IMPORTANT INFORMATION

Before you invest in the Buffalo Funds, please refer to the prospectus for important information about the investment company, including investment objectives, risks, charges, and expenses. You may also obtain a hard copy of the prospectus by calling (800) 492-8332. The prospectus should be read carefully before you invest or send money.

Mutual fund investing involves risk; principal loss is possible. The Buffalo Early Stage Growth, Growth, Growth & Income, Mid Cap Discovery, Mid Cap Growth, and Small Cap Growth invest in smaller companies that involve additional risks such as limited liquidity and greater volatility. The Blue Chip Growth, Early Stage Growth, Flexible Allocation, Growth, Growth & Income, High Yield, International, Mid Cap Discovery, Mid Cap Growth, and Small Cap Growth Funds may invest in foreign securities that will involve political, economic, and currency risks; greater volatility and differences in accounting methods. The International Fund may invest in emerging markets, which are generally more volatile and can have relatively unstable governments, social, and legal systems that do not protect shareholders; economies based on only a few industries and securities markets that are substantially smaller, less liquid, more volatile, and may have a lower level of government oversight than securities markets in more developed countries. The Flexible Income and High Yield Funds may invest in lower-rated and non-rated securities that present a greater risk of loss to principal and interest than higher-rated securities. Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. Investors should be aware of risks involved with investing in REITs and real estate securities, such as declines in the value of real estate and increased susceptibility to adverse economic or regulatory developments.

The Morningstar Rating™ for funds, or “star rating”, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star.

The Overall Morningstar Rating™ for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating™ metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. See all Morningstar Ratings and Rankings.

Past performance does not guarantee future results.

The Buffalo Funds are offered only to United States residents, and information on this site is intended only for such persons. Nothing on this website should be considered a solicitation to buy or an offer to sell shares of any Buffalo Fund in any jurisdiction where the offer or solicitation would be unlawful under the securities laws of such jurisdiction.

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

The Funds are actively-managed and may not meet their investment objectives based on the Adviser’s success or failure to implement investment strategies for the Funds. The Adviser’s evaluations and assumptions regarding issuers, securities, and other factors may not successfully achieve the Funds’ investment objectives given actual market conditions. Diversification neither ensures a profit nor guarantees against loss in a declining market.