N-CSR 1 tm232768d1_ncsr.htm N-CSR

 

 

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 

FORM N-CSR

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

 

Investment Company Act file number 811-10303

 

Buffalo Funds

(Exact name of registrant as specified in charter)

 

5420 W. 61st Place,

Mission, KS 66025
(Address of principal executive offices) (Zip code)

 

Laura Symon Browne

5420 W. 61st Place,

Mission, KS 66205
(Name and address of agent for service)

 

913-677-7778

Registrant's telephone number, including area code

 

Date of fiscal year end: March 31

 

Date of reporting period: March 31, 2023

 

 

 

 

 

 

Item 1. Reports to Stockholders.

 

(a) 

 

 

 

 

ANNUAL REPORT

March 31, 2023

MESSAGE TO OUR SHAREHOLDERS

DEAR SHAREHOLDERS,

The fiscal year ending March 31, 2023 was a choppy period for the markets as a dramatic increase in interest rates combined with data on inflation, economic growth, and corporate earnings were sending mixed signals. The S&P 500 Index declined by 7.74% during the fiscal year. Inflation is still running hotter than historic averages and the Fed's 2% target, but has begun to decelerate from recent generational highs. The Fed has continued to fight inflation with short term interest rate increases at each of its meetings in 2023, most recently by another 25 basis points to 4.75%-5% in mid-March. We just passed the one-year mark since the initial interest rate hike this tightening cycle, with the high end of the overnight money rate target moving from 0.25% to 5% in just a year.

Despite some high-profile job cuts in Technology and other sectors, the labor market remains tight overall, and workers are actively looking to gain pay increases to make up for lost purchasing power resulting from inflation. While continued employment income has helped keep consumer spending at reasonably high levels, it complicates the Fed's efforts to fight inflation given how much stickier wage levels are compared to commodity and other cost inputs that adjust faster.

The biggest event muddying the financial picture and making future Fed actions less predictable has been the recent test of confidence in the banking system, which has included the collapses of Credit Suisse, Silicon Valley Bank (SVB), and Signature Bank (their assets are being absorbed by other institutions) and extraordinary actions to support other banks. Interest rate increases during the past year have made the assets on bank balance sheets worth less (interest rates and fixed income prices are inversely related), which has called into question capital levels relative to deposits and prompted depositor runs on some banks, especially smaller local and regional banks that have a higher percentage of uninsured deposits (i.e., deposits in accounts that exceed the Federal Deposit Insurance Corp. guarantee of $250k).

An overriding, concerted effort is still underway to reassure the public and markets that the banking system is sound. Indeed, the banks are much better capitalized now compared to before the great financial crisis of 2008. Other measures such as Tier 1 capital ratios to total assets and risk-adjusted assets also support the notion of a less leveraged and risky U.S. banking system since prior to the great financial crisis. However, it seems likely that the banks will face a combination of greater capital

requirements and regulatory and compliance costs, including increases in FDIC insurance premiums — and perhaps more pressure to offer higher interest rates to retain deposits going forward. The net effect could be a reduced propensity to make new loans, a retrenchment that could inhibit overall economic growth (besides merely lowering banks' earnings). In effect, we could see a sea change away from the Fed fighting inflation by raising rates to slow the economy, to an environment where the banks limit the supply of available capital, either making it unavailable or more costly because lendable money supply will be reduced. Regardless of which moves the needle more, either could theoretically accomplish the goal of reducing inflation by slowing the economy.

Besides banking and monetary policy, the other area we remain highly focused on is energy which can impact inflation, growth, and corporate profitability. The recent OPEC+ production cut, led by the Saudis, further suggests that they are unlikely to let crude prices fall much below $70. Despite the recent uptick, oil and gas prices are still much lower today compared to a year ago following the breakout of war in Ukraine, and the headline consumer price index (CPI, a key measure of inflation) may start looking more benign on a year-over-year basis in the coming months, if further price rises can be contained.

Given elevated economic and geopolitical risk coupled with uncertainty around inflation-fighting measures outcomes, we continue to invest in companies benefiting from broadly-reaching secular growth trends with a bias to strong management teams, resilient balance sheets, and demonstrated cash flows that we can be confident owning through full economic cycles.

Thank you for your continued trust and conviction in the Buffalo Funds.

Sincerely,

Laura Symon Browne

President
Buffalo Funds

The Funds' investment objectives, risks, charges and expenses must be considered carefully before investing. The summary and statutory prospectus contains this and other important information about the investment company, and it may be obtained by calling 1-800-49-BUFFALO or visiting www.buffalofunds.com. Read it carefully before investing.

Past performance does not guarantee future results. Mutual fund investing involves risk. Principal loss is possible.

Kornitzer Capital Management, Inc. is the Advisor to the Buffalo Funds which are distributed by Quasar Distributors, LLC.

Nothing contained in this communication constitutes tax, legal or investment advice. Investors must consult their tax advisors or legal counsel for advice and information concerning their particular situation.

The opinions expressed are those of the Portfolio Manager(s) and are subject to change, are not guaranteed and should not be considered recommendations to buy or sell any security.

Fund performance may be subject to substantial short-term changes.

S&P 500 index — The S&P 500 Index is a capitalization weighted index of 500 large capitalization stocks which is designed to measure broad domestic securities markets.

Tier 1 Capital Ratios — Ratio of a bank's equity capital and disclosed reserves to its total risk-weighted assets.

TABLE OF CONTENTS

Investment Results (unaudited)

    

6

    

Portfolio Management Review (unaudited)

    

10

    

Expense Example (unaudited)

    

20

    

Allocation of Portfolio Holdings (unaudited)

    

24

    

Schedules of Investments or Options Written

    

26

    

Buffalo Discovery Fund (BUFTX)

    

26

    

Buffalo Dividend Focus Fund (BUFDX)

    

32

    

Buffalo Early Stage Growth Fund (BUFOX)

    

40

    

Buffalo Flexible Income Fund (BUFBX)

    

45

    

Buffalo Growth Fund (BUFGX)

    

51

    

Buffalo High Yield Fund (BUFHX)

    

55

    

Buffalo International Fund (BUFIX)

    

68

    

Buffalo Large Cap Fund (BUFEX)

    

78

    

Buffalo Mid Cap Fund (BUFMX)

    

84

    

Buffalo Small Cap Fund (BUFSX)

    

89

    

Statements of Assets and Liabilities

    

96

    

Statements of Operations

    

98

    

Statements of Changes in Net Assets

    

100

    

Financial Highlights

    

104

    

Notes to Financial Statements

    

124

    

Report of Independent Registered Public Accounting Firm

    

137

    

Notice to Shareholders (unaudited)

    

138

    

Privacy Policy (unaudited)

    

149

    

INVESTMENT RESULTS (UNAUDITED)

Total Returns as of March 31, 2023

           

Average Annual

  
    Gross Expense
Ratio*		   Six
Months		  

One Year

  

Five Years

  

Ten Years

   Investor
Class
Since
Inception		   Institutional
Class
Since
Inception2		  
Buffalo Discovery Fund — Investor Class
(inception date 4/16/01)		    

1.00

%

    

17.08

%

    

-10.12

%

    

7.45

%

    

10.94

%

    

8.88

%

    

N/A

    
Buffalo Discovery Fund — Institutional Class
(inception date 7/1/19)1		    

0.86

%

    

17.19

%

    

-9.94

%

    

7.62

%

    

11.11

%

    

N/A

      

9.04

%

  

Russell Mid Cap Growth Index

    

N/A

      

16.67

%

    

-8.52

%

    

9.07

%

    

11.17

%

    

8.84

%

    

8.84

%

  
Buffalo Dividend Focus Fund — Investor Class
(inception date 12/03/12)		    

0.93

%

    

12.60

%

    

-4.22

%

    

10.55

%

    

11.76

%

    

11.96

%

    

N/A

    
Buffalo Dividend Focus Fund — Institutional
Class (inception date 7/1/19)1		    

0.78

%

    

12.69

%

    

-4.04

%

    

10.72

%

    

11.92

%

    

N/A

      

12.13

%

  

Russell 1000 Index

    

N/A

      

15.24

%

    

-8.39

%

    

10.87

%

    

12.01

%

    

12.91

%

    

12.91

%

  
Buffalo Early Stage Growth Fund — Investor
Class (inception date 5/21/04)		    

1.46

%

    

10.39

%

    

-14.23

%

    

8.19

%

    

10.04

%

    

8.46

%

    

N/A

    
Buffalo Early Stage Growth Fund —
Institutional Class (inception date 7/1/19)1		    

1.33

%

    

10.47

%

    

-14.05

%

    

8.36

%

    

10.21

%

    

N/A

      

8.63

%

  

Russell 2000 Growth Index

    

N/A

      

10.46

%

    

-10.60

%

    

4.26

%

    

8.49

%

    

8.26

%

    

8.26

%

  
Buffalo Flexible Income Fund — Investor Class
(inception date 8/12/94)		    

1.01

%

    

12.55

%

    

-0.87

%

    

8.41

%

    

7.07

%

    

7.41

%

    

N/A

    
Buffalo Flexible Income Fund —
Institutional Class (inception date 7/1/19)1		    

0.86

%

    

12.64

%

    

-0.78

%

    

8.57

%

    

7.22

%

    

N/A

      

7.57

%

  

Russell 3000 Index

    

N/A

      

14.88

%

    

-8.58

%

    

10.45

%

    

11.73

%

    

9.93

%

    

9.93

%

  
Buffalo Growth Fund — Investor Class
(inception date 5/19/95)		    

0.92

%

    

18.76

%

    

-12.55

%

    

9.91

%

    

11.52

%

    

10.01

%

    

N/A

    
Buffalo Growth Fund — Institutional Class
(inception date 7/1/19)1		    

0.77

%

    

18.86

%

    

-12.44

%

    

10.08

%

    

11.69

%

    

N/A

      

10.18

%

  

Russell 3000 Growth Index

    

N/A

      

16.49

%

    

-10.88

%

    

13.02

%

    

14.16

%

    

9.79

%

    

9.79

%

  
Buffalo High Yield Fund — Investor Class
(inception date 5/19/95)		    

1.02

%

    

6.43

%

    

-1.63

%

    

4.24

%

    

4.28

%

    

6.57

%

    

N/A

    
Buffalo High Yield Fund — Institutional Class
(inception date 7/1/19)1		    

0.87

%

    

6.51

%

    

-1.49

%

    

4.38

%

    

4.43

%

    

N/A

      

6.72

%

  

ICE BofAML US High Yield Master II Index

    

N/A

      

7.89

%

    

-3.50

%

    

3.07

%

    

4.03

%

    

6.48

%

    

6.48

%

  
Buffalo International Fund — Investor Class
(inception date 9/28/07)		    

1.03

%

    

30.10

%

    

-0.21

%

    

7.39

%

    

7.97

%

    

5.47

%

    

N/A

    
Buffalo International Fund — Institutional
Class (inception date 7/1/19)1		    

0.88

%

    

30.13

%

    

-0.09

%

    

7.55

%

    

8.13

%

    

N/A

      

5.63

%

  

FTSE All-World ex-US Index

    

N/A

      

21.87

%

    

-4.82

%

    

3.15

%

    

4.85

%

    

2.54

%

    

2.54

%

  
Buffalo Large Cap Fund — Investor Class
(inception date 5/19/95)		    

0.93

%

    

16.52

%

    

-10.08

%

    

11.14

%

    

12.97

%

    

9.83

%

    

N/A

    
Buffalo Large Cap Fund — Institutional Class
(inception date 7/1/19)1		    

0.78

%

    

16.60

%

    

-9.97

%

    

11.30

%

    

13.14

%

    

N/A

      

10.00

%

  

Russell 1000 Growth Index

    

N/A

      

16.88

%

    

-10.90

%

    

13.66

%

    

14.59

%

    

9.97

%

    

9.97

%

  


6

(Unaudited)

           

Average Annual

  
    Gross Expense
Ratio*		   Six
Months		  

One Year

  

Five Years

  

Ten Years

   Investor
Class
Since
Inception		   Institutional
Class
Since
Inception2		  
Buffalo Mid Cap Fund — Investor Class
(inception date 12/17/01)		    

1.02

%

    

15.43

%

    

-12.58

%

    

8.49

%

    

9.13

%

    

8.12

%

    

N/A

    
Buffalo Mid Cap Fund — Institutional Class
(inception date 7/1/19)1		    

0.87

%

    

15.57

%

    

-12.46

%

    

8.66

%

    

9.29

%

    

N/A

      

8.28

%

  

Russell Mid Cap Growth Index

    

N/A

      

16.67

%

    

-8.52

%

    

9.07

%

    

11.17

%

    

9.05

%

    

9.05

%

  
Buffalo Small Cap Fund — Investor Class
(inception date 4/14/98)		    

1.01

%

    

5.19

%

    

-11.98

%

    

10.91

%

    

10.51

%

    

11.42

%

    

N/A

    
Buffalo Small Cap Fund — Institutional Class
(inception date 7/1/19)1		    

0.86

%

    

5.16

%

    

-11.92

%

    

11.06

%

    

10.67

%

    

N/A

      

9.51

%

  

Russell 2000 Growth Index

    

N/A

      

10.46

%

    

-10.60

%

    

4.26

%

    

8.49

%

    

5.83

%

    

5.83

%

  

1  The Institutional Class commenced operations on 7/1/2019. Performance for periods prior to 7/1/2019 is based on the performance of the Investor Class adjusted for the Shareholder Services fee of the Investor Class.

2  Not annualized.

*  As reported in the Funds' Prospectus dated July 29, 2022. Current period gross expense ratio for each Fund can be found on the Financial Highlights, beginning on page 100.

Performance data quoted represents past performance; past performance 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. Current performance of the Funds may be lower or higher than the performance quoted. Performance data current as of the most recent month-end may be obtained by calling 1-800-49-BUFFALO or by visiting the website at www.buffalofunds.com.

The Funds' returns shown do not reflect the deduction of taxes that a shareholder would pay on distributions or the redemption of shares. The benchmark returns shown, excluding the Lipper Indices, reflect the reinvestment of dividends and capital gains but do not reflect the deduction of any investment management fees, other expenses or taxes. The performance of the Lipper Indices is presented net of fees and expenses; however, applicable sales charges are not taken into consideration. One cannot invest directly in an index.

The Russell 1000 Growth Index measures the performance of those Russell 1000 Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell 2000 Growth Index is a small-cap stock market index of the bottom 2,000 stocks in the Russell 3000 Index. The Russell Mid Cap Growth Index measures the performance of those Russell Midcap companies with higher price-to-book ratios and higher forecasted growth values. The Russell 1000 Index represents the 1,000 companies by market capitalization in the USA. The Russell 3000 Index is a market-capitalization-weighted equity index that tracks the performance of the 3,000 largest US-traded stocks. The Russell 3000 Growth Index is a market-capitalization index that is comprised of companies that display signs of above-average growth. The FTSE All-World ex-US Index is part of the FTSE All-World Index, a global index covering approximately 4,000 mid cap and large cap stocks in 47 countries, excluding the USA. The ICE BofAML US High Yield Master II Index tracks the performance of below investment grade U.S. dollar-denominated corporate bonds publicly issued in the U.S. domestic market.

Please refer to the prospectus for special risks associated with investing in the Buffalo Funds, including, but not limited to, risks involved with investments in healthcare and information technology companies, foreign securities, debt securities, lower- or unrated securities and medium and small companies. Fund holdings and sector allocations are subject to change at any time and should not be considered a recommendation to buy or sell any security. Please refer to the Schedule of Investments for a complete list of Fund holdings.


7

INVESTMENT RESULTS (UNAUDITED) Continued

Growth of a $10,000 Investment

BUFFALO DISCOVERY FUND

BUFFALO DIVIDEND FOCUS FUND

BUFFALO EARLY STAGE
GROWTH FUND

BUFFALO FLEXIBLE INCOME FUND

BUFFALO GROWTH FUND


BUFFALO HIGH YIELD FUND


8

(Unaudited)

Growth of a $10,000 Investment

BUFFALO INTERNATIONAL FUND

BUFFALO LARGE CAP FUND

BUFFALO MID CAP FUND

BUFFALO SMALL CAP FUND


9

PORTFOLIO MANAGEMENT REVIEW (UNAUDITED)

BUFFALO DISCOVERY FUND

The Buffalo Discovery Fund produced a return of -10.12% for the 12 months ending March 31, 2023, a result that trailed the Russell Midcap Growth Index return of -8.52%. Equities saw broad-based declines across the market cap spectrum during our annual reporting period. After years of the Federal Reserve providing monetary support through both interest rate policy and asset purchases, persistent and rampant inflation generated an aggressive response from the Federal Reserve to attempt to drive inflation back to the 2% target by raising the Fed Funds target to 4.75-5.00%, which weighed heavily on equity markets.

Stock selection within the health care and consumer discretionary areas detracted from performance results during the period. Shares of Azenta pulled back significantly following the sale of its semiconductor business, Azenta is now a pure-play life sciences company with a cash-rich balance sheet. Investors reacted negatively to 2023 guidance that projected a slower pace of margin expansion due to investments in their global sales infrastructure. Headwinds from currency, China lockdowns, and declining COVID-related revenues have also weighed on recent results. However, the long-term trend towards cell and gene therapy and biologics has not slowed. These new drugs require a materially different infrastructure for storage and shipping of biological materials, and the company has carved out a clinical research niche by offering both cold storage repositories for tissue samples and genomic analysis services to leading biopharma companies.

Within consumer discretionary, Expedia was a large detractor from Fund performance. Expedia is an online travel agency (OTA) with brands that include Expedia, Hotels.com, Vrbo, and Travelocity. There has been a strong recovery in demand for consumer travel coming out of the COVID pandemic, but investors are increasingly concerned that fundamentals have peaked ahead of a potential recession, and that Expedia has ceded some market share in hotels to Booking.com. However, we believe the company is well positioned to benefit from a multiyear recovery in services spending that we expect to play out, and that share loss concerns have been overstated due to the divestment of a subsidiary in

Europe. We view the company's current valuation compelling, given the recent pullback.

Calix was the largest contributor to performance during the fiscal year. The company develops and markets communications software, systems, and services to smaller broadband service providers. The Fund initiated a position early in 2022 following a pullback in the stock despite no negative change in the company's fundamentals. Calix continued to see strong demand for its products and has successfully transformed its business into a higher margin platform company from a legacy hardware provider.

The Fed's aggressive tightening policy appears to be working, though, and inflation is steadily drifting lower. It can seem counterintuitive, but periods of weaker economic expansion are often great times to invest in innovative growth stocks. Valuations are more reasonable, companies tend to get smarter on expenses, modest increases in revenue can still drive expense leverage and outsized relative earnings growth, and these periods typically end with the Federal Reserve cutting interest rates to reaccelerate the economy, and that is good for growth stock valuation multiples. Investors certainly digested a lot of bad news in 2022: the launch of a war in Ukraine, decades-high inflation, the lapping of more than $1 trillion of stimulus payments, a strong U.S. dollar, and ongoing supply chain disruption. Putting these headwinds in the rear-view mirror ultimately creates a much more favorable outlook for long-term equity investors.

Our strategy is to take a long-term, risk-aware view and build positions in innovation-focused growth companies at attractive prices. Our investment time horizon is a competitive advantage, and we remain focused on dominant franchises with strong balance sheets and scalable business models. This should lead to the compounding of attractive returns over time. Thank you for your continued trust and support.

BUFFALO DIVIDEND FOCUS FUND

The Buffalo Dividend Focus Fund posted a return of -4.22% for the 12-month period ending March 31, 2023, a result that outperformed the Russell 1000 Index return of -8.39%.


10

(Unaudited)

Stocks experienced broad-based declines during our annual reporting period as persistent and rampant inflation generated an aggressive response from the Federal Reserve to drive inflation back to the 2% target by raising the Fed Funds target to 4.75-5.00%, a development which weighed heavily on equity markets.

The Fund was overweight energy during the annual reporting period, which benefitted relative results as energy was the top performing economic sector for the year. The Fund experienced strong stock selection in the consumer discretionary area relative to the benchmark which also aided relative performance. Additionally, a higher-than-normal cash position during the market drawdown over the past 12 months provided a buffer against deeper losses.

Specific securities that contributed most positively to performance included Marathon Petroleum Corporation and Energy Transfer LP, which operate in the energy sector (energy properties, refining and marketing, and transportation). Although energy commodity prices have declined from recent peaks, they remained elevated throughout the period allowing the companies in these industries to generate healthy profits and cash flow.

Elanco Animal Health was the top detractor from the Fund's performance during the period. Shares of Elanco, an animal health care company, fell as management lowered its forecast for the year citing the impact of foreign exchange rates and supply chain disruptions.

Looking ahead we are anticipating a period of slower economic expansion moving deeper into 2023 driven by higher interest rates and decelerating growth in both jobs and wages. Inflation has likely peaked, notwithstanding being a bit stickier than most would prefer. The Fed is very likely nearing the end of its interest rate-raising cycle with perhaps another 25 basis point increase in the Fed Funds Rate at the upcoming meeting in May. The recent banking crisis could also reduce money supply growth as loan volumes in the U.S. will most certainly be more constrained throughout the year. Despite the uncertainty, we remain focused on wide moat, large capitalization companies trading at reasonable valuations, in our view. As always, the Fund will continue to emphasize competitively advantaged companies that can be purchased at a fair value, in our opinion. As stock market volatility spikes, we will look for opportunities to find companies that fit our investment criteria, as we continue to follow our process of finding new investment ideas and to be ready when market declines provide better entry points.

BUFFALO EARLY STAGE GROWTH FUND

The Buffalo Early Stage Growth Fund returned -14.23% for the 12 months ending March 31, 2023, and underperformed the Russell 2000 Growth Index return of -10.60%. Stocks experienced broad-based declines across the market cap spectrum during our annual reporting period. After years of the Federal Reserve providing monetary support through both interest rate policy and asset purchases, persistent and rampant inflation generated an aggressive response from the Federal Reserve to attempt to drive inflation back to the 2% target by raising the Fed Funds target to 4.75-5.00%, which weighed heavily on equity markets.

Most of the relative underperformance came from stock selection as the Fund's sector allocation impact was neutral. The Fund's holdings in the Consumer Discretionary, Communication Services and Industrials, were the primary drag on relative performance.

Paya Holdings was the leading positive contributor to Fund performance during the period. The provider of payment transaction capabilities, which partners with software offerings serving the education industry, government agencies, and non-profit agencies along with other less cyclical industries, was acquired by a larger payments company in January 2023.

Open Lending was a significant drag on performance. Lower auto sales resulting from constrained auto supply, lower refinancing opportunities driven by rapidly rising interest rates, and lower profit share revenue from insurance partners proved challenging for the company. Investor expectations declined throughout the year and the stock fell proportionately.

8x8, a leading provider of cloud-based voice, chat, video meetings and contact center offerings was also a leading detractor. A major valuation multiple reset across the software industry along with increased concerns over competition led to the share price decline.

Financial conditions have continued to tighten in calendar 2023. The Fed Funds target rate has risen to 4.75-5.00% this year, although only one more increase is anticipated at this point. Additionally, pressure on regional banks' deposit bases along with holdings has the potential to induce further credit tightening.

As an offset, the economy remains at full employment, personal balance sheets remain strong, and corporate


11

(Unaudited)

margins remain at near record levels. Additionally, inflation readings have moderated and should continue to ease as we move throughout 2023. While we very well could see a more than modest economic downturn, there appears to continue to be a solid foundation on many fronts.

Regardless of the macroeconomic headwinds we face, our job remains to find attractive small cap companies that have not been fully appreciated by the market or are mispriced due to recent results or events. We believe less investor interest in our segment of the market creates opportunity for us to uncover value.

The Fund typically invests at the smaller end of the small cap growth spectrum and the managers continue to seek companies with sustainable growth due to secular growth trends or innovative, disruptive products.

The Buffalo Early Stage Growth Fund is focused primarily on identifying innovation within U.S. companies with primarily North American revenue bases. With an active share of greater than 90%, a lower turnover strategy with 50-70 holdings, the Fund will continue to offer a distinct offering.

BUFFALO FLEXIBLE INCOME FUND

The Buffalo Flexible Income Fund produced a return of -0.87% for the 12-month period ending March, 31, 2023, a result that outperformed the Russell 3000 Index return of -8.58%. Stocks experienced broad-based declines during our annual reporting period as persistent and rampant inflation generated an aggressive response from the Federal Reserve to drive inflation back to the 2% target by raising the Fed Funds target to 4.75-5.00%, a development which weighed heavily on equity markets.

The Fund was overweight energy and consumer staples during the annual reporting period, which benefitted relative results as energy was the top performing economic sector for the year with staples next. Exxon Mobil, Marathon Petroleum, Hess, Schlumberger ConocoPhillips, and Chevron were some the strongest contributors to portfolio results. Energy companies continued to benefit from higher oil and gas prices relative to prior years.

Health Care was another area of strength for portfolio results due to stock selection and a slight overweight allocation relative to the benchmark in this traditionally defensive area. Gilead, Merck, Pfizer and Eli Lilly were the strongest contributors to Fund results within Health Care.

Gilead benefited from a positive earnings release and better than expected guidance due to strong performance across multiple products. Merck also reported good earnings during the quarter driven by its flagship drug Keytruda as well as Gardasil and its animal health segment.

Looking ahead global economies continue to slow. Many companies have already lowered their financial guidance for the year. We believe a lot of bad news has been priced into market valuations, but volatility could remain elevated. The direction of the market will depend on inflation's trajectory, the Federal Reserve's actions to tame inflation, and the amount of economic damage caused by higher interest rates. We are seeing a decline in logistics costs, shipping rates, and most commodity prices, however component shortages/supply chain issues continue to persist.

Despite the uncertainty, we remain focused on wide moat, large capitalization dividend-paying companies trading at reasonable valuations, in our view. As always, the Fund will continue to emphasize competitively advantaged companies that can be purchased at a fair value. We will be ready to take advantage of opportunities created by stock market volatility using market declines as attractive entry points for long-term investors.

BUFFALO GROWTH FUND

The Buffalo Growth Fund produced a return of -12.55% for the 12 months ending March 31, 2023, a result that trailed the Russell 3000 Growth Index return of -10.88%. Equities saw broad-based declines across the market cap spectrum during our annual reporting period. After years of the Federal Reserve providing monetary support through both interest rate policy and asset purchases, persistent and rampant inflation generated an aggressive response from the Federal Reserve to attempt to drive inflation back to the 2% target by raising the Fed Funds target to 4.75-5.00%, which weighed heavily on equity markets.

The portfolio was overweight communication services throughout the year which weighed on performance and negatively impacted the sector selection effect as it was the worst performing benchmark sector during our fiscal year. Meanwhile stock selection within health care, financials, and industrials were also detractors from performance results during the period.


12

(Unaudited)

Fair Isaac Corporation was a top contributor to Fund performance for the year, as management reported strong earnings and issued 2023 guidance well ahead of investor expectations. Much of the upside to revenues is being driven by pricing. We believe that the company has a strong competitive position and that after years of forgoing price increases for their FICO scores, they have an opportunity to increase prices in excess of inflation for the foreseeable future.

Schlumberger was among the top contributors to fund results for the year. Schlumberger is an oilfield services company that supplies technology for reservoir characterization, drilling, production, and processing. The company reported better than expected revenues and earnings, driven by international well construction. The company generates attractive returns on capital and has a strong competitive position. Earnings estimates for the company are likely to move higher as the oil and gas industry stands to receive help from China's reopening, Europe's ban on Russian gas, and the U.S. government ultimately needing to refill the Strategic Petroleum Reserve.

Amazon.com was the top detractor from the portfolio's performance as management reported disappointing financial results. Revenues were in-line with expectations, but operating income disappointed driven by margin contraction at Amazon Web Services. Decelerating revenue growth and a weak guidance also weighed on the stock. While the near-term may be bumpy, we believe the company will continue to dominate ecommerce, benefit from growth in the public cloud, and continue to rapidly grow advertising revenues over the long-term.

We believe stock market multiples have largely adjusted to higher interest rates, but corporate earnings may still need to adjust downward to reflect a more difficult business environment. We expect companies will provide cautious earnings guidance due to slowing economic activity, higher funding costs and tightening credit conditions. On a positive note, we are seeing signs that the Federal Reserve's aggressive effort to combat inflation is working. Inflation has likely peaked and supply chains are loosening. If inflation continues to slow at the current pace, the Fed is likely nearing the end of its rate-raising cycle with perhaps one more 25 basis point increase at its May meeting.

Our strategy is to take a long-term risk aware view and build positions in premier growth companies as risk/reward improves. We are leaning into quality;

dominant companies with strong balance sheets and moaty businesses generating attractive returns. We're also keeping a watchful eye for price dislocations where near-term uncertainty creates long-term opportunity. As we move through this more tumultuous part of the economic cycle, heightened investor fear and market volatility can lead to incredibly attractive stock opportunities for prepared investors with a long-term investment horizon. We believe investing in well-managed companies with durable competitive advantages trading at attractive valuations will continue to generate outsized multiyear returns. Thank you for your continued trust and support.

BUFFALO HIGH YIELD FUND

The Buffalo High Yield Fund produced a return of -1.63% for the fiscal year ending March 31, 2023, a result that outperformed the ICE BofA US High Yield Index, which generated a return of -3.50% for the 12-month period.

For the first two quarters of our fiscal period, the U.S. high yield sector experienced a significant correction before reversing course in the back half of the year. The fiscal year started on shaky ground due to Russia's invasion of Ukraine and was only exacerbated by the Federal Reserve beginning an aggressive series of rate hikes in March which triggered a painful sell-off in high yield bonds. Negative returns for high yield bonds continued through June as the Fed increased interest rates another 150 basis points (bps), but then the high yield market began to pivot in July. Better than expected corporate earnings, investor sentiment that inflation was peaking, a lack of new issue supply and retail inflows into high yield funds, all began to drive positive returns. According to JP Morgan, high yield bond yields peaked at 9.31% in June, increasing 290bps from 6.31% in March, before rallying to close out the fiscal year at a yield to worst of 8.76%.

High yield mutual funds reported cash outflows of -$39 billion during the fiscal year with the third quarter (Oct-Dec) being the only period with inflows. New issuance of high yield bonds in the fiscal year was a very muted $100.6 billion and $40.5 billion of that new supply came in the fourth quarter. This compares to average quarterly new issuance volume of $112 billion in 2020 and $120.8 billion in 2021.

Over the course of the fiscal year, the 10-year Treasury bond yield increased 112bps from 2.35% to 3.47%, peaking at 4.24% in October. This was the first time the


13

(Unaudited)

10-year treasury yield had broken above the 4.0% threshold since the 2008 financial crisis. The 112bps move in the 10-year yield was outpaced by the 169bps move higher in 2-year Treasury yield over the fiscal year. The majority of this steepening of the 2/10 year spread occurred primarily in the September '22 quarter and negatively impacted spreads and yields in corporate bonds. Due to the floating rate nature of bank debt, term loans significantly outperformed high yield bonds during the fiscal year period. Per JP Morgan, leveraged loans generated positive 3.33% returns during the 12-month period ending March 2023.

According to JP Morgan, BB rated bonds outperformed both B and CCC rated issues during the fiscal year (BB = -1.17%, B = -2.68%, CCC = -11.68%). Due to the floating rate nature of bank debt, leveraged loans significantly outperformed high yield bonds during the fiscal year period generating positive 3.33% returns. The Fund's ~20% weighting in bank debt was a significant contributor to its relative outperformance. According to data from JP Morgan, the Diversified Media sector was the best performer with a positive 2.37% return and Broadcasting was the worst performing sector delivering negative returns of -17.14% during the fiscal year ending March 2023.

According to data from JP Morgan, the U.S. high yield market's spread to worst for the period-end was 4.99%, 100bps wider than the preceding March '22 period and 63 basis points tighter than its 20-year historical average of 5.62%. The yield to worst for the high yield market at fiscal year-end was 8.76%, above the 6.31% in the preceding March '22 period as well as the 20-year average of 7.82%.

The Fund's composition by asset class at quarter end was as follows:

  

3/31/2022

  

6/30/2022

  

9/30/2022

  

12/31/2022

  

3/31/2023

  
Straight
Corporates		    

68.3

%

    

69.4

%

    

69.6

%

    

68.4

%

    

67.6

%

  

Convertibles

    

6.3

%

    

4.6

%

    

4.3

%

    

3.4

%

    

3.6

%

  

Bank Loans

    

18.5

%

    

18.9

%

    

19.1

%

    

19.1

%

    

21.5

%

  
Preferred
Stocks		    

2.7

%

    

2.9

%

    

2.5

%

    

2.2

%

    

2.7

%

  
Convertible
Preferreds		    

0.0

%

    

0.0

%

    

0.0

%

    

0.0

%

    

0.0

%

  
Common
Stocks		    

0.0

%

    

0.0

%

    

0.0

%

    

0.0

%

    

0.0

%

  

Cash

    

4.1

%

    

4.1

%

    

4.6

%

    

6.9

%

    

4.7

%

  

Total

    

100.0

%

    

100.0

%

    

100.0

%

    

100.0

%

    

100.0

%

  

The approximate rate and contribution of return from the various asset classes in the Fund during the quarter ended March 31, 2023 is as follows:

   Contribution
to Return		  

Straight Corporates

    

-1.06

%

  

Convertibles

    

-0.53

%

  

Bank Loans

    

0.75

%

  

Preferred Stocks

    

-0.03

%

  

Convertible Preferreds

    

N/A

    

Common Stocks

    

N/A

    

Total

    

-1.63

%

  

The three top contributors to the Fund's results during the 12-month period were Talos Production 12% corporate bonds, MPLX 6.875% corporate bonds and the DirecTV term loan. Talos Production 12% '26 bonds: The energy sector was one of the better performing industry groups during the fiscal year and Talos was no exception, basically maintaining its price level while reaping a sizeable 12% coupon. MPLX 6.875% '23 bonds: These bonds were not only energy related, but also had a fixed to floating coupon rate structure that made them attractive. The bonds matured in February 2023. DirecTV '27 term loan: This term loan was one of our largest positions in the portfolio during the fiscal period and its increasing floating rate coupon payments outpaced the small price decline during the rising rate environment.

The Diebold Nixdorf 8.5% '24 corporate bonds, the Entercom 6.75% '29 corporate bonds, and the Jo-Ann Stores '28 term loan were the worst performers during the 2023 fiscal year. Diebold Nixdorf 8.5% '24 bonds: In May, the company reported disappointing earnings and slashed full-year guidance which punished both the stock and the bonds. We made the decision to exit the position shortly thereafter. Entercom 6.75% '29 bonds: These bonds steadily declined over the year in tandem with the entire broadcasting industry group as worries mounted over declines in advertising revenue. Jo-Ann '28 term loans: The arts & crafts retailer reported three consecutive quarterly earnings disappointments due in large part to inventory destocking. There are also investor concerns that pending recession would threaten discretionary spending for retail stores like Jo-Ann's. We therefore exited this position in the fourth quarter.

We are focused first and foremost on the Federal Reserve's balancing act between taming inflation while avoiding a recession, economic weakness globally, and the geopolitical uncertainty caused by the tragic conflict in Ukraine. We are managing the Fund cautiously yet


14

(Unaudited)

actively, focusing on high-quality issuers with defensive business models and manageable credit metrics. We will continue to deploy cash in opportunities that we believe offer the most appealing risk/reward tradeoff with a bias toward shorter durations and less levered credits. Additionally, we believe bank loans offer a more defensive position as they provide senior positioning in the capital structure and less interest rate sensitivity due to their floating rate structures. Finally, we continue to look for opportunities in convertible bonds and preferred stocks. We ended the fiscal year with 137 positions, essentially unchanged from the previous year's level of 138 (excluding cash).

BUFFALO INTERNATIONAL FUND

Global equity markets, as measured by the MSCI ACWI ex-USA Index, declined -4.57% during the fiscal annual period ending March 31, 2023. Global markets experienced considerable volatility over the past 12 months, as expectations for the US Federal Reserve's monetary policy fluctuated, and bank failures in the US and the near failure of Credit Suisse rocked markets. Investor sentiment subsequently shifted away from inflation fears toward greater concerns about the broader global economy.

The Buffalo International Fund produced a return of -0.21% for the 12-month period ending March 31, 2023, a result that outperformed the prospectus benchmark FTSE All-World ex-US Index return of -4.82%. The Fund outperformed two growth indexes, the MSCI All-Country World ex-US Growth Index and the developed country MSCI EAFE Growth Index, which posted returns of -6.03% and -2.45%, respectively. Compared to the prospectus FTSE All-World ex-US Index, the Buffalo International Fund's outperformance was due to stock selection, particularly in Materials, Financials, and Industrials where the Fund's performance was positive overall for the fiscal year vs. negative returns produced for those sectors within the benchmark.

Shares of Linde within Materials advanced nearly 15% during the Fund's fiscal year. Linde, the global industrial gas giant, announced financial results that beat expectations and management raised guidance for the year. The company also announced a potential delisting from Germany's biggest stock exchange, but will maintain a listing in the US, a move the company says could help it attain a higher valuation.

ICICI Bank and Ashtead Group in Financials were positive contributors to Fund performance during the period with shares advancing 14% and nearly 21%, respectively. ICICI Bank, India's second-largest private bank, continued to benefit from the trend of private banks taking share from public banks. Management's efforts to restructure and digitalize are paying off as business normalizes post the pandemic. Ashtead, an equipment rental company that operates in the US and UK, has benefitted from increased rental penetration and market share gains from smaller peers in a historically fragmented market. The increasing cost of owning, operating, and complying with laws surrounding new equipment makes rental preferable, thus growth in outsourcing equipment rentals should be an ongoing long-term trend. However, we are keeping an eye on the outlook for US construction markets, an important end market for their business.

BayCurrent Consulting within Industrials gained nearly 16% during the Fund's fiscal year. BayCurrent Consulting benefitted from the structural growth in digitization/SaaS in Japan. Headed into the year, there were concerns about a slowdown in IT spend impacting BayCurrent, but the results and the guidance for the year is proving that with overall IT spend, the digitization trend in Japan is proving to be recession resilient due to the delayed digital transformation in Japan (Japan, while the 3rd largest IT spender globally behind the US and Europe, has lagged behind in digitization and SaaS over the past decade).

Looking forward, we continue to closely monitor the outlook for the United States economy, as the signs of an economic slowdown have been growing. We would anticipate that for the Fund's companies that sell into the US, this slowdown could start to appear in management comments or in the reported numbers over the next few quarters. Fortunately for many portfolio companies, the economies of the Eurozone have been more resilient this year than expected, and the recovery in China appears to be gaining momentum. So far, the Chinese recovery has led to increased spending by the wealthy, benefiting luxury goods. Consumer confidence is only beginning to return to a level where the Chinese middle class can feel comfortable enough to increase spending, which could boost businesses investment. For our global companies, we are optimistic that economic malaise will not occur in all regions simultaneously. Depending on the size of the potential slowdown in the US, however, we know that an impact will be felt by the rest of the world in time.


15

(Unaudited)

Nevertheless, we continue to seek out high quality companies that have sound, sustainable business models, competitive advantages, benefiting from secular growth drivers that should continue beyond an economic downturn. We prefer businesses that have strong balance sheets and generate consistent free cash flow. In this inflationary environment we also favor companies that can pass off cost pressures, such as those with competitive advantages, high recurring revenues, or companies whose products make up a small cost of a larger product. Faced with a potential recession, we are emphasizing companies that can preserve margins even in a weaker economic environment. This may include businesses that are asset light, have low fixed costs, or have the means to drive efficiency improvements through a downturn. As always, we are paying close attention to the valuation of the companies in our portfolio and seek out opportunities during periods of market weakness or volatility to buy high quality growth companies at attractive valuations. We believe that by continuing this time-tested, disciplined investment strategy we should be able to produce superior risk-adjusted returns over the long term.

BUFFALO LARGE CAP FUND

The Buffalo Large Cap Fund produced a return of -10.08% for the 12-month period ending March 31, 2023, a result that outperformed the Russell 1000 Growth Index return of -10.90%. Equities saw broad-based declines during our annual reporting period as persistent and rampant inflation generated an aggressive response from the Federal Reserve to drive inflation back to the 2% target by raising the Fed Funds target to 4.75-5.00%, a development which weighed heavily on equity markets.

Nvidia was the top contributor to Fund results for the annual reporting period. Nvidia is the leader in accelerated computing and is a critical enabler for deploying AI across a number of vertical industries. The company's next generation datacenter accelerator GPU, the H100, is ramping at the ideal time as generative AI becomes mainstream driving accelerating investments for both enterprises and public cloud providers in the leading AI chip and software company. After a rough 2022 with weakness across gaming and desktop computing, Nvidia's shares rebounded strongly in the first quarter of 2023, due to its leadership in AI. The risk/reward is more balanced given the strong share price runup and for the shares to work further from here, the company will need to compound its revenue growth

above 20% for the foreseeable future and keep making adroit decisions within their annual $8 billion in Research & Development (R&D) spending to stave off smart and well financed competitors.

Meanwhile Amazon.com was the top detractor from Fund results during the fiscal year. Amazon is the world's largest eCommerce and retailer in the world and it also operates with the largest market share of public cloud hosting services for enterprises and small businesses through its growing Amazon Web Services division. Shares declined by over 36% in the 12-month period owing to worse than expected revenue and earnings guidance in both the retail and the AWS divisions, the latter being the most surprising to Wall Street given its strong market position and the ongoing thrust to the cloud by large enterprises and government entities.

While the financial guidance was disappointing, we don't see any structural change in either its leading position in the global retailing space, or within its AWS positioning. We believe enterprises will continue to look for more efficiencies and cost savings within the business model and that's the strong use case provided by AWS. Moreover, with Amazon's large cap-ex investments on the retail or eComm side, we think the company retains the ability to continue to take share via its broad inventory availability, low price and fast, same day delivery. It will be important for company management to convey an increased level of confidence to investors that the fundamental value drivers mentioned above, along with better cost management, will improve performance going forward.

We continue to believe the risk/reward of the current market is skewed to the downside with the price/earnings ratio of the S&P 500 trading at 18x using what we believe are elevated earnings estimates, particularly as we have yet to enter the last phase of the bear market — the credit cycle downturn where revenue and earnings are most likely to be negatively impacted. Accordingly, the portfolio remains overweight defensive sectors, such as healthcare, and underweight technology and consumer discretionary, while holding a higher-than-normal level of cash. The earnings and economic outlook remains challenged through the next several quarters, in our view. Most leading indicators, and a highly inverted yield curve continue to signal some form of a recession that we believe is not adequately priced into the market. We continue to avoid any investments in banks as credit cycle revisions are rarely a good time to own that group. However, we continue to monitor developments in the


16

(Unaudited)

broader economy and the outlook for earnings revisions of our specific portfolio holdings.

Inflation has likely peaked, notwithstanding being a bit stickier than most would prefer. Coincident with peaking inflation, the Fed is very likely nearing the end of its interest rate-raising cycle with perhaps another 25 basis points of increase in the Fed Funds Rate at its May meeting.

We are still a bit early on this call, but we believe the recent banking crisis will further reduce market liquidity (money supply growth) as loan volumes within the U.S. will most certainly be more constrained throughout the next six to nine months. In fact, the most recent loan growth data shows a sharp decline of loans during the last week of March.

Combined with the lagging effect from the sharp rise in interest rates over the last 15 months, companies are likely to face a tougher revenue and earnings growth environment as the economy continues to weaken heading into the second half of the year.

As always, we appreciate your continued confidence in our investment strategy and approach. Our conviction comes from the belief that the investment process has historically demonstrated a track record of consistent outperformance through various market challenges and opportunities.

BUFFALO MID CAP FUND

The Buffalo Mid Cap Fund returned -12.58% for the 12 months ending March 31, 2023, and underperformed the Russell Midcap Growth Index return of -8.52%. Equities saw broad-based declines across the market cap spectrum during our annual reporting period. After years of the Federal Reserve providing monetary support through both interest rate policy and asset purchases, persistent and rampant inflation generated an aggressive response from the Federal Reserve to attempt to drive inflation back to the 2% target by raising the Fed Funds target to 4.75-5.00%, which weighed heavily on equity markets.

Weak stock selection in the health care, industrials, and consumer discretionary sectors offset strong relative performance in the technology sector. Sector allocation was a mild drag on performance.

MSCI Inc. was a standout positive contributor for the Fund as the company reported resilient revenue in a

down market driven by subscription products with ESG & Climate and Analytics as particular standouts. Meanwhile, profitability was generally better than expected as the firm exhibited impressive expense control.

ON Semiconductor was another positive contributor to performance. Demand for silicon carbide chips has led to strong demand and supply chain-related constraints have continued to ease. The automotive sector has shown particular strength, driven by the transition towards electrification, increased autonomy, and advanced safety.

Lyft, Inc. was a significant drag on performance. The company's results were challenged by an inability to source drivers and exacerbated by labor inflation, higher gas prices, and a tough macroeconomy. An absence of profitability and cash flow in a poor market for equities only contributed to investors' disdain.

Open Lending Corporation was also a drag on Fund performance. Lower auto sales resulting from constrained auto supply, lower refinancing opportunities driven by rapidly rising interest rates, and lower profit share revenue from insurance partners proved challenging for the company. Investor expectations declined throughout the year and the stock fell proportionately.

Financial conditions have continued to tighten in 2023. The Fed Funds target rate has risen to 4.75-5.00% this year, although only one more increase is anticipated at this point. Additionally, pressure on regional banks' deposit bases has the potential to induce further credit tightening. The Treasury yield curve inversion (short-term yields are greater than long-term yields) is signaling expectations of declining economic growth.

While these are undoubtedly challenging economic times, our mandate remains unchanged. We continue to look for attractively valued businesses with solid growth opportunities, durable competitive advantages, scalable business models, and exceptional management teams.

BUFFALO SMALL CAP FUND

The Buffalo Small Cap Fund produced a return of -11.98% for the 12-month period ending March 31, 2023, a result that slightly trailed the Russell 2000 Growth Index return of -10.60%. Equities saw broad-based declines across the market cap spectrum during our annual reporting period. After years of the Federal Reserve providing monetary support through both interest rate policy and asset


17

(Unaudited)

purchases, persistent and rampant inflation generated an aggressive response from the Federal Reserve to attempt to drive inflation back to the 2% target by raising the Fed Funds target to 4.75-5.00%, which weighed heavily on equity markets.

Weak stock selection within Industrials and Information Technology, two of the larger sector weightings in the Fund, weighed on performance during the fiscal year. Within Industrials, Kornit Digital, which develops and manufactures industrial digital printing technologies for the garment and apparel industries, fell significantly. While Kornit is a name we know well and owned successfully from 2017 to January of 2022, we returned to it in the middle of 2022 after a meaningful pullback in the stock that we felt was overdone. However, the stock continued to slide further as the company has yet to see an improvement in their business after inventory digestions from their customers caused the stock to retreat. Meanwhile, stock selection within software was a large detractor from results in the technology area. Shares of Varonis Systems, a provider of data security, was weak due to an unexpected move to a subscription service from term licenses which took investors by surprise. We believe the software may continue to face budgetary headwinds during a time where technology budgets are under pressure and therefore exited the position during the fiscal year.

As we look ahead to the remainder of the year, inflation continues to be of concern for investors despite the efforts from the Federal Reserve. Inflation has been decelerating but it is still far from the Fed's target of 2%. Furthermore, tighter credit standards as a result of the banking crisis that occurred in the first quarter of 2023 is clouding the economic picture. However, there are a few offsetting factors that point to a soft landing including a strong labor market, consumer resilience, and a stable housing market.

With that being said, we note that small cap company valuations have further re-rated as expectations have been reset by management. With the increase in volatility, we are taking advantage of compelling valuations and well-capitalized small cap companies with attractive business models and good fundamentals. Portfolio positioning will continue to be fairly defensive as we remain cautious on the ever-changing macro environment. We continue to appreciate your interest in the Fund.

Thank you for your continued support.


18

(Unaudited)

Bond ratings are grades given to bonds that indicate their credit quality as determined by a private independent rating service such as Standard & Poor's. The firm evaluates a bond issuer's financial strength, or its ability to pay a bond's principal and interest in a timely fashion. Ratings are expressed as letters ranging from 'AAA', which is the highest grade, to 'D', which is the lowest grade. In limited situations when the rating agency has not issued a formal rating, the Advisor will classify the security as nonrated.

Earnings growth is not representative of a Fund's future performance.

A basis point is one hundredth of a percentage point (0.01%).

Yield is the income return on an investment.

Yield to worst is the lowest potential yield that can be received on a bond without the issuer actually defaulting. A Spread is the difference between the bid and the ask price of a security.

Spread to worst is the difference between the yield to worst of a bond and the yield to worst of a U.S. Treasury security with similar duration.

The London Interbank Offered Rate (LIBOR) is a benchmark interest rate at which major global banks lend to one another in the international interbank market for short-term loans.

Duration is a commonly used measure of the potential volatility of the price of a debt security, or the aggregate market value of a portfolio of debt securities, prior to maturity. Securities with a longer duration generally have more volatile prices than securities of comparable quality with a shorter duration.

Active share is a measure of the percentage of stock holdings in a manager's portfolio that differs from the benchmark index.

Cash flow is the net amount of cash and cash-equivalents being transferred into and out of a business.

Free Cash Flow is revenue less operating expenses including interest expense and maintenance capital spending. It is the discretionary cash that a company has after all expenses and is available for purposes such as dividend payments, investing back into the business, or share repurchases.

NASDAQ or National Association of Securities Dealers Automated Quotations is a global electronic marketplace for buying and selling securities.

S&P 500 index — The S&P 500 Index is a capitalization weighted index of 500 large capitalization stocks which is designed to measure broad domestic securities markets.

MSCI ACWI ex-USA Index — A broad measure of stock performance throughout the world, with the exception of U.S.-based companies. The MSCI ACWI Ex-U.S. Index includes both developed and emerging markets.

MSCI All-Country World ex-US Growth Index — A broad measure of growth stock performance throughout the world, with the exception of U.S.-based companies. The MSCI ACWI Ex-U.S. Growth Index includes both developed and emerging markets.

MSCI EAFE Growth Index — A broad measure of growth stock performance throughout the world, with the exception of Canadian and U.S.-based companies. The MSCI EAFE Growth Index includes international developed markets from 21 countries in Europe, Australasia and the Far East (East Asia).

Price/Earnings Ratio — The price-to-earnings ratio is the ratio for valuing a company that measures its current share price relative to its earnings per share (EPS).


19

EXPENSE EXAMPLE (UNAUDITED)

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs (including redemption fees) and (2) ongoing costs, including management fees, shareholder servicing fees (Investor Class only) and other Fund specific expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (October 1, 2022 – March 31, 2023).

ACTUAL EXPENSES

The first line of the tables below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During the Period" to estimate the expenses you paid on your account during the period. Although the Funds charge no sales load or trans- action fees, you will be assessed fees for outgoing wire transfers, returned checks and stop payment orders at prevailing rates charged by U.S. Bancorp Fund Services, LLC, the Funds' transfer agent. If you request that a redemption be made by wire transfer, currently a $15.00 fee is charged by the Funds' transfer agent. To the extent a Fund invests in shares of other investment companies as part of its investment strategy, you will indirectly bear your proportionate share of any fees and expenses charged by

the underlying funds in which the Fund invests in addition to the expenses of the Fund. Actual expenses of the underlying funds are expected to vary among the various underlying funds. These expenses are not included in the examples below. The examples below include management fees, registration fees and other expenses. However, the examples below do not include portfolio trading commissions and related expenses and other extraordinary expenses as determined under U.S. generally accepted accounting principles.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second line of each table below provides information about hypothetical account values and hypothetical expenses based on the Funds' actual expense ratios and an assumed rate of return of 5% per year before expenses, which are not the Funds' actual returns. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in our Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the second line of the tables is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different Funds. In addition, if these transactional costs were included, your costs would have been higher.

BUFFALO DISCOVERY FUND

   Beginning
Account Value
October 1, 2022		   Ending
Account Value
March 31, 2023		   Expenses Paid During
Period October 1, 2022 -
March 31, 2023*		  

Investor Class

          

 

Actual

  

$

1,000.00

    

$

1,170.80

    

$

5.47

    

Hypothetical (5% return before expenses)

  

$

1,000.00

    

$

1,019.90

    

$

5.09

    

Institutional Class

          

 

Actual

  

$

1,000.00

    

$

1,171.90

    

$

4.66

    

Hypothetical (5% return before expenses)

  

$

1,000.00

    

$

1,020.24

    

$

4.33

    

* Expenses for the Investor Class are equal to the Fund's annualized expense ratio of 1.01%, multiplied by the average account value over the period, multiplied by 182/365 to reflect the one-half year period. Expenses for the Institutional Class are equal to the Fund's annualized expense ratio of 0.86%, multiplied by the average account value over the period, multiplied by 182/365 to project a one-half year period.


20

(Unaudited)

BUFFALO DIVIDEND FOCUS FUND

   Beginning
Account Value
October 1, 2022		   Ending
Account Value
March 31, 2023		   Expenses Paid During
Period October 1, 2022 -
March 31, 2023*		  

Investor Class

          

 

Actual

  

$

1,000.00

    

$

1,126.00

    

$

4.93

    

Hypothetical (5% return before expenses)

  

$

1,000.00

    

$

1,020.29

    

$

4.68

    

Institutional Class

          

 

Actual

  

$

1,000.00

    

$

1,126.90

    

$

4.14

    

Hypothetical (5% return before expenses)

  

$

1,000.00

    

$

1,021.04

    

$

3.93

    

* Expenses for the Investor Class are equal to the Fund's annualized expense ratio of 0.93%, multiplied by the average account value over the period, multiplied by 182/365 to reflect the one-half year period. Expenses for the Institutional Class are equal to the Fund's annualized expense ratio of 0.78%, multiplied by the average account value over the period, multiplied by 182/365 to project a one-half year period.

BUFFALO EARLY STAGE GROWTH FUND

   Beginning
Account Value
October 1, 2022		   Ending
Account Value
March 31, 2023		   Expenses Paid During
Period October 1, 2022 -
March 31, 2023*		  

Investor Class

          

 

Actual

  

$

1,000.00

    

$

1,103.90

    

$

7.82

    

Hypothetical (5% return before expenses)

  

$

1,000.00

    

$

1,017.50

    

$

7.49

    

Institutional Class

          

 

Actual

  

$

1,000.00

    

$

1,104.70

    

$

7.03

    

Hypothetical (5% return before expenses)

  

$

1,000.00

    

$

1,018.25

    

$

6.74

    

* Expenses for the Investor Class are equal to the Fund's annualized expense ratio of 1.49%, multiplied by the average account value over the period, multiplied by 182/365 to reflect the one-half year period. Expenses for the Institutional Class are equal to the Fund's annualized expense ratio of 1.34%, multiplied by the average account value over the period, multiplied by 182/365 to project a one-half year period.

BUFFALO FLEXIBLE INCOME FUND

   Beginning
Account Value
October 1, 2022		   Ending
Account Value
March 31, 2023		   Expenses Paid During
Period October 1, 2022 -
March 31, 2023*		  

Investor Class

          

 

Actual

  

$

1,000.00

    

$

1,125.50

    

$

5.35

    

Hypothetical (5% return before expenses)

  

$

1,000.00

    

$

1,019.90

    

$

5.09

    

Institutional Class

          

 

Actual

  

$

1,000.00

    

$

1,126.40

    

$

4.56

    

Hypothetical (5% return before expenses)

  

$

1,000.00

    

$

1,020.64

    

$

4.33

    

* Expenses for the Investor Class are equal to the Fund's annualized expense ratio of 1.01%, multiplied by the average account value over the period, multiplied by 182/365 to reflect the one-half year period. Expenses for the Institutional Class are equal to the Fund's annualized expense ratio of 0.86%, multiplied by the average account value over the period, multiplied by 182/365 to project a one-half year period.

BUFFALO GROWTH FUND

   Beginning
Account Value
October 1, 2022		   Ending
Account Value
March 31, 2023		   Expenses Paid During
Period October 1, 2022 -
March 31, 2023*		  

Investor Class

          

 

Actual

  

$

1,000.00

    

$

1,187.60

    

$

5.02

    

Hypothetical (5% return before expenses)

  

$

1,000.00

    

$

1,020.34

    

$

4.64

    

Institutional Class

          

 

Actual

  

$

1,000.00

    

$

1,188.60

    

$

4.20

    

Hypothetical (5% return before expenses)

  

$

1,000.00

    

$

1,021.09

    

$

3.88

    

* Expenses for the Investor Class are equal to the Fund's annualized expense ratio of 0.92%, multiplied by the average account value over the period, multiplied by 182/365 to reflect the one-half year period. Expenses for the Institutional Class are equal to the Fund's annualized expense ratio of 0.77%, multiplied by the average account value over the period, multiplied by 182/365 to project a one-half year period.


21

(Unaudited)

BUFFALO HIGH YIELD FUND

   Beginning
Account Value
October 1, 2022		   Ending
Account Value
March 31, 2023		   Expenses Paid During
Period October 1, 2022 -
March 31, 2023*		  

Investor Class

          

 

Actual

  

$

1,000.00

    

$

1,064.30

    

$

5.25

    

Hypothetical (5% return before expenses)

  

$

1,000.00

    

$

1,019.85

    

$

5.14

    

Institutional Class

          

 

Actual

  

$

1,000.00

    

$

1,065.10

    

$

4.48

    

Hypothetical (5% return before expenses)

  

$

1,000.00

    

$

1,020.59

    

$

4.38

    

* Expenses for the Investor Class are equal to the Fund's annualized expense ratio of 1.02%, multiplied by the average account value over the period, multiplied by 182/365 to reflect the one-half year period. Expenses for the Institutional Class are equal to the Fund's annualized expense ratio of 0.87%, multiplied by the average account value over the period, multiplied by 182/365 to project a one-half year period.

BUFFALO INTERNATIONAL FUND

   Beginning
Account Value
October 1, 2022		   Ending
Account Value
March 31, 2023		   Expenses Paid During
Period October 1, 2022 -
March 31, 2023*		  

Investor Class

          

 

Actual

  

$

1,000.00

    

$

1,301.00

    

$

5.91

    

Hypothetical (5% return before expenses)

  

$

1,000.00

    

$

1,019.80

    

$

5.19

    

Institutional Class

          

 

Actual

  

$

1,000.00

    

$

1,301.30

    

$

5.05

    

Hypothetical (5% return before expenses)

  

$

1,000.00

    

$

1,020.54

    

$

4.43

    

* Expenses for the Investor Class are equal to the Fund's annualized expense ratio of 1.03%, multiplied by the average account value over the period, multiplied by 182/365 to reflect the one-half year period. Expenses for the Institutional Class are equal to the Fund's annualized expense ratio of 0.88%, multiplied by the average account value over the period, multiplied by 182/365 to project a one-half year period.

BUFFALO LARGE CAP FUND

   Beginning
Account Value
October 1, 2022		   Ending
Account Value
March 31, 2023		   Expenses Paid During
Period October 1, 2022 -
March 31, 2023*		  

Investor Class

          

 

Actual

  

$

1,000.00

    

$

1,165.20

    

$

5.02

    

Hypothetical (5% return before expenses)

  

$

1,000.00

    

$

1,020.29

    

$

4.68

    

Institutional Class

          

 

Actual

  

$

1,000.00

    

$

1,166.00

    

$

4.21

    

Hypothetical (5% return before expenses)

  

$

1,000.00

    

$

1,021.04

    

$

3.93

    

* Expenses for the Investor Class are equal to the Fund's annualized expense ratio of 0.93%, multiplied by the average account value over the period, multiplied by 182/365 to reflect the one-half year period. Expenses for the Institutional Class are equal to the Fund's annualized expense ratio of 0.78%, multiplied by the average account value over the period, multiplied by 182/365 to project a one-half year period.

BUFFALO MID CAP FUND

   Beginning
Account Value
October 1, 2022		   Ending
Account Value
March 31, 2023		   Expenses Paid During
Period October 1, 2022 -
March 31, 2023*		  

Investor Class

          

 

Actual

  

$

1,000.00

    

$

1,154.30

    

$

5.48

    

Hypothetical (5% return before expenses)

  

$

1,000.00

    

$

1,019.85

    

$

5.14

    

Institutional Class

          

 

Actual

  

$

1,000.00

    

$

1,155.70

    

$

4.68

    

Hypothetical (5% return before expenses)

  

$

1,000.00

    

$

1,020.59

    

$

4.38

    

* Expenses for the Investor Class are equal to the Fund's annualized expense ratio of 1.02%, multiplied by the average account value over the period, multiplied by 182/365 to reflect the one-half year period. Expenses for the Institutional Class are equal to the Fund's annualized expense ratio of 0.86%, multiplied by the average account value over the period, multiplied by 182/365 to project a one-half year period.


22

(Unaudited)

BUFFALO SMALL CAP FUND

   Beginning
Account Value
October 1, 2022		   Ending
Account Value
March 31, 2023		   Expenses Paid During
Period October 1, 2022 -
March 31, 2023*		  

Investor Class

          

 

Actual

  

$

1,000.00

    

$

1,051.90

    

$

4.91

    

Hypothetical (5% return before expenses)

  

$

1,000.00

    

$

1,020.14

    

$

4.84

    

Institutional Class

          

 

Actual

  

$

1,000.00

    

$

1,051.60

    

$

4.40

    

Hypothetical (5% return before expenses)

  

$

1,000.00

    

$

1,050.64

    

$

4.33

    

* Expenses for the Investor Class are equal to the Fund's annualized expense ratio of 0.96%, multiplied by the average account value over the period, multiplied by 182/365 to reflect the one-half year period. Expenses for the Institutional Class are equal to the Fund's annualized expense ratio of 0.86%, multiplied by the average account value over the period, multiplied by 182/365 to project a one-half year period.


23

ALLOCATION OF PORTFOLIO HOLDINGS

Percentages represent market value as a percentage of investments as of March 31, 2023.

BUFFALO DISCOVERY
FUND

BUFFALO DIVIDEND
FOCUS FUND

BUFFALO EARLY STAGE
GROWTH FUND

BUFFALO FLEXIBLE
INCOME FUND

BUFFALO GROWTH
FUND

BUFFALO HIGH YIELD
FUND


24

Percentages represent market value as a percentage of investments as of March 31, 2023.

BUFFALO
INTERNATIONAL FUND

BUFFALO LARGE CAP
FUND

BUFFALO MID CAP
FUND

BUFFALO SMALL CAP
FUND


25

BUFFALO DISCOVERY FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2023

Shares or Face Amount

      

$ Fair Value*

  

Common Stocks

    

96.22

%

  

Communication Services

    

0.97

%

  
       

Entertainment

    

0.97

%

  
 

74,103

    

Take-Two Interactive Software, Inc.(a)

    

8,840,488

    
Total Communication Services (Cost $7,331,780)    

8,840,488

    

Consumer Discretionary

    

12.94

%

  
       

Auto Components

    

2.07

%

  
 

167,736

    

Aptiv PLC — ADR(a) (b)

    

18,818,302

    
       

Hotels, Restaurants & Leisure

    

4.70

%

  
 

4,534

    

Chipotle Mexican Grill, Inc.(a)

    

7,745,387

    
 

56,436

    

Darden Restaurants, Inc.

    

8,756,610

    
 

591,386

    

Everi Holdings Inc.(a)

    

10,142,270

    
 

361,010

    

MGM Resorts International

    

16,036,064

    
     

42,680,331

    
       

Internet & Direct Marketing Retail

    

1.13

%

  
 

105,952

    

Expedia Group, Inc.(a)

    

10,280,523

    
       

Leisure Products

    

0.84

%

  
 

354,194

    

Topgolf Callaway Brands Corp.(a)

    

7,657,674

    
       

Specialty Retail

    

3.30

%

  
 

71,358

    

Five Below, Inc.(a)

    

14,697,607

    
 

68,307

    

Floor & Decor Holdings, Inc. — Class A(a)

    

6,709,114

    
 

36,309

    

Tractor Supply Co.

    

8,534,067

    
     

29,940,788

    
       

Textiles, Apparel & Luxury Goods

    

0.90

%

  
 

22,432

    

lululemon athletica, Inc.(a)

    

8,169,510

    
Total Consumer Discretionary (Cost $99,569,661)    

117,547,128

    

Energy

    

1.34

%

  
       

Energy Equipment & Services

    

1.34

%

  
 

246,845

    

Schlumberger Ltd. — ADR(b)

    

12,120,089

    
Total Energy (Cost $8,319,022)    

12,120,089

    

The accompanying notes are an integral part of these financial statements.
26

BUFFALO DISCOVERY FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2023 Continued

Shares or Face Amount

      

$ Fair Value*

  

Financials

    

8.44

%

  
       

Capital Markets

    

5.27

%

  
 

82,438

    

Intercontinental Exchange, Inc.

    

8,597,459

    
 

46,940

    

MSCI, Inc.

    

26,271,849

    
 

37,751

    

S&P Global, Inc.

    

13,015,412

    
     

47,884,720

    
       

Diversified Financial Services

    

1.59

%

  
 

137,708

    

Global Payments Inc.

    

14,492,390

    
       

Financial Services

    

1.58

%

  
 

189,328

    

Shift4 Payments, Inc.(a)

    

14,351,062

    
Total Financials (Cost $38,363,570)    

76,728,172

    

Health Care

    

19.03

%

  
       

Biotechnology

    

2.56

%

  
 

334,821

    

Natera, Inc.(a)

    

18,589,262

    
 

27,615

    

Repligen Corp.(a)

    

4,649,261

    
     

23,238,523

    
       

Health Care Equipment & Supplies

    

5.08

%

  
 

146,641

    

Alcon, Inc. — ADR(b)

    

10,344,056

    
 

307,064

    

Boston Scientific Corp.(a)

    

15,362,412

    
 

124,330

    

Edwards Lifesciences Corp.(a)

    

10,285,821

    
 

20,299

    

IDEXX Laboratories, Inc.(a)

    

10,151,124

    
     

46,143,413

    
       

Health Care Providers & Services

    

1.44

%

  
 

222,791

    

HealthEquity, Inc.(a)

    

13,080,060

    
       

Health Care Technology

    

2.70

%

  
 

140,076

    

Doximity, Inc.(a)

    

4,535,661

    
 

246,411

    

Evolent Health, Inc. — Class A(a)

    

7,996,037

    
 

65,534

    

Veeva Systems, Inc.(a)

    

12,044,494

    
     

24,576,192

    

The accompanying notes are an integral part of these financial statements.
27

BUFFALO DISCOVERY FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2023 Continued

Shares or Face Amount

      

$ Fair Value*

  
       

Life Sciences Tools & Services

    

7.25

%

  
 

77,972

    

Agilent Technologies, Inc.

    

10,786,646

    
 

574,073

    

Avantor, Inc.(a)

    

12,135,903

    
 

34,930

    

Bio-Rad Laboratories, Inc.(a)

    

16,732,169

    
 

123,352

    

Bio-Techne Corp.

    

9,151,485

    
 

36,800

    

Charles River Laboratories International, Inc.(a)

    

7,426,976

    
 

48,662

    

IQVIA Holdings, Inc.(a)

    

9,678,385

    
     

65,911,564

    
Total Health Care (Cost $153,289,549)    

172,949,752

    

Industrials

    

16.96

%

  
       

Building Products

    

1.85

%

  
 

114,729

    

Builders FirstSource, Inc.(a)

    

10,185,641

    
 

135,572

    

Trex Co., Inc.(a)

    

6,598,289

    
     

16,783,930

    
       

Commercial Services & Supplies

    

2.54

%

  
 

307,044

    

Copart, Inc.(a)

    

23,092,779

    
       

Construction & Engineering

    

1.73

%

  
 

166,429

    

MasTec, Inc.(a)

    

15,717,555

    
       

Electrical Equipment

    

2.76

%

  
 

117,100

    

AMETEK, Inc.

    

17,018,143

    
 

353,196

    

Shoals Technologies Group, Inc.(a)

    

8,049,337

    
     

25,067,480

    
       

Machinery

    

1.76

%

  
 

274,314

    

Ingersoll Rand, Inc.

    

15,959,589

    
       

Professional Services

    

4.26

%

  
 

199,341

    

CoStar Group, Inc.(a)

    

13,724,628

    
 

176,897

    

TransUnion

    

10,992,379

    
 

73,123

    

Verisk Analytics, Inc.

    

14,029,379

    
     

38,746,386

    
       

Trading Companies & Distributors

    

2.06

%

  
 

179,853

    

Fastenal Co.

    

9,701,271

    
 

58,573

    

WESCO International, Inc.

    

9,051,871

    
     

18,753,142

    
Total Industrials (Cost $88,673,356)    

154,120,861

    

The accompanying notes are an integral part of these financial statements.
28

BUFFALO DISCOVERY FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2023 Continued

Shares or Face Amount

      

$ Fair Value*

  

Information Technology

    

33.74

%

  
       

Communications Equipment

    

5.51

%

  
 

61,817

    

Arista Networks Inc.(a)

    

10,376,602

    
 

305,109

    

Calix, Inc.(a)

    

16,350,791

    
 

253,191

    

Ciena Corp.(a)

    

13,297,591

    
 

68,945

    

F5 Networks, Inc.(a)

    

10,044,597

    
     

50,069,581

    
       

Electronic Equipment, Instruments & Components

    

3.68

%

  
 

159,301

    

Amphenol Corp. — Class A

    

13,018,078

    
 

81,594

    

Keysight Technologies, Inc.(a)

    

13,175,799

    
 

139,051

    

National Instruments Corp.

    

7,287,663

    
     

33,481,540

    
       

IT Services

    

3.88

%

  
 

26,382

    

EPAM Systems, Inc.(a)

    

7,888,218

    
 

38,691

    

FleetCor Technologies, Inc.(a)

    

8,157,997

    
 

157,172

    

GoDaddy, Inc. — Class A(a)

    

12,215,408

    
 

483,563

    

TaskUS, Inc.(a)

    

6,982,650

    
     

35,244,273

    
       

Semiconductors & Semiconductor Equipment

    

4.95

%

  
 

270,041

    

Azenta, Inc.(a)

    

12,049,229

    
 

20,363

    

Monolithic Power Systems, Inc.

    

10,192,496

    
 

27,366

    

SolarEdge Technologies, Inc.(a)

    

8,317,896

    
 

93,107

    

Universal Display Corp.

    

14,443,689

    
     

45,003,310

    
       

Software

    

15.72

%

  
 

21,179

    

ANSYS, Inc.(a)

    

7,048,371

    
 

34,070

    

Aspen Technology, Inc.(a)

    

7,797,601

    
 

43,951

    

Autodesk, Inc.(a)

    

9,148,840

    
 

70,098

    

CrowdStrike Holdings, Inc.(a)

    

9,621,652

    
 

572,329

    

DoubleVerify Holdings, Inc.(a)

    

17,255,719

    
 

177,015

    

Five9, Inc.(a)

    

12,796,414

    
 

73,870

    

Guidewire Software, Inc.(a)

    

6,061,034

    
 

63,978

    

Palo Alto Networks, Inc.(a)

    

12,778,966

    
 

65,000

    

Splunk, Inc.(a)

    

6,232,200

    
 

40,310

    

Synopsys, Inc.(a)

    

15,569,738

    
 

240,834

    

Tenable Holdings, Inc.(a)

    

11,442,023

    
 

251,873

    

The Trade Desk, Inc. — Class A(a)

    

15,341,584

    
 

33,113

    

Tyler Technologies, Inc.(a)

    

11,743,194

    
     

142,837,336

    
Total Information Technology (Cost $261,882,914)    

306,636,040

    

The accompanying notes are an integral part of these financial statements.
29

BUFFALO DISCOVERY FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2023 Continued

Shares or Face Amount

      

$ Fair Value*

  

Materials

    

2.80

%

  
       

Chemicals

    

1.30

%

  
 

71,184

    

Ecolab Inc.

    

11,783,087

    
       

Construction Materials

    

1.50

%

  
 

38,418

    

Martin Marietta Materials, Inc.

    

13,640,695

    
Total Materials (Cost $22,371,049)    

25,423,782

    
Total Common Stocks (Cost $679,800,901)    

874,366,312

    

REITS

    

0.47

%

  

Real Estate

    

0.47

%

  
       

Equity Real Estate Investment Trusts (REITs)

    

0.47

%

  
 

16,295

    

SBA Communications Corp.

    

4,254,136

    
Total Real Estate (Cost $4,115,937)    

4,254,136

    
Total REITS (Cost $4,115,937)    

4,254,136

    

Short Term Investments

    

3.56

%

  

Investment Company

    

3.56

%

  
 

32,380,307

    

Fidelity Investments Money Market Funds — Government Portfolio — Class I — 4.725%(c)

    

32,380,307

    

Total Investment Company

    

32,380,307

    
Total Short Term Investments (Cost $32,380,307)    

32,380,307

    
Total Investments (Cost $716,297,145)
 		   100.25
911,000,755

%

  
Liabilities in Excess of Other Assets
  		   (0.25
(2,229,124)

)%

  
Total Net Assets
 		   100.00
908,771,631

%

  

The accompanying notes are an integral part of these financial statements.
30

BUFFALO DISCOVERY FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2023 Continued

ADR  American Depositary Receipt

PLC  Public Limited Company

(a)  Non Income Producing.

(b)  Foreign Issued Security. The total value of these securities amounted to $41,282,447 (4.54% of net assets) at March 31, 2023.

(c)  The rate quoted is the annualized seven-day effective yield as of March 31, 2023.

* See Note 1A of the accompanying Notes to Financial Statements regarding valuation of securities.

The Global Industry Classification Standard (GICS) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor's Financial Services LLC ("S&P"). GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.

The accompanying notes are an integral part of these financial statements.
31

BUFFALO DIVIDEND FOCUS FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2023

Shares or Face Amount

      

$ Fair Value*

  

Common Stocks

    

84.35

%

  

Communication Services

    

7.01

%

  
       

Diversified Telecommunication Services

    

0.34

%

  
 

10,625

    

Verizon Communications, Inc.

    

413,206

    
       

Entertainment

    

1.40

%

  
 

10,750

    

Activision Blizzard, Inc.

    

920,092

    
 

7,605

    

The Walt Disney Co.(a)

    

761,489

    
     

1,681,581

    
       

Interactive Media & Services

    

4.56

%

  
 

12,600

    

Alphabet, Inc. — Class A(a)

    

1,306,998

    
 

13,000

    

Alphabet, Inc. — Class C(a)

    

1,352,000

    
 

13,300

    

Facebook, Inc. — Class A(a)

    

2,818,802

    
     

5,477,800

    
       

Media

    

0.71

%

  
 

22,500

    

Comcast Corp. — Class A

    

852,975

    
Total Communication Services (Cost $4,657,006)    

8,425,562

    

Consumer Discretionary

    

4.17

%

  
       

Hotels, Restaurants & Leisure

    

2.19

%

  
 

5,000

    

Las Vegas Sands Corp(a)

    

287,250

    
 

30,500

    

MGM Resorts International

    

1,354,810

    
 

9,500

    

Starbucks Corp.

    

989,235

    
     

2,631,295

    
       

Internet & Direct Marketing Retail

    

0.94

%

  
 

11,000

    

Amazon.com, Inc.(a)

    

1,136,190

    
       

Specialty Retail

    

1.04

%

  
 

4,225

    

The Home Depot, Inc.

    

1,246,882

    
Total Consumer Discretionary (Cost $2,935,685)    

5,014,367

    

Consumer Staples

    

4.27

%

  
       

Beverages

    

1.77

%

  
 

5,550

    

PepsiCo, Inc.

    

1,011,765

    
 

72,500

    

Primo Water Corporation — ADR(b)

    

1,112,875

    
     

2,124,640

    

The accompanying notes are an integral part of these financial statements.
32

BUFFALO DIVIDEND FOCUS FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2023 Continued

Shares or Face Amount

      

$ Fair Value*

  
       

Food & Staples Retailing

    

0.42

%

  
 

3,450

    

Walmart, Inc.

    

508,703

    
       

Food Products

    

1.37

%

  
 

9,000

    

Lamb Weston Holdings, Inc.

    

940,680

    
 

11,900

    

Tyson Foods, Inc.

    

705,908

    
     

1,646,588

    
       

Household Products

    

0.71

%

  
 

5,725

    

The Procter & Gamble Co.

    

851,250

    
Total Consumer Staples (Cost $3,566,359)    

5,131,181

    

Energy

    

11.57

%

  
       

Oil, Gas & Consumable Fuels

    

11.57

%

  
 

162,600

    

Energy Transfer Equity, L.P.

    

2,027,622

    
 

46,650

    

Enterprise Products Partners L.P.

    

1,208,235

    
 

17,200

    

Enviva, Inc.

    

496,736

    
 

9,875

    

Hess Corp.

    

1,306,857

    
 

12,126

    

Marathon Petroleum Corp.

    

1,634,949

    
 

63,400

    

Northern Oil and Gas, Inc.

    

1,924,190

    
 

7,900

    

Valero Energy Corp.

    

1,102,840

    
 

150,000

    

Viper Energy Partners LP

    

4,200,000

    
Total Energy (Cost $6,370,870)    

13,901,429

    

Financials

    

13.43

%

  
       

Banks

    

5.81

%

  
 

63,000

    

Bank of America Corp.

    

1,801,800

    
 

24,375

    

Citigroup, Inc.

    

1,142,944

    
 

40,750

    

Citizens Financial Group, Inc.

    

1,237,577

    
 

14,000

    

JPMorgan Chase & Co.

    

1,824,340

    
 

28,600

    

Truist Financial Corp.

    

975,260

    
     

6,981,921

    
       

Capital Markets

    

3.30

%

  
 

1,100

    

BlackRock, Inc.

    

736,032

    
 

4,025

    

CME Group, Inc.

    

770,868

    
 

7,136

    

S&P Global, Inc.

    

2,460,279

    
     

3,967,179

    

The accompanying notes are an integral part of these financial statements.
33

BUFFALO DIVIDEND FOCUS FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2023 Continued

Shares or Face Amount

      

$ Fair Value*

  
       

Diversified Financial Services

    

2.48

%

  
 

180,800

    

Burford Capital Ltd. — ADR(b)

    

1,999,648

    
 

27,000

    

Compass Diversified Holdings

    

515,160

    
 

4,400

    

Global Payments Inc.

    

463,056

    
     

2,977,864

    
       

Insurance

    

1.84

%

  
 

11,575

    

Arthur J. Gallagher & Co.

    

2,214,413

    
Total Financials (Cost $10,535,177)    

16,141,377

    

Health Care

    

15.32

%

  
       

Biotechnology

    

2.24

%

  
 

24,700

    

Horizon Therapeutics PLC — ADR(a) (b)

    

2,695,758

    
       

Health Care Equipment & Supplies

    

1.73

%

  
 

10,000

    

Abbott Laboratories

    

1,012,600

    
 

11,600

    

Baxter International, Inc.

    

470,496

    
 

7,400

    

Medtronic, PLC — ADR(b)

    

596,588

    
     

2,079,684

    
       

Health Care Providers & Services

    

8.05

%

  
 

3,375

    

Anthem, Inc.

    

1,551,859

    
 

32,900

    

CVS Health Corp.

    

2,444,799

    
 

8,100

    

HCA Healthcare, Inc.

    

2,135,808

    
 

2,500

    

McKesson Corp.

    

890,125

    
 

5,600

    

UnitedHealth Group, Inc.

    

2,646,504

    
     

9,669,095

    
       

Pharmaceuticals

    

3.30

%

  
 

78,125

    

Elanco Animal Health Incorporated(a)

    

734,375

    
 

3,150

    

Eli Lilly & Co.

    

1,081,773

    
 

7,125

    

Johnson & Johnson

    

1,104,375

    
 

9,800

    

Merck & Co., Inc.

    

1,042,622

    
     

3,963,145

    
Total Health Care (Cost $12,472,983)    

18,407,682

    

Industrials

    

4.57

%

  
       

Aerospace & Defense

    

0.54

%

  
 

3,025

    

The Boeing Co.(a)

    

642,601

    

The accompanying notes are an integral part of these financial statements.
34

BUFFALO DIVIDEND FOCUS FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2023 Continued

Shares or Face Amount

      

$ Fair Value*

  
       

Commercial Services & Supplies

    

1.08

%

  
 

2,800

    

Cintas Corp.

    

1,295,504

    
       

Electrical Equipment

    

0.30

%

  
 

2,500

    

AMETEK, Inc.

    

363,325

    
       

Industrial Conglomerates

    

0.55

%

  
 

3,450

    

Honeywell International, Inc.

    

659,364

    
       

Machinery

    

1.10

%

  
 

3,950

    

Parker-Hannifin Corp.

    

1,327,634

    
       

Professional Services

    

0.54

%

  
 

3,200

    

Equifax, Inc.

    

649,088

    
       

Trading Companies & Distributors

    

0.46

%

  
 

10,300

    

Fastenal Co.

    

555,582

    
Total Industrials (Cost $2,943,278)    

5,493,098

    

Information Technology

    

16.58

%

  
       

Communications Equipment

    

0.77

%

  
 

17,750

    

Cisco Systems, Inc.

    

927,881

    
       

IT Services

    

4.60

%

  
 

7,700

    

International Business Machines Corp.

    

1,009,393

    
 

4,400

    

MasterCard, Inc. — Class A

    

1,599,004

    
 

12,925

    

Visa Inc. — Class A

    

2,914,071

    
     

5,522,468

    
       

Semiconductors & Semiconductor Equipment

    

1.78

%

  
 

10,100

    

Marvell Technology, Inc.

    

437,330

    
 

9,075

    

QUALCOMM, Inc.

    

1,157,788

    
 

2,950

    

Texas Instruments, Inc.

    

548,730

    
     

2,143,848

    
       

Software

    

5.16

%

  
 

50,100

    

Absolute Software Corp. — ADR(b)

    

392,283

    
 

18,650

    

Microsoft Corp.

    

5,376,795

    
 

7,700

    

SS&C Technologies Holdings, Inc.

    

434,819

    
     

6,203,897

    
       

Technology Hardware, Storage & Peripherals

    

4.27

%

  
 

31,080

    

Apple Inc.

    

5,125,092

    
Total Information Technology (Cost $7,177,458)    

19,923,186

    

The accompanying notes are an integral part of these financial statements.
35

BUFFALO DIVIDEND FOCUS FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2023 Continued

Shares or Face Amount

      

$ Fair Value*

  

Materials

    

1.79

%

  
       

Construction Materials

    

0.86

%

  
 

10,000

    

CRH PLC — ADR(b)

    

508,700

    
 

1,500

    

Martin Marietta Materials, Inc.

    

532,590

    
     

1,041,290

    
       

Containers & Packaging

    

0.93

%

  
 

43,700

    

Graphic Packaging Holding Co.

    

1,113,913

    
Total Materials (Cost $1,579,696)    

2,155,203

    

Utilities

    

5.64

%

  
       

Electric Utilities

    

4.09

%

  
 

15,700

    

American Electric Power Co., Inc.

    

1,428,543

    
 

30,550

    

Edison International

    

2,156,525

    
 

82,600

    

PG&E Corp.(a)

    

1,335,642

    
     

4,920,710

    
       

Independent Power and Renewable Electricity Producers

    

0.78

%

  
 

39,000

    

Vistra Corp.

    

936,000

    
       

Multi-Utilities

    

0.77

%

  
 

6,100

    

Sempra Energy

    

922,076

    
Total Utilities (Cost $5,583,801)    

6,778,786

    
Total Common Stocks (Cost $57,822,313)    

101,371,871

    

REITS

    

3.45

%

  

Real Estate

    

3.45

%

  
       

Equity Real Estate Investment Trusts (REITs)

    

3.45

%

  
 

3,200

    

American Tower Corp.

    

653,888

    
 

19,106

    

Community Healthcare Trust, Inc.

    

699,279

    
 

5,000

    

Digital Realty Trust, Inc.

    

491,550

    
 

1,100

    

Equinix Inc.

    

793,144

    
 

5,000

    

Public Storage

    

1,510,700

    
Total Real Estate (Cost $3,407,617)    

4,148,561

    
Total REITS (Cost $3,407,617)    

4,148,561

    

The accompanying notes are an integral part of these financial statements.
36

BUFFALO DIVIDEND FOCUS FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2023 Continued

Shares or Face Amount

      

$ Fair Value*

  

Preferred Stocks

    

0.30

%

  

Financials

    

0.30

%

  
       

Diversified Financial Services

    

0.30

%

  
 

15,000

     Compass Diversified Holdings
7.875%, 01/30/2025(d)		    

362,250

    
Total Financials (Cost $319,968)    

362,250

    
Total Preferred Stocks (Cost $319,968)    

362,250

    

Convertible Bonds

    

6.41

%

  

Communication Services

    

0.41

%

  
       

Entertainment

    

0.41

%

  
 

500,000

     Live Nation Entertainment, Inc.
2.000%, 02/15/2025		    

489,000

    
Total Communication Services (Cost $499,375)    

489,000

    

Consumer Discretionary

    

1.27

%

  
       

Hotels, Restaurants & Leisure

    

1.27

%

  
 

1,000,000

     Royal Caribbean Cruises Ltd.
6.000%, 08/15/2025(b) (d)		    

1,529,500

    
Total Consumer Discretionary (Cost $1,000,000)    

1,529,500

    

Health Care

    

1.66

%

  
       

Biotechnology

    

1.66

%

  
 

300,000

     Apellis Pharmaceuticals, Inc.
3.500%, 09/15/2026		    

560,438

    
 

100,000

     Exact Sciences Corp.
0.375%, 03/15/2027		    

93,548

    
 

750,000

    

0.375%, 03/01/2028

    

662,314

    
 

600,000

     PTC Therapeutics, Inc.
1.500%, 09/15/2026		    

682,200

    
Total Health Care (Cost $1,753,057)    

1,998,500

    

The accompanying notes are an integral part of these financial statements.
37

BUFFALO DIVIDEND FOCUS FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2023 Continued

Shares or Face Amount

      

$ Fair Value*

  

Industrials

    

0.71

%

  
       

Airlines

    

0.71

%

  
 

750,000

     Southwest Airlines Co.
1.250%, 05/01/2025		    

854,812

    
Total Industrials (Cost $750,000)    

854,812

    

Information Technology

    

2.36

%

  
       

Communications Equipment

    

0.54

%

  
 

750,000

     Lumentum Holdings, Inc.
0.500%, 12/15/2026		    

652,500

    
       

Software

    

1.82

%

  
 

1,610,000

     Cerence, Inc.
3.000%, 06/01/2025		    

1,693,772

    
 

500,000

     Guidewire Software, Inc.
1.250%, 03/15/2025		    

489,750

    
     

2,183,522

    
Total Information Technology (Cost $2,866,679)    

2,836,022

    
Total Convertible Bonds (Cost $6,869,111)    

7,707,834

    

Short Term Investments

    

3.87

%

  

Investment Company

    

3.87

%

  
 

4,651,773

    

Fidelity Investments Money Market Funds — Government Portfolio — Class I — 4.725%(c)

    

4,651,773

    

Total Investment Company

    

4,651,773

    
Total Short Term Investments (Cost $4,651,773)    

4,651,773

    
Total Investments (Cost $73,070,782)
 		   98.38
118,242,289

%

  
Other Assets in Excess of Liabilities
  		   1.62
1,945,455

%

  
Total Net Assets
 		   100.00
120,187,744

%

  

The accompanying notes are an integral part of these financial statements.
38

BUFFALO DIVIDEND FOCUS FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2023 Continued

ADR  American Depositary Receipt

PLC  Public Limited Company

(a)  Non Income Producing

(b)  Foreign Issued Security. The total value of these securities amounted to $8,835,352 (7.35% of net assets) at March 31, 2023.

(c)  The rate quoted is the annualized seven-day effective yield as of March 31, 2023.

(d)  Callable at any dividend payment date on or after date disclosed.

* See Note 1A of the accompanying Notes to Financial Statements regarding valuation of securities.

The Global Industry Classification Standard (GICS) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor's Financial Services LLC ("S&P"). GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.

The accompanying notes are an integral part of these financial statements.
39

BUFFALO EARLY STAGE GROWTH FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2023

Shares or Face Amount

      

$ Fair Value*

  

Common Stocks

   

91.42

%

  

Consumer Discretionary

   

14.29

%

  
       

Diversified Consumer Services

    

1.69

%

  
 

120,300

    

OneSpaWorld Holdings Ltd. — ADR(a) (b)

    

1,442,397

    
       

Hotels, Restaurants & Leisure

    

4.46

%

  
 

156,800

    

Accel Entertainment, Inc.(a)

    

1,428,448

    
 

247,200

    

Playa Hotels & Resorts N.V. — ADR(a) (b)

    

2,373,120

    
     

3,801,568

    
       

Household Durables

    

3.27

%

  
 

13,900

    

LGI Homes, Inc.(a)

    

1,585,017

    
 

41,600

    

Lovesac Co/The(a)

    

1,202,240

    
     

2,787,257

    
       

Internet & Direct Marketing Retail

    

2.40

%

  
 

36,900

    

Overstock.com, Inc.(a)

    

747,963

    
 

17,900

    

Shutterstock, Inc.

    

1,299,540

    
     

2,047,503

    
       

Leisure Products

    

1.76

%

  
 

26,600

    

Malibu Boats, Inc. — Class A(a)

    

1,501,570

    
       

Specialty Retail

    

0.71

%

  
 

20,100

    

Sleep Number Corp.(a)

    

611,241

    
Total Consumer Discretionary (Cost $11,858,672)    

12,191,536

    

Consumer Staples

   

2.27

%

  
       

Food Products

    

2.27

%

  
 

130,000

    

Real Good Food Co Inc/The(a)

    

548,600

    
 

180,000

    

SunOpta, Inc. — ADR(a) (b)

    

1,386,000

    
Total Consumer Staples (Cost $3,507,704)    

1,934,600

    

Financials

    

8.88

%

  
       

Capital Markets

    

3.24

%

  
 

21,985

    

Hamilton Lane Inc. — Class A

    

1,626,450

    
 

162,100

    

Open Lending Corp.(a)

    

1,141,184

    
     

2,767,634

    
       

Diversified Financial Services

    

2.54

%

  
 

113,700

    

Compass Diversified Holdings

    

2,169,396

    

The accompanying notes are an integral part of these financial statements.
40

BUFFALO EARLY STAGE GROWTH FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2023 Continued

Shares or Face Amount

      

$ Fair Value*

  
       

Insurance

    

3.10

%

  
 

8,800

    

Kinsale Capital Group, Inc.

    

2,641,320

    
Total Financials (Cost $4,426,264)    

7,578,350

    

Health Care

    

15.42

%

  
       

Biotechnology

    

1.07

%

  
 

40,100

    

Castle Biosciences, Inc.(a)

    

911,072

    
       

Health Care Equipment & Supplies

    

7.81

%

  
 

70,300

    

BioLife Solutions, Inc.(a)

    

1,529,025

    
 

29,700

    

Establishment Labs Holdings, Inc. — ADR(a) (b)

    

2,011,878

    
 

28,490

    

OrthoPediatrics Corp.(a)

    

1,261,822

    
 

58,610

    

Paragon 28, Inc.(a)

    

1,000,473

    
 

13,375

    

STAAR Surgical Co.(a)

    

855,331

    
     

6,658,529

    
       

Health Care Providers & Services

    

0.50

%

  
 

85,000

    

AirSculpt Technologies, Inc.

    

428,400

    
       

Health Care Technology

    

4.57

%

  
 

67,100

    

HealthStream, Inc.(a)

    

1,818,410

    
 

5,200

    

Inspire Medical Systems, Inc.(a)

    

1,217,164

    
 

14,700

    

Omnicell, Inc.(a)

    

862,449

    
     

3,898,023

    
       

Pharmaceuticals

    

1.47

%

  
 

350,000

    

Societal CDMO, Inc.(a)

    

416,500

    
 

129,251

    

Verrica Pharmaceuticals, Inc.(a)

    

840,132

    
     

1,256,632

    
Total Health Care (Cost $10,892,512)    

13,152,656

    

Industrials

    

28.85

%

  
       

Aerospace & Defense

    

2.65

%

  
 

80,000

    

Cadre Holdings, Inc.

    

1,723,200

    
 

40,000

    

Kratos Defense & Security Solutions, Inc.(a)

    

539,200

    
     

2,262,400

    
       

Air Freight & Logistics

    

1.93

%

  
 

79,100

    

Air Transport Services Group, Inc.(a)

    

1,647,653

    

The accompanying notes are an integral part of these financial statements.
41

BUFFALO EARLY STAGE GROWTH FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2023 Continued

Shares or Face Amount

      

$ Fair Value*

  
       

Building Products

    

4.62

%

  
 

13,000

    

Advanced Drainage Systems, Inc.

    

1,094,730

    
 

29,400

    

Apogee Enterprises, Inc.

    

1,271,550

    
 

22,800

    

Patrick Industries, Inc.

    

1,568,868

    
     

3,935,148

    
       

Construction & Engineering

    

4.66

%

  
 

71,500

    

Bowman Consulting Group Ltd.(a)

    

2,052,765

    
 

18,500

    

NV5 Global, Inc.(a)

    

1,923,445

    
     

3,976,210

    
       

Machinery

    

5.76

%

  
 

49,400

    

Federal Signal Corporation

    

2,677,974

    
 

160,000

    

Hillman Solutions Corp.(a)

    

1,347,200

    
 

46,000

    

Kornit Digital Ltd. — ADR(a) (b)

    

890,560

    
     

4,915,734

    
       

Professional Services

    

3.66

%

  
 

17,100

    

ICF International, Inc.

    

1,875,870

    
 

79,400

    

Willdan Group, Inc.(a)

    

1,240,228

    
     

3,116,098

    
       

Trading Companies & Distributors

    

5.57

%

  
 

30,600

    

Transcat, Inc.(a)

    

2,735,334

    
 

57,510

    

Univar Inc.(a)

    

2,014,575

    
     

4,749,909

    
Total Industrials (Cost $18,952,365)    

24,603,152

    

Information Technology

    

20.69

%

  
       

Communications Equipment

    

2.34

%

  
 

37,300

    

Calix, Inc.(a)

    

1,998,907

    
       

Electronic Equipment, Instruments & Components

    

0.51

%

  
 

42,800

    

nLight, Inc.(a)

    

435,704

    
       

IT Services

    

6.69

%

  
 

92,000

    

BigCommerce Holdings, Inc.(a)

    

822,480

    
 

79,400

    

i3 Verticals, Inc. — Class A(a)

    

1,947,682

    
 

29,000

    

Teradata Corp.(a)

    

1,168,120

    
 

104,600

    

Verra Mobility Corp.(a)

    

1,769,832

    
     

5,708,114

    
       

Semiconductors & Semiconductor Equipment

    

1.45

%

  
 

35,000

    

MaxLinear, Inc.(a)

    

1,232,350

    

The accompanying notes are an integral part of these financial statements.
42

BUFFALO EARLY STAGE GROWTH FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2023 Continued

Shares or Face Amount

      

$ Fair Value*

  
       

Software

    

9.70

%

  
 

175,900

    

8x8, Inc.(a)

    

733,503

    
 

190,100

    

Absolute Software Corp. — ADR(b)

    

1,488,483

    
 

45,900

    

Cerence, Inc.(a)

    

1,289,331

    
 

28,500

    

CoreCard Corp.(a)

    

858,705

    
 

7,100

    

CyberArk Software Ltd. — ADR(a) (b)

    

1,050,658

    
 

27,005

    

Envestnet, Inc.(a)

    

1,584,383

    
 

48,700

    

Varonis Systems, Inc.(a)

    

1,266,687

    
     

8,271,750

    
Total Information Technology (Cost $17,950,279)    

17,646,825

    

Materials

    

1.02

%

  
       

Chemicals

    

1.02

%

  
 

45,000

    

Element Solutions, Inc.

    

868,950

    
Total Materials (Cost $921,424)    

868,950

    
Total Common Stocks (Cost $68,509,220)    

77,976,069

    

REITS

    

2.30

%

  

Real Estate

    

2.30

%

  
       

Equity Real Estate Investment Trusts (REITs)

    

2.30

%

  
 

53,600

    

Community Healthcare Trust, Inc.

    

1,961,760

    
Total Real Estate (Cost $1,330,283)    

1,961,760

    
Total REITS (Cost $1,330,283)    

1,961,760

    

Warrants

    

0.14

%

  
       

Internet & Direct Marketing Retail

    

0.14

%

  
 

1,200,000

    

1847 Goedeker, Inc.(a) (c)

    

118,680

    
Total Warrants (Cost $577,170)    

118,680

    

The accompanying notes are an integral part of these financial statements.
43

BUFFALO EARLY STAGE GROWTH FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2023 Continued

Shares or Face Amount

      

$ Fair Value*

  

Short Term Investments

    

6.38

%

  

Investment Company

    

6.38

%

  
 

5,441,044

    

Fidelity Investments Money Market Funds — Government Portfolio — Class I — 4.725%(d)

    

5,441,044

    

Total Investment Company

    

5,441,044

    
Total Short Term Investments (Cost $5,441,044)    

5,441,044

    
Total Investments (Cost $75,857,717)
 		   100.24
85,497,553

%

  
Liabilities in Excess of Other Assets
  		   (0.24
(203,475)

)%

  
Total Net Assets
   100.00
85,294,078

%

  

ADR  American Depositary Receipt

PLC  Public Limited Company

(a)  Non Income Producing.

(b)  Foreign Issued Securities. The total value of these securities amounted to $10,643,096 (12.48% of net assets) at March 31, 2023.

(c)  Illiquid Security. The total value of these securities amounted to $118,680 (0.14% of net assets) at March 31, 2023.

(d)  The rate quoted is the annualized seven-day effective yield as of March 31, 2023.

* See Note 1A of the accompanying Notes to Financial Statements regarding valuation of securities.

The Global Industry Classification Standard (GICS) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor's Financial Services LLC ("S&P"). GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.

The accompanying notes are an integral part of these financial statements.
44

BUFFALO FLEXIBLE INCOME FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2023

Shares or Face Amount

      

$ Fair Value*

  

Common Stocks

    

96.79

%

  

Communication Services

    

4.50

%

  
       

Diversified Telecommunication Services

    

3.30

%

  
 

300,000

    

AT&T, Inc.

    

5,775,000

    
 

250,000

    

Verizon Communications, Inc.(c)

    

9,722,500

    
     

15,497,500

    
       

Entertainment

    

1.20

%

  
 

40,000

    

Lions Gate Entertainment Corp. — Class A — ADR(a) (b) (c)

    

442,800

    
 

500,000

    

Lions Gate Entertainment Corp. — Class B — ADR(a) (b)

    

5,190,000

    
     

5,632,800

    
Total Communication Services (Cost $23,036,379)    

21,130,300

    

Consumer Staples

    

20.54

%

  
       

Beverages

    

5.09

%

  
 

150,000

    

The Coca Cola Co.

    

9,304,500

    
 

80,000

    

PepsiCo, Inc.

    

14,584,000

    

   

23,888,500

    
       

Food & Staples Retailing

    

3.18

%

  
 

30,000

    

Costco Wholesale Corp.

    

14,906,100

    
       

Food Products

    

5.46

%

  
 

250,000

    

B&G Foods, Inc.

    

3,882,500

    
 

89,000

    

ConAgra Foods, Inc.

    

3,342,840

    
 

150,000

    

General Mills, Inc.

    

12,819,000

    
 

60,000

    

Kellogg Co.

    

4,017,600

    
 

40,000

    

The Kraft Heinz Co.

    

1,546,800

    
     

25,608,740

    
       

Household Products

    

6.46

%

  
 

50,000

    

The Clorox Co.

    

7,912,000

    
 

25,000

    

Colgate-Palmolive Co.

    

1,878,750

    
 

70,000

    

Kimberly-Clark Corp.

    

9,395,400

    
 

75,000

    

The Procter & Gamble Co.

    

11,151,750

    
     

30,337,900

    
       

Personal Care Products

    

0.35

%

  
 

200,000

    

Haleon PLC — ADR(a) (b)

    

1,628,000

    
Total Consumer Staples (Cost $41,545,928)    

96,369,240

    

The accompanying notes are an integral part of these financial statements.
45

BUFFALO FLEXIBLE INCOME FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2023 Continued

Shares or Face Amount

      

$ Fair Value*

  

Energy

    

27.91

%

  
       

Energy Equipment & Services

    

2.09

%

  
 

200,000

    

Schlumberger Ltd. — ADR(b)

    

9,820,000

    
       

Oil, Gas & Consumable Fuels

    

25.82

%

  
 

400,000

    

APA Corp.

    

14,424,000

    
 

125,000

    

Chevron Corp.

    

20,395,000

    
 

165,000

    

ConocoPhillips

    

16,369,650

    
 

140,000

    

Delek Logistics Partners LP

    

6,638,800

    
 

165,000

    

Exxon Mobil Corp.

    

18,093,900

    
 

145,000

    

Hess Corp.

    

19,189,300

    
 

70,000

    

HF Sinclair Corp.(c)

    

3,386,600

    
 

560,000

    

Kinder Morgan, Inc.

    

9,805,600

    
 

75,000

    

Marathon Petroleum Corp.

    

10,112,250

    
 

88,000

    

Suncor Energy, Inc. — ADR(b)

    

2,732,400

    
     

121,147,500

    
Total Energy (Cost $68,291,994)    

130,967,500

    

Financials

    

7.53

%

  
       

Banks

    

2.23

%

  
 

108,850

    

Citizens Financial Group, Inc.

    

3,305,774

    
 

210,000

    

Truist Financial Corp.

    

7,161,000

    
     

10,466,774

    
       

Insurance

    

5.30

%

  
 

95,000

    

The Allstate Corp.

    

10,526,950

    
 

75,000

    

Arthur J. Gallagher & Co.

    

14,348,250

    

   

24,875,200

    
Total Financials (Cost $18,694,828)    

35,341,974

    

Health Care

    

15.80

%

  
       

Biotechnology

    

1.77

%

  
 

100,000

    

Gilead Sciences, Inc.(c)

    

8,297,000

    
       

Health Care Equipment & Supplies

    

2.40

%

  
 

75,000

    

Abbott Laboratories

    

7,594,500

    
 

90,000

    

Baxter International, Inc.

    

3,650,400

    
     

11,244,900

    

The accompanying notes are an integral part of these financial statements.
46

BUFFALO FLEXIBLE INCOME FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2023 Continued

Shares or Face Amount

      

$ Fair Value*

  
       

Pharmaceuticals

    

11.63

%

  
 

15,000

    

Bristol-Myers Squibb Co.

    

1,039,650

    
 

45,000

    

Eli Lilly & Co.

    

15,453,900

    
 

181,920

    

GSK PLC — ADR(b)

    

6,472,714

    
 

75,000

    

Johnson & Johnson

    

11,625,000

    
 

80,000

    

Merck & Co., Inc.

    

8,511,200

    
 

270,000

    

Pfizer Inc.

    

11,016,000

    
 

50,000

    

Viatris, Inc.

    

481,000

    
     

54,599,464

    
Total Health Care (Cost $34,222,978)    

74,141,364

    

Industrials

    

3.52

%

  
       

Commercial Services & Supplies

    

2.79

%

  
 

427,950

    

Pitney Bowes Inc.

    

1,664,725

    
 

70,000

    

Waste Management, Inc.

    

11,421,900

    
     

13,086,625

    
       

Electrical Equipment

    

0.73

%

  
 

100,000

    

ABB Ltd. — ADR(b)

    

3,430,000

    
Total Industrials (Cost $6,980,455)    

16,516,625

    

Information Technology

    

14.28

%

  
       

Communications Equipment

    

1.95

%

  
 

175,000

    

Cisco Systems, Inc.

    

9,148,125

    
       

IT Services

    

1.95

%

  
 

70,000

    

International Business Machines Corp.

    

9,176,300

    
       

Semiconductors & Semiconductor Equipment

    

2.39

%

  
 

88,000

    

QUALCOMM, Inc.

    

11,227,040

    
       

Software

    

7.99

%

  
 

130,000

    

Microsoft Corp.

    

37,479,000

    
Total Information Technology (Cost $20,240,611)    

67,030,465

    

Materials

    

2.71

%

  
       

Chemicals

    

1.35

%

  
 

115,000

    

Dow Inc.

    

6,304,300

    

The accompanying notes are an integral part of these financial statements.
47

BUFFALO FLEXIBLE INCOME FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2023 Continued

Shares or Face Amount

      

$ Fair Value*

  
       

Metals & Mining

    

1.36

%

  
 

15,000

    

BHP Billiton Ltd. — ADR(b)

    

951,150

    
 

110,000

    

Cleveland-Cliffs, Inc.(a) (c)

    

2,016,300

    
 

50,000

    

Rio Tinto PLC — ADR(b)

    

3,430,000

    
     

6,397,450

    
Total Materials (Cost $9,666,711)    

12,701,750

    
Total Common Stocks (Cost $222,679,884)    

454,199,218

    

REITS

    

1.79

%

  

Real Estate

    

1.79

%

  
       

Equity Real Estate Investment Trusts (REITs)

    

1.79

%

  
 

85,300

    

Digital Realty Trust, Inc.

    

8,385,843

    
Total Real Estate (Cost $4,849,068)    

8,385,843

    
Total REITS (Cost $4,849,068)    

8,385,843

    

Short Term Investments

    

0.26

%

  

Investment Company

    

0.26

%

  
 

1,219,280

    

Fidelity Investments Money Market Funds — Government Portfolio — Class I — 4.725%(d)

    

1,219,280

    

Total Investment Company

    

1,219,280

    
Total Short Term Investments (Cost $1,219,280)    

1,219,280

    
Total Investments (Cost $228,748,232)
   98.84
463,804,341

%

  
Other Assets in Excess of Liabilities
 		  1.16
5,466,721

%

  
Total Net Assets
   100.00
469,271,062

%

  

The accompanying notes are an integral part of these financial statements.
48

BUFFALO FLEXIBLE INCOME FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2023 Continued

ADR  American Depositary Receipt

PLC  Public Limited Company

(a)  Non Income Producing.

(b)  Foreign Issued Security. The total value of these securities amounted to $34,097,064 (7.27% of net assets) at March 31, 2023.

(c)  A portion of this investment is segregated as collateral for open written option contracts.

(d)  The rate quoted is the annualized seven-day effective yield as of March 31, 2023.

* See Note 1A of the accompanying Notes to Financial Statements regarding valuation of securities.

The Global Industry Classification Standard (GICS) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor's Financial Services LLC ("S&P"). GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.

The accompanying notes are an integral part of these financial statements.
49

BUFFALO FLEXIBLE INCOME FUND

SCHEDULE OF OPTIONS WRITTEN

MARCH 31, 2023 Continued

Contracts

      

$ Notional Amount

  

$ Value

  

Call Options

      
 

 

    

Cleveland-Cliffs, Inc.

              
 

1,000

    

Expiration: July 2023, Exercise Price: $24.00

    

1,833,000

      

51,000

    
 

100

    

Expiration: July 2023, Exercise Price: $25.00

    

183,300

      

4,100

    
 

 

    

Gilead Sciences, Inc.

              
 

500

    

Expiration: May 2023, Exercise Price: $90.00

    

4,148,500

      

32,500

    
 

 

    

HF Sinclair Corp.

              
 

700

    

Expiration: June 2023, Exercise Price: $65.00

    

3,386,600

      

8,750

    
 

 

    

Lions Gate Entertainment Corp.

              
 

195

    

Expiration: April 2023, Exercise Price: $11.00

    

215,865

      

11,700

    
 

 

    

Verizon Communications, Inc.

              
 

750

    

Expiration: March 2023, Exercise Price: $40.00

    

2,916,750

      

750

    
    Total Written Options (Premium received $128,921)    

      108,800    

The accompanying notes are an integral part of these financial statements.
50

BUFFALO GROWTH FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2023

Shares or Face Amount

      

$ Fair Value*

  

Common Stocks

    

97.73

%

  

Communication Services

    

10.86

%

  
       

Interactive Media & Services

    

10.86

%

  
 

63,900

    

Alphabet, Inc. — Class A(a)

    

6,628,347

    
 

56,052

    

Alphabet, Inc. — Class C(a)

    

5,829,408

    
 

14,415

    

Facebook, Inc. — Class A(a)

    

3,055,115

    
Total Communication Services (Cost $1,654,371)    

15,512,870

    

Consumer Discretionary

    

10.53

%

  
       

Internet & Direct Marketing Retail

    

7.92

%

  
 

72,820

    

Amazon.com, Inc.(a)

    

7,521,578

    
 

1,429

    

Booking Holdings, Inc.(a)

    

3,790,294

    
     

11,311,872

    
       

Specialty Retail

    

1.01

%

  
 

4,896

    

The Home Depot, Inc.

    

1,444,907

    
       

Textiles, Apparel & Luxury Goods

    

1.60

%

  
 

18,639

    

NIKE, Inc. — Class B

    

2,285,887

    
Total Consumer Discretionary (Cost $3,827,706)    

15,042,666

    

Energy

    

1.60

%

  
       

Energy Equipment & Services

    

1.60

%

  
 

46,633

    

Schlumberger Ltd. — ADR(b)

    

2,289,680

    
Total Energy (Cost $1,684,286)    

2,289,680

    

Financials

    

3.03

%

  
       

Capital Markets

    

2.28

%

  
 

185,971

    

Open Lending Corp.(a)

    

1,309,236

    
 

5,672

    

S&P Global, Inc.

    

1,955,536

    
     

3,264,772

    
       

Diversified Financial Services

    

0.75

%

  
 

10,155

    

Global Payments Inc.

    

1,068,712

    
Total Financials (Cost $2,943,286)    

4,333,484

    

The accompanying notes are an integral part of these financial statements.
51

BUFFALO GROWTH FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2023 Continued

Shares or Face Amount

      

$ Fair Value*

  

Health Care

    

15.83

%

  
       

Health Care Equipment & Supplies

    

5.86

%

  
 

6,059

    

Danaher Corp.

    

1,527,110

    
 

21,475

    

Edwards Lifesciences Corp.(a)

    

1,776,627

    
 

25,335

    

Establishment Labs Holdings, Inc. — ADR(a) (b)

    

1,716,193

    
 

2,856

    

IDEXX Laboratories, Inc.(a)

    

1,428,229

    
 

7,522

    

Intuitive Surgical, Inc.(a)

    

1,921,645

    
     

8,369,804

    
       

Health Care Providers & Services

    

3.34

%

  
 

57,024

    

Progyny, Inc.(a)

    

1,831,611

    
 

6,226

    

UnitedHealth Group, Inc.

    

2,942,345

    
     

4,773,956

    
       

Health Care Technology

    

1.00

%

  
 

7,759

    

Veeva Systems, Inc.(a)

    

1,426,027

    
       

Life Sciences Tools & Services

    

4.65

%

  
 

4,350

    

Bio-Rad Laboratories, Inc.(a)

    

2,083,737

    
 

6,601

    

Illumina, Inc.(a)

    

1,535,062

    
 

5,259

    

Thermo Fisher Scientific, Inc.

    

3,031,130

    
     

6,649,929

    
       

Pharmaceuticals

    

0.98

%

  
 

9,600

    

Jazz Pharmaceuticals Public Limited Company — ADR(a) (b)

    

1,404,768

    
Total Health Care (Cost $16,984,029)    

22,624,484

    

Industrials

    

6.43

%

  
       

Commercial Services & Supplies

    

2.05

%

  
 

39,000

    

Copart, Inc.(a)

    

2,933,190

    
       

Professional Services

    

2.09

%

  
 

23,414

    

TransUnion

    

1,454,946

    
 

7,970

    

Verisk Analytics, Inc.

    

1,529,124

    
     

2,984,070

    
       

Road & Rail

    

2.29

%

  
 

57,278

    

Uber Technologies, Inc.(a)

    

1,815,713

    
 

7,206

    

Union Pacific Corp.

    

1,450,279

    
     

3,265,992

    
Total Industrials (Cost $7,966,764)    

9,183,252

    

The accompanying notes are an integral part of these financial statements.
52

BUFFALO GROWTH FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2023 Continued

Shares or Face Amount

      

$ Fair Value*

  

Information Technology

    

46.56

%

  
       

IT Services

    

7.78

%

  
 

14,615

    

MasterCard, Inc. — Class A

    

5,311,237

    
 

25,000

    

PayPal Holdings, Inc.(a)

    

1,898,500

    
 

17,358

    

Visa Inc. — Class A

    

3,913,535

    
     

11,123,272

    
       

Semiconductors & Semiconductor Equipment

    

4.44

%

  
 

16,162

    

Applied Materials, Inc.

    

1,985,179

    
 

2,856

    

Broadcom Inc.

    

1,832,238

    
 

9,100

    

NVIDIA Corp.

    

2,527,707

    
     

6,345,124

    
       

Software

    

24.16

%

  
 

6,845

    

Adobe, Inc.(a)

    

2,637,858

    
 

91,255

    

DoubleVerify Holdings, Inc.(a)

    

2,751,338

    
 

3,670

    

Fair Isaac Corp.(a)

    

2,578,872

    
 

4,012

    

Intuit, Inc.

    

1,788,670

    
 

60,275

    

Microsoft Corp.

    

17,377,283

    
 

10,842

    

Palo Alto Networks, Inc.(a)

    

2,165,581

    
 

16,722

    

salesforce.com, Inc.(a)

    

3,340,721

    
 

4,034

    

ServiceNow, Inc.(a)

    

1,874,680

    
     

34,515,003

    
       

Technology Hardware, Storage & Peripherals

    

10.18

%

  
 

88,208

    

Apple Inc.

    

14,545,499

    
Total Information Technology (Cost $25,744,239)    

66,528,898

    

Materials

    

1.11

%

  
       

Chemicals

    

1.11

%

  
 

4,451

    

Linde PLC — ADR(b)

    

1,582,063

    
Total Materials (Cost $727,538)    

1,582,063

    
Total Common Stocks (Cost $62,959,330)    

137,097,397

    

Real Estate

    

1.78

%

  
       

Real Estate Management & Development

    

1.78

%

  
 

34,850

    

CBRE Group, Inc. — Class A(a)

    

2,537,429

    
Total Real Estate (Cost $1,427,111)    

2,537,429

    

The accompanying notes are an integral part of these financial statements.
53

BUFFALO GROWTH FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2023 Continued

Shares or Face Amount

      

$ Fair Value*

  

Short Term Investments

    

3.07

%

  

Investment Company

    

3.07

%

  
 

4,383,014

    

Fidelity Investments Money Market Funds — Government Portfolio — Class I — 4.725%(c)

    

4,383,014

    

Total Investment Company

    

4,383,014

    
Total Short Term Investments (Cost $4,383,014)    

4,383,014

    
Total Investments (Cost $67,342,344)
 		   100.80
144,017,840

%

  
Liabilities in Excess of Other Assets
  		   (0.80
(1,137,754)

)%

  
Total Net Assets
 		   100.00
142,880,086

%

  

ADR  American Depositary Receipt

PLC  Public Limited Company

(a)  Non Income Producing.

(b)  Foreign Issued Securities. The total value of these securities amounted to $6,992,704 (4.89% of net assets) at March 31, 2023.

(c)  The rate quoted is the annualized seven-day effective yield as of March 31, 2023.

* See Note 1A of the accompanying Notes to Financial Statements regarding valuation of securities.

The Global Industry Classification Standard (GICS) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor's Financial Services LLC ("S&P"). GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.

The accompanying notes are an integral part of these financial statements.
54

BUFFALO HIGH YIELD FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2023

Shares or Face Amount

      

$ Fair Value*

  

Preferred Stocks

    

2.82

%

  

Energy

    

1.85

%

  
       

Oil, Gas & Consumable Fuels

    

1.85

%

  
       

Energy Transfer LP

      
 

43,596

    

4.530%, 04/15/2023(d)

    

1,044,996

    
       

NuStar Energy LP (3 Month LIBOR USD + 6.880%)

      
 

165,000

    

9.000%, (effective 12/15/2022, 3 Month LIBOR USD + 6.880%), 12/15/2022(d) (f)

    

4,677,750

    
Total Energy (Cost $4,569,055)    

5,722,746

    

Financials

    

0.97

%

  
       

Diversified Financial Services

    

0.97

%

  
       

Compass Diversified Holdings

      
 

25,000

    

7.250%, 07/30/2022(d)

    

574,500

    
 

100,000

    

7.875%, 01/30/2025(d)

    

2,415,000

    
Total Financials (Cost $2,609,923)    

2,989,500

    
Total Preferred Stocks (Cost $7,178,978)    

8,712,246

    

Convertible Bonds

    

3.55

%

  

Consumer Discretionary

    

1.28

%

  
       

Automobile Components

    

0.37

%

  
       

Patrick Industries, Inc.

      
 

1,250,000

    

1.750%, 12/01/2028

    

1,135,000

    
       

Diversified Consumer Services

    

0.64

%

  
       

Stride, Inc.

      
 

2,000,000

    

1.125%, 09/01/2027

    

1,991,569

    
       

Internet & Direct Marketing Retail

    

0.27

%

  
       

Etsy, Inc.

      
 

1,000,000

    

0.250%, 06/15/2028

    

832,823

    
Total Consumer Discretionary (Cost $4,200,267)    

3,959,392

    

Industrials

    

1.63

%

  
       

Air Freight & Logistics

    

0.31

%

  
       

Air Transport Services Group, Inc.

      
 

1,000,000

    

1.125%, 10/15/2024

    

953,100

    

The accompanying notes are an integral part of these financial statements.
55

BUFFALO HIGH YIELD FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2023 Continued

Shares or Face Amount

      

$ Fair Value*

  
       

Airlines

    

0.37

%

  
       

Southwest Airlines Co.

      
 

1,000,000

    

1.250%, 05/01/2025

    

1,139,750

    
       

Electrical Equipment

    

0.36

%

  
       

Array Technologies, Inc.

      
 

1,000,000

    

1.000%, 12/01/2028

    

1,104,268

    
       

Machinery

    

0.59

%

  
       

Greenbrier Cos Inc/The

      
 

1,000,000

    

2.875%, 04/15/2028

    

853,500

    
       

The Greenbrier Companies, Inc.

      
 

1,000,000

    

2.875%, 02/01/2024

    

986,221

    
     

1,839,721

    
Total Industrials (Cost $4,910,649)    

5,036,839

    

Information Technology

    

0.64

%

  
       

Software

    

0.64

%

  
       

Cerence, Inc.

      
 

1,111,000

    

3.000%, 06/01/2025

    

1,168,807

    
       

Mitek Systems, Inc.

      
 

1,000,000

    

0.750%, 02/01/2026

    

825,390

    
Total Information Technology (Cost $2,117,727)    

1,994,197

    
Total Convertible Bonds (Cost $11,228,643)    

10,990,428

    

Corporate Bonds

    

66.18

%

  

Accommodation and Food Services

    

0.49

%

  
       

Restaurants and Other Eating Places

    

0.49

%

  
       

Dave & Buster's, Inc.

      
 

1,500,000

    

7.625%, 11/01/2025(b)

    

1,530,000

    
Total Accommodation and Food Services (Cost $1,506,049)    

1,530,000

    

The accompanying notes are an integral part of these financial statements.
56

BUFFALO HIGH YIELD FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2023 Continued

Shares or Face Amount

      

$ Fair Value*

  

Administrative and Support and Waste Management and Remediation Services

    

0.90

%

  
       

Business Support Services

    

0.61

%

  
       

Burford Capital Global Finance LLC

      
 

500,000

    

6.250%, 04/15/2028(b)

    

435,622

    
       

Crescent Energy Finance LLC

      
 

1,500,000

    

9.250%, 02/15/2028(b)

    

1,439,633

    
     

1,875,255

    
       

Office Administrative Services

    

0.29

%

  
       

Cargo Aircraft Management, Inc.

      
 

1,000,000

    

4.750%, 02/01/2028(b)

    

895,270

    
Total Administrative and Support and Waste Management and Remediation Services (Cost $2,934,650)    

2,770,525

    

Agriculture, Forestry, Fishing and Hunting

    

0.59

%

  
       

Forest Nurseries and Gathering of Forest Products

    

0.59

%

  
       

Enviva Partners LP / Enviva Partners Finance Corp.

      
 

2,000,000

    

6.500%, 01/15/2026(b)

    

1,822,070

    
Total Agriculture, Forestry, Fishing and Hunting (Cost $2,004,399)    

1,822,070

    

Communication Services

    

3.79

%

  
       

Entertainment

    

0.55

%

  
       

Live Nation Entertainment, Inc.

      
 

1,000,000

    

4.875%, 11/01/2024(b)

    

981,350

    
 

500,000

    

5.625%, 03/15/2026(b)

    

484,352

    
 

250,000

    

4.750%, 10/15/2027(b)

    

231,535

    
     

1,697,237

    
       

Interactive Media & Services

    

2.18

%

  
       

Cars.com, Inc.

      
 

4,000,000

    

6.375%, 11/01/2028(b)

    

3,784,160

    
       

Match Group, Inc.

      
 

1,000,000

    

5.000%, 12/15/2027(b)

    

948,165

    
       

TripAdvisor, Inc.

      
 

2,000,000

    

7.000%, 07/15/2025(b)

    

2,006,178

    
     

6,738,503

    

The accompanying notes are an integral part of these financial statements.
57

BUFFALO HIGH YIELD FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2023 Continued

Shares or Face Amount

      

$ Fair Value*

  
       

Media

    

1.06

%

  
       

Gray Television, Inc.

      
 

2,060,000

    

5.875%, 07/15/2026(b)

    

1,784,084

    
 

500,000

    

4.750%, 10/15/2030(b)

    

332,500

    
       

Townsquare Media, Inc.

      
 

1,250,000

    

6.875%, 02/01/2026(b)

    

1,183,637

    
     

3,300,221

    
Total Communication Services (Cost $12,401,788)    

11,735,961

    

Consumer Staples

    

0.95

%

  
       

Food Products

    

0.95

%

  
       

Performance Food Group, Inc.

      
 

3,000,000

    

5.500%, 10/15/2027(b)

    

2,935,560

    
Total Consumer Staples (Cost $3,000,000)    

2,935,560

    

Consumer Discretionary

    

5.74

%

  
       

Auto Components

    

0.84

%

  
       

Patrick Industries, Inc.

      
 

3,000,000

    

4.750%, 05/01/2029(b)

    

2,606,355

    
       

Hotels, Restaurants & Leisure

    

2.10

%

  
       

Golden Entertainment, Inc.

      
 

1,000,000

    

7.625%, 04/15/2026(b)

    

1,009,400

    
       

Nathan's Famous, Inc.

      
 

800,000

    

6.625%, 11/01/2025(b)

    

797,928

    
       

Royal Caribbean Cruises Ltd.

      
 

3,000,000

    

11.625%, 08/15/2027(a) (b)

    

3,223,500

    
       

Six Flags Entertainment Corp.

      
 

1,500,000

    

5.500%, 04/15/2027(b)

    

1,455,525

    
     

6,486,353

    
       

Leisure Products

    

1.78

%

  
       

Vista Outdoor, Inc.

      
 

6,800,000

    

4.500%, 03/15/2029(b)

    

5,496,916

    
       

Textiles, Apparel & Luxury Goods

    

1.02

%

  
       

PVH Corp.

      
 

3,120,000

    

7.750%, 11/15/2023

    

3,174,430

    
Total Consumer Discretionary (Cost $17,440,423)    

17,764,054

    

The accompanying notes are an integral part of these financial statements.
58

BUFFALO HIGH YIELD FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2023 Continued

Shares or Face Amount

      

$ Fair Value*

  

Consumer Staples

    

2.13

%

  
       

Food Products

    

1.15

%

  
       

TreeHouse Foods, Inc.

      
 

4,000,000

    

4.000%, 09/01/2028

    

3,540,312

    
       

Personal Products

    

0.98

%

  
       

BellRing Brands, Inc.

      
 

3,000,000

    

7.000%, 03/15/2030(b)

    

3,041,610

    
Total Consumer Staples (Cost $6,957,412)    

6,581,922

    

Consumer, Cyclical

    

0.61

%

  
       

Motion Picture and Video Industries

    

0.61

%

  
       

Cinemark USA, Inc.

      
 

2,000,000

    

5.875%, 03/15/2026(b)

    

1,888,660

    
Total Consumer, Cyclical (Cost $1,986,407)    

1,888,660

    

Energy

    

16.67

%

  
       

Energy Equipment & Services

    

0.99

%

  
       

Bristow Group, Inc.

      
 

2,250,000

    

6.875%, 03/01/2028(b)

    

2,096,080

    
       

Enerflex Ltd.

      
 

1,000,000

    

9.000%, 10/15/2027(a) (b)

    

974,035

    
     

3,070,115

    
       

Oil, Gas & Consumable Fuels

    

15.68

%

  
       

Athabasca Oil Corp.

      
 

2,550,000

    

9.750%, 11/01/2026(a) (b)

    

2,667,810

    
       

California Resources Corp.

      
 

4,000,000

    

7.125%, 02/01/2026(b)

    

4,052,980

    
       

CNX Resources Corp.

      
 

4,000,000

    

7.250%, 03/14/2027(b)

    

4,037,600

    
 

100,000

    

6.000%, 01/15/2029(b)

    

93,620

    
 

500,000

    

7.375%, 01/15/2031(b)

    

494,825

    
       

CONSOL Energy, Inc.

      
 

2,370,000

    

11.000%, 11/15/2025(b)

    

2,440,246

    
       

Delek Logistics Partners LP / Delek Logistics Finance Corp.

      
 

3,000,000

    

6.750%, 05/15/2025

    

2,946,735

    
       

Energy Transfer LP

      
 

7,350,000

    

7.125% (5 Year CMT Rate + 5.306%), 11/15/2165

    

6,199,725

    

The accompanying notes are an integral part of these financial statements.
59

BUFFALO HIGH YIELD FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2023 Continued

Shares or Face Amount

      

$ Fair Value*

  
       

Genesis Energy LP / Genesis Energy Finance Corp.

      
 

5,000,000

    

8.875%, 04/15/2030

    

5,087,500

    
       

Matador Resources Co.

      
 

5,500,000

    

5.875%, 09/15/2026

    

5,433,340

    
       

Northern Oil and Gas, Inc.

      
 

9,100,000

    

8.125%, 03/01/2028(b)

    

8,926,190

    
       

Transocean, Inc.

      
 

500,000

    

8.750%, 02/15/2030(a) (b)

    

510,450

    
       

Viper Energy Partners LP

      
 

1,750,000

    

5.375%, 11/01/2027(b)

    

1,684,586

    
       

W&T Offshore, Inc.

      
 

4,000,000

    

11.750%, 02/01/2026(b)

    

3,923,445

    
     

48,499,052

    
Total Energy (Cost $52, 367, 518)    

51,569,167

    

Finance and Insurance

    

1.05

%

  
       

Activities Related to Credit Intermediation

    

0.44

%

  
       

Scripps Escrow II, Inc.

      
 

2,000,000

    

5.375%, 01/15/2031(b)

    

1,377,560

    
       

Other Financial Investment Activities

    

0.61

%

  
       

Arrow Bidco LLC

      
 

1,876,000

    

9.500%, 03/15/2024(b)

    

1,878,157

    
Total Finance and Insurance (Cost $3,871,482)    

3,255,717

    

Financial

    

1.25

%

  
       

Business Support Services

    

1.25

%

  
       

Burford Capital Global Finance LLC

      
 

4,500,000

    

6.875%, 04/15/2030(b)

    

3,879,558

    
Total Financial (Cost $4,334,869)    

3,879,558

    

Financials

    

1.17

%

  
       

Consumer Finance

    

1.17

%

  
       

PRA Group, Inc.

      
 

1,100,000

    

7.375%, 09/01/2025(b)

    

1,096,299

    
 

2,500,000

    

8.375%, 02/01/2028(b)

    

2,508,063

    
Total Financials (Cost $3,590,710)    

3,604,362

    

The accompanying notes are an integral part of these financial statements.
60

BUFFALO HIGH YIELD FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2023 Continued

Shares or Face Amount

      

$ Fair Value*

  

Health Care

    

1.63

%

  
       

Pharmaceuticals

    

1.63

%

  
       

Horizon Therapeutics USA, Inc.

      
 

1,000,000

    

5.500%, 08/01/2027(b)

    

1,015,960

    
       

Teva Pharmaceutical Industries Ltd.

      
 

4,000,000

    

6.750%, 03/01/2028(a)

    

4,018,380

    
Total Health Care (Cost $4,826,395)    

5,034,340

    

Industrials

    

9.40

%

  
       

Aerospace & Defense

    

0.63

%

  
       

TransDigm, Inc.

      
 

500,000

    

6.250%, 03/15/2026(b)

    

501,700

    
 

500,000

    

6.375%, 06/15/2026

    

489,278

    
 

1,000,000

    

5.500%, 11/15/2027

    

943,999

    
     

1,934,977

    
       

Building Products

    

1.88

%

  
       

Advanced Drainage Systems, Inc.

      
 

1,250,000

    

6.375%, 06/15/2030(b)

    

1,226,348

    
       

Builders FirstSource, Inc.

      
 

4,000,000

    

5.000%, 03/01/2030(b)

    

3,708,214

    
 

1,000,000

    

4.250%, 02/01/2032(b)

    

872,986

    
     

5,807,548

    
       

Commercial Services & Supplies

    

3.81

%

  
       

Cimpress Plc

      
 

1,000,000

    

7.000%, 06/15/2026(a)

    

818,065

    
       

CoreCivic, Inc.

      
 

6,000,000

    

8.250%, 04/15/2026

    

6,053,460

    
       

Deluxe Corp.

      
 

2,500,000

    

8.000%, 06/01/2029(b)

    

1,830,537

    
       

GEO Group Inc/The

      
 

3,500,000

    

6.000%, 04/15/2026

    

3,104,518

    
     

11,806,580

    
       

Construction & Engineering

    

0.87

%

  
       

MasTec, Inc.

      
 

3,000,000

    

6.625%, 08/15/2029(b)

    

2,689,620

    
       

Trading Companies & Distributors

    

2.21

%

  
       

Alta Equipment Group, Inc.

      
 

2,750,000

    

5.625%, 04/15/2026(b)

    

2,574,642

    

The accompanying notes are an integral part of these financial statements.
61

BUFFALO HIGH YIELD FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2023 Continued

Shares or Face Amount

      

$ Fair Value*

  
       

BlueLinx Holdings, Inc.

      
 

3,000,000

    

6.000%, 11/15/2029(b)

    

2,494,935

    
       

Fly Leasing Ltd.

      
 

2,000,000

    

7.000%, 10/15/2024(a) (b)

    

1,760,452

    
     

6,830,029

    
Total Industrials (Cost $30,426,979)    

29,068,754

    

Information

    

2.51

%

  
       

Data Processing, Hosting, and Related Services

    

0.57

%

  
       

VM Consolidated, Inc.

      
 

2,000,000

    

5.500%, 04/15/2029(b)

    

1,773,404

    
       

Motion Picture and Video Industries

    

0.43

%

  
       

Lions Gate Capital Holdings LLC

      
 

2,000,000

    

5.500%, 04/15/2029(b)

    

1,317,160

    
       

Other Telecommunications

    

0.47

%

  
       

Consolidated Communications, Inc.

      
 

2,000,000

    

6.500%, 10/01/2028(b)

    

1,451,455

    
       

Radio and Television Broadcasting

    

1.04

%

  
       

Audacy Capital Corp.

      
 

2,200,000

    

6.750%, 03/31/2029(b)

    

165,000

    
       

Gray Escrow II, Inc.

      
 

1,000,000

    

5.375%, 11/15/2031(b)

    

665,135

    
       

iHeartCommunications, Inc.

      
 

2,000,000

    

8.375%, 05/01/2027

    

1,460,000

    
 

100,000

    

5.250%, 08/15/2027(b)

    

81,846

    
       

Nexstar Media, Inc.

      
 

500,000

    

4.750%, 11/01/2028(b)

    

445,270

    
       

Scripps Escrow II, Inc.

      
 

500,000

    

3.875%, 01/15/2029(b)

    

392,969

    
     

3,210,220

    
Total Information (Cost $12,237,958)    

7,752,239

    

Information Technology

    

1.83

%

  
       

Software

    

1.83

%

  
       

Consensus Cloud Solutions, Inc.

      
 

6,500,000

    

6.000%, 10/15/2026(b)

    

5,652,809

    
Total Information Technology (Cost $6,256,612)    

5,652,809

    

The accompanying notes are an integral part of these financial statements.
62

BUFFALO HIGH YIELD FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2023 Continued

Shares or Face Amount

      

$ Fair Value*

  

Management of Companies and Enterprises

    

0.16

%

  
       

Management of Companies and Enterprises

    

0.16

%

  
       

Ritchie Bros Holdings, Inc.

      
 

250,000

    

7.750%, 03/15/2031(b)

    

262,318

    
       

Teva Pharmaceutical Finance Netherlands III BV

      
 

250,000

    

7.875%, 09/15/2029(a)

    

262,188

    
Total Management of Companies and Enterprises (Cost $500,000)    

524,506

    

Manufacturing

    

0.95

%

  
       

Aerospace Product and Parts Manufacturing

    

0.57

%

  
       

TransDigm, Inc.

      
 

1,000,000

    

4.625%, 01/15/2029

    

888,540

    
 

1,000,000

    

4.875%, 05/01/2029

    

886,207

    
     

1,774,747

    
       

Other Chemical Product and Preparation Manufacturing

    

0.38

%

  
       

Garden Spinco Corp.

      
 

1,100,000

    

8.625%, 07/20/2030(b)

    

1,176,402

    
Total Manufacturing (Cost $3,115,012)    

2,951,149

    

Materials

    

1.64

%

  
       

Chemicals

    

0.58

%

  
       

Chemours Co/The

      
 

2,000,000

    

5.750%, 11/15/2028(b)

    

1,787,865

    
       

Metals & Mining

    

1.06

%

  
       

Taseko Mines Ltd.

      
 

2,500,000

    

7.000%, 02/15/2026(a) (b)

    

2,271,023

    
       

Warrior Met Coal, Inc.

      
 

1,000,000

    

7.875%, 12/01/2028(b)

    

1,006,631

    
     

3,277,654

    
Total Materials (Cost $5,515,844)    

5,065,519

    

Mining, Quarrying, and Oil and Gas Extraction

    

5.00

%

  
       

Coal Mining

    

1.05

%

  
       

Alliance Resource Operating Partners LP / Alliance Resource Finance Corp.

      
 

3,250,000

    

7.500%, 05/01/2025(b)

    

3,232,557

    

The accompanying notes are an integral part of these financial statements.
63

BUFFALO HIGH YIELD FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2023 Continued

Shares or Face Amount

      

$ Fair Value*

  
       

Oil and Gas Extraction

    

1.88

%

  
       

Penn Virginia Holdings LLC

      
 

5,500,000

    

9.250%, 08/15/2026(b)

    

5,804,502

    
       

Support Activities for Mining

    

2.07

%

  
       

Talos Production, Inc.

      
 

6,000,000

    

12.000%, 01/15/2026

    

6,417,660

    
Total Mining, Quarrying, and Oil and Gas Extraction (Cost $14,986,827)    

15,454,719

    

Professional, Scientific, and Technical Services

    

1.35

%

  
       

Advertising, Public Relations, and Related Services

    

0.27

%

  
       

Outfront Media Capital LLC / Outfront Media Capital Corp.

      
 

1,000,000

    

4.625%, 03/15/2030(b)

    

835,150

    
       

Other Professional, Scientific, and Technical Services

    

0.43

%

  
       

Sabre GLBL, Inc.

      
 

1,500,000

    

7.375%, 09/01/2025(b)

    

1,341,750

    
       

Specialized Design Services

    

0.65

%

  
       

Getty Images, Inc.

      
 

2,000,000

    

9.750%, 03/01/2027(b)

    

2,000,300

    
Total Professional, Scientific, and Technical Services (Cost $4,488,808)    

4,177,200

    

Real Estate and Rental and Leasing

    

2.80

%

  
       

Lessors of Real Estate

    

2.24

%

  
       

IIP Operating Partnership LP

      
 

2,000,000

    

5.500%, 05/25/2026

    

1,720,509

    
       

Uniti Group LP / Uniti Group Finance Inc / CSL Capital LLC

      
 

6,000,000

    

10.500%, 02/15/2028(b)

    

5,817,900

    
       

Offices of Real Estate Agents and Brokers

    

0.36

%

  
       

Realogy Group LLC / Realogy Co-Issuer Corp.

      
 

1,500,000

    

5.750%, 01/15/2029(b)

    

1,124,250

    
Total Real Estate and Rental and Leasing (Cost $9,772,295)    

8,662,659

    

Transportation and Warehousing

    

0.79

%

  
       

Pipeline Transportation of Crude Oil

    

0.30

%

  
       

Delek Logistics Partners LP / Delek Logistics Finance Corp.

      
 

1,000,000

    

7.125%, 06/01/2028(b)

    

916,540

    

The accompanying notes are an integral part of these financial statements.
64

BUFFALO HIGH YIELD FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2023 Continued

Shares or Face Amount

      

$ Fair Value*

  
       

Pipeline Transportation of Natural Gas

    

0.49

%

  
       

Antero Midstream Partners LP / Antero Midstream Finance Corp.

      
 

1,500,000

    

7.875%, 05/15/2026(b)

    

1,530,117

    
Total Transportation and Warehousing (Cost $2,498,557)    

2,446,657

    

Utilities

    

1.00

%

  
       

Independent Power and Renewable Electricity Producers

    

1.00

%

  
       

Vistra Corp.

      
 

3,500,000

    

7.000% (5 Year CMT Rate + 5.740%), 06/15/2027

    

3,083,623

    
Total Utilities (Cost $3,495,774)    

3,083,623

    

Wholesale Trade

    

1.79

%

  
       

Grocery and Related Product Merchant Wholesalers

    

0.86

%

  
       

Performance Food Group, Inc.

      
 

1,000,000

    

4.250%, 08/01/2029(b)

    

905,935

    
       

Primo Water Holdings, Inc.

      
 

2,000,000

    

4.375%, 04/30/2029(b)

    

1,746,757

    
     

2,652,692

    
       

Petroleum and Petroleum Products Merchant Wholesalers

    

0.93

%

  
       

Martin Midstream Partners LP / Martin Midstream Finance Corp.

      
 

3,000,000

    

11.500%, 02/15/2028(b)

    

2,875,590

    
Total Wholesale Trade (Cost $6,973,252)    

5,528,282

    
Total Corporate Bonds (Cost $217,490,020)    

204,740,012

    

Bank Loans

    

21.22

%

  
       

Aerospace & Defense

    

1.61

%

  
 

4,962,500

    

Maxar Technologies Ltd., Senior Secured First Lien Term Loan (1 Month SOFR USD + 4.250%)

    

4,967,413

    
 

1,891,828

    

TransDigm, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 2.250%)

    

1,892,585

    
       

Automotive & Auto Parts

    

1.24

%

  
 

3,990,000

    

First Brands Group LLC, Senior Secured First Lien Term Loan (6 Month SOFR USD + 5.000%)(g)

    

3,840,375

    
       

Broadcasting

    

0.08

%

  
 

518,692

    

CBS Radio, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.500%)

    

336,107

    
 

254,698

    

Nexstar Media Group, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.500%)

    

254,444

    

The accompanying notes are an integral part of these financial statements.
65

BUFFALO HIGH YIELD FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2023 Continued

Shares or Face Amount

      

$ Fair Value*

  
       

Commercial Services & Supplies

    

1.93

%

  
 

4,884,713

    

GEO Group Inc/The, Senior Secured First Lien Term Loan (1 Month SOFR USD + 7.125%)

    

4,964,089

    
 

983,380

    

GEO Group Inc/The, Senior Secured First Lien Term Loan (1 Month SOFR USD + 6.125%)(g)

    

993,214

    
       

Construction & Engineering

    

0.88

%

  
 

2,926,228

    

Tutor Perini Corp., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.750%)

    

2,735,116

    
       

Electrical Equipment

    

0.61

%

  
 

1,929,114

    

Array Technologies, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.250%)(c) (g)

    

1,897,766

    
       

Hotels/Motels/Inns and Casinos

    

0.64

%

  
 

2,000,000

    

Playa Resorts Holding BV, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.250%)

    

1,991,400

    
       

Internet & Direct Marketing Retail

    

1.47

%

  
 

4,731,250

    

Magnite, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 5.000%)(g)

    

4,553,828

    
       

IT Services

    

0.91

%

  
 

2,842,500

    

MoneyGram International, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.500%)

    

2,831,841

    
       

Leisure

    

0.36

%

  
 

1,000,000

    

Topgolf Callaway Brands, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.500%)

    

995,395

    
       

Machinery

    

0.81

%

  
 

2,500,000

    

Chart Industries, Inc. Senior Secured First Lien Term Loan (1 Month SOFR USD + 3.750%)(g)

    

2,496,875

    
       

Media

    

1.31

%

  
 

2,000,000

    

Abe Investment Holdings, Inc.

    

2,001,660

    
 

8,268,717

    

Directv Financing LLC., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 5.000%)

    

7,976,501

    
 

960,175

    

The E.W. Scripps Co., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.563%)

    

938,499

    
 

174,063

    

The E.W. Scripps Co., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.750%)

    

166,747

    
 

945,000

    

The E.W. Scripps Co., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.000%)

    

941,338

    
       

Oil, Gas & Consumable Fuels

    

0.19

%

  
 

586,448

    

Consolidated Energy, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.500%)(c) (g)

    

586,633

    
       

Pharmaceuticals

    

1.36

%

  
 

4,212,032

    

Jazz Pharmaceuticals., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.500%)

    

4,201,059

    
 

4,912,500

    

PetIQ Holdings LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.250%)(g)

    

4,519,500

    
       

Restaurants

    

1.62

%

  
 

4,992,481

    

Dave & Buster's, Inc., Senior Secured First Lien Term Loan (1 Month SOFR USD + 5.000%)

    

5,000,095

    
       

Software

    

0.40

%

  
 

167,061

     SS&C Technologies Holdings, Inc., Senior Secured First Lien Term Loan
(1 Month LIBOR USD + 1.750%)		    

166,782

    
 

148,146

     SS&C Technologies Holdings, Inc., Senior Secured First Lien Term Loan
(1 Month LIBOR USD + 1.750%)		    

147,900

    
 

913,805

     SS&C Technologies Holdings, Inc., Senior Secured First Lien Term Loan
(1 Month LIBOR USD + 1.750%)(c)		    

912,722

    

The accompanying notes are an integral part of these financial statements.
66

BUFFALO HIGH YIELD FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2023 Continued

Shares or Face Amount

      

$ Fair Value*

  
       

Technology — Software & Services

    

0.32

%

  
 

1,000,000

    

VM Consolidated, Inc. Senior Secured First Lien Term Loan (1 Month SOFR USD + 3.250%)

    

1,000,000

    
       

Telecommunication Services — Diversified

    

0.76

%

  
 

2,928,009

     Consolidated Communications, Inc., Senior Secured First Lien Term Loan
(1 Month SOFR USD + 3.500%)		    

2,341,309

    
Total Bank Loans (Cost $66,906,181)    

65,651,193

    

Short Term Investments

    

8.14

%

  

Investment Company

    

8.14

%

  
 

25,190,016

    

Fidelity Investments Money Market Funds — Government Portfolio — Class I — 4.725%(e)

    

25,190,016

    

Total Investment Company

    

25,190,016

    
Total Short Term Investments (Cost $25,190,016)    

25,190,016

    
Total Investments (Cost $327,993,838)
 		   101.91
315,283,895

%

  
Liabilities in Excess of Other Assets
  		   (1.91
(5,900,004)

)%

  
Total Net Assets
 		   100.00
309,383,891

%

  

(a)  Foreign Issued Securities. The total value of these securities amounted to $16,505,903 (5.34% if net assets) at March 31, 2023.

(b)  144A securities. The total value of these securities amounted to $148,211,544 (47.91% of net assets) at March 31, 2023.

(c)  Illiquid Security. The total value of these securities amounted to $3,397,121 (1.10% of net assets) at March 31, 2023.

(d)  Callable at any dividend payment date on or after date disclosed.

(e)  The rate quoted is the annualized seven-day effective yield as of March 31, 2023.

(f)  Fixed to floating rate. Effective date of change and formula disclosed. Rate disclosed as of March 31, 2023.

(g)  Level 3 security. See the accompanying Notes to the Financial Statements for information regarding Level 3 securities.

* See Note 1A of the accompanying Notes to Financial Statements regarding valuation of securities.

The Global Industry Classification Standard (GICS) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor's Financial Services LLC ("S&P"). GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.

The accompanying notes are an integral part of these financial statements.
67

BUFFALO INTERNATIONAL FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2023

Shares or Face Amount

      

$ Fair Value*

  

Common Stocks

    

91.92

%

  

Belgium

    

0.49

%

  
       

Beverages

    

0.49

%

  
 

45,000

    

Anheuser-Busch InBev SA/NV

    

2,999,708

    
Total Belgium (Cost $2,291,611)    

2,999,708

    

Bermuda

    

0.35

%

  
       

Machinery

    

0.35

%

  
 

1,000,000

    

AutoStore Holdings Ltd.(a)

    

2,158,767

    
Total Bermuda (Cost $3,030,182)    

2,158,767

    

Canada

    

4.15

%

  
       

Commercial Services & Supplies

    

1.13

%

  
 

200,000

    

GFL Environmental, Inc. — ADR

    

6,888,000

    
       

Road & Rail

    

1.30

%

  
 

67,000

    

Canadian National Railway Co. — ADR

    

7,903,990

    
       

Software

    

1.72

%

  
 

5,500

    

Constellation Software Inc/Canada(a)

    

10,340,366

    
 

16,502

    

Lumine Group, Inc.(a)

    

179,613

    
Total Canada (Cost $19,020,162)    

25,311,969

    

Cayman Islands

    

0.71

%

  
       

Textiles, Apparel & Luxury Goods

    

0.71

%

  
 

550,000

    

Li Ning Co Ltd.

    

4,325,153

    
Total Cayman Islands (Cost $4,032,441)    

4,325,153

    

China

    

0.50

%

  
       

Commercial Banks

    

0.50

%

  
 

600,000

    

China Merchants Bank Co., Ltd.

    

3,046,812

    
Total China (Cost $3,336,871)    

3,046,812

    

The accompanying notes are an integral part of these financial statements.
68

BUFFALO INTERNATIONAL FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2023 Continued

Shares or Face Amount

      

$ Fair Value*

  

Denmark

   

2.37

%

  
       

Pharmaceuticals

    

2.37

%

  
 

15,000

    

Novo Nordisk A/S

    

2,382,321

    
 

76,000

    

Novo Nordisk A/S — ADR — ADR

    

12,094,640

    
     

14,476,961

    
Total Denmark (Cost $5,103,075)    

14,476,961

    

France

    

17.05

%

  
       

Aerospace & Defense

    

1.94

%

  
 

80,000

    

Thales SA

    

11,827,798

    
       

Beverages

    

1.39

%

  
 

37,500

    

Pernod Ricard SA

    

8,491,196

    
       

Chemicals

    

1.54

%

  
 

56,168

    

Air Liquide SA

    

9,401,930

    
       

Construction & Engineering

    

1.39

%

  
 

74,000

    

Vinci SA

    

8,483,576

    
       

Electrical Equipment

    

2.44

%

  
 

89,000

    

Schneider Electric SE

    

14,874,092

    
       

Life Sciences Tools & Services

    

1.15

%

  
 

23,000

    

Sartorius Stedim Biotech

    

7,056,322

    
       

Pharmaceuticals

    

1.51

%

  
 

149,587

    

Sanofi — ADR

    

8,140,525

    
 

10,000

    

Sanofi

    

1,084,792

    
     

9,225,317

    
       

Professional Services

    

1.19

%

  
 

253,000

    

Bureau Veritas SA

    

7,269,348

    
       

Software

    

0.95

%

  
 

140,000

    

Dassault Systemes SE

    

5,775,171

    
       

Textiles, Apparel & Luxury Goods

    

3.55

%

  
 

14,800

    

Kering SA

    

9,655,978

    
 

13,100

    

LVMH Moet Hennessy Louis Vuitton SE

    

12,024,654

    
     

21,680,632

    
Total France (Cost $55,807,989)    

104,085,382

    

The accompanying notes are an integral part of these financial statements.
69

BUFFALO INTERNATIONAL FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2023 Continued

Shares or Face Amount

      

$ Fair Value*

  

Germany

    

14.12

%

  
       

Capital Markets

    

0.72

%

  
 

142,000

    

DWS Group GmbH & Co KGaA

    

4,371,492

    
       

Chemicals

    

0.82

%

  
 

46,000

    

Symrise AG

    

5,005,925

    
       

Electrical Equipment

    

0.07

%

  
 

19,100

    

Siemens Energy AG(a)

    

421,185

    
       

Electronic Equipment, Instruments & Components

    

1.03

%

  
 

185,211

    

Jenoptik AG

    

6,311,777

    
       

Health Care Equipment & Supplies

    

1.27

%

  
 

55,525

    

Carl Zeiss Meditec AG

    

7,734,200

    
       

Health Care Providers & Services

    

0.35

%

  
 

78,900

    

Fresenius SE & Co. KGaA

    

2,130,566

    
       

Industrial Conglomerates

    

2.08

%

  
 

78,200

    

Siemens A.G. — ADR

    

12,668,759

    
       

Insurance

    

2.02

%

  
 

15,000

    

Hannover Rueck SE

    

2,933,719

    
 

26,900

    

Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen

    

9,405,243

    
     

12,338,962

    
       

Pharmaceuticals

    

1.94

%

  
 

63,500

    

Merck KGaA

    

11,838,665

    
       

Semiconductors & Semiconductor Equipment

    

0.36

%

  
 

54,000

    

Infineon Technologies AG

    

2,217,530

    
       

Software

    

1.34

%

  
 

64,800

    

SAP SE — ADR

    

8,200,440

    
       

Textiles, Apparel & Luxury Goods

    

0.73

%

  
 

72,160

    

Puma SE

    

4,473,395

    
       

Trading Companies & Distributors

    

1.39

%

  
 

113,000

    

Brenntag AG

    

8,503,990

    
Total Germany (Cost $54,392,490)    

86,216,886

    

Hong Kong

    

1.04

%

  
       

Beverages

    

0.53

%

  
 

400,000

    

China Resources Beer Holdings Co Ltd.

    

3,213,364

    

The accompanying notes are an integral part of these financial statements.
70

BUFFALO INTERNATIONAL FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2023 Continued

Shares or Face Amount

      

$ Fair Value*

  
       

Capital Markets

    

0.51

%

  
 

70,000

    

Hong Kong Exchanges & Clearing Ltd.

    

3,102,731

    
Total Hong Kong (Cost $5,758,448)    

6,316,095

    

India

    

1.90

%

  
       

Banks

    

1.90

%

  
 

55,000

    

HDFC Bank Ltd. — ADR

    

3,666,850

    
 

367,480

    

ICICI Bank Ltd. — ADR

    

7,930,218

    
     

11,597,068

    
Total India (Cost $6,136,681)    

11,597,068

    

Ireland

    

9.34

%

  
       

Chemicals

    

2.72

%

  
 

46,760

    

Linde PLC

    

16,620,374

    
       

Construction Materials

    

1.60

%

  
 

78,000

    

CRH PLC — ADR

    

3,967,860

    
 

5,000

    

CRH PLC

    

252,570

    
 

110,000

    

CRH public limited company

    

5,557,254

    
     

9,777,684

    
       

Food Products

    

0.53

%

  
 

32,150

    

Kerry Group Plc

    

3,206,182

    
       

Health Care Equipment & Supplies

    

1.02

%

  
 

77,400

    

Medtronic, PLC — ADR

    

6,239,988

    
       

Insurance

    

2.07

%

  
 

40,000

    

Aon Plc — ADR

    

12,611,600

    
       

Life Sciences Tools & Services

    

1.40

%

  
 

40,000

    

ICON PLC. — ADR(a)

    

8,543,600

    
Total Ireland (Cost $36,772,941)    

56,999,428

    

Japan

    

9.61

%

  
       

Beverages

    

0.71

%

  
 

117,000

    

Asahi Group Holdings Ltd.

    

4,354,510

    

The accompanying notes are an integral part of these financial statements.
71

BUFFALO INTERNATIONAL FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2023 Continued

Shares or Face Amount

      

$ Fair Value*

  
       

Electronic Equipment, Instruments & Components

    

2.59

%

  
 

16,100

    

KEYENCE CORP.

    

7,890,751

    
 

75,000

    

Murata Manufacturing Co., Ltd.

    

4,570,894

    
 

57,000

    

Omron Corp.

    

3,336,032

    
     

15,797,677

    
       

Entertainment

    

1.08

%

  
 

170,000

    

Nintendo Co Ltd.

    

6,603,072

    
       

Machinery

    

0.60

%

  
 

92,500

    

FANUC Corp.

    

3,340,378

    
 

18,000

    

FANUC Corp. — ADR(a)

    

323,100

    
     

3,663,478

    
       

Professional Services

    

1.69

%

  
 

247,600

    

BayCurrent Consulting, Inc.

    

10,279,889

    
       

Semiconductors & Semiconductor Equipment

    

2.94

%

  
 

30,000

    

Disco Corp.

    

3,489,952

    
 

1,000,000

    

Renesas Electronics Corp.(a)

    

14,480,813

    
     

17,970,765

    
Total Japan (Cost $49,714,125)    

58,669,391

    

Luxembourg

    

1.17

%

  
       

Life Sciences Tools & Services

    

0.87

%

  
 

79,000

     EUROFINS SCIENTIFI    

5,289,840

    
       

Personal Products

    

0.30

%

  
 

730,750

    

L'Occitane International SA

    

1,829,523

    
Total Luxembourg (Cost $4,301,530)    

7,119,363

    

Netherlands

    

6.23

%

  
       

Beverages

    

1.22

%

  
 

610,000

    

Davide Campari-Milano NV

    

7,443,154

    
       

Financial Services

    

1.23

%

  
 

4,700

    

Adyen NV(a)

    

7,489,147

    

The accompanying notes are an integral part of these financial statements.
72

BUFFALO INTERNATIONAL FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2023 Continued

Shares or Face Amount

      

$ Fair Value*

  
       

Semiconductors & Semiconductor Equipment

    

2.58

%

  
 

11,741

    

ASML Holding NV — NY Shares — ADR

    

7,992,216

    
 

65,000

    

STMicroelectronics N.V.

    

3,463,455

    
 

80,600

    

STMicroelectronics N.V. — NY Shares — ADR

    

4,311,294

    
     

15,766,965

    
       

Trading Companies & Distributors

    

1.20

%

  
 

45,000

    

IMCD N.V.

    

7,358,246

    
Total Netherlands (Cost $12,844,697)    

38,057,512

    

Norway

    

0.79

%

  
       

Commercial Services & Supplies

    

0.79

%

  
 

286,000

    

TOMRA Systems ASA

    

4,828,371

    
Total Norway (Cost $1,051,343)    

4,828,371

    

Republic of Korea

   

0.32

%

  
       

Semiconductors & Semiconductor Equipment

    

0.32

%

  
 

40,000

    

Samsung Electronic Co., Ltd.

    

1,978,039

    
Total Republic of Korea (Cost $894,090)    

1,978,039

    

Sweden

    

2.37

%

  
       

Electronic Equipment, Instruments & Components

    

1.82

%

  
 

966,000

    

HEXAGON AB

    

11,118,087

    
       

Hotels, Restaurants & Leisure

    

0.55

%

  
 

25,000

    

Evolution AB

    

3,349,462

    
Total Sweden (Cost $9,818,401)    

14,467,549

    

Switzerland

    

6.89

%

  
       

Capital Markets

    

1.09

%

  
 

96,937

    

Julius Baer Group Ltd.

    

6,621,615

    
       

Construction Materials

    

0.74

%

  
 

70,000

    

LafargeHolcim Ltd.

    

4,514,394

    

The accompanying notes are an integral part of these financial statements.
73

BUFFALO INTERNATIONAL FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2023 Continued

Shares or Face Amount

      

$ Fair Value*

  
       

Electrical Equipment

    

1.25

%

  
 

222,500

    

ABB Ltd. — ADR

    

7,631,750

    
       

Food Products

    

0.40

%

  
 

20,000

    

Nestle SA

    

2,438,611

    
       

Health Care Equipment & Supplies

    

1.11

%

  
 

46,000

    

Alcon, Inc.

    

3,265,426

    
 

50,000

    

Alcon, Inc. — ADR

    

3,527,000

    
     

6,792,426

    
       

Life Sciences Tools & Services

    

1.48

%

  
 

15,000

    

Lonza Group AG

    

9,029,996

    
       

Pharmaceuticals

    

0.82

%

  
 

11,800

    

Roche Holding AG

    

3,371,763

    
 

45,400

    

Roche Holding AG — ADR

    

1,628,044

    
     

4,999,807

    
Total Switzerland (Cost $28,890,890)    

42,028,599

    

Taiwan, Province of China

    

1.97

%

  
       

Semiconductors & Semiconductor Equipment

    

1.97

%

  
 

129,281

    

Taiwan Semiconductor Manufacturing Co. Ltd. — ADR

    

12,025,719

    
Total Taiwan, Province of China (Cost $1,607,687)    

12,025,719

    

United Kingdom

    

9.47

%

  
       

Aerospace & Defense

    

0.87

%

  
 

440,000

    

BAE Systems Plc

    

5,322,272

    
       

Beverages

    

1.20

%

  
 

40,300

    

Diageo PLC — ADR

    

7,301,554

    
       

Food Products

    

0.55

%

  
 

64,700

    

Unilever PLC — ADR

    

3,359,871

    
       

Health Care Equipment & Supplies

    

0.58

%

  
 

127,000

    

Smith & Nephew Plc — ADR

    

3,544,570

    
       

Hotels, Restaurants & Leisure

    

0.78

%

  
 

73,100

    

InterContinental Hotels Group PLC

    

4,785,516

    

The accompanying notes are an integral part of these financial statements.
74

BUFFALO INTERNATIONAL FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2023 Continued

Shares or Face Amount

      

$ Fair Value*

  
       

Oil, Gas & Consumable Fuels

    

1.18

%

  
 

200,000

    

Shell Plc

    

5,730,241

    
 

25,000

    

Shell Plc — ADR

    

1,438,500

    
     

7,168,741

    
       

Personal Care Products

    

0.34

%

  
 

40,369

    

Unilever Plc

    

2,089,744

    
       

Pharmaceuticals

    

1.84

%

  
 

144,000

    

AstraZeneca PLC — ADR

    

9,995,040

    
 

9,000

    

AstraZeneca PLC

    

1,246,982

    
     

11,242,022

    
       

Trading Companies & Distributors

    

2.13

%

  
 

212,000

    

Ashtead Group Plc

    

13,017,774

    
Total United Kingdom (Cost $38,303,093)    

57,832,064

    

United States

    

1.08

%

  
       

Internet & Direct Marketing Retail

    

1.08

%

  
 

5,000

    

MercadoLibre, Inc.(a)

    

6,590,300

    
Total United States (Cost $5,095,463)    

6,590,300

    
Total Common Stocks (Cost $348,204,210)    

561,131,136

    

Short Term Investments

    

6.89

%

  

Investment Company

    

6.89

%

  
 

42,091,380

    

Fidelity Investments Money Market Funds — Government Portfolio — Class I — 4.725%(b)

    

42,091,380

    

Total Investment Company

    

42,091,380

    
Total Short Term Investments (Cost $42,091,380)    

42,091,380

    

The accompanying notes are an integral part of these financial statements.
75

BUFFALO INTERNATIONAL FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2023 Continued

Shares or Face Amount

  

$ Fair Value*

  
Total Investments (Cost $390,295,590)    

98.81

%

  
       

603,222,516

    
Other Assets in Excess of Liabilities
    		   1.19
7,291,365

%

  
Total Net Assets
   		   100.00
610,513,881

%

  

ADR  American Depositary Receipt

PLC  Public Limited Company

(a)  Non Income Producing.

(b)  The rate quoted is the annualized seven-day effective yield as of March 31, 2023.

* See Note 1A of the accompanying Notes to Financial Statements regarding valuation of securities.

The Global Industry Classification Standard (GICS) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor's Financial Services LLC ("S&P"). GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.

The accompanying notes are an integral part of these financial statements.
76

BUFFALO INTERNATIONAL FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2023 Continued

As of March 31, 2023, the industry diversification was as follows:

   

$ Fair Value

  

Percentage

  

Common Stocks

  

Aerospace & Defense

    

17,150,070

      

2.81

%

  

Banks

    

11,597,068

      

1.90

%

  

Beverages

    

33,803,487

      

5.54

%

  

Capital Markets

    

14,095,838

      

2.31

%

  

Chemicals

    

31,028,230

      

5.08

%

  

Commercial Banks

    

3,046,812

      

0.50

%

  

Commercial Services & Supplies

    

11,716,371

      

1.92

%

  

Construction & Engineering

    

8,483,576

      

1.39

%

  

Construction Materials

    

14,292,078

      

2.34

%

  

Electrical Equipment

    

22,927,028

      

3.76

%

  

Electronic Equipment, Instruments & Components

    

33,227,542

      

5.44

%

  

Entertainment

    

6,603,072

      

1.08

%

  

Financial Services

    

7,489,147

      

1.23

%

  

Food Products

    

9,004,664

      

1.48

%

  

Health Care Equipment & Supplies

    

24,311,184

      

3.98

%

  

Health Care Providers & Services

    

2,130,566

      

0.35

%

  

Hotels, Restaurants & Leisure

    

8,134,978

      

1.33

%

  

Industrial Conglomerates

    

12,668,760

      

2.08

%

  

Insurance

    

24,950,562

      

4.09

%

  

Internet & Direct Marketing Retail

    

6,590,300

      

1.08

%

  

Life Sciences Tools & Services

    

29,919,757

      

4.90

%

  

Machinery

    

5,822,244

      

0.95

%

  

Oil, Gas & Consumable Fuels

    

7,168,741

      

1.17

%

  

Personal Care Products

    

2,089,744

      

0.34

%

  

Personal Products

    

1,829,523

      

0.30

%

  

Pharmaceuticals

    

51,782,771

      

8.48

%

  

Professional Services

    

17,549,237

      

2.88

%

  

Road & Rail

    

7,903,990

      

1.30

%

  

Semiconductors & Semiconductor Equipment

    

49,959,017

      

8.18

%

  

Software

    

24,495,589

      

4.01

%

  

Textiles, Apparel & Luxury Goods

    

30,479,180

      

4.99

%

  

Trading Companies & Distributors

    

28,880,010

      

4.73

%

  

Total Common Stocks

    

561,131,136

      

91.92

%

  

Short Term Investments

  

Investment Company

    

42,091,380

      

6.89

%

  

Total Short Term Investments

    

42,091,380

      

6.89

%

  

Total Investments

    

603,222,516

      

98.81

%

  

Other Assets in Excess of Liabilities

    

7,291,365

      

1.19

%

  

TOTAL NET ASSETS

    

610,513,881

      

100.00

%

  

The accompanying notes are an integral part of these financial statements.
77

BUFFALO LARGE CAP FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2023

Shares or Face Amount

      

$ Fair Value*

  

Common Stocks

    

94.57

%

  

Communication Services

    

6.13

%

  
       

Entertainment

    

0.49

%

  
 

36,600

    

Universal Music Group NV — ADR(b)

    

461,160

    
       

Interactive Media & Services

    

5.64

%

  
 

47,800

    

Alphabet, Inc. — Class A(a)

    

4,958,294

    
 

1,725

    

Facebook, Inc. — Class A(a)

    

365,597

    
     

5,323,891

    
Total Communication Services (Cost $1,968,939)    

5,785,051

    

Consumer Discretionary

    

12.01

%

  
       

Hotels, Restaurants & Leisure

    

1.70

%

  
 

2,950

    

McDonald's Corp.

    

824,850

    
 

5,890

    

Yum! Brands, Inc.

    

777,951

    
     

1,602,801

    
       

Internet & Direct Marketing Retail

    

5.45

%

  
 

49,700

    

Amazon.com, Inc.(a)

    

5,133,513

    
       

Specialty Retail

    

2.45

%

  
 

2,175

    

The Home Depot, Inc.

    

641,886

    
 

1,100

    

O'Reilly Automotive, Inc.(a)

    

933,878

    
 

9,395

    

The TJX Companies, Inc.

    

736,192

    
     

2,311,956

    
       

Textiles, Apparel & Luxury Goods

    

2.41

%

  
 

1,550

    

lululemon athletica, Inc.(a)

    

564,495

    
 

4,150

    

LVMH Moet Hennessy Louis Vuitton SE — ADR(b)

    

762,479

    
 

7,710

    

NIKE, Inc. — Class B

    

945,554

    
     

2,272,528

    
Total Consumer Discretionary (Cost $5,540,702)    

11,320,798

    

Consumer Staples

    

4.34

%

  
       

Beverages

    

0.92

%

  
 

14,050

    

The Coca Cola Co.

    

871,521

    
       

Food & Staples Retailing

    

2.71

%

  
 

3,350

    

Costco Wholesale Corp.

    

1,664,514

    
 

6,050

    

Walmart, Inc.

    

892,073

    
     

2,556,587

    

The accompanying notes are an integral part of these financial statements.
78

BUFFALO LARGE CAP FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2023 Continued

Shares or Face Amount

      

$ Fair Value*

  
       

Household Products

    

0.71

%

  
 

4,475

    

The Procter & Gamble Co.

    

665,388

    
Total Consumer Staples (Cost $3,946,170)    

4,093,496

    

Energy

    

1.97

%

  
       

Energy Equipment & Services

    

0.56

%

  
 

10,700

    

Schlumberger Ltd. — ADR(b)

    

525,370

    
       

Oil, Gas & Consumable Fuels

    

1.41

%

  
 

4,550

    

EOG Resources, Inc.

    

521,566

    
 

6,125

    

Hess Corp.

    

810,583

    
     

1,332,149

    
Total Energy (Cost $1,789,982)    

1,857,519

    

Financials

    

3.37

%

  
       

Capital Markets

    

1.46

%

  
 

1,025

    

MSCI, Inc.

    

573,683

    
 

2,325

    

S&P Global, Inc.

    

801,590

    
     

1,375,273

    
       

Insurance

    

1.91

%

  
 

3,200

    

Aon PLC — ADR(b)

    

1,008,928

    
 

4,175

    

Arthur J. Gallagher & Co.

    

798,719

    
     

1,807,647

    
Total Financials (Cost $2,225,647)    

3,182,920

    

Health Care

    

14.45

%

  
       

Biotechnology

    

1.18

%

  
 

3,525

    

Vertex Pharmaceuticals Inc.(a)

    

1,110,622

    
       

Health Care Equipment & Supplies

    

4.12

%

  
 

20,475

    

Boston Scientific Corp.(a)

    

1,024,364

    
 

2,550

    

Danaher Corp.

    

642,702

    
 

1,425

    

Insulet Corporation(a)

    

454,518

    
 

4,125

    

Stryker Corp.

    

1,177,564

    
 

4,500

    

Zimmer Biomet Holdings, Inc.

    

581,400

    
     

3,880,548

    

The accompanying notes are an integral part of these financial statements.
79

BUFFALO LARGE CAP FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2023 Continued

Shares or Face Amount

      

$ Fair Value*

  
       

Health Care Providers & Services

    

3.54

%

  
 

2,650

    

HCA Healthcare, Inc.

    

698,752

    
 

5,595

    

UnitedHealth Group, Inc.

    

2,644,141

    
     

3,342,893

    
       

Life Sciences Tools & Services

    

2.34

%

  
 

2,275

    

ICON PLC. — ADR(a) (b)

    

485,917

    
 

22,615

    

Stevanato Group SpA — ADR(b)

    

585,728

    
 

1,975

    

Thermo Fisher Scientific, Inc.

    

1,138,331

    
     

2,209,976

    
       

Pharmaceuticals

    

3.27

%

  
 

9,925

    

AstraZeneca PLC — ADR(b)

    

688,894

    
 

2,650

    

Eli Lilly & Co.

    

910,063

    
 

9,075

    

Sanofi — ADR(b)

    

493,862

    
 

5,925

    

Zoetis, Inc.

    

986,157

    
     

3,078,976

    
Total Health Care (Cost $11,260,854)    

13,623,015

    

Industrials

    

7.76

%

  
       

Aerospace & Defense

    

1.56

%

  
 

1,550

    

Lockheed Martin Corp.

    

732,731

    
 

1,600

    

Northrop Grumman Corp.

    

738,752

    
     

1,471,483

    
       

Commercial Services & Supplies

    

0.73

%

  
 

4,250

    

Waste Management, Inc.

    

693,473

    
       

Electrical Equipment

    

0.94

%

  
 

5,175

    

Eaton Corp PLC — ADR(b)

    

886,685

    
       

Industrial Conglomerates

    

0.84

%

  
 

4,125

    

Honeywell International, Inc.

    

788,370

    
       

Machinery

    

1.40

%

  
 

14,050

    

Ingersoll Rand, Inc.

    

817,429

    
 

4,775

    

Xylem, Inc.

    

499,942

    
     

1,317,371

    
       

Professional Services

    

0.99

%

  
 

17,025

    

KBR, Inc.

    

937,226

    
       

Road & Rail

    

0.83

%

  
 

24,575

    

Uber Technologies, Inc.(a)

    

779,028

    

The accompanying notes are an integral part of these financial statements.
80

BUFFALO LARGE CAP FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2023 Continued

Shares or Face Amount

      

$ Fair Value*

  
       

Trading Companies & Distributors

    

0.47

%

  
 

1,125

    

United Rentals, Inc.

    

445,230

    
Total Industrials (Cost $6,245,194)    

7,318,866

    

Information Technology

    

41.88

%

  
       

Communications Equipment

    

1.70

%

  
 

6,375

    

Arista Networks Inc.(a)

    

1,070,107

    
 

1,850

    

Motorola Solutions, Inc.

    

529,341

    
     

1,599,448

    
       

IT Services

    

4.18

%

  
 

1,775

    

Accenture PLC — ADR(b)

    

507,313

    
 

1,700

    

MasterCard, Inc. — Class A

    

617,797

    
 

1,400

    

MongoDB, Inc.(a)

    

326,368

    
 

11,065

    

Visa Inc. — Class A

    

2,494,715

    
     

3,946,193

    
       

Semiconductors & Semiconductor Equipment

    

6.80

%

  
 

6,250

    

Advanced Micro Devices, Inc.(a)

    

612,562

    
 

5,600

    

Applied Materials, Inc.

    

687,848

    
 

1,650

    

ASML Holding NV — NY Shares — ADR(b)

    

1,123,172

    
 

4,750

    

Entegris, Inc.

    

389,547

    
 

10,750

    

NVIDIA Corp.

    

2,986,028

    
 

11,400

    

STMicroelectronics N.V. — NY Shares — ADR(b)

    

609,786

    
     

6,408,943

    
       

Software

    

19.71

%

  
 

1,895

    

Adobe, Inc.(a)

    

730,276

    
 

1,625

    

ANSYS, Inc.(a)

    

540,800

    
 

2,830

    

CrowdStrike Holdings, Inc.(a)

    

388,446

    
 

7,400

    

Fortinet Inc.(a)

    

491,804

    
 

850

    

HubSpot, Inc.(a)

    

364,437

    
 

1,035

    

Intuit, Inc.

    

461,434

    
 

4,450

    

Manhattan Associates, Inc.(a)

    

689,083

    
 

35,975

    

Microsoft Corp.

    

10,371,593

    
 

4,625

    

Oracle Corp.

    

429,755

    
 

5,800

    

Palo Alto Networks, Inc.(a)

    

1,158,492

    
 

2,820

    

ServiceNow, Inc.(a)

    

1,310,510

    
 

2,400

    

Synopsys, Inc.(a)

    

927,000

    
 

3,510

    

Workday, Inc.(a)

    

724,955

    
     

18,588,585

    

The accompanying notes are an integral part of these financial statements.
81

BUFFALO LARGE CAP FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2023 Continued

Shares or Face Amount

      

$ Fair Value*

  
       

Technology Hardware, Storage & Peripherals

    

9.49

%

  
 

51,980

    

Apple Inc.

    

8,571,502

    
 

14,750

    

Pure Storage, Inc.(a)

    

376,272

    
     

8,947,774

    
Total Information Technology (Cost $18,866,924)    

39,490,943

    

Materials

    

2.66

%

  
       

Chemicals

    

1.77

%

  
 

14,170

    

Corteva, Inc.

    

854,593

    
 

2,280

    

Linde PLC — ADR(b)

    

810,403

    
     

1,664,996

    
       

Construction Materials

    

0.89

%

  
 

16,500

    

CRH PLC — ADR(b)

    

839,355

    
Total Materials (Cost $1,986,690)    

2,504,351

    
Total Common Stocks (Cost $53,831,102)    

89,176,959

    

Short Term Investments

    

5.69

%

  

Investment Company

    

5.69

%

  
 

5,361,486

    

Fidelity Investments Money Market Funds — Government Portfolio — Class I — 4.725%(c)

    

5,361,486

    

Total Investment Company

    

5,361,486

    
Total Short Term Investments (Cost $5,361,486)    

5,361,486

    
Total Investments (Cost $59,192,588)
 		   100.26
94,538,445

%

  
Liabilities in Excess of Other Assets
  		   (0.26
(248,097)

)%

  
Total Net Assets
   100.00
94,290,348

%

  

The accompanying notes are an integral part of these financial statements.
82

BUFFALO LARGE CAP FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2023 Continued

ADR  American Depositary Receipt

PLC  Public Limited Company

(a)  Non Income Producing.

(b)  Foreign Issued Securities. The total value of these securities amounted to $9,789,052 (10.38% of net assets) at March 31, 2023.

(c)  The rate quoted is the annualized seven-day effective yield as of March 31, 2023.

* See Note 1A of the accompanying Notes to Financial Statements regarding valuation of securities.

The Global Industry Classification Standard (GICS) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor's Financial Services LLC ("S&P"). GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.

The accompanying notes are an integral part of these financial statements.
83

BUFFALO MID CAP FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2023

Shares or Face Amount

      

$ Fair Value*

  

Common Stocks

    

97.22

%

  

Communication Services

    

5.20

%

  
       

Entertainment

    

3.17

%

  
 

64,000

    

Endeavor Group Holdings, Inc.(a)

    

1,531,520

    
 

23,537

    

Live Nation Entertainment, Inc.(a)

    

1,647,590

    
 

10,260

    

Take-Two Interactive Software, Inc.(a)

    

1,224,018

    
     

4,403,128

    
       

Interactive Media & Services

    

0.95

%

  
 

48,200

    

Pinterest, Inc.(a)

    

1,314,414

    
       

Media

    

1.08

%

  
 

22,329

    

Liberty Media Corp-Liberty Formula One(a)

    

1,507,207

    
Total Communication Services (Cost $5,980,880)    

7,224,749

    

Consumer Discretionary

    

8.07

%

  
       

Hotels, Restaurants & Leisure

    

1.50

%

  
 

8,896

    

Vail Resorts, Inc.

    

2,078,817

    
       

Internet & Direct Marketing Retail

    

0.94

%

  
 

13,500

    

Expedia Group, Inc.(a)

    

1,309,905

    
       

Specialty Retail

    

3.51

%

  
 

23,173

    

CarMax, Inc.(a)

    

1,489,561

    
 

20,800

    

Floor & Decor Holdings, Inc. — Class A(a)

    

2,042,976

    
 

5,500

    

RH(a)

    

1,339,525

    
     

4,872,062

    
       

Textiles, Apparel & Luxury Goods

    

2.12

%

  
 

8,100

    

lululemon athletica, Inc.(a)

    

2,949,939

    
Total Consumer Discretionary (Cost $12,342,753)    

11,210,723

    

Financials

    

13.11

%

  
       

Capital Markets

    

8.64

%

  
 

6,225

    

MarketAxess Holdings, Inc.

    

2,435,780

    
 

8,074

    

Moody's Corp.

    

2,470,806

    
 

10,816

    

MSCI, Inc.

    

6,053,607

    
 

147,000

    

Open Lending Corp.(a)

    

1,034,880

    
     

11,995,073

    

The accompanying notes are an integral part of these financial statements.
84

BUFFALO MID CAP FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2023 Continued

Shares or Face Amount

      

$ Fair Value*

  
       

Diversified Financial Services

    

2.33

%

  
 

30,700

    

Global Payments Inc.

    

3,230,868

    
       

Insurance

    

2.14

%

  
 

9,900

    

Kinsale Capital Group, Inc.

    

2,971,485

    
Total Financials (Cost $8,060,548)    

18,197,426

    

Health Care

    

14.85

%

  
       

Health Care Equipment & Supplies

    

2.66

%

  
 

5,650

    

The Cooper Companies, Inc.

    

2,109,484

    
 

38,810

    

Envista Holdings Corp.(a)

    

1,586,553

    

   

3,696,037

    
       

Health Care Providers & Services

    

2.16

%

  
 

24,550

    

Encompass Health Corp.

    

1,328,155

    
 

52,000

    

Progyny, Inc.(a)

    

1,670,240

    
     

2,998,395

    
       

Health Care Technology

    

2.65

%

  
 

19,500

    

Doximity, Inc.(a)

    

631,410

    
 

16,550

    

Veeva Systems, Inc.(a)

    

3,041,725

    
     

3,673,135

    
       

Life Sciences Tools & Services

    

6.43

%

  
 

6,130

    

Bio-Rad Laboratories, Inc.(a)

    

2,936,392

    
 

34,800

    

Bio-Techne Corp.

    

2,581,812

    
 

6,105

    

Illumina, Inc.(a)

    

1,419,718

    
 

10,000

    

IQVIA Holdings, Inc.(a)

    

1,988,900

    
     

8,926,822

    
       

Pharmaceuticals

    

0.95

%

  
 

9,000

    

Jazz Pharmaceuticals Public Limited Company — ADR(a) (b)

    

1,316,970

    
Total Health Care (Cost $14,872,267)    

20,611,359

    

Industrials

    

20.31

%

  
       

Aerospace & Defense

    

2.12

%

  
 

4,000

    

TransDigm Group, Inc.

    

2,948,200

    
       

Building Products

    

0.74

%

  
 

21,002

    

Trex Co., Inc.(a)

    

1,022,167

    

The accompanying notes are an integral part of these financial statements.
85

BUFFALO MID CAP FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2023 Continued

Shares or Face Amount

      

$ Fair Value*

  
       

Commercial Services & Supplies

    

3.84

%

  
 

50,082

    

Copart, Inc.(a)

    

3,766,667

    
 

27,660

    

Ritchie Bros Auctioneers, Inc. — ADR(b)

    

1,556,982

    
     

5,323,649

    
       

Construction & Engineering

    

0.82

%

  
 

13,500

    

AECOM

    

1,138,320

    
       

Electrical Equipment

    

3.48

%

  
 

33,255

    

AMETEK, Inc.

    

4,832,949

    
       

Professional Services

    

7.77

%

  
 

56,798

    

CoStar Group, Inc.(a)

    

3,910,542

    
 

12,483

    

Equifax, Inc.

    

2,532,052

    
 

22,653

    

Verisk Analytics, Inc.

    

4,346,205

    
     

10,788,799

    
       

Trading Companies & Distributors

    

1.54

%

  
 

16,000

    

Ferguson PLC — ADR(b)

    

2,140,000

    
Total Industrials (Cost $13,420,621)    

28,194,084

    

Information Technology

    

28.47

%

  
       

Communications Equipment

    

1.74

%

  
 

16,570

    

F5 Networks, Inc.(a)

    

2,414,083

    
       

IT Services

    

7.14

%

  
 

3,630

    

EPAM Systems, Inc.(a)

    

1,085,370

    
 

15,020

    

Euronet Worldwide, Inc.(a)

    

1,680,738

    
 

16,500

    

Gartner, Inc.(a)

    

5,375,205

    
 

44,000

    

Teradata Corp.(a)

    

1,772,320

    
     

9,913,633

    
       

Semiconductors & Semiconductor Equipment

    

3.98

%

  
 

44,000

    

Azenta, Inc.(a)

    

1,963,280

    
 

43,310

    

ON Semiconductor Corp.(a)

    

3,565,279

    
     

5,528,559

    

The accompanying notes are an integral part of these financial statements.
86

BUFFALO MID CAP FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2023 Continued

Shares or Face Amount

      

$ Fair Value*

  
       

Software

    

15.61

%

  
 

11,480

    

Aspen Technology, Inc.(a)

    

2,627,427

    
 

82,000

    

DoubleVerify Holdings, Inc.(a)

    

2,472,300

    
 

21,862

    

Guidewire Software, Inc.(a)

    

1,793,777

    
 

24,090

    

Palo Alto Networks, Inc.(a)

    

4,811,737

    
 

16,500

    

Procore Technologies, Inc.(a)

    

1,033,395

    
 

9,700

    

Splunk, Inc.(a)

    

930,036

    
 

34,289

    

SS&C Technologies Holdings, Inc.

    

1,936,300

    
 

6,640

    

Tyler Technologies, Inc.(a)

    

2,354,810

    
 

67,000

    

Varonis Systems, Inc.(a)

    

1,742,670

    
 

9,540

    

Workday, Inc.(a)

    

1,970,392

    
     

21,672,844

    
Total Information Technology (Cost $25,947,329)    

39,529,119

    

Materials

    

4.25

%

  
       

Chemicals

    

2.97

%

  
 

92,500

    

Element Solutions, Inc.

    

1,786,175

    
 

19,110

    

FMC Corp.

    

2,333,904

    
     

4,120,079

    
       

Construction Materials

    

1.28

%

  
 

5,000

    

Martin Marietta Materials, Inc.

    

1,775,300

    
Total Materials (Cost $3,148,170)    

5,895,379

    

Real Estate

    

2.96

%

  
       

Real Estate Management & Development

    

2.96

%

  
 

56,522

    

CBRE Group, Inc. — Class A(a)

    

4,115,367

    
Total Real Estate (Cost $2,513,134)    

4,115,367

    
Total Common Stocks (Cost $86,285,702)    

134,978,206

    

REITS

    

1.90

%

  

Real Estate

    

1.90

%

  
       

Equity Real Estate Investment Trusts (REITs)

    

1.90

%

  
 

36,790

    

Welltower, Inc.

    

2,637,475

    
Total Real Estate (Cost $2,690,654)    

2,637,475

    
Total REITS (Cost $2,690,654)    

2,637,475

    

The accompanying notes are an integral part of these financial statements.
87

BUFFALO MID CAP FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2023 Continued

Shares or Face Amount

      

$ Fair Value*

  

Short Term Investments

    

1.23

%

  

Investment Company

    

1.23

%

  
 

1,709,461

    

Fidelity Investments Money Market Funds — Government Portfolio — Class I — 4.725%(c)

    

1,709,461

    

Total Investment Company

    

1,709,461

    
Total Short Term Investments (Cost $1,709,461)    

1,709,461

    
Total Investments (Cost $90,685,817)
 		   100.35
139,325,142

%

  
Liabilities in Excess of Other Assets
  		   (0.35
(482,790)

)%

  
Total Net Assets
 		   100.00
138,842,352

%

  

ADR  American Depositary Receipt

PLC  Public Limited Company

(a)  Non Income Producing.

(b)  Foreign Issued Security. The total value of these securities amounted to $5,013,952 (3.61% of net assets) at March 31, 2023.

(c)  The rate quoted is the annualized seven-day effective yield as of March 31, 2023.

* See Note 1A of the accompanying Notes to Financial Statements regarding valuation of securities.

The Global Industry Classification Standard (GICS) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor's Financial Services LLC ("S&P"). GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.

The accompanying notes are an integral part of these financial statements.
88

BUFFALO SMALL CAP FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2023

Shares or Face Amount

      

$ Fair Value*

  

Common Stocks

    

93.18

%

  

Communication Services

    

0.69

%

  
       

Interactive Media & Services

    

0.69

%

  
 

679,744

    

Eventbrite, Inc.(a)

    

5,832,204

    
Total Communication Services (Cost $12,465,345)    

5,832,204

    

Consumer Discretionary

    

11.12

%

  
       

Broadline Retail

    

1.28

%

  
 

187,510

    

Ollie's Bargain Outlet Holdings, Inc.(a)

    

10,864,330

    
       

Diversified Consumer Services

    

1.46

%

  
 

651,783

    

European Wax Center, Inc.

    

12,383,877

    
       

Hotels, Restaurants & Leisure

    

5.16

%

  
 

973,015

    

Everi Holdings Inc.(a)

    

16,687,207

    
 

593,717

    

First Watch Restaurant Group, Inc.(a)

    

9,535,095

    
 

1,060,075

    

Rush Street Interactive, Inc.(a)

    

3,296,833

    
 

21,145

    

Texas Roadhouse, Inc.

    

2,284,929

    
 

65,995

    

Wingstop, Inc.

    

12,115,362

    
     

43,919,426

    
       

Household Durables

    

0.81

%

  
 

239,147

    

Lovesac Co/The(a)

    

6,911,348

    
       

Specialty Retail

    

0.99

%

  
 

431,561

    

Guess?, Inc.

    

8,398,177

    
       

Textiles, Apparel & Luxury Goods

    

1.42

%

  
 

336,067

    

Steven Madden Ltd.

    

12,098,412

    
Total Consumer Discretionary (Cost $75,954,039)    

94,575,570

    

Consumer Staples

    

1.82

%

  
       

Beverages

    

1.82

%

  
 

159,670

    

MGP Ingredients, Inc.

    

15,443,282

    
Total Consumer Staples (Cost $5,617,191)    

15,443,282

    

The accompanying notes are an integral part of these financial statements.
89

BUFFALO SMALL CAP FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2023 Continued

Shares or Face Amount

      

$ Fair Value*

  

Energy

    

4.15

%

  
       

Energy Equipment & Services

    

3.36

%

  
 

327,910

    

Cactus, Inc.

    

13,519,729

    
 

555,115

    

ChampionX Corp.

    

15,060,270

    
     

28,579,999

    
       

Oil, Gas & Consumable Fuels

    

0.79

%

  
 

140,455

    

Matador Resources Co.

    

6,692,681

    
Total Energy (Cost $32,339,407)    

35,272,680

    

Financials

    

6.80

%

  
       

Banks

    

1.01

%

  
 

308,214

    

Bancorp Inc/The(a)

    

8,583,760

    
       

Capital Markets

    

2.06

%

  
 

154,493

    

Hamilton Lane Inc. — Class A

    

11,429,392

    
 

867,155

    

Open Lending Corp.(a)

    

6,104,771

    
     

17,534,163

    
       

Financial Services

    

1.48

%

  
 

166,300

    

Shift4 Payments, Inc.(a)

    

12,605,540

    
       

Insurance

    

2.25

%

  
 

348,515

    

BRP Group, Inc.(a)

    

8,873,192

    
 

185,163

    

Palomar Holdings, Inc.(a)

    

10,220,998

    
     

19,094,190

    
Total Financials (Cost $51,440,662)    

57,817,653

    

Health Care

    

26.45

%

  
       

Biotechnology

    

8.83

%

  
 

126,510

    

Arrowhead Pharmaceuticals, Inc.(a)

    

3,213,354

    
 

682,510

    

Avid Bioservices, Inc.(a)

    

12,803,888

    
 

608,124

    

Castle Biosciences, Inc.(a)

    

13,816,577

    
 

424,194

    

Halozyme Therapeutics, Inc.(a)

    

16,199,969

    
 

135,482

    

Ligand Pharmaceuticals, Inc.(a)

    

9,966,056

    
 

343,304

    

Natera, Inc.(a)

    

19,060,238

    
 

47,436

    

Omniab Inc. — 12.50 Earnout(a) (d)

    

475

    
 

47,436

    

Omniab Inc — 15.00 Earnout(a) (d)

    

474

    
     

75,061,031

    

The accompanying notes are an integral part of these financial statements.
90

BUFFALO SMALL CAP FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2023 Continued

Shares or Face Amount

      

$ Fair Value*

  
       

Health Care Equipment & Supplies

    

9.91

%

  
 

248,295

    

Establishment Labs Holdings, Inc. — ADR(a) (b)

    

16,819,503

    
 

666,894

    

Paragon 28, Inc.(a)

    

11,383,881

    
 

114,565

    

QuidelOrtho Corp.(a)

    

10,206,596

    
 

131,610

    

STAAR Surgical Co.(a)

    

8,416,460

    
 

283,276

    

TransMedics Group, Inc.(a)

    

21,452,491

    
 

634,223

    

Treace Medical Concepts, Inc.(a)

    

15,976,077

    
     

84,255,008

    
       

Health Care Providers & Services

    

3.94

%

  
 

194,048

    

HealthEquity, Inc.(a)

    

11,392,558

    
 

800,885

    

Privia Health Group, Inc.(a)

    

22,112,435

    
     

33,504,993

    
       

Health Care Technology

    

3.00

%

  
 

302,660

    

Evolent Health, Inc. — Class A(a)

    

9,821,317

    
 

44,960

    

Inspire Medical Systems, Inc.(a)

    

10,523,787

    
 

352,994

    

OptimizeRx Corp.(a)

    

5,164,302

    
     

25,509,406

    
       

Life Sciences Tools & Services

    

0.77

%

  
 

1,760,375

    

OmniAb, Inc. — ADR(a)

    

6,478,180

    
Total Health Care (Cost $195,754,099)    

224,808,618

    

Industrials

    

16.45

%

  
       

Building Products

    

4.11

%

  
 

67,080

    

Advanced Drainage Systems, Inc.

    

5,648,807

    
 

299,030

    

AZEK Co Inc/The(a)

    

7,039,166

    
 

836,435

    

Janus International Group, Inc.(a)

    

8,247,249

    
 

556,970

    

PGT Innovations, Inc.(a)

    

13,985,517

    
     

34,920,739

    
       

Construction & Engineering

    

3.06

%

  
 

149,185

    

MasTec, Inc.(a)

    

14,089,032

    
 

114,755

    

NV5 Global, Inc.(a)

    

11,931,077

    
     

26,020,109

    
       

Electrical Equipment

    

2.68

%

  
 

472,010

    

Array Technologies, Inc.(a)

    

10,327,579

    
 

547,317

    

Shoals Technologies Group, Inc.(a)

    

12,473,354

    
     

22,800,933

    

The accompanying notes are an integral part of these financial statements.
91

BUFFALO SMALL CAP FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2023 Continued

Shares or Face Amount

      

$ Fair Value*

  
       

Machinery

    

3.32

%

  
 

79,125

    

Chart Industries, Inc.(a)

    

9,922,275

    
 

97,210

    

John Bean Technologies Corp.

    

10,624,081

    
 

394,160

    

Kornit Digital Ltd. — ADR(a) (b)

    

7,630,937

    
     

28,177,293

    
       

Professional Services

    

3.28

%

  
 

65,145

    

FTI Consulting, Inc.(a)

    

12,856,366

    
 

137,264

    

ICF International, Inc.

    

15,057,861

    
     

27,914,227

    
Total Industrials (Cost $110,794,047)    

139,833,301

    

Information Technology

    

23.65

%

  
       

Communications Equipment

    

5.11

%

  
 

542,019

    

ADTRAN Holdings, Inc.

    

8,596,421

    
 

313,064

    

Calix, Inc.(a)

    

16,777,100

    
 

312,660

    

Cambium Networks Corp. — ADR(a) (b)

    

5,540,335

    
 

238,505

    

Ciena Corp.(a)

    

12,526,283

    
     

43,440,139

    
       

IT Services

    

3.99

%

  
 

741,070

    

BigCommerce Holdings, Inc.(a)

    

6,625,166

    
 

153,170

    

Endava PLC — ADR(a) (b)

    

10,289,960

    
 

567,280

    

Grid Dynamics Holdings, Inc.(a)

    

6,501,029

    
 

726,715

    

TaskUS, Inc.(a)

    

10,493,765

    
     

33,909,920

    
       

Semiconductors & Semiconductor Equipment

    

6.35

%

  
 

103,345

    

Ambarella, Inc. — ADR(a) (b)

    

8,000,970

    
 

321,680

    

MaxLinear, Inc.(a)

    

11,326,353

    
 

57,320

    

Silicon Laboratories, Inc.(a)

    

10,036,159

    
 

77,110

    

SiTime Corp.(a)

    

10,967,355

    
 

87,950

    

Universal Display Corp.

    

13,643,683

    
     

53,974,520

    

The accompanying notes are an integral part of these financial statements.
92

BUFFALO SMALL CAP FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2023 Continued

Shares or Face Amount

      

$ Fair Value*

  
       

Software

    

8.20

%

  
 

553,604

    

DoubleVerify Holdings, Inc.(a)

    

16,691,161

    
 

193,795

    

Five9, Inc.(a)

    

14,009,441

    
 

153,985

    

PagerDuty, Inc.(a)

    

5,386,395

    
 

321,001

    

PROS Holdings, Inc.(a)

    

8,795,427

    
 

222,380

    

Tenable Holdings, Inc.(a)

    

10,565,274

    
 

1,441,840

    

Zuora, Inc.(a)

    

14,245,379

    
     

69,693,077

    
Total Information Technology (Cost $192,231,098)    

201,017,656

    

Materials

    

2.05

%

  
       

Construction Materials

    

1.58

%

  
 

471,311

    

Summit Materials, Inc. — Class A(a)

    

13,427,650

    
       

Containers & Packaging

    

0.47

%

  
 

302,997

    

Karat Packaging, Inc.

    

4,038,950

    
Total Materials (Cost $12,354,774)    

17,466,600

    
Total Common Stocks (Cost $688,950,662)    

792,067,564

    

Short Term Investments

    

7.10

%

  

Investment Company

    

7.10

%

  
 

60,320,103

    

Fidelity Investments Money Market Funds — Government Portfolio — Class I — 4.725%(c)

    

60,320,103

    

Total Investment Company

    

60,320,103

    
Total Short Term Investments (Cost $60,320,103)    

60,320,103

    
Total Investments (Cost $749,270,765)
 		   100.28
852,387,667

%

  
Liabilities in Excess of Other Assets
  		   (0.28
(2,343,895)

)%

  
Total Net Assets
 		   100.00
850,043,772

%

  

The accompanying notes are an integral part of these financial statements.
93

BUFFALO SMALL CAP FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2023 Continued

ADR  American Depositary Receipt

PLC  Public Limited Company

(a)  Non Income Producing.

(b)  Foreign Issued Securities. The total value of these securities amounted to $48,281707 (5.68% of net assets) at March 31, 2023.

(c)  The rate quoted is the annualized seven-day effective yield as of March 31, 2023.

(d)  Level 3 security. See the accompanying Notes to the Financial Statements for information regarding Level 3 securities.

* See Note 1A of the accompanying Notes to Financial Statements regarding valuation of securities.

The Global Industry Classification Standard (GICS) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor's Financial Services LLC ("S&P"). GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.

The accompanying notes are an integral part of these financial statements.
94

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95

STATEMENTS OF ASSETS AND LIABILITIES

MARCH 31, 2023

    Buffalo
Discovery
Fund		   Buffalo
Dividend Focus
Fund		   Buffalo
Early
Stage Growth
Fund		   Buffalo
Flexible Income
Fund		   Buffalo
Growth
Fund		  

ASSETS:

  

Investments in securities, at cost:

  

$

716,297,145

    

$

73,070,782

    

$

75,857,717

    

$

228,748,232

    

$

67,342,344

    

Cash denominated in foreign currencies, at cost:

    

—

      

—

      

—

      

—

      

—

    

Investments in securities, at value:

    

911,000,755

      

118,242,289

      

85,497,553

      

463,804,341

      

144,017,840

    

Cash:

    

—

      

—

      

—

      

—

      

—

    

Cash denominated in foreign currency, at value:(1)

    

—

      

—

      

—

      

—

      

—

    

Receivables:

  

Investments sold

    

—

      

116,360

      

—

      

5,875,164

      

2,706,537

    

Fund shares sold

    

283,642

      

2,836,349

      

10,317

      

157,590

      

231,356

    

Dividends

    

165,597

      

135,346

      

31,989

      

837,259

      

27,866

    

Interest

    

91,436

      

—

      

—

      

—

      

—

    

Other assets

    

32,101

      

15,301

      

17,254

      

19,189

      

17,006

    

Total assets

    

911,573,531

      

121,345,645

      

85,557,113

      

470,693,543

      

147,000,605

    

LIABILITIES:

  

Payables:

  

Investments purchased

    

—

      

54,332

      

—

      

—

      

2,068,229

    

Written options, at value(1) (Note 8)

    

—

      

—

      

—

      

108,800

      

—

    

Fund shares purchased

    

1,812,202

      

1,016,281

      

99,248

      

813,478

      

1,874,846

    

Management fees (Note 3)

    

642,856

      

73,389

      

93,475

      

331,767

      

86,980

    

Custodian fees (Note 3)

    

—

      

—

      

—

      

—

      

—

    

Accrued shareholder service fees — Investor Class (Note 7)

    

345,517

      

11,413

      

62,338

      

101,698

      

72,775

    

Other payables

    

—

      

—

      

—

      

—

      

—

    

Accrued expenses

    

1,325

      

2,486

      

7,974

      

66,738

      

17,689

    

Total liabilities

    

2,801,900

      

1,157,901

      

263,035

      

1,422,481

      

4,120,519

    

NET ASSETS

  

$

908,771,631

    

$

120,187,744

    

$

85,294,078

    

$

469,271,062

    

$

142,880,086

    

NET ASSETS CONSIST OF:

  

Capital (capital stock and paid-in capital)

  

$

762,680,289

    

$

75,084,209

    

$

81,397,182

    

$

231,461,828

    

$

65,184,034

    

Total distributable earnings

    

146,091,342

      

45,103,535

      

3,896,896

      

237,809,234

      

77,696,052

    

NET ASSETS APPLICABLE TO OUTSTANDING SHARES

  

$

908,771,631

    

$

120,187,744

    

$

85,294,078

    

$

469,271,062

    

$

142,880,086

    

Net Assets — Investor Class

  

$

722,076,653

    

$

32,255,541

    

$

50,836,594

    

$

300,336,306

    

$

73,407,543

    

Outstanding Shares — Investor Class

    

33,894,956

      

1,339,910

      

3,377,014

      

16,583,226

      

2,846,156

    

NET ASSET VALUE PER SHARE — Investor Class

  

$

21.30

    

$

24.07

    

$

15.05

    

$

18.11

    

$

25.79

    

Net Assets — Institutional Class

  

$

186,694,978

    

$

87,932,203

    

$

34,457,485

    

$

168,934,756

    

$

69,472,543

    

Outstanding Shares — Institutional Class

    

8,701,355

      

3,652,762

      

2,273,397

      

9,331,290

      

2,679,068

    

NET ASSET VALUE PER SHARE — Institutional Class

  

$

21.46

    

$

24.07

    

$

15.16

    

$

18.10

    

$

25.93

    

Capital shares, $1.00 par value:

  

Authorized

    

Unlimited

      

Unlimited

      

Unlimited

      

Unlimited

      

Unlimited

    
(1) Written options, premiums received    

—

      

—

      

—

      

128,921

      

—

    

The accompanying notes are an integral part of these financial statements.
96

    Buffalo
High Yield
Fund		   Buffalo
International
Fund		   Buffalo
Large Cap
Fund		   Buffalo
Mid Cap
Fund		   Buffalo
Small Cap
Fund		  

ASSETS:

  

Investments in securities, at cost:

  

$

327,993,838

    

$

390,295,590

    

$

59,192,588

    

$

90,685,817

    

$

749,270,765

    

Cash denominated in foreign currencies, at cost:

    

—

      

328,864

      

—

      

—

      

—

    

Investments in securities, at value:

    

315,283,895

      

603,222,516

      

94,538,445

      

139,325,142

      

852,387,667

    

Cash:

    

506,055

      

33,231

      

—

      

—

      

—

    

Cash denominated in foreign currency, at value:(1)

    

—

      

329,273

      

—

      

—

      

—

    

Receivables:

  

Investments sold

    

75,570

      

6,630,755

      

721,907

      

—

      

—

    

Fund shares sold

    

771,197

      

2,111,007

      

17,089

      

28,540

      

936,398

    

Dividends

    

4,367,351

      

2,670,298

      

65,571

      

51,803

      

399,451

    

Interest

    

—

      

—

      

—

      

—

      

—

    

Other assets

    

25,960

      

31,675

      

16,872

      

15,178

      

35,153

    

Total assets

    

321,030,028

      

615,028,755

      

95,359,884

      

139,420,663

      

853,758,669

    

LIABILITIES:

  

Payables:

  

Investments purchased

    

10,722,352

      

3,315,626

      

652,247

      

—

      

1,583,854

    

Written options, at value(1) (Note 8)

    

—

      

—

      

—

      

—

      

—

    

Fund shares purchased

    

695,301

      

638,509

      

334,898

      

409,059

      

844,139

    

Management fees (Note 3)

    

222,215

      

425,412

      

57,957

      

97,857

      

603,241

    

Custodian fees (Note 3)

    

—

      

15,845

      

—

      

—

      

—

    

Accrued shareholder service fees — Investor Class (Note 7)

    

3,496

      

19,664

      

23,292

      

57,845

      

677,355

    

Other payables

    

—

      

98,117

      

—

      

—

      

—

    

Accrued expenses

    

2,773

      

1,701

      

1,142

      

13,550

      

6,308

    

Total liabilities

    

11,646,137

      

4,514,874

      

1,069,536

      

578,311

      

3,714,897

    

NET ASSETS

  

$

309,383,891

    

$

610,513,881

    

$

94,290,348

    

$

138,842,352

    

$

850,043,772

    

NET ASSETS CONSIST OF:

  

Capital (capital stock and paid-in capital)

  

$

330,299,634

    

$

396,508,216

    

$

62,905,821

    

$

89,483,738

    

$

853,061,061

    

Total distributable earnings

    

(20,915,743

)

    

214,005,665

      

31,384,527

      

49,358,614

      

(3,017,289

)

  

NET ASSETS APPLICABLE TO OUTSTANDING SHARES

  

$

309,383,891

    

$

610,513,881

    

$

94,290,348

    

$

138,842,352

    

$

850,043,772

    

Net Assets — Investor Class

  

$

58,920,131

    

$

253,664,075

    

$

27,414,134

    

$

73,143,532

    

$

575,978,957

    

Outstanding Shares — Investor Class

    

5,775,331

      

12,536,008

      

780,470

      

4,968,753

      

40,626,344

    

NET ASSET VALUE PER SHARE — Investor Class

  

$

10.20

    

$

20.23

    

$

35.13

    

$

14.72

    

$

14.18

    

Net Assets — Institutional Class

  

$

250,463,760

    

$

356,849,806

    

$

66,876,214

    

$

65,698,820

    

$

274,064,815

    

Outstanding Shares — Institutional Class

    

24,571,585

      

17,622,741

      

1,893,439

      

4,433,718

      

19,212,878

    

NET ASSET VALUE PER SHARE — Institutional Class

  

$

10.19

    

$

20.25

    

$

35.32

    

$

14.82

    

$

14.26

    

Capital shares, $1.00 par value:

  

Authorized

    

Unlimited

      

Unlimited

      

Unlimited

      

Unlimited

      

Unlimited

    
(1) Written options, premiums received    

—

      

—

      

—

      

—

      

—

    


97

STATEMENTS OF OPERATIONS

    Buffalo
Discovery
Fund		   Buffalo
Dividend Focus
Fund		   Buffalo
Early
Stage Growth
Fund		   Buffalo
Flexible Income
Fund		   Buffalo
Growth
Fund		  

INVESTMENT INCOME:

  

Interest

  

$

—

    

$

120,518

    

$

—

    

$

—

    

$

—

    

Dividends from securities

    

4,444,484

      

2,168,273

      

346,981

      

12,678,738

      

876,436

    

Foreign tax withheld

    

(5,804

)

    

(4,388

)

    

(6,935

)

    

(34,834

)

    

—

    

Total investment income

    

4,438,680

      

2,284,403

      

340,046

      

12,643,904

      

876,436

    

EXPENSES:

  

Management fees (Note 3)

    

8,880,149

      

858,836

      

1,192,322

      

4,072,323

      

1,130,362

    

Shareholder Service Fees — Investor Class (Note 7)

    

1,222,555

      

43,164

      

82,008

      

467,745

      

117,668

    

Registration fees

    

47,739

      

33,594

      

35,936

      

42,808

      

33,716

    

Custody fees

    

—

      

—

      

—

      

—

      

—

    

Other expenses

    

19,508

      

1,676

      

1,652

      

6,418

      

2,712

    

Total expenses

    

10,169,951

      

937,270

      

1,311,918

      

4,589,294

      

1,284,458

    

Net investment income (loss)

    

(5,731,271

)

    

1,347,133

      

(971,872

)

    

8,054,610

      

(408,022

)

  

NET REALIZED AND UNREALIZED GAIN (LOSS):

  

Net realized gain from:

  

Investment transactions

    

9,260,805

      

(144,375

)

    

(3,621,984

)

    

4,054,769

      

4,028,275

    

Options written (Note 8)

    

—

      

—

      

—

      

307,662

      

—

    

Net unrealized appreciation/depreciation during the year on:

  

Investments

    

(173,170,484

)

    

(6,027,586

)

    

(11,534,679

)

    

(17,389,740

)

    

(29,733,167

)

  

Options written (Note 8)

    

—

      

—

      

—

      

26,220

      

—

    

Net realized and unrealized loss

    

(163,909,679

)

    

(6,171,961

)

    

(15,156,663

)

    

(13,001,089

)

    

(25,704,892

)

  

Net increase (decrease) in net assets resulting from operations

  

$

(169,640,950

)

  

$

(4,824,828

)

  

$

(16,128,535

)

  

$

(4,946,478

)

  

$

(26,112,914

)

  

The accompanying notes are an integral part of these financial statements.
98

    Buffalo
High Yield
Fund		   Buffalo
International
Fund		   Buffalo
Large Cap
Fund		   Buffalo
Mid Cap
Fund		   Buffalo
Small Cap
Fund		  

INVESTMENT INCOME:

  

Interest

  

$

18,883,810

    

$

—

    

$

—

    

$

—

    

$

—

    

Dividends from securities

    

902,997

      

10,118,304

      

842,669

      

783,149

      

4,098,213

    

Foreign tax withheld

    

—

      

(931,439

)

    

(3,724

)

    

—

      

—

    

Total investment income

    

19,786,807

      

9,186,865

      

838,945

      

783,149

      

4,098,213

    

EXPENSES:

  

Management fees (Note 3)

    

2,428,818

      

4,497,848

      

697,290

      

1,218,823

      

7,219,447

    

Shareholder Service Fees — Investor Class (Note 7)

    

75,056

      

337,130

      

41,846

      

113,726

      

709,582

    

Registration fees

    

37,732

      

47,828

      

33,821

      

35,271

      

73,693

    

Custody fees

    

—

      

96,177

      

—

      

—

      

—

    

Other expenses

    

87,848

      

7,956

      

1,633

      

2,456

      

12,747

    

Total expenses

    

2,629,454

      

4,986,939

      

774,590

      

1,370,276

      

8,015,469

    

Net investment income (loss)

    

17,157,353

      

4,199,926

      

64,355

      

(586,023

)

    

(3,917,256

)

  

NET REALIZED AND UNREALIZED GAIN (LOSS):

  

Net realized gain from:

  

Investment transactions

    

(8,298,692

)

    

922,424

      

(1,542,425

)

    

3,868,099

      

(100,904,915

)

  

Options written (Note 8)

    

—

      

—

      

—

      

—

      

—

    

Net unrealized appreciation/depreciation during the year on:

  

Investments

    

(13,156,789

)

    

(3,374,862

)

    

(10,272,639

)

    

(26,617,551

)

    

(12,721,155

)

  

Options written (Note 8)

    

—

      

—

      

—

      

—

      

—

    

Net realized and unrealized loss

    

(21,455,481

)

    

(2,452,438

)

    

(11,815,064

)

    

(22,749,452

)

    

(113,626,070

)

  

Net increase (decrease) in net assets resulting from operations

  

$

(4,298,128

)

  

$

1,747,488

    

$

(11,750,709

)

  

$

(23,335,475

)

  

$

(117,543,326

)

  


99

STATEMENTS OF CHANGES IN
NET ASSETS

    Buffalo
Discovery Fund		   Buffalo
Dividend Focus Fund		   Buffalo
Early Stage Growth Fund		  
    Year Ended
March 31, 2023		   Year Ended
March 31, 2022		   Year Ended
March 31, 2023		   Year Ended
March 31, 2022		   Year Ended
March 31, 2023		   Year Ended
March 31, 2022		  

OPERATIONS:

  

Net investment income (loss)

  

$

(5,731,271

)

  

$

(11,567,931

)

  

$

1,347,133

    

$

753,476

    

$

(971,872

)

  

$

(1,582,051

)

  

Net realized gain (loss) on investment transactions

    

9,260,805

      

145,261,973

      

(144,375

)

    

2,299,786

      

(3,621,984

)

    

10,248,601

    
Net unrealized appreciation/depreciation during the year on investments and translation of
assets and liabilities in foreign currencies		    

(173,170,484

)

    

(200,818,345

)

    

(6,027,586

)

    

10,781,502

      

(11,534,679

)

    

(26,331,028

)

  

Net increase (decrease) in net assets resulting from operations

    

(169,640,950

)

    

(67,124,303

)

    

(4,824,828

)

    

13,834,764

      

(16,128,535

)

    

(17,664,478

)

  

DISTRIBUTIONS TO SHAREHOLDERS:

  

Distributable earnings

    

(61,661,632

)

    

(236,211,778

)

    

(3,070,271

)

    

(2,146,892

)

    

(991,573

)

    

(18,199,094

)

  

Total distributions

    

(61,661,632

)

    

(236,211,778

)

    

(3,070,271

)

    

(2,146,892

)

    

(991,573

)

    

(18,199,094

)

  

CAPITAL SHARE TRANSACTIONS:

  

Shares sold

  

Investor Class

    

36,954,602

      

90,702,153

      

7,403,316

      

2,561,338

      

2,665,595

      

16,837,991

    

Institutional Class

    

32,946,069

      

112,094,624

      

15,515,124

      

9,515,807

      

2,151,792

      

7,269,326

    

Reinvested dividends and distributions

  

Investor Class

    

48,626,399

      

175,336,317

      

729,128

      

544,419

      

574,987

      

10,901,467

    

Institutional Class

    

11,483,669

      

54,999,105

      

2,264,382

      

1,544,679

      

392,726

      

6,790,444

    

Shares Issued

    

130,010,739

      

433,132,199

      

25,911,950

      

14,166,243

      

5,785,100

      

41,799,228

    

Redemptions

  

Investor Class

    

(287,796,455

)

    

(383,826,469

)

    

(4,689,312

)

    

(4,057,708

)

    

(10,237,919

)

    

(20,264,115

)

  

Institutional Class

    

(164,766,299

)

    

(63,487,663

)

    

(9,980,947

)

    

(5,965,203

)

    

(5,822,351

)

    

(4,828,538

)

  

Redemption fees (Note 5)

  

Investor Class

    

—

      

—

      

—

      

—

      

—

      

—

    

Institutional Class

    

—

      

—

      

—

      

—

      

—

      

—

    

Shares repurchased

    

(452,562,754

)

    

(447,314,132

)

    

(14,670,259

)

    

(10,022,911

)

    

(16,060,270

)

    

(25,092,653

)

  

Net increase (decrease) from capital share transactions

    

(322,552,015

)

    

(14,181,933

)

    

11,241,691

      

4,143,332

      

(10,275,170

)

    

16,706,575

    

Total increase (decrease) in net assets

    

(553,854,597

)

    

(317,518,014

)

    

3,346,592

      

15,831,204

      

(27,395,278

)

    

(19,156,997

)

  

NET ASSETS:

  

Beginning of period

    

1,462,626,228

      

1,780,144,242

      

116,841,152

      

101,009,948

      

112,689,357

      

131,846,354

    

End of period

  

$

908,771,631

    

$

1,462,626,228

    

$

120,187,744

    

$

116,841,152

    

$

85,294,079

    

$

112,689,357

    

Fund share transactions:

  

Shares issued

  

Investor Class

    

1,744,428

      

3,027,055

      

308,683

      

101,658

      

175,765

      

707,214

    

Institutional Class

    

1,574,535

      

3,495,167

      

643,114

      

380,489

      

141,738

      

321,214

    
     

3,318,963

      

6,522,222

      

951,797

      

482,147

      

317,503

      

1,028,428

    

Reinvested dividends and distributions

  

Investor Class

    

2,420,428

      

6,501,161

      

30,949

      

21,770

      

39,195

      

555,914

    

Institutional Class

    

567,936

      

2,029,487

      

96,196

      

61,769

      

26,607

      

344,518

    
     

2,988,364

      

8,530,648

      

127,145

      

83,539

      

65,802

      

900,432

    

Shares Issued

    

6,307,327

      

15,052,870

      

1,078,942

      

565,686

      

383,305

      

1,928,860

    

Shares repurchased

  

Investor Class

    

(13,708,730

)

    

(12,876,646

)

    

(197,852

)

    

(160,274

)

    

(682,704

)

    

(886,300

)

  

Institutional Class

    

(7,725,892

)

    

(2,172,522

)

    

(419,806

)

    

(235,015

)

    

(386,933

)

    

(220,133

)

  

Total Shares Repurchased

    

(21,434,622

)

    

(15,049,168

)

    

(617,658

)

    

(395,289

)

    

(1,069,637

)

    

(1,106,433

)

  

Net increase (decrease) in fund shares

    

(15,127,295

)

    

3,702

      

461,284

      

170,397

      

(686,332

)

    

822,427

    

The accompanying notes are an integral part of these financial statements.
100

    Buffalo
Flexible Income Fund		   Buffalo
Growth Fund		  
    Year Ended
March 31, 2023		   Year Ended
March 31, 2022		   Year Ended
March 31, 2023		   Year Ended
March 31, 2022		  

OPERATIONS:

  

Net investment income (loss)

  

$

8,054,610

    

$

7,460,791

    

$

(408,022

)

  

$

(696,471

)

  

Net realized gain (loss) on investment transactions

    

4,362,432

      

19,116,133

      

4,028,275

      

18,127,016

    
Net unrealized appreciation/depreciation during the year on investments and translation of
assets and liabilities in foreign currencies		    

(17,363,520

)

    

69,725,547

      

(29,733,167

)

    

2,161,487

    

Net increase (decrease) in net assets resulting from operations

    

(4,946,478

)

    

96,302,471

      

(26,112,914

)

    

19,592,032

    

DISTRIBUTIONS TO SHAREHOLDERS:

  

Distributable earnings

    

(20,155,697

)

    

(24,455,226

)

    

(6,215,261

)

    

(20,046,380

)

  

Total distributions

    

(20,155,697

)

    

(24,455,226

)

    

(6,215,261

)

    

(20,046,380

)

  

CAPITAL SHARE TRANSACTIONS:

  

Shares sold

  

Investor Class

    

65,675,954

      

35,446,475

      

4,437,040

      

5,085,586

    

Institutional Class

    

13,978,304

      

11,411,527

      

2,306,813

      

6,760,777

    

Reinvested dividends and distributions

  

Investor Class

    

12,884,149

      

15,186,659

      

3,265,304

      

10,701,157

    

Institutional Class

    

5,893,264

      

7,689,399

      

2,869,531

      

9,126,988

    

Shares Issued

    

98,431,671

      

69,734,060

      

12,878,688

      

31,674,508

    

Redemptions

  

Investor Class

    

(75,660,916

)

    

(60,688,616

)

    

(20,399,727

)

    

(25,149,748

)

  

Institutional Class

    

(18,422,462

)

    

(16,575,934

)

    

(12,603,435

)

    

(9,182,096

)

  

Redemption fees (Note 5)

  

Investor Class

    

—

      

—

      

—

      

—

    

Institutional Class

    

—

      

—

      

—

      

—

    

Shares repurchased

    

(94,083,378

)

    

(77,264,550

)

    

(33,003,162

)

    

(34,331,844

)

  

Net increase (decrease) from capital share transactions

    

4,348,293

      

(7,530,490

)

    

(20,124,474

)

    

(2,657,336

)

  

Total increase (decrease) in net assets

    

(20,753,882

)

    

64,316,755

      

(52,452,649

)

    

(3,111,684

)

  

NET ASSETS:

  

Beginning of period

    

490,024,944

      

425,708,189

      

195,332,734

      

198,444,418

    

End of period

  

$

469,271,062

    

$

490,024,944

    

$

142,880,085

    

$

195,332,734

    

Fund share transactions:

  

Shares issued

  

Investor Class

    

3,526,477

      

1,953,183

      

175,918

      

152,848

    

Institutional Class

    

765,068

      

639,999

      

93,186

      

199,782

    
     

4,291,545

      

2,593,182

      

269,104

      

352,630

    

Reinvested dividends and distributions

  

Investor Class

    

698,843

      

866,665

      

138,595

      

331,305

    

Institutional Class

    

319,827

      

438,889

      

121,231

      

281,697

    
     

1,018,670

      

1,305,554

      

259,826

      

613,002

    

Shares Issued

    

5,310,215

      

3,898,736

      

528,930

      

965,632

    

Shares repurchased

  

Investor Class

    

(4,147,040

)

    

(3,423,944

)

    

(819,849

)

    

(750,535

)

  

Institutional Class

    

(998,680

)

    

(936,487

)

    

(508,029

)

    

(273,115

)

  

Total Shares Repurchased

    

(5,145,720

)

    

(4,360,431

)

    

(1,327,878

)

    

(1,023,650

)

  

Net increase (decrease) in fund shares

    

164,495

      

(461,695

)

    

(798,948

)

    

(58,018

)

  


101

STATEMENTS OF CHANGES IN
NET ASSETS

    Buffalo
High Yield Fund		   Buffalo
International Fund		   Buffalo
Large Cap Fund		  
    Year Ended
March 31, 2023		   Year Ended
March 31, 2022		   Year Ended
March 31, 2023		   Year Ended
March 31, 2022		   Year Ended
March 31, 2023		   Year Ended
March 31, 2022		  

OPERATIONS:

  

Net investment income (loss)

  

$

17,157,353

    

$

12,350,271

    

$

4,199,926

    

$

1,338,822

    

$

64,355

    

$

(286,638

)

  

Net realized gain (loss) on investment transactions

    

(8,298,692

)

    

8,337,574

      

922,424

      

15,739,005

      

(1,542,425

)

    

27,125,565

    
Net unrealized appreciation/depreciation during the year on investments and translation of
assets and liabilities in foreign currencies		    

(13,156,789

)

    

(15,061,629

)

    

(3,374,862

)

    

(9,582,271

)

    

(10,272,639

)

    

(15,249,591

)

  

Net increase (decrease) in net assets resulting from operations

    

(4,298,128

)

    

5,626,216

      

1,747,488

      

7,495,556

      

(11,750,709

)

    

11,589,336

    

DISTRIBUTIONS TO SHAREHOLDERS:

  

Distributable earnings

    

(22,752,760

)

    

(21,107,564

)

    

(10,436,510

)

    

(8,250,348

)

    

(2,521,305

)

    

(26,204,398

)

  

Total distributions

    

(22,752,760

)

    

(21,107,564

)

    

(10,436,510

)

    

(8,250,348

)

    

(2,521,305

)

    

(26,204,398

)

  

CAPITAL SHARE TRANSACTIONS:

  

Shares sold

  

Investor Class

    

31,266,028

      

16,978,308

      

92,532,462

      

74,628,662

      

1,417,943

      

4,233,701

    

Institutional Class

    

61,640,191

      

37,510,763

      

110,472,489

      

65,919,686

      

6,448,349

      

8,024,389

    

Reinvested dividends and distributions

  

Investor Class

    

3,826,042

      

3,835,831

      

3,936,057

      

3,539,520

      

737,721

      

8,131,619

    

Institutional Class

    

16,594,848

      

15,198,835

      

5,623,200

      

4,474,207

      

1,710,941

      

17,150,974

    

Shares Issued

    

113,327,109

      

73,523,737

      

212,564,208

      

148,562,075

      

10,314,954

      

37,540,683

    

Redemptions

  

Investor Class

    

(22,118,507

)

    

(17,482,430

)

    

(100,287,024

)

    

(75,011,332

)

    

(5,582,591

)

    

(9,924,225

)

  

Institutional Class

    

(51,212,412

)

    

(19,946,518

)

    

(72,796,682

)

    

(38,713,002

)

    

(9,643,547

)

    

(8,334,709

)

  

Redemption fees (Note 5)

  

Investor Class

    

—

      

—

      

—

      

—

      

—

      

—

    

Institutional Class

    

—

      

—

      

—

      

—

      

—

      

—

    

Shares repurchased

    

(73,330,919

)

    

(37,428,948

)

    

(173,083,706

)

    

(113,724,334

)

    

(15,226,138

)

    

(18,258,934

)

  

Net increase (decrease) from capital share transactions

    

39,996,190

      

36,094,789

      

39,480,502

      

34,837,741

      

(4,911,184

)

    

19,281,749

    

Total increase (decrease) in net assets

    

12,945,302

      

20,613,441

      

30,791,480

      

34,082,949

      

(19,183,198

)

    

4,666,687

    

NET ASSETS:

  

Beginning of period

    

296,438,589

      

275,825,148

      

579,722,401

      

545,639,452

      

113,473,546

      

108,806,859

    

End of period

  

$

309,383,891

    

$

296,438,589

    

$

610,513,881

    

$

579,722,401

    

$

94,290,348

    

$

113,473,546

    

Fund share transactions:

  

Shares issued

  

Investor Class

    

3,041,835

      

1,444,631

      

5,023,406

      

3,362,322

      

42,116

      

87,396

    

Institutional Class

    

5,982,023

      

3,219,662

      

5,963,204

      

2,960,156

      

193,730

      

168,409

    
     

9,023,858

      

4,664,293

      

10,986,610

      

6,322,478

      

235,846

      

255,805

    

Reinvested dividends and distributions

  

Investor Class

    

372,381

      

330,686

      

214,186

      

157,413

      

22,727

      

189,902

    

Institutional Class

    

1,615,104

      

1,311,808

      

306,298

      

198,604

      

52,435

      

399,138

    

   

1,987,485

      

1,642,494

      

520,484

      

356,017

      

75,162

      

589,040

    

Shares Issued

    

11,011,343

      

6,306,787

      

11,507,094

      

6,678,495

      

311,008

      

844,845

    

Shares repurchased

  

Investor Class

    

(2,144,711

)

    

(1,507,734

)

    

(5,443,057

)

    

(3,455,367

)

    

(164,532

)

    

(206,465

)

  

Institutional Class

    

(4,944,710

)

    

(1,717,947

)

    

(3,965,772

)

    

(1,752,736

)

    

(287,025

)

    

(175,089

)

  

Total Shares Repurchased

    

(7,089,421

)

    

(3,225,681

)

    

(9,408,829

)

    

(5,208,103

)

    

(451,557

)

    

(381,554

)

  

Net increase (decrease) in fund shares

    

3,921,922

      

3,081,106

      

2,098,265

      

1,470,392

      

(140,549

)

    

463,291

    

The accompanying notes are an integral part of these financial statements.
102

    Buffalo
Mid Cap Fund		   Buffalo
Small Cap Fund		  
    Year Ended
March 31, 2023		   Year Ended
March 31, 2022		   Year Ended
March 31, 2023		   Year Ended
March 31, 2022		  

OPERATIONS:

  

Net investment income (loss)

  

$

(586,023

)

  

$

(955,603

)

  

$

(3,917,256

)

  

$

(9,042,676

)

  

Net realized gain (loss) on investment transactions

    

3,868,099

      

14,348,950

      

(100,904,915

)

    

52,166,078

    
Net unrealized appreciation/depreciation during the year on investments and translation of
assets and liabilities in foreign currencies		    

(26,617,551

)

    

(15,622,847

)

    

(12,721,155

)

    

(254,440,168

)

  

Net increase (decrease) in net assets resulting from operations

    

(23,335,475

)

    

(2,229,500

)

    

(117,543,326

)

    

(211,316,766

)

  

DISTRIBUTIONS TO SHAREHOLDERS:

  

Distributable earnings

    

(6,882,361

)

    

(20,762,447

)

    

—

      

(142,049,821

)

  

Total distributions

    

(6,882,361

)

    

(20,762,447

)

    

—

      

(142,049,821

)

  

CAPITAL SHARE TRANSACTIONS:

  

Shares sold

  

Investor Class

    

1,435,785

      

5,257,376

      

83,086,038

      

291,257,479

    

Institutional Class

    

3,710,539

      

6,656,550

      

103,680,341

      

174,193,990

    

Reinvested dividends and distributions

  

Investor Class

    

3,624,175

      

11,369,480

      

—

      

101,656,595

    

Institutional Class

    

3,175,166

      

9,147,691

      

—

      

37,625,245

    

Shares Issued

    

11,945,665

      

32,431,097

      

186,766,379

      

604,733,309

    

Redemptions

  

Investor Class

    

(12,454,684

)

    

(14,115,769

)

    

(120,440,428

)

    

(241,646,741

)

  

Institutional Class

    

(10,253,786

)

    

(6,203,747

)

    

(77,661,329

)

    

(160,773,145

)

  

Redemption fees (Note 5)

  

Investor Class

    

—

      

—

      

—

      

—

    

Institutional Class

    

—

      

—

      

—

      

—

    

Shares repurchased

    

(22,708,470

)

    

(20,319,516

)

    

(198,101,757

)

    

(402,419,886

)

  

Net increase (decrease) from capital share transactions

    

(10,762,805

)

    

12,111,581

      

(11,335,378

)

    

202,313,423

    

Total increase (decrease) in net assets

    

(40,980,641

)

    

(10,880,366

)

    

(128,878,704

)

    

(151,053,164

)

  

NET ASSETS:

  

Beginning of period

    

179,822,993

      

190,703,359

      

978,922,476

      

1,129,975,640

    

End of period

  

$

138,842,352

    

$

179,822,993

    

$

850,043,772

    

$

978,922,476

    

Fund share transactions:

  

Shares issued

  

Investor Class

    

95,900

      

263,645

      

5,846,891

      

13,531,321

    

Institutional Class

    

253,640

      

336,084

      

7,316,524

      

8,315,660

    
     

349,540

      

599,729

      

13,163,415

      

21,846,981

    

Reinvested dividends and distributions

  

Investor Class

    

257,034

      

612,910

      

—

      

5,564,127

    

Institutional Class

    

223,761

      

491,019

      

—

      

2,050,422

    

   

480,795

      

1,103,929

      

—

      

7,614,549

    

Shares Issued

    

830,335

      

1,703,658

      

13,163,415

      

29,461,530

    

Shares repurchased

  

Investor Class

    

(856,314

)

    

(708,224

)

    

(8,531,455

)

    

(11,981,132

)

  

Institutional Class

    

(694,558

)

    

(308,223

)

    

(5,480,015

)

    

(7,788,562

)

  

Total Shares Repurchased

    

(1,550,872

)

    

(1,016,447

)

    

(14,011,470

)

    

(19,769,694

)

  

Net increase (decrease) in fund shares

    

(720,537

)

    

687,211

      

(848,055

)

    

9,691,836

    


103

FINANCIAL HIGHLIGHTS

BUFFALO DISCOVERY FUND INVESTOR CLASS

The following tables are intended to help you understand the Fund's financial performance for the periods shown. Certain information reflects financial results for a single Fund share. Total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund. Total returns assume reinvestment of all dividends and distributions. Total returns do not reflect payment of sales charges, if any, and are not annualized for periods of less than one year.

   

For the Years Ended March 31,

  
Condensed data for a share of capital stock
outstanding throughout the period.		  

2023

  

2022

  

2021

  

2020

  

2019

  

Net asset value, beginning of period

  

$

25.31

    

$

30.82

    

$

19.88

    

$

25.29

    

$

24.52

    

Income from investment operations:

  

Net investment loss

    

(0.12

)(1)

    

(0.21

)(1)

    

(0.18

)(1)

    

(0.06

)

    

(0.06

)

  

Net gains (losses) on securities (both realized and unrealized)

    

(2.52

)

    

(0.93

)

    

13.51

      

(1.76

)

    

2.31

    

Total from investment operations

    

(2.64

)

    

(1.14

)

    

13.33

      

(1.82

)

    

2.25

    

Less distributions:

  

Distributions from capital gains

    

(1.37

)

    

(4.37

)

    

(2.39

)

    

(3.59

)

    

(1.48

)

  

Total distributions

    

(1.37

)

    

(4.37

)

    

(2.39

)

    

(3.59

)

    

(1.48

)

  

Net asset value, end of period

  

$

21.30

    

$

25.31

    

$

30.82

    

$

19.88

    

$

25.29

    

Total return

    

(10.12

%)

    

(4.58

%)

    

67.49

%

    

(9.64

%)

    

10.34

%

  

Ratios/Supplemental Data

  

Net assets, end of period (in thousands)

  

$

722,077

    

$

1,099,258

    

$

1,442,145

    

$

1,132,237

    

$

1,744,262

    

Ratio of expenses to average net assets

    

1.01

%

    

1.00

%

    

1.01

%

    

1.01

%

    

1.01

%

  

Ratio of net investment income (loss) to average net assets

    

(0.58

%)

    

(0.70

%)

    

(0.64

%)

    

(0.30

%)

    

(0.21

%)

  

Portfolio turnover rate

    

26

%

    

41

%

    

84

%

    

123

%

    

77

%

  

(1)  Per share amounts have been calculated using the average shares method.


104

FINANCIAL HIGHLIGHTS

BUFFALO DISCOVERY FUND INSTITUTIONAL CLASS

The following tables are intended to help you understand the Fund's financial performance for the periods shown. Certain information reflects financial results for a single Fund share. Total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund. Total returns assume reinvestment of all dividends and distributions. Total returns do not reflect payment of sales charges, if any, and are not annualized for periods of less than one year.

   

For the Years Ended March 31,

   For the period
July 1, 2019*
through		  
Condensed data for a share of capital stock
outstanding throughout the period.		  

2023

  

2022

  

2021

  

March 31, 2020

  

Net asset value, beginning of period

  

$

25.44

    

$

30.92

    

$

19.91

    

$

27.10

    

Income from investment operations:

  

Net investment loss

    

(0.09

)(1)

    

(0.17

)(1)

    

(0.14

)(1)

    

(0.04

)

  

Net gains (losses) on securities (both realized and unrealized)

    

(2.52

)

    

(0.94

)

    

13.54

      

(3.56

)

  

Total from investment operations

    

(2.61

)

    

(1.11

)

    

13.40

      

(3.60

)

  

Less distributions:

  

Distributions from capital gains

    

(1.37

)

    

(4.37

)

    

(2.39

)

    

(3.59

)

  

Total distributions

    

(1.37

)

    

(4.37

)

    

(2.39

)

    

(3.59

)

  

Net asset value, end of period

  

$

21.46

    

$

25.44

    

$

30.92

    

$

19.91

    

Total return

    

(9.94

%)

    

(4.46

%)

    

67.75

%

    

(15.55

%)(2)

  

Ratios/Supplemental Data

  

Net assets, end of period (in thousands)

  

$

186,695

    

$

363,369

    

$

337,999

    

$

205,430

    

Ratio of expenses to average net assets

    

0.86

%

    

0.86

%

    

0.86

%

    

0.86

%

  

Ratio of net investment income (loss) to average net assets

    

(0.43

%)

    

(0.55

%)

    

(0.50

%)

    

(0.25

%)

  

Portfolio turnover rate**

    

26

%

    

41

%

    

84

%

    

123

%

  

*  Inception date

**  Not annualized for periods less than one year.

(1)  Per share amounts have been calculated using the average shares method.

(2)  The return listed is the non-annualized return for the Institutional Class since inception date.


105

FINANCIAL HIGHLIGHTS

BUFFALO DIVIDEND FOCUS FUND INVESTOR CLASS

The following tables are intended to help you understand the Fund's financial performance for the periods shown. Certain information reflects financial results for a single Fund share. Total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund. Total returns assume reinvestment of all dividends and distributions. Total returns do not reflect payment of sales charges, if any, and are not annualized for periods of less than one year.

   

For the Years Ended March 31,

  
Condensed data for a share of capital stock
outstanding throughout the period.		  

2023

  

2022

  

2021

  

2020

  

2019

  

Net asset value, beginning of period

  

$

25.79

    

$

23.16

    

$

15.10

    

$

16.65

    

$

16.28

    

Income from investment operations:

  

Net investment gain

    

0.25

(1)

    

0.14

(1)

    

0.12

(1)

    

0.44

      

0.25

    

Net gains (losses) on securities (both realized and unrealized)

    

(1.36

)

    

2.94

      

8.06

      

(1.81

)

    

0.91

    

Total from investment operations

    

(1.11

)

    

3.08

      

8.18

      

(1.37

)

    

1.16

    

Less distributions:

  

Distributions from investment income

    

(0.23

)

    

(0.14

)

    

(0.12

)

    

(0.17

)

    

(0.25

)

  

Distributions from capital gains

    

(0.38

)

    

(0.31

)

    

—

      

—

      

(0.54

)

  

Distributions from return of capital

    

—

      

—

      

—

      

(0.01

)

    

—

    

Total distributions

    

(0.61

)

    

(0.45

)

    

(0.12

)

    

(0.18

)

    

(0.79

)

  

Net asset value, end of period

  

$

24.07

    

$

25.79

    

$

23.16

    

$

15.10

    

$

16.65

    

Total return

    

(4.22

%)

    

13.39

%

    

54.29

%

    

(8.32

%)

    

7.48

%

  

Ratios/Supplemental Data

  

Net assets, end of period (in thousands)

  

$

32,256

    

$

30,895

    

$

28,605

    

$

23,821

    

$

58,299

    

Ratio of expenses to average net assets

    

0.93

%

    

0.93

%

    

0.94

%

    

0.95

%

    

0.94

%

  

Ratio of net investment income (loss) to average net assets

    

1.07

%

    

0.56

%

    

0.63

%

    

0.84

%

    

1.45

%

  

Portfolio turnover rate

    

2

%

    

4

%

    

20

%

    

31

%

    

20

%

  

(1)  Per share amounts have been calculated using the average shares method.


106

FINANCIAL HIGHLIGHTS

BUFFALO DIVIDEND FOCUS FUND INSTITUTIONAL CLASS

The following tables are intended to help you understand the Fund's financial performance for the periods shown. Certain information reflects financial results for a single Fund share. Total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund. Total returns assume reinvestment of all dividends and distributions. Total returns do not reflect payment of sales charges, if any, and are not annualized for periods of less than one year.

   

For the Years Ended March 31,

   For the period
July 1, 2019*
through		  
Condensed data for a share of capital stock
outstanding throughout the period.		  

2023

  

2022

  

2021

  

March 31, 2020

  

Net asset value, beginning of period

  

$

25.78

    

$

23.16

    

$

15.10

    

$

17.37

    

Income from investment operations:

  

Net investment income

    

0.29

(1)

    

0.18

(1)

    

0.15

(1)

    

0.28

    

Net gains (losses) on securities (both realized and unrealized)

    

(1.35

)

    

2.93

      

8.06

      

(2.41

)

  

Total from investment operations

    

(1.06

)

    

3.11

      

8.21

      

(2.13

)

  

Less distributions:

  

Distributions from investment income

    

(0.27

)

    

(0.18

)

    

(0.15

)

    

(0.13

)

  

Distributions from capital gains

    

(0.38

)

    

(0.31

)

    

—

      

—

    

Distributions from return of capital

    

—

      

—

      

—

      

(0.01

)

  

Total distributions

    

(0.65

)

    

(0.49

)

    

(0.15

)

    

(0.14

)

  

Net asset value, end of period

  

$

24.07

    

$

25.78

    

$

23.16

    

$

15.10

    

Total return

    

(4.04

%)

    

13.51

%

    

54.52

%

    

(12.34

%)(2)

  

Ratios/Supplemental Data

  

Net assets, end of period (in thousands)

  

$

87,932

    

$

85,946

    

$

72,405

    

$

40,887

    

Ratio of expenses to average net assets

    

0.78

%

    

0.78

%

    

0.79

%

    

0.80

%

  

Ratio of net investment income (loss) to average net assets

    

1.22

%

    

0.71

%

    

0.78

%

    

1.23

%

  

Portfolio turnover rate**

    

2

%

    

4

%

    

20

%

    

31

%

  

*  Inception date

**  Not annualized for periods less than one year.

(1)  Per share amounts have been calculated using the average shares method.

(2)  The return listed is the non-annualized return for the Institutional Class since inception date.


107

FINANCIAL HIGHLIGHTS

BUFFALO EARLY STAGE GROWTH FUND INVESTOR CLASS

The following tables are intended to help you understand the Fund's financial performance for the periods shown. Certain information reflects financial results for a single Fund share. Total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund. Total returns assume reinvestment of all dividends and distributions. Total returns do not reflect payment of sales charges, if any, and are not annualized for periods of less than one year.

   

For the Years Ended March 31,

  
Condensed data for a share of capital stock
outstanding throughout the period.		  

2023

  

2022

  

2021

  

2020

  

2019

  

Net asset value, beginning of period

  

$

17.75

    

$

23.88

    

$

12.50

    

$

15.30

    

$

16.03

    

Income from investment operations:

  

Net investment loss

    

(0.17

)(1)

    

(0.28

)(1)

    

(0.25

)(1)

    

(0.15

)

    

(0.15

)

  

Net gains (losses) on securities (both realized and unrealized)

    

(2.36

)

    

(2.60

)

    

14.11

      

(1.85

)

    

1.32

    

Total from investment operations

    

(2.53

)

    

(2.88

)

    

13.86

      

(2.00

)

    

1.17

    

Less distributions:

  

Distributions from capital gains

    

(0.17

)

    

(3.25

)

    

(2.48

)

    

(0.80

)

    

(1.90

)

  

Total distributions

    

(0.17

)

    

(3.25

)

    

(2.48

)

    

(0.80

)

    

(0.79

)

  

Net asset value, end of period

  

$

15.05

    

$

17.75

    

$

23.88

    

$

12.50

    

$

15.30

    

Total return

    

(14.23

%)

    

(13.32

%)

    

112.86

%

    

(14.38

%)

    

9.39

%

  

Ratios/Supplemental Data

  

Net assets, end of period (in thousands)

  

$

50,837

    

$

68,232

    

$

82,824

    

$

42,633

    

$

84,032

    

Ratio of expenses to average net assets

    

1.49

%

    

1.45

%

    

1.50

%

    

1.49

%

    

1.48

%

  

Ratio of net investment income (loss) to average net assets

    

(1.11

%)

    

(1.22

%)

    

(1.24

%)

    

(1.00

%)

    

(0.94

%)

  

Portfolio turnover rate

    

10

%

    

34

%

    

54

%

    

22

%

    

40

%

  

(1)  Per share amounts have been calculated using the average shares method.


108

FINANCIAL HIGHLIGHTS

BUFFALO EARLY STAGE GROWTH FUND INSTITUTIONAL CLASS

The following tables are intended to help you understand the Fund's financial performance for the periods shown. Certain information reflects financial results for a single Fund share. Total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund. Total returns assume reinvestment of all dividends and distributions. Total returns do not reflect payment of sales charges, if any, and are not annualized for periods of less than one year.

   

For the Years Ended March 31,

   For the period
July 1, 2019*
through		  
Condensed data for a share of capital stock
outstanding throughout the period.		  

2023

  

2022

  

2021

  

March 31, 2020

  

Net asset value, beginning of period

  

$

17.84

    

$

23.96

    

$

12.51

    

$

16.44

    

Income from investment operations:

  

Net investment loss

    

(0.15

)(1)

    

(0.24

)(1)

    

(0.22

)(1)

    

(0.14

)

  

Net gains (losses) on securities (both realized and unrealized)

    

(2.37

)

    

(2.63

)

    

14.15

      

(2.99

)

  

Total from investment operations

    

(2.52

)

    

(2.87

)

    

13.93

      

(3.13

)

  

Less distributions:

  

Distributions from capital gains

    

(0.17

)

    

(3.25

)

    

(2.48

)

    

(0.80

)

  

Total distributions

    

(0.17

)

    

(3.25

)

    

(2.48

)

    

(0.80

)

  

Net asset value, end of period

  

$

15.16

    

$

17.84

    

$

23.96

    

$

12.51

    

Total return

    

(14.05

%)

    

(13.20

%)

    

113.25

%

    

(20.25

%)(2)

  

Ratios/Supplemental Data

  

Net assets, end of period (in thousands)

  

$

34,457

    

$

44,458

    

$

49,023

    

$

23,102

    

Ratio of expenses to average net assets

    

1.34

%

    

1.32

%

    

1.35

%

    

1.35

%

  

Ratio of net investment income (loss) to average net assets

    

(0.96

%)

    

(1.07

%)

    

(1.09

%)

    

(1.19

%)

  

Portfolio turnover rate**

    

10

%

    

34

%

    

54

%

    

22

%

  

*  Inception date

**  Not annualized for periods less than one year.

(1)  Per share amounts have been calculated using the average shares method.

(2)  The return listed is the non-annualized return for the Institutional Class since inception date.


109

FINANCIAL HIGHLIGHTS

BUFFALO FLEXIBLE INCOME FUND INVESTOR CLASS

The following tables are intended to help you understand the Fund's financial performance for the periods shown. Certain information reflects financial results for a single Fund share. Total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund. Total returns assume reinvestment of all dividends and distributions. Total returns do not reflect payment of sales charges, if any, and are not annualized for periods of less than one year.

   

For the Years Ended March 31,

  
Condensed data for a share of capital stock
outstanding throughout the period.		  

2023

  

2022

  

2021

  

2020

  

2019

  

Net asset value, beginning of period

  

$

19.03

    

$

16.24

    

$

11.93

    

$

15.27

    

$

15.00

    

Income from investment operations:

  

Net investment income

    

0.30

(1)

    

0.29

(1)

    

0.29

(1)

    

0.72

      

0.39

    

Net gains (losses) on securities (both realized and unrealized)

    

(0.46

)

    

3.48

      

4.53

      

(3.63

)

    

0.71

    

Total from investment operations

    

(0.16

)

    

3.77

      

4.82

      

(2.91

)

    

1.10

    

Less distributions:

  

Distributions from investment income

    

(0.30

)

    

(0.29

)

    

(0.30

)

    

(0.32

)

    

(0.39

)

  

Distributions from capital gains

    

(0.46

)

    

(0.69

)

    

(0.21

)

    

(0.11

)

    

(0.44

)

  

Total distributions

    

(0.76

)

    

(0.98

)

    

(0.51

)

    

(0.43

)

    

(0.83

)

  

Net asset value, end of period

  

$

18.11

    

$

19.03

    

$

16.24

    

$

11.93

    

$

15.27

    

Total return

    

(0.87

%)

    

23.81

%

    

40.94

%

    

(19.63

%)

    

7.73

%

  

Ratios/Supplemental Data

  

Net assets, end of period (in thousands)

  

$

300,336

    

$

314,134

    

$

277,906

    

$

273,416

    

$

625,349

    

Ratio of expenses to average net assets

    

1.01

%

    

1.01

%

    

1.01

%

    

1.01

%

    

1.01

%

  

Ratio of net investment income (loss) to average net assets

    

1.66

%

    

1.60

%

    

2.04

%

    

1.99

%

    

2.57

%

  

Portfolio turnover rate

    

1

%

    

4

%

    

1

%

    

5

%

    

6

%

  

(1)  Per share amounts have been calculated using the average shares method.


110

FINANCIAL HIGHLIGHTS

BUFFALO FLEXIBLE INCOME FUND INSTITUTIONAL CLASS

The following tables are intended to help you understand the Fund's financial performance for the periods shown. Certain information reflects financial results for a single Fund share. Total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund. Total returns assume reinvestment of all dividends and distributions. Total returns do not reflect payment of sales charges, if any, and are not annualized for periods of less than one year.

   

For the Years Ended March 31,

   For the period
July 1, 2019*
through 		 
Condensed data for a share of capital stock
outstanding throughout the period.		  

2023

  

2022

  

2021

  

March 31, 2020

  

Net asset value, beginning of period

  

$

19.03

    

$

16.24

    

$

11.93

    

$

15.31

    

Income from investment operations:

  

Net investment income

    

0.33

(1)

    

0.32

(1)

    

0.31

(1)

    

0.57

    

Net gains (losses) on securities (both realized and unrealized)

    

(0.47

)

    

3.48

      

4.53

      

(3.60

)

  

Total from investment operations

    

(0.14

)

    

3.80

      

4.84

      

(3.03

)

  

Less distributions:

  

Distributions from investment income

    

(0.33

)

    

(0.31

)

    

(0.32

)

    

(0.25

)

  

Distributions from capital gains

    

(0.46

)

    

(0.69

)

    

(0.21

)

    

(0.10

)

  

Total distributions

    

(0.79

)

    

(1.01

)

    

(0.53

)

    

(0.35

)

  

Net asset value, end of period

  

$

18.10

    

$

19.03

    

$

16.24

    

$

11.93

    

Total return

    

(0.78

%)

    

24.00

%

    

41.15

%

    

(20.20

%)(2)

  

Ratios/Supplemental Data

  

Net assets, end of period (in thousands)

  

$

168,935

    

$

175,891

    

$

147,802

    

$

133,843

    

Ratio of expenses to average net assets

    

0.86

%

    

0.86

%

    

0.86

%

    

0.86

%

  

Ratio of net investment income (loss) to average net assets

    

1.81

%

    

1.75

%

    

2.19

%

    

2.79

%

  

Portfolio turnover rate**

    

1

%

    

4

%

    

1

%

    

5

%

  

*  Inception date

**  Not annualized for periods less than one year.

(1)  Per share amounts have been calculated using the average shares method.

(2)  The return listed is the non-annualized return for the Institutional Class since inception date.


111

FINANCIAL HIGHLIGHTS

BUFFALO GROWTH FUND INVESTOR CLASS

The following tables are intended to help you understand the Fund's financial performance for the periods shown. Certain information reflects financial results for a single Fund share. Total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund. Total returns assume reinvestment of all dividends and distributions. Total returns do not reflect payment of sales charges, if any, and are not annualized for periods of less than one year.

   

For the Years Ended March 31,

  
Condensed data for a share of capital stock
outstanding throughout the period.		  

2023

  

2022

  

2021

  

2020

  

2019

  

Net asset value, beginning of period

  

$

30.83

    

$

31.07

    

$

21.20

    

$

25.10

    

$

29.83

    

Income from investment operations:

  

Net investment income (loss)

    

(0.09

)(1)

    

(0.13

)(1)

    

(0.05

)(1)

    

0.08

      

0.05

    

Net gains (losses) on securities (both realized and unrealized)

    

(3.89

)

    

3.25

      

11.46

      

(0.55

)

    

2.76

    

Total from investment operations

    

(3.98

)

    

3.12

      

11.41

      

(0.47

)

    

2.81

    

Less distributions:

  

Distributions from investment income

    

—

      

—

      

—

      

(0.08

)

    

(0.01

)

  

Distributions from capital gains

    

(1.07

)

    

(3.36

)

    

(1.53

)

    

(3.35

)

    

(7.53

)

  

Total distributions

    

(1.07

)

    

(3.36

)

    

(1.53

)

    

(3.43

)

    

(7.54

)

  

Net asset value, end of period

  

$

25.79

    

$

30.83

    

$

31.07

    

$

21.20

    

$

25.10

    

Total return

    

(12.55

%)

    

9.56

%

    

53.98

%

    

(3.90

%)

    

13.17

%

  

Ratios/Supplemental Data

  

Net assets, end of period (in thousands)

  

$

73,408

    

$

103,336

    

$

112,399

    

$

88,051

    

$

174,570

    

Ratio of expenses to average net assets

    

0.92

%

    

0.92

%

    

0.92

%

    

0.92

%

    

0.91

%

  

Ratio of net investment income (loss) to average net assets

    

(0.34

%)

    

(0.40

%)

    

(0.19

%)

    

0.11

%

    

0.17

%

  

Portfolio turnover rate

    

11

%

    

13

%

    

21

%

    

33

%

    

16

%

  

(1)  Per share amounts have been calculated using the average shares method.


112

FINANCIAL HIGHLIGHTS

BUFFALO GROWTH FUND INSTITUTIONAL CLASS

The following tables are intended to help you understand the Fund's financial performance for the periods shown. Certain information reflects financial results for a single Fund share. Total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund. Total returns assume reinvestment of all dividends and distributions. Total returns do not reflect payment of sales charges, if any, and are not annualized for periods of less than one year.

   

For the Years Ended March 31,

   For the period
July 1, 2019*
through 		 
Condensed data for a share of capital stock
outstanding throughout the period.		  

2023

  

2022

  

2021

  

March 31, 2020

  

Net asset value, beginning of period

  

$

30.95

    

$

31.13

    

$

21.20

    

$

27.10

    

Income from investment operations:

  

Net investment income (loss)

    

(0.05

)(1)

    

(0.08

)(1)

    

(0.01

)(1)

    

0.15

    

Net gains (losses) on securities (both realized and unrealized)

    

(3.90

)

    

3.28

      

11.47

      

(2.59

)

  

Total from investment operations

    

(3.95

)

    

3.18

      

11.46

      

(2.44

)

  

Less distributions:

  

Distributions from investment income

    

—

      

—

      

—

      

(0.10

)

  

Distributions from capital gains

    

(1.07

)

    

(3.36

)

    

(1.53

)

    

(3.36

)

  

Total distributions

    

(1.07

)

    

(3.36

)

    

(1.53

)

    

(3.46

)

  

Net asset value, end of period

  

$

25.93

    

$

30.95

    

$

31.13

    

$

21.20

    

Total return

    

(12.44

%)

    

9.74

%

    

54.26

%

    

(10.92

%)(2)

  

Ratios/Supplemental Data

  

Net assets, end of period (in thousands)

  

$

69,473

    

$

91,997

    

$

86,046

    

$

58,307

    

Ratio of expenses to average net assets

    

0.77

%

    

0.77

%

    

0.77

%

    

0.78

%

  

Ratio of net investment income (loss) to average net assets

    

(0.19

%)

    

(0.25

%)

    

(0.04

%)

    

0.28

%

  

Portfolio turnover rate**

    

11

%

    

13

%

    

21

%

    

33

%

  

*  Inception date

**  Not annualized for periods less than one year.

(1)  Per share amounts have been calculated using the average shares method.

(2)  The return listed is the non-annualized return for the Institutional Class since inception date.


113

FINANCIAL HIGHLIGHTS

BUFFALO HIGH YIELD FUND INVESTOR CLASS

The following tables are intended to help you understand the Fund's financial performance for the periods shown. Certain information reflects financial results for a single Fund share. Total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund. Total returns assume reinvestment of all dividends and distributions. Total returns do not reflect payment of sales charges, if any, and are not annualized for periods of less than one year.

   

For the Years Ended March 31,

  
Condensed data for a share of capital stock
outstanding throughout the period.		  

2023

  

2022

  

2021

  

2020

  

2019

  

Net asset value, beginning of period

  

$

11.23

    

$

11.82

    

$

9.72

    

$

10.86

    

$

11.04

    

Income from investment operations:

  

Net investment income

    

0.61

(1)

    

0.48

(1)

    

0.48

(1)

    

1.17

      

0.51

    

Net gains (losses) on securities (both realized and unrealized)

    

(0.82

)

    

(0.24

)

    

2.10

      

(1.85

)

    

(0.15

)

  

Total from investment operations

    

(0.21

)

    

0.24

      

2.59

      

(0.68

)

    

0.36

    

Less distributions:

  

Distributions from investment income

    

(0.64

)

    

(0.48

)

    

(0.49

)

    

(0.46

)

    

(0.51

)

  

Distributions from capital gains

    

(0.19

)

    

(0.34

)

    

—

(2)

    

—

      

(0.03

)

  

Total distributions

    

(0.83

)

    

(0.83

)

    

(0.49

)

    

(0.46

)

    

(0.54

)

  

Net asset value, end of period

  

$

10.20

    

$

11.23

    

$

11.82

    

$

9.72

    

$

10.86

    

Total return

    

(1.63

%)

    

1.97

%

    

27.07

%

    

(6.67

%)

    

3.46

%

  

Ratios/Supplemental Data

  

Net assets, end of period (in thousands)

  

$

58,920

    

$

50,581

    

$

50,110

    

$

46,036

    

$

191,451

    

Ratio of expenses to average net assets

    

1.05

%

    

1.02

%

    

1.02

%

    

1.02

%

    

1.02

%

  

Ratio of net investment income (loss) to average net assets

    

5.88

%

    

4.09

%

    

4.38

%

    

3.60

%

    

4.68

%

  

Portfolio turnover rate

    

30

%

    

41

%

    

66

%

    

36

%

    

22

%

  

(1)  Per share amounts have been calculated using the average shares method.

(2)  Less than $0.01 per share.


114

FINANCIAL HIGHLIGHTS

BUFFALO HIGH YIELD FUND INSTITUTIONAL CLASS

The following tables are intended to help you understand the Fund's financial performance for the periods shown. Certain information reflects financial results for a single Fund share. Total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund. Total returns assume reinvestment of all dividends and distributions. Total returns do not reflect payment of sales charges, if any, and are not annualized for periods of less than one year.

   

For the Years Ended March 31,

   For the period
July 1, 2019*
through 		 
Condensed data for a share of capital stock
outstanding throughout the period.		  

2023

  

2022

  

2021

  

March 31, 2020

  

Net asset value, beginning of period

  

$

11.22

    

$

11.81

    

$

9.71

    

$

11.01

    

Income from investment operations:

  

Net investment income

    

0.63

(1)

    

0.50

(1)

    

0.50

(1)

    

0.71

    

Net gains (losses) on securities (both realized and unrealized)

    

(0.82

)

    

(0.24

)

    

2.10

      

(1.66

)

  

Total from investment operations

    

(0.19

)

    

0.26

      

2.60

      

(0.95

)

  

Less distributions:

  

Distributions from investment income

    

(0.65

)

    

(0.50

)

    

(0.50

)

    

(0.35

)

  

Distributions from capital gains

    

(0.19

)

    

(0.35

)

    

—

(2)

    

—

    

Total distributions

    

(0.84

)

    

(0.85

)

    

(0.50

)

    

(0.35

)

  

Net asset value, end of period

  

$

10.19

    

$

11.22

    

$

11.81

    

$

9.71

    

Total return

    

(1.49

%)

    

2.12

%

    

27.28

%

    

(8.94

%)(3)

  

Ratios/Supplemental Data

  

Net assets, end of period (in thousands)

  

$

250,464

    

$

245,858

    

$

225,715

    

$

141,735

    

Ratio of expenses to average net assets

    

0.89

%

    

0.87

%

    

0.86

%

    

0.88

%

  

Ratio of net investment income (loss) to average net assets

    

6.03

%

    

4.24

%

    

4.51

%

    

4.90

%

  

Portfolio turnover rate**

    

30

%

    

41

%

    

66

%

    

36

%

  

*  Inception date

**  Not annualized for periods less than one year.

(1)  Per share amounts have been calculated using the average shares method.

(2)  Less than $0.01 per share.

(3)  The return listed is the non-annualized return for the Institutional Class since inception date.


115

FINANCIAL HIGHLIGHTS

BUFFALO INTERNATIONAL FUND INVESTOR CLASS

The following tables are intended to help you understand the Fund's financial performance for the periods shown. Certain information reflects financial results for a single Fund share. Total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund. Total returns assume reinvestment of all dividends and distributions. Total returns do not reflect payment of sales charges, if any, and are not annualized for periods of less than one year.

   

For the Years Ended March 31,

  
Condensed data for a share of capital stock
outstanding throughout the period.		  

2023

  

2022

  

2021

  

2020

  

2019

  

Net asset value, beginning of period

  

$

20.65

    

$

20.51

    

$

13.54

    

$

14.76

    

$

15.10

    

Income from investment operations:

  

Net investment income (loss)

    

0.13

(1)

    

0.03

(1)(2)

    

0.04

(1)

    

0.19

      

0.09

    

Net gains (losses) on securities (both realized and unrealized)

    

(0.22

)

    

0.39

      

6.98

      

(1.31

)

    

(0.11

)

  

Total from investment operations

    

(0.09

)

    

0.42

      

7.02

      

(1.12

)

    

(0.02

)

  

Less distributions:

  

Distributions from investment income

    

(0.08

)

    

(0.02

)

    

(0.05

)

    

(0.10

)

    

(0.08

)

  

Distributions from capital gains

    

(0.25

)

    

(0.26

)

    

—

(2)

    

—

      

(0.24

)

  

Total distributions

    

(0.33

)

    

(0.28

)

    

(0.05

)

    

(0.10

)

    

(0.32

)

  

Net asset value, end of period

  

$

20.23

    

$

20.65

    

$

20.51

    

$

13.54

    

$

14.76

    

Total return

    

(0.21

%)

    

1.94

%

    

51.79

%

    

(7.67

%)

    

0.11

%

  

Ratios/Supplemental Data

  

Net assets, end of period (in thousands)

  

$

253,664

    

$

263,120

    

$

260,044

    

$

183,809

    

$

340,880

    

Ratio of expenses to average net assets

    

1.03

%

    

1.03

%

    

1.03

%

    

1.03

%

    

1.04

%

  

Ratio of net investment income (loss) to average net assets

    

0.71

%

    

0.14

%

    

0.22

%

    

0.55

%

    

0.64

%

  

Portfolio turnover rate

    

8

%

    

13

%

    

14

%

    

13

%

    

16

%

  

(1)  Per share amounts have been calculated using the average shares method.

(2)  Less than $0.01 per share.


116

FINANCIAL HIGHLIGHTS

BUFFALO INTERNATIONAL FUND INSTITUTIONAL CLASS

The following tables are intended to help you understand the Fund's financial performance for the periods shown. Certain information reflects financial results for a single Fund share. Total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund. Total returns assume reinvestment of all dividends and distributions. Total returns do not reflect payment of sales charges, if any, and are not annualized for periods of less than one year.

   

For the Years Ended March 31,

   For the period
July 1, 2019*
through 		 
Condensed data for a share of capital stock
outstanding throughout the period.		  

2023

  

2022

  

2021

  

March 31, 2020

  

Net asset value, beginning of period

  

$

20.67

    

$

20.53

    

$

13.55

    

$

15.85

    

Income from investment operations:

  

Net investment income

    

0.16

(1)

    

0.06

(1)

    

0.07

(1)

    

0.20

    

Net gains (losses) on securities (both realized and unrealized)

    

(0.22

)

    

0.39

      

6.99

      

(2.39

)

  

Total from investment operations

    

(0.06

)

    

0.45

      

7.06

      

(2.19

)

  

Less distributions:

  

Distributions from investment income

    

(0.11

)

    

(0.05

)

    

(0.08

)

    

(0.11

)

  

Distributions from capital gains

    

(0.25

)

    

(0.26

)

    

—

(2)

    

—

    

Total distributions

    

(0.36

)

    

(0.31

)

    

(0.08

)

    

(0.11

)

  

Net asset value, end of period

  

$

20.25

    

$

20.67

    

$

20.53

    

$

13.55

    

Total return

    

(0.09

%)

    

2.08

%

    

52.12

%

    

(13.95

%)(3)

  

Ratios/Supplemental Data

  

Net assets, end of period (in thousands)

  

$

356,850

    

$

316,602

    

$

285,595

    

$

176,285

    

Ratio of expenses to average net assets

    

0.88

%

    

0.88

%

    

0.88

%

    

0.88

%

  

Ratio of net investment income (loss) to average net assets

    

0.86

%

    

0.29

%

    

0.37

%

    

0.86

%

  

Portfolio turnover rate**

    

8

%

    

13

%

    

14

%

    

13

%

  

*  Inception date

**  Not annualized for periods less than one year.

(1)  Per share amounts have been calculated using the average shares method.

(2)  Less than $0.01 per share.

(3)  The return listed is the non-annualized return for the Institutional Class since inception date.


117

FINANCIAL HIGHLIGHTS

BUFFALO LARGE CAP FUND INVESTOR CLASS

The following tables are intended to help you understand the Fund's financial performance for the periods shown. Certain information reflects financial results for a single Fund share. Total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund. Total returns assume reinvestment of all dividends and distributions. Total returns do not reflect payment of sales charges, if any, and are not annualized for periods of less than one year.

   

For the Years Ended March 31,

  
Condensed data for a share of capital stock
outstanding throughout the period.		  

2023

  

2022

  

2021

  

2020

  

2019

  

Net asset value, beginning of period

  

$

40.21

    

$

46.23

    

$

29.53

    

$

31.01

    

$

29.08

    

Income from investment operations:

  

Net investment income (loss)

    

(0.01

)(1)

    

(0.16

)(1)

    

(0.07

)(1)

    

0.09

      

0.09

    

Net gains (losses) on securities (both realized and unrealized)

    

(4.12

)

    

5.59

      

16.83

      

(1.07

)

    

3.46

    

Total from investment operations

    

(4.13

)

    

5.43

      

16.76

      

(0.98

)

    

3.55

    

Less distributions:

  

Distributions from investment income

    

—

      

—

      

(0.06

)

    

(0.07

)

    

(0.11

)

  

Distributions from capital gains

    

(0.95

)

    

(11.45

)

    

—

      

(0.43

)

    

(1.51

)

  

Total distributions

    

(0.95

)

    

(11.45

)

    

(0.06

)

    

(0.50

)

    

(1.62

)

  

Net asset value, end of period

  

$

35.13

    

$

40.21

    

$

46.23

    

$

29.53

    

$

31.01

    

Total return

    

(10.08

%)

    

10.23

%

    

56.78

%

    

(3.40

%)

    

12.96

%

  

Ratios/Supplemental Data

  

Net assets, end of period (in thousands)

  

$

27,414

    

$

35,391

    

$

37,413

    

$

27,872

    

$

69,002

    

Ratio of expenses to average net assets

    

0.94

%

    

0.93

%

    

0.94

%

    

0.94

%

    

0.93

%

  

Ratio of net investment income (loss) to average net assets

    

(0.03

%)

    

(0.34

%)

    

(0.16

%)

    

0.21

%

    

0.27

%

  

Portfolio turnover rate

    

46

%

    

83

%

    

7

%

    

6

%

    

10

%

  

(1)  Per share amounts have been calculated using the average shares method.


118

FINANCIAL HIGHLIGHTS

BUFFALO LARGE CAP FUND INSTITUTIONAL CLASS

The following tables are intended to help you understand the Fund's financial performance for the periods shown. Certain information reflects financial results for a single Fund share. Total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund. Total returns assume reinvestment of all dividends and distributions. Total returns do not reflect payment of sales charges, if any, and are not annualized for periods of less than one year.

   

For the Years Ended March 31,

   For the period
July 1, 2019*
through 		 
Condensed data for a share of capital stock
outstanding throughout the period.		  

2023

  

2022

  

2021

  

March 31, 2020

  

Net asset value, beginning of period

  

$

40.37

    

$

46.30

    

$

29.56

    

$

32.79

    

Income from investment operations:

  

Net investment income (loss)

    

0.04

(1)

    

(0.09

)(1)

    

(0.00

)(1)(2)

    

0.16

    

Net gains (losses) on securities (both realized and unrealized)

    

(4.14

)

    

5.61

      

16.85

      

(2.89

)

  

Total from investment operations

    

(4.10

)

    

5.52

      

16.85

      

(2.73

)

  

Less distributions:

  

Distributions from investment income

    

—

      

—

      

(0.11

)

    

(0.07

)

  

Distributions from capital gains

    

(0.95

)

    

(11.45

)

    

—

      

(0.43

)

  

Total distributions

    

(0.95

)

    

(11.45

)

    

(0.11

)

    

(0.50

)

  

Net asset value, end of period

  

$

35.32

    

$

40.37

    

$

46.30

    

$

29.56

    

Total return

    

(9.97

%)

    

10.42

%

    

57.02

%

    

(8.55

%)(3)

  

Ratios/Supplemental Data

  

Net assets, end of period (in thousands)

  

$

66,876

    

$

78,082

    

$

71,394

    

$

45,244

    

Ratio of expenses to average net assets

    

0.79

%

    

0.78

%

    

0.79

%

    

0.80

%

  

Ratio of net investment income (loss) to average net assets

    

0.11

%

    

(0.19

%)

    

(0.01

%)

    

0.40

%

  

Portfolio turnover rate**

    

46

%

    

83

%

    

7

%

    

6

%

  

*  Inception date

**  Not annualized for periods less than one year.

(1)  Per share amounts have been calculated using the average shares method.

(2)  Less than $0.01 per share.

(3)  The return listed is the non-annualized return for the Institutional Class since inception date.


119

FINANCIAL HIGHLIGHTS

BUFFALO MID CAP FUND INVESTOR CLASS

The following tables are intended to help you understand the Fund's financial performance for the periods shown. Certain information reflects financial results for a single Fund share. Total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund. Total returns assume reinvestment of all dividends and distributions. Total returns do not reflect payment of sales charges, if any, and are not annualized for periods of less than one year.

   

For the Years Ended March 31,

  
Condensed data for a share of capital stock
outstanding throughout the period.		  

2023

  

2022

  

2021

  

2020

  

2019

  

Net asset value, beginning of period

  

$

17.72

    

$

20.19

    

$

13.02

    

$

14.52

    

$

13.99

    

Income from investment operations:

  

Net investment loss

    

(0.07

)(1)

    

(0.11

)(1)

    

(0.11

)(1)

    

(0.05

)

    

(0.04

)

  

Net gains (losses) on securities (both realized and unrealized)

    

(2.19

)

    

(0.10

)

    

8.61

      

(0.19

)

    

1.11

    

Total from investment operations

    

(2.26

)

    

(0.21

)

    

8.50

      

(0.24

)

    

1.07

    

Less distributions:

  

Distributions from capital gains

    

(0.74

)

    

(2.26

)

    

(1.33

)

    

(1.26

)

    

(0.54

)

  

Total distributions

    

(0.74

)

    

(2.26

)

    

(1.33

)

    

(1.26

)

    

(0.54

)

  

Net asset value, end of period

  

$

14.72

    

$

17.72

    

$

20.19

    

$

13.02

    

$

14.52

    

Total return

    

(12.58

%)

    

(1.55

%)

    

65.92

%

    

(2.89

%)

    

8.40

%

  

Ratios/Supplemental Data

  

Net assets, end of period (in thousands)

  

$

73,144

    

$

96,992

    

$

107,061

    

$

86,030

    

$

135,262

    

Ratio of expenses to average net assets

    

1.03

%

    

1.02

%

    

1.03

%

    

1.02

%

    

1.02

%

  

Ratio of net investment income (loss) to average net assets

    

(0.48

%)

    

(0.56

%)

    

(0.63

%)

    

(0.39

%)

    

(0.27

%)

  

Portfolio turnover rate

    

23

%

    

19

%

    

41

%

    

52

%

    

36

%

  

(1)  Per share amounts have been calculated using the average shares method.


120

FINANCIAL HIGHLIGHTS

BUFFALO MID CAP FUND INSTITUTIONAL CLASS

The following tables are intended to help you understand the Fund's financial performance for the periods shown. Certain information reflects financial results for a single Fund share. Total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund. Total returns assume reinvestment of all dividends and distributions. Total returns do not reflect payment of sales charges, if any, and are not annualized for periods of less than one year.

   

For the Years Ended March 31,

   For the period
July 1, 2019*
through 		 
Condensed data for a share of capital stock
outstanding throughout the period.		  

2023

  

2022

  

2021

  

March 31, 2020

  

Net asset value, beginning of period

  

$

17.81

    

$

20.24

    

$

13.03

    

$

15.63

    

Income from investment operations:

  

Net investment loss

    

(0.05

)(1)

    

(0.08

)(1)

    

(0.09

)(1)

    

(0.04

)

  

Net gains (losses) on securities (both realized and unrealized)

    

(2.20

)

    

(0.09

)

    

8.63

      

(1.30

)

  

Total from investment operations

    

(2.25

)

    

(0.17

)

    

8.54

      

(1.34

)

  

Less distributions:

  

Distributions from capital gains

    

(0.74

)

    

(2.26

)

    

(1.33

)

    

(1.26

)

  

Total distributions

    

(0.74

)

    

(2.26

)

    

(1.33

)

    

(1.26

)

  

Net asset value, end of period

  

$

14.82

    

$

17.81

    

$

20.24

    

$

13.03

    

Total return

    

(12.46

%)

    

(1.34

%)

    

66.18

%

    

(9.72

%)(2)

  

Ratios/Supplemental Data

  

Net assets, end of period (in thousands)

  

$

65,699

    

$

82,831

    

$

83,642

    

$

51,324

    

Ratio of expenses to average net assets

    

0.88

%

    

0.87

%

    

0.88

%

    

0.89

%

  

Ratio of net investment income (loss) to average net assets

    

(0.33

%)

    

(0.41

%)

    

(0.48

%)

    

(0.38

%)

  

Portfolio turnover rate**

    

23

%

    

19

%

    

41

%

    

52

%

  

*  Inception date

**  Not annualized for periods less than one year.

(1)  Per share amounts have been calculated using the average shares method.

(2)  The return listed is the non-annualized return for the Institutional Class since inception date.


121

FINANCIAL HIGHLIGHTS

BUFFALO SMALL CAP FUND INVESTOR CLASS

The following tables are intended to help you understand the Fund's financial performance for the periods shown. Certain information reflects financial results for a single Fund share. Total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund. Total returns assume reinvestment of all dividends and distributions. Total returns do not reflect payment of sales charges, if any, and are not annualized for periods of less than one year.

   

For the Years Ended March 31,

  
Condensed data for a share of capital stock
outstanding throughout the period.		  

2023

  

2022

  

2021

  

2020

  

2019

  

Net asset value, beginning of period

  

$

16.11

    

$

22.14

    

$

10.94

    

$

12.89

    

$

15.00

    

Income from investment operations:

  

Net investment loss

    

(0.07

)(1)

    

(0.17

)(1)

    

(0.15

)(1)

    

(0.08

)

    

(0.08

)

  

Net gains (losses) on securities (both realized and unrealized)

    

(1.86

)

    

(3.27

)

    

13.23

      

(0.62

)

    

1.25

    

Total from investment operations

    

(1.93

)

    

(3.44

)

    

13.08

      

(0.70

)

    

1.17

    

Less distributions:

  

Distributions from capital gains

    

—

      

(2.59

)

    

(1.88

)

    

(1.25

)

    

(3.28

)

  

Total distributions

    

—

      

(2.59

)

    

(1.88

)

    

(1.25

)

    

(0.54

)

  

Net asset value, end of period

  

$

14.18

    

$

16.11

    

$

22.14

    

$

10.94

    

$

12.89

    

Total return

    

(11.98

%)

    

(16.93

%)

    

120.78

%

    

(7.33

%)

    

12.19

%

  

Ratios/Supplemental Data

  

Net assets, end of period (in thousands)

  

$

575,979

    

$

697,647

    

$

801,388

    

$

337,804

    

$

510,410

    

Ratio of expenses to average net assets

    

0.98

%

    

1.01

%

    

1.01

%

    

1.01

%

    

1.01

%

  

Ratio of net investment income (loss) to average net assets

    

(0.50

%)

    

(0.83

%)

    

(0.81

%)

    

(0.65

%)

    

(0.55

%)

  

Portfolio turnover rate

    

44

%

    

59

%

    

63

%

    

67

%

    

57

%

  

(1)  Per share amounts have been calculated using the average shares method.


122

FINANCIAL HIGHLIGHTS

BUFFALO SMALL CAP FUND INSTITUTIONAL CLASS

The following tables are intended to help you understand the Fund's financial performance for the periods shown. Certain information reflects financial results for a single Fund share. Total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund. Total returns assume reinvestment of all dividends and distributions. Total returns do not reflect payment of sales charges, if any, and are not annualized for periods of less than one year.

   

For the Years Ended March 31,

   For the period
July 1, 2019*
through 		 
Condensed data for a share of capital stock
outstanding throughout the period.		  

2023

  

2022

  

2021

  

March 31, 2020

  

Net asset value, beginning of period

  

$

16.19

    

$

22.20

    

$

10.96

    

$

13.78

    

Income from investment operations:

  

Net investment loss

    

(0.05

)(1)

    

(0.14

)(1)

    

(0.13

)(1)

    

(0.06

)

  

Net gains (losses) on securities (both realized and unrealized)

    

(1.88

)

    

(3.28

)

    

13.24

      

(1.51

)

  

Total from investment operations

    

(1.93

)

    

(3.42

)

    

13.11

      

(1.57

)

  

Less distributions:

  

Distributions from capital gains

    

—

      

(2.59

)

    

(1.88

)

    

(1.25

)

  

Total distributions

    

—

      

(2.59

)

    

(1.88

)

    

(1.25

)

  

Net asset value, end of period

  

$

14.26

    

$

16.19

    

$

22.20

    

$

10.96

    

Total return

    

(11.92

%)

    

(16.79

%)

    

121.14

%

    

(13.24

%)(2)

  

Ratios/Supplemental Data

  

Net assets, end of period (in thousands)

  

$

274,065

    

$

281,276

    

$

328,588

    

$

95,095

    

Ratio of expenses to average net assets

    

0.86

%

    

0.86

%

    

0.86

%

    

0.86

%

  

Ratio of net investment income (loss) to average net assets

    

(0.38

%)

    

(0.68

%)

    

(0.67

%)

    

(0.73

%)

  

Portfolio turnover rate**

    

44

%

    

59

%

    

63

%

    

67

%

  

*  Inception date

**  Not annualized for periods less than one year.

(1)  Per share amounts have been calculated using the average shares method.

(2)  The return listed is the non-annualized return for the Institutional Class since inception date.


123

NOTES TO FINANCIAL STATEMENTS

March 31, 2023

1. SIGNIFICANT ACCOUNTING POLICIES:

The Buffalo Funds (comprised of the Buffalo Discovery Fund, Buffalo Dividend Focus Fund, Buffalo Early Stage Growth Fund, Buffalo Flexible Income Fund, Buffalo Growth Fund, Buffalo High Yield Fund, Buffalo International Fund, Buffalo Large Cap Fund, Buffalo Mid Cap Fund, and Buffalo Small Cap Fund) (the "Funds") are registered under the Investment Company Act of 1940, as amended (the "1940 Act"), each as a diversified open-end management investment company. The shares of the Buffalo Funds are issued in multiple series, with each series, in effect, representing a separate fund. Kornitzer Capital Management, Inc. ("Advisor" or "KCM") is the Funds' investment advisor.

Each of the Funds offers two classes of shares, Investor Class and Institutional Class. Each class of shares represents an equal interest in the Fund, except the difference of class specific expenses, which reflects the difference in the range of services provided to each class. The shareholder servicing fees for the Investor Class represent the class specific expenses. See Note 7 for more information regarding shareholder servicing fees for the Investor Class. Income, expenses (other than class specific), and realized and unrealized gains and losses on investments are allocated daily to each class based on relative net assets.

The investment objective of the Buffalo Discovery Fund, Buffalo Early Stage Growth Fund, Buffalo Growth Fund, Buffalo International Fund, Buffalo Large Cap Fund, Buffalo Mid Cap Fund and Buffalo Small Cap Fund is long-term growth of capital. The investment objective of the Buffalo Flexible Income Fund is high current income, with long-term growth of capital as a secondary objective. The investment objectives of the Buffalo Dividend Focus Fund and Buffalo High Yield Fund are current income, with long-term growth of capital as a secondary objective.

Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standard Codification ("ASC") Topic 946 "Financial Services — Investment Companies."

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements.

A. INVESTMENT VALUATION — In accordance with FASB ASC 820, Fair Value Measurements ("ASC 820"), fair value is defined as the price that a Fund would receive to sell an investment or pay to transfer a liability in an orderly transaction with an independent buyer in the principal market, or in the absence of a principal market, the most advantageous market for the investment or liability.

Equity securities and debt securities traded on a national securities exchange or national market, except those traded using the National Association of Securities Dealers' Automated Quotation System ("NASDAQ"), are valued at the latest sales price thereof, or if no sale was reported on that date, the mean between the most recent quoted bid and ask price is used. All equity securities that are traded using NASDAQ are valued using the NASDAQ Official Closing Price ("NOCP"), which may not necessarily represent the last sales price. If there has been no sale on such exchange or on NASDAQ on such day, the security is valued at the mean between the most recent quoted bid and ask price.

When market quotations are not readily available, any security or other asset is valued at its fair value as determined in good faith under procedures approved by the Board of Trustees (the "Board"). If events occur that will affect the value of a Fund's portfolio securities before the net asset value ("NAV") has been calculated (a "significant event"), the security will generally be priced using a fair value procedure. The Board has adopted specific procedures for valuing portfolio securities and delegated the responsibility of fair value determinations to KCM, as the Funds' valuation designee in accordance with new Rule 2a-5 of the 1940 Act. Some of the factors that have been or may be considered by KCM, as applicable in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restriction on disposition; trading in similar securities of the same issuer or comparable companies; information from broker-dealers; and an evaluation of the forces that influence the market in which the


124

securities are purchased or sold. As of March 31, 2023, none of the Funds held securities valued at fair value as determined in good faith by KCM, as valuation designee at such time. In addition, with respect to the valuation of securities principally traded on foreign markets, the Buffalo International Fund uses a fair value pricing service which employs quantitative models to adjust for "stale" prices caused by the movement of other markets and other factors occurring after the close of the foreign markets, but before the close of the New York Stock Exchange ("NYSE"). As of March 31, 2023, the Buffalo International Fund held 65 securities where a foreign fair value factor was applied, with a market value of $378,134,114 or 61.94% of total net assets.

Debt securities, including treasury bills, commercial paper, corporate and convertible bonds, bank loans, etc., with remaining maturities of 60 days or less are normally valued at the last reported sale price. If there is no trade on the valuation date, then the security will be priced at the mean between the most recent bid and ask prices.

Restricted securities include securities that have not been registered under the Securities Act of 1933, as amended, and securities that are subject to restrictions on resale. The Funds may invest in restricted securities that are consistent with the Funds' investment objectives and investment strategies. In some cases, the issuer of restricted securities has agreed to register such securities for resale, at the issuer's expense either upon demand by the Funds or in connection with another registered offering of the securities. Investments in restricted securities are valued utilizing the Funds' valuation policies.

ASC 820 establishes a three-tier hierarchy to distinguish between (1) inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observable inputs) and (2) inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Funds' investments. The inputs are summarized in the three broad levels listed below:

Level 1 — Valuations based on quoted prices for investments in active markets that a Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.

Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

Level 3 — Valuations based on significant unobservable inputs (including a Fund's own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the market place. The inputs will be considered by KCM, along with any other relevant factors in the calculation of an investment's fair value. The Funds use prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Non-U.S. equity securities actively traded in foreign markets may be reflected in Level 2 despite the availability of closing prices, because the Funds evaluate and determine whether those closing prices reflect fair value at the close of the NYSE or require adjustment, as described above and in Note 9 — Foreign Investment Risk.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models rely on one or more significant unobservable inputs and/or significant assumptions made by the Advisor. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data. All Level 3 positions held at 3/31/23 were valued using broker quotes.


125

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following table provides the fair value measurement of applicable Fund assets and liabilities by level within the fair value hierarchy as of March 31, 2023. These assets are measured on a recurring basis.

BUFFALO DISCOVERY FUND

  

Level 1

  

Level 2

  

Level 3

  

Total

  

Common Stocks

  

$

874,366,312

    

$

—

    

$

—

    

$

874,366,312

    

REITS

    

4,254,136

      

—

      

—

      

4,254,136

    

Short Term Investments

    

32,380,307

      

—

      

—

      

32,380,307

    

Total*

  

$

911,000,755

    

$

—

    

$

—

    

$

911,000,755

    

BUFFALO DIVIDEND FOCUS FUND

  

Level 1

  

Level 2

  

Level 3

  

Total

  

Common Stocks

  

$

101,371,871

    

$

—

    

$

—

    

$

101,371,871

    

REITS

    

4,148,561

      

—

      

—

      

4,148,561

    

Preferred Stocks

    

362,250

      

—

      

—

      

362,250

    

Convertible Bonds

    

—

      

7,707,834

      

—

      

7,707,834

    

Short Term Investments

    

4,651,773

      

—

      

—

      

4,651,773

    

Total*

  

$

110,534,455

    

$

7,707,834

    

$

—

    

$

118,242,289

    

BUFFALO EARLY STAGE GROWTH FUND

  

Level 1

  

Level 2

  

Level 3

  

Total

  

Common Stocks

  

$

77,976,069

    

$

—

    

$

—

    

$

77,976,069

    

REITS

    

1,961,760

      

—

      

—

      

1,961,760

    

Warrants

    

118,680

      

—

      

—

      

118,680

    

Short Term Investments

    

5,441,044

      

—

      

—

      

5,441,044

    

Total*

  

$

85,497,553

    

$

—

    

$

—

    

$

85,497,553

    

BUFFALO FLEXIBLE INCOME FUND

  

Level 1

  

Level 2

  

Level 3

  

Total

  

Common Stocks

  

$

454,199,218

    

$

—

    

$

—

    

$

454,199,218

    

REITS

    

8,385,843

      

—

      

—

      

8,385,843

    

Short Term Investments

    

1,219,280

      

—

      

—

      

1,219,280

    

Total*

  

$

463,804,341

    

$

—

    

$

—

    

$

463,804,341

    

Written Options

  

$

95,950

    

$

12,850

    

$

—

    

$

108,800

    

BUFFALO GROWTH FUND

   

Level 1

  

Level 2

  

Level 3

  

Total

  

Common Stocks

  

$

137,097,397

    

$

—

    

$

—

    

$

137,097,397

    

REITS

    

2,537,429

      

—

      

—

      

2,537,429

    

Short Term Investments

    

4,383,014

      

—

      

—

      

4,383,014

    

Total*

  

$

144,017,840

    

$

—

    

$

—

    

$

144,017,840

    

BUFFALO HIGH YIELD FUND

  

Level 1

  

Level 2

  

Level 3

  

Total

  

Preferred Stocks

  

$

8,712,246

    

$

—

    

$

—

    

$

8,712,246

    

Convertible Bonds

    

—

      

10,990,428

      

—

      

10,990,428

    

Corporate Bonds

    

—

      

204,740,012

      

—

      

204,740,012

    

Bank Loans

    

—

      

46,763,002

      

18,888,191

      

65,651,193

    

Short Term Investments

    

25,190,016

      

—

      

—

      

25,190,016

    

Total*

  

$

33,902,262

    

$

262,493,442

    

$

18,888,191

    

$

315,283,895

    


126

BUFFALO INTERNATIONAL FUND

  

Level 1

  

Level 2

  

Level 3

  

Total

  

Common Stocks

  

$

182,997,022

    

$

378,134,114

    

$

—

    

$

561,131,136

    

Short Term Investments

    

42,091,380

      

—

      

—

      

42,091,380

    

Total*

  

$

225,088,402

    

$

378,134,114

    

$

—

    

$

603,222,516

    

BUFFALO LARGE CAP FUND

  

Level 1

  

Level 2

  

Level 3

  

Total

  

Common Stocks

  

$

89,176,959

    

$

—

    

$

—

    

$

89,176,959

    

Short Term Investments

    

5,361,486

      

—

      

—

      

5,361,486

    

Total*

  

$

94,538,445

    

$

—

    

$

—

    

$

94,538,445

    

BUFFALO MID CAP FUND

  

Level 1

  

Level 2

  

Level 3

  

Total

  

Common Stocks

  

$

134,978,206

    

$

—

    

$

—

    

$

134,978,206

    

REITS

    

2,637,475

      

—

      

—

      

2,637,475

    

Short Term Investments

    

1,709,461

      

—

      

—

      

1,709,461

    

Total*

  

$

139,325,142

    

$

—

    

$

—

    

$

139,325,142

    

BUFFALO SMALL CAP FUND

  

Level 1

  

Level 2

  

Level 3

  

Total

  

Common Stocks

  

$

792,066,615

    

$

—

    

$

949

    

$

792,067,564

    

Short Term Investments

    

60,320,103

      

—

      

—

      

60,320,103

    

Total*

  

$

852,386,718

    

$

—

    

$

949

    

$

852,387,667

    

*  Additional information regarding the industry and/or geographical classification of these investments is disclosed in the schedule of investments.

The following is a reconciliation of the Buffalo High Yield Income Fund Level 3 assets for which significant unobservable inputs were used to determine fair value for the year ended March 31, 2023:

Fair Value Measurement Using Significant Unobservable Inputs (Level 3)   Investments
in Securities
Period Ended
March 31, 2023		  

Fair Value as of 3/31/2022

  

$

14,060,826

    

Total unrealized losses included in earnings

    

(648,331

)

  

Realized gain included in earnings

    

88,099

    

Purchases

    

11,308,412

    

Sales

    

(5,891,935

)

  

Amortization/Accretion

    

63,970

    

Transfer into Level 3

    

2,642,266

    

Transfer out of Level 3

    

(2,735,116

)

  

Fair Value as of 3/31/2023*

  

$

18,888,191

    
The amount of total gains or losses for the period included in net increase (decrease) in net asset
applicable to outstanding shares attributed to the change in unrealized gains or losses relating
to assets still held at the reporting date		  

$

(479,548

)

  


127

The following is a reconciliation of the Small Cap Income Fund Level 3 assets for which significant unobservable inputs were used to determine fair value for the year ended March 31, 2023:

Fair Value Measurement Using Significant Unobservable Inputs (Level 3)   Investments
in Securities
Period Ended
March 31, 2023		  

Fair Value as of 3/31/2022

  

$

—

    

Total unrealized gain included in earnings

    

949

    

Purchases

    

—

    

Sales

    

—

    

Fair Value as of 3/31/2023*

  

$

949

    
The amount of total gains or losses for the period included in net increase (decrease) in net asset
applicable to outstanding shares attributed to the change in unrealized gains or losses relating
to assets still held at the reporting date		  

$

949

    

*  Securities valued as Level 3 during the period were due to uncertainty regarding the valuation of certain securities with thinly traded markets. All Level 3 securities in the Buffalo High Yield Fund were priced by an approved pricing vendor as of March 31, 2023.

**  Bank Loan securities are bucketed in either Level 2 or Level 3, depending on the number of broker quotes available when pricing the security. A security moves from Level 2 to Level 3 when there is a reduction in the number of broker quotes below a pre-established minimum, while an increase in broker quotes above the minimum moves a security from Level 3 to Level 2. The basis for recognizing and valuing transfers is as of the beginning of the period in which transfers occur.

B. FEDERAL INCOME TAXES — Each Fund complies with the requirements of Subchapter M of the Internal Revenue Code necessary to qualify as a regulated investment company and makes the requisite distributions of income and capital gains to its shareholders sufficient to relieve it from all or substantially all federal income and excise taxes. Therefore, no federal income tax provision has been provided.

At March 31, 2023, the Funds did not have any tax positions that did not meet the "more likely-than-not" threshold of being sustained by the applicable tax authority. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as other expense in the Statement of Operations. During the year, the Funds did not incur any interest or penalties.

The Funds have analyzed all open tax years, as defined by the statute of limitations, for all major jurisdictions. Open tax years are those that are open for exam by taxing authorities. Open tax years include the tax years ended March 31, 2020 through March 31, 2023. The Funds have no examinations in progress.

C. INVESTMENT TRANSACTIONS AND INVESTMENT INCOME — Investment transactions are accounted for on the date the securities are purchased or sold (trade date). Dividend income is recorded on the ex-dividend date except that certain dividends for foreign securities where the ex-dividend date may have passed are recorded as soon as the Fund is informed of the dividend in the exercise of reasonable diligence. Interest income is recognized on the accrual basis. Realized gains and losses from investment transactions are reported on the identified cost basis. All discounts/premiums are accreted/amortized for financial reporting purposes and are included in interest income.

D. DISTRIBUTIONS TO SHAREHOLDERS — Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles ("GAAP"). These differences are primarily due to differing treatments for premium amortization on debt securities, deferral of late year and wash sale losses, and partnership investment income.

E. USE OF ESTIMATES — The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from such estimates.

F. FOREIGN CURRENCY TRANSLATION — Values of investments denominated in foreign currencies are converted into U.S. dollars using a spot market rate of exchange on the day of valuation. Purchases and sales of investments and dividend and interest income are translated to U.S. dollars using a spot market rate of exchange prevailing on the respective dates of such transactions. The portion of security gains or losses resulting from changes in foreign exchange rates is included with net realized and unrealized gain or loss from investments, as appropriate, for both financial reporting and tax purposes.


128

G. PURCHASED AND WRITTEN OPTION CONTRACTS — Certain Funds may purchase and write call or put options on securities and indices and enter into related closing transactions. As a holder of a call option, a Fund has the right, but not the obligation, to purchase a security at the exercise price during the exercise period. As the writer of a call option, a Fund has the obligation to sell the security at the exercise price during the exercise period. The Fund's maximum payout in the case of written call option contracts cannot be determined. As a holder of a put option, a Fund has the right, but not the obligation, to sell a security at the exercise price during the exercise period. As the writer of a put option, a Fund has the obligation to buy the underlying security at the exercise price during the exercise period. The Funds did not hold any written put options as of March 31, 2023.

The premium that a Fund pays when purchasing an option or receives when writing an option will reflect, among other things, the market price of the security, the relationship of the exercise price to the market price of the security, the relationship of the exercise price to the volatility of the security, the length of the option period and supply and demand factors. The premium is the market value of an option at the time of purchase.

A purchaser (holder) of a put option pays a non-refundable premium to the seller (writer) of a put option to obtain the right to sell a specified amount of a security at a fixed price (the exercise price) during a specified period (exercise period). Conversely, the seller (writer) of a put option, upon payment by the holder of the premium, has the obligation to buy the security from the holder of the put option at the exercise price during the exercise period.

Exchange traded options are valued at the composite price, using the National Best Bid and Offer quotes ("NBBO"). NBBO consists of the highest bid prices and lowest ask prices across any of the exchanges on which an option is quoted, thus providing a view across the entire U.S. options marketplace. Specifically, composite pricing looks at the last trades on the exchanges where the options are traded. If there are no trades for the option on a given business day, composite option pricing calculates the mean of the highest bid price and lowest ask price across the exchanges where the option is traded. Non exchange traded options also will be valued at the mean between the last bid and ask quotations. For options where market quotations are not readily available, a fair value shall be determined as set forth in the Funds' fair valuation guidelines.

The Funds may use options with the objective to generate income as a non-principal investment strategy. Currently, the Buffalo Flexible Income Fund makes use of the options strategy to a greater extent than the other Funds because high income generation is a primary investment objective of the Buffalo Flexible Income Fund. The primary strategy used by Buffalo Flexible Income Fund to achieve income generation through the use of options is to write covered calls with the strike price above the cost basis and the value the portfolio managers believe will be achieved before the expiration of the option and also at a value that the portfolio managers are willing to sell if the option is exercised. The collected premiums generate income for the Fund, and if the option is exercised, a gain will also be achieved. A risk of using derivatives is that the counterparty to a derivative may fail to comply with their obligation to the Funds. See Note 8 for written option activity.

H. INDEMNIFICATIONS — Under the Funds' organizational documents, officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that provide general indemnification to other parties. The Funds' maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred, and may not occur. However, the Funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.

2. FEDERAL TAX MATTERS:

The tax character of distributions paid during the years ended March 31, 2023 and March 31, 2022 were as follows:

    Year Ended
March 31, 2023		   Year Ended
March 31, 2022		  
    Ordinary
Income		   Long-Term
Capital Gains*		   Ordinary
Income		   Long-Term
Capital Gains*		  

Buffalo Discovery Fund

  

$

—

    

$

61,661,632

    

$

112,318,729

    

$

—

    

Buffalo Dividend Focus Fund

    

1,242,147

      

1,828,124

      

986,883

      

42,916

    

Buffalo Early Stage Growth Fund

    

—

      

991,573

      

5,875,169

      

—

    

Buffalo Flexible Income Fund

    

8,081,936

      

12,073,761

      

8,766,704

      

—

    


129

    Year Ended
March 31, 2023		   Year Ended
March 31, 2022		  
    Ordinary
Income		   Long-Term
Capital Gains*		   Ordinary
Income		   Long-Term
Capital Gains*		  

Buffalo Growth Fund

  

$

—

    

$

6,215,261

    

$

132,540

    

$

—

    

Buffalo High Yield Fund

    

17,749,585

      

5,003,175

      

17,440,640

      

—

    

Buffalo International Fund

    

3,015,734

      

7,420,776

      

1,022,952

      

—

    

Buffalo Large Cap Fund

    

33

      

2,521,272

      

1,335,634

      

—

    

Buffalo Mid Cap Fund

    

—

      

6,882,361

      

3,986,617

      

—

    

Buffalo Small Cap Fund

    

—

      

—

      

52,124,491

      

—

    

*  The Funds designate as long-term capital gain dividends, pursuant to Internal Revenue Code Section 852(b)(3)(C), the amounts necessary to reduce the earnings and profits of the Funds related to net capital gain to zero for the tax periods ended March 31, 2022 and March 31, 2023.

For tax purposes, distributions from short-term capital gain distributions are included in ordinary income distributions.

Additionally, GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. For the year ended March 31, 2023, the following table shows the reclassifications made:

Funds   Distributable
Earnings		   Paid In
Capital		  

Buffalo Discovery Fund

  

$

4,472,874

    

$

(4,472,874

)

  

Buffalo Dividend Focus Fund

    

310

      

(310

)

  

Buffalo Early Stage Growth Fund

    

967,226

      

(967,226

)

  

Buffalo Flexible Income Fund

    

(1,418,337

)

    

1,418,337

    

Buffalo Growth Fund

    

(305,990

)

    

305,990

    

Buffalo High Yield Fund

    

—

      

—

    

Buffalo International Fund

    

(1,158,594

)

    

1,158,594

    

Buffalo Large Cap Fund

    

—

      

—

    

Buffalo Mid Cap Fund

    

(365,032

)

    

365,032

    

Buffalo Small Cap Fund

    

4,728,516

      

(4,728,516

)

  

The permanent differences primarily relate to net operating losses and utilization of earnings and profit distributions to shareholders on redemption of shares.

As of March 31, 2023, the components of distributable earnings (losses) for income tax purposes were as follows:

   Buffalo
Discovery
Fund		   Buffalo
Dividend Focus
Fund		   Buffalo
Early
Stage
Fund		   Buffalo
Flexible Income
Fund		   Buffalo
Growth
Fund		  

Tax cost of Investments(a)

  

$

720,319,714

    

$

73,391,424

    

$

76,015,151

    

$

228,783,951

    

$

67,342,344

    

Unrealized Appreciation

    

246,303,233

      

49,275,299

      

26,897,214

      

243,154,587

      

77,865,055

    

Unrealized Depreciation

    

(55,622,192

)

    

(4,424,433

)

    

(17,414,812

)

    

(8,112,432

)

    

(1,189,557

)

  

Net unrealized appreciation

    

190,681,041

      

44,850,866

      

9,482,402

      

235,042,155

      

76,675,498

    

Undistributed Ordinary Income

    

—

      

402,146

      

—

      

469,687

      

—

    
Undistributed Long Term
Capital Gain		    

—

      

—

      

—

      

2,322,325

      

1,120,614

    

Distributable earnings

    

—

      

402,146

      

—

      

2,792,012

      

1,120,614

    

Other accumulated gain/(loss)

    

(44,589,699

)

    

(149,477

)

    

(5,585,506

)

    

(24,933

)

    

(100,060

)

  

Total distributable earnings

    

146,091,342

      

45,103,535

      

3,896,896

      

237,809,234

      

77,696,052

    


130

   Buffalo
High Yield
Fund		   Buffalo
International
Fund		   Buffalo
Large Cap
Fund		   Buffalo
Mid Cap
Fund		   Buffalo
Small Cap
Fund		  

Tax cost of Investments(a)

  

$

328,973,748

    

$

390,367,780

    

$

59,273,743

    

$

90,685,817

    

$

750,014,938

    

Unrealized Appreciation

    

4,703,809

      

221,319,463

      

36,330,013

      

52,982,633

      

198,353,391

    

Unrealized Depreciation

    

(18,393,662

)

    

(8,464,727

)

    

(1,065,311

)

    

(4,343,307

)

    

(95,980,662

)

  

Net unrealized appreciation

    

(13,689,853

)

    

212,854,736

      

35,264,702

      

48,639,326

      

102,372,729

    

Undistributed Ordinary Income

    

1,218,745

      

1,182,072

      

—

      

—

      

—

    
Undistributed Long Term
Capital Gain		    

—

      

—

      

64,222

      

873,164

      

—

    

Distributable earnings

    

1,218,745

      

1,182,072

      

64,222

      

873,164

      

—

    

Other accumulated gain/(loss)

    

(8,444,635

)

    

(31,143

)

    

(3,944,397

)

    

(153,876

)

    

(105,390,018

)

  

Total distributable earnings

    

(20,915,743

)

    

214,005,665

      

31,384,527

      

49,358,614

      

(3,017,289

)

  

The differences between book-basis and tax-basis unrealized appreciation/depreciation are attributable primarily to the tax deferral of losses on wash sales, premium amortization, and publicly traded partnership investments.

Other accumulated gain/(loss) is generally comprised of capital loss carryover, qualified late year losses and/or straddle loss deferrals.

(a)  Represents cost for federal income tax purposes and may differ from the cost for financial reporting purposes.

As of March 31, 2023, the Buffalo funds had the following capital loss carryovers available to offset future taxable gains:

   Short Term
Capital Loss
Carryover		   Long Term
Capital Loss
Carryover		   Total
Capital Loss
Carryover		  

Discovery Fund

  

$

43,330,896

    

$

—

    

$

43,330,896

    

Dividend Focus Fund

    

64,682

      

84,795

      

149,477

    

Early Stage Growth Fund

    

2,115,525

      

3,143,942

      

5,259,467

    

Flexible Income Fund

    

—

      

—

      

—

    

Growth Fund

    

—

      

—

      

—

    

High Yield Fund

    

1,024,491

      

7,420,144

      

8,444,635

    

International Fund

    

—

      

—

      

—

    

Large Cap Fund

    

3,944,397

      

—

      

3,944,397

    

Mid Cap Fund

    

—

      

—

      

—

    

Small Cap Fund

    

76,108,768

      

28,220,217

      

104,328,985

    

In order to meet certain excise tax distribution requirements, the Funds are required to measure and distribute annually net capital gains realized during a twelve month period ending October 31 and net investment income earned during a twelve month period ending December 31. In connection with this, the Funds are permitted for tax purposes to defer into their next fiscal year qualified late year losses. Qualified late year capital losses are any net capital losses incurred between November 1 and the end of their fiscal year, March 31, 2023. Qualified late year ordinary losses are generally losses incurred between January 1 and the end of their fiscal year, March 31, 2023.

At March 31, 2023, the following Funds deferred, on a tax basis, qualified late year losses, consisting of ordinary and capital losses, as follows:

Funds   Qualified Late Year
Ordinary Losses		   Qualified Late Year
Capital Losses		  

Buffalo Discovery Fund

  

$

1,258,803

    

$

—

    

Buffalo Dividend Focus Fund

    

—

      

—

    

Buffalo Early Stage Growth Fund

    

326,039

      

—

    

Buffalo Flexible Income Fund

    

—

      

—

    

Buffalo Growth Fund

    

100,060

      

—

    

Buffalo High Yield Fund

    

—

      

—

    

Buffalo International Fund

    

—

      

—

    

Buffalo Large Cap Fund

    

—

      

—

    

Buffalo Mid Cap Fund

    

153,876

      

—

    

Buffalo Small Cap Fund

    

1,061,033

      

—

    


131

For the year ended March 31, 2023, the Buffalo International Fund earned foreign source income and paid foreign taxes, as noted below, which it intends to pass through to its shareholders pursuant to Section 853 of the Internal Revenue Code.

    Gross Foreign
Income		   Foreign Tax
Paid		  

Buffalo International Fund

  

$

9,052,964

    

$

(931,439

)

  

3. RELATED PARTY TRANSACTIONS:

Management fees are paid to KCM at the rate of 0.85% per annum of the average daily net asset values of the Funds, except for the Buffalo Early Stage Growth Fund, Buffalo Dividend Focus Fund, Buffalo Growth Fund and Buffalo Large Cap Fund which have a management fee rate of 1.30%, 0.75%, 0.75% and 0.75%, respectively. The management fees are for services which include the costs of all management, supervisory and administrative services required in the normal operation of the Funds. This includes investment management and supervision; fees of the custodian (except for the additional cost of maintaining custody of assets in foreign jurisdictions, when compared to domestic custody costs), independent registered public accounting firm and legal counsel; fees and expenses of officers, trustees and other personnel; rent; and other items incidental to corporate administration. Pursuant to a Master Services Agreement with U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services ("GFS"), KCM pays GFS a fee of 30/100 of 1% (0.30%) of each Funds' average daily net assets out of the fees KCM receives from the Funds, except for the Buffalo Dividend Focus Fund, Buffalo Growth Fund and the Buffalo Large Cap Fund, where GFS receives 25/100 of 1% (0.25%). GFS provides or obtains various operational services required by the Funds, pays various Fund expenses and acts as paying agent to compensate other Fund service providers. Some of the other Fund service providers are affiliates of GFS.

With respect to the Buffalo Small Cap Fund only, the annual management fee rate of 0.85% of the Buffalo Small Cap Fund's average daily net assets is a base fee paid to KCM that is subject to reduced fees paid on assets in excess of certain levels (breakpoints). The fee paid by KCM to GFS is also subject to breakpoints on assets in excess of certain levels. The breakpoint schedules for the management fees paid by the Buffalo Small Cap Fund to KCM and the fees paid by KCM to GFS are set forth in the following table:

BUFFALO SMALL CAP FUND FEE BREAKPOINTS

   

(As a % Of Average Daily Net Assets)

  

Asset Level

  

Management Fee

  

GFS Fee

  

Assets up to $6 billion

    

0.85

%

    

0.300

%

  

Assets over $6 billion up to $7 billion

    

0.80

%

    

0.275

%

  

Assets over $7 billion up to $8 billion

    

0.75

%

    

0.250

%

  

Assets over $8 billion up to $9 billion

    

0.70

%

    

0.225

%

  

Assets over $9 billion

    

0.65

%

    

0.200

%

  

The management fees do not include the cost of acquiring and disposing of portfolio securities, taxes, if any, imposed directly on the Funds and their shares, insurance, certain trustee expenses and the cost of qualifying the Funds' shares for sale in any jurisdiction. Certain officers of the Funds are also officers and/or directors of KCM. With respect to each Fund's Investor Class, the management fees do not include the shareholder servicing fees.

The Buffalo International Fund incurred $96,177 in custody fees during the year ended March 31, 2023, and owed $15,845 for custody fees as of March 31, 2023.

4. AGGREGATE COMPENSATION TO TRUSTEES:

The Funds do not directly compensate any of their trustees. GFS pays trustee fees to non-interested Board members from its share of the management fee that it receives from KCM. The aggregate compensation paid to the Funds' non-interested trustees for their service on the Funds' Board for the year ended March 31, 2023 was $259,500. Interested trustees who are affiliated with KCM do not receive any compensation from the Funds, but are compensated directly by KCM in connection with their employment with KCM.


132

5. INVESTMENT TRANSACTIONS:

The aggregate purchases and sales of securities, excluding short-term investments and U.S. government securities, for the Funds for the year ended March 31, 2023, were as follows:

    Buffalo
Discovery
Fund		   Buffalo
Dividend Focus
Fund		   Buffalo
Early
Stage Growth
Fund		   Buffalo
Flexible Income
Fund		   Buffalo
Growth
Fund		  

Purchases

  

$

265,265,778

    

$

14,141,274

    

$

8,571,504

    

$

24,633,734

    

$

16,588,049

    

Proceeds from Sales

    

668,777,203

      

2,492,824

      

15,525,354

      

6,397,033

      

41,871,757

    
    Buffalo
High Yield
Fund		   Buffalo
International
Fund		   Buffalo
Large Cap
Fund		   Buffalo
Mid Cap
Fund		   Buffalo
Small Cap
Fund		  

Purchases

  

$

114,265,319

    

$

57,625,496

    

$

40,229,036

    

$

32,257,625

    

$

364,696,732

    

Proceeds from Sales

    

81,841,876

      

40,053,868

      

46,464,713

      

44,627,759

      

390,325,614

    

There were no purchases or sales of long-term U.S. government securities for any Funds during the year ended March 31, 2023.

6. TRANSACTIONS WITH AFFILIATES:

Investments representing 5% or more of the outstanding voting securities of a portfolio company result in that company being considered an affiliated company, as defined in the 1940 Act. There were no affiliated companies held in any of the Funds during the year ended March 31, 2023.

7. SHAREHOLDER SERVICING PLAN:

The Trust, on behalf of the Funds, has adopted a Shareholder Servicing Plan, to pay a fee at an annual rate of up to 0.15% of average daily net assets of the Investor Class shares serviced by shareholder servicing agents who provide administrative and support services to their customers. No shareholder servicing fees are charged to the Institutional Class. For the year ended March 31, 2023, Investor Class shareholder servicing fees were as follows:

Fund:

   Investor Class
Shareholder
Servicing Fee		  

Buffalo Discovery Fund

  

$

1,222,555

    

Buffalo Dividend Focus Fund

    

43,164

    

Buffalo Early Stage Growth Fund

    

82,008

    

Buffalo Flexible Income Fund

    

467,745

    

Buffalo Growth Fund

    

117,668

    

Buffalo High Yield Fund

    

75,056

    

Buffalo International Fund

    

337,130

    

Buffalo Large Cap Fund

    

41,846

    

Buffalo Mid Cap Fund

    

113,726

    

Buffalo Small Cap Fund

    

709,582

    

8. OPTIONS WRITTEN:

FASB ASC 815, Derivatives and Hedging (ASC 815) requires disclosures to enable investors to better understand how and why the Funds use derivative instruments, how these derivative instruments are accounted for and their effects on the Funds' financial position and results of operations. The Buffalo Flexible Income Fund is the only Fund that has maintained any positions in derivative instruments or engaged in hedging activities during the year ended March 31, 2023. For the year ended March 31, 2023, the quarterly average gross notional amount of derivatives held by the Fund was $6,052,065, representing holdings in written options. The Fund utilizes these written options as a substitute for a comparable market position in the respective underlying security of the written options.

As of March 31, 2023, the Buffalo Flexible Income Fund was invested in written option contracts.


133

The following is a summary of the location of derivative investments on the Buffalo Flexible Income Fund's Statement of Assets and Liabilities as of March 31, 2023:

Derivative Investment Type

  

Value

  

Liability Derivatives

  

Buffalo Flexible Income Fund

      

Written Options — equity contracts

  

$

108,800

    

The following is a summary of the effect of derivative investments on Realized Gain (loss) and Change in Unrealized Appreciation/Depreciation on Options in the Fund as of March 31, 2023:

Derivative Investment Type

  

Realized Gain (Loss) on Options

  

Liability Derivatives

  

Buffalo Flexible Income Fund

      

Written Options — equity contracts

  

$

307,662

    

Derivative Investment Type

  

Change in Unrealized Appreciation/Depreciation on Options

  

Liability Derivatives

  

Buffalo Flexible Income Fund

      

Written Options — equity contracts

  

$

26,220

    

The following table presents derivative assets and liabilities net of amounts available for offset under Master Netting Agreements (MNA) and net of related collateral received or pledged, if any, as of March 31, 2023:

GROSS AMOUNTS NOT OFFSET IN THE STATEMENT OF ASSETS AND LIABILITIES AND SUBJECT TO MNAs

   

Gross

   Gross
Amounts
Offset In The		   Net Amounts
Presented In		   Gross Amounts Not Offset
In The Statement Of
Financial Position		      

Liabilities:

   Amounts Of
Recognized
Liabilities		   Statement
Of Financial
Position		   The Statement
Of Financial
Position		   Financial
Instruments		   Collateral
Pledged/
(Received)*		   Net
Amount		  

Description

  

Written Options

  

$

108,800

    

$

—

    

$

108,800

    

$

108,800

    

$

108,800

    

$

—

    
   

$

108,800

    

$

—

    

$

108,800

    

$

108,800

    

$

108,800

    

$

—

    

*   Any over-collateralization of total financial instruments or cash is not shown.

9. FOREIGN INVESTMENT RISK:

When the Buffalo International Fund buys or sells securities on a foreign stock exchange, the transaction is undertaken in the local currency rather than in U.S. dollars. In purchasing or selling local currency to execute transactions on foreign exchanges, the Buffalo International Fund will be exposed to the risk that the value of the foreign currency will increase or decrease, which may impact the value of the portfolio holdings. China has, and may continue to adopt, internal economic policies that affect its currency valuations in a manner that may be disadvantageous for U.S. investors or U.S. companies seeking to do business in China. In addition, a country may impose formal or informal currency exchange controls (or "capital controls"). These types of controls may restrict or prohibit the Buffalo International Fund's ability to repatriate both investment capital and income, which could undermine the value of the portfolio holdings and potentially place the Buffalo International Fund's assets at risk of total loss.

Investing in securities of foreign corporations and governments involves additional risks relating to: political, social, religious and economic developments abroad; market instability; fluctuations in foreign exchange rates; different regulatory requirements, market practices, accounting standards and practices; and less publicly available information about foreign issuers. Additionally, these investments may be less liquid, carry higher brokerage commissions and other fees, and procedures and regulations governing transactions and custody in foreign markets also may involve delays in payment, delivery or recovery of money or investments. Investments in common stocks of U.S. companies with international operations, and the purchase of sponsored or unsponsored ADRs (American Depositary Receipt) carry similar risks. In addition to risks associated with investing in foreign securities, there are special risks associated with investments in China and Hong Kong, including exposure to currency fluctuations, less liquidity, expropriation, confiscatory taxation, nationalization, exchange control regulations, differing legal standards and rapid fluctuations in


134

inflation and interest rates. The Chinese government could, at any time, alter or discontinue economic reform programs implemented since 1978.

10. LINE OF CREDIT:

U.S. Bank, N.A. has made available to the Funds an unsecured line of credit pursuant to a Loan Agreement for the Funds which matures, unless renewed, on July 30, 2024. The line of credit is intended to provide short-term financing, if necessary, subject to certain restrictions, in connection with shareholder redemptions. The Funds may borrow up to the lesser of $50,000,000 or certain percentage amounts based on the net assets of the Funds.

The interest rate paid by the Funds on outstanding borrowings is equal to the Prime Rate. As of March 31, 2023, the Prime Rate was 8.00%. None of the Buffalo Funds had borrowings under the credit facility during the year ended March 31, 2023.

11. RECENT MARKET EVENTS:

U.S. and international markets have experienced volatility in recent months and years due to a number of economic, political and global macro factors, including rising inflation, trade tensions, the war between Russia and Ukraine, disruption in the banking sector and the impact of the coronavirus (COVID-19) global pandemic. While U.S. and global economies are recovering from the effects of COVID-19, labor shortages and the inability to meet consumer demand have restricted growth. Uncertainties regarding the level of central banks' interest rate increases, political events, rising government debt in the U.S. and the possibility of a national or global recession have also contributed to market volatility. Global economies and financial markets are increasingly interconnected, which increases the possibility that conditions in one country or region might adversely impact issuers in a different country or region. Continuing market volatility as a result of these or other events may have adverse effects on the Funds. The Russian invasion of Ukraine has resulted in an ongoing military conflict and economic sanctions against certain Russian individuals and companies, the restriction of exports to Russia and increased tariffs on Russian products. This conflict could also drive a rise in traditional and cyber terrorism in Europe and other parts of the world. Further, sanctions and other actions against Russian individuals and companies could adversely affect the price and availability of certain commodities. KCM will monitor developments and seek to manage each Fund in a manner consistent with achieving the Fund's investment objective, but there can be no assurance that it will be successful in doing so.

12. LIBOR:

A Fund may invest in securities or derivatives that use the London Interbank Offered Rate ("LIBOR") as a benchmark or reference rate for interest rate calculations. However, the administrator of LIBOR phased out the use of LIBOR on December 30, 2021 such that one-week and 2-month USD LIBOR settings ceased to be published or will no longer be representative. The remaining USD LIBOR settings will cease to be published and are no longer representative after June 30, 2023. The extension from December 31, 2021, to June 30, 2023, is intended to allow most legacy USD LIBOR contracts to mature before USD LIBOR rates are no longer published. It is possible that a subset of LIBOR settings will be published after these dates on a "synthetic" basis, but any such publications would be considered non-representative of the underlying market. Nevertheless, there can be no assurance of a smooth transition away from LIBOR. There remains uncertainty regarding the nature of any replacement rate and the impact of the transition from LIBOR on the Funds' transactions and the financial markets generally. The Federal Reserve Bank of New York began publishing the Secured Overnight Funding Rate ("SOFR"), which is intended to be a broad measure of secured overnight U.S. Treasury repo rates, as an appropriate replacement for LIBOR, in 2018, with the expectation that it could be used on a voluntary basis in new instruments and transactions. Bank working groups and regulators in other countries have suggested other alternatives for their markets, including the Sterling Overnight Interbank Average Rate in England. Although the transition process away from LIBOR has become increasingly well-defined in advance of the discontinuation dates, the impact on certain debt securities, derivatives and other financial instruments remains uncertain. It is expected that market participants will adopt alternative rates, such as SOFR, or otherwise amend financial instruments referencing LIBOR to include fallback provisions and other measures that contemplate the discontinuation of LIBOR or other similar market disruption events, but neither the effect of the transition process nor the viability of such measures is known. Certain proposed replacement rates to LIBOR, such as SOFR, are materially different from LIBOR, and changes in the applicable spread for financial instruments transitioning away from LIBOR will need to be made to accommodate the differences. Furthermore, the risks associated with the expected discontinuation of LIBOR and transition to replacement rates may be exacerbated if an orderly transition to an


135

alternative reference rate is not completed in a timely manner. The transition process might lead to increased volatility and illiquidity in markets that currently rely on the LIBOR to determine interest rates. It could also lead to a reduction in the value of some LIBOR-based investments and reduce the effectiveness of new hedges placed against existing LIBOR-based instruments. Because the usefulness of LIBOR as a benchmark could deteriorate during the transition period, these effects could occur prior to the end of June 2023.

13. SUBSEQUENT EVENTS:

Management has evaluated the events and transactions that have occurred after March 31, 2023 and through the date the financial statements were issued a Prospectus and Statement of Additional Information Supplement was filed on May 15, 2023, indicating that as of May 8, 2023, Jamie Cuellar is no longer a co-portfolio manager for the Buffalo Discovery Fund and the Buffalo Small Cap Fund. The Discovery Fund continues to be managed by Dave Carlsen, CFA, and the Small Cap Fund continues to be managed by Robert Male, CFA.


136

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and the Board of Trustees of the Buffalo Funds

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of the Buffalo Funds (the "Trust") (comprising the Buffalo Discovery Fund, Buffalo Dividend Focus Fund, Buffalo Early Stage Growth Fund, Buffalo Flexible Income Fund, Buffalo Growth Fund, Buffalo High Yield Fund, Buffalo International Fund, Buffalo Large Cap Fund, Buffalo Mid Cap Fund, and Buffalo Small Cap Fund (collectively referred to as the "Funds")), including the schedules of investments or options written, as of March 31, 2023, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds comprising the Buffalo Funds at March 31, 2023, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and their financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on each of the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of March 31, 2023, by correspondence with the custodian, brokers, and agent banks; when replies were not received from brokers and agent banks, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of the Buffalo Funds since 1994.

Kansas City, Missouri
May 25, 2023


137

NOTICE TO SHAREHOLDERS (UNAUDITED)

MARCH 31, 2023

TAX INFORMATION

For the fiscal year ended March 31, 2023, certain dividends paid by the Funds may be subject to a maximum tax rate of 23.8%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The percentage of dividends declared from ordinary income designated as qualified dividend income was as follows (unaudited):

Buffalo Discovery Fund

    

0.00

%

  

Buffalo Dividend Focus Fund

    

100.00

%

  

Buffalo Early Stage Growth Fund

    

0.00

%

  

Buffalo Flexible Income Fund

    

100.00

%

  

Buffalo Growth Fund

    

0.00

%

  

Buffalo High Yield Fund

    

1.78

%

  

Buffalo International Fund

    

100.00

%

  

Buffalo Large Cap Fund

    

0.00

%

  

Buffalo Mid Cap Fund

    

0.00

%

  

Buffalo Small Cap Fund

    

0.00

%

  

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal year ended March 31, 2023 was as follows (unaudited):

Buffalo Discovery Fund

    

0.00

%

  

Buffalo Dividend Focus Fund

    

100.00

%

  

Buffalo Early Stage Growth Fund

    

0.00

%

  

Buffalo Flexible Income Fund

    

100.00

%

  

Buffalo Growth Fund

    

0.00

%

  

Buffalo High Yield Fund

    

1.78

%

  

Buffalo International Fund

    

0.00

%

  

Buffalo Large Cap Fund

    

0.00

%

  

Buffalo Mid Cap Fund

    

0.00

%

  

Buffalo Small Cap Fund

    

0.00

%

  

FOREIGN SHAREHOLDERS: The percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Section 871(k)(2)(C) for the year ended March 31, 2023 was as follows (unaudited).

Buffalo Discovery Fund

    

0.00

%

  

Buffalo Dividend Focus Fund

    

0.00

%

  

Buffalo Early Stage Growth Fund

    

0.00

%

  

Buffalo Flexible Income Fund

    

0.00

%

  

Buffalo Growth Fund

    

0.00

%

  

Buffalo High Yield Fund

    

0.00

%

  

Buffalo International Fund

    

0.00

%

  

Buffalo Large Cap Fund

    

0.00

%

  

Buffalo Mid Cap Fund

    

0.00

%

  

Buffalo Small Cap Fund

    

0.00

%

  


138

(Unaudited)

With respect to the taxable year ended March 31, 2023, the Funds hereby designate as capital gain dividends the amounts listed below, or, if subsequently determined to be different, the net capital gains of such year:

Funds   From Long-Term Capital
Gains, Subject to the 15%
Rate Gains Category:		   From Long-Term Capital Gains,
Using Proceeds from
Shareholder Redemptions:		  

Buffalo Discovery Fund

  

$

61,661,632

    

$

—

    

Buffalo Dividend Focus Fund

    

1,828,124

      

—

    

Buffalo Early Stage Growth Fund

    

991,573

      

—

    

Buffalo Flexible Income Fund

    

12,073,761

      

1,418,263

    

Buffalo Growth Fund

    

6,215,261

      

747,343

    

Buffalo High Yield Fund

    

5,003,175

      

—

    

Buffalo International Fund

    

7,420,776

      

1,158,594

    

Buffalo Large Cap Fund

    

2,521,272

      

—

    

Buffalo Mid Cap Fund

    

6,882,361

      

997,319

    

Buffalo Small Cap Fund

    

—

      

—

    


139

(Unaudited)

Trustees and Officers of the Funds

The management and affairs for the Funds are supervised by the Board of Trustees ("Trustees") under the laws of the State of Delaware. The Trustees and executive officers of the Funds and their principal occupations for the last five years are set forth below. Each may have held other positions with the named companies during that period. The Funds' Statement of Additional Information includes additional information about the Trustees and is available without charge, upon request, by calling the Funds toll-free at 1-800-49-BUFFALO.

Name, Age and Address

   Position(s) Held
with Funds		   Term of Office
and Length of
Time Served		   Principal Occupation(s)
During Past Five Years		   Number of
Portfolios in
Fund Complex
Overseen by
Trustee		   Other Directorships
Held by Trustee During
the Past Five Years		  

INTERESTED TRUSTEES(1)

                      
Laura Symon Browne
5420 West 61st Place
Shawnee Mission, KS 66205
Year of Birth: 1971		   Trustee


President and Treasurer		   Indefinite term and served since February 2023.
One year term and served since November 2022.		  

President and Treasurer, Buffalo funds, 2022-present; Principal, Head of National Broker/Dealer key Accounts, Vanguard (financial services firm) 2013-2022.

  

10

  

None

  

INDEPENDENT TRUSTEES

                      
Philip J. Kennedy
5420 West 61st Place
Shawnee Mission, KS 66205
Year of Birth: 1945		  

Trustee

  

Indefinite term and served since May 1995.

  

Business Consultant.

  

10

  

None

  
Rachel F. Lupardus
5420 West 61st Place
Shawnee Mission, KS 66205
Year of Birth: 1972		  

Trustee

  

Indefinite term and served since October 2015.

  

Chief Operating Officer/Chief Financial Officer, Trozzolo Communications Group (marketing communications agency), 2015-present.

  

10

  

None

  
Jeffrey D. Yowell
5420 West 61st Place
Shawnee Mission, KS 66205
Year of Birth: 1967		   Chairman

Trustee		   One year term and served since December 2017.
Indefinite term and served since October 2015.		  

President and Owner, Getter Farms, LLC (agriculture and farm-related operations), 2007-present.

  

10

  

None

  

OFFICERS

                      
Fred Coats
5420 West 61st Place
Shawnee Mission, KS 66205
Year of Birth: 1965		   Chief Compliance Officer
Anti-Money Laundering Officer
Secretary		   Indefinite term and served since May 2015.
Indefinite term and served since May 2015.
Indefinite term and served since August 2019.		  

Chief Compliance Officer, Kornitzer Capital Management, Inc. (management company) May 2015-present; Private Practice Attorney May 1993-present.

  

N/A

  

None

  

1  Ms. Laura Symon Browne is deemed to be an interested person of the Funds as that term is defined in the 1940 Act, by virtue of the fact that she is an Officer of the Advisor.


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A NOTE ON FORWARD-LOOKING STATEMENTS

Except for historical information contained in this annual report for the Funds, the matters discussed in this report may constitute forward-looking statements made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. These include any advisor and/or portfolio manager predictions, assessments, analyses or outlooks for individual securities, industries, market sectors and/or markets. These statements involve risks and uncertainties. In addition to the general risks described for the Funds in the current Prospectus, other factors bearing on these reports include the accuracy of the Advisor's or portfolio managers' forecasts and predictions, and the appropriateness of the investment programs designed by the Advisor or portfolio manager to implement their strategies efficiently and effectively. Any one or more of these factors, as well as other risks affecting the securities markets and investment instruments generally, could cause the actual results of the Funds to differ materially as compared to benchmarks associated with the Funds.

ADDITIONAL INFORMATION

The Buffalo Funds have adopted proxy voting policies and procedures that delegate to Kornitzer Capital Management, Inc., the Funds' investment advisor, the authority to vote proxies. A description of the Buffalo Funds' proxy voting policies and procedures is available without charge, upon request, by calling the Funds toll free at 1-800-49-BUFFALO. A description of these policies and procedures is also included in the Funds' Statement of Additional Information, which is available on the SEC's website at http://www.sec.gov.

The actual voting records relating to portfolio securities during the most recent twelve month period ended June 30 (as filed with the SEC on Form N-PX) are available without charge, upon request, by calling the Funds toll free at 1-800-49-BUFFALO or by accessing the SEC's website at http://www.sec.gov.

The Funds file their complete schedule of portfolio holdings with the SEC four times each fiscal year at quarter-ends. The Trust files the Schedule of Portfolio Holdings with the SEC on Form N-CSR (second and fourth quarters) and as an exhibit to its reports on Form N-PORT (first and third quarters). Shareholders may view the Funds' Forms N-CSR and N-PORT on the SEC's website at http://www.sec.gov.


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APPROVAL OF ADVISORY AGREEMENTS (NOVEMBER 2022)

The Board of Trustees (the "Trustees") of Buffalo Funds, a Delaware statutory trust, on behalf of its series, Buffalo Flexible Income Fund, Buffalo High Yield Fund, Buffalo Large Cap Fund, Buffalo Small Cap Fund, Buffalo Growth Fund, Buffalo Discovery Fund, Buffalo Mid Cap Fund, Buffalo Early Stage Growth Fund, Buffalo International Fund and Buffalo Dividend Focus Fund (all such funds referred to collectively as the "Funds") met in-person on November 17, 2022 to consider the renewal of the Amended and Restated Management Agreements (the "Management Agreements") between the Trust, on behalf of the Funds, and Kornitzer Capital Management, Inc., the Funds' investment adviser ("KCM"). In advance of the meeting, the Trustees requested and received materials to assist them in considering the renewal of the Management Agreements.

The materials provided contained information with respect to the factors enumerated below, including a copy of the Management Agreements, a memorandum prepared by the Trust's outside legal counsel discussing the Trustees' fiduciary obligations and the factors they should assess in considering the renewal of the Management Agreements, detailed comparative information relating to each Fund's performance, as well as the management fees and expenses of the Funds, KCM's Form ADV, select financial information of KCM, including a profitability analysis prepared by KCM, and other comparative performance and fee information. The Trustees also considered information periodically throughout the year that was relevant to the consideration of the Management Agreements. In addition, the Independent Trustees, as defined below, met with their independent counsel on November 9, 2022 and immediately prior to the Board meeting held on November 17, 2022, to review and discuss the information provided to them and their duties and responsibilities in connection with the renewal of the Management Agreements. Based on their evaluation of information provided by KCM, in conjunction with the Funds' other service providers, the Trustees, by a unanimous vote (including a separate vote of the Trustees who are not "interested persons," as that term is defined in the Investment Company Act of 1940, as amended (the "Independent Trustees")), approved the renewal of the Management Agreements for an additional term of one year ending November 30, 2023.

In considering the renewal of the Management Agreements, the Trustees reviewed and analyzed various factors that they determined were relevant, including the factors enumerated below.

1. Nature, Extent and Quality of Services Provided to the Funds

The Trustees considered the nature, extent and quality of services provided by KCM to the Funds and the amount of time devoted to the Funds' affairs by KCM's staff. The Trustees considered KCM's specific responsibilities in all aspects of day-to-day management of the Funds, including the investment strategies implemented by KCM, as well as the qualifications, experience and responsibilities of the Funds' portfolio managers and other key personnel at KCM involved in the day-to-day activities of the Funds. In executive session, the Independent Trustees reviewed information provided by KCM in response to the Board's 15(c) Request for Information, including the structure of KCM's compliance program, KCM's continuing commitment to the growth of the Funds' assets, KCM's sales and marketing strategies, KCM's addition of several new research analysts and KCM's continued investment in systems, equipment and other resources. The Trustees noted during the course of the prior year they had met with representatives of KCM to discuss the Funds' performance and outlook, along with the marketing and sales and compliance efforts made by KCM throughout the year. The Trustees also noted any services that extended beyond portfolio management, and they considered the trading capability of KCM, and the lack of both significant shareholder complaints and financial statement issues. The Trustees discussed KCM's handling of compliance matters, including the quarterly and annual reports of the Trust's chief compliance officer to the Trustees on the effectiveness of KCM's compliance program. The Trustees concluded that KCM had sufficient quality and depth of personnel, resources, investment methods and compliance policies and procedures essential to performing its duties under the Management Agreements and that the nature, overall quality and extent of the management services provided to the Funds, as well as KCM's compliance program, were satisfactory.

2. Investment Performance of the Funds and KCM

In assessing the quality of the portfolio management services delivered by KCM, the Trustees compared the short-term and long-term performance of the Investor


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Class shares of each Fund on an absolute basis, in comparison to a benchmark index, and in comparison to a peer group as constructed using data from Morningstar, Inc. (each a "Morningstar Peer Group").

Buffalo Discovery Fund. The Trustees noted the Buffalo Discovery Fund's performance for the ten-year period ended September 30, 2022 was slightly below the median for the Morningstar Peer Group of U.S. open-end mid cap growth funds, falling within the third quartile of the Morningstar Peer Group. The Trustees also noted the Buffalo Discovery Fund's performance for the year-to-date, one-year, three-year and five-year periods ended September 30, 2022 was below the median for the Morningstar Peer Group, falling into the third quartile of the Morningstar Peer Group for the year-to-date and one-year periods, and into the fourth quartile of the Morningstar Peer Group for the three-year and five-year periods. The Trustees further noted for the since inception period ended September 30, 2022, the Buffalo Discovery Fund outperformed the Russell Midcap Growth Index, but underperformed the Index for the year-to-date, one-year, three-year, five-year and ten-year periods.

Buffalo Dividend Focus Fund. The Trustees noted the Buffalo Dividend Focus Fund's performance for the year-to-date, one-year, three-year and five-year periods ended September 30, 2022 was above the median for the Morningstar Peer Group of U.S. open-end large blend funds, falling into the first quartile for the year-to-date, one-year, and three-year periods, and into the second quartile for the five-year period. The Trustees further noted for the year-to-date, one-year, three-year and five-year periods ended September 30, 2022, the Buffalo Dividend Focus Fund outperformed the Russell 1000 Index but had underperformed the Index for the since inception period ended September 30, 2022.

Buffalo Early Stage Growth Fund. The Trustees noted the Buffalo Early Stage Growth Fund's performance for the year-to-date and one-year periods ended September 30, 2022 was below the median for the Morningstar Peer Group of U.S. open-end small growth funds, falling into the third quartile for the year-to-date period, and into the fourth quartile for the one-year period. The Trustees noted the Buffalo Early Stage Growth Fund's performance for the three-year, five-year and ten-year periods ended September 30, 2022 was above the median for the Morningstar Peer Group of U.S. open-end small growth funds, falling into the second quartile for all three periods. The Trustees next noted that for the year-to-date

and one-year periods ended September 30, 2022, the Buffalo Early Stage Growth Fund underperformed the Russell 2000 Growth Index, but outperformed the Index for the three-year, five-year, ten-year and since-inception periods ended September 30, 2022.

Buffalo Flexible Income Fund. The Trustees began by noting that the Buffalo Flexible Income Fund was categorized by Morningstar in its open-end large value fund category and that due to the Fund's investment objective and strategies, the Fund's Morningstar category had periodically changed. The Trustees noted the Buffalo Flexible Income Fund's performance for the year-to-date, one-year, three-year and five-year periods ended September 30, 2022 was above the median for the Fund's Morningstar Peer Group, falling within the first quartile of the Morningstar Peer Group for the year-to-date, one-year and three-year periods and the second quartile for the five-year period. The Trustees further noted the Buffalo Flexible Income Fund's performance for the year-to-date and one-year periods was the best of the Morningstar Peer Group. The Trustees then noted that the Buffalo Flexible Income Fund's performance for the ten-year period ended September 30, 2022 was below the median for the Morningstar Peer Group, falling within the fourth quartile for the period. The Trustees next noted that the Buffalo Flexible Income Fund outperformed the Russell 3000 Index for the year-to-date and one-year periods ended September 30, 2022, but underperformed the Index for the three-year, five-year, ten-year and since inception periods ended September 30, 2022.

Buffalo Growth Fund. The Trustees noted the Buffalo Growth Fund's performance for the year-to-date, one-year, three-year, five-year and ten-year periods ended September 30, 2022 was below the median for the Morningstar Peer Group of U.S. open-end large growth funds, falling within the third quartile of the Morningstar Peer Group for the year-to-date, one-year, five-year and ten-year periods and within the fourth quartile for the three-year period. The Trustees next noted for the since-inception period ended September 30, 2022, the Buffalo Growth Fund outperformed the Russell 3000 Growth Index, but underperformed the Index for the year-to-date, one-year, three-year, five-year and ten-year periods ended September 30, 2022.

Buffalo High Yield Fund. The Trustees noted the Buffalo High Yield Fund's performance for the year-to-date, one-year, three-year, five-year and ten-year periods ended September 30, 2022, was above the median for


143

(Unaudited)

the Morningstar Peer Group of U.S. open-end high yield bond funds, falling within the first quartile for all periods. The Trustees next noted for the year-to-date, one-year, three-year, five-year, ten-year and since inception periods ended September 30, 2022, the Buffalo High Yield Fund outperformed the ICE BofA U.S. High Yield Index.

Buffalo International Fund. The Trustees noted the Buffalo International Fund's performance for the year-to-date, one-year, three-year, five-year and ten-year periods ended September 30, 2022 was above the median for the Morningstar Peer Group of U.S. open-end foreign large growth funds, noting the Fund's performance was in the first quartile for the one-year, five-year and ten-year periods, and within the second quartile for the year-to-date and three-year period. The Trustees further noted for the three-year, five-year, ten-year and since-inception periods ended September 30, 2022, the Buffalo International Fund outperformed the FTSE All-World ex US Index, but had underperformed the Index for the year-to-date and one-year ended periods September 30, 2022.

Buffalo Large Cap Fund. The Trustees noted the Buffalo Large Cap Fund's performance for the year-to-date, one-year and ten-year periods ended September 30, 2022 was above the median for the Morningstar Peer Group of U.S. open-end large growth funds, falling within the first quartile for the ten-year period and within the second quartile for the year-to-date and one-year periods. The Trustees then noted the Buffalo Large Cap Fund's performance for the three-year and five-year periods ended September 30, 2022 was below the Morningstar Peer Group median and fell within the third quartile for each period. The Trustees next noted that for the year-to-date and since inception periods ended September 30, 2022 the Buffalo Large Cap Fund slightly outperformed the Russell 1000 Growth Index and underperformed the Index for the one-year, three-year, five-year and ten-year periods ended September 30, 2022.

Buffalo Mid Cap Fund. The Trustees noted the Buffalo Mid Cap Fund's performance for the year-to-date and one-year periods ended September 30, 2022 was above the median for the Morningstar Peer Group of U.S. open-end mid-cap growth funds, falling within the second quartile for both periods. The Trustees then noted the Buffalo Mid Cap Fund's performance for the three-year, five-year and ten-year periods ended September 30, 2022 was below the median for the Morningstar Peer Group of U.S. open-end mid-cap growth funds, falling within the third quartile for the three-year and five-year periods,

and within the fourth quartile for the ten-year period. The Trustees also noted the Buffalo Mid Cap Fund outperformed the Russell Midcap Growth Index for the one-year period ended September 30, 2022, slightly underperformed the Index for the year-to-date period ended September 30, 2022 and underperformed the Index for the three-year, five-year, ten-year and since inception periods ended September 30, 2022. The Trustees also compared the performance of the Buffalo Mid Cap Fund to that of other accounts managed by KCM using investment strategies substantially similar to that of the Fund and noted for all periods the performance of the Fund was comparable to that of the other accounts, noting that the performance for the other accounts was presented gross of fees.

Buffalo Small Cap Fund. The Trustees noted the Buffalo Small Cap Fund's performance for the year-to-date, three-year, five-year and ten-year periods ended September 30, 2022 was above the median of the Morningstar Peer Group of U.S. open-end small growth funds, falling within the first quartile of the Morningstar Peer Group for the three-year, five-year and ten-year periods and within the second quartile for the year-to-date period. The Trustees then noted for the one-year period ended September 30, 2022, the Buffalo Small Cap Fund's performance was below the Morningstar Peer Group median, falling within the fourth quartile. The Trustees further noted that for the year-to-date period ended September 30, 2022, the Buffalo Small Cap Fund slightly underperformed the Russell 2000 Growth Index, underperformed the Index for the one-year period ended September 30, 2022 and outperformed the Index for the three-year, five-year, ten-year and since inception periods ended September 30, 2022. The Trustees also compared the performance of the Buffalo Small Cap Fund to that of other accounts managed by KCM using investment strategies substantially similar to that of the Fund and noted for all periods the performance of the Fund was comparable to that of the other accounts, noting that the performance for the other accounts was presented gross of fees.

After considering all of the information including specific responses regarding Fund performance, including KCM's efforts to improve performance of underperforming Funds, the Trustees concluded that the performance obtained by KCM for the Funds was satisfactory under current market conditions and in light of each Fund's investment objective, strategies and policies. Although past performance is not a guarantee or indication of


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future results, the Trustees determined that the Funds and their shareholders were likely to benefit from KCM's continued management.

3. Costs of Services Provided and Profits Realized by KCM

The Trustees considered the cost of services and the structure of KCM's fees, including a review of the expense analyses and other pertinent material with respect to the Funds. The Trustees reviewed related statistical information, including the comparative expenses, expense components and peer group selections. The Trustees considered the cost structure of each Fund relative to its Morningstar Peer Group.

The Trustees also considered the overall profitability of the Funds to KCM and examined the level of profits that could be expected to accrue to KCM from the fees payable under the Management Agreements, as well as the Funds' brokerage commissions and use of soft dollars by KCM. The Trustees also considered the profitability of each Fund before and after any distribution costs borne by KCM. These considerations were based on materials requested by the Trustees specifically for the Meeting, as well as the presentations made by KCM over the course of the year.

In reviewing the Morningstar 15(c) materials, the Board noted the Institutional Class shares of the Buffalo Funds operate under a unitary fee structure whereby many of the Funds' ordinary operating expenses are paid by KCM out of its advisory fee rather than paid directly by the Funds. The Board noted the difficulty of comparing the Buffalo Funds to non-unitary fee funds and observed that the advisory fee comparison in the Board materials which used the management fee excluding the fees paid by KCM to Fund Services under a master servicing agreement, and referred to below as the net management fee, was the most appropriate. The Board also noted the net expense ratio used in the Morningstar comparative data excludes any Rule 12b-1 fees imposed by other funds.

Buffalo Discovery Fund. The Trustees noted the Buffalo Discovery Fund's net management fee of 0.55% fell within the first quartile of the Morningstar Peer Group, and was below both the Morningstar Peer Group average and median of 0.75%. The Trustees further noted the net expense ratio of 0.86% for the Buffalo Discovery Fund fell in the second quartile, and was equal to the Morningstar Peer Group average and median of 0.86%. Based on a profitability analysis prepared by KCM, the Trustees concluded that KCM's profit from sponsoring the

Discovery Fund had not been, and currently was not, excessive and that KCM maintained adequate profit levels to support its services to the Fund.

Buffalo Dividend Focus Fund. The Trustees noted the Buffalo Dividend Focus Fund's net management fee of 0.50% fell within the first quartile and was below both the Morningstar Peer Group average of 0.68% and the Morningstar Peer Group median of 0.65%. The Trustees further noted the net expense ratio of 0.78% for the Buffalo Dividend Focus Fund fell into the second quartile, below the Morningstar Peer Group average of 0.84% and median of 0.85%, each of which fell in the third quartile. Based on a profitability analysis prepared by KCM, the Trustees concluded while KCM was not realizing profits in connection with its management of the Dividend Focus Fund, KCM maintained adequate profit levels to support its services to the Fund from the revenues of its overall investment advisory business.

Buffalo Early Stage Growth Fund. The Trustees noted the Buffalo Early Stage Growth Fund's net management fee of 1.00% fell at the top of the fourth quartile and was above the Morningstar Peer Group average of 0.81% and median of 0.83%. The Trustees further noted the net expense ratio of 1.33% for the Buffalo Early Stage Growth Fund fell within the fourth quartile, above the Morningstar Peer Group average of 1.04% and median of 1.00%, each of which fell into the first quartile. The Trustees noted that based on information provided by KCM, the Early Stage Growth Fund would more closely align with a micro-cap category, but Morningstar does not have such a category and is therefore included in the small growth category. Based on a profitability analysis prepared by KCM, the Trustees concluded that KCM's profit from sponsoring the Early Stage Growth Fund had not been, and currently was not, excessive and that KCM maintained adequate profit levels to support its services to the Fund from the revenues of its overall investment advisory business.

Buffalo Flexible Income Fund. The Trustees noted the Buffalo Flexible Income Fund's net management fee of 0.55% fell within the second quartile and was below the Morningstar Peer Group average and median of 0.63%. The Trustees further noted the net expense ratio of 0.86% for the Buffalo Flexible Income Fund fell within the fourth quartile, above the Morningstar Peer Group average and median of 0.76%, which fell within the second quartile. Based on a profitability analysis prepared by KCM, the Trustees concluded while KCM was


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not realizing profits in connection with its management of the Flexible Income Fund, KCM maintained adequate profit levels to support its services to the Fund from the revenues of its overall investment advisory business.

Buffalo Growth Fund. The Trustees noted the Buffalo Growth Fund's net management fee of 0.50% fell in the first quartile, below the Morningstar Peer Group average of 0.68% and median of 0.70%. The Trustees further noted the net expense ratio of 0.77% for the Buffalo Growth Fund fell within the first quartile, below the Morningstar Peer Group average and median of 0.85%, which fell in the third quartile. Based on a profitability analysis prepared by KCM, the Trustees concluded that KCM's profits from sponsoring the Growth Fund had not been, and currently were not excessive and that KCM maintained adequate profit levels to support its services to the Fund.

Buffalo High Yield Fund. The Trustees noted the Buffalo High Yield Fund's net management fee of 0.55% was equal to the Morningstar Peer Group median and the average of 0.55%. The Trustees further noted the net expense ratio of 0.87% for the Buffalo High Yield Fund fell within the fourth quartile, above the Morningstar Peer Group average and median of 0.70%, which fell within the third quartile. Based on a profitability analysis prepared by KCM, the Trustees concluded that KCM's profit from sponsoring the High Yield Fund had not been, and currently was not, excessive and that KCM maintained adequate profit levels to support its services to the Fund.

Buffalo International Fund. The Trustees noted the Buffalo International Fund's net management fee of 0.55% fell in the first quartile, below the Morningstar Peer Group average and median of 0.75%. The Trustees further noted the net expense ratio of 0.88% for the Buffalo International Fund fell within the third quartile, below the Morningstar Peer Group average of 0.90% and above the median of 0.87%, each of which also fell within the third quartile. Based on a profitability analysis prepared by KCM, the Trustees concluded that KCM's profits from sponsoring the International Fund were not excessive and that KCM maintained adequate profit levels to support its services to the Fund.

Buffalo Large Cap Fund. The Trustees noted the Buffalo Large Cap Fund's net management fee of 0.50% fell into the first quartile, below the Morningstar Peer Group average and median of 0.65%. The Trustees further noted the net expense ratio of 0.78% for the Buffalo Large Cap Fund fell within the second quartile, below the

Morningstar Peer Group average of 0.86% and median of 0.89%. Based on a profitability analysis prepared by KCM, the Trustees concluded that KCM's profits from sponsoring the Large Cap Fund had not been, and currently were not excessive and that KCM maintained adequate profit levels to support its services to the Fund.

Buffalo Mid Cap Fund. The Trustees noted the Buffalo Mid Cap Fund's net management fee of 0.55% fell within the first quartile and was the lowest of the Morningstar Peer Group, below the Morningstar Peer Group average of 0.73%, which fell within the second quartile, and median of 0.75%. The Trustees further noted the net expense ratio of 0.87% for the Buffalo Mid Cap Fund fell in the second quartile, below the Morningstar Peer Group average of 0.91% and median of 0.90%, each of which fell within the third quartile. Based on a profitability analysis prepared by KCM, the Trustees concluded that KCM's profits from sponsoring the Mid Cap Fund had not been, and currently were not excessive and that KCM maintained adequate profit levels to support its services to the Fund.

Buffalo Small Cap Fund. The Trustees noted the Buffalo Small Cap Fund's net management fee of 0.55% fell within the first quartile and was below the Morningstar Peer Group average and median of 0.79%, which fell within the second quartile. The Trustees further noted the net expense ratio of 0.86% for the Buffalo Small Cap Fund fell within the first quartile and was below the Morningstar Peer Group average of 0.97%, which was within the second quartile, and below the Morningstar Peer Group median of 0.96%. The Trustees further noted the annual management fee is subject to reduced fees paid on assets in excess of certain levels. Based on a profitability analysis prepared by KCM, the Trustees concluded that KCM's profit from sponsoring the Small Cap Fund had not been, and currently was not, excessive and that KCM maintained adequate profit levels to support its services to the Fund.

The Trustees concluded that each Fund's expenses and the management fees paid to KCM were fair and reasonable in light of the comparative performance, expense and management fee information. The Trustees further concluded that KCM's profit from sponsoring the Funds had not been, and currently was not, excessive and that KCM maintained adequate profit levels to support the services to the Funds.


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4. Extent of Economies of Scale as the Funds Grow

The Trustees compared each Fund's expenses relative to its peer group and discussed realized and potential economies of scale. In considering the economies of scale for each Fund, the Board considered that the Buffalo Funds' Institutional Class shares operate under a unitary fee structure whereby many of the Funds' ordinary operating expenses are paid by KCM out of its advisory fee rather than being paid directly by the Funds.

Buffalo Discovery Fund. The Trustees reviewed the structure of the Buffalo Discovery Fund's management fee and total expense ratio and considered whether the Fund was large enough to generate economies of scale for shareholders or whether economies of scale would be expected to be realized as Fund assets grow (and if so, how those economies of scale were being or would be shared with shareholders). The Trustees noted the Buffalo Discovery Fund's management fee structure did not contain any breakpoint reductions as the Fund's assets grow in size, but that the feasibility of incorporating breakpoints would continue to be reviewed on a regular basis.

Buffalo Dividend Focus Fund. The Trustees reviewed the structure of the Buffalo Dividend Focus Fund's management fee and total expense ratio and considered whether the Fund was large enough to generate economies of scale for shareholders or whether economies of scale would be expected to be realized as Fund assets grow (and if so, how those economies of scale were being or would be shared with shareholders). The Trustees noted the Buffalo Dividend Focus Fund's management fee structure did not contain any breakpoint reductions as the Fund's assets grow in size, but that the feasibility of incorporating breakpoints would continue to be reviewed on a regular basis.

Buffalo Early Stage Growth Fund. The Trustees reviewed the structure of the Buffalo Early Stage Growth Fund's management fee and total expense ratio and considered whether the Fund was large enough to generate economies of scale for shareholders or whether economies of scale would be expected to be realized as Fund assets grow (and if so, how those economies of scale were being or would be shared with shareholders). The Trustees noted the Buffalo Early Stage Growth Fund's management fee structure did not contain any breakpoint reductions as the Fund's assets grow in size, but that the feasibility of incorporating breakpoints would continue to be reviewed on a regular basis.

Buffalo Flexible Income Fund. The Trustees reviewed the structure of the Buffalo Flexible Income Fund's management fee and total expense ratio and considered whether the Fund was large enough to generate economies of scale for shareholders or whether economies of scale would be expected to be realized as Fund assets grow (and if so, how those economies of scale were being or would be shared with shareholders). The Trustees noted the Buffalo Flexible Income Fund's management fee structure did not contain any breakpoint reductions as the Fund's assets grow in size, but that the feasibility of incorporating breakpoints would continue to be reviewed on a regular basis.

Buffalo Growth Fund. The Trustees reviewed the structure of the Buffalo Growth Fund's management fee and total expense ratio and considered whether the Fund was large enough to generate economies of scale for shareholders or whether economies of scale would be expected to be realized as Fund assets grow (and if so, how those economies of scale were being or would be shared with shareholders). The Trustees noted the Buffalo Growth Fund's management fee structure did not contain any breakpoint reductions as the Fund's assets grow in size, but that the feasibility of incorporating breakpoints would continue to be reviewed on a regular basis.

Buffalo High Yield Fund. The Trustees reviewed the structure of the Buffalo High Yield Fund's management fee and total expense ratio and considered whether the Fund was large enough to generate economies of scale for shareholders or whether economies of scale would be expected to be realized as Fund assets grow (and if so, how those economies of scale were being or would be shared with shareholders). The Trustees noted the Buffalo High Yield Fund's management fee structure did not contain any breakpoint reductions as the Fund's assets grow in size, but that the feasibility of incorporating breakpoints would continue to be reviewed on a regular basis.

Buffalo International Fund. The Trustees reviewed the structure of the Buffalo International Fund's management fee and total expense ratio and considered whether the Fund was large enough to generate economies of scale for shareholders or whether economies of scale would be expected to be realized as Fund assets grow (and if so, how those economies of scale were being or would be shared with shareholders). The Trustees noted the Buffalo International Fund's


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management fee structure did not contain any breakpoint reductions as the Fund's assets grow in size, but that the feasibility of incorporating breakpoints would continue to be reviewed on a regular basis.

Buffalo Large Cap Fund. The Trustees reviewed the structure of the Buffalo Large Cap Fund's management fee and total expense ratio and considered whether the Fund was large enough to generate economies of scale for shareholders or whether economies of scale would be expected to be realized as Fund assets grow (and if so, how those economies of scale were being or would be shared with shareholders). The Trustees noted the Buffalo Large Cap Fund's management fee structure did not contain any breakpoint reductions as the Fund's assets grow in size, but that the feasibility of incorporating breakpoints would continue to be reviewed on a regular basis.

Buffalo Mid Cap Fund. The Trustees reviewed the structure of the Buffalo Mid Cap Fund's management fee and total expense ratio and considered whether the Fund was large enough to generate economies of scale for shareholders or whether economies of scale would be expected to be realized as Fund assets grow (and if so, how those economies of scale were being or would be shared with shareholders). The Trustees noted the Buffalo Mid Cap Fund's management fee structure did not contain any breakpoint reductions as the Fund's assets grow in size, but that the feasibility of incorporating breakpoints would continue to be reviewed on a regular basis.

Buffalo Small Cap Fund. The Trustees reviewed the structure of the Buffalo Small Cap Fund's management fee and total expense ratio and considered whether the Fund was large enough to generate economies of scale for shareholders or whether economies of scale would be expected to be realized as Fund assets grow (and if so,

how those economies of scale were being or would be shared with shareholders). The Trustees further noted the Buffalo Small Cap Fund's management fee structure contained breakpoint reductions as the Fund's assets grow in size.

The Trustees concluded that the current fee structure for each Fund was reasonable and reflected a sharing of economies of scale between KCM and each Fund at each Fund's current asset levels.

5. Benefits Derived from the Relationship with the Funds

The Trustees considered the direct and indirect benefits that could be received by KCM from its association with the Funds. The Trustees examined the brokerage and commissions of KCM with respect to the Funds. The Trustees concluded that the benefits KCM may receive, such as greater name recognition, growth in separate account management services, greater exposure to press coverage, or increased ability to obtain research or brokerage services through the use of soft dollars, appear to be reasonable, and may benefit the Funds through growth in assets.

CONCLUSIONS

The Trustees considered all of the foregoing factors. In considering the Management Agreements, the Trustees did not identify any one factor as all-important, but rather considered these factors collectively in light of the Funds' surrounding circumstances and concluded that the Funds and their shareholders would benefit from KCM's continued management. Based on this review, the Trustees, including a majority of the Independent Trustees, approved the renewal of the Management Agreements with KCM, on behalf of the Funds, as being in the best interests of the Funds and their shareholders for an additional one-year term ending November 30, 2023.


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PRIVACY POLICY (UNAUDITED)

This Privacy Policy has been adopted by the Buffalo Funds. The Funds are each an open-end diversified management investment company registered under the Investment Company Act of 1940 (the "1940 Act").

This Privacy Policy has also been adopted by KCM, an investment advisor registered with the Securities and Exchange Commission that serves as the investment advisor and manager of the Funds.

The Funds and the Adviser are collectively referred to as the "Companies," "we," "our" or "us."

As a part of providing you services and products we collect non-public personally identifiable information ("Personal Information") about you. Some of this is information you provide and some is obtained from other sources. In some circumstances, a necessary part of providing products and services to you requires that we disclose Personal Information about you to third parties.

We want you to understand how we handle your Personal Information. Please read the Privacy Policy carefully. It has information about our policies for the collection, use, disclosure, and protection of your Personal Information. If you have any questions, you can obtain additional information from the following:

Buffalo Funds
c/o U.S. Bancorp Fund Services, LLC
P.O. Box 701
Milwaukee, Wisconsin 53201-0701
www.buffalofunds.com
1-800-492-8332

Please be aware that we periodically update or revise the Privacy Policy. As methods of doing business change, we reflect any applicable changes in our Privacy Policy. If you are our customer, we will send you an update as and when it occurs.

SALE/DISCLOSURE OF YOUR PERSONAL INFORMATION

We promise that we will not sell your Personal Information to any person.

Also, we will not disclose your Personal Information to any third person aside from the disclosures described below. These disclosures generally relate to marketing or maintaining products or services provided to you.

WHAT INFORMATION DO WE COLLECT?

Personal, Financial and Product Information

To be able to offer, provide and maintain these products and services, the Companies collect a variety of Personal Information about you. The Personal Information we collect will vary depending upon the product or service you select.

The following is a general list of the Personal Information. Not all of the Personal Information will be collected every time you do business with us.

Personal Information

•  Name

•  Address

•  Birthdate

•  Phone number

•  Social Security Number

•  E-mail address

•  Product-Related Personal Information

•  Product Activity History (things you have done with your mutual funds such as deposits, transfers, redemptions, etc.)

GENERAL PRIVACY PROCESSES

How do we collect Personal Information?

We use a variety of methods to collect Personal Information. We collect Personal Information directly from you with paper forms (for example, new account and other administrative forms), over the phone or through facsimile transmissions. We also collect Personal Information from our web site and through other electronic means. We collect some Personal Information through joint marketing programs where we offer a product or service through another financial institution. In some of these instances, you may be considered a customer of both entities.

Who has access to this Personal Information?

Generally, only the Companies' staff and certain companies working on the Companies' behalf have access to this Personal Information.


149

(Unaudited)

Those Working on Our Behalf

Depending on the product or service you select, there may be a number of third parties that will have access to your Personal Information since they are working on our behalf. This access is necessary because these third parties perform a task or provide administrative services for the product you seek or have purchased from us. If we do not share the Personal Information, we cannot provide you the product or service you requested. In certain cases, affiliates are the entities performing such services on our behalf.

When we share Personal Information with non-affiliated companies working on our behalf, we protect your Personal Information by requiring such companies to adopt our privacy policy or have a policy providing protection similar to ours.

Required Disclosures

Certain Personal Information may also be disclosed to third parties without your consent if disclosure is necessary to comply with: 1) legal processes; 2) to protect the rights, property, or personal safety of the Funds, their shareholders or the public; 3) as part of inspections or examinations conducted by our regulatory agencies; and 4) in other situations required by law.

Joint Marketing

In certain circumstances, the Companies may jointly market a product or service with another financial institution. In these circumstances, we have arranged to offer our products through these entities and their representatives or through electronic systems (for example, the Internet).

The Companies may make other disclosures authorized by law.

Requested Disclosures

We will disclose your Personal Information if you request it to those persons that you designate. Examples of this are to: members of your family; registered investment advisors, attorneys and CPAs who you have retained to advise you in a transaction; and persons whom you have designated to represent you in dealings with us.

What do we do with the Personal Information?

The Companies make use of the Personal Information to provide you with the financial products and services that we offer.

At the point that you cease being a customer, we will maintain your Personal Information and handle it just the same as our current customers.

The Companies restrict access to the Personal Information to those who need to know it for ordinary business purposes. We also maintain physical, electronic, and procedural safeguards that comply with federal standards to guard your Personal Information.

What are your options regarding corrections of Personal Information?

Generally, upon your written request, we will make available Personal Information for your review. Please note, Personal Information collected that relates to a disputed claim or legal proceeding will not be made available. If you notify us that the Personal Information is incorrect, we will review it and if we agree, correct our records. If we do not agree, you may submit a short comment, which we will include in future third party disclosures, if any occur, of Personal Information.


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1-800-49-BUFFALO

(1-800-492-8332)

Buffalo Funds

c/o U.S. Bancorp Fund Services, LLC
P.O. Box 701
Milwaukee, WI 53201-0701

www.buffalofunds.com

Buffalofundannual

 

(b)Not Applicable.

 

Item 2. Code of Ethics.

 

The Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer and principal financial officer. The Registrant has not made any amendments to its code of ethics during the period covered by this report. The Registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report. A copy of the Registrant’s Code of Ethics is incorporated by reference to the Registrant’s Form N-CSR filed on June 3, 2011.

 

Item 3. Audit Committee Financial Expert.

 

The registrant’s Board of Trustees has determined that there is at least one audit committee financial expert serving on its audit committee. The name of the audit committee financial experts are Philip J. Kennedy and Rachel F. Lupardus. Both Mr. Kennedy and Ms. Lupardus are “independent” as defined in Item 3 of Form N-CSR.

 

Item 4. Principal Accountant Fees and Services.

 

The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. “Audit services” refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. “Audit-related services” refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. “Tax services” refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. There were no “Other services” provided by the principal accountant. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.

 

   FYE  12/31/2023   FYE  12/31/2022 
( a ) Audit Fees  $263,600   $239,700 
( b ) Audit-Related Fees  $9,000   $8,200 
( c ) Tax Fees  $46,970   $42,700 
( d ) All Other Fees  $0   $0 

 

(e)(1) The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.

 

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(e)(2) The percentage of fees billed by Ernst & Young LLP applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

 

   FYE  12/31/2023   FYE  12/31/2022 
Audit-Related Fees   0%   0%
Tax Fees   0%   0%
All Other Fees   0%   0%

 

(f) All of the principal accountant’s hours spent on auditing the registrant’s financial statements were attributed to work performed by full-time permanent employees of the principal accountant.

 

(g) The following table indicates the non-audit fees billed or expected to be billed by the registrant’s accountant for services to the registrant and to the registrant’s investment adviser (and any other controlling entity, etc.—not sub-adviser) for the last two years.

 

Non-Audit Related Fees   FYE  12/31/2023    FYE  12/31/2022 
Registrant    N/A      N/A  
Registrant’s Investment Adviser    N/A      N/A  

 

(h) The audit committee of the board of trustees/directors has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser is compatible with maintaining the principal accountant's independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant’s independence.

 

(i) Not applicable

 

(j) Not applicable

 

Item 5. Audit Committee of Listed Registrants.

 

Not applicable to registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934).

 

Item 6. Investments.

 

(a)Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.

 

(b)Not Applicable

 

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

 

Not applicable to open-end investment companies.

 

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

 

Not applicable to open-end investment companies.

 

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Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

 

Not applicable to open-end investment companies.

 

Item 10. Submission of Matters to a Vote of Security Holders.

 

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees.

 

Item 11. Controls and Procedures.

 

(a)The Registrant’s President and Treasurer has reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on this review, such officer has concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to him by others within the Registrant and by the Registrant’s service provider.

 

(b)There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

 

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

 

Not applicable to open-end investment companies.

 

Item 13. Exhibits.

 

(a)(1) Code of Ethics. Incorporated by reference to the Registrant’s Form N-CSR filed on June 3, 2011.

 

(2) A separate certification for each principal executive officer and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.

 

(3) Not applicable to open-end investment companies.

 

(4) There was no change in the registrant’s independent public accountant for the period covered by this report.

 

(b)Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith.

 

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SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

Buffalo Funds  
    
By/s/ Laura Symon Browne  
Laura Symon Browne  
President and Treasurer  
    
DateJune 6, 2023

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following person on behalf of the registrant and in the capacities and on the date indicated.

 

Buffalo Funds  
    
By/s/ Laura Symon Browne  
Laura Symon Browne  
President and Treasurer  
    
DateJune 6, 2023

 

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