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 66205
(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: September 30, 2022

 

 

 

 

 

 

Item 1. Reports to Stockholders.

 

(a)

 

 

 

 

SEMI-ANNUAL REPORT

September 30, 2022

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TABLE OF CONTENTS

Investment Results (unaudited)

    

4

    

Portfolio Management Review (unaudited)

    

8

    

Expense Example (unaudited)

    

19

    

Allocation of Portfolio Holdings (unaudited)

    

23

    

Schedules of Investments or Options Written

    

25

    

Buffalo Discovery Fund (BUFTX)

    

25

    

Buffalo Dividend Focus Fund (BUFDX)

    

31

    

Buffalo Early Stage Growth Fund (BUFOX)

    

39

    

Buffalo Flexible Income Fund (BUFBX)

    

44

    

Buffalo Growth Fund (BUFGX)

    

50

    

Buffalo High Yield Fund (BUFHX)

    

54

    

Buffalo International Fund (BUFIX)

    

68

    

Buffalo Large Cap Fund (BUFEX)

    

77

    

Buffalo Mid Cap Fund (BUFMX)

    

83

    

Buffalo Small Cap Fund (BUFSX)

    

88

    

Statements of Assets and Liabilities

    

94

    

Statements of Operations

    

96

    

Statements of Changes in Net Assets

    

98

    

Financial Highlights

    

102

    

Notes to Financial Statements

    

122

    

Statement Regarding Liquidity Risk Management Program (unaudited)

    

135

    

Privacy Policy (unaudited)

    

137

    

INVESTMENT RESULTS (UNAUDITED)

Total Returns as of September 30, 2022

          

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

%

    

-23.23

%

    

-30.12

%

    

5.28

%

    

9.99

%

    

8.30

%

    

N/A

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

0.86

%

    

-23.15

%

    

-30.00

%

    

5.45

%

    

10.15

%

    

N/A

      

8.46

%

  

Russell Mid Cap Growth Index

    

N/A

      

-21.59

%

    

-29.50

%

    

7.62

%

    

10.85

%

    

8.27

%

    

8.27

%

  

Morningstar US Mid Growth Index*

    

N/A

      

-23.19

%

    

-32.42

%

    

8.76

%

    

10.93

%

    

N/A

      

N/A

    

Lipper Mid-Cap Growth Funds Index

    

N/A

      

-22.77

%

    

-31.45

%

    

6.85

%

    

9.99

%

    

7.62

%

    

7.62

%

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

0.93

%

    

-14.94

%

    

-10.29

%

    

8.87

%

    

N/A

      

11.25

%

    

N/A

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

0.78

%

    

-14.84

%

    

-10.16

%

    

9.04

%

    

N/A

      

N/A

      

11.42

%

  

Russell 1000 Index

    

N/A

      

-20.51

%

    

-17.22

%

    

9.00

%

    

N/A

      

11.98

%

    

11.98

%

  

Morningstar US Large-Mid Cap Index

    

N/A

      

-20.73

%

    

-17.51

%

    

9.01

%

    

N/A

      

11.96

%

    

11.96

%

  

Lipper Equity Income Funds Index

    

N/A

      

-15.26

%

    

-8.18

%

    

6.42

%

    

N/A

      

9.40

%

    

9.40

%

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

1.46

%

    

-22.31

%

    

-34.58

%

    

6.90

%

    

9.98

%

    

8.12

%

    

N/A

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

1.33

%

    

-22.20

%

    

-34.40

%

    

7.07

%

    

10.15

%

    

N/A

      

8.28

%

  

Russell 2000 Growth Index

    

N/A

      

-19.06

%

    

-29.27

%

    

3.60

%

    

8.81

%

    

7.91

%

    

7.91

%

  

Morningstar US Small Growth Index

    

N/A

      

-24.34

%

    

-34.89

%

    

3.35

%

    

8.24

%

    

7.61

%

    

7.61

%

  

Lipper Small-Cap Growth Funds Index

    

N/A

      

-20.70

%

    

-28.70

%

    

7.29

%

    

9.91

%

    

8.12

%

    

8.12

%

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

1.01

%

    

-11.93

%

    

1.76

%

    

6.27

%

    

6.60

%

    

7.10

%

    

N/A

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

0.86

%

    

-11.92

%

    

1.85

%

    

6.42

%

    

6.75

%

    

N/A

      

7.25

%

  

Russell 3000 Index

    

N/A

      

-20.42

%

    

-17.63

%

    

8.62

%

    

11.39

%

    

9.57

%

    

9.57

%

  
Morningstar Moderately Aggressive
Target Risk Index*		    

N/A

      

-18.70

%

    

-19.38

%

    

3.74

%

    

6.53

%

    

N/A

      

N/A

    
Lipper Mixed-Asset Target Allocation
Moderate Funds Index		    

N/A

      

-14.82

%

    

-15.47

%

    

3.43

%

    

5.46

%

    

6.38

%

    

6.38

%

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

0.92

%

    

-26.37

%

    

-27.98

%

    

7.99

%

    

10.45

%

    

9.51

%

    

N/A

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

0.77

%

    

-26.33

%

    

-27.89

%

    

8.15

%

    

10.62

%

    

N/A

      

9.68

%

  

Russell 3000 Growth Index

    

N/A

      

-23.49

%

    

-23.01

%

    

11.57

%

    

13.36

%

    

9.37

%

    

9.37

%

  

Morningstar US Growth Index*

    

N/A

      

-28.19

%

    

-32.18

%

    

10.66

%

    

12.43

%

    

N/A

      

N/A

    

Lipper Large Cap Growth Funds Index

    

N/A

      

-25.46

%

    

-29.14

%

    

9.66

%

    

11.95

%

    

8.22

%

    

8.22

%

  


4

(Unaudited)

          

Average Annual

  

  Gross Expense
Ratio**		   Six
Months		  

One Year

  

Five Years

  

Ten Years

   Investor
Class
Since
Inception		   Institutional
Class
Since
Inception2		  
Buffalo High Yield Fund — Investor Class
(inception date 5/19/95)		    

1.02

%

    

-7.57

%

    

-8.74

%

    

2.96

%

    

4.13

%

    

6.45

%

    

N/A

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

0.87

%

    

-7.51

%

    

-8.61

%

    

3.09

%

    

4.27

%

    

N/A

      

6.61

%

  

ICE BofAML US High Yield Master II Index

    

N/A

      

-10.56

%

    

-14.04

%

    

1.41

%

    

3.87

%

    

6.30

%

    

6.30

%

  

Lipper High Yield Bond Funds Index

    

N/A

      

-10.20

%

    

-13.11

%

    

1.34

%

    

3.53

%

    

5.21

%

    

5.21

%

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

1.03

%

    

-23.29

%

    

-29.04

%

    

2.63

%

    

6.20

%

    

3.82

%

    

N/A

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

0.88

%

    

-23.22

%

    

-28.90

%

    

2.79

%

    

6.36

%

    

N/A

      

3.98

%

  

FTSE All-World ex-US Index

    

N/A

      

-21.90

%

    

-24.52

%

    

-0.08

%

    

3.71

%

    

1.28

%

    

1.28

%

  

Morningstar Global Markets ex-US Index*

    

N/A

      

-22.28

%

    

-25.34

%

    

-0.55

%

    

3.50

%

    

N/A

      

N/A

    

Lipper International Funds Index

    

N/A

      

-22.06

%

    

-26.34

%

    

-0.45

%

    

4.02

%

    

1.19

%

    

1.19

%

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

0.93

%

    

-22.83

%

    

-24.20

%

    

9.20

%

    

12.58

%

    

9.41

%

    

N/A

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

0.78

%

    

-22.79

%

    

-24.10

%

    

9.37

%

    

12.75

%

    

N/A

      

9.57

%

  

Russell 1000 Growth Index

    

N/A

      

-23.77

%

    

-22.59

%

    

12.17

%

    

13.70

%

    

9.54

%

    

9.54

%

  

Morningstar US Large Growth Index*

    

N/A

      

-31.74

%

    

-38.87

%

    

8.02

%

    

11.26

%

    

N/A

      

N/A

    

Lipper Large-Cap Growth Funds Index

    

N/A

      

-25.46

%

    

-29.14

%

    

9.66

%

    

11.95

%

    

8.22

%

    

8.22

%

  
Buffalo Mid Cap Fund — Investor Class
(inception date 12/17/01)		    

1.02

%

    

-24.27

%

    

-28.32

%

    

6.82

%

    

8.69

%

    

7.58

%

    

N/A

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

0.87

%

    

-24.26

%

    

-28.25

%

    

6.97

%

    

8.84

%

    

N/A

      

7.74

%

  

Russell Mid Cap Growth Index

    

N/A

      

-21.59

%

    

-29.50

%

    

7.62

%

    

10.85

%

    

8.46

%

    

8.46

%

  

Morningstar US Mid Growth Index*

    

N/A

      

-23.19

%

    

-32.42

%

    

8.76

%

    

10.93

%

    

N/A

      

N/A

    

Lipper Mid-Cap Growth Funds Index

    

N/A

      

-22.77

%

    

-31.45

%

    

6.85

%

    

9.99

%

    

7.62

%

    

7.62

%

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

1.01

%

    

-16.33

%

    

-31.85

%

    

11.12

%

    

11.19

%

    

11.44

%

    

N/A

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

0.86

%

    

-16.24

%

    

-31.72

%

    

11.30

%

    

11.36

%

    

N/A

      

11.60

%

  

Russell 2000 Growth Index

    

N/A

      

-19.06

%

    

-29.27

%

    

3.60

%

    

8.81

%

    

5.52

%

    

5.52

%

  

Morningstar US Small Growth Index*

    

N/A

      

-24.34

%

    

-34.89

%

    

3.35

%

    

8.24

%

    

N/A

      

N/A

    

Lipper Small-Cap Growth Funds Index

    

N/A

      

-20.70

%

    

-28.70

%

    

7.29

%

    

9.91

%

    

6.72

%

    

6.72

%

  

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  For performance of the Institutional Class benchmarks prior to 7/1/2019 (Inception Date of Institutional Class), performance of the Investor Class benchmarks is used.

*  The inception date of this index is after the inception date of the Fund.

**  As reported in the Funds' Prospectus dated July 1, 2021. Current period gross expense ratio for each Fund can be found on the Financial Highlights, beginning on page 96.


5

(Unaudited)

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 Russell Midcap® Growth Index has replaced the Morningstar US Mid Growth Index as the Buffalo Discovery Fund's primary benchmark. The Russell 1000 Index has replaced the Morningstar US Large-Mid Cap Index as the Buffalo Dividend Focus Fund's primary benchmark. The Russell 2000® Growth Index has replaced the Morningstar US Small Growth Index as the Buffalo Early Stage Growth Fund's primary benchmark. The Russell 3000 Index has replaced the Morningstar Moderately Aggressive Target Risk Index as the Buffalo Flexible Income Fund's primary benchmark. The Russell 3000® Growth Index has replaced the Morningstar US Growth Index as the Buffalo Growth Fund's primary benchmark. The FTSE All-World ex-US Index has replaced the Morningstar Global Markets ex-US Index as the Buffalo International Fund's primary benchmark. The Russell 1000® Growth Index has replaced the Morningstar US Large Growth Index as the Buffalo Large Cap Fund's primary benchmark. The Russell Midcap® Growth Index has replaced the Morningstar US Mid Growth Index as the Buffalo Mid Cap Fund's primary benchmark. The Russell 2000® Growth Index has replaced the Morningstar US Small Growth Index as the Buffalo Small Cap Fund's primary benchmark. The Advisor believes that each of the new indices is more appropriate given each Fund's holdings.

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 Morningstar US Mid Growth Index measures the performance of US mid-cap stocks that are expected to grow at a faster pace than the rest of the market as measured by forward earnings, historical earnings, book value, cash flow and sales. The Morningstar US Large-Mid Cap Index measures the performance of the US equity market targeting the top 90% of stocks by market capitalization. The Lipper Equity Income Funds Index tracks funds that seek relatively high current income and growth of income by investing at least 65% of their portfolio in dividend-paying equity securities. These funds' gross or net yield must be at least 125% of the average gross or net yield of the U.S. diversified equity fund universe. The Morningstar US Small Growth Index measures the performance of US small-cap stocks that are expected to grow at a faster pace than the rest of the market as measured by forward earnings, historical earnings, book value, cash flows and sales. The Lipper Small-Cap Growth Funds Index is an unmanaged, equally weighted performance index of the 30 largest qualifying mutual funds (based on net assets) in the Lipper Small-Cap classification. 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. The Lipper Mixed-Asset Target Allocation Moderate Funds Index is an average of funds that, by portfolio practice, maintain a mix of between 40%-60% equity securities, with the remainder invested in bonds, cash, and cash equivalents. The total return of the Lipper Average does not include the effect of sales charges. The Morningstar US Growth Index measures the performance of US stocks that are expected to grow at a faster pace than the rest of the market as measured by forward earnings, historical earnings, book value, cash flow and sales. The Lipper Large Cap Growth Funds Index is an unmanaged, equally weighted performance index of the 30 largest qualifying mutual funds (based on net assets) in


6

(Unaudited)

the Lipper Large-Cap classification. The Lipper High Yield Bond Funds Index is a widely recognized index of the 30 largest mutual funds that invest primarily in high yield bonds. The Morningstar Global Market ex-US Index is designed to provide exposure to the top 97% market capitalization in each of two market segments, developed markets, excluding the United States, and emerging markets. The Lipper International Funds Index is an unmanaged, equally weighted performance index of the 30 largest qualifying mutual funds (based on net assets) in the Lipper International classification. The Morningstar US Large Growth Index measures the performance of US large-cap stocks that are expected to grow at a faster pace than the rest of the market as measured by forward earnings, historical earnings, book value, cash flow and sales. The Lipper Mid-Cap Growth Funds Index is an unmanaged, equally weighted performance index of the 30 largest qualifying mutual funds (based on net assets) in the Lipper Mid-Cap classification. The Morningstar Moderately Aggressive Target Risk Index is designed to meet the needs of investors who would like to maintain a target level of equity exposure through a portfolio diversified across equities, bonds and inflation-hedged instruments.

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

PORTFOLIO MANAGEMENT REVIEW (UNAUDITED)

BUFFALO DISCOVERY FUND

The Buffalo Discovery Fund declined 23.23% for the six-month period ending September 30, 2022, versus a decline of 21.59% for the Russell Midcap Growth Index. Stubbornly high inflation, aggressive interest-rate increases, rising fear of a recession, and expectations for softer corporate earnings were the main headwinds leading to significant market declines during the semi-annual reporting period.

The Fund's relative underperformance came from weak stock selection, primarily in the Healthcare and Consumer Discretionary sectors, which more than offset strong performance in the Technology sector.

This has clearly been a challenging year for investors. Between war, supply chain disruption, inflation, European recession, and higher interest rates, the market has digested a lot of bad news. We expect innovative, competitively advantaged growth companies to outperform their peers in such an environment, leading to attractive risk-adjusted returns over a full economic cycle. We remain steadfast in our mission to invest in innovative growth companies while maintaining a consistent discipline around valuation and risk.

Calix was the largest contributor to performance during the semi-annual reporting period. The company develops and markets communications software, systems, and services to smaller broadband service providers. The Fund initiated a position earlier this year 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.

Expedia was the leading detractor to 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.

TaskUs was also among the larger detractors from performance during the semi-annual reporting period. TaskUs is a Business Process Outsourcing (BPO) company that primarily provides outsourced services to technology companies. The company reported better-than-expected results for the March quarter but failed to raise full-year estimates due to an offshore transition from its largest customer. This lowered revenues in the near term and the stock was punished by the market. However, we believe TaskUs' offering can help companies looking to lower their costs and should eventually garner more attention due to the weaker macroeconomic environment. We believe the stock is undervalued at these levels and the company's shares remain in the portfolio.

Regarding our outlook for the markets, we expect companies to provide cautious earnings guidance for the next few quarters due to slowing economic activity, currency headwinds, increased promotional activity, and inflationary cost pressures. On a positive note, we are seeing signs that the Federal Reserve's aggressive efforts to combat inflation are working. We have seen prices peak for gasoline, shipping containers, used cars, and numerous commodities. Unfortunately, however, it typically takes several quarters before this cost relief flows through to consumer prices. With headline inflation expected to remain elevated and labor markets tight, it seems unlikely the Fed will waver from its plan for two more outsized interest rate hikes this cycle.

Our strategy is to take a long-term, risk-aware view and build positions in our highest conviction companies as the risk/reward tradeoff improves. Recessions don't last forever — the average recession since 1950 has lasted 10 months with the longest at 18 months — and stocks typically move higher before the economic downturn ends. We expect interest rates to remain elevated for some time, therefore we are leaning into dominant companies with strong balance sheets generating attractive returns on capital investment. We're also


8

(Unaudited)

holding slightly more cash in the near term to take advantage of opportunities where heightened investor fear and market volatility leads to stock price overreactions. We believe investing in innovative, 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 DIVIDEND FOCUS FUND

The Buffalo Dividend Focus Fund posted a return of -14.94% for the six-month period ending September 30, 2022, a result that outperformed the Russell 1000 Index return of -20.51%. Stubbornly high inflation, aggressive interest-rate increases, rising fear of a recession, and expectations for softer corporate earnings were the main headwinds leading to significant market declines during the semi-annual reporting period. Absolute performance was disappointing as only one sector, Energy, generated positive absolute returns for the portfolio during the period; however, the Fund's sector allocation impact and stock selection effect benefited performance overall compared to the benchmark. The Fund's exposure to Communication Services, Consumer Discretionary, Energy, Health Care, Information Technology, Materials, Real Estate and Utilities delivered constructive performance relative to the benchmark.

Specific securities that contributed most positively to performance during the semi-annual review period included Absolute Software, Lamb Weston Holdings and Eli Lilly. Absolute Software (which develops, markets, and distributes cloud-based software that supports the management and security of devices, applications, data and networks for enterprises) gained on better than expected earnings combined with management's increase in forward guidance; demand remains robust for the company's Cyber Defense and Resilience security solutions. Lamb Weston, a producer of frozen potato products, gained on strong quarterly results with margins expected to rise as price increases are implemented and the potato crop normalizes. Eli Lilly, a manufacturer and marketer of pharmaceutical products, climbed as investors reacted favorably to its robust new product cycle outlook over the next few years across large end markets such as diabetes, obesity, Alzheimer's, cancer and immunology.

Microsoft Corporation, Apple, and Horizon Therapeutics PLC were the top detractors from the Fund's

performance. Microsoft Corporation, the software and computer services company, declined on foreign exchange headwinds, soft personal computer demand, and general macro-economic weakness. Shares of Apple declined reflecting the higher interest rate environment (tech stock valuations inversely correlated to rates) and consumer macro concerns, specifically around iPhone sales and recent lockdowns in China where most of the iPhone production resides. Horizon Therapeutics slumped on weak financial results and a lowered outlook due to generic competition in its inflammation segment and slower expected growth for its thyroid eye treatment (Tepezza).

Despite the uncertainty created by a hawkish Fed and geo-political tensions, 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. As stock market volatility spikes, we will look for opportunities to find companies that align with our investment criteria; we continue to follow our process of finding new investment ideas and poise to be ready when market declines provide better entry points.

BUFFALO EARLY STAGE GROWTH FUND

The Buffalo Early Stage Growth Fund generated a return of -22.31% for the six-month period ending September 30, 2022, a result that underperformed the Russell 2000 Growth Index return of -19.06%. Most of the underperformance was due to stock selection, however, the portfolio's sector allocation impact was also negative due to the Fund's underweight in Health Care, one of the benchmark's less negative sectors during the semi-annual review period. The portfolio is underweight Health Care, specifically Biotechnology, from our philosophy of avoiding binary event risk due to the unpredictable nature of drug approvals/failures by the FDA within the industry.

Regarding stock selection, all sectors declined during the period; however, on a relative basis the Fund underperformed in the Consumer Discretionary and Health Care but outperformed in Information Technology. One of the largest contributors to performance during the review period was Calix, a leading provider of hardware and software that enables broadband service providers to manage and optimize


9

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their networks. Strong second quarter results, a positive outlook by management, and a new stock buyback announcement drove the shares higher. The digital divide between urban and rural and work-from-home trends has created a strong demand set-up for small- and mid- size broadband service providers to continue to build out and optimize their networks. Calix has created a more stable model with recurring software revenue along with a focus on smaller providers, eliminating the lumpiness and volatility from large customers. Broadband access should remain somewhat insulated from upcoming macro weakness as Calix is a prime beneficiary of federal government stimulus funds from legislative acts; this should provide a strong tailwind over the next several years as over $100 billion in stimulus funds will be spent on broadband access.

One of the largest detractors in the period was Open Lending Corporation. Open Lending is a provider of automated decisioning technology for credit unions and banks who are underwriting near prime auto loans. Investors' lack of experience with Open Lending through a consumer credit cycle that is deteriorating has pushed the share price down to multi-year lows. Credit unions and banks use the Open Lending platform to protect their credit risk; the company has paired its underwriting technology with three insurance carriers that offer auto loan default coverage. Open Lending is not taking on balance sheet risk but does earn a profit share split with the insurance partners so the performance (repayment) of these auto loans is important. To date, there have been no issues with loan performance, rather the lack of inventory of both new and used cars has pushed down volumes of loans coming through their platform as near-prime consumers have been priced out of the market. With a gradual easing of used car prices and a return of new vehicle production numbers, the environment for Open Lending should improve. The company provides a solution that benefits the consumer (lower rates), benefits the loan provider (default protection and increased loan volumes) and benefits insurance carriers (high margin offering). We look forward to Open Lending proving their durability to investors in various credit cycles.

The Russell 2000 Growth Index has now seen a 38% drawdown from November 2021 levels. Declines of this magnitude historically would suggest that much of the pain is behind us. Many of our consumer discretionary holdings are now trading below 6 times annual EBITDA (Earnings Before Interest, Taxes, Depreciation and

Amortization; a cash flow-like metric), multiples which would have been virtually unheard of in years past. Similarly, many recurring revenue software companies have seen their valuations compress by 60-70% or more. However, many of these companies have not yet cut their earnings expectations, a change that we believe is coming as companies look toward 2023 and the macro environment they face. We believe some of the decline in valuation multiples already anticipates these coming revisions.

Regardless of the macroeconomic headwinds, 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 the early stage segment of the market creates an opportunity for us to uncover value. With an active share of greater than 90%, the Fund will continue to offer a distinct offering from the Index and category peers.

BUFFALO FLEXIBLE INCOME FUND

The Buffalo Flexible Income Fund generated a return of -11.93% for the six months ended September 30, 2022, compared to a return of -20.42% for the Russell 3000 Index. Stubbornly high inflation, aggressive interest-rate increases, rising fear of a recession, and expectations for softer corporate earnings were the main headwinds leading to significant market declines during the semi-annual reporting period.

While absolute performance was negative, the Fund's significant outperformance compared to the benchmark was aided by the sector allocation and stock selection. The portfolio is overweight Energy and Consumer Staples, two of the best performing areas of the market overall during the semi-annual review period.

The top three stock contributors to the Fund's performance during the semi-annual reporting period were Eli Lilly, General Mills and Marathon Petroleum. Lilly continued to benefit from one of the best drug pipelines in the industry. General Mills reported strong earnings and has benefited from a consumer shift to eating more food at home, the company's pricing power, and market share gains. Marathon benefitted from extremely favorable refining margins and throughput volumes which have resulted in record cash flow generation.

The top three detractors were Microsoft, Intel, and APA Corporation. Microsoft shares declined about 24% in the period on continued weakness across the technology and


10

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software complex owing to the Fed's ongoing effort to raise short term interest rates; to a lesser effect, there was also pressure on the company's top-line from the strength of the U.S. dollar which diluted international revenues. Microsoft's fundamentals remain positive as they continued to take share in cloud hosting/software stack and their core MS Office productivity and gaming franchises, global leaders in their respective categories. APA, which operates in the oil and gas industry, benefited earlier this year from rising commodities prices; however, shares pulled back during the semi-annual review period due to weaker than expected earnings as production volumes missed estimates and costs, were elevated during the period.

It appears that much of the bad news has been priced into market valuations, but volatility could remain elevated. We believe 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. The inflation picture continues to ebb and flow. We are seeing a decline in logistics costs, shipping rates, and some commodity prices, however component shortages continue to persist. Generally, it seems price increases are moderating but the sustainability of this moderation is questionable. While the Fed has already increased interest rates by 375 basis points, market expectations forecast additional hikes in this tightening cycle. In response, there has been a growing chorus for the Fed to slow its pace of tightening and allow previous hikes to make their way through the economy. Meanwhile, global economies continue to slow, especially in Europe where energy prices remain high. While many companies have already lowered financial guidance for the year, we could be bracing for another earnings season of decreasing estimates.

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 declined 26.37% during the six-months ending September 30, 2022, trailing the

benchmark Russell 3000 Growth Index return of -23.49%. Stubbornly high inflation, aggressive interest-rate increases, rising fear of a recession, and expectations for softer corporate earnings were the main headwinds leading to significant market declines during the semi-annual reporting period. Relative underperformance was primarily due to weak stock selection; however, the sector allocation impact was also negative due to a portfolio overweight to Communication Services, the weakest performing sector, and due to a portfolio underweight within Consumer Staples, a top performing sector during the semi-annual review period. Regarding stock selection, the portfolio underperformed in Health Care and Financials and outperformed within Technology.

The top detractors from performance during the semi-annual review period were Microsoft and Alphabet. Microsoft shares declined about 24% in the six-month period on continued weakness across the Technology and Software sector owing to the Fed's ongoing effort to raise short term interest rates; to a lesser effect, there was also pressure on the company's top-line from the strength of the U.S dollar, which diluted international revenues. Microsoft's fundamentals remain positive as they continued to take share in cloud hosting/software stack and their core MS Office productivity and gaming franchises, global leaders in their respective categories.

Alphabet's shares declined by about 30% during the semi-annual review period as advertisers slowed their spend. Google is the market share leader in internet driven paid advertising and paid search. While digital advertising continues to take share, the company is not immune to overall advertising spend which has moderated in the near term as global growth expectations recede.

Partially offsetting above were the top contributors to performance during the semi-annual review period which was led by DoubleVerify and Progyny. Progyny, Inc., a leading fertility benefits management company, gained about 25% in the period. The company continued to grow rapidly as more employers offer the benefit to gain an edge in the war for talent, improve employee retention, and control medical costs. In our view, they have a long runway for growth, with a total addressable market (TAM) that is only 3-4% penetrated.

DoubleVerify Holdings gained about 33% in the semi-annual review period after they beat and raised earnings expectations. Producing accelerating revenue growth was a rare occurrence in this uncertain macro environment.


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DoubleVerify is an advertising technology company which provides digital media measurement. They monitor and measure online advertising campaigns to assure that ads are being viewed by actual people (not bots or fraud) and that the ads are not being placed on sites or next to content that could be harmful to their brand. We expect the company to grow faster than peers and benefit as digital advertising continues to take share from offline advertising.

Stock market multiples have largely adjusted to rising interest rates, but earnings still need to adjust downward. We expect companies to provide cautious earnings guidance due to slowing economic activity, currency headwinds, increased promotional activity, and inflationary cost pressures. On a positive note, we are seeing signs that the Federal Reserve's aggressive efforts to combat inflation is working. We have seen prices peak for gasoline, shipping containers, used cars, and numerous commodities. Unfortunately, however, it typically takes several quarters before this cost relief flows through to consumer prices. With headline inflation expected to remain elevated and labor markets tight, it seems unlikely the Fed will waver from its plan for more interest rate hikes.

Our strategy is to take a long-term, risk aware view and build positions in premier growth companies as risk/reward improves. Recessions don't last forever — the average recession since 1950 has lasted 10 months with the longest at 18 months — and stocks are beginning to discount the downturn. We expect interest rates will remain elevated for some time, so we are leaning into dominant companies with strong balance sheets generating attractive returns on capital investment. As we move through this more tumultuous part of the economic cycle, we're seeking opportunities where heightened investor fear and market volatility lead to stock price over-reactions. 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 -7.57% for the six months ending September 30, 2022, a result that outperformed the ICE BofA High Yield Index by 299 basis points which lost -10.56%. The Fund also

outperformed the Lipper High Yield Bond Funds Index return of -10.20%.

The U.S. high yield sector posted its third consecutive declining quarter of 2022 as domestic inflation and global recession fears continued to weigh on investor sentiment. During the six-month period, the Federal Reserve issued two separate 50bp hikes followed by two 75bp increases in the Federal Funds rate. These hikes accompanied by continued hawkish commentary from the FOMC (Federal Open Market Committee) caused significant upward pressure on treasury yields, and energy prices remained elevated as the Ukraine invasion persisted. High yield bonds ended the six months period at 9.86% yield to worst, up 355 bps from the beginning of the period and compared to the record low of 4.22% in July 2021. The 10-year Treasury yield rose 148bps to 3.82% and lost over 11% during the six-month period while the S&P 500 stock index posted a loss of -20.20% over the same period.

High yield funds continued the streak of quarterly cash outflows that began in the first calendar quarter of 2021, posting an $8.7 billion outflow in the 3rd quarter 2022. High yield fund outflows for the six months period were -$26.4 billion which compares to -$1.9 billion outflow in the first half of fiscal 2022. Not surprisingly, high yield new issuance remained muted during the quarter with only $18.9 billion coming to market, which was the lightest volume since the March 2009 quarter and compares to the quarterly average of $117 billion over the last two years. According to JP Morgan, single B-rated or higher issues accounted for most of the activity in the six-month period and was tilted heavily toward Technology (17.5%), Energy (15.1%), and Automotive (11.6%). Every sector in the U.S. high yield universe and every credit rating silo produced negative returns during the six months ending in September 2022. According to data from JP Morgan, the Split B rated tier outperformed both the higher and lower quality ends of the high yield credit spectrum.

The U.S. high yield market's spread to worst for the period end was 574bps, 175bps wider than the March quarter end and only 3bps wider than its 20-year historical average of 571 basis points. The yield to worst for the high yield market at period end was 9.86%, above the 7.88% 20-year average, and above the 6.31% yield at the end of the March 2022 quarter.


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

   

9/30/2021

  

12/31/2021

  

3/31/2022

  

6/30/2022

  

9/30/2022

  
Straight
Corporates		    

65.3

%

    

67.8

%

    

68.3

%

    

69.4

%

    

69.6

%

  

Convertibles

    

16.1

%

    

7.1

%

    

6.3

%

    

4.6

%

    

4.3

%

  

Bank Loans

    

13.5

%

    

16.7

%

    

18.5

%

    

18.9

%

    

19.1

%

  
Preferred
Stocks		    

2.2

%

    

2.6

%

    

2.7

%

    

2.9

%

    

2.5

%

  
Convertible
Preferreds		    

0.0

%

    

0.0

%

    

0.0

%

    

0.0

%

    

0.0

%

  
Common
Stocks		    

0.0

%

    

1.3

%

    

0.0

%

    

0.0

%

    

0.0

%

  

Cash

    

2.9

%

    

4.5

%

    

4.1

%

    

4.1

%

    

4.6

%

  

Total

    

100.0

%

    

100.0

%

    

100.0

%

    

100.0

%

    

100.0

%

  

The approximate contribution of return from the various asset classes in the Fund during the semi-annual period is as follows:

    Approximate
Contribution
to Return		  

Straight Corporates

    

-5.84

%

  

Convertibles

    

-0.78

%

  

Bank Loans

    

-0.27

%

  

Preferred Stocks

    

-0.25

%

  

Convertible Preferreds

    

N/A

    

Common Stocks

    

N/A

    

Total

    

-7.57

%

  

During the six months period ending September 30, 2022, the three top contributors were MPLX 6.875% corporate bonds, Consol Energy 11% corporate bonds, and Portillo's bank debt. The coupon on the MPLX bonds converts from a fixed rate to a floating rate in early 2023 which made the issue attractive as the Fed raised short term rates during the period. MPLX is also midstream energy operator and the Energy sector performed better than any other sector during the back half of the period. Consol Energy is a coal mining company and benefitted from very strong coal prices driven by higher natural gas prices and the Ukranian conflict. Portillo's is a fast casual restaurant chain whose bank loans outperformed merely by maintaining its price near par while the rest of the high yield market declined.

The Diebold Nixdorf 8.5% corporate bonds, Entercom Media 6.75% corporate bonds, and Energy Transfer 7.125% corporate bonds detracted the most from performance during the period. Diebold Nixdorf reported weaker than expected earnings and the Fund liquidated its position during the June quarter. Entercom (now called Audacy) sold off with the rest of the broadcasting sector

over concerns a slowing economy would lead to less ad spending. Energy Transfer drifted lower with the overall market and its lower liquidity may have exacerbated the downward move despite generating significant free cash flow.

We are focused first and foremost on the Federal Reserve's balancing act between taming inflation while avoiding a recession, global economic weakness, continued supply chain disruptions, and the geopolitical uncertainty caused by the ongoing conflict in Ukraine. We are managing the portfolio cautiously yet actively, focusing on higher-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, while we continue to look for opportunities in convertible bonds and preferred stocks, the increased level of bond yields for traditional bonds/loans in conjunction with the increased volatility of the underlying equities makes these types of securities less appealing to us currently. The Fund ended the quarter with 131 investment positions, down from 138 (excluding cash) at the beginning of our semi-annual period.

BUFFALO INTERNATIONAL FUND

The Buffalo International Fund produced a return of -23.29% for the semi-annual reporting period ending September 30, 2022, a result that underperformed the FTSE All-World ex US Index return of -21.90%. Global equity markets declined significantly during the period, as continuing high inflation, interest-rate hikes, and signs of a global economic downturn weighed on the markets. Despite a decline in many commodity prices, the data releases showed continuing increases in inflation; The Federal Reserve, European Central Bank, and the Bank of England have all raised interest rates.

The Buffalo International Fund's relative underperformance was due to stock selection, particularly within the Health Care, Technology, and Consumer Discretionary segments of the portfolio while the Fund's cash position helped to cushion the decline. The top contributor in the period was ICICI Bank. ICICI Bank, India's second-largest private bank, continued to


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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-pandemic. The top detractor in the semi-annual period was Taiwan Semiconductor Manufacturing Co. (TSM). TSM, the largest contract semiconductor manufacturer in the world, saw its stock decline due to signs of slowing end-market demand in certain sectors, as well as geopolitical tensions between the U.S. and China. The company continued to benefit, however, from its technological leadership and dominant market share with higher growth and improving margins.

It appears the world economy is weakening; many countries, particularly in Europe and the UK, are facing the probability of recession. China's economic indicators continue to disappoint, and meeting growth targets becomes ever more out of reach. It's clear that with the continuation of the COVID zero policy, it would be difficult to imagine that China could be an engine of global growth. We will monitor the changes that may arise from the upcoming Communist Party Congress. Meanwhile, in the U.S., with interest rates rising and inflation continuing, it is equally difficult to imagine that the U.S. will not also see some sort of a downturn.

We continue to be overweight in Europe and have more comfort around the potential for the region to make it through the winter without energy rationing. Regardless, we see an economic slowdown as likely, and have therefore been mindful of deploying cash at valuations that we believe have already "priced in" the potential downside.

Despite the dour economic outlook, we also look for the positives. There are still short-term positives that we believe will continue to benefit many of our companies, such as the easing of prior pressures on supply chains and the drop in the price of many commodities. As inflation pressures continue to ease, businesses and investors will be more focused on making adjustments to manage through any downturn. It is impossible to know where the bottom of this bear market may be, but we continue our long-term focused investment strategy. We seek out high quality companies that have sound, sustainable business models; competitive advantages; and benefit from secular growth drivers that will continue beyond any short-term economic downturn. We prefer businesses that have strong balance sheets and generate strong free cash flow. In this inflationary environment we also favor the companies that have the means of passing off cost pressures, such as companies with high recurring

revenues or companies whose products make up a small cost of a larger product. And faced with a potential recession, we seek out and focus on companies that can preserve margins even in a weaker environment. This may include businesses that are "asset light", have low fixed costs, or have the means to drive efficiency improvements through a downturn.

BUFFALO LARGE CAP FUND

The Buffalo Large Cap Fund produced a return of -22.83% for the six-month period ending September 30, 2022, outperforming the Russell 1000 Growth's return of -23.77%. Stubbornly high inflation, aggressive interest-rate increases, rising fear of a recession, and expectations for softer corporate earnings were the main headwinds leading to significant market declines during the semi-annual reporting period.

While absolute performance was disappointing, relative performance compared to the benchmark was aided by the Fund's sector allocation and stock selection. Overweight positions in Consumer Staples, Health Care, and other more defensive sectors with a particular focus on dividend paying companies with strong balance sheets, buffered losses. Also, the cash position in the Fund was defensively elevated, ranging from 6.5% to 7.5% — more than double the long-term normalized level of 2% to 3%. Regarding stock selection, the Fund outperformed in Health Care and Industrials, which was partially offset by underperformance within Technology.

Overall, the top contributors to Fund performance for the semi-annual reporting period were Enphase Energy and Vertex Pharmaceuticals. Enphase Energy is a novel solar energy company which has rapidly become one the leading global manufacturers of microinverters for solar panels used for residential and small commercial businesses. Key to the company's leading market share has been its own proprietary integrated circuit, which has resulted in lower energy costs and increased solar energy features for homeowners. Beyond seeing sharp accelerating demand in Europe for residential and small business solar panel installations related to the Russia invasion into Ukraine, we're equally positive on the company's entrance into the important solar battery storage segment. Having the ability to store, rather than lose excess solar energy to the grid, we believe provides a compelling holistic energy management system for customers while increasing the company's revenue potential from $2,500 to $8,500 per home. Akin to last


14

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quarter, Enphase's shares appreciated well ahead of the market rising a 42% during the third quarter.

Vertex Pharmaceuticals is in the large cap pharma category and represents one of the best growth profiles in the biotechnology sector. Vertex shares rose over 11% % in the six-month period reflecting its favorable growth profile, reasonable valuation, and the shift to more defensive positions for growth investors in the current market environment.

Meanwhile, the top detractors from Fund results for the quarter were Microsoft and Alphabet. Microsoft shares declined about 24% in the period on continued weakness across the Technology and Software sectors owing to the Fed's ongoing effort to raise short term interest rates; to a lesser effect, pressure on the company's top-line from the strength of the U.S. dollar diluted international revenues. Microsoft's fundamentals remain positive as they continued to take share in cloud hosting/software stack and their core MS Office productivity and gaming franchises, global leaders in their respective categories.

Not dissimilar to Microsoft, and other large tech companies, Google's shares continued to decline in the six-month review period, falling more than 30%. Google is the market share leader in internet-driven paid advertising and paid search related to eCommerce retail goods and services. Retailers for the last year have been struggling through supply chain headwinds and now face a more challenged consumer both at the low- and mid- to high-end due to ongoing inflation and creeping economic softness. Partially offsetting the slower retail/eComm issues for the company is travel, which remains the second largest contributor to their large paid-advertising platform and is seeing a renaissance of sorts with solid underlying demand. Moving forward, we will continue to monitor the slope of eComm growth (consensus is for a 10% increase from 2021) to see if Google's operating environment becomes less favorable.

Looking ahead we maintain a close eye on the Ukraine/Russia conflict, the economic and energy situation in Europe, and the on-going trade/geo-political tensions between the U.S and China, as well as remaining cognizant of the upcoming winter season and any unexpected indications of increased severity of COVID-19 infection levels that might impact the pace of an economic rebound.

While there is no shortage of macro and global challenges to ponder, we remain deeply engaged talking to analysts and companies every week making sure we're

owning the best, high-growth investment opportunities that will help change the world in a durable way over the long run while risk-managing sector and individual company position exposures. We believe the market will remain choppy with further downside risk to 2023 earnings estimates. However, we also recognize that when market valuations do eventually bottom out, high-quality, high-growth companies could most likely lead the equity markets higher. Historically, the gains that occur in the subsequent 12 months after the market reaches its lows are substantial and can have a significant impact on returns if missed.

As always, we appreciate your continued confidence in our investment strategy and approach. It's one that has historically demonstrated a track record of long-term outperformance through various market challenges and opportunities.

BUFFALO MID CAP FUND

The Buffalo Mid Cap Fund declined 24.27% for the six-month period ending September 30, 2022, a result that underperformed the Russell Midcap Growth Index's return of -21.59%. Stubbornly high inflation, aggressive interest-rate increases, rising fear of a recession, and expectations for softer corporate earnings were the main headwinds leading to significant market declines for the semi-annual period.

Most of the Fund's relative shortfall was due to weak stock selection, primarily within the Health Care and Industrials segments of the portfolio. Weak results in those areas were partially offset by stronger stock selection in Information Technology.

Top contributors for the semi-annual period included Aspen Technology and DoubleVerify. Investors have taken note of Aspen as its merger with Emerson is off to a good start with the potential for accelerating growth due to synergies in industrials and oil and gas. The combination of Aspen's process simulation and manufacturing software with Emerson's industrial automation controls and salesforce looks promising for the industrials division. Additionally, Emerson's geological simulation has provided Aspen's oil and gas franchise with new business opportunities benefitting thatunit.

DoubleVerify is an advertising technology company which provides digital media measurement. They monitor and measure online advertising campaigns to ensure that ads are being viewed by actual people (not bots or fraud) and


15

(Unaudited)

that ads aren't being placed on sites or next to content that could be harmful to their brand. We expect DoubleVerify to benefit from digital continuing to gain share of ad budgets and an increasing focus on return on investment (ROI) and brand safety.

Lyft, Inc. was the top detractor during the review period. Despite a better than expected first quarter, the company's guidance for the remainder of the year was very disappointing. Revenue guidance was positive, but margins are expected to decline meaningfully. Lyft is increasing spending to attract drivers to their platform, which is calling into question the long-term economics of the business.

Financial conditions have continued to tighten substantially throughout the year. The Fed Funds rate has risen from 0.0-0.25% to 3.75-4.00% with additional increases expected. 10-year Treasury yields have increased from 1.5% to nearly 4.0%, but the curve has recently begun inverting signaling expectations for declining economic growth. As a result, equity valuations generally remain under pressure.

While these are undoubtedly challenging economic times, we will 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 -16.33% for the six-month period ending September 30, 2022, outperforming the Russell 2000 Growth's return of -19.06%. Stubbornly high inflation, aggressive interest-rate increases, rising fear of a recession, and expectations for softer corporate earnings were the main headwinds leading to significant market declines during the semi-annual reporting period.

While absolute performance was disappointing, the Fund's sector allocation and stock selection benefited performance compared to the benchmark. Outperformance in Industrials, Financials and Technology offset relative underperformance within Consumer Discretionary. Calix was the greatest contributor to performance during the period. After considerable outperformance in 2021, the stock sold off initially in 2022 despite stable fundamentals. The Fund increased its position on the pullback and was rewarded as the stock rallied over 42% during the semi-annual period as the

company continued to see strong demand for its broadband communications systems and software for smaller broadband service provider customers. The company has managed a difficult supply chain environment exceptionally well and has successfully transformed its business into a higher-margin platform company from a legacy hardware company.

TransMedics, a transplant medical devices company, was also among the top contributors to Fund performance during the period. The company's innovative Organ Containment System ("OCS") and National OCS Program ("NOP") continued to see rapid uptake translating to accelerating revenue growth of over 150% in the second quarter, as reported in early August. Despite the very weak capital markets environment this year, the company was able to raise over $100 million in an upsized public offering, further bolstering their balance sheet.

The largest detractor from performance was TaskUs, a Business Process Outsource (BPO) company which provides outsourced services largely for other technology companies. The company reported better than expected results for the March quarter but failed to raise full-year estimates due to an offshore transition from its largest customer which lowers revenues in the near term. We believe the TaskUs offering can help companies looking to lower their costs by moving these functions offshore and should eventually garner more attention due to the weaker macroeconomic environment. As a result of the share price pullback, we believe the stock is undervalued and remains in the portfolio.

Codexis was also among the large detractors as a surprise reduction in financial guidance in July sent the stock lower. Codexis saw decreased demand for its enzymes from Pfizer used in the production of Paxlovid, a treatment for COVID-19. Additionally, the weak capital markets backdrop and a reduced funding environment delayed additional projects by smaller customers. We believe Codexis technology remains sound and recent management changes should benefit the company.

We believe small cap stocks have already rerated for a considerable slowdown in economic growth. We continue to believe much of the bad news has been priced in, but markets will remain volatile. We believe the direction of the market will continue to depend on inflation's trajectory, how aggressive the Federal Reserve must be to rein in inflation, and the amount of economic damage caused by higher interest rates.


16

(Unaudited)

The inflation picture continues to ebb and flow. While we are seeing a decline in logistics costs, shipping rates, and some commodity prices, component shortages continue to persist. Generally, it seems price increases are moderating but the sustainability of this moderation is questionable. While the Fed has already increased interest rates by 375 basis points, market expectations forecast additional hikes in this tightening cycle. In response, there has been a growing chorus for the Fed to slow its pace of tightening and allow previous hikes to make their way through the economy. Meanwhile, global economies continue to slow, especially in Europe where energy prices remain high. While many companies have already lowered financial guidance for the year, we could be entering another earnings season of decreasing estimates which could bring more market volatility.

At the portfolio level, we are taking advantage of market volatility by increasing positions in stocks that are oversold and trimming those that are fully valued or have exceeded our market capitalization guidelines. We are cautious with unfamiliar management teams and their ability to navigate a less predictable economy and market volatility. Portfolio turnover has remained consistent with prior years, even slightly lower year-to-date. New positions have been initiated in a few companies we've owned previously such as Natera and Kornit Digital, which are currently trading at more attractive valuation levels. Despite trimming some gains in Health Care, we remain overweight in the sector as these companies are generally less sensitive to a slowing economy. Portfolio positioning is fairly defensive within Technology with a focus on a steadier IT Services industry and the Communications Equipment industry which has unique demand drivers due to government subsidies. On the other hand, the portfolio is underweight Semiconductors and Software relative to the benchmark. A few higher-quality energy-related stocks corrected meaningfully in the third quarter which allowed us to increase energy sector exposure at a more favorable risk/reward, although the portfolio remains underweight relative to the benchmark. Larger positions within the portfolio continue to be companies with recurring revenue streams or those with strong demand and good visibility into future earnings. And as always, all holdings should benefit from long-term growth trends and we seek to trade at attractive valuations — the cornerstone of our investment process. We thank you for your continued support.


17

(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.


18

EXPENSE EXAMPLE (UNAUDITED)

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs 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 (April 1, 2022 – September 30, 2022).

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 transaction 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
April 1, 2022		   Ending
Account Value
September 30, 2022		   Expenses Paid During
Period April 1, 2022 -
September 30, 2022*		  

Investor Class

          

 

Actual

  

$

1,000.00

    

$

767.70

    

$

4.48

    

Hypothetical (5% return before expenses)

  

$

1,000.00

    

$

1,020.00

    

$

5.11

    

Institutional Class

          

 

Actual

  

$

1,000.00

    

$

768.50

    

$

3.81

    

Hypothetical (5% return before expenses)

  

$

1,000.00

    

$

1,020.76

    

$

4.36

    

* 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 183/365 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 183/365 to project a one-half year period.


19

(Unaudited)

BUFFALO DIVIDEND FOCUS FUND

   Beginning
Account Value
April 1, 2022		   Ending
Account Value
September 30, 2022		   Expenses Paid During
Period April 1, 2022 -
September 30, 2022*		  

Investor Class

          

 

Actual

  

$

1,000.00

    

$

850.60

    

$

4.31

    

Hypothetical (5% return before expenses)

  

$

1,000.00

    

$

1,020.41

    

$

4.71

    

Institutional Class

          

 

Actual

  

$

1,000.00

    

$

851.60

    

$

3.62

    

Hypothetical (5% return before expenses)

  

$

1,000.00

    

$

1,021.16

    

$

3.95

    

* 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 183/365 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 183/365 to project a one-half year period.

BUFFALO EARLY STAGE GROWTH FUND

   Beginning
Account Value
April 1, 2022		   Ending
Account Value
September 30, 2022		   Expenses Paid During
Period April 1, 2022 -
September 30, 2022*		  

Investor Class

          

 

Actual

  

$

1,000.00

    

$

776.90

    

$

6.64

    

Hypothetical (5% return before expenses)

  

$

1,000.00

    

$

1,017.60

    

$

7.54

    

Institutional Class

          

 

Actual

  

$

1,000.00

    

$

778.00

    

$

5.97

    

Hypothetical (5% return before expenses)

  

$

1,000.00

    

$

1,018.35

    

$

6.78

    

* 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 183/365 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 183/365 to project a one-half year period.

BUFFALO FLEXIBLE INCOME FUND

   Beginning
Account Value
April 1, 2022		   Ending
Account Value
September 30, 2022		   Expenses Paid During
Period April 1, 2022 -
September 30, 2022*		  

Investor Class

          

 

Actual

  

$

1,000.00

    

$

880.70

    

$

4.76

    

Hypothetical (5% return before expenses)

  

$

1,000.00

    

$

1,020.00

    

$

5.11

    

Institutional Class

          

 

Actual

  

$

1,000.00

    

$

880.80

    

$

4.05

    

Hypothetical (5% return before expenses)

  

$

1,000.00

    

$

1,020.76

    

$

4.36

    

* 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 183/365 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 183/365 to project a one-half year period.

BUFFALO GROWTH FUND

   Beginning
Account Value
April 1, 2022		   Ending
Account Value
September 30, 2022		   Expenses Paid During
Period April 1, 2022 -
September 30, 2022*		  

Investor Class

          

 

Actual

  

$

1,000.00

    

$

736.30

    

$

4.01

    

Hypothetical (5% return before expenses)

  

$

1,000.00

    

$

1,020.45

    

$

4.66

    

Institutional Class

          

 

Actual

  

$

1,000.00

    

$

736.70

    

$

3.35

    

Hypothetical (5% return before expenses)

  

$

1,000.00

    

$

1,021.21

    

$

3.90

    

* 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 183/365 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 183/365 to project a one-half year period.


20

(Unaudited)

BUFFALO HIGH YIELD FUND

   Beginning
Account Value
April 1, 2022		   Ending
Account Value
September 30, 2022		   Expenses Paid During
Period April 1, 2022 -
September 30, 2022*		  

Investor Class

          

 

Actual

  

$

1,000.00

    

$

924.30

    

$

4.92

    

Hypothetical (5% return before expenses)

  

$

1,000.00

    

$

1,019.95

    

$

5.16

    

Institutional Class

          

 

Actual

  

$

1,000.00

    

$

924.90

    

$

4.20

    

Hypothetical (5% return before expenses)

  

$

1,000.00

    

$

1,020.71

    

$

4.41

    

* 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 183/365 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 183/365 to project a one-half year period.

BUFFALO INTERNATIONAL FUND

   Beginning
Account Value
April 1, 2022		   Ending
Account Value
September 30, 2022		   Expenses Paid During
Period April 1, 2022 -
September 30, 2022*		  

Investor Class

          

 

Actual

  

$

1,000.00

    

$

767.10

    

$

4.56

    

Hypothetical (5% return before expenses)

  

$

1,000.00

    

$

1,019.90

    

$

5.22

    

Institutional Class

          

 

Actual

  

$

1,000.00

    

$

767.80

    

$

3.90

    

Hypothetical (5% return before expenses)

  

$

1,000.00

    

$

1,020.66

    

$

4.46

    

* 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 183/365 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 183/365 to project a one-half year period.

BUFFALO LARGE CAP FUND

   Beginning
Account Value
April 1, 2022		   Ending
Account Value
September 30, 2022		   Expenses Paid During
Period April 1, 2022 -
September 30, 2022*		  

Investor Class

          

 

Actual

  

$

1,000.00

    

$

771.70

    

$

4.22

    

Hypothetical (5% return before expenses)

  

$

1,000.00

    

$

1,020.31

    

$

4.81

    

Institutional Class

          

 

Actual

  

$

1,000.00

    

$

772.10

    

$

3.55

    

Hypothetical (5% return before expenses)

  

$

1,000.00

    

$

1,021.06

    

$

4.05

    

* Expenses for the Investor Class are equal to the Fund's annualized expense ratio of 0.95%, multiplied by the average account value over the period, multiplied by 183/365 to reflect the one-half year period. Expenses for the Institutional Class are equal to the Fund's annualized expense ratio of 0.80%, multiplied by the average account value over the period, multiplied by 183/365 to project a one-half year period.

BUFFALO MID CAP FUND

   Beginning
Account Value
April 1, 2022		   Ending
Account Value
September 30, 2022		   Expenses Paid During
Period April 1, 2022 -
September 30, 2022*		  

Investor Class

          

 

Actual

  

$

1,000.00

    

$

757.30

    

$

4.54

    

Hypothetical (5% return before expenses)

  

$

1,000.00

    

$

1,019.90

    

$

5.22

    

Institutional Class

          

 

Actual

  

$

1,000.00

    

$

757.40

    

$

3.88

    

Hypothetical (5% return before expenses)

  

$

1,000.00

    

$

1,020.66

    

$

4.46

    

* 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 183/365 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 183/365 to project a one-half year period.


21

(Unaudited)

BUFFALO SMALL CAP FUND

   Beginning
Account Value
April 1, 2022		   Ending
Account Value
September 30, 2022		   Expenses Paid During
Period April 1, 2022 -
September 30, 2022*		  

Investor Class

          

 

Actual

  

$

1,000.00

    

$

836.70

    

$

4.60

    

Hypothetical (5% return before expenses)

  

$

1,000.00

    

$

1,020.05

    

$

5.06

    

Institutional Class

          

 

Actual

  

$

1,000.00

    

$

837.60

    

$

3.96

    

Hypothetical (5% return before expenses)

  

$

1,000.00

    

$

1,020.76

    

$

4.36

    

* Expenses for the Investor Class are equal to the Fund's annualized expense ratio of 1.00%, multiplied by the average account value over the period, multiplied by 183/365 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 183/365 to project a one-half year period.


22

ALLOCATION OF PORTFOLIO HOLDINGS
(UNAUDITED)

Percentages represent market value as a percentage of investments as of September 30, 2022.

BUFFALO DISCOVERY
FUND

BUFFALO DIVIDEND
FOCUS FUND

BUFFALO EARLY STAGE GROWTH FUND

BUFFALO FLEXIBLE
INCOME FUND

BUFFALO GROWTH
FUND

BUFFALO HIGH YIELD
FUND


23

(Unaudited)

Percentages represent market value as a percentage of investments as of September 30, 2022.

BUFFALO
INTERNATIONAL FUND

BUFFALO LARGE CAP
FUND

BUFFALO MID CAP
FUND

BUFFALO SMALL CAP
FUND


24

BUFFALO DISCOVERY FUND (UNAUDITED)

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2022

Shares or Face Amount

      

$ Fair Value*

  

Common Stocks

    

95.77

%

  

Communication Services

    

2.39

%

  
       

Entertainment

    

1.49

%

  
 

127,928

    

Take-Two Interactive Software, Inc.(a)

    

13,944,152

    
       

Interactive Media & Services

    

0.90

%

  
 

233,846

    

CarGurus, Inc.(a)

    

3,313,598

    
 

457,271

    

Eventbrite, Inc.(a)

    

2,780,208

    
 

48,206

    

Match Group, Inc.(a)

    

2,301,836

    
     

8,395,642

    
Total Communication Services (Cost $39,772,094)    

22,339,794

    

Consumer Discretionary

    

12.92

%

  
       

Auto Components

    

1.28

%

  
 

152,736

    

Aptiv PLC — ADR(a) (b)

    

11,945,482

    
       

Hotels, Restaurants & Leisure

    

5.38

%

  
 

6,034

    

Chipotle Mexican Grill, Inc.(a)

    

9,067,654

    
 

73,291

    

Darden Restaurants, Inc.

    

9,258,119

    
 

591,386

    

Everi Holdings Inc.(a)

    

9,592,281

    
 

461,700

    

MGM Resorts International

    

13,721,724

    
 

312,076

    

Penn National Gaming, Inc.(a)

    

8,585,211

    
     

50,224,989

    
       

Internet & Direct Marketing Retail

    

1.39

%

  
 

138,862

    

Expedia Group, Inc.(a)

    

13,009,981

    
       

Leisure Products

    

1.10

%

  
 

535,085

    

Callaway Golf Co.(a)

    

10,305,737

    
       

Specialty Retail

    

2.73

%

  
 

106,358

    

Five Below, Inc.(a)

    

14,642,306

    
 

58,309

    

Tractor Supply Co.

    

10,838,477

    
     

25,480,783

    
       

Textiles, Apparel & Luxury Goods

    

1.04

%

  
 

30,957

    

Deckers Outdoor Corp.(a)

    

9,677,468

    
Total Consumer Discretionary (Cost $130,066,374)    

120,644,440

    

The accompanying notes are an integral part of these financial statements.
25

BUFFALO DISCOVERY FUND
(UNAUDITED)

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2022 Continued

Shares or Face Amount

      

$ Fair Value*

  

Energy

    

1.17

%

  
       

Energy Equipment & Services

    

1.17

%

  
 

303,428

    

Schlumberger Ltd. — ADR(b)

    

10,893,065

    
Total Energy (Cost $10,225,948)    

10,893,065

    

Financials

    

7.40

%

  
       

Banks

    

0.67

%

  
 

18,745

    

SVB Financial Group(a)

    

6,294,196

    
       

Capital Markets

    

5.14

%

  
 

82,438

    

Intercontinental Exchange, Inc.

    

7,448,273

    
 

55,940

    

MSCI, Inc.

    

23,594,932

    
 

46,751

    

S&P Global, Inc.

    

14,275,418

    
 

94,821

    

TPG, Inc.

    

2,639,817

    
     

47,958,440

    
       

Diversified Financial Services

    

1.59

%

  
 

137,708

    

Global Payments Inc.

    

14,879,350

    
Total Financials (Cost $42,198,264)    

69,131,986

    

Health Care

    

17.63

%

  
       

Biotechnology

    

3.35

%

  
 

227,396

    

Horizon Therapeutics Plc — ADR(a) (b)

    

14,073,538

    
 

391,835

    

Natera, Inc.(a)

    

17,170,210

    
     

31,243,748

    
       

Health Care Equipment & Supplies

    

4.17

%

  
 

146,641

    

Alcon, Inc. — ADR(b)

    

8,531,573

    
 

382,064

    

Boston Scientific Corp.(a)

    

14,797,339

    
 

109,330

    

Edwards Lifesciences Corp.(a)

    

9,033,938

    
 

20,299

    

IDEXX Laboratories, Inc.(a)

    

6,613,414

    
     

38,976,264

    
       

Health Care Providers & Services

    

2.10

%

  
 

291,851

    

HealthEquity, Inc.(a)

    

19,603,632

    
       

Health Care Technology

    

2.02

%

  
 

140,076

    

Doximity, Inc.(a)

    

4,233,097

    
 

107,376

    

Evolent Health, Inc. — Class A(a)

    

3,858,019

    
 

65,534

    

Veeva Systems, Inc.(a)

    

10,805,246

    
     

18,896,362

    

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

BUFFALO DISCOVERY FUND
(UNAUDITED)

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2022 Continued

Shares or Face Amount

      

$ Fair Value*

  
       

Life Sciences Tools & Services

    

5.50

%

  
 

87,972

    

Agilent Technologies, Inc.

    

10,692,996

    
 

559,073

    

Avantor, Inc.(a)

    

10,957,831

    
 

20,273

    

Bio-Rad Laboratories, Inc.(a)

    

8,456,679

    
 

62,976

    

Charles River Laboratories International, Inc.(a)

    

12,393,677

    
 

48,662

    

IQVIA Holdings, Inc.(a)

    

8,814,635

    
     

51,315,818

    
       

Pharmaceuticals

    

0.49

%

  
 

63,246

    

Catalent, Inc.(a)

    

4,576,481

    
Total Health Care (Cost $167,712,961)    

164,612,305

    

Industrials

    

17.51

%

  
       

Building Products

    

0.96

%

  
 

152,068

    

Builders FirstSource, Inc.(a)

    

8,959,846

    
       

Commercial Services & Supplies

    

1.75

%

  
 

153,522

    

Copart, Inc.(a)

    

16,334,741

    
       

Construction & Engineering

    

1.42

%

  
 

208,114

    

MasTec, Inc.(a)

    

13,215,239

    
       

Electrical Equipment

    

3.67

%

  
 

172,526

    

AMETEK, Inc.

    

19,566,173

    
 

24,262

    

Generac Holdings, Inc.(a)

    

4,322,033

    
 

484,078

    

Shoals Technologies Group, Inc.(a)

    

10,431,881

    
     

34,320,087

    
       

Machinery

    

1.27

%

  
 

274,314

    

Ingersoll Rand, Inc.

    

11,866,824

    
       

Professional Services

    

5.14

%

  
 

260,436

    

CoStar Group, Inc.(a)

    

18,139,368

    
 

197,512

    

TransUnion

    

11,749,989

    
 

416,057

    

Upwork, Inc.(a)

    

5,666,696

    
 

73,123

    

Verisk Analytics, Inc.

    

12,469,665

    
     

48,025,718

    
       

Road & Rail

    

0.74

%

  
 

260,759

    

Uber Technologies, Inc.(a)

    

6,910,113

    

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

BUFFALO DISCOVERY FUND
(UNAUDITED)

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2022 Continued

Shares or Face Amount

      

$ Fair Value*

  
       

Trading Companies & Distributors

    

2.56

%

  
 

229,853

    

Fastenal Co.

    

10,582,432

    
 

111,573

    

WESCO International, Inc.(a)

    

13,319,585

    
     

23,902,017

    
Total Industrials (Cost $125,257,978)    

163,534,585

    

Information Technology

    

33.17

%

  
       

Communications Equipment

    

6.26

%

  
 

51,817

    

Arista Networks Inc.(a)

    

5,849,621

    
 

407,054

    

Calix, Inc.(a)

    

24,887,282

    
 

243,191

    

Ciena Corp.(a)

    

9,832,212

    
 

68,945

    

F5 Networks, Inc.(a)

    

9,978,410

    
 

115,607

    

Lumentum Holdings, Inc.(a)

    

7,927,172

    
     

58,474,697

    
       

Electronic Equipment, Instruments & Components

    

4.62

%

  
 

159,301

    

Amphenol Corp. — Class A

    

10,666,795

    
 

112,444

    

Keysight Technologies, Inc.(a)

    

17,694,188

    
 

393,334

    

National Instruments Corp.

    

14,844,425

    
     

43,205,408

    
       

IT Services

    

5.07

%

  
 

26,382

    

EPAM Systems, Inc.(a)

    

9,555,297

    
 

48,691

    

FleetCor Technologies, Inc.(a)

    

8,577,893

    
 

214,672

    

GoDaddy, Inc. — Class A(a)

    

15,215,951

    
 

132,692

    

Shift4 Payments, Inc.(a)

    

5,919,390

    
 

500,090

    

TaskUS, Inc.(a)

    

8,051,449

    
     

47,319,980

    
       

Semiconductors & Semiconductor Equipment

    

3.43

%

  
 

221,821

    

Azenta, Inc.

    

9,507,248

    
 

81,466

    

Micron Technology, Inc.

    

4,081,447

    
 

27,366

    

SolarEdge Technologies, Inc.(a)

    

6,334,134

    
 

128,492

    

Universal Display Corp.

    

12,123,220

    
     

32,046,049

    

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

BUFFALO DISCOVERY FUND
(UNAUDITED)

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2022 Continued

Shares or Face Amount

      

$ Fair Value*

  
       

Software

    

13.79

%

  
 

34,070

    

Aspen Technology, Inc.(a)

    

8,115,474

    
 

58,902

    

Autodesk, Inc.(a)

    

11,002,894

    
 

572,329

    

DoubleVerify Holdings, Inc.(a)

    

15,653,198

    
 

73,870

    

Guidewire Software, Inc.(a)

    

4,548,915

    
 

63,978

    

Palo Alto Networks, Inc.(a)

    

10,478,957

    
 

137,491

    

RingCentral, Inc.(a)

    

5,494,140

    
 

144,504

    

Splunk, Inc.(a)

    

10,866,701

    
 

45,310

    

Synopsys, Inc.(a)

    

13,842,658

    
 

349,284

    

Tenable Holdings, Inc.(a)

    

12,155,083

    
 

223,614

    

The Trade Desk, Inc. — Class A(a)

    

13,360,936

    
 

33,113

    

Tyler Technologies, Inc.(a)

    

11,506,767

    
 

443,078

    

Varonis Systems, Inc.(a)

    

11,750,429

    
     

128,776,152

    
Total Information Technology (Cost $317,936,946)    

309,822,286

    

Materials

    

3.58

%

  
       

Chemicals

    

1.66

%

  
 

61,184

    

Ecolab Inc.

    

8,836,193

    
 

24,639

    

Linde PLC — ADR(b)

    

6,642,428

    
     

15,478,621

    
       

Construction Materials

    

1.92

%

  
 

55,815

    

Martin Marietta Materials, Inc.

    

17,977,454

    
Total Materials (Cost $32,632,983)    

33,456,075

    
Total Common Stocks (Cost $865,803,548)    

894,434,536

    

REITS

    

1.31

%

  

Real Estate

    

1.31

%

  
       

Equity Real Estate Investment Trusts (REITs)

    

1.31

%

  
 

13,256

    

Equinix Inc.

    

7,540,543

    
 

16,295

    

SBA Communications Corp.

    

4,638,372

    
Total Real Estate (Cost $13,418,413)    

12,178,915

    
Total REITS (Cost $13,418,413)    

12,178,915

    

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

BUFFALO DISCOVERY FUND
(UNAUDITED)

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2022 Continued

Shares or Face Amount

      

$ Fair Value*

  

Short Term Investments

    

2.91

%

  

Investment Company

    

2.91

%

  
 

27,195,183

    

Fidelity Investments Money Market Funds — Government Portfolio — Class I — 2.73%(c)

    

27,195,183

    

Total Investment Company

    

27,195,183

    
Total Short Term Investments (Cost $27,195,183)    

27,195,183

    
Total Investments (Cost $906,417,144)
 		   99.99
933,808,634

%

  
Other Assets in Excess of Liabilities
  		   0.01
129,751

%

  
Total Net Assets
 		   100.00
933,938,385

%

  

ADR  American Depositary Receipt

PLC  Public Limited Company

(a)  Non Income Producing.

(b)  Foreign Issued Security. The total value of these securities amounted to $52,086,087 (5.58% of net assets) at September 30, 2022.

(c)  The rate quoted is the annualized seven-day effective yield as of September 30, 2022.

* 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.
30

BUFFALO DIVIDEND FOCUS FUND (UNAUDITED)

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2022

Shares or Face Amount

      

$ Fair Value*

  

Common Stocks

   

80.15

%

  

Communication Services

   

5.19

%

  
       

Diversified Telecommunication Services

   

0.38

%

  
 

10,625

    

Verizon Communications, Inc.

    

403,431

    
       

Entertainment

   

1.44

%

  
 

10,750

    

Activision Blizzard, Inc.

    

799,155

    
 

7,605

    

The Walt Disney Co.(a)

    

717,380

    
     

1,516,535

    
       

Interactive Media & Services

   

2.74

%

  
 

12,600

    

Alphabet, Inc. — Class A(a)

    

1,205,190

    
 

13,000

    

Alphabet, Inc. — Class C(a)

    

1,249,950

    
 

3,100

    

Facebook, Inc. — Class A(a)

    

420,608

    
     

2,875,748

    
       

Media

    

0.63

%

  
 

22,500

    

Comcast Corp. — Class A

    

659,925

    
Total Communication Services (Cost $3,286,636)    

5,455,639

    

Consumer Discretionary

   

3.23

%

  
       

Hotels, Restaurants & Leisure

   

0.94

%

  
 

5,000

    

Las Vegas Sands Corp(a)

    

187,600

    
 

9,500

    

Starbucks Corp.

    

800,470

    
     

988,070

    
       

Internet & Direct Marketing Retail

   

1.18

%

  
 

11,000

    

Amazon.com, Inc.(a)

    

1,243,000

    
       

Specialty Retail

   

1.11

%

  
 

4,225

    

The Home Depot, Inc.

    

1,165,847

    
Total Consumer Discretionary (Cost $1,757,399)    

3,396,917

    

Consumer Staples

   

4.14

%

  
       

Beverages

   

1.61

%

  
 

5,550

    

PepsiCo, Inc.

    

906,093

    
 

63,000

    

Primo Water Corporation — ADR(b)

    

790,650

    
     

1,696,743

    
       

Food & Staples Retailing

   

0.43

%

  
 

3,450

    

Walmart, Inc.

    

447,465

    

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

BUFFALO DIVIDEND FOCUS FUND (UNAUDITED)

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2022 Continued

Shares or Face Amount

      

$ Fair Value*

  
       

Food Products

   

1.41

%

  
 

9,000

    

Lamb Weston Holdings, Inc.

    

696,420

    
 

11,900

    

Tyson Foods, Inc.

    

784,567

    
     

1,480,987

    
       

Household Products

   

0.69

%

  
 

5,725

    

The Procter & Gamble Co.

    

722,781

    
Total Consumer Staples (Cost $3,419,962)    

4,347,976

    

Energy

   

12.46

%

  
       

Oil, Gas & Consumable Fuels

   

12.46

%

  
 

162,600

    

Energy Transfer Equity, L.P.

    

1,793,478

    
 

46,650

    

Enterprise Products Partners L.P.

    

1,109,337

    
 

17,200

    

Enviva, Inc.

    

1,033,032

    
 

9,875

    

Hess Corp.

    

1,076,276

    
 

12,126

    

Marathon Petroleum Corp.

    

1,204,476

    
 

63,400

    

Northern Oil and Gas, Inc.

    

1,737,794

    
 

7,900

    

Valero Energy Corp.

    

844,115

    
 

150,000

    

Viper Energy Partners LP

    

4,299,000

    
Total Energy (Cost $6,644,759)    

13,097,508

    

Financials

   

13.04

%

  
       

Banks

   

6.06

%

  
 

52,200

    

Bank of America Corp.

    

1,576,440

    
 

24,375

    

Citigroup, Inc.

    

1,015,706

    
 

40,750

    

Citizens Financial Group, Inc.

    

1,400,170

    
 

10,825

    

JPMorgan Chase & Co.

    

1,131,213

    
 

28,600

    

Truist Financial Corp.

    

1,245,244

    
     

6,368,773

    
       

Capital Markets

   

3.33

%

  
 

1,100

    

BlackRock, Inc.

    

605,308

    
 

4,025

    

CME Group, Inc.

    

712,948

    
 

7,136

    

S&P Global, Inc.

    

2,178,978

    
     

3,497,234

    
       

Diversified Financial Services

   

1.76

%

  
 

118,100

    

Burford Capital Ltd. — ADR(b)

    

885,750

    
 

27,000

    

Compass Diversified Holdings

    

487,620

    
 

4,400

    

Global Payments Inc.

    

475,420

    
     

1,848,790

    

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

BUFFALO DIVIDEND FOCUS FUND (UNAUDITED)

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2022 Continued

Shares or Face Amount

      

$ Fair Value*

  
       

Insurance

   

1.89

%

  
 

11,575

    

Arthur J. Gallagher & Co.

    

1,981,871

    
Total Financials (Cost $9,276,471)    

13,696,668

    

Health Care

   

15.78

%

  
       

Biotechnology

   

1.46

%

  
 

24,700

    

Horizon Therapeutics Plc — ADR(a) (b)

    

1,528,683

    
       

Health Care Equipment & Supplies

   

2.08

%

  
 

10,000

    

Abbott Laboratories

    

967,600

    
 

11,600

    

Baxter International, Inc.

    

624,776

    
 

7,400

    

Medtronic, PLC — ADR(b)

    

597,550

    
     

2,189,926

    
       

Health Care Providers & Services

   

9.36

%

  
 

3,375

    

Anthem, Inc.

    

1,533,060

    
 

32,900

    

CVS Health Corp.

    

3,137,673

    
 

8,100

    

HCA Healthcare, Inc.

    

1,488,699

    
 

2,500

    

McKesson Corp.

    

849,675

    
 

5,600

    

UnitedHealth Group, Inc.

    

2,828,224

    
     

9,837,331

    
       

Pharmaceuticals

   

2.88

%

  
 

3,150

    

Eli Lilly & Co.

    

1,018,552

    
 

7,125

    

Johnson & Johnson

    

1,163,940

    
 

9,800

    

Merck & Co., Inc.

    

843,976

    
     

3,026,468

    
Total Health Care (Cost $10,043,378)    

16,582,408

    

Industrials

   

4.09

%

  
       

Aerospace & Defense

   

0.35

%

  
 

3,025

    

The Boeing Co.(a)

    

366,267

    
       

Commercial Services & Supplies

   

1.04

%

  
 

2,800

    

Cintas Corp.

    

1,086,932

    
       

Electrical Equipment

   

0.27

%

  
 

2,500

    

AMETEK, Inc.

    

283,525

    
       

Industrial Conglomerates

   

0.55

%

  
 

3,450

    

Honeywell International, Inc.

    

576,046

    

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

BUFFALO DIVIDEND FOCUS FUND (UNAUDITED)

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2022 Continued

Shares or Face Amount

      

$ Fair Value*

  
       

Machinery

   

0.91

%

  
 

3,950

    

Parker-Hannifin Corp.

    

957,125

    
       

Professional Services

   

0.52

%

  
 

3,200

    

Equifax, Inc.

    

548,576

    
       

Trading Companies & Distributors

   

0.45

%

  
 

10,300

    

Fastenal Co.

    

474,212

    
Total Industrials (Cost $2,943,278)    

4,292,683

    

Information Technology

   

15.46

%

  
       

Communications Equipment

   

0.67

%

  
 

17,750

    

Cisco Systems, Inc.

    

710,000

    
       

IT Services

   

4.25

%

  
 

7,700

    

International Business Machines Corp.

    

914,837

    
 

4,400

    

MasterCard, Inc. — Class A

    

1,251,096

    
 

12,925

    

Visa Inc. — Class A

    

2,296,126

    
     

4,462,059

    
       

Semiconductors & Semiconductor Equipment

   

1.41

%

  
 

9,075

    

QUALCOMM, Inc.

    

1,025,294

    
 

2,950

    

Texas Instruments, Inc.

    

456,601

    
     

1,481,895

    
       

Software

   

5.04

%

  
 

50,100

    

Absolute Software Corp. — ADR(b)

    

581,661

    
 

18,650

    

Microsoft Corp.

    

4,343,585

    
 

7,700

    

SS&C Technologies Holdings, Inc.

    

367,675

    
     

5,292,921

    
       

Technology Hardware, Storage & Peripherals

   

4.09

%

  
 

31,080

    

Apple Inc.

    

4,295,256

    
Total Information Technology (Cost $6,766,084)    

16,242,131

    

Materials

   

1.59

%

  
       

Construction Materials

   

0.77

%

  
 

10,000

    

CRH PLC — ADR(b)

    

322,300

    
 

1,500

    

Martin Marietta Materials, Inc.

    

483,135

    
     

805,435

    

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

BUFFALO DIVIDEND FOCUS FUND (UNAUDITED)

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2022 Continued

Shares or Face Amount

      

$ Fair Value*

  
       

Containers & Packaging

   

0.82

%

  
 

43,700

    

Graphic Packaging Holding Co.

    

862,638

    
Total Materials (Cost $1,579,696)    

1,668,073

    

Utilities

   

5.17

%

  
       

Electric Utilities

   

3.52

%

  
 

15,700

    

American Electric Power Co., Inc.

    

1,357,265

    
 

30,550

    

Edison International

    

1,728,519

    
 

49,300

    

PG&E Corp.(a)

    

616,250

    
     

3,702,034

    
       

Independent Power and Renewable Electricity Producers

   

0.78

%

  
 

39,000

    

Vistra Corp.

    

819,000

    
       

Multi-Utilities

   

0.87

%

  
 

6,100

    

Sempra Energy

    

914,634

    
Total Utilities (Cost $5,098,787)    

5,435,668

    
Total Common Stocks (Cost $50,816,450)    

84,215,671

    

REITS

   

2.32

%

  

Real Estate

   

2.32

%

  
       

Equity Real Estate Investment Trusts (REITs)

   

2.32

%

  
 

3,200

    

American Tower Corp.

    

687,040

    
 

19,106

    

Community Healthcare Trust, Inc.

    

625,721

    
 

5,000

    

Digital Realty Trust, Inc.

    

495,900

    
 

1,100

    

Equinix Inc.

    

625,724

    
Total Real Estate (Cost $2,014,132)    

2,434,385

    
Total REITS (Cost $2,014,132)    

2,434,385

    

Convertible Preferred Stocks

   

0.99

%

  

Health Care

   

0.99

%

  
       

Pharmaceuticals

   

0.99

%

  
 

50,000

     Elanco Animal Health, Inc.
5.000%, 02/01/2023		    

1,045,500

    
Total Health Care (Cost $2,429,605)    

1,045,500

    
Total Convertible Preferred Stocks (Cost $2,429,605)    

1,045,500

    

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

BUFFALO DIVIDEND FOCUS FUND (UNAUDITED)

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2022 Continued

Shares or Face Amount

      

$ Fair Value*

  

Preferred Stocks

   

0.35

%

  

Financials

   

0.35

%

  
       

Diversified Financial Services

   

0.35

%

  
 

15,000

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

370,200

    
Total Financials (Cost $349,499)    

370,200

    
Total Preferred Stocks (Cost $349,499)    

370,200

    

Convertible Bonds

   

5.58

%

  

Consumer Discretionary

   

1.01

%

  
       

Hotels, Restaurants & Leisure

   

1.01

%

  
 

1,000,000

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

1,058,500

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

1,058,500

    

Health Care

   

2.24

%

  
       

Biotechnology

   

2.24

%

  
 

300,000

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

586,206

    
 

100,000

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

69,685

    
 

750,000

    

0.375%, 03/01/2028

    

478,125

    
 

600,000

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

705,900

    
 

500,000

     Travere Therapeutics, Inc.
2.250%, 03/01/2029		    

511,250

    
Total Health Care (Cost $2,253,565)    

2,351,166

    

Industrials

   

0.82

%

  
       

Airlines

   

0.82

%

  
 

750,000

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

858,938

    
Total Industrials (Cost $750,000)    

858,938

    

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

BUFFALO DIVIDEND FOCUS FUND (UNAUDITED)

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2022 Continued

Shares or Face Amount

      

$ Fair Value*

  

Information Technology

    

1.51

%

  
       

Communications Equipment

   

0.67

%

  
 

750,000

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

703,125

    
       

Software

   

0.84

%

  
 

500,000

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

436,936

    
 

500,000

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

451,000

    
     

887,936

    
Total Information Technology (Cost $1,759,991)    

1,591,061

    
Total Convertible Bonds (Cost $5,763,556)    

5,859,665

    

Short Term Investments

   

10.56

%

  

Investment Companies

   

10.56

%

  
 

10,593,068

    

Fidelity Investments Money Market Funds — Government Portfolio — Class I — 2.73%(d)

    

10,593,068

    
 

505,547

    

Invesco Treasury Portfolio

    

505,547

    

Total Investment Companies

    

11,098,615

    
Total Short Term Investments (Cost $11,098,615)    

11,098,615

    
Total Investments (Cost $72,471,857)
 		   99.95
105,024,036

%

  
Other Assets in Excess of Liabilities
 		   0.05
52,475

%

  
Total Net Assets
 		   100.00
105,076,511

%

  

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

BUFFALO DIVIDEND FOCUS FUND (UNAUDITED)

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2022 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 $5,765,094 (5.49% of net assets) at September 30, 2022.

(c)  Illiquid Security. The total value of these securities amounted to $1,058,500 (1.01% of net assets) at September 30, 2022.

(d)  The rate quoted is the annualized seven-day effective yield as of September 30, 2022.

(e)  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.
38

BUFFALO EARLY STAGE GROWTH FUND (UNAUDITED)

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2022

Shares or Face Amount

      

$ Fair Value*

  

Common Stocks

   

96.13

%

  

Consumer Discretionary

   

14.26

%

  
       

Auto Components

   

0.54

%

  
 

110,000

    

Holley, Inc.(a)

    

445,500

    
       

Diversified Consumer Services

   

1.21

%

  
 

120,300

    

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

    

1,010,520

    
       

Hotels, Restaurants & Leisure

   

5.10

%

  
 

187,800

    

Accel Entertainment, Inc.(a)

    

1,466,718

    
 

247,200

    

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

    

1,438,704

    
 

140,300

    

Rush Street Interactive, Inc.(a)

    

516,304

    
 

65,374

    

Target Hospitality Corp.(a)

    

825,020

    
     

4,246,746

    
       

Household Durables

    

2.17

%

  
 

13,900

    

LGI Homes, Inc.(a)

    

1,131,043

    
 

33,100

    

Lovesac Co/The(a)

    

674,578

    
     

1,805,621

    
       

Internet & Direct Marketing Retail

   

2.89

%

  
 

65,950

    

Lulu's Fashion Lounge Holdings, Inc.(a)

    

307,327

    
 

36,900

    

Overstock.com, Inc.(a)

    

898,515

    
 

23,900

    

Shutterstock, Inc.

    

1,199,063

    
     

2,404,905

    
       

Leisure Products

   

1.53

%

  
 

26,600

    

Malibu Boats, Inc. — Class A(a)

    

1,276,534

    
       

Specialty Retail

   

0.82

%

  
 

20,100

    

Sleep Number Corp.(a)

    

679,581

    
Total Consumer Discretionary (Cost $16,576,498)    

11,869,407

    

Consumer Staples

   

2.98

%

  
       

Food Products

   

2.98

%

  
 

130,000

    

Real Good Food Co Inc/The(a)

    

839,800

    
 

180,000

    

SunOpta, Inc. — ADR(a) (b)

    

1,638,000

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

2,477,800

    

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

BUFFALO EARLY STAGE GROWTH FUND
(UNAUDITED)

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2022 Continued

Shares or Face Amount

      

$ Fair Value*

  

Financials

   

8.98

%

  
       

Capital Markets

   

3.14

%

  
 

21,985

    

Hamilton Lane Inc. — Class A

    

1,310,526

    
 

162,100

    

Open Lending Corp.(a)

    

1,303,284

    
     

2,613,810

    
       

Diversified Financial Services

   

2.47

%

  
 

113,700

    

Compass Diversified Holdings

    

2,053,422

    
       

Insurance

   

3.37

%

  
 

11,000

    

Kinsale Capital Group, Inc.

    

2,809,620

    
Total Financials (Cost $4,960,087)    

7,476,852

    

Health Care

   

16.88

%

  
       

Biotechnology

   

1.26

%

  
 

40,100

    

Castle Biosciences, Inc.(a)

    

1,045,808

    
       

Health Care Equipment & Supplies

   

7.66

%

  
 

58,800

    

BioLife Solutions, Inc.(a)

    

1,337,700

    
 

29,700

    

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

    

1,621,917

    
 

133,000

    

Lucid Diagnostics, Inc.(a)

    

203,490

    
 

28,490

    

OrthoPediatrics Corp.(a)

    

1,314,529

    
 

33,610

    

Paragon 28, Inc.(a)

    

598,930

    
 

18,375

    

STAAR Surgical Co.(a)

    

1,296,356

    
     

6,372,922

    
       

Health Care Providers & Services

   

1.80

%

  
 

85,000

    

AirSculpt Technologies, Inc.(a)

    

546,550

    
 

5,800

    

LHC Group, Inc.(a)

    

949,228

    
     

1,495,778

    
       

Health Care Technology

   

4.36

%

  
 

67,100

    

HealthStream, Inc.(a)

    

1,426,546

    
 

5,200

    

Inspire Medical Systems, Inc.(a)

    

922,324

    
 

14,700

    

Omnicell, Inc.(a)

    

1,279,341

    
     

3,628,211

    
       

Pharmaceuticals

   

1.80

%

  
 

690,000

    

Societal CDMO, Inc.(a)

    

1,124,700

    
 

129,251

    

Verrica Pharmaceuticals, Inc.(a)

    

377,413

    
     

1,502,113

    
Total Health Care (Cost $13,109,432)    

14,044,832

    

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

BUFFALO EARLY STAGE GROWTH FUND
(UNAUDITED)

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2022 Continued

Shares or Face Amount

      

$ Fair Value*

  

Industrials

   

29.20

%

  
       

Aerospace & Defense

   

2.80

%

  
 

80,000

    

Cadre Holdings, Inc.

    

1,924,800

    
 

40,000

    

Kratos Defense & Security Solutions, Inc.(a)

    

406,400

    
     

2,331,200

    
       

Air Freight & Logistics

   

2.29

%

  
 

79,100

    

Air Transport Services Group, Inc.(a)

    

1,905,519

    
       

Building Products

   

4.98

%

  
 

13,000

    

Advanced Drainage Systems, Inc.

    

1,616,810

    
 

29,400

    

Apogee Enterprises, Inc.

    

1,123,668

    
 

32,100

    

Patrick Industries, Inc.

    

1,407,264

    
     

4,147,742

    
       

Construction & Engineering

   

4.97

%

  
 

95,000

    

Bowman Consulting Group Ltd.(a)

    

1,387,000

    
 

22,200

    

NV5 Global, Inc.(a)

    

2,748,804

    
     

4,135,804

    
       

Machinery

   

5.63

%

  
 

60,400

    

Federal Signal Corporation

    

2,254,128

    
 

160,000

    

Hillman Solutions Corp.(a)

    

1,206,400

    
 

46,000

    

Kornit Digital Ltd. — ADR(a) (b)

    

1,224,060

    
     

4,684,588

    
       

Professional Services

   

4.18

%

  
 

21,100

    

ICF International, Inc.

    

2,300,322

    
 

79,400

    

Willdan Group, Inc.(a)

    

1,175,914

    
     

3,476,236

    
       

Trading Companies & Distributors

   

4.35

%

  
 

30,600

    

Transcat, Inc.(a)

    

2,316,114

    
 

57,510

    

Univar Inc.(a)

    

1,307,777

    
     

3,623,891

    
Total Industrials (Cost $21,009,966)    

24,304,980

    

Information Technology

   

22.95

%

  
       

Communications Equipment

   

2.74

%

  
 

37,300

    

Calix, Inc.(a)

    

2,280,522

    
       

Electronic Equipment, Instruments & Components

   

0.48

%

  
 

42,800

    

nLight, Inc.(a)

    

404,460

    

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

BUFFALO EARLY STAGE GROWTH FUND
(UNAUDITED)

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2022 Continued

Shares or Face Amount

      

$ Fair Value*

  
       

IT Services

   

9.09

%

  
 

59,700

    

BigCommerce Holdings, Inc.(a)

    

883,560

    
 

101,900

    

i3 Verticals, Inc. — Class A(a)

    

2,041,057

    
 

348,600

    

Paya Holdings, Inc.(a)

    

2,129,946

    
 

29,000

    

Teradata Corp.(a)

    

900,740

    
 

104,600

    

Verra Mobility Corp.(a)

    

1,607,702

    
     

7,563,005

    
       

Semiconductors & Semiconductor Equipment

   

1.37

%

  
 

35,000

    

MaxLinear, Inc.(a)

    

1,141,700

    
       

Software

   

9.27

%

  
 

175,900

    

8x8, Inc.(a)

    

606,855

    
 

190,100

    

Absolute Software Corp. — ADR(b)

    

2,207,061

    
 

45,900

    

Cerence, Inc.(a)

    

722,925

    
 

28,500

    

CoreCard Corp.(a)

    

620,445

    
 

7,100

    

CyberArk Software Ltd. — ADR(a) (b)

    

1,064,574

    
 

27,005

    

Envestnet, Inc.(a)

    

1,199,022

    
 

48,700

    

Varonis Systems, Inc.(a)

    

1,291,524

    
     

7,712,406

    
Total Information Technology (Cost $21,769,578)    

19,102,093

    

Materials

    

0.88

%

  
       

Chemicals

   

0.88

%

  
 

45,000

    

Element Solutions, Inc.

    

732,150

    
Total Materials (Cost $921,425)    

732,150

    
Total Common Stocks (Cost $81,854,690)    

80,008,114

    

REITS

   

2.11

%

  

Real Estate

   

2.11

%

  
       

Equity Real Estate Investment Trusts (REITs)

   

2.11

%

  
 

53,600

    

Community Healthcare Trust, Inc.

    

1,755,400

    
Total Real Estate (Cost $1,340,664)    

1,755,400

    
Total REITS (Cost $1,340,664)    

1,755,400

    

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

BUFFALO EARLY STAGE GROWTH FUND
(UNAUDITED)

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2022 Continued

Shares or Face Amount

      

$ Fair Value*

  

Warrants

    

0.18

%

  
   

Internet & Direct Marketing Retail

   

0.18

%

  
 

1,200,000

    

1847 Goedeker, Inc.(a) (c)

    

150,000

    
Total Warrants (Cost $577,170)    

150,000

    

Short Term Investments

   

1.68

%

  

Investment Company

   

1.68

%

  
 

1,395,348

    

Fidelity Investments Money Market Funds — Government Portfolio — Class I — 2.73%(d)

    

1,395,348

    

Total Investment Company

    

1,395,348

    
Total Short Term Investments (Cost $1,395,348)    

1,395,348

    
Total Investments (Cost $85,167,872)   100.10
83,308,862

%

  

Liabilities in Excess of Other Assets

  (0.10
(87,018)

)%

  

Total Net Assets

  100.00
83,221,844

%

  

ADR  American Depositary Receipt

PLC  Public Limited Company

(a)  Non Income Producing.

(b)  Foreign Issued Securities. The total value of these securities amounted to $10,204,836 (12.26% of net assets) at September 30, 2022.

(c)  Illiquid Security. The total value of these securities amounted to $150,000 (0.18% of net assets) at September 30, 2022.

(d)  The rate quoted is the annualized seven-day effective yield as of September 30, 2022.

* 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.
43

BUFFALO FLEXIBLE INCOME FUND (UNAUDITED)

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2022

Shares or Face Amount

      

$ Fair Value

  

Common Stocks

    

96.65

%

  

Communication Services

    

3.47

%

  
       

Diversified Telecommunication Services

    

2.64

%

  
 

303,000

    

AT&T, Inc.

    

4,648,020

    
 

175,000

    

Verizon Communications, Inc.

    

6,644,750

    
     

11,292,770

    
       

Entertainment

    

0.83

%

  
 

140,000

    

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

    

1,040,200

    
 

230,000

    

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

    

1,598,500

    
 

80,000

    

Warner Bros Discovery, Inc.(a)

    

920,000

    
     

3,558,700

    
Total Communication Services (Cost $23,392,985)    

14,851,470

    

Consumer Staples

    

19.87

%

  
       

Beverages

    

5.02

%

  
 

80,000

    

PepsiCo, Inc.

    

13,060,800

    
 

150,000

    

The Coca Cola Co.(c)

    

8,403,000

    
     

21,463,800

    
       

Food & Staples Retailing

    

3.31

%

  
 

30,000

    

Costco Wholesale Corp.

    

14,168,100

    
       

Food Products

    

5.23

%

  
 

150,000

    

B&G Foods, Inc.

    

2,473,500

    
 

89,000

    

ConAgra Foods, Inc.

    

2,904,070

    
 

150,000

    

General Mills, Inc.

    

11,491,500

    
 

60,000

    

Kellogg Co.

    

4,179,600

    
 

40,000

    

The Kraft Heinz Co.

    

1,334,000

    
     

22,382,670

    
       

Household Products

    

5.97

%

  
 

25,000

    

Colgate-Palmolive Co.

    

1,756,250

    
 

70,000

    

Kimberly-Clark Corp.

    

7,877,800

    
 

50,000

    

The Clorox Co.

    

6,419,500

    
 

75,000

    

The Procter & Gamble Co.

    

9,468,750

    
     

25,522,300

    
       

Personal Products

    

0.34

%

  
 

235,000

    

Haleon Plc — ADR(b)

    

1,431,150

    
Total Consumer Staples (Cost $41,435,393)    

84,968,020

    

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

BUFFALO FLEXIBLE INCOME FUND (UNAUDITED)

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2022 Continued

Shares or Face Amount

      

$ Fair Value

  

Energy

    

27.86

%

  
       

Energy Equipment & Services

    

1.68

%

  
 

200,000

    

Schlumberger Ltd. — ADR(b)

    

7,180,000

    
       

Oil, Gas & Consumable Fuels

    

26.18

%

  
 

400,000

    

APA Corp.

    

13,676,000

    
 

125,000

    

Chevron Corp.

    

17,958,750

    
 

175,000

    

ConocoPhillips

    

17,909,500

    
 

140,000

    

Delek Logistics Partners LP

    

7,131,600

    
 

165,000

    

Exxon Mobil Corp.

    

14,406,150

    
 

155,000

    

Hess Corp.

    

16,893,450

    
 

70,000

    

HF Sinclair Corp.

    

3,768,800

    
 

560,000

    

Kinder Morgan, Inc.

    

9,318,400

    
 

85,000

    

Marathon Petroleum Corp.

    

8,443,050

    
 

88,000

    

Suncor Energy, Inc. — ADR(b)

    

2,477,200

    
     

111,982,900

    
Total Energy (Cost $70,465,152)    

119,162,900

    

Financials

    

8.78

%

  
       

Banks

    

3.01

%

  
 

108,850

    

Citizens Financial Group, Inc.

    

3,740,086

    
 

209,720

    

Truist Financial Corp.

    

9,131,208

    
     

12,871,294

    
       

Insurance

    

5.77

%

  
 

75,000

    

Arthur J. Gallagher & Co.

    

12,841,500

    
 

95,000

    

The Allstate Corp.

    

11,830,350

    
     

24,671,850

    
Total Financials (Cost $18,683,162)    

37,543,144

    

Health Care

    

16.51

%

  
       

Biotechnology

    

1.44

%

  
 

100,000

    

Gilead Sciences, Inc.

    

6,169,000

    
       

Health Care Equipment & Supplies

    

2.83

%

  
 

75,000

    

Abbott Laboratories

    

7,257,000

    
 

90,000

    

Baxter International, Inc.

    

4,847,400

    
     

12,104,400

    

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

BUFFALO FLEXIBLE INCOME FUND (UNAUDITED)

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2022 Continued

Shares or Face Amount

      

$ Fair Value

  
       

Pharmaceuticals

    

12.24

%

  
 

15,000

    

Bristol-Myers Squibb Co.

    

1,066,350

    
 

45,000

    

Eli Lilly & Co.

    

14,550,750

    
 

182,000

    

GlaxoSmithKline PLC — ADR(b)

    

5,356,260

    
 

75,000

    

Johnson & Johnson

    

12,252,000

    
 

80,000

    

Merck & Co., Inc.

    

6,889,600

    
 

270,000

    

Pfizer Inc.

    

11,815,200

    
 

50,000

    

Viatris, Inc.

    

426,000

    
     

52,356,160

    
Total Health Care (Cost $34,226,613)    

70,629,560

    

Industrials

    

3.45

%

  
       

Commercial Services & Supplies

    

2.85

%

  
 

429,000

    

Pitney Bowes Inc.

    

999,570

    
 

70,000

    

Waste Management, Inc.

    

11,214,700

    
     

12,214,270

    
       

Electrical Equipment

    

0.60

%

  
 

100,000

    

ABB Ltd. — ADR(b)

    

2,566,000

    
Total Industrials (Cost $6,985,590)    

14,780,270

    

Information Technology

    

14.36

%

  
       

Communications Equipment

    

1.64

%

  
 

175,000

    

Cisco Systems, Inc.

    

7,000,000

    
       

IT Services

    

1.97

%

  
 

70,000

    

International Business Machines Corp.

    

8,316,700

    
 

12,000

    

Kyndryl Holdings, Inc.(a)

    

99,240

    
     

8,415,940

    
       

Semiconductors & Semiconductor Equipment

    

3.40

%

  
 

170,000

    

Intel Corp.

    

4,380,900

    
 

90,000

    

QUALCOMM, Inc.

    

10,168,200

    
     

14,549,100

    
       

Software

    

7.35

%

  
 

135,000

    

Microsoft Corp.

    

31,441,500

    
Total Information Technology (Cost $24,137,848)    

61,406,540

    

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

BUFFALO FLEXIBLE INCOME FUND (UNAUDITED)

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2022 Continued

Shares or Face Amount

      

$ Fair Value

  

Materials

    

2.35

%

  
       

Chemicals

    

1.18

%

  
 

115,000

    

Dow Inc.

    

5,051,950

    
       

Metals & Mining

    

1.17

%

  
 

15,000

    

BHP Billiton Ltd. — ADR(b)

    

750,600

    
 

110,000

    

Cleveland-Cliffs, Inc.(a)

    

1,481,700

    
 

50,000

    

Rio Tinto PLC — ADR(b)

    

2,753,000

    
     

4,985,300

    
Total Materials (Cost $9,666,711)    

10,037,250

    
Total Common Stocks (Cost $228,993,454)    

413,379,154

    

REITS

    

1.98

%

  

Real Estate

    

1.98

%

  
       

Equity Real Estate Investment Trusts (REITs)

    

1.98

%

  
 

85,300

    

Digital Realty Trust, Inc.

    

8,460,054

    
Total Real Estate (Cost $4,977,727)    

8,460,054

    
Total REITS (Cost $4,977,727)    

8,460,054

    

Short Term Investments

    

1.12

%

  

Investment Company

    

1.12

%

  
 

4,786,089

    

Fidelity Investments Money Market Funds — Government Portfolio — Class I — 2.73%(d)

    

4,786,089

    

Total Investment Company

    

4,786,089

    
Total Short Term Investments (Cost $4,786,089)    

4,786,089

    
Total Investments (Cost $238,757,270)
 		   99.75
426,625,297

%

  

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

BUFFALO FLEXIBLE INCOME FUND (UNAUDITED)

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2022 Continued

Shares or Face Amount

  

$ Fair Value

  

Other Assets in Excess of Liabilities
  

   0.25
1,053,305

%

  

Total Net Assets
 

  

100.00
427,678,602

%

  

ADR  American Depositary Receipt

PLC  Public Limited Company

(a)  Non Income Producing.

(b)  Foreign Issued Security. The total value of these securities amounted to $25,152,910 (5.87% of net assets) at September 30, 2022.

(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 September 30, 2022.

* 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.
48

BUFFALO FLEXIBLE INCOME FUND (UNAUDITED)

SCHEDULE OF OPTIONS WRITTEN

SEPTEMBER 30, 2022 Continued

Contracts

      

$ Notional Amount

  

$ Value

  

Call Options

  

 

  

The Coca Cola Co.

          
 

(250

)

  

Expiration: November 2022, Exercise Price: $70.00

    

8,000

      

1,000

    
    Total Written Option (Premium received $9,000)        

1,000

    

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

BUFFALO GROWTH FUND
(UNAUDITED)

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2022

Shares or Face Amount

      

$ Fair Value*

  

Common Stocks

    

98.57

%

  

Communication Services

    

12.68

%

  
       

Interactive Media & Services

    

12.68

%

  
 

63,900

    

Alphabet, Inc. — Class A(a)

    

6,112,035

    
 

76,440

    

Alphabet, Inc. — Class C(a)

    

7,349,706

    
 

21,281

    

Facebook, Inc. — Class A(a)

    

2,887,406

    
 

18,147

    

Match Group, Inc.(a)

    

866,519

    
Total Communication Services (Cost $5,290,362)    

17,215,666

    

Consumer Discretionary

    

11.14

%

  
       

Internet & Direct Marketing Retail

    

8.60

%

  
 

82,500

    

Amazon.com, Inc.(a)

    

9,322,500

    
 

1,429

    

Booking Holdings, Inc.(a)

    

2,348,147

    
     

11,670,647

    
       

Specialty Retail

    

1.40

%

  
 

6,896

    

The Home Depot, Inc.

    

1,902,882

    
       

Textiles, Apparel & Luxury Goods

    

1.14

%

  
 

18,639

    

NIKE, Inc. — Class B

    

1,549,274

    
Total Consumer Discretionary (Cost $5,533,034)    

15,122,803

    

Energy

    

1.50

%

  
       

Energy Equipment & Services

    

1.50

%

  
 

56,633

    

Schlumberger Ltd. — ADR(b)

    

2,033,125

    
Total Energy (Cost $2,045,465)    

2,033,125

    

Financials

    

4.91

%

  
       

Capital Markets

    

3.20

%

  
 

201,786

    

Open Lending Corp.(a)

    

1,622,360

    
 

8,889

    

S&P Global, Inc.

    

2,714,256

    
     

4,336,616

    
       

Diversified Financial Services

    

1.71

%

  
 

21,526

    

Global Payments Inc.

    

2,325,884

    
Total Financials (Cost $8,907,338)    

6,662,500

    

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

BUFFALO GROWTH FUND
(UNAUDITED)

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2022 Continued

Shares or Face Amount

      

$ Fair Value*

  

Health Care

    

15.51

%

  
       

Health Care Equipment & Supplies

    

6.12

%

  
 

8,870

    

Danaher Corp.

    

2,291,032

    
 

21,475

    

Edwards Lifesciences Corp.(a)

    

1,774,479

    
 

25,335

    

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

    

1,383,544

    
 

3,297

    

IDEXX Laboratories, Inc.(a)

    

1,074,163

    
 

9,522

    

Intuitive Surgical, Inc.(a)

    

1,784,804

    
     

8,308,022

    
       

Health Care Providers & Services

    

3.88

%

  
 

57,024

    

Progyny, Inc.(a)

    

2,113,310

    
 

6,226

    

UnitedHealth Group, Inc.

    

3,144,379

    
     

5,257,689

    
       

Health Care Technology

    

1.51

%

  
 

12,459

    

Veeva Systems, Inc.(a)

    

2,054,240

    
       

Life Sciences Tools & Services

    

3.06

%

  
 

7,766

    

Illumina, Inc.(a)

    

1,481,675

    
 

5,259

    

Thermo Fisher Scientific, Inc.

    

2,667,312

    
     

4,148,987

    
       

Pharmaceuticals

    

0.94

%

  
 

9,600

    

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

    

1,279,584

    
Total Health Care (Cost $16,692,162)    

21,048,522

    

Industrials

    

6.39

%

  
       

Commercial Services & Supplies

    

1.53

%

  
 

19,500

    

Copart, Inc.(a)

    

2,074,800

    
       

Professional Services

    

2.71

%

  
 

23,414

    

TransUnion

    

1,392,899

    
 

13,400

    

Verisk Analytics, Inc.

    

2,285,102

    
     

3,678,001

    
       

Road & Rail

    

2.15

%

  
 

57,278

    

Uber Technologies, Inc.(a)

    

1,517,867

    
 

7,206

    

Union Pacific Corp.

    

1,403,873

    
     

2,921,740

    
Total Industrials (Cost $9,027,939)    

8,674,541

    

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

BUFFALO GROWTH FUND
(UNAUDITED)

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2022 Continued

Shares or Face Amount

      

$ Fair Value*

  

Information Technology

    

42.71

%

  
       

IT Services

    

6.74

%

  
 

16,115

    

MasterCard, Inc. — Class A

    

4,582,139

    
 

17,149

    

PayPal Holdings, Inc.(a)

    

1,476,014

    
 

17,358

    

Visa Inc. — Class A

    

3,083,649

    
     

9,141,802

    
       

Semiconductors & Semiconductor Equipment

    

3.60

%

  
 

16,162

    

Applied Materials, Inc.

    

1,324,153

    
 

27,665

    

Azenta, Inc.

    

1,185,722

    
 

2,856

    

Broadcom Inc.

    

1,268,092

    
 

9,100

    

NVIDIA Corp.

    

1,104,649

    
     

4,882,616

    
       

Software

    

23.39

%

  
 

6,845

    

Adobe, Inc.(a)

    

1,883,744

    
 

91,255

    

DoubleVerify Holdings, Inc.(a)

    

2,495,824

    
 

4,570

    

Fair Isaac Corp.(a)

    

1,882,886

    
 

4,012

    

Intuit, Inc.

    

1,553,928

    
 

79,809

    

Microsoft Corp.

    

18,587,516

    
 

10,842

    

Palo Alto Networks, Inc.(a)

    

1,775,811

    
 

14,222

    

salesforce.com, Inc.(a)

    

2,045,692

    
 

4,034

    

ServiceNow, Inc.(a)

    

1,523,279

    
     

31,748,680

    
       

Technology Hardware, Storage & Peripherals

    

8.98

%

  
 

88,208

    

Apple Inc.

    

12,190,346

    
Total Information Technology (Cost $31,058,864)    

57,963,444

    

Materials

    

2.00

%

  
       

Chemicals

    

2.00

%

  
 

10,044

    

Linde PLC — ADR(b)

    

2,707,762

    
Total Materials (Cost $1,641,742)    

2,707,762

    

Real Estate

    

1.73

%

  
       

Real Estate Management & Development

    

1.73

%

  
 

34,850

    

CBRE Group, Inc. — Class A(a)

    

2,352,724

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

2,352,724

    
Total Common Stocks (Cost $81,624,017)    

133,781,087

    

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

BUFFALO GROWTH FUND
(UNAUDITED)

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2022 Continued

Shares or Face Amount

      

$ Fair Value*

  

Short Term Investments

    

1.48

%

  

Investment Company

    

1.48

%

  
 

2,004,616

    

Fidelity Investments Money Market Funds — Government Portfolio — Class I — 2.73%(c)

    

2,004,616

    

Total Investment Company

    

2,004,616

    
Total Short Term Investments (Cost $2,004,616)    

2,004,616

    
Total Investments (Cost $83,628,633)   100.05
135,785,703

%

  
Liabilities in Excess of Other Assets
  		   (0.05
(68,550)

)%

  
Total Net Assets
 		   100.00
135,717,153

%

  

ADR  American Depositary Receipt

PLC  Public Limited Company

(a)  Non Income Producing.

(b)  Foreign Issued Securities. The total value of these securities amounted to $7,404,015 (5.46% of net assets) at September 30, 2022.

(c)  The rate quoted is the annualized seven-day effective yield as of September 30, 2022.

* 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.
53

BUFFALO HIGH YIELD FUND (UNAUDITED)

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2022

Shares or Face Amount

      

$ Fair Value*

  

Preferred Stocks

    

2.47

%

  

Consumer Discretionary

    

0.13

%

  
       

Textiles, Apparel & Luxury Goods

    

0.13

%

  
       

Fossil Group, Inc.

      
 

20,998

    

7.000%, 11/30/2026(d)

    

346,467

    
Total Consumer Discretionary (Cost $522,692)    

346,467

    

Energy

    

1.22

%

  
       

Oil, Gas & Consumable Fuels

    

1.22

%

  
       

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

      
 

150,000

    

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

    

3,319,500

    
Total Energy (Cost $3,135,472)    

3,319,500

    

Financials

    

1.12

%

  
       

Diversified Financial Services

    

1.12

%

  
       

Compass Diversified Holdings

      
 

25,000

    

7.250%, 07/30/2022(d)

    

596,000

    
 

100,000

    

7.875%, 01/30/2025(d)

    

2,468,000

    
Total Financials (Cost $2,852,111)    

3,064,000

    
Total Preferred Stocks (Cost $6,510,275)    

6,729,967

    

Convertible Bonds

    

4.29

%

  

Consumer Discretionary

    

1.37

%

  
       

Auto Components

    

0.33

%

  
       

Patrick Industries, Inc.

      
 

1,250,000

    

1.750%, 12/01/2028(b)

    

910,937

    
       

Diversified Consumer Services

    

0.75

%

  
       

Stride, Inc.

      
 

2,000,000

    

1.125%, 09/01/2027

    

2,039,000

    
       

Internet & Direct Marketing Retail

    

0.29

%

  
       

Etsy, Inc.

      
 

1,000,000

    

0.250%, 06/15/2028

    

778,500

    
Total Consumer Discretionary (Cost $4,194,749)    

3,728,437

    

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

BUFFALO HIGH YIELD FUND
(UNAUDITED)

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2022 Continued

Shares or Face Amount

      

$ Fair Value*

  

Industrials

    

2.07

%

  
       

Air Freight & Logistics

    

0.70

%

  
       

Air Transport Services Group, Inc.

      
 

1,900,000

    

1.125%, 10/15/2024

    

1,904,750

    
       

Airlines

    

0.42

%

  
       

Southwest Airlines Co.

      
 

1,000,000

    

1.250%, 05/01/2025

    

1,145,250

    
       

Electrical Equipment

    

0.33

%

  
       

Array Technologies, Inc.

      
 

1,000,000

    

1.000%, 12/01/2028(b)

    

892,020

    
       

Machinery

    

0.62

%

  
       

Greenbrier Cos Inc/The

      
 

1,000,000

    

2.875%, 04/15/2028

    

789,500

    
       

The Greenbrier Companies, Inc.

      
 

1,000,000

    

2.875%, 02/01/2024

    

904,500

    
     

1,694,000

    
Total Industrials (Cost $5,800,297)    

5,636,020

    

Information Technology

    

0.85

%

  
       

Communications Equipment

    

0.18

%

  
       

Lumentum Holdings, Inc.

      
 

500,000

    

0.500%, 12/15/2026

    

468,750

    
       

Software

    

0.67

%

  
       

Mitek Systems, Inc.

      
 

2,250,000

    

0.750%, 02/01/2026

    

1,825,496

    
Total Information Technology (Cost $2,803,242)    

2,294,246

    
Total Convertible Bonds (Cost $12,798,288)    

11,658,703

    

Corporate Bonds

    

68.24

%

  

Accommodation and Food Services

    

0.54

%

  
       

Restaurants and Other Eating Places

    

0.54

%

  
       

Dave & Buster's, Inc.

      
 

1,500,000

    

7.625%, 11/01/2025(b)

    

1,479,142

    
Total Accommodation and Food Services (Cost $1,508,532)    

1,479,142

    

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

BUFFALO HIGH YIELD FUND
(UNAUDITED)

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2022 Continued

Shares or Face Amount

      

$ Fair Value*

  

Administrative and Support and Waste Management and Remediation Services

    

0.48

%

  
       

Business Support Services

    

0.16

%

  
       

Burford Capital Global Finance LLC

      
 

500,000

    

6.250%, 04/15/2028(b)

    

439,060

    
       

Office Administrative Services

    

0.32

%

  
       

Cargo Aircraft Management, Inc.

      
 

1,000,000

    

4.750%, 02/01/2028(b)

    

862,970

    
Total Administrative and Support and Waste Management and Remediation Services (Cost $1,457,473)    

1,302,030

    

Agriculture, Forestry, Fishing and Hunting

    

0.70

%

  
       

Forest Nurseries and Gathering of Forest Products

    

0.70

%

  
       

Enviva Partners LP / Enviva Partners Finance Corp.

      
 

2,000,000

    

6.500%, 01/15/2026(b)

    

1,893,900

    
Total Agriculture, Forestry, Fishing and Hunting (Cost $2,007,790)    

1,893,900

    

Communication Services

    

4.07

%

  
       

Entertainment

    

0.61

%

  
       

Live Nation Entertainment, Inc.

      
 

1,000,000

    

4.875%, 11/01/2024(b)

    

966,545

    
 

500,000

    

5.625%, 03/15/2026(b)

    

476,094

    
 

250,000

    

4.750%, 10/15/2027(b)

    

217,557

    
     

1,660,196

    
       

Interactive Media & Services

    

1.99

%

  
       

Cars.com, Inc.

      
 

3,000,000

    

6.375%, 11/01/2028(b)

    

2,563,170

    
       

Match Group, Inc.

      
 

1,000,000

    

5.000%, 12/15/2027(b)

    

894,075

    
       

TripAdvisor, Inc.

      
 

2,000,000

    

7.000%, 07/15/2025(b)

    

1,947,441

    
     

5,404,686

    

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

BUFFALO HIGH YIELD FUND
(UNAUDITED)

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2022 Continued

Shares or Face Amount

      

$ Fair Value*

  
       

Media

    

1.47

%

  
       

AMC Networks, Inc.

      
 

596,000

    

5.000%, 04/01/2024

    

571,180

    
       

Gray Television, Inc.

      
 

2,060,000

    

5.875%, 07/15/2026(b)

    

1,903,224

    
 

500,000

    

4.750%, 10/15/2030(b)

    

375,459

    
       

Townsquare Media, Inc.

      
 

1,250,000

    

6.875%, 02/01/2026(b)

    

1,144,113

    
     

3,993,976

    
Total Communication Services (Cost $12,087,269)    

11,058,858

    

Consumer Staples

    

1.01

%

  
       

Food Products

    

1.01

%

  
       

Performance Food Group, Inc.

      
 

3,000,000

    

5.500%, 10/15/2027(b)

    

2,733,600

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

2,733,600

    

Consumer Discretionary

    

4.72

%

  
       

Auto Components

    

0.83

%

  
       

Patrick Industries, Inc.

      
 

3,000,000

    

4.750%, 05/01/2029(b)

    

2,239,740

    
       

Hotels, Restaurants & Leisure

    

1.93

%

  
       

Golden Entertainment, Inc.

      
 

1,000,000

    

7.625%, 04/15/2026(b)

    

987,350

    
       

Nathan's Famous, Inc.

      
 

1,100,000

    

6.625%, 11/01/2025(b)

    

1,095,248

    
       

Royal Caribbean Cruises Ltd.

      
 

2,000,000

    

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

    

1,823,750

    
       

Six Flags Entertainment Corp.

      
 

1,500,000

    

5.500%, 04/15/2027(b)

    

1,335,739

    
     

5,242,087

    
       

Leisure Products

    

0.78

%

  
       

Vista Outdoor, Inc.

      
 

3,000,000

    

4.500%, 03/15/2029(b)

    

2,123,820

    

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

BUFFALO HIGH YIELD FUND
(UNAUDITED)

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2022 Continued

Shares or Face Amount

      

$ Fair Value*

  
       

Textiles, Apparel & Luxury Goods

    

1.18

%

  
       

PVH Corp.

      
 

3,120,000

    

7.750%, 11/15/2023

    

3,217,556

    
Total Consumer Discretionary (Cost $13,723,783)    

12,823,203

    

Consumer Staples

    

2.16

%

  
       

Food Products

    

1.48

%

  
       

Lamb Weston Holdings, Inc.

      
 

1,000,000

    

4.125%, 01/31/2030(b)

    

847,915

    
       

TreeHouse Foods, Inc.

      
 

4,000,000

    

4.000%, 09/01/2028

    

3,183,520

    
     

4,031,435

    
       

Personal Products

    

0.68

%

  
       

BellRing Brands, Inc.

      
 

2,000,000

    

7.000%, 03/15/2030(b)

    

1,833,700

    
Total Consumer Staples (Cost $6,966,451)    

5,865,135

    

Consumer, Cyclical

    

0.62

%

  
       

Motion Picture and Video Industries

    

0.62

%

  
       

Cinemark USA, Inc.

      
 

2,000,000

    

5.875%, 03/15/2026(b)

    

1,674,597

    
Total Consumer, Cyclical (Cost $1,984,328)    

1,674,597

    

Energy

    

19.09

%

  
       

Energy Equipment & Services

    

0.73

%

  
       

Bristow Group, Inc.

      
 

2,250,000

    

6.875%, 03/01/2028(b)

    

1,991,801

    

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

BUFFALO HIGH YIELD FUND
(UNAUDITED)

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2022 Continued

Shares or Face Amount

      

$ Fair Value*

  
       

Oil, Gas & Consumable Fuels

    

18.36

%

  
       

Antero Resources Corp.

      
 

245,000

    

7.625%, 02/01/2029(b)

    

245,533

    
 

1,000,000

    

5.375%, 03/01/2030(b)

    

902,225

    
       

Athabasca Oil Corp.

      
 

2,550,000

    

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

    

2,708,458

    
       

California Resources Corp.

      
 

4,000,000

    

7.125%, 02/01/2026(b)

    

3,766,060

    
       

CNX Resources Corp.

      
 

4,000,000

    

7.250%, 03/14/2027(b)

    

3,899,240

    
 

100,000

    

6.000%, 01/15/2029(b)

    

91,227

    
 

500,000

    

7.375%, 01/15/2031(b)

    

491,588

    
       

CONSOL Energy, Inc.

      
 

6,000,000

    

11.000%, 11/15/2025(b)

    

6,178,920

    
       

Delek Logistics Partners LP / Delek Logistics Finance Corp.

      
 

3,000,000

    

6.750%, 05/15/2025

    

2,835,394

    
       

Energy Transfer LP

      
 

5,600,000

    

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

    

4,614,240

    
       

Matador Resources Co.

      
 

5,500,000

    

5.875%, 09/15/2026

    

5,315,283

    
        MPLX LP      
 

8,800,000

    

6.875% (3 Month LIBOR USD + 4.652%), 08/15/2023

    

8,690,000

    
       

Northern Oil and Gas, Inc.

      
 

9,100,000

    

8.125%, 03/01/2028(b)

    

8,549,996

    
       

Viper Energy Partners LP

      
 

1,750,000

    

5.375%, 11/01/2027(b)

    

1,615,900

    
     

49,904,064

    
Total Energy (Cost $54,524,538)    

51,895,865

    

Finance and Insurance

    

1.29

%

  
       

Activities Related to Credit Intermediation

    

0.56

%

  
       

Scripps Escrow II, Inc.

      
 

2,000,000

    

5.375%, 01/15/2031(b)

    

1,517,499

    
       

Other Financial Investment Activities

    

0.73

%

  
       

Arrow Bidco LLC

      
 

2,000,000

    

9.500%, 03/15/2024 (b)

    

2,002,375

    
Total Finance and Insurance (Cost $4,003,623)    

3,519,874

    

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

BUFFALO HIGH YIELD FUND
(UNAUDITED)

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2022 Continued

Shares or Face Amount

      

$ Fair Value*

  

Financial

    

0.96

%

  
       

Business Support Services

    

0.96

%

  
       

Burford Capital Global Finance LLC

      
 

3,000,000

    

6.875%, 04/15/2030(b)

    

2,622,390

    
Total Financial (Cost $2,985,994)    

2,622,390

    

Financials

    

0.54

%

  
       

Consumer Finance

    

0.54

%

  
       

PRA Group, Inc.

      
 

1,100,000

    

7.375%, 09/01/2025(b)

    

1,062,137

    
 

500,000

    

5.000%, 10/01/2029(b)

    

406,109

    
Total Financials (Cost $1,584,081)    

1,468,246

    

Health Care

    

1.19

%

  
       

Pharmaceuticals

    

1.19

%

  
       

Horizon Therapeutics USA, Inc.

      
 

1,000,000

    

5.500%, 08/01/2027(b)

    

938,450

    
       

Teva Pharmaceutical Industries Ltd.

      
 

2,500,000

    

6.750%, 03/01/2028(a)

    

2,294,701

    
Total Health Care (Cost $3,376,542)    

3,233,151

    

Industrials

    

9.47

%

  
       

Aerospace & Defense

    

0.35

%

  
       

TransDigm, Inc.

      
 

500,000

    

6.250%, 03/15/2026(b)

    

485,845

    
 

500,000

    

6.375%, 06/15/2026

    

472,979

    
     

958,824

    
       

Building Products

    

1.98

%

  
       

Advanced Drainage Systems, Inc.

      
 

1,250,000

    

6.375%, 06/15/2030(b)

    

1,214,038

    
       

Builders FirstSource, Inc.

      
 

4,000,000

    

5.000%, 03/01/2030(b)

    

3,386,555

    
 

1,000,000

    

4.250%, 02/01/2032(b)

    

769,300

    
     

5,369,893

    

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

BUFFALO HIGH YIELD FUND
(UNAUDITED)

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2022 Continued

Shares or Face Amount

      

$ Fair Value*

  
       

Commercial Services & Supplies

    

4.04

%

  
       

Cimpress NV

      
 

2,000,000

    

7.000%, 06/15/2026(a) (b)

    

1,363,860

    
       

CoreCivic, Inc.

      
 

6,000,000

    

8.250%, 04/15/2026

    

5,973,600

    
       

Deluxe Corp.

      
 

2,500,000

    

8.000%, 06/01/2029(b)

    

2,015,412

    
       

GEO Group Inc/The

      
 

2,000,000

    

6.000%, 04/15/2026

    

1,638,501

    
     

10,991,373

    
       

Construction & Engineering

    

0.83

%

  
       

Tutor Perini Corp.

      
 

3,000,000

    

6.875%, 05/01/2025(b)

    

2,247,869

    
       

Trading Companies & Distributors

    

2.27

%

  
       

Alta Equipment Group, Inc.

      
 

2,750,000

    

5.625%, 04/15/2026(b)

    

2,309,367

    
       

BlueLinx Holdings, Inc.

      
 

3,000,000

    

6.000%, 11/15/2029(b)

    

2,361,351

    
       

Fly Leasing Ltd.

      
 

2,000,000

    

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

    

1,503,860

    
     

6,174,578

    
Total Industrials (Cost $30,164,345)    

25,742,537

    

Information

    

3.18

%

  
       

Data Processing, Hosting, and Related Services

    

0.63

%

  
       

VM Consolidated, Inc.

      
 

2,000,000

    

5.500%, 04/15/2029(b)

    

1,723,656

    
       

Motion Picture and Video Industries

    

0.55

%

  
       

Lions Gate Capital Holdings LLC

      
 

2,000,000

    

5.500%, 04/15/2029(b)

    

1,493,920

    
       

Other Telecommunications

    

0.55

%

  
       

Consolidated Communications, Inc.

      
 

2,000,000

    

6.500%, 10/01/2028(b)

    

1,500,440

    

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

BUFFALO HIGH YIELD FUND
(UNAUDITED)

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2022 Continued

Shares or Face Amount

      

$ Fair Value*

  
       

Radio and Television Broadcasting

    

1.45

%

  
       

Audacy Capital Corp.

      
 

2,200,000

    

6.750%, 03/31/2029(b)

    

534,176

    
       

Gray Escrow II, Inc.

      
 

1,000,000

    

5.375%, 11/15/2031(b)

    

786,560

    
       

iHeartCommunications, Inc.

      
 

2,000,000

    

8.375%, 05/01/2027

    

1,691,875

    
 

100,000

    

5.250%, 08/15/2027(b)

    

85,691

    
       

Nexstar Media, Inc.

      
 

500,000

    

4.750%, 11/01/2028(b)

    

428,650

    
       

Scripps Escrow II, Inc.

      
 

500,000

    

3.875%, 01/15/2029(b)

    

402,395

    
     

3,929,347

    
Total Information (Cost $12,248,536)    

8,647,363

    

Information Technology

    

1.47

%

  
       

Software

    

1.47

%

  
       

Consensus Cloud Solutions, Inc.

      
 

4,500,000

    

6.000%, 10/15/2026 (b)

    

3,989,993

    
Total Information Technology (Cost $4,459,352)    

3,989,993

    

Management of Companies and Enterprises

    

0.54

%

  
       

Management of Companies and Enterprises

    

0.54

%

  
       

Teva Pharmaceutical Finance Netherlands III BV

      
 

1,500,000

    

7.125%, 01/31/2025(a)

    

1,462,568

    
Total Management of Companies and Enterprises (Cost $1,500,867)    

1,462,568

    

Manufacturing

    

1.01

%

  
       

Aerospace Product and Parts Manufacturing

    

0.59

%

  
       

TransDigm, Inc.

      
 

1,000,000

    

4.625%, 01/15/2029

    

807,515

    
 

1,000,000

    

4.875%, 05/01/2029

    

810,000

    
     

1,617,515

    

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

BUFFALO HIGH YIELD FUND
(UNAUDITED)

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2022 Continued

Shares or Face Amount

      

$ Fair Value*

  
       

Other Chemical Product and Preparation Manufacturing

    

0.42

%

  
       

Garden Spinco Corp.

      
 

1,100,000

    

8.625%, 07/20/2030(b)

    

1,138,847

    
Total Manufacturing (Cost $3,115,901)    

2,756,362

    

Materials

    

2.62

%

  
       

Chemicals

    

0.61

%

  
       

Chemours Co/The

      
 

2,000,000

    

5.750%, 11/15/2028(b)

    

1,640,420

    
       

Metals & Mining

    

1.38

%

  
       

Commercial Metals Co.

      
 

500,000

    

3.875%, 02/15/2031

    

393,359

    
       

Taseko Mines Ltd.

      
 

3,000,000

    

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

    

2,390,460

    
       

Warrior Met Coal, Inc.

      
 

1,000,000

    

7.875%, 12/01/2028(b)

    

973,256

    
     

3,757,075

    
       

Paper & Forest Products

    

0.63

%

  
       

Sylvamo Corp.

      
 

2,000,000

    

7.000%, 09/01/2029(b)

    

1,711,239

    
Total Materials (Cost $8,525,851)    

7,108,734

    

Mining, Quarrying, and Oil and Gas Extraction

    

5.72

%

  
       

Coal Mining

    

1.17

%

  
       

Alliance Resource Operating Partners LP / Alliance Resource Finance Corp.

      
 

3,250,000

    

7.500%, 05/01/2025(b)

    

3,170,261

    
       

Oil and Gas Extraction

    

2.25

%

  
       

Penn Virginia Holdings LLC

      
 

6,500,000

    

9.250%, 08/15/2026(b)

    

6,118,125

    
       

Support Activities for Mining

    

2.30

%

  
       

Talos Production, Inc.

      
 

6,000,000

    

12.000%, 01/15/2026

    

6,265,620

    
Total Mining, Quarrying, and Oil and Gas Extraction (Cost $16,100,789)    

15,554,006

    

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

BUFFALO HIGH YIELD FUND
(UNAUDITED)

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2022 Continued

Shares or Face Amount

      

$ Fair Value*

  

Professional, Scientific, and Technical Services

    

0.78

%

  
       

Advertising, Public Relations, and Related Services

    

0.29

%

  
       

Outfront Media Capital LLC / Outfront Media Capital Corp.

      
 

1,000,000

    

4.625%, 03/15/2030(b)

    

780,188

    
       

Other Professional, Scientific, and Technical Services

    

0.49

%

  
       

Sabre GLBL, Inc.

      
 

1,500,000

    

7.375%, 09/01/2025(b)

    

1,345,514

    
Total Professional, Scientific, and Technical Services (Cost $2,498,750)    

2,125,702

    

Real Estate and Rental and Leasing

    

1.58

%

  
       

Lessors of Real Estate

    

1.58

%

  
       

IIP Operating Partnership LP

      
 

3,000,000

    

5.500%, 05/25/2026

    

2,683,786

    
       

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

      
 

1,000,000

    

4.750%, 04/15/2028(b)

    

792,320

    
 

1,200,000

    

6.500%, 02/15/2029(b)

    

806,800

    
     

1,599,120

    
Total Real Estate and Rental and Leasing (Cost $5,186,370)    

4,282,906

    

Transportation and Warehousing

    

1.06

%

  
       

Pipeline Transportation of Crude Oil

    

0.32

%

  
       

Delek Logistics Partners LP / Delek Logistics Finance Corp.

      
 

1,000,000

    

7.125%, 06/01/2028(b)

    

880,620

    
       

Pipeline Transportation of Natural Gas

    

0.74

%

  
       

Antero Midstream Partners LP / Antero Midstream Finance Corp.

      
 

2,000,000

    

7.875%, 05/15/2026(b)

    

2,012,660

    
Total Transportation and Warehousing (Cost $3,001,348)    

2,893,280

    

Utilities

    

2.21

%

  
       

Electric Power Generation, Transmission and Distribution

    

1.08

%

  
       

IEA Energy Services LLC

      
 

3,000,000

    

6.625%, 08/15/2029(b)

    

2,943,105

    

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

BUFFALO HIGH YIELD FUND
(UNAUDITED)

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2022 Continued

Shares or Face Amount

      

$ Fair Value*

  
       

Independent Power and Renewable Electricity Producers

    

1.13

%

  
       

Vistra Corp.

      
 

3,500,000

    

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

    

3,063,393

    
Total Utilities (Cost $6,402,222)    

6,006,498

    

Wholesale Trade

    

1.23

%

  
       

Grocery and Related Product Merchant Wholesalers

    

0.91

%

  
       

Performance Food Group, Inc.

      
 

1,000,000

    

4.250%, 08/01/2029(b)

    

834,570

    
       

Primo Water Holdings, Inc.

      
 

2,000,000

    

4.375%, 04/30/2029(b)

    

1,629,782

    
     

2,464,352

    
       

Machinery, Equipment, and Supplies Merchant Wholesalers

    

0.32

%

  
       

TransDigm, Inc.

      
 

1,000,000

    

5.500%, 11/15/2027

    

871,965

    
Total Wholesale Trade (Cost $4,000,461)    

3,336,317

    
Total Corporate Bonds (Cost $206,415,196)    

185,476,257

    

Bank Loans

    

19.07

%

  
       

Aerospace & Defense

    

2.41

%

  
 

4,987,500

    

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

    

4,698,649

    
 

1,896,570

    

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

    

1,853,622

    
     

6,552,271

    
       

Broadcasting

    

0.10

%

  
 

518,692

    

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

    

433,108

    
 

280,473

    

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

    

277,318

    
     

710,426

    
       

Commercial Services & Supplies

    

1.46

%

  
 

3,000,000

    

GEO Group Inc/The

    

2,976,255

    
 

1,000,000

    

GEO Group Inc/The

    

988,750

    
     

3,965,005

    
       

Construction & Engineering

    

1.01

%

  
 

2,941,234

    

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

    

2,739,024

    
       

Internet & Direct Marketing Retail

    

1.57

%

  
 

4,443,750

    

Magnite, Inc., Senior Secured First Lien Term Loan (6 Month LIBOR USD + 5.000%)(g)

    

4,254,891

    

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

BUFFALO HIGH YIELD FUND
(UNAUDITED)

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2022 Continued

Shares or Face Amount

      

$ Fair Value*

  
       

IT Services

    

1.03

%

  
 

2,857,500

    

MoneyGram International, Inc., Senior Secured First Lien Term Loan (6 Month LIBOR USD + 4.500%)

    

2,806,294

    
       

Media

    

0.76

%

  
 

8,698,882

    

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

    

8,125,321

    
 

965,150

    

The E.W. Scripps Co., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.562%)

    

935,341

    
 

198,750

    

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

    

192,699

    
 

950,000

    

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

    

940,144

    
     

10,193,505

    
       

Oil, Gas & Consumable Fuels

    

1.03

%

  
 

2,823,899

    

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

    

2,796,987

    
       

Pharmaceuticals

    

0.79

%

  
 

2,230,180

    

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

    

2,159,885

    
 

4,937,500

    

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

    

4,567,188

    
     

6,727,073

    
       

Retailers (other than Food/Drug)

    

0.48

%

  
 

1,972,481

    

Jo-Ann Stores LLC., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.750%)

    

1,314,165

    
 

6,007,577

    

Portillo's Holdings LLC., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 5.500%)

    

5,977,539

    
     

7,291,704

    
       

Software

    

0.46

%

  
 

188,611

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

183,037

    
 

153,114

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

148,589

    
 

947,400

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

922,867

    
     

1,254,493

    
       

Telecommunication Services — Diversified

    

0.94

%

  
 

2,928,009

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

2,547,368

    
Total Bank Loans (Cost $54,409,091)    

51,839,041

    

Short Term Investments

    

5.92

%

  

Investment Company

    

5.92

%

  
 

16,089,487

    

Fidelity Investments Money Market Funds — Government Portfolio — Class I — 2.73%(e)

    

16,089,487

    

Total Investment Company

    

16,089,487

    
Total Short Term Investments (Cost $16,089,487)    

16,089,487

    

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

BUFFALO HIGH YIELD FUND
(UNAUDITED)

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2022 Continued

Shares or Face Amount

      

$ Fair Value*

  
Total Investments (Cost $296,222,337)
 		       99.99
271,793,455

%

  
Other Assets in Excess of Liabilities
  		   0.01
15,588

%

  
Total Net Assets
 		   100.00
271,809,043

%

  

(a)  Foreign Issued Securities. The total value of these securities amounted to $13,547,657 (4.98% of net assets) at September 30, 2022.

(b)  144A securities. The total value of these securities amounted to $130,422,180 (47.98% of net assets) at September 30, 2022.

(c)  Illiquid Security. The total value of these securities amounted to $3,801,861 (1.40% of net assets) at September 30, 2022.

(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 September 30, 2022.

(f)  Fixed to floating rate. Effective date of change and formula disclosed. Rate disclosed as of March 31, 2021.

(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 (UNAUDITED)

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2022

Shares or Face Amount

      

$ Fair Value*

  

Common Stocks

    

90.63

%

  

Belgium

    

0.45

%

  
       

Beverages

    

0.45

%

  
 

45,000

    

Anheuser-Busch InBev SA/NV

    

2,038,341

    
Total Belgium (Cost $2,291,611)    

2,038,341

    

Bermuda

    

0.12

%

  
       

Machinery

    

0.12

%

  
 

500,000

    

AutoStore Holdings Ltd.(a)

    

549,051

    
Total Bermuda (Cost $2,021,588)    

549,051

    

Canada

    

3.95

%

  
       

Commercial Services & Supplies

    

1.12

%

  
 

200,000

    

GFL Environmental, Inc. — ADR

    

5,058,000

    
       

Road & Rail

    

1.60

%

  
 

67,000

    

Canadian National Railway Co. — ADR

    

7,235,330

    
       

Software

    

1.23

%

  
 

4,000

    

Constellation Software Inc/Canada(a)

    

5,565,830

    
Total Canada (Cost $16,817,611)    

17,859,160

    

Cayman Islands

    

0.10

%

  
       

Diversified Telecommunication Services

    

0.10

%

  
 

80,000

    

IHS Holding Ltd. — ADR(a)

    

446,400

    
Total Cayman Islands (Cost $1,680,000)    

446,400

    

China

    

0.31

%

  
       

Commercial Banks

    

0.31

%

  
 

300,000

    

China Merchants Bank Co., Ltd.

    

1,388,358

    
Total China (Cost $1,973,642)    

1,388,358

    

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

BUFFALO INTERNATIONAL FUND
(UNAUDITED)

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2022 Continued

Shares or Face Amount

      

$ Fair Value*

  

Denmark

    

2.00

%

  
       

Pharmaceuticals

    

2.00

%

  
 

15,000

    

Novo Nordisk A/S

    

1,494,267

    
 

76,000

    

Novo Nordisk A/S — ADR

    

7,571,880

    
     

9,066,147

    
Total Denmark (Cost $5,103,075)    

9,066,147

    

France

    

16.48

%

  
       

Aerospace & Defense

    

1.95

%

  
 

80,000

    

Thales SA

    

8,815,485

    
       

Beverages

    

1.52

%

  
 

37,500

    

Pernod Ricard SA

    

6,879,503

    
       

Chemicals

    

1.42

%

  
 

56,168

    

Air Liquide SA

    

6,419,928

    
       

Construction & Engineering

    

1.32

%

  
 

74,000

    

Vinci SA

    

5,983,675

    
       

Electrical Equipment

    

2.22

%

  
 

89,000

    

Schneider Electric SE

    

10,052,581

    
       

Life Sciences Tools & Services

    

1.56

%

  
 

23,000

    

Sartorius Stedim Biotech

    

7,054,919

    
       

Pharmaceuticals

    

1.26

%

  
 

149,587

    

Sanofi — ADR

    

5,687,298

    
       

Professional Services

    

1.25

%

  
 

253,000

    

Bureau Veritas SA

    

5,661,496

    
       

Software

    

1.07

%

  
 

140,000

    

Dassault Systemes SE

    

4,833,492

    
       

Textiles, Apparel & Luxury Goods

    

2.91

%

  
 

12,300

    

Kering SA

    

5,455,629

    
 

13,100

    

LVMH Moet Hennessy Louis Vuitton SE

    

7,723,400

    
     

13,179,029

    
Total France (Cost $53,477,459)    

74,567,406

    

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

BUFFALO INTERNATIONAL FUND
(UNAUDITED)

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2022 Continued

Shares or Face Amount

      

$ Fair Value*

  

Germany

    

14.58

%

  
       

Capital Markets

    

0.75

%

  
 

142,000

    

DWS Group GmbH & Co KGaA

    

3,380,198

    
       

Chemicals

    

0.99

%

  
 

46,000

    

Symrise AG

    

4,485,553

    
       

Electrical Equipment

    

0.15

%

  
 

62,600

    

Siemens Energy AG

    

689,271

    
       

Electronic Equipment, Instruments & Components

    

0.81

%

  
 

185,211

    

Jenoptik AG

    

3,645,991

    
       

Health Care Equipment & Supplies

    

1.28

%

  
 

55,525

    

Carl Zeiss Meditec AG

    

5,767,593

    
       

Health Care Providers & Services

    

0.37

%

  
 

78,900

    

Fresenius SE & Co. KGaA

    

1,681,763

    
       

Household Products

    

0.17

%

  
 

13,900

    

Henkel AG & Co. KGaA

    

787,754

    
       

Industrial Conglomerates

    

1.69

%

  
 

78,200

    

Siemens A.G. — ADR

    

7,643,464

    
       

Insurance

    

1.93

%

  
 

15,000

    

Hannover Rueck SE

    

2,248,571

    
 

26,900

    

Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen

    

6,475,361

    
     

8,723,932

    
       

Pharmaceuticals

    

2.27

%

  
 

63,500

    

Merck KGaA

    

10,279,390

    
       

Semiconductors & Semiconductor Equipment

    

0.26

%

  
 

54,000

    

Infineon Technologies AG

    

1,181,733

    
       

Software

    

1.16

%

  
 

64,800

    

SAP SE — ADR

    

5,265,000

    
       

Textiles, Apparel & Luxury Goods

    

1.24

%

  
 

19,700

    

adidas AG

    

2,264,728

    
 

72,160

    

Puma SE

    

3,338,118

    
     

5,602,846

    
       

Trading Companies & Distributors

    

1.51

%

  
 

113,000

    

Brenntag AG

    

6,831,049

    
Total Germany (Cost $57,767,398)    

65,965,537

    

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

BUFFALO INTERNATIONAL FUND
(UNAUDITED)

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2022 Continued

Shares or Face Amount

      

$ Fair Value*

  

Hong Kong

    

0.30

%

  
       

Capital Markets

    

0.30

%

  
 

40,000

    

Hong Kong Exchanges & Clearing Ltd.

    

1,367,297

    
Total Hong Kong (Cost $1,935,676)    

1,367,297

    

India

    

2.69

%

  
       

Banks

    

2.69

%

  
 

55,000

    

HDFC Bank Ltd. — ADR

    

3,213,100

    
 

427,480

    

ICICI Bank Ltd. — ADR

    

8,964,256

    
     

12,177,356

    
Total India (Cost $6,778,180)    

12,177,356

    

Ireland

    

9.67

%

  
       

Chemicals

    

2.80

%

  
 

46,760

    

Linde PLC

    

12,659,409

    
       

Construction Materials

    

1.37

%

  
 

78,000

    

CRH PLC — ADR

    

2,513,940

    
 

5,000

    

CRH PLC

    

160,383

    
 

110,000

    

CRH public limited company

    

3,536,692

    
     

6,211,015

    
       

Food Products

    

0.53

%

  
 

27,000

    

Kerry Group Plc

    

2,406,564

    
       

Health Care Equipment & Supplies

    

1.38

%

  
 

77,400

    

Medtronic, PLC — ADR

    

6,250,050

    
       

Insurance

    

2.37

%

  
 

40,000

    

Aon Plc — ADR

    

10,714,800

    
       

Life Sciences Tools & Services

    

1.22

%

  
 

30,000

    

ICON PLC. — ADR(a)

    

5,513,400

    
Total Ireland (Cost $34,165,399)    

43,755,238

    

Japan

    

8.10

%

  
       

Beverages

    

0.81

%

  
 

117,000

    

Asahi Group Holdings Ltd.

    

3,647,601

    

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

BUFFALO INTERNATIONAL FUND
(UNAUDITED)

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2022 Continued

Shares or Face Amount

      

$ Fair Value*

  
       

Electronic Equipment, Instruments & Components

    

2.52

%

  
 

16,100

    

KEYENCE CORP.

    

5,322,025

    
 

75,000

    

Murata Manufacturing Co., Ltd.

    

3,452,038

    
 

57,000

    

Omron Corp.

    

2,611,584

    
     

11,385,647

    
       

Entertainment

    

0.93

%

  
 

105,000

    

Nintendo Co Ltd.

    

4,235,102

    
       

Machinery

    

0.63

%

  
 

18,500

    

FANUC Corp.

    

2,597,665

    
 

18,000

    

FANUC Corp. — ADR(a)

    

252,000

    
     

2,849,665

    
       

Professional Services

    

1.15

%

  
 

20,000

    

BayCurrent Consulting, Inc.

    

5,188,670

    
       

Semiconductors & Semiconductor Equipment

    

2.06

%

  
 

10,000

    

Disco Corp.

    

2,204,518

    
 

850,000

    

Renesas Electronics Corp.(a)

    

7,125,754

    
     

9,330,272

    
Total Japan (Cost $44,249,819)    

36,636,957

    

Luxembourg

    

1.52

%

  
       

Life Sciences Tools & Services

    

1.03

%

  
 

79,000

     EUROFINS SCIENTIFI    

4,689,764

    
       

Personal Products

    

0.49

%

  
 

730,750

    

L'Occitane International SA

    

2,203,013

    
Total Luxembourg (Cost $4,301,530)    

6,892,777

    

Netherlands

    

6.20

%

  
       

Beverages

    

1.19

%

  
 

610,000

    

Davide Campari-Milano NV

    

5,396,990

    
       

IT Services

    

1.30

%

  
 

4,700

    

Adyen NV(a)

    

5,861,640

    
       

Semiconductors & Semiconductor Equipment

    

2.53

%

  
 

16,741

    

ASML Holding NV — NY Shares — ADR

    

6,953,374

    
 

65,000

    

STMicroelectronics N.V.

    

2,020,015

    
 

80,600

    

STMicroelectronics N.V. — NY Shares — ADR

    

2,493,764

    
     

11,467,153

    

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

BUFFALO INTERNATIONAL FUND
(UNAUDITED)

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2022 Continued

Shares or Face Amount

      

$ Fair Value*

  
       

Trading Companies & Distributors

    

1.18

%

  
 

45,000

    

IMCD N.V.

    

5,335,251

    
Total Netherlands (Cost $13,686,197)    

28,061,034

    

Norway

    

1.89

%

  
       

Commercial Services & Supplies

    

1.12

%

  
 

286,000

    

TOMRA Systems ASA

    

5,046,028

    
       

Semiconductors & Semiconductor Equipment

    

0.77

%

  
 

265,459

    

Nordic Semiconductor ASA(a)

    

3,506,272

    
Total Norway (Cost $7,364,883)    

8,552,300

    

Republic of Korea

    

0.33

%

  
       

Semiconductors & Semiconductor Equipment

    

0.33

%

  
 

40,000

    

Samsung Electronic Co., Ltd.

    

1,468,770

    
Total Republic of Korea (Cost $894,090)    

1,468,770

    

Sweden

    

2.43

%

  
       

Electronic Equipment, Instruments & Components

    

1.99

%

  
 

966,000

    

HEXAGON AB

    

9,021,604

    
       

Hotels, Restaurants & Leisure

    

0.44

%

  
 

25,000

    

Evolution AB

    

1,976,189

    
Total Sweden (Cost $9,818,401)    

10,997,793

    

Switzerland

    

6.58

%

  
       

Capital Markets

    

0.74

%

  
 

76,937

    

Julius Baer Group Ltd.

    

3,357,459

    
       

Construction Materials

    

0.63

%

  
 

70,000

    

LafargeHolcim Ltd.

    

2,868,639

    
       

Electrical Equipment

    

1.26

%

  
 

222,500

    

ABB Ltd. — ADR

    

5,709,350

    
       

Food Products

    

0.48

%

  
 

20,000

    

Nestle SA

    

2,163,146

    

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

BUFFALO INTERNATIONAL FUND
(UNAUDITED)

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2022 Continued

Shares or Face Amount

      

$ Fair Value*

  
       

Health Care Equipment & Supplies

    

0.59

%

  
 

46,000

    

Alcon, Inc.

    

2,671,930

    
       

Life Sciences Tools & Services

    

1.62

%

  
 

15,000

    

Lonza Group AG

    

7,303,369

    
       

Pharmaceuticals

    

1.26

%

  
 

11,800

    

Roche Holding AG

    

3,841,287

    
 

45,400

    

Roche Holding AG — ADR

    

1,844,148

    
     

5,685,435

    
Total Switzerland (Cost $24,338,000)    

29,759,328

    

Taiwan, Province of China

    

1.96

%

  
       

Semiconductors & Semiconductor Equipment

    

1.96

%

  
 

129,281

    

Taiwan Semiconductor Manufacturing Co. Ltd. — ADR

    

8,863,505

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

8,863,505

    

United Kingdom

    

9.87

%

  
       

Aerospace & Defense

    

0.86

%

  
 

440,000

    

BAE Systems Plc

    

3,866,009

    
       

Beverages

    

1.51

%

  
 

40,300

    

Diageo PLC — ADR

    

6,843,343

    
       

Food Products

    

0.63

%

  
 

64,700

    

Unilever PLC — ADR

    

2,836,448

    
       

Health Care Equipment & Supplies

    

0.65

%

  
 

127,000

    

Smith & Nephew Plc — ADR

    

2,948,940

    
       

Hotels, Restaurants & Leisure

    

0.78

%

  
 

73,100

    

InterContinental Hotels Group PLC

    

3,520,617

    
       

Oil, Gas & Consumable Fuels

    

1.38

%

  
 

200,000

    

Shell Plc

    

4,988,606

    
 

25,000

    

Shell Plc — ADR

    

1,244,000

    
     

6,232,606

    
       

Pharmaceuticals

    

1.96

%

  
 

144,000

    

AstraZeneca PLC — ADR

    

7,896,960

    
 

9,000

    

AstraZeneca PLC

    

989,361

    
     

8,886,321

    

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

BUFFALO INTERNATIONAL FUND
(UNAUDITED)

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2022 Continued

Shares or Face Amount

      

$ Fair Value*

  
       

Trading Companies & Distributors

    

2.10

%

  
 

212,000

    

Ashtead Group Plc

    

9,520,840

    
Total United Kingdom (Cost $36,384,148)    

44,655,124

    

United States

    

1.10

%

  
       

Internet & Direct Marketing Retail

    

1.10

%

  
 

6,000

    

MercadoLibre, Inc.(a)

    

4,966,680

    
Total United States (Cost $6,274,753)    

4,966,680

    
Total Common Stocks (Cost $332,931,147)    

410,034,559

    

Short Term Investments

    

8.94

%

  

Investment Company

    

8.94

%

  
 

40,429,638

    

Fidelity Investments Money Market Funds — Government Portfolio — Class I — 2.73%(b)

    

40,429,638

    

Total Investment Company

    

40,429,638

    
Total Short Term Investments (Cost $40,429,638)    

40,429,638

    
Total Investments (Cost $373,360,785)
 		   99.57
450,464,197

%

  
Other Assets in Excess of Liabilities
  		   0.43
1,931,868

%

  
Total Net Assets
 		   100.00
452,396,065

%

  

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 September 30, 2022.

* 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.
75

BUFFALO INTERNATIONAL FUND
(UNAUDITED)

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2022 Continued

As of September 30, 2022, the industry diversification was as follows:

   

$ Fair Value

  

Percentage

  

Common Stocks

  

Aerospace & Defense

    

12,681,494

      

2.80

%

  

Banks

    

12,177,356

      

2.69

%

  

Beverages

    

24,805,779

      

5.48

%

  

Capital Markets

    

8,104,953

      

1.79

%

  

Chemicals

    

23,564,890

      

5.21

%

  

Commercial Banks

    

1,388,358

      

0.31

%

  

Commercial Services & Supplies

    

10,104,028

      

2.23

%

  

Construction & Engineering

    

5,983,674

      

1.32

%

  

Construction Materials

    

9,079,654

      

2.01

%

  

Diversified Telecommunication Services

    

446,400

      

0.10

%

  

Electrical Equipment

    

16,451,202

      

3.64

%

  

Electronic Equipment, Instruments & Components

    

24,053,242

      

5.32

%

  

Entertainment

    

4,235,102

      

0.94

%

  

Food Products

    

7,406,158

      

1.64

%

  

Health Care Equipment & Supplies

    

17,638,513

      

3.90

%

  

Health Care Providers & Services

    

1,681,763

      

0.37

%

  

Hotels, Restaurants & Leisure

    

5,496,805

      

1.22

%

  

Household Products

    

787,755

      

0.17

%

  

Industrial Conglomerates

    

7,643,464

      

1.69

%

  

Insurance

    

19,438,732

      

4.30

%

  

Internet & Direct Marketing Retail

    

4,966,680

      

1.10

%

  

IT Services

    

5,861,640

      

1.30

%

  

Life Sciences Tools & Services

    

24,561,452

      

5.43

%

  

Machinery

    

3,398,717

      

0.75

%

  

Oil, Gas & Consumable Fuels

    

6,232,606

      

1.38

%

  

Personal Products

    

2,203,013

      

0.49

%

  

Pharmaceuticals

    

39,604,590

      

8.75

%

  

Professional Services

    

10,850,166

      

2.40

%

  

Road & Rail

    

7,235,330

      

1.60

%

  

Semiconductors & Semiconductor Equipment

    

35,817,705

      

7.92

%

  

Software

    

15,664,322

      

3.46

%

  

Textiles, Apparel & Luxury Goods

    

18,781,875

      

4.15

%

  

Trading Companies & Distributors

    

21,687,141

      

4.79

%

  

Total Common Stocks

    

410,034,559

      

90.64

%

  

Short Term Investments

  

Investment Company

    

40,429,638

      

8.94

%

  

Total Short Term Investments

    

40,429,638

      

8.94

%

  

Total Investments

    

450,464,197

      

99.57

%

  

Other Assets in Excess of Liabilities

    

1,931,868

      

0.43

%

  

TOTAL NET ASSETS

    

452,396,065

      

100.00

%

  

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

BUFFALO LARGE CAP FUND
(UNAUDITED)

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2022

Shares or Face Amount

      

$ Fair Value*

  

Common Stocks

    

92.51

%

  

Communication Services

    

7.20

%

  
       

Interactive Media & Services

    

7.20

%

  
 

56,900

    

Alphabet, Inc. — Class A(a)

    

5,442,485

    
 

6,460

    

Alphabet, Inc. — Class C(a)

    

621,129

    
Total Communication Services (Cost $1,690,168)    

6,063,614

    

Consumer Discretionary

    

14.35

%

  
       

Automobiles

    

1.83

%

  
 

5,820

    

Tesla, Inc.(a)

    

1,543,755

    
       

Hotels, Restaurants & Leisure

    

2.34

%

  
 

4,825

    

Airbnb, Inc.(a)

    

506,818

    
 

2,950

    

McDonald's Corp.

    

680,683

    
 

7,390

    

Yum! Brands, Inc.

    

785,853

    
     

1,973,354

    
       

Internet & Direct Marketing Retail

    

6.66

%

  
 

49,700

    

Amazon.com, Inc.(a)

    

5,616,100

    
       

Specialty Retail

    

2.79

%

  
 

1,100

    

O'Reilly Automotive, Inc.(a)

    

773,685

    
 

3,950

    

The Home Depot, Inc.

    

1,089,963

    
 

7,795

    

The TJX Companies, Inc.

    

484,225

    
     

2,347,873

    
       

Textiles, Apparel & Luxury Goods

    

0.73

%

  
 

5,260

    

NIKE, Inc. — Class B

    

437,211

    
 

10,900

    

On Holding AG — ADR(a) (b)

    

174,945

    
     

612,156

    
Total Consumer Discretionary (Cost $7,463,061)    

12,093,238

    

Consumer Staples

    

4.34

%

  
       

Beverages

    

0.54

%

  
 

8,025

    

The Coca Cola Co.

    

449,560

    
       

Food & Staples Retailing

    

2.41

%

  
 

3,500

    

Costco Wholesale Corp.

    

1,652,945

    
 

5,350

    

Sysco Corp.

    

378,299

    
     

2,031,244

    

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

BUFFALO LARGE CAP FUND
(UNAUDITED)

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2022 Continued

Shares or Face Amount

      

$ Fair Value*

  
       

Household Products

    

0.67

%

  
 

4,475

    

The Procter & Gamble Co.

    

564,969

    
       

Personal Products

    

0.72

%

  
 

2,810

    

The Estee Lauder Companies Inc. — Class A

    

606,679

    
Total Consumer Staples (Cost $3,426,494)    

3,652,452

    

Energy

    

1.59

%

  
       

Energy Equipment & Services

    

0.45

%

  
 

10,700

    

Schlumberger Ltd. — ADR(b)

    

384,130

    
       

Oil, Gas & Consumable Fuels

    

1.14

%

  
 

4,550

    

EOG Resources, Inc.

    

508,371

    
 

4,125

    

Hess Corp.

    

449,584

    
     

957,955

    
Total Energy (Cost $1,540,365)    

1,342,085

    

Financials

    

3.22

%

  
       

Capital Markets

    

1.35

%

  
 

1,025

    

MSCI, Inc.

    

432,335

    
 

2,325

    

S&P Global, Inc.

    

709,939

    
     

1,142,274

    
       

Insurance

    

1.87

%

  
 

3,200

    

Aon PLC — ADR(b)

    

857,184

    
 

4,175

    

Arthur J. Gallagher & Co.

    

714,843

    
     

1,572,027

    
Total Financials (Cost $2,225,647)    

2,714,301

    

Health Care

    

15.13

%

  
       

Biotechnology

    

1.47

%

  
 

1,080

    

Alnylam Pharmaceuticals, Inc.(a)

    

216,173

    
 

3,525

    

Vertex Pharmaceuticals Inc.(a)

    

1,020,628

    
     

1,236,801

    

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

BUFFALO LARGE CAP FUND
(UNAUDITED)

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2022 Continued

Shares or Face Amount

      

$ Fair Value*

  
       

Health Care Equipment & Supplies

    

4.88

%

  
 

16,825

    

Boston Scientific Corp.(a)

    

651,632

    
 

3,475

    

Danaher Corp.

    

897,558

    
 

11,075

    

Edwards Lifesciences Corp.(a)

    

915,127

    
 

2,275

    

Insulet Corporation(a)

    

521,885

    
 

5,325

    

Medtronic, PLC — ADR(b)

    

429,994

    
 

3,450

    

Stryker Corp.

    

698,763

    
     

4,114,959

    
       

Health Care Providers & Services

    

4.55

%

  
 

3,750

    

HCA Healthcare, Inc.

    

689,212

    
 

6,220

    

UnitedHealth Group, Inc.

    

3,141,349

    
     

3,830,561

    
       

Life Sciences Tools & Services

    

1.90

%

  
 

2,275

    

ICON PLC. — ADR(a) (b)

    

418,100

    
 

22,615

    

Stevanato Group SpA — ADR(a) (b)

    

383,098

    
 

1,575

    

Thermo Fisher Scientific, Inc.

    

798,824

    
     

1,600,022

    
       

Pharmaceuticals

    

2.33

%

  
 

8,350

    

AstraZeneca PLC — ADR(b)

    

457,914

    
 

2,650

    

Eli Lilly & Co.

    

856,878

    
 

4,400

    

Zoetis, Inc.

    

652,476

    
     

1,967,268

    
Total Health Care (Cost $12,112,476)    

12,749,611

    

Industrials

    

6.15

%

  
       

Aerospace & Defense

    

1.85

%

  
 

1,150

    

Lockheed Martin Corp.

    

444,234

    
 

2,375

    

Northrop Grumman Corp.

    

1,117,010

    
     

1,561,244

    
       

Commercial Services & Supplies

    

0.81

%

  
 

4,250

    

Waste Management, Inc.

    

680,893

    
       

Electrical Equipment

    

0.54

%

  
 

3,425

    

Eaton Corp Plc — ADR(b)

    

456,758

    
       

Industrial Conglomerates

    

1.10

%

  
 

5,525

    

Honeywell International, Inc.

    

922,509

    
       

Machinery

    

0.55

%

  
 

10,800

    

Ingersoll Rand, Inc.

    

467,208

    

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

BUFFALO LARGE CAP FUND
(UNAUDITED)

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2022 Continued

Shares or Face Amount

      

$ Fair Value*

  
       

Professional Services

    

0.81

%

  
 

15,775

    

KBR, Inc.

    

681,795

    
       

Trading Companies & Distributors

    

0.49

%

  
 

1,525

    

United Rentals, Inc.(a)

    

411,933

    
Total Industrials (Cost $5,027,071)    

5,182,340

    

Information Technology

    

37.41

%

  
       

Communications Equipment

    

0.98

%

  
 

7,325

    

Arista Networks Inc.(a)

    

826,919

    
       

IT Services

    

4.44

%

  
 

2,750

    

Accenture Plc — ADR(b)

    

707,575

    
 

1,700

    

MasterCard, Inc. — Class A

    

483,378

    
 

1,550

    

MongoDB, Inc.(a)

    

307,768

    
 

12,640

    

Visa Inc. — Class A

    

2,245,496

    
     

3,744,217

    
       

Semiconductors & Semiconductor Equipment

    

5.35

%

  
 

4,650

    

Advanced Micro Devices, Inc.(a)

    

294,624

    
 

6,675

    

Applied Materials, Inc.

    

546,883

    
 

1,975

    

ASML Holding NV — NY Shares — ADR(b)

    

820,316

    
 

1,375

    

Enphase Energy, Inc.(a)

    

381,521

    
 

10,175

    

Entegris, Inc.

    

844,728

    
 

9,175

    

NVIDIA Corp.

    

1,113,753

    
 

16,275

    

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

    

503,549

    
     

4,505,374

    
       

Software

    

18.11

%

  
 

3,445

    

Adobe, Inc.(a)

    

948,064

    
 

1,450

    

Atlassian Corp Plc — ADR(a) (b)

    

305,356

    
 

3,000

    

CrowdStrike Holdings, Inc.(a)

    

494,430

    
 

850

    

HubSpot, Inc.(a)

    

229,602

    
 

1,560

    

Intuit, Inc.

    

604,219

    
 

5,650

    

Manhattan Associates, Inc.(a)

    

751,619

    
 

37,200

    

Microsoft Corp.

    

8,663,880

    
 

6,150

    

Palo Alto Networks, Inc.(a)

    

1,007,308

    
 

5,290

    

salesforce.com, Inc.(a)

    

760,914

    
 

1,720

    

ServiceNow, Inc.(a)

    

649,489

    
 

1,550

    

Synopsys, Inc.(a)

    

473,541

    
 

2,435

    

Workday, Inc.(a)

    

370,656

    
     

15,259,078

    

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

BUFFALO LARGE CAP FUND
(UNAUDITED)

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2022 Continued

Shares or Face Amount

      

$ Fair Value*

  
       

Technology Hardware, Storage & Peripherals

    

8.53

%

  
 

51,980

    

Apple Inc.

    

7,183,636

    
Total Information Technology (Cost $20,424,408)    

31,519,224

    

Materials

    

3.12

%

  
       

Chemicals

    

2.58

%

  
 

1,475

    

Albemarle Corp.

    

390,049

    
 

14,170

    

Corteva, Inc.

    

809,815

    
 

3,630

    

Linde PLC — ADR(b)

    

978,612

    
     

2,178,476

    
       

Construction Materials

    

0.54

%

  
 

14,000

    

CRH PLC — ADR(b)

    

451,220

    
Total Materials (Cost $2,492,089)    

2,629,696

    
Total Common Stocks (Cost $56,401,779)    

77,946,561

    

REITS

    

0.36

%

  

Real Estate

    

0.36

%

  
       

Equity Real Estate Investment Trusts (REITs)

    

0.36

%

  
 

3,000

    

Prologis, Inc.

    

304,800

    
Total Real Estate (Cost $390,613)    

304,800

    
Total REITS (Cost $390,613)    

304,800

    

Exchange Traded Funds

    

0.34

%

  
       

Other Investment Pools and Funds

    

0.34

%

  
 

6,725

    

SPDR S&P Metals & Mining ETF

    

285,745

    
Total Exchange Traded Funds (Cost $391,398)    

285,745

    

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

BUFFALO LARGE CAP FUND
(UNAUDITED)

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2022 Continued

Shares or Face Amount

      

$ Fair Value*

  

Short Term Investments

    

7.38

%

  

Investment Company

    

7.38

%

  
 

6,218,503

    

Fidelity Investments Money Market Funds — Government Portfolio — Class I — 2.73%(c)

    

6,218,503

    

Total Investment Company

    

6,218,503

    
Total Short Term Investments (Cost $6,218,503)    

6,218,503

    
Total Investments (Cost $63,402,293)
 		   100.59
84,755,609

%

  
Liabilities in Excess of Other Assets
  		   (0.59
(496,538)

)%

  
Total Net Assets
 		   100.00
84,259,071

%

  

ADR  American Depositary Receipt

PLC  Public Limited Company

(a)  Non Income Producing.

(b)  Foreign Issued Securities. The total value of these securities amounted to $7,328,751 (8.70% of net assets) at September 30, 2022.

(c)  The rate quoted is the annualized seven-day effective yield as of September 30, 2022.

* 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.
82

BUFFALO MID CAP FUND
(UNAUDITED)

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2022

Shares or Face Amount

      

$ Fair Value

  

Common Stocks

    

95.92

%

  

Communication Services

    

5.02

%

  
       

Entertainment

    

2.46

%

  
 

23,537

    

Live Nation Entertainment, Inc.(a)

    

1,789,754

    
 

12,500

    

Take-Two Interactive Software, Inc.(a)

    

1,362,500

    
     

3,152,254

    
       

Interactive Media & Services

    

1.64

%

  
 

90,300

    

Pinterest, Inc.(a)

    

2,103,990

    
       

Media

    

0.92

%

  
 

22,329

    

Liberty Media Corp-Liberty Formula One(a)

    

1,172,719

    
Total Communication Services (Cost $6,228,075)    

6,428,963

    

Consumer Discretionary

    

7.45

%

  
       

Hotels, Restaurants & Leisure

    

1.20

%

  
 

7,106

    

Vail Resorts, Inc.

    

1,532,338

    
       

Internet & Direct Marketing Retail

    

1.33

%

  
 

18,200

    

Expedia Group, Inc.(a)

    

1,705,158

    
       

Specialty Retail

    

3.48

%

  
 

24,835

    

CarMax, Inc.(a)

    

1,639,607

    
 

20,800

    

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

    

1,461,408

    
 

5,500

    

RH(a)

    

1,353,385

    
     

4,454,400

    
       

Textiles, Apparel & Luxury Goods

    

1.44

%

  
 

6,600

    

lululemon athletica, Inc.(a)

    

1,845,096

    
Total Consumer Discretionary (Cost $12,476,523)    

9,536,992

    

Financials

    

10.95

%

  
       

Capital Markets

    

6.39

%

  
 

6,225

    

MarketAxess Holdings, Inc.

    

1,385,000

    
 

8,074

    

Moody's Corp.

    

1,962,870

    
 

11,466

    

MSCI, Inc.

    

4,836,244

    
     

8,184,114

    
       

Diversified Financial Services

    

2.59

%

  
 

30,700

    

Global Payments Inc.

    

3,317,135

    

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

BUFFALO MID CAP FUND
(UNAUDITED)

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2022 Continued

Shares or Face Amount

      

$ Fair Value

  
       

Insurance

    

1.97

%

  
 

9,900

    

Kinsale Capital Group, Inc.

    

2,528,658

    
Total Financials (Cost $7,034,514)    

14,029,907

    

Health Care

    

16.14

%

  
       

Aerospace & Defense

    

0.85

%

  
 

5,400

    

Teleflex, Inc.

    

1,087,884

    
       

Health Care Equipment & Supplies

    

3.44

%

  
 

6,700

    

ABIOMED, Inc.(a)

    

1,645,922

    
 

38,810

    

Envista Holdings Corp.(a)

    

1,273,356

    
 

5,650

    

The Cooper Companies, Inc.

    

1,491,035

    
     

4,410,313

    
       

Health Care Providers & Services

    

2.37

%

  
 

24,550

    

Encompass Health Corp.

    

1,110,396

    
 

52,000

    

Progyny, Inc.(a)

    

1,927,120

    
     

3,037,516

    
       

Health Care Technology

    

2.59

%

  
 

19,500

    

Doximity, Inc.(a)

    

589,290

    
 

16,550

    

Veeva Systems, Inc.(a)

    

2,728,764

    
     

3,318,054

    
       

Life Sciences Tools & Services

    

5.95

%

  
 

4,530

    

Bio-Rad Laboratories, Inc.(a)

    

1,889,644

    
 

8,700

    

Bio-Techne Corp.

    

2,470,800

    
 

7,555

    

Illumina, Inc.(a)

    

1,441,419

    
 

10,000

    

IQVIA Holdings, Inc.(a)

    

1,811,400

    
     

7,613,263

    
       

Pharmaceuticals

    

0.94

%

  
 

9,000

    

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

    

1,199,610

    
Total Health Care (Cost $18,261,607)    

20,666,640

    

Industrials

    

19.01

%

  
       

Aerospace & Defense

    

1.64

%

  
 

4,000

    

TransDigm Group, Inc.

    

2,099,280

    
       

Building Products

    

0.89

%

  
 

26,002

    

Trex Co., Inc.(a)

    

1,142,528

    

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

BUFFALO MID CAP FUND
(UNAUDITED)

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2022 Continued

Shares or Face Amount

      

$ Fair Value

  
       

Commercial Services & Supplies

    

3.39

%

  
 

25,041

    

Copart, Inc.(a)

    

2,664,362

    
 

52,666

    

IAA Inc.(a)

    

1,677,412

    
     

4,341,774

    
       

Electrical Equipment

    

3.12

%

  
 

35,255

    

AMETEK, Inc.

    

3,998,270

    
       

Professional Services

    

9.26

%

  
 

136,000

    

Clarivate Plc — ADR(a) (b)

    

1,277,040

    
 

61,550

    

CoStar Group, Inc.(a)

    

4,286,957

    
 

12,483

    

Equifax, Inc.

    

2,139,961

    
 

24,353

    

Verisk Analytics, Inc.

    

4,152,917

    
     

11,856,875

    
       

Road & Rail

    

0.71

%

  
 

69,000

    

Lyft, Inc.(a)

    

908,730

    
Total Industrials (Cost $15,301,059)    

24,347,457

    

Information Technology

    

29.53

%

  
       

Communications Equipment

    

1.87

%

  
 

16,570

    

F5 Networks, Inc.(a)

    

2,398,176

    
       

IT Services

    

8.07

%

  
 

6,680

    

EPAM Systems, Inc.(a)

    

2,419,429

    
 

22,600

    

Euronet Worldwide, Inc.(a)

    

1,712,176

    
 

17,500

    

Gartner, Inc.(a)

    

4,842,075

    
 

44,000

    

Teradata Corp.(a)

    

1,366,640

    
     

10,340,320

    
       

Semiconductors & Semiconductor Equipment

    

3.75

%

  
 

18,300

    

Micron Technology, Inc.

    

916,830

    
 

43,310

    

ON Semiconductor Corp.(a)

    

2,699,512

    
 

12,540

    

Universal Display Corp.

    

1,183,149

    
     

4,799,491

    

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

BUFFALO MID CAP FUND
(UNAUDITED)

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2022 Continued

Shares or Face Amount

      

$ Fair Value

  
       

Software

    

15.84

%

  
 

11,480

    

Aspen Technology, Inc.(a)

    

2,734,536

    
 

82,000

    

DoubleVerify Holdings, Inc.(a)

    

2,242,700

    
 

21,862

    

Guidewire Software, Inc.(a)

    

1,346,262

    
 

24,090

    

Palo Alto Networks, Inc.(a)

    

3,945,701

    
 

28,000

    

Procore Technologies, Inc.(a)

    

1,385,440

    
 

19,400

    

Splunk, Inc.(a)

    

1,458,880

    
 

34,289

    

SS&C Technologies Holdings, Inc.

    

1,637,300

    
 

6,640

    

Tyler Technologies, Inc.(a)

    

2,307,400

    
 

67,000

    

Varonis Systems, Inc.(a)

    

1,776,840

    
 

9,540

    

Workday, Inc.(a)

    

1,452,179

    
     

20,287,238

    
Total Information Technology (Cost $31,027,336)    

37,825,225

    

Materials

    

4.01

%

  
       

Chemicals

    

2.75

%

  
 

92,500

    

Element Solutions, Inc.

    

1,504,975

    
 

19,110

    

FMC Corp.

    

2,019,927

    
     

3,524,902

    
       

Construction Materials

    

1.26

%

  
 

5,000

    

Martin Marietta Materials, Inc.

    

1,610,450

    
Total Materials (Cost $3,148,170)    

5,135,352

    

Real Estate

    

3.81

%

  
       

Real Estate Management & Development

    

3.81

%

  
 

56,522

    

CBRE Group, Inc. — Class A(a)

    

3,815,800

    
 

37,000

    

Zillow Group, Inc.(a)

    

1,058,570

    
Total Real Estate (Cost $4,632,590)    

4,874,370

    
Total Common Stocks (Cost $98,109,874)    

122,844,906

    

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

BUFFALO MID CAP FUND
(UNAUDITED)

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2022 Continued

Shares or Face Amount

      

$ Fair Value

  

REITS

    

1.85

%

  

Real Estate

    

1.85

%

  
   

Equity Real Estate Investment Trusts (REITs)

    

1.85

%

  
 

36,790

    

Welltower, Inc.

    

2,366,333

    
Total Real Estate (Cost $2,689,550)    

2,366,333

    
Total REITS (Cost $2,689,550)    

2,366,333

    

Short Term Investments

    

1.60

%

  

Investment Company

    

1.60

%

  
 

2,046,176

    

Fidelity Investments Money Market Funds — Government Portfolio — Class I — 2.73%(c)

    

2,046,176

    

Total Investment Company

    

2,046,176

    
Total Short Term Investments (Cost $2,046,176)    

2,046,176

    
Total Investments (Cost $102,845,600)
 		   99.37
127,257,415

%

  
Other Assets in Excess of Liabilities
  		   0.63
812,852

%

  
Total Net Assets
 		   100.00
128,070,267

%

  

ADR  American Depositary Receipt

PLC  Public Limited Company

(a)  Non Income Producing.

(b)  Foreign Issued Security. The total value of these securities amounted to $2,476,650 (1.93% of net assets) at September 30, 2022.

(c)  The rate quoted is the annualized seven-day effective yield as of September 30, 2022.

* 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.
87

BUFFALO SMALL CAP FUND
(UNAUDITED)

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2022

Shares or Face Amount

      

$ Fair Value*

  

Common Stocks

    

96.43

%

  

Communication Services

    

0.61

%

  
       

Interactive Media & Services

    

0.61

%

  
 

811,824

    

Eventbrite, Inc.(a)

    

4,935,890

    
Total Communication Services (Cost $15,253,617)    

4,935,890

    

Consumer Discretionary

    

11.92

%

  
       

Diversified Consumer Services

    

0.88

%

  
 

383,065

    

European Wax Center, Inc.

    

7,067,549

    
       

Hotels, Restaurants & Leisure

    

6.27

%

  
 

973,015

    

Everi Holdings Inc.(a)

    

15,782,303

    
 

531,202

    

First Watch Restaurant Group, Inc.(a)

    

7,691,805

    
 

1,060,075

    

Rush Street Interactive, Inc.(a)

    

3,901,076

    
 

568,620

    

Target Hospitality Corp.(a)

    

7,175,985

    
 

59,355

    

Texas Roadhouse, Inc.

    

5,179,317

    
 

87,090

    

Wingstop, Inc.

    

10,922,828

    
     

50,653,314

    
       

Household Durables

    

0.60

%

  
 

239,147

    

Lovesac Co/The(a)

    

4,873,816

    
       

Internet & Direct Marketing Retail

    

0.60

%

  
 

628,156

    

Vivid Seats, Inc.

    

4,811,675

    
       

Multiline Retail

    

1.41

%

  
 

220,070

    

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

    

11,355,612

    
       

Specialty Retail

    

0.95

%

  
 

523,996

    

Guess?, Inc.

    

7,687,021

    
       

Textiles, Apparel & Luxury Goods

    

1.21

%

  
 

367,162

    

Steven Madden Ltd.

    

9,792,210

    
Total Consumer Discretionary (Cost $94,605,000)    

96,241,197

    

Consumer Staples

    

2.43

%

  
       

Beverages

    

2.43

%

  
 

185,025

    

MGP Ingredients, Inc.

    

19,642,254

    
Total Consumer Staples (Cost $7,519,455)    

19,642,254

    

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

BUFFALO SMALL CAP FUND
(UNAUDITED)

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2022 Continued

Shares or Face Amount

      

$ Fair Value*

  

Energy

    

2.72

%

  
       

Energy Equipment & Services

    

2.72

%

  
 

288,905

    

Cactus, Inc.

    

11,102,619

    
 

555,115

    

ChampionX Corp.

    

10,863,601

    
Total Energy (Cost $22,160,328)    

21,966,220

    

Financials

    

7.33

%

  
       

Banks

    

2.48

%

  
 

445,170

    

Bancorp Inc/The(a)

    

9,784,836

    
 

245,635

    

Customers Bancorp, Inc.(a)

    

7,241,320

    
 

39,845

    

Silvergate Capital Corp.(a)

    

3,002,321

    
     

20,028,477

    
       

Capital Markets

    

1.83

%

  
 

151,195

    

Hamilton Lane Inc. — Class A

    

9,012,734

    
 

716,455

    

Open Lending Corp.(a)

    

5,760,298

    
     

14,773,032

    
       

Insurance

    

3.02

%

  
 

348,515

    

BRP Group, Inc.(a)

    

9,183,370

    
 

181,773

    

Palomar Holdings, Inc.(a)

    

15,218,036

    
     

24,401,406

    
Total Financials (Cost $63,445,852)    

59,202,915

    

Health Care

    

26.15

%

  
       

Biotechnology

   

8.91

%

  
 

767,712

    

Avid Bioservices, Inc.(a)

    

14,678,653

    
 

584,096

    

Castle Biosciences, Inc.(a)

    

15,233,224

    
 

447,914

    

Halozyme Therapeutics, Inc.(a)

    

17,710,520

    
 

125,092

    

Ligand Pharmaceuticals, Inc.(a)

    

10,771,672

    
 

309,165

    

Natera, Inc.(a)

    

13,547,610

    
     

71,941,679

    

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

BUFFALO SMALL CAP FUND
(UNAUDITED)

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2022 Continued

Shares or Face Amount

      

$ Fair Value*

  
       

Health Care Equipment & Supplies

    

8.27

%

  
 

248,295

    

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

    

13,559,390

    
 

425,744

    

Paragon 28, Inc.(a)

    

7,586,758

    
 

76,710

    

QuidelOrtho Corp.(a)

    

5,483,231

    
 

182,000

    

STAAR Surgical Co.(a)

    

12,840,100

    
 

392,926

    

TransMedics Group, Inc.(a)

    

16,400,731

    
 

494,223

    

Treace Medical Concepts, Inc.(a)

    

10,907,502

    
     

66,777,712

    
       

Health Care Providers & Services

    

4.81

%

  
 

269,388

    

HealthEquity, Inc.(a)

    

18,094,792

    
 

608,765

    

Privia Health Group, Inc.(a)

    

20,734,536

    
     

38,829,328

    
       

Health Care Technology

    

3.19

%

  
 

464,930

    

Evolent Health, Inc. — Class A(a)

    

16,704,935

    
 

31,960

    

Inspire Medical Systems, Inc.(a)

    

5,668,745

    
 

230,364

    

OptimizeRx Corp.(a)

    

3,413,994

    
     

25,787,674

    
       

Life Sciences Tools & Services

    

0.97

%

  
 

751,264

    

Codexis, Inc.(a)

    

4,552,660

    
 

69,595

    

Syneos Health, Inc.(a)

    

3,281,404

    
     

7,834,064

    
Total Health Care (Cost $213,550,334)    

211,170,457

    

Industrials

    

21.86

%

  
       

Air Freight & Logistics

    

1.03

%

  
 

345,437

    

Air Transport Services Group, Inc.(a)

    

8,321,577

    
       

Building Products

    

4.30

%

  
 

85,030

    

Advanced Drainage Systems, Inc.

    

10,575,181

    
 

299,030

    

AZEK Co Inc/The(a)

    

4,969,879

    
 

836,435

    

Janus International Group, Inc.(a)

    

7,461,000

    
 

556,970

    

PGT Innovations, Inc.(a)

    

11,674,091

    
     

34,680,151

    
       

Construction & Engineering

    

3.20

%

  
 

149,185

    

MasTec, Inc.(a)

    

9,473,248

    
 

132,360

    

NV5 Global, Inc.(a)

    

16,388,815

    
     

25,862,063

    

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

BUFFALO SMALL CAP FUND
(UNAUDITED)

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2022 Continued

Shares or Face Amount

      

$ Fair Value*

  
       

Electrical Equipment

    

2.44

%

  
 

384,860

    

Array Technologies, Inc.(a)

    

6,380,979

    
 

473,177

    

Shoals Technologies Group, Inc.(a)

    

10,196,964

    
 

52,532

    

Vicor Corp.(a)

    

3,106,743

    
     

19,684,686

    
       

Machinery

    

3.81

%

  
 

68,530

    

Chart Industries, Inc.(a)

    

12,633,505

    
 

119,870

    

John Bean Technologies Corp.

    

10,308,820

    
 

293,965

    

Kornit Digital Ltd. — ADR(a) (b)

    

7,822,409

    
     

30,764,734

    
       

Professional Services

    

7.08

%

  
 

486,135

    

First Advantage Corp.(a)

    

6,237,112

    
 

82,670

    

FTI Consulting, Inc.(a)

    

13,699,246

    
 

224,100

    

ICF International, Inc.

    

24,431,382

    
 

469,140

    

Sterling Check Corp.(a)

    

8,275,629

    
 

332,885

    

Upwork, Inc.(a)

    

4,533,894

    
     

57,177,263

    
Total Industrials (Cost $151,650,220)    

176,490,474

    

Information Technology

    

21.43

%

  
       

Communications Equipment

    

6.44

%

  
 

678,930

    

ADTRAN Holdings, Inc.

    

13,293,449

    
 

412,600

    

Calix, Inc.(a)

    

25,226,364

    
 

427,075

    

Cambium Networks Corp. — ADR(a) (b)

    

7,226,109

    
 

153,920

    

Ciena Corp.(a)

    

6,222,986

    
     

51,968,908

    
       

IT Services

    

6.67

%

  
 

436,070

    

BigCommerce Holdings, Inc.(a)

    

6,453,836

    
 

127,505

    

Endava Plc — ADR(a) (b)

    

10,280,728

    
 

486,795

    

Grid Dynamics Holdings, Inc.(a)

    

9,117,670

    
 

1,714,490

    

Paya Holdings, Inc.(a)

    

10,475,534

    
 

104,460

    

Shift4 Payments, Inc.(a)

    

4,659,961

    
 

800,579

    

TaskUS, Inc.(a)

    

12,889,322

    
     

53,877,051

    

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

BUFFALO SMALL CAP FUND
(UNAUDITED)

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2022 Continued

Shares or Face Amount

      

$ Fair Value*

  
       

Semiconductors & Semiconductor Equipment

    

3.00

%

  
 

267,945

    

MaxLinear, Inc.(a)

    

8,740,366

    
 

58,335

    

Silicon Laboratories, Inc.(a)

    

7,200,872

    
 

87,950

    

Universal Display Corp.

    

8,298,083

    
     

24,239,321

    
       

Software

    

5.32

%

  
 

672,859

    

DoubleVerify Holdings, Inc.(a)

    

18,402,693

    
 

273,700

    

Tenable Holdings, Inc.(a)

    

9,524,760

    
 

278,665

    

Varonis Systems, Inc.(a)

    

7,390,196

    
 

1,038,410

    

Zuora, Inc.(a)

    

7,663,466

    
     

42,981,115

    
Total Information Technology (Cost $174,567,926)    

173,066,395

    

Materials

    

1.98

%

  
       

Construction Materials

    

1.38

%

  
 

463,433

    

Summit Materials, Inc. — Class A(a)

    

11,103,855

    
       

Containers & Packaging

    

0.60

%

  
 

302,997

    

Karat Packaging, Inc.(a)

    

4,844,922

    
Total Materials (Cost $12,354,782)    

15,948,777

    
Total Common Stocks (Cost $755,107,514)    

778,664,579

    

Short Term Investments

    

3.50

%

  

Investment Company

    

3.50

%

  
 

28,264,250

    

Fidelity Investments Money Market Funds — Government Portfolio — Class I — 2.73%(c)

    

28,264,250

    

Total Investment Company

    

28,264,250

    
Total Short Term Investments (Cost $28,264,250)    

28,264,250

    

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

BUFFALO SMALL CAP FUND
(UNAUDITED)

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2022 Continued

Shares or Face Amount

  

$ Fair Value*

  
Total Investments (Cost $783,371,764)
 		  

99.93
806,928,829

%

  

Other Assets in Excess of Liabilities
  

   0.07
540,619

%

  

Total Net Assets
 

  

100.00
807,469,448

%

  

ADR  American Depositary Receipt

PLC  Public Limited Company

(a)  Non Income Producing.

(b)  Foreign Issued Securities. The total value of these securities amounted to $38,888,636 (4.82% of net assets) at September 30, 2022.

(c)  The rate quoted is the annualized seven-day effective yield as of September 30, 2022.

* 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.
93

STATEMENTS OF ASSETS AND
LIABILITIES

SEPTEMBER 30, 2022 (UNAUDITED)

    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:

  

$

906,417,144

    

$

72,471,857

    

$

85,167,872

    

$

238,757,270

    

$

83,628,633

    

Cash denominated in foreign currencies, at cost:

    

—

      

—

      

—

      

—

      

—

    

Investments in securities, at value:

    

933,808,634

      

105,024,036

      

83,308,862

      

426,625,297

      

135,785,703

    

Cash:

    

—

      

—

      

—

      

—

      

—

    

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

    

—

      

—

      

—

      

—

      

—

    

Receivables:

  

Investments sold

    

2,056,025

      

—

      

—

      

438,490

      

—

    

Fund shares sold

    

197,513

      

8,873

      

37,038

      

280,482

      

82,835

    

Dividends

    

179,405

      

66,404

      

16,105

      

782,982

      

23,992

    

Interest

    

—

      

44,150

      

—

      

—

      

—

    

Other receivables

    

—

      

—

      

—

      

—

      

—

    

Other assets

    

32,177

      

14,533

      

21,662

      

32,317

      

19,450

    

Total assets

    

936,273,754

      

105,157,996

      

83,383,667

      

428,159,568

      

135,911,980

    

LIABILITIES:

  

Payables:

  

Investments purchased

    

603,296

      

—

      

—

      

—

      

—

    

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

    

—

      

—

      

—

      

1,000

      

—

    

Fund shares purchased

    

658,999

      

250

      

600

      

13,981

      

17,322

    

Management fees (Note 3)

    

707,270

      

69,251

      

95,920

      

318,122

      

91,656

    

Custodian fees (Note 3)

    

—

      

—

      

—

      

—

      

—

    

Accrued shareholder service fees — Investor Class (Note 7)

    

364,343

      

9,175

      

57,007

      

94,590

      

67,838

    

Other payables

    

—

      

—

      

—

      

—

      

—

    

Accrued expenses

    

1,461

      

2,809

      

8,296

      

53,273

      

18,011

    

Total liabilities

    

2,335,369

      

81,485

      

161,823

      

480,966

      

194,827

    

NET ASSETS

  

$

933,938,385

    

$

105,076,511

    

$

83,221,844

    

$

427,678,602

    

$

135,717,153

    

NET ASSETS CONSIST OF:

  

Capital (capital stock and paid-in capital)

  

$

878,543,427

    

$

70,773,031

    

$

87,781,296

    

$

226,165,862

    

$

75,631,241

    

Total distributable earnings

    

55,394,958

      

34,303,480

      

(4,559,452

)

    

201,512,740

      

60,085,912

    

NET ASSETS APPLICABLE TO OUTSTANDING SHARES

  

$

933,938,385

    

$

105,076,511

    

$

83,221,844

    

$

427,678,602

    

$

135,717,153

    

Net Assets — Investor Class

  

$

740,936,638

    

$

26,393,019

    

$

50,086,050

    

$

278,352,905

    

$

70,903,068

    

Outstanding Shares — Investor Class

    

38,125,361

      

1,208,819

      

3,630,940

      

16,749,141

      

3,123,217

    

NET ASSET VALUE PER SHARE — Investor Class

  

$

19.43

    

$

21.83

    

$

13.79

    

$

16.62

    

$

22.70

    

Net Assets — Institutional Class

  

$

193,001,747

    

$

78,683,522

    

$

33,135,794

    

$

149,325,697

    

$

64,814,085

    

Outstanding Shares — Institutional Class

    

9,871,932

      

3,603,873

      

2,387,729

      

8,988,463

      

2,842,285

    

NET ASSET VALUE PER SHARE — Institutional Class

  

$

19.55

    

$

21.83

    

$

13.88

    

$

16.61

    

$

22.80

    

Capital shares, $1.00 par value:

  

Authorized

    

Unlimited

      

Unlimited

      

Unlimited

      

Unlimited

      

Unlimited

    
(1) Written options, premiums received    

—

      

—

      

—

      

9,000

      

—

    

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

    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:

  

$

296,222,337

    

$

373,360,785

    

$

63,402,293

    

$

102,845,600

    

$

783,371,764

    

Cash denominated in foreign currencies, at cost:

    

—

      

—

      

—

      

—

      

—

    

Investments in securities, at value:

    

271,793,455

      

450,464,197

      

84,755,609

      

127,257,415

      

806,928,829

    

Cash:

    

134,998

      

30,534

      

—

      

—

      

—

    

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

    

—

      

—

      

—

      

—

      

—

    

Receivables:

  

Investments sold

    

1,376,693

      

—

      

—

      

938,122

      

1,719,883

    

Fund shares sold

    

57,175

      

410,022

      

12,370

      

16,201

      

688,888

    

Dividends

    

—

      

2,062,360

      

34,415

      

17,603

      

121,501

    

Interest

    

4,024,457

      

—

      

—

      

—

      

—

    

Other receivables

    

—

      

—

      

—

      

—

      

—

    

Other assets

    

24,760

      

47,756

      

14,886

      

11,005

      

38,210

    

Total assets

    

277,411,538

      

453,014,869

      

84,817,280

      

128,240,346

      

809,497,311

    

LIABILITIES:

  

Payables:

  

Investments purchased

    

5,299,783

      

—

      

471,750

      

—

      

—

    

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

    

—

      

—

      

—

      

—

      

—

    

Fund shares purchased

    

106,974

      

204,187

      

8,823

      

4,825

      

674,964

    

Management fees (Note 3)

    

192,663

      

337,228

      

56,404

      

97,669

      

598,152

    

Custodian fees (Note 3)

    

—

      

19,298

      

—

      

—

      

—

    

Accrued shareholder service fees — Investor Class (Note 7)

    

—

      

16,371

      

19,768

      

53,899

      

748,116

    

Other payables

    

—

      

—

      

—

      

—

      

—

    

Accrued expenses

    

3,075

      

41,720

      

1,464

      

13,686

      

6,631

    

Total liabilities

    

5,602,495

      

618,804

      

558,209

      

170,079

      

2,027,863

    

NET ASSETS

  

$

271,809,043

    

$

452,396,065

    

$

84,259,071

    

$

128,070,267

    

$

807,469,448

    

NET ASSETS CONSIST OF:

  

Capital (capital stock and paid-in capital)

  

$

296,457,701

    

$

364,041,809

    

$

64,112,367

    

$

90,827,511

    

$

856,750,000

    

Total distributable earnings

    

(24,648,658

)

    

88,354,256

      

20,146,704

      

37,242,756

      

(49,280,552

)

  

NET ASSETS APPLICABLE TO OUTSTANDING SHARES

  

$

271,809,043

    

$

452,396,065

    

$

84,259,071

    

$

128,070,267

    

$

807,469,448

    

Net Assets — Investor Class

  

$

46,110,255

    

$

191,997,445

    

$

25,761,067

    

$

67,887,833

    

$

566,275,015

    

Outstanding Shares — Investor Class

    

4,578,458

      

12,119,213

      

830,272

      

5,060,040

      

42,001,087

    

NET ASSET VALUE PER SHARE — Investor Class

  

$

10.07

    

$

15.84

    

$

31.03

    

$

13.42

    

$

13.48

    

Net Assets — Institutional Class

  

$

225,698,788

    

$

260,398,620

    

$

58,497,004

    

$

60,182,434

    

$

241,194,433

    

Outstanding Shares — Institutional Class

    

22,429,142

      

16,410,995

      

1,876,630

      

4,460,917

      

17,789,295

    

NET ASSET VALUE PER SHARE — Institutional Class

  

$

10.06

    

$

15.87

    

$

31.17

    

$

13.49

    

$

13.56

    

Capital shares, $1.00 par value:

  

Authorized

    

Unlimited

      

Unlimited

      

Unlimited

      

Unlimited

      

Unlimited

    
(1) Written options, premiums received    

—

      

—

      

—

      

—

      

—

    


95

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2022 (UNAUDITED)

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

INVESTMENT INCOME:

  

Interest

  

$

—

    

$

119,133

    

$

—

    

$

—

    

$

—

    

Dividends from securities

    

2,369,091

      

991,287

      

239,035

      

6,527,491

      

479,547

    

Foreign tax withheld

    

(5,804

)

    

(1,957

)

    

(3,522

)

    

(9,444

)

    

—

    

Total investment income

    

2,363,287

      

1,108,463

      

235,513

      

6,518,047

      

479,547

    

EXPENSES:

  

Management fees (Note 3)

    

4,924,940

      

428,325

      

630,606

      

2,026,088

      

610,797

    

Shareholder Service Fees — Investor Class (Note 7)

    

664,984

      

21,736

      

43,744

      

232,097

      

64,094

    

Registration fees

    

25,341

      

16,105

      

17,665

      

19,492

      

17,567

    

Custody fees

    

—

      

—

      

—

      

—

      

—

    

Other expenses

    

9,898

      

914

      

921

      

3,257

      

1,434

    

Total expenses

    

5,625,163

      

467,080

      

692,936

      

2,280,934

      

693,892

    

Net investment income (loss)

    

(3,261,876

)

    

641,383

      

(457,423

)

    

4,237,113

      

(214,345

)

  

NET REALIZED AND UNREALIZED GAIN (LOSS):

  

Net realized gain (loss) from:

  

Investment transactions

    

26,218,388

      

(90,599

)

    

(1,118,282

)

    

1,428,357

      

4,221,635

    

Options written (Note 8)

    

—

      

—

      

—

      

125,162

      

—

    

Net unrealized appreciation/depreciation during the year on:

  

Investments

    

(340,482,604

)

    

(18,646,915

)

    

(23,033,525

)

    

(64,640,958

)

    

(54,251,593

)

  

Options written (Note 8)

    

—

      

—

      

—

      

77,235

      

—

    

Net realized and unrealized gain (loss)

    

(314,264,216

)

    

(18,737,514

)

    

(24,151,807

)

    

(63,010,204

)

    

(50,029,958

)

  

Net increase (decrease) in net assets resulting from operations

  

$

(317,526,092

)

  

$

(18,096,131

)

  

$

(24,609,230

)

  

$

(58,773,091

)

  

$

(50,244,303

)

  

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		  

INVESTMENT INCOME:

  

Interest

  

$

8,649,070

    

$

—

    

$

—

    

$

—

    

$

—

    

Dividends from securities

    

339,973

      

5,963,342

      

369,310

      

428,511

      

2,401,957

    

Foreign tax withheld

    

—

      

(638,419

)

    

(2,642

)

    

—

      

—

    

Total investment income

    

8,989,043

      

5,324,923

      

366,668

      

428,511

      

2,401,957

    

EXPENSES:

  

Management fees (Note 3)

    

1,196,619

      

2,181,453

      

364,718

      

643,164

      

3,648,744

    

Shareholder Service Fees — Investor Class (Note 7)

    

35,328

      

167,844

      

22,187

      

60,834

      

419,833

    

Registration fees

    

18,030

      

16,618

      

21,907

      

22,637

      

42,737

    

Custody fees

    

—

      

55,731

      

—

      

—

      

—

    

Other expenses

    

5,208

      

4,029

      

896

      

1,342

      

6,616

    

Total expenses

    

1,255,185

      

2,425,675

      

409,708

      

727,977

      

4,117,930

    

Net investment income (loss)

    

7,733,858

      

2,899,248

      

(43,040

)

    

(299,466

)

    

(1,715,973

)

  

NET REALIZED AND UNREALIZED GAIN (LOSS):

  

Net realized gain (loss) from:

  

Investment transactions

    

(5,022,738

)

    

940,574

      

(1,201,617

)

    

8,445,802

      

(65,081,108

)

  

Options written (Note 8)

    

—

      

—

      

—

      

—

      

—

    

Net unrealized appreciation/depreciation during the year on:

  

Investments

    

(24,875,728

)

    

(139,338,847

)

    

(24,265,180

)

    

(50,845,062

)

    

(92,280,992

)

  

Options written (Note 8)

    

—

      

—

      

—

      

—

      

—

    

Net realized and unrealized gain (loss)

    

(29,898,466

)

    

(138,398,273

)

    

(25,466,797

)

    

(42,399,260

)

    

(157,362,100

)

  

Net increase (decrease) in net assets resulting from operations

  

$

(22,164,608

)

  

$

(135,499,025

)

  

$

(25,509,837

)

  

$

(42,698,726

)

  

$

(159,078,073

)

  


97

STATEMENTS OF CHANGES IN
NET ASSETS

    Buffalo
Discovery Fund		   Buffalo
Dividend Focus Fund		   Buffalo
Early Stage Growth Fund		  
    Six-Months Ended
September 30, 2022
(UNAUDITED)		   Year Ended
March 31, 2022		   Six-Months Ended
September 30, 2022
(UNAUDITED)		   Year Ended
March 31, 2022		   Six-Months Ended
September 30, 2022
(UNAUDITED)		   Year Ended
March 31, 2022		  

OPERATIONS:

  

Net investment income (loss)

  

$

(3,261,876

)

  

$

(11,567,931

)

  

$

641,383

    

$

753,476

    

$

(457,423

)

  

$

(1,582,051

)

  

Net realized gain (loss) on investment transactions

    

26,218,388

      

145,261,973

      

(90,599

)

    

2,299,786

      

(1,118,282

)

    

10,248,601

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

(340,482,604

)

    

(200,818,345

)

    

(18,646,915

)

    

10,781,502

      

(23,033,525

)

    

(26,331,028

)

  

Net increase (decrease) in net assets resulting from operations

    

(317,526,092

)

    

(67,124,303

)

    

(18,096,131

)

    

13,834,764

      

(24,609,230

)

    

(17,664,478

)

  

DISTRIBUTIONS TO SHAREHOLDERS:

  

Distributable earnings

    

—

      

(236,211,778

)

    

(598,682

)

    

(2,146,892

)

    

—

      

(18,199,094

)

  

Total distributions

    

—

      

(236,211,778

)

    

(598,682

)

    

(2,146,892

)

    

—

      

(18,199,094

)

  

CAPITAL SHARE TRANSACTIONS:

  

Shares sold

  

Investor Class

    

22,299,921

      

90,702,153

      

1,731,034

      

2,561,338

      

1,678,072

      

16,837,991

    

Institutional Class

    

15,129,934

      

112,094,624

      

9,900,747

      

9,515,807

      

1,088,054

      

7,269,326

    

Reinvested dividends and distributions

  

Investor Class

    

—

      

175,336,317

      

133,967

      

544,419

      

—

      

10,901,467

    

Institutional Class

    

—

      

54,999,105

      

448,184

      

1,544,679

      

—

      

6,790,444

    

Shares Issued

    

37,429,855

      

433,132,199

      

12,213,932

      

14,166,243

      

2,766,126

      

41,799,228

    

Redemptions

  

Investor Class

    

(137,954,350

)

    

(383,826,469

)

    

(1,594,373

)

    

(4,057,708

)

    

(4,941,917

)

    

(20,264,115

)

  

Institutional Class

    

(110,637,256

)

    

(63,487,663

)

    

(3,689,387

)

    

(5,965,203

)

    

(2,682,492

)

    

(4,828,538

)

  

Shares repurchased

    

(248,591,606

)

    

(447,314,132

)

    

(5,283,760

)

    

(10,022,911

)

    

(7,624,409

)

    

(25,092,653

)

  

Net increase (decrease) from capital share transactions

    

(211,161,751

)

    

(14,181,933

)

    

6,930,172

      

4,143,332

      

(4,858,283

)

    

16,706,575

    

Total increase (decrease) in net assets

    

(528,687,843

)

    

(317,518,014

)

    

(11,764,641

)

    

15,831,204

      

(29,467,513

)

    

(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

  

$

933,938,385

    

$

1,462,626,228

    

$

105,076,511

    

$

116,841,152

    

$

83,221,844

    

$

112,689,357

    

Fund share transactions:

  

Shares issued

  

Investor Class

    

1,027,568

      

5,500,653

      

71,316

      

141,111

      

109,265

      

707,214

    

Institutional Class

    

697,690

      

3,308,615

      

405,391

      

832,698

      

69,657

      

321,214

    
     

1,725,258

      

8,809,268

      

476,707

      

973,809

      

178,922

      

1,028,428

    

Reinvested dividends and distributions

  

Investor Class

    

—

      

3,704,344

      

5,832

      

7,919

      

—

      

555,914

    

Institutional Class

    

—

      

714,717

      

19,506

      

20,360

      

—

      

344,518

    
     

—

      

4,419,061

      

25,338

      

28,279

      

—

      

900,432

    

Shares Issued

    

1,725,258

      

13,228,329

      

502,045

      

1,002,088

      

178,922

      

1,928,860

    

Shares repurchased

  

Investor Class

    

(6,341,037

)

    

(19,361,212

)

    

(66,459

)

    

(491,618

)

    

(323,083

)

    

(886,300

)

  

Institutional Class

    

(5,110,534

)

    

(3,408,874

)

    

(154,283

)

    

(435,000

)

    

(173,912

)

    

(220,133

)

  

Total Shares Repurchased

    

(11,451,571

)

    

(22,770,086

)

    

(220,742

)

    

(926,618

)

    

(496,995

)

    

(1,106,433

)

  

Net increase (decrease) in fund shares

    

(9,726,313

)

    

(9,541,757

)

    

281,303

      

75,470

      

(318,073

)

    

822,427

    

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

    Buffalo
Flexible Income Fund		   Buffalo
Growth Fund		  
    Six-Months Ended
September 30, 2022
(UNAUDITED)		   Year Ended
March 31, 2022		   Six-Months Ended
September 30, 2022
(UNAUDITED)		   Year Ended
March 31, 2022		  

OPERATIONS:

  

Net investment income (loss)

  

$

4,237,113

    

$

7,460,791

    

$

(214,345

)

  

$

(696,471

)

  

Net realized gain (loss) on investment transactions

    

1,553,519

      

19,116,133

      

4,221,635

      

18,127,016

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

(64,563,723

)

    

69,725,547

      

(54,251,593

)

    

2,161,487

    

Net increase (decrease) in net assets resulting from operations

    

(58,773,091

)

    

96,302,471

      

(50,244,303

)

    

19,592,032

    

DISTRIBUTIONS TO SHAREHOLDERS:

  

Distributable earnings

    

(4,043,916

)

    

(24,455,226

)

    

—

      

(20,046,380

)

  

Total distributions

    

(4,043,916

)

    

(24,455,226

)

    

—

      

(20,046,380

)

  

CAPITAL SHARE TRANSACTIONS:

  

Shares sold

  

Investor Class

    

34,544,966

      

35,446,475

      

834,606

      

5,085,586

    

Institutional Class

    

5,702,704

      

11,411,527

      

1,110,011

      

6,760,777

    

Reinvested dividends and distributions

  

Investor Class

    

2,518,282

      

15,186,659

      

—

      

10,701,157

    

Institutional Class

    

1,195,987

      

7,689,399

      

—

      

9,126,988

    

Shares Issued

    

43,961,939

      

69,734,060

      

1,944,617

      

31,674,508

    

Redemptions

  

Investor Class

    

(31,678,876

)

    

(60,688,616

)

    

(6,778,480

)

    

(25,149,748

)

  

Institutional Class

    

(11,812,398

)

    

(16,575,934

)

    

(4,537,415

)

    

(9,182,096

)

  

Shares repurchased

    

(43,491,274

)

    

(77,264,550

)

    

(11,315,895

)

    

(34,331,844

)

  

Net increase (decrease) from capital share transactions

    

470,665

      

(7,530,490

)

    

(9,371,278

)

    

(2,657,336

)

  

Total increase (decrease) in net assets

    

(62,346,342

)

    

64,316,755

      

(59,615,581

)

    

(3,111,684

)

  

NET ASSETS:

  

Beginning of period

    

490,024,944

      

425,708,189

      

195,332,734

      

198,444,418

    

End of period

  

$

427,678,602

    

$

490,024,944

    

$

135,717,153

    

$

195,332,734

    

Fund share transactions:

  

Shares issued

  

Investor Class

    

1,850,299

      

1,953,183

      

31,640

      

152,848

    

Institutional Class

    

313,819

      

639,999

      

42,681

      

199,782

    
     

2,164,118

      

2,593,182

      

74,321

      

352,630

    

Reinvested dividends and distributions

  

Investor Class

    

139,531

      

866,665

      

—

      

331,305

    

Institutional Class

    

66,241

      

438,889

      

—

      

281,697

    
     

205,772

      

1,305,554

      

—

      

613,002

    

Shares Issued

    

2,369,890

      

3,898,736

      

74,321

      

965,632

    

Shares repurchased

  

Investor Class

    

(1,745,637

)

    

(3,423,944

)

    

(259,915

)

    

(750,535

)

  

Institutional Class

    

(636,670

)

    

(936,487

)

    

(173,076

)

    

(273,115

)

  

Total Shares Repurchased

    

(2,382,307

)

    

(4,360,431

)

    

(432,991

)

    

(1,023,650

)

  

Net increase (decrease) in fund shares

    

(12,417

)

    

(461,695

)

    

(358,670

)

    

(58,018

)

  


99

STATEMENTS OF CHANGES IN
NET ASSETS

    Buffalo
High Yield Fund		   Buffalo
International Fund		   Buffalo
Large Cap Fund		  
    Six-Months Ended
September 30, 2022
(UNAUDITED)		   Year Ended
March 31, 2022		   Six-Months Ended
September 30, 2022
(UNAUDITED)		   Year Ended
March 31, 2022		   Six-Months Ended
September 30, 2022
(UNAUDITED)		   Year Ended
March 31, 2022		  

OPERATIONS:

  

Net investment income (loss)

  

$

7,733,858

    

$

12,350,271

    

$

2,899,248

    

$

1,338,822

    

$

(43,040

)

  

$

(286,638

)

  

Net realized gain (loss) on investment transactions

    

(5,022,738

)

    

8,337,574

      

940,574

      

15,739,005

      

(1,201,617

)

    

27,125,565

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

(24,875,728

)

    

(15,061,629

)

    

(139,338,847

)

    

(9,582,271

)

    

(24,265,180

)

    

(15,249,591

)

  

Net increase (decrease) in net assets resulting from operations

    

(22,164,608

)

    

5,626,216

      

(135,499,025

)

    

7,495,556

      

(25,509,837

)

    

11,589,336

    

DISTRIBUTIONS TO SHAREHOLDERS:

  

Distributable earnings

    

(8,619,195

)

    

(21,107,564

)

    

—

      

(8,250,348

)

    

—

      

(26,204,398

)

  

Total distributions

    

(8,619,195

)

    

(21,107,564

)

    

—

      

(8,250,348

)

    

—

      

(26,204,398

)

  

CAPITAL SHARE TRANSACTIONS:

  

Shares sold

  

Investor Class

    

6,047,804

      

16,978,308

      

28,668,951

      

74,628,662

      

717,570

      

4,233,701

    

Institutional Class

    

19,293,741

      

37,510,763

      

40,874,596

      

65,919,686

      

2,147,156

      

8,024,389

    

Reinvested dividends and distributions

  

Investor Class

    

1,369,940

      

3,835,831

      

—

      

3,539,520

      

—

      

8,131,619

    

Institutional Class

    

6,338,142

      

15,198,835

      

—

      

4,474,207

      

—

      

17,150,974

    

Shares Issued

    

33,049,627

      

73,523,737

      

69,543,547

      

148,562,075

      

2,864,726

      

37,540,683

    

Redemptions

  

Investor Class

    

(6,746,622

)

    

(17,482,430

)

    

(40,628,716

)

    

(75,011,332

)

    

(2,485,355

)

    

(9,924,225

)

  

Institutional Class

    

(20,148,748

)

    

(19,946,518

)

    

(20,742,142

)

    

(38,713,002

)

    

(4,084,009

)

    

(8,334,709

)

  

Shares repurchased

    

(26,895,370

)

    

(37,428,948

)

    

(61,370,858

)

    

(113,724,334

)

    

(6,569,364

)

    

(18,258,934

)

  

Net increase (decrease) from capital share transactions

    

6,154,257

      

36,094,789

      

8,172,689

      

34,837,741

      

(3,704,638

)

    

19,281,749

    

Total increase (decrease) in net assets

    

(24,629,546

)

    

20,613,441

      

(127,326,336

)

    

34,082,949

      

(29,214,475

)

    

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

  

$

271,809,043

    

$

296,438,589

    

$

452,396,065

    

$

579,722,401

    

$

84,259,071

    

$

113,473,546

    

Fund share transactions:

  

Shares issued

  

Investor Class

    

576,303

      

1,444,631

      

1,582,014

      

3,362,322

      

20,698

      

87,396

    

Institutional Class

    

1,810,448

      

3,219,662

      

2,229,400

      

2,960,156

      

60,674

      

168,409

    
     

2,386,751

      

4,664,293

      

3,811,414

      

6,322,478

      

81,372

      

255,805

    

Reinvested dividends and distributions

  

Investor Class

    

130,935

      

330,686

      

—

      

157,413

      

—

      

189,902

    

Institutional Class

    

606,298

      

1,311,808

      

—

      

198,604

      

—

      

399,138

    
     

737,233

      

1,642,494

      

—

      

356,017

      

—

      

589,040

    

Shares Issued

    

3,123,984

      

6,306,787

      

3,811,414

      

6,678,495

      

81,372

      

844,845

    

Shares repurchased

  

Investor Class

    

(634,606

)

    

(1,507,734

)

    

(2,204,274

)

    

(3,455,367

)

    

(70,584

)

    

(206,465

)

  

Institutional Class

    

(1,906,772

)

    

(1,717,947

)

    

(1,137,416

)

    

(1,752,736

)

    

(118,344

)

    

(175,089

)

  

Total Shares Repurchased

    

(2,541,378

)

    

(3,225,681

)

    

(3,341,690

)

    

(5,208,103

)

    

(188,928

)

    

(381,554

)

  

Net increase (decrease) in fund shares

    

582,606

      

3,081,106

      

469,724

      

1,470,392

      

(107,556

)

    

463,291

    

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

    Buffalo
Mid Cap Fund		   Buffalo
Small Cap Fund		  
    Six-Months Ended
September 30, 2022
(UNAUDITED)		   Year Ended
March 31, 2022		   Six-Months Ended
September 30, 2022
(UNAUDITED)		   Year Ended
March 31, 2022		  

OPERATIONS:

  

Net investment income (loss)

  

$

(299,466

)

  

$

(955,603

)

  

$

(1,715,973

)

  

$

(9,042,676

)

  

Net realized gain (loss) on investment transactions

    

8,445,802

      

14,348,950

      

(65,081,108

)

    

52,166,078

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

(50,845,062

)

    

(15,622,847

)

    

(92,280,992

)

    

(254,440,168

)

  

Net increase (decrease) in net assets resulting from operations

    

(42,698,726

)

    

(2,229,500

)

    

(159,078,073

)

    

(211,316,766

)

  

DISTRIBUTIONS TO SHAREHOLDERS:

  

Distributable earnings

    

—

      

(20,762,447

)

    

—

      

(142,049,821

)

  

Total distributions

    

—

      

(20,762,447

)

    

—

      

(142,049,821

)

  

CAPITAL SHARE TRANSACTIONS:

  

Shares sold

  

Investor Class

    

814,852

      

5,257,376

      

47,366,994

      

291,257,479

    

Institutional Class

    

2,040,434

      

6,656,550

      

53,008,607

      

174,193,990

    

Reinvested dividends and distributions

  

Investor Class

    

—

      

11,369,480

      

—

      

101,656,595

    

Institutional Class

    

—

      

9,147,691

      

—

      

37,625,245

    

Shares Issued

    

2,855,286

      

32,431,097

      

100,375,601

      

604,733,309

    

Redemptions

  

Investor Class

    

(6,931,072

)

    

(14,115,769

)

    

(65,561,181

)

    

(241,646,741

)

  

Institutional Class

    

(4,978,214

)

    

(6,203,747

)

    

(47,189,375

)

    

(160,773,145

)

  

Shares repurchased

    

(11,909,286

)

    

(20,319,516

)

    

(112,750,556

)

    

(402,419,886

)

  

Net increase (decrease) from capital share transactions

    

(9,054,000

)

    

12,111,581

      

(12,374,955

)

    

202,313,423

    

Total increase (decrease) in net assets

    

(51,752,726

)

    

(10,880,366

)

    

(171,453,028

)

    

(151,053,164

)

  

NET ASSETS:

  

Beginning of period

    

179,822,993

      

190,703,359

      

978,922,476

      

1,129,975,640

    

End of period

  

$

128,070,267

    

$

179,822,993

    

$

807,469,448

    

$

978,922,476

    

Fund share transactions:

  

Shares issued

  

Investor Class

    

52,308

      

263,645

      

3,296,161

      

13,531,321

    

Institutional Class

    

135,856

      

336,084

      

3,724,986

      

8,315,660

    
     

188,164

      

599,729

      

7,021,147

      

21,846,981

    

Reinvested dividends and distributions

  

Investor Class

    

—

      

612,910

      

—

      

5,564,127

    

Institutional Class

    

—

      

491,019

      

—

      

2,050,422

    
     

—

      

1,103,929

      

—

      

7,614,549

    

Shares Issued

    

188,164

      

1,703,658

      

7,021,147

      

29,461,530

    

Shares repurchased

  

Investor Class

    

(464,400

)

    

(708,224

)

    

(4,605,982

)

    

(11,981,132

)

  

Institutional Class

    

(325,814

)

    

(308,223

)

    

(3,312,061

)

    

(7,788,562

)

  

Total Shares Repurchased

    

(790,214

)

    

(1,016,447

)

    

(7,918,043

)

    

(19,769,694

)

  

Net increase (decrease) in fund shares

    

(602,050

)

    

687,211

      

(896,896

)

    

9,691,836

    


101

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 Six Months
Ended September 30,
2022		  

For the Years Ended March 31,

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

(UNAUDITED)

  

2022

  

2021

  

2020

  

2019

  

2018

  

Net asset value, beginning of period

  

$

25.31

    

$

30.82

    

$

19.88

    

$

25.29

    

$

24.52

    

$

21.86

    

Income from investment operations:

  

Net investment loss

    

(0.07

)(1)

    

(0.21

)(1)

    

(0.18

)(1)

    

(0.06

)

    

(0.06

)

    

(0.04

)

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

(5.81

)

    

(0.93

)

    

13.51

      

(1.76

)

    

2.31

      

3.82

    

Total from investment operations

    

(5.88

)

    

(1.14

)

    

13.33

      

(1.82

)

    

2.25

      

3.78

    

Less distributions:

  

Distributions from capital gains

    

—

      

(4.37

)

    

(2.39

)

    

(3.59

)

    

(1.48

)

    

(1.12

)

  

Total distributions

    

—

      

(4.37

)

    

(2.39

)

    

(3.59

)

    

(1.48

)

    

(1.12

)

  

Net asset value, end of period

  

$

19.43

    

$

25.31

    

$

30.82

    

$

19.88

    

$

25.29

    

$

24.52

    

Total return*

    

(23.23

%)

    

(4.58

%)

    

67.49

%

    

(9.64

%)

    

10.34

%

    

17.35

%

  

Ratios/Supplemental Data

  

Net assets, end of period (in thousands)

  

$

740,937

    

$

1,099,258

    

$

1,442,145

    

$

1,132,237

    

$

1,744,262

    

$

1,896,950

    

Ratio of expenses to average net assets**

    

1.01

%

    

1.00

%

    

1.01

%

    

1.01

%

    

1.01

%

    

1.01

%

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

(0.60

%)

    

(0.70

%)

    

(0.64

%)

    

(0.30

%)

    

(0.21

%)

    

(0.20

%)

  

Portfolio turnover rate*

    

14

%

    

41

%

    

84

%

    

123

%

    

77

%

    

42

%

  

*  Not annualized for periods less than one year.

**  Annualized for periods less than one year.

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


102

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 Six Months
Ended September 30,
2022		   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.		  

(UNAUDITED)

  

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

    

(0.05

)(1)

    

(0.17

)(1)

    

(0.14

)(1)

    

(0.04

)

  

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

    

(5.84

)

    

(0.94

)

    

13.54

      

(3.56

)

  

Total from investment operations

    

(5.89

)

    

(1.11

)

    

13.40

      

(3.60

)

  

Less distributions:

  

Distributions from capital gains

    

—

      

(4.37

)

    

(2.39

)

    

(3.59

)

  

Total distributions

    

—

      

(4.37

)

    

(2.39

)

    

(3.59

)

  

Net asset value, end of period

  

$

19.55

    

$

25.44

    

$

30.92

    

$

19.91

    

Total return**

    

(23.15

%)

    

(4.46

%)

    

67.75

%

    

(15.55

%)

  

Ratios/Supplemental Data

  

Net assets, end of period (in thousands)

  

$

193,002

    

$

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***

    

(0.45

%)

    

(0.55

%)

    

(0.50

%)

    

(0.25

%)

  

Portfolio turnover rate**

    

14

%

    

41

%

    

84

%

    

123

%

  

*  Inception date

**  Not annualized for periods less than one year.

***  Annualized for periods less than one year.

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


103

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 Six Months
Ended September 30,
2022		  

For the Years Ended March 31,

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

(UNAUDITED)

  

2022

  

2021

  

2020

  

2019

  

2018

  

Net asset value, beginning of period

  

$

25.79

    

$

23.16

    

$

15.10

    

$

16.65

    

$

16.28

    

$

15.32

    

Income from investment operations:

  

Net investment gain

    

0.12

(1)

    

0.14

(1)

    

0.12

(1)

    

0.44

      

0.25

      

0.19

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

(3.97

)

    

2.94

      

8.06

      

(1.81

)

    

0.91

      

1.11

    

Total from investment operations

    

(3.85

)

    

3.08

      

8.18

      

(1.37

)

    

1.16

      

1.30

    

Less distributions:

  

Distributions from investment Income

    

(0.11

)

    

(0.14

)

    

(0.12

)

    

(0.17

)

    

(0.25

)

    

(0.19

)

  

Distributions from capital gains

    

—

      

(0.31

)

    

—

      

—

      

(0.54

)

    

(0.15

)

  

Distributions from return of capital

    

—

      

—

      

—

      

(0.01

)

    

—

      

—

    

Total distributions

    

(0.11

)

    

(0.45

)

    

(0.12

)

    

(0.18

)

    

(0.79

)

    

(0.34

)

  

Net asset value, end of period

  

$

21.83

    

$

25.79

    

$

23.16

    

$

15.10

    

$

16.65

    

$

16.28

    

Total return*

    

(14.94

%)

    

13.39

%

    

54.29

%

    

(8.32

%)

    

7.48

%

    

8.51

%

  

Ratios/Supplemental Data

  

Net assets, end of period (in thousands)

  

$

26,393

    

$

30,895

    

$

28,605

    

$

23,821

    

$

58,299

    

$

59,364

    

Ratio of expenses to average net assets**

    

0.93

%

    

0.93

%

    

0.94

%

    

0.95

%

    

0.94

%

    

0.94

%

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

1.01

%

    

0.56

%

    

0.63

%

    

0.84

%

    

1.45

%

    

1.16

%

  

Portfolio turnover rate*

    

2

%

    

4

%

    

20

%

    

31

%

    

20

%

    

21

%

  

*  Not annualized for periods less than one year.

**  Annualized for periods less than one year.

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


104

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 Six Months
Ended September 30,
2022		   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.		  

(UNAUDITED)

  

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

    

0.14

(1)

    

0.18

(1)

    

0.15

(1)

    

0.28

    

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

    

(3.96

)

    

2.93

      

8.06

      

(2.41

)

  

Total from investment operations

    

(3.82

)

    

3.11

      

8.21

      

(2.13

)

  

Less distributions:

  

Distributions from investment Income

    

(0.13

)

    

(0.18

)

    

(0.15

)

    

(0.13

)

  

Distributions from capital gains

    

—

      

(0.31

)

    

—

      

—

    

Distributions from return of capital

    

—

      

—

      

—

      

(0.01

)

  

Total distributions

    

(0.13

)

    

(0.49

)

    

(0.15

)

    

(0.14

)

  

Net asset value, end of period

  

$

21.83

    

$

25.78

    

$

23.16

    

$

15.10

    

Total return**

    

(14.84

%)

    

13.51

%

    

54.52

%

    

(12.34

%)

  

Ratios/Supplemental Data

  

Net assets, end of period (in thousands)

  

$

78,684

    

$

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***

    

1.16

%

    

0.71

%

    

0.78

%

    

1.23

%

  

Portfolio turnover rate**

    

2

%

    

4

%

    

20

%

    

31

%

  

*  Inception date

**  Not annualized for periods less than one year.

***  Annualized for periods less than one year.

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


105

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 Six Months
Ended September 30,
2022		  

For the Years Ended March 31,

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

(UNAUDITED)

  

2022

  

2021

  

2020

  

2019

  

2018

  

Net asset value, beginning of period

  

$

17.75

    

$

23.88

    

$

12.50

    

$

15.30

    

$

16.03

    

$

15.78

    

Income from investment operations:

  

Net investment loss

    

(0.08

)(1)

    

(0.28

)(1)

    

(0.25

)(1)

    

(0.15

)

    

(0.15

)

    

(0.18

)

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

(3.88

)

    

(2.60

)

    

14.11

      

(1.85

)

    

1.32

      

3.55

    

Total from investment operations

    

(3.96

)

    

(2.88

)

    

13.86

      

(2.00

)

    

1.17

      

3.37

    

Less distributions:

  

Distributions from capital gains

    

—

      

(3.25

)

    

(2.48

)

    

(0.80

)

    

(1.90

)

    

(3.12

)

  

Total distributions

    

—

      

(3.25

)

    

(2.48

)

    

(0.80

)

    

(0.79

)

    

(0.34

)

  

Net asset value, end of period

  

$

13.79

    

$

17.75

    

$

23.88

    

$

12.50

    

$

15.30

    

$

16.03

    

Total return*

    

(22.31

%)

    

(13.32

%)

    

112.86

%

    

(14.38

%)

    

9.39

%

    

21.84

%

  

Ratios/Supplemental Data

  

Net assets, end of period (in thousands)

  

$

80,086

    

$

68,232

    

$

82,824

    

$

42,633

    

$

84,032

    

$

87,969

    

Ratio of expenses to average net assets**

    

1.49

%

    

1.45

%

    

1.50

%

    

1.49

%

    

1.48

%

    

1.48

%

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

(1.00

%)

    

(1.22

%)

    

(1.24

%)

    

(1.00

%)

    

(0.94

%)

    

(1.10

%)

  

Portfolio turnover rate*

    

4

%

    

34

%

    

54

%

    

22

%

    

40

%

    

48

%

  

*  Not annualized for periods less than one year.

**  Annualized for periods less than one year.

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


106

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 Six Months
Ended September 30,
2022		   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.		  

(UNAUDITED)

  

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

    

(0.07

)(1)

    

(0.24

)(1)

    

(0.22

)(1)

    

(0.14

)

  

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

    

(3.89

)

    

(2.63

)

    

14.15

      

(2.99

)

  

Total from investment operations

    

(3.96

)

    

(2.87

)

    

13.93

      

(3.13

)

  

Less distributions:

  

Distributions from investment Income

    

—

      

—

      

—

      

—

    

Distributions from capital gains

    

—

      

(3.25

)

    

(2.48

)

    

(0.80

)

  

Total distributions

    

—

      

(3.25

)

    

(2.48

)

    

(0.80

)

  

Net asset value, end of period

  

$

13.88

    

$

17.84

    

$

23.96

    

$

12.51

    

Total return**

    

(22.20

%)

    

(13.20

%)

    

113.25

%

    

(20.25

%)

  

Ratios/Supplemental Data

  

Net assets, end of period (in thousands)

  

$

33,136

    

$

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***

    

(0.85

%)

    

(1.07

%)

    

(1.09

%)

    

(1.19

%)

  

Portfolio turnover rate**

    

4

%

    

34

%

    

54

%

    

22

%

  

*  Inception date

**  Not annualized for periods less than one year.

***  Annualized for periods less than one year.

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


107

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 Six Months
Ended September 30,
2022		  

For the Years Ended March 31,

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

(UNAUDITED)

  

2022

  

2021

  

2020

  

2019

  

2018

  

Net asset value, beginning of period

  

$

19.03

    

$

16.24

    

$

11.93

    

$

15.27

    

$

15.00

    

$

14.74

    

Income from investment operations:

  

Net investment income

    

0.16

(1)

    

0.29

(1)

    

0.29

(1)

    

0.72

      

0.39

      

0.34

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

(2.42

)

    

3.48

      

4.53

      

(3.63

)

    

0.71

      

0.77

    

Total from investment operations

    

(2.26

)

    

3.77

      

4.82

      

(2.91

)

    

1.10

      

1.11

    

Less distributions:

  

Distributions from investment Income

    

(0.15

)

    

(0.29

)

    

(0.30

)

    

(0.32

)

    

(0.39

)

    

(0.36

)

  

Distributions from capital gains

    

—

      

(0.69

)

    

(0.21

)

    

(0.11

)

    

(0.44

)

    

(0.49

)

  

Total distributions

    

(0.15

)

    

(0.98

)

    

(0.51

)

    

(0.43

)

    

(0.83

)

    

(0.85

)

  

Net asset value, end of period

  

$

16.62

    

$

19.03

    

$

16.24

    

$

11.93

    

$

15.27

    

$

15.00

    

Total return*

    

(11.93

%)

    

23.81

%

    

40.94

%

    

(19.63

%)

    

7.73

%

    

7.57

%

  

Ratios/Supplemental Data

  

Net assets, end of period (in thousands)

  

$

278,353

    

$

314,134

    

$

277,906

    

$

273,416

    

$

625,349

    

$

698,084

    

Ratio of expenses to average net assets**

    

1.01

%

    

1.01

%

    

1.01

%

    

1.01

%

    

1.01

%

    

1.01

%

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

1.73

%

    

1.60

%

    

2.04

%

    

1.99

%

    

2.57

%

    

2.27

%

  

Portfolio turnover rate*

    

1

%

    

4

%

    

1

%

    

5

%

    

6

%

    

2

%

  

*  Not annualized for periods less than one year.

**  Annualized for periods less than one year.

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


108

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 Six Months
Ended September 30,
2022		   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.		  

(UNAUDITED)

  

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

    

0.17

(1)

    

0.32

(1)

    

0.31

(1)

    

0.57

    

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

    

(2.43

)

    

3.48

      

4.53

      

(3.60

)

  

Total from investment operations

    

(2.25

)

    

3.80

      

4.84

      

(3.03

)

  

Less distributions:

  

Distributions from investment Income

    

(0.17

)

    

(0.31

)

    

(0.32

)

    

(0.25

)

  

Distributions from capital gains

    

—

      

(0.69

)

    

(0.21

)

    

(0.10

)

  

Total distributions

    

(0.17

)

    

(1.01

)

    

(0.53

)

    

(0.35

)

  

Net asset value, end of period

  

$

16.61

    

$

19.03

    

$

16.24

    

$

11.93

    

Total return**

    

(11.92

%)

    

24.00

%

    

41.15

%

    

(20.20

%)

  

Ratios/Supplemental Data

  

Net assets, end of period (in thousands)

  

$

149,326

    

$

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***

    

1.87

%

    

1.75

%

    

2.19

%

    

2.79

%

  

Portfolio turnover rate**

    

1

%

    

4

%

    

1

%

    

5

%

  

*  Inception date

**  Not annualized for periods less than one year.

***  Annualized for periods less than one year.

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


109

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 Six Months
Ended September 30,
2022		  

For the Years Ended March 31,

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

(UNAUDITED)

  

2022

  

2021

  

2020

  

2019

  

2018

  

Net asset value, beginning of period

  

$

30.83

    

$

31.07

    

$

21.20

    

$

25.10

    

$

29.83

    

$

30.83

    

Income from investment operations:

  

Net investment loss

    

(0.04

)(1)

    

(0.13

)(1)

    

(0.05

)(1)

    

0.08

      

0.05

      

0.39

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

(8.09

)

    

3.25

      

11.46

      

(0.55

)

    

2.76

      

4.58

    

Total from investment operations

    

(8.13

)

    

3.12

      

11.41

      

(0.47

)

    

2.81

      

4.97

    

Less distributions:

  

Distributions from investment Income

    

—

      

—

      

—

      

(0.08

)

    

(0.01

)

    

(0.45

)

  

Distributions from capital gains

    

—

      

(3.36

)

    

(1.53

)

    

(3.35

)

    

(7.53

)

    

(5.52

)

  

Total distributions

    

—

      

(3.36

)

    

(1.53

)

    

(3.43

)

    

(7.54

)

    

(5.97

)

  

Net asset value, end of period

  

$

22.70

    

$

30.83

    

$

31.07

    

$

21.20

    

$

25.10

    

$

29.83

    

Total return*

    

(26.37

%)

    

9.56

%

    

53.98

%

    

(3.90

%)

    

13.17

%

    

16.42

%

  

Ratios/Supplemental Data

  

Net assets, end of period (in thousands)

  

$

70,903,068

    

$

103,336

    

$

112,399

    

$

88,051

    

$

174,570

    

$

204,251

    

Ratio of expenses to average net assets**

    

0.92

%

    

0.92

%

    

0.92

%

    

0.92

%

    

0.91

%

    

0.91

%

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

(0.33

%)

    

(0.40

%)

    

(0.19

%)

    

0.11

%

    

0.17

%

    

0.90

%

  

Portfolio turnover rate*

    

7

%

    

13

%

    

21

%

    

33

%

    

16

%

    

32

%

  

*  Not annualized for periods less than one year.

**  Annualized for periods less than one year.

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


110

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 Six Months
Ended September 30,
2022		   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.		  

(UNAUDITED)

  

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 loss

    

(0.02

)(1)

    

(0.08

)(1)

    

(0.01

)(1)

    

0.15

    

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

    

(8.13

)

    

3.28

      

11.47

      

(2.59

)

  

Total from investment operations

    

(8.15

)

    

3.18

      

11.46

      

(2.44

)

  

Less distributions:

  

Distributions from investment Income

    

—

      

—

      

—

      

(0.10

)

  

Distributions from capital gains

    

—

      

(3.36

)

    

(1.53

)

    

(3.36

)

  

Total distributions

    

—

      

(3.36

)

    

(1.53

)

    

(3.46

)

  

Net asset value, end of period

  

$

22.80

    

$

30.95

    

$

31.13

    

$

21.20

    

Total return**

    

(26.33

%)

    

9.74

%

    

54.26

%

    

(10.92

%)

  

Ratios/Supplemental Data

  

Net assets, end of period (in thousands)

  

$

64,814

    

$

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***

    

(0.18

%)

    

(0.25

%)

    

(0.04

%)

    

0.28

%

  

Portfolio turnover rate**

    

7

%

    

13

%

    

21

%

    

33

%

  

*  Inception date

**  Not annualized for periods less than one year.

***  Annualized for periods less than one year.

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


111

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 Six Months
Ended September 30,
2022		  

For the Years Ended March 31,

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

(UNAUDITED)

  

2022

  

2021

  

2020

  

2019

  

2018

  

Net asset value, beginning of period

  

$

11.23

    

$

11.82

    

$

9.72

    

$

10.86

    

$

11.04

    

$

11.21

    

Income from investment operations:

  

Net investment income

    

0.28

(1)

    

0.48

(1)

    

0.48

(1)

    

1.17

      

0.51

      

0.50

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

(1.13

)

    

(0.24

)

    

2.10

      

(1.85

)

    

(0.15

)

    

(0.15

)

  

Total from investment operations

    

(0.84

)

    

0.24

      

2.59

      

(0.68

)

    

0.36

      

0.35

    

Less distributions:

  

Distributions from investment Income

    

(0.32

)

    

(0.48

)

    

(0.49

)

    

(0.46

)

    

(0.51

)

    

(0.47

)

  

Distributions from capital gains

    

—

      

(0.34

)

    

—

(2)

    

—

      

(0.03

)

    

(0.05

)

  

Total distributions

    

(0.32

)

    

(0.83

)

    

(0.49

)

    

(0.46

)

    

(0.54

)

    

(0.52

)

  

Net asset value, end of period

  

$

10.07

    

$

11.23

    

$

11.82

    

$

9.72

    

$

10.86

    

$

11.04

    

Total return*

    

(7.57

%)

    

1.97

%

    

27.07

%

    

(6.67

%)

    

3.46

%

    

3.20

%

  

Ratios/Supplemental Data

  

Net assets, end of period (in thousands)

  

$

46,110

    

$

50,581

    

$

50,110

    

$

46,036

    

$

191,451

    

$

231,295

    

Ratio of expenses to average net assets**

    

1.02

%

    

1.02

%

    

1.02

%

    

1.02

%

    

1.02

%

    

1.02

%

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

5.37

%

    

4.09

%

    

4.38

%

    

3.60

%

    

4.68

%

    

4.06

%

  

Portfolio turnover rate*

    

13

%

    

41

%

    

66

%

    

36

%

    

22

%

    

41

%

  

*  Not annualized for periods less than one year.

**  Annualized for periods less than one year.

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


112

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 Six Months
Ended September 30,
2022		   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.		  

(UNAUDITED)

  

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 loss

    

0.29

(1)

    

0.50

(1)

    

0.50

(1)

    

0.71

    

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

    

(1.13

)

    

(0.24

)

    

2.10

      

(1.66

)

  

Total from investment operations

    

(0.83

)

    

0.26

      

2.60

      

(0.95

)

  

Less distributions:

  

Distributions from investment Income

    

(0.33

)

    

(0.50

)

    

(0.50

)

    

(0.35

)

  

Distributions from capital gains

    

—

      

(0.35

)

    

—

(2)

    

—

    

Total distributions

    

(0.33

)

    

(0.85

)

    

(0.50

)

    

(0.35

)

  

Net asset value, end of period

  

$

10.06

    

$

11.22

    

$

11.81

    

$

9.71

    

Total return**

    

(7.51

%)

    

2.12

%

    

27.28

%

    

(8.94

%)

  

Ratios/Supplemental Data

  

Net assets, end of period (in thousands)

  

$

225,699

    

$

245,858

    

$

225,715

    

$

141,735

    

Ratio of expenses to average net assets***

    

0.87

%

    

0.87

%

    

0.86

%

    

0.88

%

  

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

    

5.52

%

    

4.24

%

    

4.51

%

    

4.90

%

  

Portfolio turnover rate**

    

13

%

    

41

%

    

66

%

    

36

%

  

*  Inception date

**  Not annualized for periods less than one year.

***  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.


113

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 Six Months
Ended September 30,
2022		  

For the Years Ended March 31,

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

(UNAUDITED)

  

2022

  

2021

  

2020

  

2019

  

2018

  

Net asset value, beginning of period

  

$

20.67

    

$

20.51

    

$

13.54

    

$

14.76

    

$

15.10

    

$

12.80

    

Income from investment operations:

  

Net investment income

    

0.10

(1)

    

0.03

(1)

    

0.04

(1)

    

0.19

      

0.09

      

0.06

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

(4.93

)

    

0.39

      

6.98

      

(1.31

)

    

(0.11

)

    

2.29

    

Total from investment operations

    

(4.83

)

    

0.42

      

7.02

      

(1.12

)

    

(0.02

)

    

2.35

    

Less distributions:

  

Distributions from investment Income

    

—

      

(0.02

)

    

(0.05

)

    

(0.10

)

    

(0.08

)

    

(0.04

)

  

Distributions from capital gains

    

—

      

(0.26

)

    

—

(2)

    

—

      

(0.24

)

    

(0.01

)

  

Total distributions

    

—

      

(0.28

)

    

(0.05

)

    

(0.10

)

    

(0.32

)

    

(0.05

)

  

Net asset value, end of period

  

$

15.84

    

$

20.65

    

$

20.51

    

$

13.54

    

$

14.76

    

$

15.10

    

Total return*

    

(23.29

%)

    

1.94

%

    

51.79

%

    

(7.67

%)

    

0.11

%

    

18.40

%

  

Ratios/Supplemental Data

  

Net assets, end of period (in thousands)

  

$

191,997

    

$

263,120

    

$

260,044

    

$

183,809

    

$

340,880

    

$

277,865

    

Ratio of expenses to average net assets**

    

1.03

%

    

1.03

%

    

1.03

%

    

1.03

%

    

1.04

%

    

1.03

%

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

1.05

%

    

0.14

%

    

0.22

%

    

0.55

%

    

0.64

%

    

0.42

%

  

Portfolio turnover rate*

    

5

%

    

13

%

    

14

%

    

13

%

    

16

%

    

13

%

  

*  Not annualized for periods less than one year.

**  Annualized for periods less than one year.

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


114

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 Six Months
Ended September 30,
2022		   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.		  

(UNAUDITED)

  

2022

  

2021

  

March 31, 2020

  

Net asset value, beginning of period

  

$

20.65

    

$

20.53

    

$

13.55

    

$

15.85

    

Income from investment operations:

  

Net investment loss

    

0.11

(1)

    

0.06

(1)

    

0.07

(1)

    

0.20

    

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

    

(4.89

)

    

0.39

      

6.99

      

(2.39

)

  

Total from investment operations

    

(4.78

)

    

0.45

      

7.06

      

(2.19

)

  

Less distributions:

  

Distributions from investment Income

    

—

      

(0.05

)

    

(0.08

)

    

(0.11

)

  

Distributions from capital gains

    

—

      

(0.26

)

    

—

(2)

    

—

    

Total distributions

    

—

      

(0.31

)

    

(0.08

)

    

(0.11

)

  

Net asset value, end of period

  

$

15.87

    

$

20.67

    

$

20.53

    

$

13.55

    

Total return**

    

(23.22

%)

    

2.08

%

    

52.12

%

    

(13.95

%)

  

Ratios/Supplemental Data

  

Net assets, end of period (in thousands)

  

$

260,399

    

$

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***

    

1.20

%

    

0.29

%

    

0.37

%

    

0.86

%

  

Portfolio turnover rate**

    

5

%

    

13

%

    

14

%

    

13

%

  

*  Inception date

**  Not annualized for periods less than one year.

***  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.


115

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 Six Months
Ended September 30,
2022		  

For the Years Ended March 31,

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

(UNAUDITED)

  

2022

  

2021

  

2020

  

2019

  

2018

  

Net asset value, beginning of period

  

$

40.21

    

$

46.23

    

$

29.53

    

$

31.01

    

$

29.08

    

$

26.53

    

Income from investment operations:

  

Net investment loss

    

(0.03

)(1)

    

(0.16

)(1)

    

(0.07

)(1)

    

0.09

      

0.09

      

0.09

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

(9.15

)

    

5.59

      

16.83

      

(1.07

)

    

3.46

      

4.01

    

Total from investment operations

    

(9.18

)

    

5.43

      

16.76

      

(0.98

)

    

3.55

      

4.10

    

Less distributions:

  

Distributions from investment Income

    

—

      

—

      

(0.06

)

    

(0.07

)

    

(0.11

)

    

(0.04

)

  

Distributions from capital gains

    

—

      

(11.45

)

    

—

      

(0.43

)

    

(1.51

)

    

(1.51

)

  

Total distributions

    

—

      

(11.45

)

    

(0.06

)

    

(0.50

)

    

(1.62

)

    

(1.55

)

  

Net asset value, end of period

  

$

31.03

    

$

40.21

    

$

46.23

    

$

29.53

    

$

31.01

    

$

29.08

    

Total return*

    

(22.83

%)

    

10.23

%

    

56.78

%

    

(3.40

%)

    

12.96

%

    

15.41

%

  

Ratios/Supplemental Data

  

Net assets, end of period (in thousands)

  

$

25,761

    

$

35,391

    

$

37,413

    

$

27,872

    

$

69,002

    

$

69,024

    

Ratio of expenses to average net assets**

    

0.95

%

    

0.93

%

    

0.94

%

    

0.94

%

    

0.93

%

    

0.93

%

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

(0.19

%)

    

(0.34

%)

    

(0.16

%)

    

0.21

%

    

0.27

%

    

0.33

%

  

Portfolio turnover rate*

    

25

%

    

83

%

    

7

%

    

6

%

    

10

%

    

40

%

  

*  Not annualized for periods less than one year.

**  Annualized for periods less than one year.

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


116

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 Six Months
Ended September 30,
2022		   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.		  

(UNAUDITED)

  

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 loss

    

(0.01

)(1)

    

(0.09

)(1)

    

—

(1)(2)

    

0.16

    

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

    

(9.19

)

    

5.61

      

16.85

      

(2.89

)

  

Total from investment operations

    

(9.20

)

    

5.52

      

16.85

      

(2.73

)

  

Less distributions:

  

Distributions from investment Income

    

—

      

—

      

(0.11

)

    

(0.07

)

  

Distributions from capital gains

    

—

      

(11.45

)

    

—

      

(0.43

)

  

Total distributions

    

—

      

(11.45

)

    

(0.11

)

    

(0.50

)

  

Net asset value, end of period

  

$

31.17

    

$

40.37

    

$

46.30

    

$

29.56

    

Total return**

    

(22.79

%)

    

10.42

%

    

57.02

%

    

(8.55

%)

  

Ratios/Supplemental Data

  

Net assets, end of period (in thousands)

  

$

58,497

    

$

78,082

    

$

71,394

    

$

45,244

    

Ratio of expenses to average net assets***

    

0.80

%

    

0.78

%

    

0.79

%

    

0.80

%

  

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

    

(0.04

%)

    

(0.19

%)

    

(0.01

%)

    

0.40

%

  

Portfolio turnover rate**

    

25

%

    

83

%

    

7

%

    

6

%

  

*  Inception date

**  Not annualized for periods less than one year.

***  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.


117

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 Six Months
Ended September 30,
2022		  

For the Years Ended March 31,

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

(UNAUDITED)

  

2022

  

2021

  

2020

  

2019

  

2018

  

Net asset value, beginning of period

  

$

17.72

    

$

20.19

    

$

13.02

    

$

14.52

    

$

13.99

    

$

15.68

    

Income from investment operations:

  

Net investment loss

    

(0.04

)(1)

    

(0.11

)(1)

    

(0.11

)(1)

    

(0.05

)

    

(0.04

)

    

(0.03

)

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

(4.26

)

    

(0.10

)

    

8.61

      

(0.19

)

    

1.11

      

1.77

    

Total from investment operations

    

(4.30

)

    

(0.21

)

    

8.50

      

(0.24

)

    

1.07

      

1.74

    

Less distributions:

  

Distributions from investment Income

    

—

      

—

      

—

      

—

      

—

      

—

    

Distributions from capital gains

    

—

      

(2.26

)

    

(1.33

)

    

(1.26

)

    

(0.54

)

    

(3.43

)

  

Total distributions

    

—

      

(2.26

)

    

(1.33

)

    

(1.26

)

    

(0.54

)

    

(3.43

)

  

Net asset value, end of period

  

$

13.42

    

$

17.72

    

$

20.19

    

$

13.02

    

$

14.52

    

$

13.99

    

Total return*

    

(24.27

%)

    

(1.55

%)

    

65.92

%

    

(2.89

%)

    

8.40

%

    

11.69

%

  

Ratios/Supplemental Data

  

Net assets, end of period (in thousands)

  

$

67,888

    

$

96,992

    

$

107,061

    

$

86,030

    

$

135,262

    

$

155,587

    

Ratio of expenses to average net assets***

    

1.03

%

    

1.02

%

    

1.03

%

    

1.02

%

    

1.02

%

    

1.01

%

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

(0.47

%)

    

(0.56

%)

    

(0.63

%)

    

(0.39

%)

    

(0.27

%)

    

(0.13

%)

  

Portfolio turnover rate**

    

14

%

    

19

%

    

41

%

    

52

%

    

36

%

    

51

%

  

*  Not annualized for periods less than one year.

**  Annualized for periods less than one year.

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


118

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 Six Months
Ended September 30,
2022		   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.		  

(UNAUDITED)

  

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

    

(0.02

)(1)

    

(0.08

)(1)

    

(0.09

)(1)

    

(0.04

)

  

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

    

(4.30

)

    

(0.09

)

    

8.63

      

(1.30

)

  

Total from investment operations

    

(4.32

)

    

(0.17

)

    

8.54

      

(1.34

)

  

Less distributions:

  

Distributions from investment Income

    

—

      

—

      

—

      

—

    

Distributions from capital gains

    

—

      

(2.26

)

    

(1.33

)

    

(1.26

)

  

Total distributions

    

—

      

(2.26

)

    

(1.33

)

    

(1.26

)

  

Net asset value, end of period

  

$

13.49

    

$

17.81

    

$

20.24

    

$

13.03

    

Total return**

    

(24.26

%)

    

(1.34

%)

    

66.18

%

    

(9.72

%)

  

Ratios/Supplemental Data

  

Net assets, end of period (in thousands)

  

$

60,182

    

$

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***

    

(0.32

%)

    

(0.41

%)

    

(0.48

%)

    

(0.38

%)

  

Portfolio turnover rate**

    

14

%

    

19

%

    

41

%

    

52

%

  

*  Inception date

**  Not annualized for periods less than one year.

***  Annualized for periods less than one year.

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


119

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 Six Months
Ended September 30,
2022		  

For the Years Ended March 31,

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

(UNAUDITED)

  

2022

  

2021

  

2020

  

2019

  

2018

  

Net asset value, beginning of period

  

$

16.11

    

$

22.14

    

$

10.94

    

$

12.89

    

$

15.00

    

$

16.61

    

Income from investment operations:

  

Net investment loss

    

(0.03

)(1)

    

(0.17

)(1)

    

(0.15

)(1)

    

(0.08

)

    

(0.08

)

    

(0.09

)

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

(2.60

)

    

(3.27

)

    

13.23

      

(0.62

)

    

1.25

      

2.92

    

Total from investment operations

    

(2.63

)

    

(3.44

)

    

13.08

      

(0.70

)

    

1.17

      

2.83

    

Less distributions:

  

Distributions from investment Income

    

—

      

—

      

—

      

—

      

—

      

—

    

Distributions from capital gains

    

—

      

(2.59

)

    

(1.88

)

    

(1.25

)

    

(3.28

)

    

(4.44

)

  

Total distributions

    

—

      

(2.59

)

    

(1.88

)

    

(1.25

)

    

(3.28

)

    

(4.44

)

  

Net asset value, end of period

  

$

13.48

    

$

16.11

    

$

22.14

    

$

10.94

    

$

12.89

    

$

15.00

    

Total return*

    

(16.33

%)

    

(16.93

%)

    

120.78

%

    

(7.33

%)

    

12.19

%

    

17.65

%

  

Ratios/Supplemental Data

  

Net assets, end of period (in thousands)

  

$

566,275

    

$

697,647

    

$

801,388

    

$

337,804

    

$

510,410

    

$

535,820

    

Ratio of expenses to average net assets**

    

1.00

%

    

1.01

%

    

1.01

%

    

1.01

%

    

1.01

%

    

1.01

%

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

(0.44

%)

    

(0.83

%)

    

(0.81

%)

    

(0.65

%)

    

(0.55

%)

    

(0.64

%)

  

Portfolio turnover rate*

    

22

%

    

59

%

    

63

%

    

67

%

    

57

%

    

49

%

  

*  Not annualized for periods less than one year.

**  Annualized for periods less than one year.

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


120

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 Six Months
Ended September 30,
2022		   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.		  

(UNAUDITED)

  

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

    

(0.02

)(1)

    

(0.14

)(1)

    

(0.13

)(1)

    

(0.06

)

  

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

    

(2.61

)

    

(3.28

)

    

13.24

      

(1.51

)

  

Total from investment operations

    

(2.63

)

    

(3.42

)

    

13.11

      

(1.57

)

  

Less distributions:

  

Distributions from investment Income

    

—

      

—

      

—

      

—

    

Distributions from capital gains

    

—

      

(2.59

)

    

(1.88

)

    

(1.25

)

  

Total distributions

    

—

      

(2.59

)

    

(1.88

)

    

(1.25

)

  

Net asset value, end of period

  

$

13.56

    

$

16.19

    

$

22.20

    

$

10.96

    

Total return**

    

(16.24

%)

    

(16.79

%)

    

121.14

%

    

(13.24

%)

  

Ratios/Supplemental Data

  

Net assets, end of period (in thousands)

  

$

241,194

    

$

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***

    

(0.30

%)

    

(0.68

%)

    

(0.67

%)

    

(0.73

%)

  

Portfolio turnover rate**

    

22

%

    

59

%

    

63

%

    

67

%

  

*  Inception date

**  Not annualized for periods less than one year.

***  Annualized for periods less than one year.

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


121

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

SEPTEMBER 30, 2022

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 the Valuation Committee for the period of April 1, 2022 to September 7, 2022 and to KCM, as the Funds' valuation designee in accordance with new Rule 2a-5 of the 1940 Act, starting on September 8, 2022. Some of the factors that have been or may be considered by the Valuation Committee or 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


122

issuer or comparable companies; information from broker-dealers; and an evaluation of the forces that influence the market in which the securities are purchased or sold. As of September 30, 2022, none of the Funds held securities valued at fair value as determined in good faith by the 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 September 30, 2022, the Buffalo International Fund held 65 securities where a foreign fair value factor was applied, with a market value of $283,182,762 or 62.60% 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.


123

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 September 30, 2022. These assets are measured on a recurring basis.

BUFFALO DISCOVERY FUND

  

Level 1

  

Level 2

  

Level 3

  

Total

  

Common Stocks

  

$

894,434,536

    

$

—

    

$

—

    

$

894,434,536

    

REITS

    

12,178,915

      

—

      

—

      

12,178,915

    

Short Term Investments

    

27,195,183

      

—

      

—

      

27,195,183

    

Total*

  

$

933,808,634

    

$

—

    

$

—

    

$

933,808,634

    

BUFFALO DIVIDEND FOCUS FUND

  

Level 1

  

Level 2

  

Level 3

  

Total

  

Common Stocks

  

$

84,215,671

    

$

—

    

$

—

    

$

84,215,671

    

REITS

    

2,434,385

      

—

      

—

      

2,434,385

    

Convertible Preferred Stocks

    

1,045,500

      

—

      

—

      

1,045,500

    

Preferred Stocks

    

370,200

      

—

      

—

      

370,200

    

Convertible Bonds

    

—

      

5,859,665

      

—

      

5,859,665

    

Short Term Investments

    

11,098,615

      

—

      

—

      

11,098,615

    

Total*

  

$

99,164,371

    

$

5,859,665

    

$

—

    

$

105,024,036

    

BUFFALO EARLY STAGE GROWTH FUND

  

Level 1

  

Level 2

  

Level 3

  

Total

  

Common Stocks

  

$

80,008,114

    

$

—

    

$

—

    

$

80,008,114

    

REITS

    

1,755,400

      

—

      

—

      

1,755,400

    

Warrants

    

150,000

      

—

      

—

      

150,000

    

Short Term Investments

    

1,395,348

      

—

      

—

      

1,395,348

    

Total*

  

$

83,308,862

    

$

—

    

$

—

    

$

83,308,862

    

BUFFALO FLEXIBLE INCOME FUND

  

Level 1

  

Level 2

  

Level 3

  

Total

  

Common Stocks

  

$

413,379,154

    

$

—

    

$

—

    

$

413,379,154

    

REITS

    

8,460,054

      

—

      

—

      

8,460,054

    

Short Term Investments

    

4,786,089

      

—

      

—

      

4,786,089

    

Total*

  

$

426,625,297

    

$

—

    

$

—

    

$

426,625,297

    

Written Options

  

$

1,000

    

$

—

    

$

—

    

$

1,000

    

BUFFALO GROWTH FUND

  

Level 1

  

Level 2

  

Level 3

  

Total

  

Common Stocks

  

$

133,781,087

    

$

—

    

$

—

    

$

133,781,087

    

Short Term Investments

    

2,004,616

      

—

      

—

      

2,004,616

    

Total*

  

$

135,785,703

    

$

—

    

$

—

    

$

135,785,703

    

BUFFALO HIGH YIELD FUND

  

Level 1

  

Level 2

  

Level 3

  

Total

  

Preferred Stocks

  

$

6,729,967

    

$

—

    

$

—

    

$

6,729,967

    

Convertible Bonds

    

—

      

11,658,703

      

—

      

11,658,703

    

Corporate Bonds

    

—

      

185,476,257

      

—

      

185,476,257

    

Bank Loans

    

—

      

40,277,938

      

11,561,103

      

51,839,041

    

Short Term Investments

    

16,089,487

      

—

      

—

      

16,089,487

    

Total*

  

$

22,819,454

    

$

248,974,001

    

$

—

    

$

271,793,455

    


124

BUFFALO INTERNATIONAL FUND

  

Level 1

  

Level 2

  

Level 3

  

Total

  

Common Stocks

  

$

410,034,559

    

$

—

    

$

—

    

$

410,034,559

    

Short Term Investments

    

40,429,638

      

—

      

—

      

40,429,638

    

Total*

  

$

450,464,197

    

$

—

    

$

—

    

$

450,464,197

    

BUFFALO LARGE CAP FUND

  

Level 1

  

Level 2

  

Level 3

  

Total

  

Common Stocks

  

$

77,946,561

    

$

—

    

$

—

    

$

77,946,561

    

REITS

    

304,800

      

—

      

—

      

304,800

    

Exchange Traded Funds

    

285,745

      

—

      

—

      

285,745

    

Short Term Investments

    

6,218,503

      

—

      

—

      

6,218,503

    

Total*

  

$

84,755,609

    

$

—

    

$

—

    

$

84,755,609

    

BUFFALO MID CAP FUND

  

Level 1

  

Level 2

  

Level 3

  

Total

  

Common Stocks

  

$

122,844,906

    

$

—

    

$

—

    

$

122,844,906

    

REITS

    

2,366,333

      

—

      

—

      

2,366,333

    

Short Term Investments

    

2,046,176

      

—

      

—

      

2,046,176

    

Total*

  

$

127,257,415

    

$

—

    

$

—

    

$

127,257,415

    

BUFFALO SMALL CAP FUND

  

Level 1

  

Level 2

  

Level 3

  

Total

  

Common Stocks

  

$

778,664,579

    

$

—

    

$

—

    

$

778,664,579

    

Short Term Investments

    

28,264,250

      

—

      

—

      

28,264,250

    

Total*

  

$

806,928,829

    

$

—

    

$

—

    

$

806,928,829

    

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

There were no transfers into or out of Level 1, Level 2 or Level 3 fair value measurements during the reporting year. The basis for recognizing and valuing transfers is as of the beginning of the year in which transfers occur.

The following is a reconciliation of the Buffalo High Yield Fund Level 3 assets for which significant unobservable inputs were used to determine fair value for the period ended September 30, 2022:

Fair Value Measurement Using Significant Unobservable Inputs (Level 3)   Investments
in Securities
Period Ended
September 30, 2022		  

Fair Value as of 3/31/2022

  

$

14,060,826

    

Total unrealized losses included in earnings

    

(725,877

)

  

Realized gain included in earnings

    

57,829

    

Sales

    

(1,838,497

)

  

Amortization/Accretion

    

6,822

    

Fair Value as of 9/30/2022*

  

$

11,561,103

    

*  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 September 30, 2022. 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.


125

At September 30, 2022, 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, 2019 through March 31, 2022. 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.

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 September 30, 2022.

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


126

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.

I. RECENT ACCOUNTING PRONOUNCEMENTS — In March 2020, FASB issued Accounting Standards Update 2020-04, Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting ("ASU 2020-04"). The main objective of ASU 2020-04 is to provide relief to companies that will be impacted by the expected change in benchmark interest rates at the end of 2021, when participating banks will no longer be required to submit London Inter-bank Offered Rate ("LIBOR") quotes by the UK Financial Conduct Authority. ASU 2020-04 allows companies to, provided the only change to existing contracts are a change to an approved benchmark interest rate, account for modifications as a continuance of the existing contract without additional analysis. In addition, derivative contracts that qualified for hedge accounting prior to modification, will be allowed to continue to receive such treatment, even if critical terms change due to a change in the benchmark interest rate. For new and existing contracts, the Funds may elect to apply the amendments as of March 12, 2020 through December 31, 2022. Management is currently assessing the impact of the adoption of ASU 2020-04 to the Funds' financial statements and various filings.

2. FEDERAL TAX MATTERS:

The tax character of distributions paid during the period ended September 30, 2022 and the year ended March 31, 2022 were as follows:

   Six Months Ended
September 30, 2022		  

Year Ended March 31, 2022

  

  Ordinary
Income		   Long-Term
Capital Gains		   Ordinary
Income		   Long-Term
Capital Gains*		  

Buffalo Discovery Fund

  

$

—

    

$

—

    

$

112,318,729

    

$

—

    

Buffalo Dividend Focus Fund

    

598,682

      

—

      

986,883

      

42,916

    

Buffalo Early Stage Growth Fund

    

—

      

—

      

5,875,169

      

—

    

Buffalo Flexible Income Fund

    

4,043,916

      

—

      

8,766,704

      

—

    

Buffalo Growth Fund

    

—

      

—

      

132,540

      

—

    

Buffalo High Yield Fund

    

8,619,195

      

—

      

17,440,640

      

—

    

Buffalo International Fund

    

—

      

—

      

1,022,952

      

—

    

Buffalo Large Cap Fund

    

—

      

—

      

1,335,634

      

—

    

Buffalo Mid Cap Fund

    

—

      

—

      

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 period ended March 31, 2022.


127

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, 2022, the following table shows the reclassifications made:

Funds

   Distributable
Earnings		   Paid In
Capital		  

Buffalo Discovery Fund

  

$

(28,498,234

)

  

$

28,498,234

    

Buffalo Dividend Focus Fund

    

(80,638

)

    

80,638

    

Buffalo Early Stage Growth Fund

    

(1,907,036

)

    

1,907,036

    

Buffalo Flexible Income Fund

    

(1,477,994

)

    

1,477,994

    

Buffalo Growth Fund

    

(1,377,738

)

    

1,377,738

    

Buffalo High Yield Fund

    

(628,998

)

    

628,998

    

Buffalo International Fund

    

(960,089

)

    

960,089

    

Buffalo Large Cap Fund

    

(1,696,615

)

    

1,696,615

    

Buffalo Mid Cap Fund

    

(162,886

)

    

162,886

    

Buffalo Small Cap Fund

    

(26,891,803

)

    

26,891,803

    

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, 2022, the components of distributable earnings (losses) for income tax purposes were as follows:

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

Tax cost of Investments(a)

  

$

1,097,903,658

    

$

65,709,828

    

$

91,181,258

    

$

237,239,090

    

$

89,178,884

    

Unrealized Appreciation

    

424,315,793

      

52,802,414

      

35,755,718

      

259,461,399

      

110,300,602

    

Unrealized Depreciation

    

(59,444,807

)

    

(1,626,676

)

    

(14,807,994

)

    

(7,074,906

)

    

(3,892,864

)

  

Net unrealized appreciation

    

364,870,986

      

51,175,738

      

20,947,724

      

252,386,493

      

106,407,738

    

Undistributed Ordinary Income

    

—

      

—

      

—

      

—

      

—

    
Undistributed Long Term
Capital Gain		    

61,661,360

      

1,828,124

      

991,522

      

11,966,545

      

6,058,234

    

Distributable earnings

    

61,661,360

      

1,828,124

      

991,522

      

11,966,545

      

6,058,234

    

Other accumulated gain/(loss)

    

(53,611,296

)

    

(5,539

)

    

(1,889,468

)

    

(24,933

)

    

(2,135,757

)

  

Total distributable earnings

    

372,921,050

      

52,998,323

      

20,049,778

      

264,328,105

      

110,330,215

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

Tax cost of Investments(a)

  

$

293,543,757

    

$

361,079,925

    

$

68,731,116

    

$

104,678,464

    

$

861,016,916

    

Unrealized Appreciation

    

6,787,035

      

223,670,021

      

47,997,454

      

78,209,934

      

229,018,671

    

Unrealized Depreciation

    

(7,024,552

)

    

(7,471,565

)

    

(2,491,360

)

    

(2,953,057

)

    

(113,440,213

)

  

Net unrealized appreciation

    

(237,517

)

    

216,198,456

      

45,506,094

      

75,256,877

      

115,578,458

    

Undistributed Ordinary Income

    

1,369,487

      

234,266

      

—

      

—

      

—

    
Undistributed Long Term
Capital Gain		    

5,003,175

      

7,420,560

      

2,521,272

      

4,892,444

      

—

    

Distributable earnings

    

6,372,662

      

7,654,826

      

2,521,272

      

4,892,444

      

—

    

Other accumulated gain/(loss)

    

—

      

—

      

(2,370,825

)

    

(207,839

)

    

(5,780,937

)

  

Total distributable earnings

    

6,135,145

      

223,853,282

      

45,656,541

      

79,941,482

      

109,797,521

    

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 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.


128

As of March 31, 2022, the Buffalo Funds had no capital loss carryovers available to offset future taxable gains.

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, 2022. Qualified late year ordinary losses are generally losses incurred between January 1 and the end of their fiscal year, March 31, 2022.

At March 31, 2022, 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

  

$

—

    

$

53,611,296

    

Buffalo Dividend Focus Fund

    

5,539

      

—

    

Buffalo Early Stage Growth Fund

    

252,011

      

1,637,457

    

Buffalo Flexible Income Fund

    

—

      

—

    

Buffalo Growth Fund

    

133,391

      

2,002,366

    

Buffalo High Yield Fund

    

—

      

—

    

Buffalo International Fund

    

—

      

—

    

Buffalo Large Cap Fund

    

—

      

2,370,825

    

Buffalo Mid Cap Fund

    

207,839

      

—

    

Buffalo Small Cap Fund

    

1,872,293

      

3,908,644

    

For the year ended March 31, 2022, 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

  

$

8,144,918

    

$

(956,967

)

  

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


129

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 $55,731 in custody fees during the period ended September 30, 2022, and owed $19,298 for custody fees as of September 30, 2022.

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 period ended September 30, 2022 was $224,000. 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.

5. INVESTMENT TRANSACTIONS:

The aggregate purchases and sales of securities, excluding short-term investments and U.S. government securities, for the Funds for the six months ended September 30, 2022, were as follows:

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

Purchases

  

$

166,215,187

    

$

6,161,936

    

$

7,155,556

    

$

15,352,826

    

$

10,551,455

    

Proceeds from Sales

    

391,830,025

      

1,941,417

      

3,438,028

      

5,879,925

      

17,893,999

    

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

Purchases

  

$

41,233,546

    

$

26,045,423

    

$

24,508,486

    

$

21,752,079

    

$

193,905,737

    

Proceeds from Sales

    

36,935,248

      

23,644,812

      

27,732,284

      

27,580,929

      

189,868,534

    

There were no purchases or sales of long-term U.S. government securities for any Funds during the period ended September 30, 2022.

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 period ended September 30, 2022.


130

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 period ended September 30, 2022, Investor Class shareholder servicing fees were as follows:

Fund:   Investor Class
Shareholder
Servicing Fee		  

Buffalo Discovery Fund

  

$

664,984

    

Buffalo Dividend Focus Fund

    

21,736

    

Buffalo Early Stage Growth Fund

    

43,744

    

Buffalo Flexible Income Fund

    

232,097

    

Buffalo Growth Fund

    

64,094

    

Buffalo High Yield Fund

    

35,328

    

Buffalo International Fund

    

167,844

    

Buffalo Large Cap Fund

    

22,187

    

Buffalo Mid Cap Fund

    

60,834

    

Buffalo Small Cap Fund

    

419,833

    

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 six months ended September 30, 2022. For the six months ended September 30, 2022, the quarterly average gross notional amount of derivatives held by the Fund was $1,205,700, 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 September 30, 2022, the Buffalo Flexible Income Fund was invested in written option contracts.

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 September 30, 2022:

Derivative Investment Type

  

Value

  

Liability Derivatives

  

Buffalo Flexible Income Fund

      

Written Options — equity contracts

  

$

1,000

    

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 September 30, 2022:

Derivative Investment Type

  

Realized Gain (Loss) on Options

  

Liability Derivatives

  

Buffalo Flexible Income Fund

      

Written Options — equity contracts

  

$

125,162

    

Derivative Investment Type

  

Change in Unrealized Appreciation/Depreciation on Options

  

Liability Derivatives

  

Buffalo Flexible Income Fund

      

Written Options — equity contracts

  

$

77,235

    


131

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 September 30, 2022:

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

  

$

1,000

    

$

1,000

    

$

1,000

    

$

1,000

    

$

1,000

    

$

1,000

    
   

$

1,000

    

$

1,000

    

$

1,000

    

$

1,000

    

$

1,000

    

$

1,000

    

*   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 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, 2023. 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 September 30, 2022, the Prime Rate was 6.25%. None of the Buffalo Funds had borrowings under the credit facility during the six months ended September 30, 2022.

11. RECENT MARKET EVENTS:

U.S. and international markets have experienced significant periods of volatility in recent years and months due to a number of economic, political and global macros factors including the impact of COVID-19 as a global pandemic and related public health crisis, growth concerns in the U.S. and overseas, uncertainties regarding interest rates, rising


132

inflation, trade tensions, and the threat of tariffs imposed by the U.S. and other countries. In particular, the global spread of COVID-19 has resulted in disruptions to business operations and supply chains, stress on the global healthcare system, growth concerns in the U.S. and overseas, staffing shortages and the inability to meet consumer demand, and widespread concern and uncertainty. The global recovery from COVID-19 is proceeding at slower than expected rates due to the emergence of variant strains and may last for an extended period of time. Health crises and related political, social and economic disruptions caused by the spread of COVID-19 may also exacerbate other pre-existing political, social and economic risks in certain countries. As a result of continuing political tensions and armed conflicts, including the war between Ukraine and Russia, the U.S. and the European Union imposed sanctions on certain Russian individual and companies, including certain financial institutions, and have limited certain exports and imports to and from Russia. The war has contributed to recent market volatility and may continue to do so. These developments, as well as other events, could result in further market volatility and negatively affect financial asset prices, the liquidity of certain securities and the normal operations of securities exchange and other markets, despite government efforts to address market disruptions. Continuing market volatility as a result of recent market conditions or other events may have adverse effects on your account.

12. LIBOR:

The London Interbank Offered Rate ("LIBOR") is an interest-rate average calculated from estimates submitted by the leading banks in London. LIBOR represents the rate which banks may obtain short-term borrowings from each other. It is the primary interest rate benchmark for short-term interest rates around the world. The regulator of the LIBOR administrator phased out the use of LIBOR on December 30, 2021 such that the 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 or will no longer be representative after June 30, 2023. Because the usefulness of LIBOR as a reference rate could deteriorate during the transition from LIBOR to an alternative reference rate, these effects could occur prior to June 30, 2023. The expected discontinuation of LIBOR could have a significant impact on the financial markets, and may present a risk for certain market participants, including the risk that the transition from LIBOR to an alternative interest rate will not be orderly, will occur over various time periods or will have unintended consequences.

13. SUBSEQUENT EVENTS:

Management has evaluated the events and transactions that have occurred after September 30, 2022 and through the date the financial statements were issued. On November 17, 2022, the Board accepted the resignation of Mr. Kent Gasaway as President and Treasurer of the Trust and approved the appointment of Ms. Laura Symon Browne as President and Treasurer of the Trust.


133

(Unaudited)

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.


134

STATEMENT REGARDING LIQUIDITY RISK MANAGEMENT PROGRAM
(UNAUDITED)

The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940, as amended (the "Liquidity Rule"), to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that open-end investment companies ("funds") will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders. The Liquidity Rule requires funds to establish and implement written liquidity risk management programs ("LRMPs")

The Buffalo Funds (individually, a "Fund" or collectively, the "Funds") have established and implemented the Buffalo Funds' LRMP (the "Program") applicable to all of the Funds. The Board of Trustees of the Funds (the "Board") met on August 18, 2022 (the "Meeting") to review the Program pursuant to the Liquidity Rule. The Board has designated the Funds' adviser, Kornitzer Capital Management, Inc. (the "Adviser"), as the administrator of the Program, and the Adviser has appointed a committee to fulfill the responsibilities set forth under the Program (the "Program Administrator"). At the Meeting, the Adviser's Chief Compliance Officer ("CCO"), on behalf of the Program Administrator, made a presentation to the Board that addressed the operation of the Program and assessed its adequacy and effectiveness, including any material changes to the Program (the "Presentation"). The Presentation covered the period from July 1, 2021 through June 30, 2022 (the "Reporting Period").

The Presentation noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing, and periodically reviewing a Fund's "liquidity risk" (as defined under the Liquidity Rule), including the following points.

Liquidity Classification — The Presentation described the Program's liquidity classification methodology for categorizing the Funds' investments into one of four liquidity buckets. Specifically, the Program Administrator noted that it relied on liquidity classifications provided by ICE Data Services, its third party data service that provides liquidity classification services, and that each Fund predominantly held investments that were classified as highly liquid during the Reporting Period.

Highly Liquid Investment Minimum ("HLIM") — The Program Administrator noted that each Fund's portfolio is expected to continue to primarily hold highly liquid investments and each Fund will be considered a "primarily highly liquid fund" (as defined in the Program) and can therefore continue to rely on the exclusion in the Liquidity Rule from the requirements to determine and review a HLIM for each Fund and to adopt policies and procedures for responding to a HLIM shortfall.

Liquidity Risk — In concluding that each Fund's liquidity risk was low, the Program Administrator considered the following:

•  The Funds' investment strategy and liquidity of portfolio investments during normal and reasonably foreseeable stressed market conditions — During the Reporting Period, the Program Administrator reviewed whether each Fund's investment strategy is appropriate for an open-end fund structure with a focus on Funds with holdings of less liquid and illiquid assets and factored a Fund's concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account.

•  Short-term and long-term cash flow projections during normal and reasonably foreseeable stressed market conditions — During the Reporting Period, the Program Administrator reviewed historical redemption activity and used this information as a component to establish each Fund's reasonably anticipated trading size. The Program Administrator also took into consideration other factors such as shareholder ownership concentration, applicable distribution channels, and the degree of certainty associated with a Fund's short-term and long-term cash flow projections.

•  Holdings of cash and cash equivalents — The Program Administrator considered the degree to which each Fund held cash and cash equivalents as a component of each Fund's ability to meet redemption requests.


135

(Unaudited)

•  Lines of Credit — The Program Administrator considered the existence of lines of credit available to each Fund as a source of temporary liquidity to meet redemption requests.

Conclusion — The Presentation provided that the Program Administrator was not proposing any material changes to the Program after reviewing the adequacy of the Program and the effectiveness of the Program's implementation. The Presentation stated that the Program Administrator concluded that, based the review of the design and on the operation of the Program's current policies and procedures during the Reporting Period, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.


136

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.


137

(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.


138

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.

 

Not applicable for semi-annual reports

 

Item 3. Audit Committee Financial Expert.

 

Not applicable for semi-annual reports

 

Item 4. Principal Accountant Fees and Services.

 

Not applicable for semi-annual reports

 

Item 5. Audit Committee of Listed Registrants.

 

Not applicable.

 

Item 6. Investments.

 

Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.

 

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.

 

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.

 

1

 

 

Item 11. Controls and Procedures.

 

(a)The registrant’s Principal Executive Officer and Principal Financial Officer has reviewed and evaluated the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the 1940 Act) as of a date within 90 days of the filing of this report as required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on his review, the Principal Executive Officer and Principal Financial 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 providers.

 

(b)There were no changes in the registrant’s internal controls over financial reporting that occurred during the registrant’s second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, 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) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. “Not Applicable” for semi-annual reports.

 

(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) Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable to open-end investment companies.

 

(4) Change in the registrant’s independent public accountant. 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.

 

2

 

 

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  
    
DateDecember 7, 2022

 

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  
    
Date December 7, 2022

 

3

 

ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

EXHIBIT 99.CERT

EXHIBIT 99.906CERT