| Returns by Calendar Quarter |
| Buffalo Micro Cap Fund |
| |
1st Quarter |
2nd Quarter |
3rd Quarter |
4th Quarter |
| 2008 |
(-19.06%) |
(-7.34%) |
N/A |
N/A |
| 2007 |
2.23% |
2.48% |
(-3.81%) |
(-12.55%) |
| 2006 |
10.49% |
(-8.23%) |
0.81% |
10.11% |
| 2005 |
(-5.09%) |
5.18% |
5.37% |
4.10% |
| 2004 |
N/A |
N/A |
N/A |
16.08% |
| Buffalo Small Cap Fund |
| |
1st Quarter |
2nd Quarter |
3rd Quarter |
4th Quarter |
| 2008 |
(-15.27%) |
(-0.60%) |
N/A |
N/A |
| 2007 |
3.93% |
6.25% |
(-2.45%) |
(-7.47%) |
| 2006 |
12.85% |
(-9.40%) |
3.54% |
7.65% |
| 2005 |
(-4.88%) |
4.33% |
1.64% |
2.33% |
| 2004 |
15.87% |
(-0.32%) |
(-3.01%) |
15.00% |
| 2003 |
(-6.82%) |
30.38% |
11.12% |
12.03% |
| 2002 |
5.61% |
(-13.26%) |
(-23.00%) |
5.26% |
| Buffalo Mid Cap Fund |
| |
1st Quarter |
2nd Quarter |
3rd Quarter |
4th Quarter |
| 2008 |
(-15.89%) |
1.17% |
N/A |
N/A |
| 2007 |
3.46% |
8.50% |
3.09% |
(-4.97%) |
| 2006 |
6.77% |
(-8.21%) |
2.47% |
5.25% |
| 2005 |
(-2.94%) |
4.55% |
6.03% |
5.80% |
| 2004 |
10.78% |
(-1.53%) |
(-6.29%) |
14.05% |
| 2003 |
(-3.46%) |
22.02% |
7.50% |
13.45% |
| 2002 |
0.90% |
(-13.24%) |
(-18.56%) |
9.23% |
| Buffalo Large Cap Fund |
| |
1st Quarter |
2nd Quarter |
3rd Quarter |
4th Quarter |
| 2008 |
(-9.89%) |
(-4.34%) |
N/A |
N/A |
| 2007 |
3.90% |
7.89% |
0.56% |
(-4.11%) |
| 2006 |
3.29% |
(-3.57%) |
7.20% |
3.43% |
| 2005 |
(-4.20%) |
0.68% |
2.36% |
3.29% |
| 2004 |
1.74% |
0.84% |
(-5.77%) |
11.52% |
| 2003 |
(-5.77%) |
20.52% |
5.29% |
8.48% |
| 2002 |
2.31% |
(-19.96%) |
(-18.32%) |
12.48% |
| Buffalo Science & Technology Fund |
| |
1st Quarter |
2nd Quarter |
3rd Quarter |
4th Quarter |
| 2008 |
(-15.10%) |
3.49% |
N/A |
N/A |
| 2007 |
2.67% |
9.05% |
3.88% |
(-7.01%) |
| 2006 |
10.23% |
(-7.76%) |
6.27% |
3.62% |
| 2005 |
(-7.90%) |
3.91% |
7.98% |
3.45% |
| 2004 |
9.63% |
1.54% |
(-6.60%) |
11.27% |
| 2003 |
(-2.91%) |
28.95% |
13.94% |
14.04% |
| 2002 |
0.30% |
(-31.24%) |
(-27.00%) |
21.14% |
| Buffalo USA Global Fund |
| |
1st Quarter |
2nd Quarter |
3rd Quarter |
4th Quarter |
| 2008 |
(-9.82%) |
3.13% |
N/A |
N/A |
| 2007 |
3.95% |
5.08% |
2.97% |
(-4.19%) |
| 2006 |
4.49% |
(-3.43%) |
4.99% |
6.12% |
| 2005 |
(-4.18%) |
2.80% |
6.27% |
(-0.10%) |
| 2004 |
4.01% |
2.13% |
(-5.67%) |
6.92% |
| 2003 |
(-3.76%) |
17.43% |
6.34% |
13.27% |
| 2002 |
3.69% |
(-16.77%) |
(-19.58%) |
7.45% |
| Buffalo Balanced Fund |
| |
1st Quarter |
2nd Quarter |
3rd Quarter |
4th Quarter |
| 2008 |
(-5.18%) |
2.69% |
N/A |
N/A |
| 2007 |
0.69% |
5.92% |
3.08% |
(-0.28%) |
| 2006 |
5.28% |
2.31% |
2.95% |
5.30% |
| 2005 |
(-0.23%) |
1.78% |
4.53% |
(-0.69%) |
| 2004 |
3.69% |
2.94% |
1.57% |
5.21% |
| 2003 |
(-2.27%) |
14.83% |
3.61% |
8.21% |
| 2002 |
1.73% |
(-12.41%) |
(-13.41%) |
8.84% |
| Buffalo High Yield Fund |
| |
1st Quarter |
2nd Quarter |
3rd Quarter |
4th Quarter |
| 2008 |
(-3.13%) |
(-1.05%) |
N/A |
N/A |
| 2007 |
2.08% |
0.75% |
1.45% |
(-0.54%) |
| 2006 |
4.18% |
(-1.08%) |
2.40% |
2.92% |
| 2005 |
(-3.33%) |
1.96% |
0.35% |
0.21% |
| 2004 |
1.76% |
0.66% |
1.43% |
4.32% |
| 2003 |
3.20% |
9.01% |
2.47% |
4.31% |
| 2002 |
1.31% |
(-1.73%) |
(-0.33%) |
4.81% |
|
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.
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.
International investing involves special risks, such as political instability and currency fluctuations.
While yields are typically higher than higher-rated bonds, the yields are based on greater risk that the price will decline.
Small cap stocks have higher risk than the stocks of larger, more established companies and have significant short-term price volatility.
The Buffalo Funds are distributed by Quasar Distributors, LLC.
Copyright © 2008 Kornitzer Capital Management, Inc. All Rights Reserved
