIKE HLDGS INC	CRWD	0.42
LULULEMON ATHLETICA INC	LULU	0.41
ENTEGRIS INC	ENTG	0.30
TOTAL CASH OR EQUIVALENT		5.78

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 3/31/24	3 MO	YTD	1 YR	3 YR	5 YR	10 YR	Since Inception
BUFFALO INTERNATIONAL FUND - Investor	5.43	5.43	10.89	4.10	9.59	7.64	5.79
BUFFALO INTERNATIONAL FUND - Institutional	5.48	5.48	11.08	4.24	9.76	7.80	5.95
FTSE All World Ex-US Index	4.54	4.54	13.99	2.55	6.70	4.95	3.20
Lipper International Fund Index	5.86	5.86	14.72	3.08	7.61	5.11	3.34

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

Large Cap Fund – Full Holdings

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