Dividend Focus Fund – Full Holdings

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Full Portfolio Holdings as of 3/31/24

Name of Holding	Ticker / Maturity	% of Net Assets
Microsoft Corp	MSFT	4.79
Meta Platforms Inc	META	3.94
Viper Energy Inc	VNOM	3.52
Apple Inc	AAPL	3.25
Visa Inc	V	2.20
S&P Global Inc	SPGI	1.85
Arthur J Gallagher & Co	AJG	1.77
Burford Capital Ltd	BUR	1.76
JPMORGAN CHASE & CO.	JPM	1.71
UnitedHealth Group Inc	UNH	1.69
Vistra Corp	VST	1.66
HCA Healthcare Inc	HCA	1.65
CVS Health Corp	CVS	1.60
Energy Transfer LP	ET	1.56
Northern Oil & Gas Inc	NOG	1.53
Eli Lilly & Co	LLY	1.49
Marathon Petroleum Corp	MPC	1.49
Bank of America Corp	BAC	1.46
Parker-Hannifin Corp	PH	1.34
Edison International	EIX	1.32
Mastercard Inc	MA	1.29
Chemours Co/The	CC	1.21
Amazon.com Inc	AMZN	1.21
Alphabet Inc	GOOG	1.21
Cintas Corp	CTAS	1.17
Alphabet Inc	GOOGL	1.16
CRH PLC	CRH	1.14
ELEVANCE HEALTH INC	ELV	1.07
Compass Diversified Holdings	CODI	1.06
Estee Lauder Cos Inc/The	EL	1.05
Home Depot Inc/The	HD	0.99
Primo Water Corp	PRMW	0.98
Citigroup Inc	C	0.94
QUALCOMM Inc	QCOM	0.94
Intercontinental Exchange Inc	ICE	0.93
Hess Corp	HES	0.92
Citizens Financial Group Inc	CFG	0.90
International Business Machine	IBM	0.90
Public Storage	PSA	0.88
MGM Resorts International	MGM	0.88
PG&E Corp	PCG	0.84
Enterprise Products Partners L	EPD	0.83
American Electric Power Co Inc	AEP	0.82
Valero Energy Corp	VLO	0.82
McKesson Corp	MCK	0.82
Lamb Weston Holdings Inc	LW	0.80
Merck & Co Inc	MRK	0.79
Graphic Packaging Holding Co	GPK	0.78
SS&C Technologies Holdings Inc	SSNC	0.73
Lamar Advertising Co	LAMR	0.73
Abbott Laboratories	ABT	0.69
Johnson & Johnson	JNJ	0.69
TRUIST FINANCIAL CORP	TFC	0.68
Comcast Corp	CMCSA	0.60
PepsiCo Inc	PEP	0.59
Walt Disney Co/The	DIS	0.57
Procter & Gamble Co/The	PG	0.57
Martin Marietta Materials Inc	MLM	0.56
BlackRock Inc	BLK	0.56
Equinix Inc	EQIX	0.55
Cisco Systems Inc	CSCO	0.54
Sempra	SRE	0.53
Starbucks Corp	SBUX	0.53
CME Group Inc	CME	0.53
Equifax Inc	EFX	0.52
Fastenal Co	FAST	0.48
NET Lease Office Properties	NLOP	0.46
Welltower Inc	WELL	0.45
Digital Realty Trust Inc	DLR	0.44
MARVELL TECHNOLOGY INC	MRVL	0.44
Honeywell International Inc	HON	0.43
Tyson Foods Inc	TSN	0.43
Medtronic PLC	MDT	0.39
AMERICAN TOWER CORP	AMT	0.39
Walmart Inc	WMT	0.38
Global Payments Inc	GPN	0.36
Boeing Co/The	BA	0.36
Kenvue Inc	KVUE	0.35
Texas Instruments Inc	TXN	0.31
Community Healthcare Trust Inc	CHCT	0.31
Baxter International Inc	BAX	0.30
AMETEK Inc	AME	0.28
Verizon Communications Inc	VZ	0.27
Compass Diversified Holdings	20451Q401	0.23
Las Vegas Sands Corp	LVS	0.16
TOTAL CASH OR EQUIVALENT		7.33

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 4/30/24	3 MO	YTD	1 YR	3 YR	5 YR	10 YR	Since Inception
BUFFALO INTERNATIONAL FUND - Investor	1.39	-0.09	4.61	0.67	7.42	6.98	5.42
BUFFALO INTERNATIONAL FUND - Institutional	1.49	0.00	4.79	0.84	7.59	7.14	5.58
FTSE All World Ex-US Index	4.01	2.97	10.28	1.03	5.82	4.65	3.09
Lipper International Fund Index	3.84	3.01	9.36	1.47	6.31	4.71	3.15

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

Dividend Focus Fund – Full Holdings

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