Small Cap Growth Fund – Full Holdings

Full Portfolio Holdings as of 3/31/24

Name of Holding	Ticker	% of Net Assets
Summit Materials Inc	SUM	2.97
ICF International Inc	ICFI	2.54
Palomar Holdings Inc	PLMR	2.42
Hamilton Lane Inc	HLNE	2.14
AZEK Co Inc/The	AZEK	2.14
DoubleVerify Holdings Inc	DV	2.07
Advanced Drainage Systems Inc	WMS	2.04
Establishment Labs Holdings In	ESTA	2.01
Natera Inc	NTRA	1.98
Halozyme Therapeutics Inc	HALO	1.98
Chart Industries Inc	GTLS	1.96
MGP Ingredients Inc	MGPI	1.94
Skyline Champion Corp	SKY	1.87
First Watch Restaurant Group I	FWRG	1.85
Shift4 Payments Inc	FOUR	1.82
NV5 Global Inc	NVEE	1.74
Janus International Group Inc	JBI	1.72
Varonis Systems Inc	VRNS	1.71
ChampionX Corp	CHX	1.67
BRP Group Inc	BRP	1.67
PROS HOLDINGS INC	PRO	1.65
Progyny Inc	PGNY	1.63
Option Care Health Inc	OPCH	1.62
Castle Biosciences Inc	CSTL	1.57
BellRing Brands Inc	BRBR	1.57
Calix Inc	CALX	1.57
Matador Resources Co	MTDR	1.56
Tenable Holdings Inc	TENB	1.55
Wingstop Inc	WING	1.53
FTI Consulting Inc	FCN	1.51
Universal Display Corp	OLED	1.46
Ollie's Bargain Outlet Holding	OLLI	1.46
Silicon Laboratories Inc	SLAB	1.45
Vertex Inc	VERX	1.42
Cactus Inc	WHD	1.41
Ligand Pharmaceuticals Inc	LGND	1.40
John Bean Technologies Corp	JBT	1.39
Zuora Inc	ZUO	1.37
Inspire Medical Systems Inc	INSP	1.35
Portillo's Inc	PTLO	1.29
Treace Medical Concepts Inc	TMCI	1.25
Steven Madden Ltd	SHOO	1.18
Kinsale Capital Group Inc	KNSL	1.12
Ciena Corp	CIEN	1.09
Kornit Digital Ltd	KRNT	1.01
Five9 Inc	FIVN	0.98
TransMedics Group Inc	TMDX	0.95
PagerDuty Inc	PD	0.95
QuidelOrtho Corp	QDEL	0.95
OmniAb Inc	OABI	0.93
Endava PLC	DAVA	0.90
Lovesac Co/The	LOVE	0.90
HealthEquity Inc	HQY	0.87
Open Lending Corp	LPRO	0.86
STAAR Surgical Co	STAA	0.80
MYR Group Inc	MYRG	0.80
Avid Bioservices Inc	CDMO	0.76
Celsius Holdings Inc	CELH	0.73
Clearwater Analytics Holdings	CWAN	0.71
Lantheus Holdings Inc	LNTH	0.70
Boot Barn Holdings Inc	BOOT	0.65
BigCommerce Holdings Inc	BIGC	0.65
Shoals Technologies Group Inc	SHLS	0.64
Transcat Inc	TRNS	0.63
Maravai LifeSciences Holdings	MRVI	0.63
Privia Health Group Inc	PRVA	0.60
Karat Packaging Inc	KRT	0.51
Arrowhead Pharmaceuticals Inc	ARWR	0.51
WESCO International Inc	WCC	0.48
SiTime Corp	SITM	0.44
European Wax Center Inc	EWCZ	0.18
Axcelis Technologies Inc	ACLS	0.16
TOTAL CASH OR EQUIVALENT		4.07

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 8/31/24	3 MO	YTD	1 YR	3 YR	5 YR	10 YR	Since Inception
BUFFALO INTERNATIONAL FUND - Investor	4.80	9.45	15.17	0.21	9.70	7.99	5.88
BUFFALO INTERNATIONAL FUND - Institutional	4.79	9.54	15.35	0.35	9.86	8.15	6.04
FTSE All World Ex-US Index	5.15	11.40	18.61	2.71	8.30	5.11	3.51
Lipper International Fund Index	4.42	12.59	19.46	2.80	9.03	5.57	3.63

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 Growth Fund – Full Holdings

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