Now Available — 2020 Year-End Capital Gains Distribution Estimates

Our Funds

Performance & Pricing

As of 10/31/2020		Average Annual Total Returns (%)
FUND Ticker, Inception Date, Expense Ratio	YTD	1 YR	3 YR	5 YR	10 YR	SINCE INCEPTION
DOMESTIC EQUITY
DISCOVERY BUFTX - Investor, 4/16/01, 1.02% BUITX - Institutional, 7/1/19, 0.87%	9.91 10.02	14.95 15.07	11.42 11.58	12.61 12.77	13.74 13.91	9.64 9.80
EARLY STAGE GROWTH* BUFOX - Investor, 5/21/04, 1.51% BUIOX - Institutional, 7/1/19, 1.37%	14.40 14.57	24.58 24.68	14.15 14.32	15.77 15.95	15.68 15.85	9.55 9.71
GROWTH BUFGX - Investor, 5/19/95, 0.93% BIIGX - Institutional, 7/1/19, 0.79%	10.94 11.05	16.95 17.08	15.03 15.20	13.36 13.52	13.26 13.43	10.53 10.70
LARGE CAP BUFEX - Investor, 5/19/95, 0.95% BUIEX - Institutional, 7/1/19, 0.81%	13.65 13.78	20.37 20.54	15.31 15.48	14.22 14.39	14.06 14.23	10.20 10.36
MID CAP BUFMX - Investor, 12/17/01, 1.03% BUIMX - Institutional, 12/17/01, 0.90%	11.31 11.43	16.68 16.80	13.54 13.70	10.81 10.97	10.68 10.84	8.73 8.89
SMALL CAP BUFSX - Investor, 4/14/98, 1.02% BUISX - Institutional, 7/1/19, 0.87%	28.77 28.97	40.19 40.40	19.86 20.05	18.24 18.42	14.15 14.32	12.70 12.87
INTERNATIONAL EQUITY
INTERNATIONAL BUFIX - Investor, 9/28/07, 1.05% BUIIX - Institutional, 7/1/19, 0.90%	1.36 1.48	7.42 7.55	5.93 6.08	9.05 9.21	6.73 6.89	4.90 5.05
EQUITY & INCOME / HIGH YIELD
DIVIDEND FOCUS BUFDX - Investor, 12/3/12, 0.96% BUIDX - Institutional, 7/1/19, 0.81%	-0.08 0.04	6.35 6.47	8.10 8.26	9.57 9.73	- -	11.73 11.89
FLEXIBLE INCOME BUFBX - Investor, 8/12/94, 1.02% BUIBX - Institutional, 7/1/19, 0.87%	-15.54 -15.43	-11.22 -11.14	-0.34 -0.21	2.47 2.62	5.64 5.79	6.33 6.48
HIGH YIELD BUFHX - Investor, 5/19/95, 1.03% BUIHX - Institutional, 7/1/19, 0.89%	2.20 2.29	4.81 4.93	4.12 4.24	4.48 4.61	5.28 5.43	6.85 7.00

As of 10/31/2020		Average Annual Total Returns (%)
FUND Ticker, Inception Date, Expense Ratio	YTD	1 YR	3 YR	5 YR	10 YR	SINCE INCEPTION
DOMESTIC EQUITY
DISCOVERY BUFTX - Investor, 4/16/01, 1.02% BUITX - Institutional, 7/1/19, 0.87%	9.91 10.02	14.95 15.07	11.42 11.58	12.61 12.77	13.74 13.91	9.64 9.80
Morningstar U.S. Mid Growth Index	22.92	31.57	18.85	16.09	14.70	9.14
EARLY STAGE GROWTH* BUFOX - Investor, 5/21/04, 1.51% BUIOX - Institutional, 7/1/19, 1.37%	14.40 14.57	24.58 24.68	14.15 14.32	15.77 15.95	15.68 15.85	9.55 9.71
Morningstar U.S. Small Growth Index	15.19	22.76	12.23	13.22	13.18	9.94
GROWTH BUFGX - Investor, 5/19/95, 0.93% BIIGX - Institutional, 7/1/19, 0.79%	10.94 11.05	16.95 17.08	15.03 15.20	13.36 13.52	13.26 13.43	10.53 10.70
Morningstar U.S. Growth Index	25.73	35.16	20.92	17.46	16.41	-
LARGE CAP BUFEX - Investor, 5/19/95, 0.95% BUIEX - Institutional, 7/1/19, 0.81%	13.65 13.78	20.37 20.54	15.31 15.48	14.22 14.39	14.06 14.23	10.20 10.36
Morningstar U.S. Large Growth Index	22.07	31.85	20.29	17.06	16.55	-
MID CAP BUFMX - Investor, 12/17/01, 1.03% BUIMX - Institutional, 12/17/01, 0.90%	11.31 11.43	16.68 16.80	13.54 13.70	10.81 10.97	10.68 10.84	8.73 8.89
Morningstar U.S. Mid Growth Index	22.82	31.57	18.85	16.09	14.70	9.80
SMALL CAP BUFSX - Investor, 4/14/98, 1.02% BUISX - Institutional, 7/1/19, 0.87%	28.77 28.97	40.19 40.40	19.86 20.05	18.24 18.42	14.15 14.32	12.70 12.87
Morningstar U.S. Small Growth Index	15.19	22.76	12.23	13.22	13.18	6.71
INTERNATIONAL EQUITY
INTERNATIONAL BUFIX - Investor, 9/28/07, 1.05% BUIIX - Institutional, 7/1/19, 0.90%	1.36 1.48	7.42 7.55	5.93 6.08	9.05 9.21	6.73 6.89	4.90 5.05
Morningstar Global Markets ex-US Index	-7.23	-2.27	0.01	4.72	3.94	1.69
EQUITY & INCOME / HIGH YIELD
DIVIDEND FOCUS BUFDX - Investor, 12/3/12, 0.96% BUIDX - Institutional, 7/1/19, 0.81%	-0.08 0.04	6.35 6.47	8.10 8.26	9.57 9.73	- -	11.73 11.89
Morningstar U.S. Large-Mid Cap Index	4.29	11.34	10.92	11.86	-	13.65
FLEXIBLE INCOME BUFBX - Investor, 8/12/94, 1.02% BUIBX - Institutional, 7/1/19, 0.87%	-15.54 -15.43	-11.22 -11.14	-0.34 -0.21	2.47 2.62	5.64 5.79	6.33 6.48
Morningstar Moderately Aggressive Target Risk Index	-1.45	3.15	5.26	7.67	7.96	-
HIGH YIELD BUFHX - Investor, 5/19/95, 1.03% BUIHX - Institutional, 7/1/19, 0.89%	2.20 2.29	4.81 4.93	4.12 4.24	4.48 4.61	5.28 5.43	6.85 7.00
ICE BofAML U.S. High Yield Index	0.17	2.54	3.86	6.14	6.07	6.99

Show / Hide Benchmarks

As of 9/30/2020		Average Annual Total Returns (%)
FUND Ticker, Inception Date, Expense Ratio	YTD	1 YR	3 YR	5 YR	10 YR	SINCE INCEPTION
DOMESTIC EQUITY
DISCOVERY BUFTX - Investor, 4/16/01, 1.02% BUITX - Institutional, 7/1/19, 0.87%	11.89 12.04	16.76 16.96	12.86 13.04	13.89 14.06	14.41 14.58	9.78 9.95
EARLY STAGE GROWTH* BUFOX - Investor, 5/21/04, 1.51% BUIOX - Institutional, 7/1/19, 1.37%	13.14 13.31	27.41 27.59	13.85 14.03	16.15 16.33	15.71 15.89	9.52 9.69
GROWTH BUFGX - Investor, 5/19/95, 0.93% BIIGX - Institutional, 7/1/19, 0.79%	14.46 14.58	22.88 23.06	17.23 17.40	15.54 15.71	14.15 14.32	10.71 10.87
LARGE CAP BUFEX - Investor, 5/19/95, 0.95% BUIEX - Institutional, 7/1/19, 0.81%	16.56 16.72	26.21 26.41	17.20 17.39	16.30 16.48	14.95 15.12	10.34 10.51
MID CAP BUFMX - Investor, 12/17/01, 1.03% BUIMX - Institutional, 12/17/01, 0.90%	11.31 11.49	17.87 18.06	13.93 14.12	11.48 11.66	10.88 11.05	8.77 8.94
SMALL CAP BUFSX - Investor, 4/14/98, 1.02% BUISX - Institutional, 7/1/19, 0.87%	26.65 26.85	43.10 43.31	20.42 20.61	18.90 19.08	13.93 14.11	12.67 12.84
INTERNATIONAL EQUITY
INTERNATIONAL BUFIX - Investor, 9/28/07, 1.05% BUIIX - Institutional, 7/1/19, 0.90%	5.33 5.45	15.51 15.65	8.00 8.16	11.30 11.46	7.61 7.77	5.24 5.40
EQUITY & INCOME / HIGH YIELD
DIVIDEND FOCUS BUFDX - Investor, 12/3/12, 0.96% BUIDX - Institutional, 7/1/19, 0.81%	1.77 1.89	9.80 9.91	9.51 9.68	11.63 11.79	- -	12.12 12.29
FLEXIBLE INCOME BUFBX - Investor, 8/12/94, 1.02% BUIBX - Institutional, 7/1/19, 0.87%	-11.31 -11.21	-7.20 -7.11	1.10 1.24	4.93 5.08	6.39 6.55	6.55 6.70
HIGH YIELD BUFHX - Investor, 5/19/95, 1.03% BUIHX - Institutional, 7/1/19, 0.89%	1.60 1.67	4.54 4.57	3.91 4.02	4.78 4.91	5.39 5.54	6.85 7.00

As of 9/30/2020		Average Annual Total Returns (%)
FUND Ticker, Inception Date, Expense Ratio	YTD	1 YR	3 YR	5 YR	10 YR	SINCE INCEPTION
DOMESTIC EQUITY
DISCOVERY BUFTX - Investor, 4/16/01, 1.02% BUITX - Institutional, 7/1/19, 0.87%	11.89 12.04	16.76 16.96	12.86 13.04	13.89 14.06	14.41 14.58	9.78 9.95
Morningstar U.S. Mid Growth Index	22.45	32.62	19.80	17.20	15.09	9.16
EARLY STAGE GROWTH* BUFOX - Investor, 5/21/04, 1.51% BUIOX - Institutional, 7/1/19, 1.37%	13.14 13.31	27.41 27.59	13.85 14.03	16.15 16.33	15.71 15.89	9.52 9.69
Morningstar U.S. Small Growth Index	12.02	22.23	12.35	13.79	13.39	9.81
GROWTH BUFGX - Investor, 5/19/95, 0.93% BIIGX - Institutional, 7/1/19, 0.79%	14.46 14.58	22.88 23.06	17.23 17.40	15.54 15.71	14.15 14.32	10.71 10.87
Morningstar U.S. Growth Index	28.39	41.39	23.14	19.94	17.30	-
LARGE CAP BUFEX - Investor, 5/19/95, 0.95% BUIEX - Institutional, 7/1/19, 0.81%	16.56 16.72	26.21 26.41	17.20 17.39	16.30 16.48	14.95 15.12	10.34 10.51
Morningstar U.S. Large Growth Index	27.52	40.45	23.51	20.34	17.79	-
MID CAP BUFMX - Investor, 12/17/01, 1.03% BUIMX - Institutional, 12/17/01, 0.90%	11.31 11.49	17.87 18.06	13.93 14.12	11.48 11.66	10.88 11.05	8.77 8.94
Morningstar U.S. Mid Growth Index	22.45	32.62	19.80	17.20	15.09	9.82
SMALL CAP BUFSX - Investor, 4/14/98, 1.02% BUISX - Institutional, 7/1/19, 0.87%	26.65 26.85	43.10 43.31	20.42 20.61	18.90 19.08	13.93 14.11	12.67 12.84
Morningstar U.S. Small Growth Index	12.02	22.23	12.35	13.79	13.39	6.61
INTERNATIONAL EQUITY
INTERNATIONAL BUFIX - Investor, 9/28/07, 1.05% BUIIX - Institutional, 7/1/19, 0.90%	5.33 5.45	15.51 15.65	8.00 8.16	11.30 11.46	7.61 7.77	5.24 5.40
Morningstar Global Markets ex-US Index	-5.21	3.49	1.36	6.67	4.51	1.87
EQUITY & INCOME / HIGH YIELD
DIVIDEND FOCUS BUFDX - Investor, 12/3/12, 0.96% BUIDX - Institutional, 7/1/19, 0.81%	1.77 1.89	9.80 9.91	9.51 9.68	11.63 11.79	- -	12.12 12.29
Morningstar U.S. Large-Mid Cap Index	7.06	16.71	12.75	14.21	-	14.19
FLEXIBLE INCOME BUFBX - Investor, 8/12/94, 1.02% BUIBX - Institutional, 7/1/19, 0.87%	-11.31 -11.21	-7.20 -7.11	1.10 1.24	4.93 5.08	6.39 6.55	6.55 6.70
Morningstar Moderately Aggressive Target Risk Index	0.09	6.97	6.39	9.19	8.48	-
HIGH YIELD BUFHX - Investor, 5/19/95, 1.03% BUIHX - Institutional, 7/1/19, 0.89%	1.60 1.67	4.54 4.57	3.91 4.02	4.78 4.91	5.39 5.54	6.85 7.00
ICE BofAML U.S. High Yield Index	-0.30	2.30	3.83	6.61	6.28	7.00


FUND	TICKER	INCEPTION	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006	2005	2004	2003	2002	2001	2000	1999	1998	1997	1996	1995	1994
DISCOVERY	BUFTX	4/16/2001	31.63%	-6.54%	25.44%	5.56%	5.64%	10.68%	36.61%	19.73%	-0.69%	22.96%	51.62%	-36.87%	8.15%	11.96%	6.91%	15.69%	62.68%	-39.01%	1.50%*
DIVIDEND FOCUS	BUFDX	12/3/2012	27.66%	-5.05%	18.02%	12.06%	0.13%	20.81%	23.93%
EMERGING OPPORTUNITIES	BUFOX	5/21/2004	34.03%	-3.95%	27.18%	11.05%	-9.41%	-7.38%	61.70%	24.30%	8.14%	26.86%	48.16%	-48.30%	-11.88%	12.54%	9.50%	11.90%*
FLEXIBLE INCOME	BUFBX	8/12/1994	18.76%	-7.00%	13.21%	9.90%	-1.97%	3.59%	16.68%	10.31%	9.63%	11.68%	31.07%	-29.47%	9.62%	16.76%	5.41%	14.07%	25.82%	-16.01%	0.83%	8.05%	5.44%	-2.78%	15.09%	19.33%	20.30%	-3.07%*
GROWTH	BUFGX	5/19/1995	31.91%	0.51%	22.81%	4.86%	2.64%	8.88%	35.40%	11.86%	-0.06%	23.28%	33.34%	-32.69%	7.76%	12.44%	4.59%	7.13%	36.11%	-25.43%	-10.54%	8.80%	37.31%	7.90%	19.04%	36.75%	11.51%*
HIGH YIELD	BUFHX	5/19/1995	12.32%	-2.26%	5.98%	6.65%	1.80%	1.96%	9.40%	10.35%	3.54%	12.45%	44.01%	-21.30%	3.78%	8.61%	-0.88%	8.38%	20.25%	4.01%	10.58%	4.42%	1.97%	-5.33%	15.76%	16.68%	12.87%*
INTERNATIONAL	BUFIX	9/28/2007	28.02%	-8.85%	29.33%	3.19%	-0.45%	-2.04%	19.29%	19.01%	-13.82%	13.73%	46.45%	-40.82%	0.70%*
LARGE CAP	BUFEX	5/19/1995	31.77%	-1.63%	24.86%	6.90%	7.15%	12.76%	32.76%	17.23%	-5.60%	14.32%	50.74%	-40.84%	8.10%	10.45%	1.98%	7.81%	29.72%	-24.76%	-14.87%	20.53%	15.41%	10.68%	24.22%	29.25%	23.35%*
MID CAP	BUFMX	12/17/2001	37.98%	-7.30%	13.66%	5.93%	-0.52%	5.85%	29.25%	13.93%	-5.83%	24.34%	48.80%	-39.43%	9.97%	5.68%	13.83%	16.60%	43.66%	-22.13%	0.30%*
SMALL CAP	BUFSX	4/14/1998	40.97%	-5.78%	27.07%	6.22%	-4.46%	-6.55%	44.15%	19.93%	-4.66%	16.59%	37.49%	-29.84%	-0.33%	13.95%	3.22%	28.82%	51.24%	-25.75%	31.18%	33.69%	34.79%	-3.28%*

*Partial year. Inception to year-end.

Investor Class Shares

As of November 25, 2020

FUND	TICKER	NAV	CNG ($)	CNG (%)	YTD (%)
DISCOVERY FUND	BUFTX	$29.66	$0.10	0.34%	22.41%
DIVIDEND FOCUS FUND	BUFDX	$21.19	$-0.03	-0.14%	12.14%
EARLY STAGE GROWTH FUND	BUFOX	$21.60	$-0.04	-0.18%	29.03%
FLEXIBLE INCOME FUND	BUFBX	$14.92	$-0.06	-0.40%	-4.09%
GROWTH FUND	BUFGX	$30.74	$0.01	0.03%	21.79%
HIGH YIELD FUND	BUFHX	$11.51	$0.01	0.09%	6.62%
INTERNATIONAL FUND	BUFIX	$19.10	$0.00	0.00%	13.08%
LARGE CAP FUND	BUFEX	$43.05	$0.01	0.02%	22.93%
MID CAP FUND	BUFMX	$19.20	$-0.01	-0.05%	24.76%
SMALL CAP FUND	BUFSX	$19.82	$0.03	0.15%	45.10%

Institutional Class Shares

Inception Date of all Institutional Class Shares is July 1, 2019.

As of November 25, 2020

FUND	TICKER	NAV	CNG ($)	CNG (%)	YTD (%)
DISCOVERY FUND	BUITX	$29.72	$0.09	0.30%	22.56%
DIVIDEND FOCUS FUND	BUIDX	$21.19	$-0.04	-0.19%	12.28%
EARLY STAGE GROWTH FUND	BUIOX	$21.65	$-0.04	-0.18%	29.25%
FLEXIBLE INCOME FUND	BUIBX	$14.91	$-0.06	-0.40%	-3.95%
GROWTH FUND	BIIGX	$30.78	$0.01	0.03%	21.95%
HIGH YIELD FUND	BUIHX	$11.50	$0.01	0.09%	6.82%
INTERNATIONAL FUND	BUIIX	$19.12	$-0.01	-0.05%	13.20%
LARGE CAP FUND	BUIEX	$43.14	$0.00	0.00%	23.08%
MID CAP FUND	BUIMX	$19.24	$-0.01	-0.05%	24.94%
SMALL CAP FUND	BUISX	$19.87	$0.04	0.20%	45.35%

*As of October 16, 2020, the name of the Buffalo Emerging Opportunities Fund changed to the Early Stage Growth Fund.

For performance prior to 7/1/19 (Inception Date of Institutional Class), performance of the Investor Class shares is used and includes expenses not applicable and lower than those of Investor Class shares. 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 may be lower or higher than the performance quoted and month-end can be obtained by clicking here. Performance is annualized for periods greater than 1 year.

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Ratings & Rankings

MORNINGSTAR

OVERALL MORNINGSTAR RATINGS^TM

FUND NAME	TICKER	3 YR	5 YR	10 YR	CATEGORY
DISCOVERY	BUFTX	65% of 557 funds	55% of 499 funds	36% of 380 funds	Mid-Cap Growth
DIVIDEND FOCUS	BUFDX	56% of 1,237 funds	61% of 1,071 funds	—	Large Blend
EARLY STAGE GROWTH*	BUFOX	32% of 573 funds	22% of 509 funds	10% of 383 funds	Small Growth
FLEXIBLE INCOME	BUFBX	90% of 151 funds	92% of 134 funds	94% of 95 funds	Allocation 85%+ Equity
GROWTH	BUFGX	59% of 1,224 funds	63% of 1,089 funds	67% of 806 funds	Large Growth
HIGH YIELD	BUFHX	16% of 625 funds	66% of 541 funds	43% of 349 funds	High Yield Bond
INTERNATIONAL	BUFIX	45% of 405 funds	29% of 322 funds	36% of 237 funds	Foreign Large Growth
LARGE CAP	BUFEX	56% of 1,224 funds	56% of 1,089 funds	55% of 806 funds	Large Growth
MID CAP	BUFMX	52% of 557 funds	71% of 499 funds	81% of 380 funds	Mid-Cap Growth
SMALL CAP	BUFSX	15% of 573 funds	12% of 509 funds	24% of 383 funds	Small Growth

*As of October 16, 2020, the name of the Buffalo Emerging Opportunities Fund changed to the Early Stage Growth Fund.

Rankings listed are for the period ended 10/31/20. 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 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 3-, 5-, and 10-year (if applicable) Morningstar Rating™ metrics. The weights are: 100% 3-year rating for 36-59 months of total returns, 60% 5-year rating/40% 3-year rating for 60-119 months of total returns, and 50% 10-year rating/30% 5-year rating/20% 3-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 3-year period actually has the greatest impact because it is included in all 3 rating periods. Each Morningstar category average represents a universe of funds with similar objectives. The Morningstar percentile ranking is based on the fund’s total-return percentile rank relative to all managed products that have the same category for the same time period. The highest (or most favorable) percentile rank is 1%, and the lowest (or least favorable) percentile rank is 100%. Morningstar total return includes both income and capital gains or losses and is not adjusted for sales charges. © 2020 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Dividends & Distributions

Now Available — 2020 Year-End Capital Gains Distribution Estimates

Discovery Fund

2020 Distribution Date:
Record Date: December 17, 2020 | Payable Date: December 18, 2020

Payable Date	Distribution NAV	Net Investment Income	Short-Term Capital Gain	Long-Term Capital Gains	Total Distribution
12/18/2019	$24.00 (Inv) $24.02 (Inst)	- -	$0.66861 $0.66861	$2.92026 $2.92026	$3.58887 $3.58887
12/18/2018	$21.26		$0.16619	$1.31735	$1.48354
12/19/2017	$24.34		$0.54728	$0.57634	$1.12362
12/20/2016	$20.47		$0.28301	$0.23560	$0.51861
12/18/2015	$19.30		$0.25073	$1.23253	$1.48326
12/18/2014	$19.86		$0.30280	$1.75262	$2.05542
12/18/2013	$19.44		$0.52163	$0.98886	$1.51049
12/18/2012	$15.87	$0.03194643		$1.19021	$1.22215643
12/20/2011	$14.08		$0.09271	$0.89769	$0.99040
12/20/2010	$15.25			$0.31678	$0.31678
12/18/2007	$13.25		$0.16525	$0.58416	$0.74941
12/19/2006	$13.12			$0.22628	$0.22628
12/20/2005	$12.39			$0.04532	$0.04532

Dividend Focus Fund

Payable Date	Distribution NAV	Net Investment Income	Short-Term Capital Gains	Long-Term Capital Gains	Distribution Total
9/18/20	$19.13 (Inv) $19.13 (Inst)	$0.03170945 $0.03903915	- -	- -	$0.03170945 $0.03903915
6/18/20	$18.26 (Inv) $18.26 (Inst)	$0.03034499 $0.03590278	- -	- -	$0.03034499 $0.03590278
3/18/20	$14.07 (Inv) $14.07 (Inst)	$0.03107063 $0.03831320	- -	- -	$0.03107063 $0.03831320
12/18/19	$18.82 (Inv) $18.82 (Inst)	$0.04196909 $0.04964262	- -	- -	$0.04196909 $0.04964262
9/18/19	$17.80 (Inv) $17.80 (Inst)	$0.04731858 $0.05327159	- -	- -	$0.04731858 $0.05327159
6/18/19	$17.20	$0.06566509	-	-	$0.06566509
3/19/19	$16.72	$0.05232873	-	-	$0.05232873
12/18/18	$15.33	$0.08791977	$0.02500	$0.51339	$0.62630977
9/18/18	$17.96	$0.05499230	-	-	$0.05499230
6/19/18	$16.99	$0.05791680	-	-	$0.05791680
3/20/18	$16.72	$0.04369471	-	-	$0.04369471
12/19/17	$16.73	$0.05315489	$0.15204	-	$0.20519489
9/19/17	$15.79	$0.05107348	-	-	$0.05107348
6/20/17	$15.53	$0.04405814	-	-	$0.04405814
3/20/17	$15.37	$0.04662158	-	-	$0.04662158
12/20/16	$14.58	$0.04502534	$0.06489	$0.03508	$0.14499534
9/20/16	$13.78	$0.04538819	-	-	$0.04538819
6/20/16	$13.34	$0.04391608	-	-	$0.04391608
3/18/16	$13.15	$0.04845082	-	-	$0.04845082
12/18/15	$12.88	$0.04061333	$0.14263	$0.11942	$0.30266333
9/18/15	$12.94	$0.03816853	-	-	$0.03816853
6/18/15	$14.29	$0.04120635	-	-	$0.04120635
3/18/15	$13.89	$0.04200730	-	-	$0.04200730
12/18/14	$13.53	$0.03066401	$0.54808	$0.10086	$0.67960401
9/18/14	$13.50	$0.02424009	-	-	$0.02424009
6/18/14	$13.05	$0.03496855	-	-	$0.03496855
3/18/14	$12.11	$0.03702784	-	-	$0.03702784
12/18/13	$11.56	$0.04725764	$0.38271	-	$0.42996764
9/18/13	$11.47	$0.03960545	-	-	$0.03960545
6/18/13	$11.13	$0.03967611	-	-	$0.03967611
3/19/13	$10.36	$0.01492578	-	-	$0.01492578

2020 Distribution Dates:
Record Date: December 17, 2020 | Payable Date: December 18, 2020

Early Stage Growth Fund

2020 Distribution Date:
Record Date: December 17, 2020 | Payable Date: December 18, 2020

*As of October 16, 2020, the name of the Buffalo Emerging Opportunities Fund changed to the Early Stage Growth Fund.

Payable Date	Distribution NAV	Net Investment Income	Short-Term Capital Gain	Long-Term Capital Gains	Distribution Total
12/18/2019	$16.62 (Inv) $16.64 (Inst)	- -	- -	$0.79828 $0.79828	$0.79828 $0.79828
12/18/2018	$12.99	-	$0.48040	$1.41757	$1.89797
12/19/2017	$15.68	-	$1.57593	$1.55028	$3.12621
12/20/2016	$14.89	-	$0.07442	$1.15561	$1.23003
12/18/2015	$14.20	-	-	$1.22545	$1.22545
12/18/2014	$16.92	-	$0.71582	$0.53807	$1.25389
12/18/2013	$19.26	-	-	$0.04726	$0.04726
12/18/2008	$4.78	-	$0.00909	$0.47624	$0.48533
12/18/2007	$10.28	-	-	$1.02578	$1.02578
12/19/2006	$12.91	-	-	$0.69402	$0.69402
12/20/2005	$12.15	-	$0.05271	$0.05271	$0.05271

Flexible Income Fund

2019

2020 Distribution Dates:
Record Date: December 17, 2020 | Payable Date: December 18, 2020

Record Date	Payable Date	Distribution NAV	Net Investment Income	Short-Term Capital Gains	Long-Term Capital Gains	Distribution Total
11/17/20	11/18/20	$14.47 (Inv) $14.46 (Inst)	$0.03343034 $0.03510836	- -	- -	$0.03343034 $0.03510836
10/19/20	10/20/20	$13.93 (Inv) $13.93 (Inst)	$0.01148232 $0.01334694	- -	- -	$0.01148232 $0.01334694
9/17/20	9/18/20	$14.00 (Inv) $13.99 (Inst)	$0.03141607 $0.03327124	- -	- -	$0.03141607 $0.03327124
8/17/20	8/18/20	$14.48 (Inv) $14.47 (Inst)	$0.03037001 $0.03222123	- -	- -	$0.03037001 $0.03222123
7/17/20	7/20/20	$14.10 (Inv) $14.09 (Inst)	$0.01198759 $0.01372148	- -	- -	$0.01198759 $0.01372148
6/17/20	6/18/20	$14.03 (Inv) $14.02 (Inst)	$0.02676727 $0.03115148	- -	- -	$0.02676727 $0.03115148
5/18/20	5/19/20	$13.31 (Inv) $13.31 (Inst)	$0.03550457 $0.03721941	- -	- -	$0.03550457 $0.03721941
4/17/20	4/20/20	$13.02 (Inv) $13.02 (Inst)	$0.00378510 $0.00533692	- -	- -	$0.00378510 $0.00533692
3/17/20	3/18/20	$11.18 (Inv) $11.17 (Inst)	$0.02710948 $0.02877999	- -	- -	$0.02710948 $0.02877999
2/18/20	2/19/20	$16.01 (Inv) $16.01 (Inst)	$0.02114417 $0.02219948	- -	- -	$0.02114417 $0.02219948
1/17/20	1/21/20	$16.04 (Inv) $16.04 (Inst)	$0.01794007 $0.02027910	- -	- -	$0.01794007 $0.02027910

2019 ▼

Record Date	Payable Date	Distribution NAV	Net Investment Income	Short-Term Capital Gains	Long-Term Capital Gains	Distribution Total
12/17/19	12/18/19	$15.59 (Inv) $15.59 (Inst)	$0.04629671 $0.04912760	$0.02872 $0.02872	$0.07558 $0.07558	$0.15060 $0.15343
11/18/19	11/19/19	$15.47 (Inv) $15.46 (Inst)	$0.03471377 $0.03676016	- -	- -	$0.03471377 $0.03676016
10/17/19	10/18/19	$15.12 (Inv) $15.11 (Inst)	$0.01145893 $0.01334413	- -	- -	$0.01145893 $0.01334413
9/17/19	9/18/19	$15.41 (Inv) $15.40 (Inst)	$0.01890039 $0.02069821	- -	- -	$0.01890039 $0.02069821
8/19/19	8/20/19	$14.71 (Inv) $14.70 (Inst)	$0.04961371 $0.05168269	- -	- -	$0.04961371 $0.05168269
7/17/19	7/18/19	$15.27 (Inv) $15.27 (Inst)	$0.00826352 $0.00940197	- -	- -	$0.00826352 $0.00940197
6/17/19	6/18/19	$15.13	$0.02141209	-	-	$0.02141209
5/17/19	5/20/19	$15.01	$0.05121407	-	-	$0.05121407
4/17/19	4/18/19	$15.43	$0.01351815	-	-	$0.01351815
3/18/19	3/19/19	$15.18	$0.03240602	-	-	$0.03240602
2/19/19	2/20/19	$15.12	$0.01889814	-	-	$0.01889814
1/17/19	1/18/19	$14.58	$0.02098656	-	-	$0.02098656

2018 ▼

Record Date	Payable Date	Distribution NAV	Net Investment Income	Short-Term Capital Gains	Long-Term Capital Gains	Distribution Total
12/17/18	12/18/18	$13.86	$0.00583026	$0.01651	$0.42416	$0.44650026
11/19/18	11/20/18	$15.00	$0.02204593	-	-	$0.02204593
No distribution for October 2018
9/17/18	9/18/18	$16.04	$0.02689378	-	-	$0.02689378
8/17/18	8/18/18	$15.86	$0.05035470	-	-	$0.05035470
7/17/18	7/18/18	$15.66	$0.12908504	-	-	$0.12908504
6/18/18	6/19/18	$15.62	$0.02556148	-	-	$0.02556148
5/17/18	5/18/18	$15.59	$0.04873401	-	-	$0.04873401
4/17/18	4/18/18	$15.51	$0.01254410	-	-	$0.01254410
3/19/18	3/20/18	$15.06	$0.02352098	-	-	$0.02352098
2/20/18	2/21/18	$14.98	$0.02173024	-	-	$0.02173024
1/17/18	1/18/18	$16.06	$0.01756997	-	-	$0.01756997

2017 ▼

Payable Date	Distribution NAV	Net Investment Income	Short-Term Capital Gain	Long-Term Capital Gains	Distribution Total
12/19/2017	$15.44	$0.04185682	$0.00129	$0.49433	$0.53747682
11/20/2017	$15.33	$0.04494091	-	-	$0.04494091
10/18/2017	$15.33	$0.01301819	-	-	$0.01301819
9/19/2017	$15.14	$0.02847672	-	-	$0.02847672
8/18/2017	$14.57	$0.04700304	-	-	$0.04700304
7/18/2017	$14.69	$0.01551784	-	-	$0.01551784
6/20/2017	$14.75	$0.02782174	-	-	$0.02782174
5/18/2017	$14.47	$0.05342813	-	-	$0.05342813
4/18/2017	$14.61	$0.02480801	-	-	$0.02480801
3/20/2017	$14.75	$0.01956729	-	-	$0.01956729
2/21/2017	$14.88	$0.02256813	-	-	$0.02256813
1/18/2017	$14.62	$0.02170283	-	-	$0.02170283

2016 ▼

Distribution Date	Distribution NAV	Net Investment Income	Short-Term Capital Gain	Total Ordinary	Long-Term Capital Gains	Distribution Total
12/20/2016	$14.66	$0.04563388	$0.00703000	$0.04563388	$0.05969000	$0.11235388
11/18/2016	$14.03	$0.04091959	-	$0.04091959	-	$0.04091959
10/18/2016	$13.93	$0.01688347	-	$0.01688347	-	$0.01688347
9/20/2016	$13.89	$0.02795617	-	$0.02795617	-	$0.02795617
8/18/2016	$14.37	$0.05059294	-	$0.05059294	-	$0.05059294
7/19/2016	$14.33	$0.01698670	-	$0.01698670	-	$0.01698670
6/20/2016	$13.87	$0.06769558	-	$0.06769558	-	$0.06769558
5/18/2016	$13.61	$0.03415750	-	$0.03415750	-	$0.03415750
4/19/2016	$13.94	$0.01693122	-	$0.01693122	-	$0.01693122
3/18/2016	$13.71	$0.03200399	-	$0.03200399	-	$0.03200399
2/18/2016	$12.96	$0.02252043	-	$0.02252043	-	$0.02252043
1/20/2016	$12.55	$0.02191057	-	$0.02191057	-	$0.02191057

2015 ▼

Distribution Date	Distribution NAV	Net Investment Income	Short-Term Capital Gain	Total Ordinary	Long-Term Capital Gains	Distribution Total
12/18/2015	$13.50	$0.04320147	--	$0.04320147	$0.09672000	$0.13992147
11/18/2015	$14.19	$0.04169148	-	$0.04169148	-	$0.04169148
10/20/2015	$14.11	$0.02193725	-	$0.02193725	-	$0.02193725
9/18/2015	$13.56	$0.03642946	-	$0.03642946	-	$0.03642946
8/18/2015	$14.13	$0.03919810	-	$0.03919810	-	$0.03919810
7/20/2015	$14.39	$0.02121954	-	$0.02121954	-	$0.02121954
6/18/2015	$14.66	$0.04055109	-	$0.04055109	-	$0.04055109
5/19/2015	$14.76	$0.04360442	-	$0.04360442	-	$0.04360442
4/20/2015	$14.72	$0.04328131	-	$0.04328131	-	$0.04328131
3/18/2015	$14.52	$0.03581536	-	$0.03581536	-	$0.03581536
2/18/2015	$14.69	$0.03129948	-	$0.03129948	-	$0.03129948
1/21/2015	$14.37	$0.00727564	-	$0.00727564	-	$0.00727564

2014 ▼

Distribution Date	Distribution NAV	Net Investment Income	Short-Term Capital Gain	Total Ordinary	Long-Term Capital Gains	Distribution Total
12/18/2014	$14.43	$0.05335737	$0.02552000	$0.05335737	$0.03817000	$0.11704737
11/18/2014	$14.87	$0.02558398	-	$0.02558398	-	$0.02558398
10/20/2014	$14.41	$0.01842911	-	$0.01842911	-	$0.01842911
9/18/2014	$14.99	$0.02239766	-	$0.02239766	-	$0.02239766
8/19/2014	$15.04	$0.02013928	-	$0.02013928	-	$0.02013928
7/18/2014	$15.08	$0.01981656	-	$0.01981656	-	$0.01981656
6/18/2014	$14.90	$0.02317062	-	$0.02317062	-	$0.02317062
5/20/2014	$14.63	$0.02455010	-	$0.02455010	-	$0.02455010
4/21/2014	$14.57	$0.01310885	-	$0.01310885	-	$0.01310885
3/18/2014	$14.33	$0.01982326	-	$0.01982326	-	$0.01982326
2/19/2014	$14.22	$0.00910930	-	$0.00910930	-	$0.00910930
1/21/2014	$14.23	$0.02031780	-	$0.02031780	-	$0.02031780

2013 ▼

Distribution Date	Distribution NAV	Net Investment Income	Short-Term Capital Gain	Total Ordinary	Long-Term Capital Gains	Distribution Total
12/18/2013	$14.06	$0.05383558	$0.07750000	$0.05383558	$0.04745000	$0.17878558
11/19/2013	$14.31	$0.02529143	-	$0.02529143	-	$0.02529143
10/18/2013	$14.11	$0.01951625	-	$0.01951625	-	$0.01951625
9/18/2013	$14.05	$0.02483825	-	$0.02483825	-	$0.02483825
8/20/2013	$13.78	$0.03244990	-	$0.03244990	-	$0.03244990
7/18/2013	$13.91	$0.01758716	-	$0.01758716	-	$0.01758716
6/18/2013	$13.84	$0.02471261	-	$0.02471261	-	$0.02471261
5/20/2013	$13.98	$0.02806788	-	$0.02806788	-	$0.02806788
4/18/2013	$13.43	$0.00821965	-	$0.00821965	-	$0.00821965
3/19/2013	$13.40	$0.03931351	-	$0.03931351	-	$0.03931351
2/20/2013	$13.20	$0.03499774	-	$0.03499774	-	$0.03499774
1/18/2013	$12.99	$0.02717291	-	$0.02717291	-	$0.02717291

2012 ▼

Distribution Date	Distribution NAV	Net Investment Income	Short-Term Capital Gain	Total Ordinary	Long-Term Capital Gains	Distribution Total
12/18/2012	$12.78	$0.06871801	-	$0.06871801	-	$0.06871801
11/20/2012	$12.49	$0.03898206	-	$0.03898206	-	$0.03898206
10/18/2012	$12.94	$0.02210625	-	$0.02210625	-	$0.02210625
9/18/2012	$12.88	$0.03067996	-	$0.03067996	-	$0.03067996
8/20/2012	$12.62	$0.03761051	-	$0.03761051	-	$0.03761051
7/18/2012	$12.43	$0.02272863	-	$0.02272863	-	$0.02272863
6/19/2012	$12.29	$0.04392758	-	$0.04392758	-	$0.04392758
5/18/2012	$12.00	$0.04127610	-	$0.04127610	-	$0.04127610
4/18/2012	$12.28	$0.01298372	-	$0.01298372	-	$0.01298372
3/20/2012	$12.42	$0.03751484	-	$0.03751484	-	$0.03751484
2/21/2012	$12.30	$0.01324135	-	$0.01324135	-	$0.01324135

2011 ▼

Distribution Date	Distribution NAV	Net Investment Income	Short-Term Capital Gain	Total Ordinary	Long-Term Capital Gains	Distribution Total
12/20/2011	$11.67	$0.10101730	-	$0.10101730	-	$0.10101730
11/18/2011	$11.52	$0.04178773	-	$0.04178773	-	$0.04178773
10/18/2011	$11.48	$0.02923918	-	$0.02923918	-	$0.02923918
9/20/2011	$11.36	$0.10187602	-	$0.10187602	-	$0.10187602
6/20/2011	$11.65	$0.08877461	-	$0.08877461	-	$0.08877461
3/18/2011	$11.49	$0.00638945	-	$0.00638945	-	$0.00638945

2010 ▼

Distribution Date	Distribution NAV	Net Investment Income	Short-Term Capital Gain	Total Ordinary	Long-Term Capital Gains	Distribution Total
12/20/2010	$11.06	$0.15887461	-	$0.15887461	-	$0.15887461
9/20/2010	$10.58	$0.08344084	-	$0.08344084	-	$0.08344084
6/18/2010	$10.32	$0.08061527	-	$0.08061527	-	$0.08061527
3/18/2010	$10.59	$0.00280638	-	$0.00280638	-	$0.00280638

2009 ▼

Distribution Date	Distribution NAV	Net Investment Income	Short-Term Capital Gain	Total Ordinary	Long-Term Capital Gains	Distribution Total
12/18/2009	$10.18	$0.17503702	-	$0.17503702	-	$0.17503702
9/18/2009	$10.01	$0.09460726	-	$0.09460726	-	$0.09460726
6/18/2009	$8.96	$0.07783619	-	$0.07783619	-	$0.07783619
3/18/2009	$7.76	$0.01582946	-	$0.01582946	-	$0.01582946

2008 ▼

Distribution Date	Distribution NAV	Net Investment Income	Short-Term Capital Gain	Total Ordinary	Long-Term Capital Gains	Distribution Total
12/18/2008	$7.94	$0.18268671	-	$0.18268671	-	$0.18268671
9/18/2008	$10.86	$0.09861885	-	$0.09861885	-	$0.09861885
6/18/2008	$11.88	$0.08765000	-	$0.08765000	-	$0.08765000
3/18/2008	$11.44	$0.02639640	-	$0.02639640	-	$0.02639640

2007 ▼

Distribution Date	Distribution NAV	Net Investment Income	Short-Term Capital Gain	Total Ordinary	Long-Term Capital Gains	Distribution Total
12/18/2007	$11.90	$0.15739870	$0.02638000	$0.15739870	$0.26638000	$0.45015870
9/18/2007	$12.44	$0.08646968	-	$0.08646968	-	$0.08646968
6/19/2007	$12.39	$0.08400766	-	$0.08400766	-	$0.08400766
3/20/2007	$11.59	$0.12954750	-	$0.12954750	-	$0.12954750

2006 ▼

Distribution Date	Distribution NAV	Net Investment Income	Short-Term Capital Gain	Total Ordinary	Long-Term Capital Gains	Distribution Total
12/19/2006	$11.82	$0.04408844	-	$0.04408844	-	$0.04408844
9/19/2006	$11.07	$0.07190000	-	$0.07190000	-	$0.07190000
6/20/2006	$10.52	$0.07630000	-	$0.07630000	-	$0.07630000
3/20/2006	$10.73	$0.06400000	-	$0.06400000	-	$0.06400000

2005 ▼

Distribution Date	Distribution NAV	Net Investment Income	Short-Term Capital Gain	Total Ordinary	Long-Term Capital Gains	Distribution Total
12/20/2005	$10.36	$0.08840000	-	$0.08840000	-	$0.08840000
9/20/2005	$10.46	$0.07700000	-	$0.07700000	-	$0.07700000
6/20/2005	$10.21	$0.06820000	-	$0.06820000	-	$0.06820000
3/18/2005	$10.13	$0.05750000	-	$0.05750000	-	$0.05750000

2004 ▼

Distribution Date	Distribution NAV	Net Investment Income	Short-Term Capital Gain	Total Ordinary	Long-Term Capital Gains	Distribution Total
12/20/2004	$10.00	$0.10230000	-	$0.10230000	-	$0.10230000
9/20/2004	$9.61	$0.07040000	-	$0.07040000	-	$0.07040000
6/18/2004	$9.52	$0.07550000	-	$0.07550000	-	$0.07550000
3/18/2004	$9.36	$0.05590000	-	$0.05590000	-	$0.05590000

2003 ▼

Distribution Date	Distribution NAV	Net Investment Income	Short-Term Capital Gain	Total Ordinary	Long-Term Capital Gains	Distribution Total
12/20/2004	$10.00	$0.10230000	-	$0.10230000	-	$0.10230000
9/20/2004	$9.61	$0.07040000	-	$0.07040000	-	$0.07040000
6/18/2004	$9.52	$0.07550000	-	$0.07550000	-	$0.07550000
3/18/2004	$9.36	$0.05590000	-	$0.05590000	-	$0.05590000

2002 ▼

Distribution Date	Distribution NAV	Net Investment Income	Short-Term Capital Gain	Total Ordinary	Long-Term Capital Gains	Distribution Total
9/19/2002	$7.04	$0.09000000	-	$0.09000000	-	$0.09000000
6/20/2002	$8.11	$0.05000000	-	$0.05000000	-	$0.05000000
3/21/2002	$9.30	$0.10000000	-	$0.10000000	-	$0.10000000

2001 ▼

Distribution Date	Distribution NAV	Net Investment Income	Short-Term Capital Gain	Total Ordinary	Long-Term Capital Gains	Distribution Total
9/20/2001	$7.84	$0.11000000	-	$0.11000000	-	$0.11000000
6/21/2001	$9.52	$0.05000000	-	$0.05000000	-	$0.05000000
3/22/2001	$8.76	$0.15000000	-	$0.15000000	-	$0.15000000

2000 ▼

Distribution Date	Distribution NAV	Net Investment Income	Short-Term Capital Gain	Total Ordinary	Long-Term Capital Gains	Distribution Total
9/14/2000	$9.82	$0.14000000	-	$0.14000000	-	$0.14000000
6/22/2000	$9.55	$0.16000000	-	$0.16000000	-	$0.16000000
3/23/2000	$9.93	$0.09000000	-	$0.09000000	-	$0.09000000

1999 ▼

Distribution Date	Distribution NAV	Net Investment Income	Short-Term Capital Gain	Total Ordinary	Long-Term Capital Gains	Distribution Total
12/16/1999	$8.75	$0.08400000	-	$0.08400000	-	$0.08400000
9/23/1999	$8.82	$0.16000000	-	$0.16000000	-	$0.16000000
6/24/1999	$9.36	$0.12000000	-	$0.12000000	-	$0.12000000
3/24/1999	$8.77	$0.19000000	-	$0.19000000	-	$0.19000000

1998 ▼

Distribution Date	Distribution NAV	Net Investment Income	Short-Term Capital Gain	Total Ordinary	Long-Term Capital Gains	Distribution Total
12/17/1998	$9.07	$0.18000000	$0.18000000	$0.36000000	$0.59000000	$0.95000000
9/18/1998	$9.82	$0.17000000	-	$0.17000000	-	$0.17000000
6/19/1998	$11.22	$0.12000000	-	$0.12000000	-	$0.12000000
3/20/1998	$11.44	$0.15000000	-	$0.15000000	-	$0.15000000

1997 ▼

Distribution Date	Distribution NAV	Net Investment Income	Short-Term Capital Gain	Total Ordinary	Long-Term Capital Gains	Distribution Total
12/26/1997	$10.71	$0.20010000	$0.33210000	$0.00000000	$0.57580000	$1.10800000
9/19/1997	$12.15	$0.15000000	-	$0.15000000	-	$0.15000000
6/20/1997	$11.33	$0.15000000	-	$0.15000000	-	$0.15000000
3/21/1997	$10.70	$0.15000000	-	$0.15000000	-	$0.15000000

1996 ▼

Distribution Date	Distribution NAV	Net Investment Income	Short-Term Capital Gain	Total Ordinary	Long-Term Capital Gains	Distribution Total
12/27/1996	$10.88	$0.21700000	-	$0.21700000	-	$0.21700000
9/20/1996	$11.21	$0.18000000	-	$0.18000000	-	$0.18000000
6/21/1996	$11.01	$0.16000000	-	$0.16000000	-	$0.16000000
3/29/1996	$10.70	$0.18000000	-	$0.18000000	-	$0.18000000

1995 ▼

Distribution Date	Distribution NAV	Net Investment Income	Short-Term Capital Gain	Total Ordinary	Long-Term Capital Gains	Distribution Total
12/29/1995	$10.46	$0.16100000	-	$0.16100000	-	$0.16100000
9/22/1995	$10.49	$0.15000000	-	$0.15000000	-	$0.15000000
6/30/1995	$10.34	$0.18700000	-	$0.18700000	-	$0.18700000
3/24/1995	$9.91	$0.15000000	-	$0.15000000	-	$0.15000000

1994 ▼

Distribution Date	Distribution NAV	Net Investment Income	Short-Term Capital Gain	Total Ordinary	Long-Term Capital Gains	Distribution Total
12/23/1994	$9.54	$0.15000000	-	$0.15000000	-	$0.15000000

Growth Fund

2020 Distribution Date:
Record Date: December 17, 2020 | Payable Date: December 18, 2020

Payable Date	Distribution NAV	Net Investment Income	Short-Term Capital Gain	Long-Term Capital Gains	Distribution Total
12/18/2019	$24.91 (Inv) $24.91 (Inst)	$0.07759508 $0.09980872	$0.07352 $0.07352	$3.28080 $3.28080	$3.43192 $3.45477
12/18/2018	$21.86	$0.00792452	$0.03868	$7.49392	$7.54052452
12/19/2017	$29.37	$0.45372538	$0.04746	$5.46795	$5.96913538
12/20/2016	$29.11	$0.22095542	$0.02407	$1.40548	$1.65050542
12/18/2015	$28.33	$0.19258759	$0.10370	$5.01257	$5.30885759
12/18/2014	$33.24	$0.17825270	$0.28103	$4.21259	$4.67187270
12/18/2013	$34.05	$0.22328061	$0.67239	$1.35484	$2.25051061
12/18/2012	$27.66	$0.12419647	-	-	$0.12419647
12/20/2011	$24.47	$0.00389823	$0.09326	$0.35463	$0.45178823
12/20/2010	$24.95	$0.05757300	-	$0.00636	$0.05757300
12/18/2009	$20.08	$0.09953559	-	-	$0.09953559
12/18/2008	$15.19	$0.08357339	-	$0.06905	$0.15262339
12/18/2007	$23.01	$0.04799693	-	$0.05611	$0.10410693
12/19/2006	$22.26	$0.03565	$0.13123	$0.54877	$0.71565
12/20/2005	$20.62	$0.0206	-	-	$0.0206
12/20/2004	$19.41	$0.0856	-	-	$0.0856
12/27/2000	$19.33	-	$0.38	$2.47	$2.85
12/23/1999	$20.54	$0.016	$0.751	$0.168	$0.935
12/23/1998	$15.86	$0.02	$0.05	$0.46	$0.53
12/30/1997	$15.22	$0.0353	$0.6978	$0.3179	$1.051

High Yield Fund

2020

2020 Distribution Dates:
Record Date: December 17, 2020 | Payable Date: December 18, 2020

Record Date	Payable Date	Distribution NAV	Net Investment Income	Short-Term Capital Gains	Long-Term Capital Gains	Distribution Total
11/17/20	11/18/20	$11.36 (Inv) $11.34 (Inst)	$0.03841134 $0.03976065	- -	- -	$0.03841134 $0.03976065
10/19/20	10/20/20	$11.18 (Inv) $11.17 (Inst)	$0.04582894 $0.04731359	- -	- -	$0.04582894 $0.04731359
9/17/20	9/18/20	$11.13 (Inv) $11.11 (Inst)	$0.03853089 $0.03995890	- -	- -	$0.03853089 $0.03995890
8/17/20	8/18/20	$11.05 (Inv) $11.04 (Inst)	$0.03552847 $0.0369217	- -	- -	$0.03552847 $0.0369217
7/17/20	7/20/20	$10.74 (Inv) $10.72 (Inst)	$0.03443835 $0.03707609	- -	- -	$0.03443835 $0.03707609
6/17/20	6/18/20	$10.71 (Inv) $10.69 (Inst)	$0.03298246 $0.03762718	- -	- -	$0.03298246 $0.03762718
5/18/20	5/19/20	$10.11 (Inv) $10.10 (Inst)	$0.06052835 $0.06238986	- -	- -	$0.06052835 $0.06238986
4/17/20	4/20/20	$10.07 (Inv) $10.06 (Inst)	$0.02440948 $0.02566136	- -	- -	$0.02440948 $0.02566136
3/17/20	3/18/20	$9.46 (Inv) $9.45 (Inst)	$0.02418153 $0.02551335	- -	- -	$0.02418153 $0.02551335
2/18/20	2/19/20	$11.30 (Inv) $11.29 (Inst)	$0.04216331 $0.04290937	- -	- -	$0.04216331 $0.04290937
1/17/20	1/21/20	$11.27 (Inv) $11.26 (Inst)	$0.03963858 $0.04127700	- -	- -	$0.03963858 $0.04127700

2019 ▼

Record Date	Payable Date	Distribution NAV	Net Investment Income	Short-Term Capital Gains	Long-Term Capital Gains	Distribution Total
12/17/19	12/18/19	$11.16 (Inv) $11.15 (Inst)	$0.04259272 $0.04461115	- -	- -	$0.04259272 $0.04461115
11/18/19	11/19/19	$11.03 (Inv) $11.02 (Inst)	$0.03752353 $0.03899948	- -	- -	$0.03752353 $0.03899948
10/17/19	10/18/19	$11.01 (Inv) $11.00 (Inst)	$0.03708550 $0.03846689	- -	- -	$0.03708550 $0.03846689
9/17/19	9/18/19	$11.03 (Inv) $11.04 (Inst)	$0.03462122 $0.03593629	- -	- -	$0.03462122 $0.03593629
8/19/19	8/20/19	$10.94 (Inv) $10.93 (Inst)	$0.04128776 $0.04288482	- -	- -	$0.04128776 $0.04288482
7/17/19	7/18/19	$11.00 (Inv) $10.99 (Inst)	$0.03927396 $0.04019933	- -	- -	$0.03927396 $0.04019933
6/17/19	6/18/19	$10.96	$0.03958964	-	-	$0.03958964
5/17/19	5/20/19	$10.94	$0.03906566	-	-	$0.03906566
4/17/19	4/18/19	$10.92	$0.04307389	-	-	$0.04307389
3/18/19	3/19/19	$10.82	$0.02822349	-	-	$0.02822349
2/19/19	2/20/19	$10.75	$0.04499921	-	-	$0.04499921
1/17/19	1/18/19	$10.64	$0.04556244	-	-	$0.04556244

2018 ▼

Record Date	Payable Date	Distribution NAV	Net Investment Income	Short-Term Capital Gain	Long-Term Capital Gains	Distribution Total
12/17/18	12/18/18	$10.56	$0.05134133	-	$0.03373	$0.08507133
11/19/18	11/20/18	$10.70	$0.04761449	-	-	$0.04761449
10/17/18	10/18/18	$10.91	$0.04352845	-	-	$0.04352845
9/17/18	9/18/18	$11.03	$0.04311381	-	-	$0.04311381
8/17/18	8/18/18	$10.99	$0.04221328	-	-	$0.04221328
7/17/18	7/18/18	$10.98	$0.04102382	-	-	$0.04102382
6/18/18	6/19/18	$10.98	$0.04384928	-	-	$0.04384928
5/17/18	5/18/18	$10.96	$0.03754385	-	-	$0.03754385
4/17/18	4/18/18	$11.04	$0.04513687	-	-	$0.04513687
3/19/18	3/20/18	$11.05	$0.02812855	-	-	$0.02812855
2/20/18	2/21/18	$11.10	$0.04074117	-	-	$0.04074117
1/17/18	1/18/18	$11.22	$0.04091150	-	-	$0.04091150

2017 ▼

Payable Date	Distribution NAV	Net Investment Income	Short-Term Capital Gain	Long-Term Capital Gains	Distribution Total
12/19/2017	$11.19	$0.04667068	$0.02005	$0.03491	$0.10163068
11/20/2017	$11.23	$0.03716623	-	-	$0.03716623
10/18/2017	$11.29	$0.03688129	-	-	$0.03688129
9/19/2017	$11.25	$0.03940189	-	-	$0.03940189
8/18/2017	$11.20	$0.03774094	-	-	$0.03774094
7/18/2017	$11.27	$0.03495672	-	-	$0.03495672
6/20/2017	$11.24	$0.04031025	-	-	$0.04031025
5/18/2017	$11.22	$0.03884927	-	-	$0.03884927
4/18/2017	$11.19	$0.04855996	-	-	$0.04855996
3/20/2017	$11.18	$0.02326518	-	-	$0.02326518
2/21/2017	$11.23	$0.03529321	-	-	$0.03529321
1/18/2017	$11.15	$0.03783040	-	-	$0.03783040

2016 ▼

Distribution Date	Distribution NAV	Net Investment Income	Short-Term Capital Gain	Total Ordinary	Long-Term Capital Gains	Distribution Total
12/20/2016	$11.06	$0.05828912	-	$0.05828912	$0.25704	$0.31532912
11/18/2016	$11.24	$0.04280003	-	$0.04280003	-	$0.04280003
10/18/2016	$11.37	$0.04205151	-	$0.04205151	-	$0.04205151
9/20/2016	$11.35	$0.04065901	-	$0.04065901	-	$0.04065901
8/18/2016	$11.39	$0.03929546	-	$0.03929546	-	$0.03929546
7/19/2016	$11.32	$0.04322461	-	$0.04322461	-	$0.04322461
6/20/2016	$11.17	$0.04944737	-	$0.04944737	-	$0.04944737
5/18/2016	$11.14	$0.03902881	-	$0.03902881	-	$0.03902881
4/19/2016	$11.16	$0.02437108	-	$0.02437108	-	$0.02437108
3/18/2016	$11.01	$0.04049211	-	$0.04049211	-	$0.04049211
2/18/2016	$10.79	$0.03234546	-	$0.03234546	-	$0.03234546
1/20/2016	$10.80	$0.03265162	-	$0.03265162	-	$0.03265162

2015 ▼

Distribution Date	Distribution NAV	Net Investment Income	Short-Term Capital Gain	Total Ordinary	Long-Term Capital Gains	Distribution Total
12/18/2015	$11.06	$0.02928413	-	$0.02928413	$0.16870	$0.19798413
11/18/2015	$11.44	$0.03016927	-	$0.03016927	-	$0.03016927
10/20/2015	$11.49	$0.04197315	-	$0.04197315	-	$0.04197315
9/18/2015	$11.56	$0.03627685	-	$0.03627685	-	$0.03627685
8/18/2015	$11.65	$0.03200440	-	$0.03200440	-	$0.03200440
7/20/2015	$11.75	$0.04277451	-	$0.04277451	-	$0.04277451
6/18/2015	$11.81	$0.03610808	-	$0.03610808	-	$0.03610808
5/19/2015	$11.72	$0.03978533	-	$0.03978533	-	$0.03978533
4/20/2015	$11.72	$0.06110862	-	$0.06110862	-	$0.06110862
3/18/2015	$11.64	$0.01481249	-	$0.01481249	-	$0.01481249
2/18/2015	$11.58	$0.04037264	-	$0.04037264	-	$0.04037264
1/21/2015	$11.39	$0.03812560	-	$0.03812560	-	$0.03812560

2014 ▼

Distribution Date	Distribution NAV	Net Investment Income	Short-Term Capital Gain	Total Ordinary	Long-Term Capital Gains	Distribution Total
12/18/2014	$11.41	$0.06231962	$0.01584	$0.06231962	$0.10254	$0.18069962
11/18/2014	$11.74	$0.03563879	-	$0.03563879	-	$0.03563879
10/20/2014	$11.56	$0.03960749	-	$0.03960749	-	$0.03960749
9/18/2014	$11.84	$0.03401317	-	$0.03401317	-	$0.03401317
8/19/2014	$11.85	$0.03216201	-	$0.03216201	-	$0.03216201
7/18/2014	$11.87	$0.03835741	-	$0.03835741	-	$0.03835741
6/18/2014	$11.90	$0.03163950	-	$0.03163950	-	$0.03163950
5/20/2014	$11.80	$0.03271604	-	$0.03271604	-	$0.03271604
4/21/2014	$11.82	$0.02047511	-	$0.02047511	-	$0.02047511
3/18/2014	$11.89	$0.02872485	-	$0.02872485	-	$0.02872485
2/19/2014	$11.82	$0.02781001	-	$0.02781001	-	$0.02781001
1/21/2014	$11.81	$0.02713863	-	$0.02713863	-	$0.02713863

2013 ▼

Distribution Date	Distribution NAV	Net Investment Income	Short-Term Capital Gain	Total Ordinary	Long-Term Capital Gains	Distribution Total
12/18/2013	$11.71	$0.06771467	$0.03213000	$0.06771467	$0.15228000	$0.25212467
11/19/2013	$11.93	$0.03457564	-	$0.03457564	-	$0.03457564
10/18/2013	$11.97	$0.03969368	-	$0.03969368	-	$0.03969368
9/18/2013	$11.88	$0.03130835	-	$0.03130835	-	$0.03130835
8/20/2013	$11.78	$0.04101603	-	$0.04101603	-	$0.04101603
7/18/2013	$11.81	$0.04151823	-	$0.04151823	-	$0.04151823
6/18/2013	$11.76	$0.05724167	-	$0.05724167	-	$0.05724167
5/20/2013	$11.90	$0.03797018	-	$0.03797018	-	$0.03797018
4/18/2013	$11.65	$0.02487165	-	$0.02487165	-	$0.02487165
3/19/2013	$11.61	$0.04246364	-	$0.04246364	-	$0.04246364
2/20/2013	$11.57	$0.04906815	-	$0.04906815	-	$0.04906815
1/18/2013	$11.53	$0.04183061	-	$0.04183061	-	$0.04183061

2012 ▼

Distribution Date	Distribution NAV	Net Investment Income	Short-Term Capital Gain	Total Ordinary	Long-Term Capital Gains	Distribution Total
12/18/2012	$11.41	$0.06239983	-	$0.06239983	$0.00897000	$0.07136983
11/20/2012	$11.33	$0.04629605	-	$0.04629605	-	$0.04629605
10/18/2012	$11.44	$0.04252738	-	$0.04252738	-	$0.04252738
9/18/2012	$11.45	$0.04291414	-	$0.04291414	-	$0.04291414
8/20/2012	$11.34	$0.04296977	-	$0.04296977	-	$0.04296977
7/18/2012	$11.28	$0.05061778	-	$0.05061778	-	$0.05061778
6/19/2012	$11.23	$0.12539071	-	$0.12539071	-	$0.12539071
5/18/2012	$11.29	$0.04571076	-	$0.04571076	-	$0.04571076
4/18/2012	$11.37	$0.03129375	-	$0.03129375	-	$0.03129375
3/20/2012	$11.39	$0.05377214	-	$0.05377214	-	$0.05377214
2/21/2012	$11.29	$0.05167705	-	$0.05167705	-	$0.05167705
1/18/2012	$11.06	$0.02645238	-	$0.02645238	-	$0.02645238

2011 ▼

Distribution Date	Distribution NAV	Net Investment Income	Short-Term Capital Gain	Total Ordinary	Long-Term Capital Gains	Distribution Total
12/20/2011	$10.88	$0.08557523	-	$0.08557523	-	$0.08557523
11/18/2011	$10.84	$0.05003223	-	$0.05003223	-	$0.05003223
10/18/2011	$10.70	$0.05339786	-	$0.05339786	-	$0.05339786
9/20/2011	$10.77	$0.17862144	-	$0.17862144	-	$0.17862144
6/20/2011	$11.26	$0.17897440	-	$0.17897440	-	$0.17897440
3/18/2011	$11.38	$0.14939386	-	$0.14939386	-	$0.14939386

2010 ▼

Distribution Date	Distribution NAV	Net Investment Income	Short-Term Capital Gain	Total Ordinary	Long-Term Capital Gains	Distribution Total
12/20/2010	$11.21	$0.15233902	-	$0.15233902	-	$0.15233902
9/20/2010	$10.99	$0.15761413	-	$0.15761413	-	$0.15761413
6/18/2010	$10.77	$0.17022802	-	$0.17022802	-	$0.17022802
3/18/2010	$10.82	$0.17820941	-	$0.17820941	-	$0.17820941

2009 ▼

2008 ▼

2007 ▼

2006 ▼

2005 ▼

2004 ▼

2003 ▼

2002 ▼

2001 ▼

2000 ▼

1999 ▼

1998 ▼

1997 ▼

1996 ▼

1995 ▼

International Fund

2020 Distribution Date:
Record Date: December 17, 2020 | Payable Date: December 18, 2020

Payable Date	Distribution NAV	Net Investment Income	Short-Term Capital Gain	Long-Term Capital Gains	Distribution Total
12/18/2019	$16.71 (Inv) $16.71 (Inst)	$0.09658720 $0.10875891	- -	- -	$0.09659 $0.10876
12/18/2018	$13.29	$0.07689330	-	$0.24406	$0.32095330
12/19/2017	$14.83	$0.04372743	-	$0.00987	$0.05359743
12/20/2016	$11.40	$0.11967161	-	-	$0.11967161
12/18/2015	$11.16	$0.04917041	-	-	$0.04917041
1/2/2015	$11.39	$0.00898943	-	-	$0.00898943
12/18/2014	$11.51	$0.06099474	-	-	$0.06099474
12/18/2013	$11.42	$0.02100800	-	-	$0.02100800
12/18/2012	$9.85	$0.04132905	-	-	$0.04132905
12/20/2011	$8.22	$0.04747890	-	-	$0.04747890
12/20/2010	$9.52	$0.04739330	-	-	$0.04739330
12/18/2009	$8.39	$0.05949379	-	-	$0.05949379

Large Cap Fund

2020 Distribution Date:
Record Date: December 17, 2020 | Payable Date: December 18, 2020

Payable Date	Distribution NAV	Net Investment Income	Short-Term Capital Gain	Long-Term Capital Gains	Distribution Total
12/18/2019	$34.52 (Inv) $34.55 (Inst)	$0.06661307 $0.06661307	$0.19301 $0.19301	$0.23771 $0.23771	$0.49733 $0.49733
12/18/2018	$27.28	$0.11071320	$0.23096	$1.27526	$1.61693
12/19/2017	$29.21	$0.04073177	$0.59814	$0.90750	$1.54637
12/20/2016	$24.85	$0.12945793	-	$0.68562	$0.81508
12/18/2015	$23.19	$0.03755841	$0.35078	$1.22767	$1.61601
12/18/2014	$23.59	$0.04829253	$0.75190	$2.00614	$2.80633
12/18/2013	$22.93	$0.08402260	$0.00793	$3.45779	$3.54974
12/18/2012	$20.48	$0.14733181	-	$1.41481	$1.56214
12/20/2011	$18.47	$0.03749914	-	$0.12032	$0.15782
12/20/2010	$19.84	$0.06162226	-	-	$0.06162
12/18/2009	$17.23	$0.03602111	-	-	$0.03602
12/18/2008	$11.52	$0.00052069	-	-	$0.00052
12/18/2007	$21.57	-	-	$0.34569	$0.34569

Mid Cap Fund

2020 Distribution Date:
Record Date: December 17, 2020 | Payable Date: December 18, 2020

Payable Date	Distribution NAV	Net Investment Income	Short-Term Capital Gain	Long-Term Capital Gains	Distribution Total
12/18/2019	$15.21 (Inv) $15.22 (Inst)	- -	- -	$1.26265 $1.26265	$1.26265 $1.26265
12/18/2018	$12.16	-	-	$0.54034	$0.54034
12/19/2017	$13.63	-	$0.81281	$2.61912	$3.43193
12/20/2016	$15.28	-	$0.07465	$1.19800	$1.27265
12/18/2015	$15.12	-	-	$2.00198	$2.00198
12/18/2014	$17.38	-	-	$2.41814	$2.41814
12/18/2013	$18.34	-	$0.15802	$2.92247	$3.08049
12/18/2012	$17.05	$0.01320027	-	$0.79339	$0.80659
12/20/2011	$15.36	-	-	$0.31966	$0.31966
12/18/2007	$15.32	-	$0.10022	$1.11903	$1.21925
12/19/2006	$15.01	-	$0.00239	$0.29034	$0.29273
12/20/2005	$14.35	-	$0.07202	$0.15250	$0.22452
12/20/2004	$12.56	-	$0.04892	$0.10853	$0.15745

Small Cap Fund

2020 Distribution Date:
Record Date: December 17, 2020 | Payable Date: December 18, 2020

Payable Date	Distribution NAV	Net Investment Income	Short-Term Capital Gain	Long-Term Capital Gains	Distribution Total
12/18/2019	$13.59 (Inv) $13.60 (Inst)	- -	- -	$1.24842 $1.24842	$1.24842 $1.24842
12/18/2018	$10.74	-	$0.08214	$3.19956	$3.28170
12/19/2017	$14.67	-	$0.39899	$4.04335	$4.44234
12/20/2016	$15.31	-	$0.69997	$3.08636	$3.78633
12/18/2015	$17.42	-	-	$12.38628	$12.38628
12/18/2014	$31.56	-	-	$3.26196	$3.26196
12/18/2013	$36.31	-	$0.39542	$2.80163	$3.19705
12/18/2012	$28.07	-	$0.26576	$1.45619	$1.72195
12/20/2011	$24.98	-	-	$0.05742	$0.05742
12/18/2009	$22.00	$0.02683352	-	-	$0.02683
12/18/2007	$23.94	-	$0.27699	$2.37972	$2.65671
12/19/2006	$26.77	-	-	$2.03706	$2.03706
12/20/2005	$25.50	-	$0.17140	$2.93558	$3.10698
12/20/2004	$26.83	-	$0.45605	$0.42046	$0.87651
12/18/2003	$21.81	-	-	$0.19938	$0.19938
12/26/2001	$19.36	-	-	$0.03050	$0.03050
12/27/2000	$13.99	-	$0.23000	$1.44000	$1.67000
12/23/1999	$12.15	-	$0.21000	-	$0.21000
12/23/1998	$9.27	$0.04000000	-	-	$0.04000

Literature & Forms

Fund	Symbol Inv / Inst	Fact Sheet	Quarterly Commentary	Full Holdings	Summary Prospectus
DISCOVERY	BUFTX / BUITX
DIVIDEND FOCUS	BUFDX / BUIDX
EARLY STAGE GROWTH*	BUFOX / BUIOX
FLEXIBLE INCOME	BUFBX / BUIBX
GROWTH	BUFGX / BIIGX
HIGH YIELD	BUFHX / BUIHX
INTERNATIONAL	BUFIX / BUIIX
LARGE CAP	BUFEX / BUIEX
MID CAP	BUFMX / BUIMX
SMALL CAP	BUFSX / BUISX

The following documents apply to all Buffalo Funds:

Prospectus
Annual Report
Semi-Annual Report
Statement of Additional Information

General Account Forms	Investor Class	Institutional Class	Both
New Account Application
New Account Application - Entity
Change or Add Account Details
Cost Basis Method Election
Power of Attorney
Individual Retirement Account (IRA) Forms
RMD Waiver NEW
IRA Account Application
IRA Beneficiary Addition / Change
IRA Required Minimum Distribution (RMD)
IRA / Qualified Plan Distribution Request
IRA Transfer
Coverdell Education Savings Accounts (ESA) Forms
Coverdell ESA Application
Coverdell ESA Distribution Request
Coverdell ESA Transfer
Retirement Information
Retirement Savings Options for Individuals



Fundamental Approach

We get to know the companies we invest in and learn how they run their business.



Top-Down & Bottom-Up

We identify Top-Down broad, secular growth trends and search for companies from the Bottom-Up.



Proprietary Philosophy

We construct our portfolios based on our own proprietary investment strategy.



Disciplined Investing

Sticking to our disciplined investment strategy ensures we maintain a consistent, balanced approach.

Distribution Date	Distribution NAV	Net Investment Income	Short-Term Capital Gain	Total Ordinary	Long-Term Capital Gains	Distribution Total
12/18/2009	$10.59	$0.17626720	-	$0.17626720	-	$0.17626720
9/18/2009	$10.31	$0.15371606	-	$0.15371606	-	$0.15371606
6/18/2009	$9.44	$0.12206280	-	$0.12206280	-	$0.12206280
3/18/2009	$8.03	$0.18274730	-	$0.18274730	-	$0.18274730

Our Funds

Performance & Pricing

Investor Class Shares

Institutional Class Shares

Featured Insights

Ratings & Rankings

Dividends & Distributions

Discovery Fund

Dividend Focus Fund

Early Stage Growth Fund

Flexible Income Fund

Growth Fund

High Yield Fund

International Fund

Large Cap Fund

Mid Cap Fund

Small Cap Fund

Literature & Forms

Fundamental Approach

Top-Down & Bottom-Up

Proprietary Philosophy

Disciplined Investing

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FOR FINANCIAL PROFESSIONALS

FOR INDIVIDUAL INVESTORS

Distribution Date	Distribution NAV	Net Investment Income	Short-Term Capital Gain	Total Ordinary	Long-Term Capital Gains	Distribution Total
12/18/2008	$7.68	$0.26771528	-	$0.26771528	-	$0.26771528
9/18/2008	$9.98	$0.21625498	-	$0.21625498	-	$0.21625498
6/18/2008	$10.38	$0.05006000	-	$0.05006000	$0.08378000	$0.13384000
3/18/2008	$10.37	$0.15843640	-	$0.15843640	-	$0.15843640

Distribution Date	Distribution NAV	Net Investment Income	Short-Term Capital Gain	Total Ordinary	Long-Term Capital Gains	Distribution Total
12/18/2007	$10.85	$0.16484932	-	$0.16484932	$0.03374000	$0.19858932
9/18/2007	$11.00	$0.15953137	-	$0.15953137	-	$0.15953137
6/19/2007	$11.25	$0.18618546	-	$0.18618546	-	$0.18618546
3/20/2007	$11.27	$0.12222669	-	$0.12222669	-	$0.12222669

Distribution Date	Distribution NAV	Net Investment Income	Short-Term Capital Gain	Total Ordinary	Long-Term Capital Gains	Distribution Total
12/19/2006	$11.14	$0.20216664	-	$0.20216664	-	$0.20216664
9/19/2006	$10.99	$0.16120000	-	$0.16120000	-	$0.16120000
6/20/2006	$10.84	$0.16790000	-	$0.16790000	-	$0.16790000
3/20/2006	$11.14	$0.15500000	-	$0.15500000	-	$0.15500000

Distribution Date	Distribution NAV	Net Investment Income	Short-Term Capital Gain	Total Ordinary	Long-Term Capital Gains	Distribution Total
12/20/2005	$10.89	$0.15270000	-	$0.15270000	-	$0.15270000
9/20/2005	$11.08	$0.14990000	-	$0.14990000	-	$0.14990000
6/20/2005	$11.13	$0.18770000	-	$0.18770000	-	$0.18770000
3/18/2005	$11.29	$0.07520000	-	$0.07520000	-	$0.07520000

Distribution Date	Distribution NAV	Net Investment Income	Short-Term Capital Gain	Total Ordinary	Long-Term Capital Gains	Distribution Total
12/20/2004	$11.53	$0.13440000	-	$0.13440000	-	$0.13440000
9/20/2004	$11.20	$0.09940000	-	$0.09940000	-	$0.09940000
6/18/2004	$11.09	$0.13300000	-	$0.13300000	-	$0.13300000
3/18/2004	$11.19	$0.06520000	-	$0.06520000	-	$0.06520000

Distribution Date	Distribution NAV	Net Investment Income	Short-Term Capital Gain	Total Ordinary	Long-Term Capital Gains	Distribution Total
12/18/2003	$11.04	$0.11350000	-	$0.11350000	-	$0.11350000
9/18/2003	$10.76	$0.12180000	-	$0.12180000	-	$0.12180000
6/18/2003	$10.70	$0.12900000	-	$0.12900000	-	$0.12900000
3/20/2003	$9.82	$0.14000000	-	$0.14000000	-	$0.14000000

Distribution Date	Distribution NAV	Net Investment Income	Short-Term Capital Gain	Total Ordinary	Long-Term Capital Gains	Distribution Total
12/19/2002	$9.61	$0.13000000	-	$0.13000000	-	$0.13000000
9/19/2002	$9.48	$0.15000000	-	$0.15000000	-	$0.15000000
6/20/2002	$9.60	$0.15000000	-	$0.15000000	-	$0.15000000
3/21/2002	$9.85	$0.19000000	-	$0.19000000	-	$0.19000000

Distribution Date	Distribution NAV	Net Investment Income	Short-Term Capital Gain	Total Ordinary	Long-Term Capital Gains	Distribution Total
12/20/2001	$9.89	$0.10000000	-	$0.10000000	-	$0.10000000
9/20/2001	$9.73	$0.20000000	-	$0.20000000	-	$0.20000000
6/21/2001	$10.23	$0.27000000	-	$0.27000000	-	$0.27000000
3/22/2001	$10.15	$0.33000000	-	$0.33000000	-	$0.33000000

Distribution Date	Distribution NAV	Net Investment Income	Short-Term Capital Gain	Total Ordinary	Long-Term Capital Gains	Distribution Total
12/21/2000	$9.64	$0.19000000	-	$0.19000000	-	$0.19000000
9/14/2000	$10.08	$0.24000000	-	$0.24000000	-	$0.24000000
6/22/2000	$9.93	$0.28000000	-	$0.28000000	-	$0.28000000
3/23/2000	$10.25	$0.29000000	-	$0.29000000	-	$0.29000000

Distribution Date	Distribution NAV	Net Investment Income	Short-Term Capital Gain	Total Ordinary	Long-Term Capital Gains	Distribution Total
12/16/1999	$10.26	$0.28000000	-	$0.28000000	-	$0.28000000
9/23/1999	$10.63	$0.25000000	-	$0.25000000	-	$0.25000000
6/24/1999	$11.04	$0.22000000	-	$0.22000000	-	$0.22000000
3/24/1999	$10.66	$0.20000000	-	$0.20000000	-	$0.20000000

Distribution Date	Distribution NAV	Net Investment Income	Short-Term Capital Gain	Total Ordinary	Long-Term Capital Gains	Distribution Total
12/17/1998	$11.11	$0.19500000	$0.04000000	$0.23500000	$0.03500000	$0.27000000
9/18/1998	$11.43	$0.19000000	-	$0.19000000	-	$0.19000000
6/19/1998	$12.58	$0.18000000	-	$0.18000000	-	$0.18000000
3/20/1998	$12.82	$0.18000000	-	$0.18000000	-	$0.18000000

Distribution Date	Distribution NAV	Net Investment Income	Short-Term Capital Gain	Total Ordinary	Long-Term Capital Gains	Distribution Total
12/26/1997	$12.51	$0.24040000	$0.22170000	$0.00000000	$0.01480000	$0.47690000
9/19/1997	$12.94	$0.18000000	-	$0.18000000	-	$0.18000000
6/20/1997	$12.40	$0.20000000	-	$0.20000000	-	$0.20000000
3/21/1997	$11.84	$0.19000000	-	$0.19000000	-	$0.19000000

Distribution Date	Distribution NAV	Net Investment Income	Short-Term Capital Gain	Total Ordinary	Long-Term Capital Gains	Distribution Total
12/27/1996	$11.74	$0.22800000	-	$0.22800000	-	$0.22800000
9/20/1996	$11.51	$0.20000000	-	$0.20000000	-	$0.20000000
6/21/1996	$11.26	$0.18000000	-	$0.18000000	-	$0.18000000
3/29/1996	$11.15	$0.20300000	-	$0.20300000	-	$0.20300000

As of 12/31/19	1 YR	3 YR	5 YR	10 YR
Buffalo International Fund	28.02	14.70	9.17	7.77
Morningstar Global Markets ex-US Index	21.57	9.94		5.59
Buffalo High Yield Fund	12.32	5.18	4.78	6.11
ICE BofAML U.S. High Yield Index	14.41	6.32		7.50

As of 10/31/20	3 MO	YTD	1 YR	3 YR	5 YR	10 YR	Since Inception (9/28/07)
BUFFALO INTERNATIONAL FUND - Investor	-0.06	1.36	7.42	5.93	9.05	6.73	4.90
BUFFALO INTERNATIONAL FUND - Institutional	-0.06	1.48	7.55	6.08	9.21	6.89	5.05
Morningstar Global Markets ex-US Index	0.05	-7.23	-2.27	0.01	4.72	3.94	1.69
Lipper International Fund Index	-0.66	-6.32	-1.13	0.15	4.25	4.41	1.69
Morningstar Foreign Large Growth Category	1.53	6.08	12.71	5.73	7.86	6.47	3.00

As of 12/31/17	1 YR	3 YR	5 YR	10 YR
Buffalo Discovery Fund	25.44	11.84	16.16	11.46
S&P 500 Index	21.83	11.41	15.79	8.50