Large Cap Fund – Full Holdings

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Full Portfolio Holdings as of 3/31/24

Name of Holding	Ticker	% of Net Assets
Microsoft Corp	MSFT	10.94
NVIDIA Corp	NVDA	6.98
Apple Inc	AAPL	6.84
Amazon.com Inc	AMZN	6.09
Alphabet Inc	GOOGL	5.33
Meta Platforms Inc	META	3.40
Visa Inc	V	2.39
Costco Wholesale Corp	COST	2.01
Eli Lilly & Co	LLY	1.69
Eaton Corp PLC	ETN	1.31
Broadcom Inc	AVGO	1.21
General Electric Co	GE	1.20
Ingersoll Rand Inc	IR	1.18
Home Depot Inc/The	HD	1.08
UnitedHealth Group Inc	UNH	1.08
Advanced Micro Devices Inc	AMD	1.05
Salesforce Inc	CRM	0.98
Abbott Laboratories	ABT	0.95
Trane Technologies PLC	TT	0.93
ASML Holding NV	ASML	0.92
Uber Technologies Inc	UBER	0.85
Linde PLC	LIN	0.82
Netflix Inc	NFLX	0.81
Intuitive Surgical Inc	ISRG	0.81
Arthur J Gallagher & Co	AJG	0.81
TJX Cos Inc/The	TJX	0.78
Xylem Inc/NY	XYL	0.77
LVMH Moet Hennessy Louis Vuitt	LVMUY	0.77
CRH PLC	CRH	0.77
S&P Global Inc	SPGI	0.77
Arista Networks Inc	ANET	0.76
McKesson Corp	MCK	0.75
Tesla Inc	TSLA	0.73
Synopsys Inc	SNPS	0.73
Schlumberger NV	SLB	0.72
Boston Scientific Corp	BSX	0.70
Stryker Corp	SYK	0.69
Exxon Mobil Corp	XOM	0.68
ICON PLC	ICLR	0.68
AstraZeneca PLC	AZN	0.66
Honeywell International Inc	HON	0.66
KBR Inc	KBR	0.65
Walmart Inc	WMT	0.64
Hess Corp	HES	0.64
KLA CORP	KLAC	0.64
Mastercard Inc	MA	0.63
Applied Materials Inc	AMAT	0.63
Thermo Fisher Scientific Inc	TMO	0.63
ANSYS Inc	ANSS	0.61
Westinghouse Air Brake Technol	WAB	0.60
Coherent Corp	COHR	0.59
HubSpot Inc	HUBS	0.58
Dexcom Inc	DXCM	0.58
ServiceNow Inc	NOW	0.57
Corteva Inc	CTVA	0.57
Adobe Inc	ADBE	0.56
Accenture PLC	ACN	0.56
Vertex Pharmaceuticals Inc	VRTX	0.55
Sanofi SA	SNY	0.54
Trade Desk Inc/The	TTD	0.54
Nice Ltd	NICE	0.54
Danaher Corp	DHR	0.52
Intuit Inc	INTU	0.52
Workday Inc	WDAY	0.52
Entegris Inc	ENTG	0.51
Crowdstrike Holdings Inc	CRWD	0.50
O'Reilly Automotive Inc	ORLY	0.50
Beiersdorf AG	BDRFY	0.48
Yum! Brands Inc	YUM	0.48
Constellation Energy Corp	CEG	0.47
Aon PLC	AON	0.47
Illumina Inc	ILMN	0.46
Northrop Grumman Corp	NOC	0.45
Ecolab Inc	ECL	0.45
Pure Storage Inc	PSTG	0.45
On Holding AG	ONON	0.45
BioMarin Pharmaceutical Inc	BMRN	0.41
McDonald's Corp	MCD	0.40
Palo Alto Networks Inc	PANW	0.40
Lululemon Athletica Inc	LULU	0.24
Veralto Corp	VLTO	0.06
TOTAL CASH OR EQUIVALENT		5.84

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

Large Cap Fund – Full Holdings

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