Data represented reflects past performance and is no guarantee of 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 fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by clicking on the Current Month Returns link above.

The Buffalo High Yield, Buffalo Micro Cap or Buffalo Small Cap Funds impose a 2.00% redemption fee on shares held for less than 180 days. The Buffalo Balanced, Buffalo Large Cap, Buffalo Mid Cap, Buffalo Science & Technology or Buffalo USA Global Funds impose a 2.00% redemption fee on shares held for less than 60 days. Performance data does not reflect the redemption fee. If reflected, total returns would be reduced.


* This is a new index that has been chosen because the Portfolio Managers believe it is the most appropriate broad-based securities index to be used for comparative purposes given the investment growth-oriented strategy. The securities index that has historically been shown for comparative purposes is also shown, but may be excluded in the future.

The Buffalo USA Global Fund invests in U.S. based companies with substantial interests outside of the U.S. which may involve additional risk such as greater volatility and political, economic and/or currency risks.

The Buffalo High Yield Fund's yields are typically higher than higher-rated bonds, yet the yields are based on greater risk that the price will decline.

The Buffalo Small Cap Fund invests in smaller companies which have a higher risk than the stocks of larger, more established companies and have a significant short-term price volatility.

The Merrill Lynch U.S. Domestic Master Index is a capitalization weighted aggregation of outstanding U.S. treasury, agency and supranational, mortgage pass-through, and investment grade corporate bonds meeting specified criteria.

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

The Russell 2000 Index consists of the smallest 2,000 securities in the Russell 3000 Index, representing approximately 10% of the Russell 3000 total market capitalization.

The S&P Smallcap 600 Index consists of 600 domestic stocks chosen for market size, liquidity, bid-asked spread, ownership, share turnover and number of no-trade days and industry group representation.

The Russell Midcap Index measures the performance of the 800 smallest companies in the Russell 1000 Index, which represent approximately 26% of the total market capitalization of the Russell 1000 Index. The index has a total market range of approximately $1.3 billion to $10.8 billion.

Lipper Analytical Services, Inc. is an independent mutual fund ranking agency. The Lipper Indices track the total return of the largest open-end equity and fixed income mutual funds within specific Lipper categories. The categories are based on Lipper's fund classification system.

The S&P 400 Mid Cap Index is a capitalization weighted index that measure the performance of the mid-range sector of the U.S. stock market. One cannot invest directly in an index.

The Russell Microcap Growth Index measures the performance of those Russell Microcap companies with higher price-to-book ratios and higher forecasted growth values. The Russell Microcap Index consists of the smallest 1,000 companies in the small-cap Russell 2000 Index plus the next 1,000 securities.

The Russell Midcap Growth Index measures the performance of those Russell Midcap companies with higher price-to-book ratios and higher forecasted growth values.

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 NASDAQ Composite Index is a broad-based capitalization-weighted index of stocks in all three NASDAQ tiers: Global Select, Global Market and Capital Market.

The Russell 2000 Growth Index measures the performance of those Russell 2000 Index companies with higher price-to-book ratios and higher forecasted growth values.

The Russell Midcap Growth Index measures the performance of those Russell Midcap companies with higher price-to-book ratios and higher forecasted growth values.

The MSCI China Free Index is an unmanaged market capitalization-weighted index of Chinese companies available to non-domestic investors.

The Russell 3000 Growth Index is an unmanaged index comprised of those Russell 3000 companies with higher price-to-book ratios and higher forecasted growth values. The stocks in this index are also members of either the Russell 1000 Growth or the Russell 2000 Growth indices.

The Morgan Stanley Capital International (MSCI) Europe, Australasia, Far East Index (EAFE) is an unmanaged index of over 900 companies, and is a generally accepted benchmark for major overseas markets.

The MSCI All Country World-ex U.S. Index is an index of issuers located in countries throughout the world, representing developed and emerging markets, excluding securities of U.S. issuers.

S&P/HKEx GEM Index measures the performance of Growth Enterprise Market (GEM), an alternative stock market operated by Hong Kong Exchanges and Clearing Limited.

**The S&P 500 Index is a capitalization weighted index of 500 large capitalization stocks which is designed to measure broad domestic securities markets. The Merrill Lynch High Yield Master Index is an unmanaged index comprised of over 1,200 high yield bonds representative of high yield bond markets as a whole. The performance figure shown for comparison purposes is a weighted average made up of 60% of the S&P 500 Index and 40% of the Merrill Lynch High Yield Master Index. You cannot invest directly in an index.