Small Cap Fund – Full Holdings

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Full Portfolio Holdings as of 6/30/23

Name of Holding	Ticker	% of Net Assets
DOUBLEVERIFY HLDGS INC	DV	2.56
SUMMIT MATLS INC	SUM	2.12
ICF INTL INC	ICFI	2.03
ESTABLISHMENT LABS HLDGS INC C	ESTA	2.03
MGP INGREDIENTS INC NEW	MGPI	2.02
INSPIRE MED SYS INC	INSP	2.01
PGT INNOVATIONS INC	PGTI	1.93
TREACE MED CONCEPTS INC	TMCI	1.93
CALIX INC	CALX	1.86
HALOZYME THERAPEUTICS INC	HALO	1.82
ZUORA INC	ZUO	1.80
SHOALS TECHNOLOGIES GROUP INC	SHLS	1.66
NV5 GLOBAL INC	NVEE	1.66
WINGSTOP INC	WING	1.57
EVERI HLDGS INC	EVRI	1.54
NATERA INC	NTRA	1.51
PRIVIA HEALTH GROUP INC	PRVA	1.50
CHART INDS INC	GTLS	1.50
FTI CONSULTING INC	FCN	1.47
HAMILTON LANE INC	HLNE	1.47
CHAMPIONX CORPORATION	CHX	1.44
AZEK CO INC	AZEK	1.42
PALOMAR HLDGS INC	PLMR	1.41
PARAGON 28 INC	FNA	1.41
KORNIT DIGITAL LTD	KRNT	1.38
SILICON LABORATORIES INC	SLAB	1.34
MADDEN STEVEN LTD	SHOO	1.31
OLLIES BARGAIN OUTLET HLDGS IN	OLLI	1.29
AVID BIOSERVICES INC	CDMO	1.28
ENDAVA PLC	DAVA	1.28
QUIDELORTHO CORP	QDEL	1.28
BANCORP INC DEL	TBBK	1.27
JANUS INTERNATIONAL GROUP INC	JBI	1.27
ARRAY TECHNOLOGIES INC	ARRY	1.27
MATADOR RES CO	MTDR	1.24
EUROPEAN WAX CTR INC	EWCZ	1.23
CACTUS INC	WHD	1.21
BRP GROUP INC	BRP	1.20
SHIFT4 PMTS INC	FOUR	1.19
FIRST WATCH RESTAURANT GROUP I	FWRG	1.19
HEALTHEQUITY INC	HQY	1.18
PROS HOLDINGS INC	PRO	1.18
MASTEC INC	MTZ	1.17
LIGAND PHARMACEUTICALS INC	LGND	1.16
JOHN BEAN TECHNOLOGIES CORP	JBT	1.16
TENABLE HLDGS INC	TENB	1.15
ADVANCED DRAIN SYS INC DEL	WMS	1.13
PROGYNY INC	PGNY	1.12
TRANSMEDICS GROUP INC	TMDX	1.11
FIVE9 INC	FIVN	1.09
APELLIS PHARMACEUTICALS INC	APLS	1.09
OPEN LENDING CORP	LPRO	1.08
SITIME CORP	SITM	1.08
UNIVERSAL DISPLAY CORP	OLED	1.05
OMNIAB INC	OABI	1.03
GUESS INC	GES	1.00
CASTLE BIOSCIENCES INC	CSTL	0.99
STAAR SURGICAL CO	STAA	0.92
BIGCOMMERCE HLDGS INC	BIGC	0.88
WESCO INTL INC	WCC	0.85
VARONIS SYS INC	VRNS	0.77
EVENTBRITE INC	EB	0.77
LOVESAC COMPANY	LOVE	0.77
MARAVAI LIFESCIENCES HLDGS INC	MRVI	0.76
CELSIUS HLDGS INC	CELH	0.71
GRID DYNAMICS HLDGS INC	GDYN	0.62
CIENA CORP	CIEN	0.62
EVOLENT HEALTH INC	EVH	0.61
ARROWHEAD PHARMACEUTICALS INC	ARWR	0.54
KARAT PACKAGING INC	KRT	0.45
ADTRAN HOLDINGS INC	ADTN	0.45
CAMBIUM NETWORKS CORP	CMBM	0.44
PAGERDUTY INC	PD	0.41
OPTIMIZERX CORP	OPRX	0.38
MYR GROUP INC DEL	MYRG	0.37
MAXLINEAR INC	MXL	0.24
PORTILLOS INC	PTLO	0.04
TOTAL CASH OR EQUIVALENT		7.57

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

Small Cap Fund – Full Holdings

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