The following disclosure relates to the article on our Buffalo Mid Cap Fund that appeared in the September 13, 2007 edition of Investor's Business Daily. In accordance with the accompanying reprint, please read the following, and then click to view the article:   

Average Annualized Total Returns as of March 31, 2008

  1-year 3-year 5-year Since inception Inception date Gross Expense Ratio
Buffalo Mid Cap Fund -10.60% 4.66% 14.06% 6.16% 12/17/2001 1.02%
Russell Mid Cap Growth Index -4.55% 7.77% 15.20% 6.58% n/a n/a
Morningstar Mid Cap Growth Fund Category Average -3.52% 7.38% 13.65% n/a n/a n/a
 

Performance data quoted represents past performance and does not guarantee future results.  The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost.  Investment performance, current to the most recent month-end, may be lower or higher than the performance quoted, and can be obtained by calling 1-800-49-BUFFALO or by visiting www.buffalofunds.com.  Performance data quoted does not reflect the 2.0% redemption fee imposed on shares held less than 60 days.  If reflected, total return would be reduced. 

The Fund invests in smaller companies, which involve additional risks such as limited liquidity and greater volatility. 

Click here for the fund's most recent prospectus.

The Russell Mid Cap Growth Index measures the performance of those Russell Mid Cap companies with higher price-to-book ratios and higher forecasted growth values.  Each Morningstar Category Average represents a universe of Funds with similar investment objectives.  It is not possible to invest directly in an index. 

The Price to Earnings (P/E) Ratio is calculated by dividing the current price of a stock by the company's trailing 12 months' earnings per share.  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. 

The opinions expressed are those of the author, Bob Male and/or Grant Sarris and are subject to change, are not guaranteed and should not be considered recommendations to buy or sell any security. 


Click here for the fund's top ten holdings.

Fund holdings and sector weightings are subject to change at any time, and should not be considered recommendations to buy or sell any security. 

*Top 10 holdings for the quarter cannot be disclosed before we file complete holdings with the SEC (approximately 60 days after quarter end).  Those listed are for the previous quarter. 

While the Fund is no-load, there are management fees and other expenses that do apply.   

The Buffalo Funds are distributed by Quasar Distributors, LLC.