Now Available — 2018 Year-End Capital Gains Distributions

Our Funds

Performance & Pricing

As of 12/31/2018		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, 4/16/01, 1.03%	-6.54	-6.54	7.36	7.67	15.92	8.40
EMERGING OPPORTUNITIES BUFOX, 5/21/04, 1.49%	-3.95	-3.95	10.70	2.62	16.61	7.61
GROWTH BUFGX, 5/19/95, 0.92%	0.51	0.51	8.98	7.66	13.67	9.61
LARGE CAP BUFEX, 5/19/95, 0.96%	-1.63	-1.63	9.51	9.67	14.92	9.15
MID CAP BUFMX, 12/17/01, 1.02%	-7.30	-7.30	3.73	3.28	11.67	6.99
SMALL CAP BUFSX, 4/14/98, 1.02%	-5.78	-5.78	8.34	2.57	11.61	10.67
INTERNATIONAL EQUITY
INTERNATIONAL BUFIX, 9/28/07, 1.05%	-8.85	-8.85	6.75	3.48	9.23	3.30
EQUITY & INCOME / HIGH YIELD
DIVIDEND FOCUS BUFDX, 12/3/12, 0.96%	-5.05	-5.05	7.88	8.72	-	10.99
FLEXIBLE INCOME BUFBX, 8/12/94, 1.01%	-7.00	-7.00	4.99	3.28	9.27	6.80
HIGH YIELD BUFHX, 5/19/95, 1.03%	-2.26	-2.26	3.38	2.78	8.78	6.77

As of 12/31/2018		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, 4/16/01, 1.03%	-6.54	-6.54	7.36	7.67	15.92	8.40
Morningstar U.S. Mid Growth Index	-3.16	-3.16	9.02	7.15	14.54	6.98
Russell Midcap Growth Index	-4.75	-4.75	8.59	7.42	15.12	7.96
EMERGING OPPORTUNITIES BUFOX, 5/21/04, 1.49%	-3.95	-3.95	10.70	2.62	16.61	7.61
Morningstar U.S. Small Growth Index	-5.67	-5.67	8.57	5.53	13.89	8.37
Russell 2000 Growth Index	-9.31	-9.31	7.24	5.13	13.52	8.32
GROWTH BUFGX, 5/19/95, 0.92%	0.51	0.51	8.98	7.66	13.67	9.61
Morningstar U.S. Growth Index	0.78	0.78	10.43	9.87	15.50	-
Russell 1000 Growth Index	-1.51	-1.51	11.15	10.40	15.29	8.74
LARGE CAP BUFEX, 5/19/95, 0.96%	-1.63	-1.63	9.51	9.67	14.92	9.15
Morningstar U.S. Large Growth Index	2.94	2.94	11.18	11.10	15.92	-
Russell 1000 Growth Index	-1.51	-1.51	11.15	10.40	15.29	8.74
MID CAP BUFMX, 12/17/01, 1.02%	-7.30	-7.30	3.73	3.28	11.67	6.99
Morningstar U.S. Mid Growth Index	-3.16	-3.16	9.02	7.15	14.54	7.61
Russell Midcap Growth Index	-4.75	-4.75	8.59	7.42	15.12	8.17
SMALL CAP BUFSX, 4/14/98, 1.02%	-5.78	-5.78	8.34	2.57	11.61	10.67
Morningstar U.S. Small Growth Index	-5.67	-5.67	8.57	5.53	13.89	5.35
Russell 2000 Growth Index	-9.31	-9.31	7.24	5.13	13.52	5.38
INTERNATIONAL EQUITY
INTERNATIONAL BUFIX, 9/28/07, 1.05%	-8.85	-8.85	6.75	3.48	9.23	3.30
Morningstar Global Markets ex-US Index	-14.17	-14.17	4.85	1.37	7.37	0.89
Russell Global ex-US Index	-14.69	-14.69	4.41	0.97	7.25	0.55
EQUITY & INCOME / HIGH YIELD
DIVIDEND FOCUS BUFDX, 12/3/12, 0.96%	-5.05	-5.05	7.88	8.72	-	10.99
Morningstar U.S. Large-Mid Cap Index	-4.52	-4.52	9.05	8.20	-	12.12
S&P 500 Index	-4.38	-4.38	9.26	8.49	-	12.25
FLEXIBLE INCOME BUFBX, 8/12/94, 1.01%	-7.00	-7.00	4.99	3.28	9.27	6.80
Combined Index Morningstar U.S. Large Cap Index (60%) ICE BofAML U.S. High Yield Index (40%)	-2.97 -3.44 -2.26	-2.97 -3.44 -2.26	8.68 9.62 7.27	6.80 8.78 3.82	12.17 12.96 10.99	8.34 9.07 7.24
BofA ML Combined Index S&P 500 Index (60%) ICE BofAML U.S. High Yield Index (40%)	-3.53 -4.38 -2.26	-3.53 -4.38 -2.26	8.46 9.26 7.27	6.62 8.49 3.82	12.27 13.12 10.99	8.48 9.31 7.24
HIGH YIELD BUFHX, 5/19/95, 1.03%	-2.26	-2.26	3.38	2.78	8.78	6.77
ICE BofAML U.S. High Yield Index	-2.26	-2.26	7.27	3.82	10.99	6.93

Show / Hide Benchmarks

As of 12/31/2018		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, 4/16/01, 1.03%	-6.54	-6.54	7.36	7.67	15.92	8.40
EMERGING OPPORTUNITIES BUFOX, 5/21/04, 1.49%	-3.95	-3.95	10.70	2.62	16.61	7.61
GROWTH BUFGX, 5/19/95, 0.92%	0.51	0.51	8.98	7.66	13.67	9.61
LARGE CAP BUFEX, 5/19/95, 0.96%	-1.63	-1.63	9.51	9.67	14.92	9.15
MID CAP BUFMX, 12/17/01, 1.02%	-7.30	-7.30	3.73	3.28	11.67	6.99
SMALL CAP BUFSX, 4/14/98, 1.02%	-5.78	-5.78	8.34	2.57	11.61	10.67
INTERNATIONAL EQUITY
INTERNATIONAL BUFIX, 9/28/07, 1.05%	-8.85	-8.85	6.75	3.48	9.23	3.30
EQUITY & INCOME / HIGH YIELD
DIVIDEND FOCUS BUFDX, 12/3/12, 0.96%	-5.05	-5.05	7.88	8.72	-	10.99
FLEXIBLE INCOME BUFBX, 8/12/94, 1.01%	-7.00	-7.00	4.99	3.28	9.27	6.80
HIGH YIELD BUFHX, 5/19/95, 1.03%	-2.26	-2.26	3.38	2.78	8.78	6.77

As of 12/31/2018		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, 4/16/01, 1.03%	-6.54	-6.54	7.36	7.67	15.92	8.40
Morningstar U.S. Mid Growth Index	-3.16	-3.16	9.02	7.15	14.54	6.98
Russell Midcap Growth Index	-4.75	-4.75	8.59	7.42	15.12	7.96
EMERGING OPPORTUNITIES BUFOX, 5/21/04, 1.49%	-3.95	-3.95	10.70	2.62	16.61	7.61
Morningstar U.S. Small Growth Index	-5.67	-5.67	8.57	5.53	13.89	8.37
Russell 2000 Growth Index	-9.31	-9.31	7.24	5.13	13.52	8.32
GROWTH BUFGX, 5/19/95, 0.92%	0.51	0.51	8.98	7.66	13.67	9.61
Morningstar U.S. Growth Index	0.78	0.78	10.43	9.87	15.50	-
Russell 1000 Growth Index	-1.51	-1.51	11.15	10.40	15.29	8.74
LARGE CAP BUFEX, 5/19/95, 0.96%	-1.63	-1.63	9.51	9.67	14.92	9.15
Morningstar U.S. Large Growth Index	2.94	2.94	11.18	11.10	15.92	-
Russell 1000 Growth Index	-1.51	-1.51	11.15	10.40	15.29	8.74
MID CAP BUFMX, 12/17/01, 1.02%	-7.30	-7.30	3.73	3.28	11.67	6.99
Morningstar U.S. Mid Growth Index	-3.16	-3.16	9.02	7.15	14.54	7.61
Russell Midcap Growth Index	-4.75	-4.75	8.59	7.42	15.12	8.17
SMALL CAP BUFSX, 4/14/98, 1.02%	-5.78	-5.78	8.34	2.57	11.61	10.67
Morningstar U.S. Small Growth Index	-5.67	-5.67	8.57	5.53	13.89	5.35
Russell 2000 Growth Index	-9.31	-9.31	7.24	5.13	13.52	5.38
INTERNATIONAL EQUITY
INTERNATIONAL BUFIX, 9/28/07, 1.05%	-8.85	-8.85	6.75	3.48	9.23	3.30
Morningstar Global Markets ex-US Index	-14.17	-14.17	4.85	1.37	7.37	0.89
Russell Global ex-US Index	-14.69	-14.69	4.41	0.97	7.25	0.55
EQUITY & INCOME / HIGH YIELD
DIVIDEND FOCUS BUFDX, 12/3/12, 0.96%	-5.05	-5.05	7.88	8.72	-	10.99
Morningstar U.S. Large-Mid Cap Index	-4.52	-4.52	9.05	8.20	-	12.12
S&P 500 Index	-4.38	-4.38	9.26	8.49	-	12.25
FLEXIBLE INCOME BUFBX, 8/12/94, 1.01%	-7.00	-7.00	4.99	3.28	9.27	6.80
Combined Index Morningstar U.S. Large Cap Index (60%) ICE BofAML U.S. High Yield Index (40%)	-2.97 -3.44 -2.26	-2.97 -3.44 -2.26	8.68 9.62 7.27	6.80 8.78 3.82	12.17 12.96 10.99	8.34 9.07 7.24
BofA ML Combined Index S&P 500 Index (60%) ICE BofAML U.S. High Yield Index (40%)	-3.53 -4.38 -2.26	-3.53 -4.38 -2.26	8.46 9.26 7.27	6.62 8.49 3.82	12.27 13.12 10.99	8.48 9.31 7.24
HIGH YIELD BUFHX, 5/19/95, 1.03%	-2.26	-2.26	3.38	2.78	8.78	6.77
ICE BofAML U.S. High Yield Index	-2.26	-2.26	7.27	3.82	10.99	6.93

FUND	TICKER	INCEPTION	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	-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	-5.05%	18.02%	12.06%	0.13%	20.81%	23.93%
EMERGING OPPORTUNITIES	BUFOX	5/21/2004	-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	-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	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	-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	-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	-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	-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	-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.

As of January 17, 2019

FUND	TICKER	NAV	CNG ($)	CNG (%)	YTD (%)
DISCOVERY	BUFTX	$22.28	$0.15	0.68%	5.29%
DIVIDEND FOCUS	BUFDX	$15.75	$0.09	0.57%	4.58%
EMERGING OPPORTUNITIES	BUFOX	$14.05	$0.07	0.50%	7.33%
FLEXIBLE INCOME	BUFBX	$14.43	$0.11	0.77%	5.17%
GROWTH	BUFGX	$22.79	$0.14	0.62%	4.69%
HIGH YIELD	BUFHX	$10.66	$0.01	0.09%	2.21%
INTERNATIONAL	BUFIX	$13.71	$0.06	0.44%	3.32%
LARGE CAP	BUFEX	$28.19	$0.16	0.57%	4.56%
MID CAP	BUFMX	$12.86	$0.08	0.63%	6.46%
SMALL CAP	BUFSX	$11.53	$0.12	1.05%	8.98%

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.

As of July 27, 2018, the Morningstar indices have replaced the Russell indices as the Funds’ primary benchmark. The Advisor believes that the new indices are more appropriate given the Funds’ holdings.

Featured Insights

Bear Markets & Client Expectations – Setting expectations now will help shepherd clients through the next market downturn – November 2018

The Case for Investing Internationally – How to use current trends to identify new opportunities for increasing international equity allocations – August 2018

3 Conversations During Market Volatility – A quick guide to help re-evaluate investment risk tolerances during periods of market unrest – June 2018

Ratings & Rankings

MORNINGSTAR

OVERALL MORNINGSTAR RATINGS^TM

FUND NAME	TICKER	3 YR	5 YR	10 YR	CATEGORY
DISCOVERY	BUFTX	51% of 540 funds	19% of 487 funds	7% of 340 funds	Mid-Cap Growth
DIVIDEND FOCUS	BUFDX	56% of 1206 funds	6% of 1069 funds	—	Large Blend
EMERGING OPPORTUNITIES	BUFOX	21% of 583 funds	88% of 516 funds	6% of 391 funds	Small Growth
FLEXIBLE INCOME	BUFBX	59% of 322 funds	68% of 280 funds	41% of 196 funds	Allocation--70% to 85% Equity
GROWTH	BUFGX	53% of 1246 funds	62% of 1106 funds	52% of 798 funds	Large Growth
HIGH YIELD	BUFHX	94% of 603 funds	53% of 507 funds	71% of 329 funds	High Yield Bond
INTERNATIONAL	BUFIX	8% of 364 funds	11% of 315 funds	13% of 228 funds	Foreign Large Growth
LARGE CAP	BUFEX	45% of 1246 funds	29% of 1106 funds	27% of 798 funds	Large Growth
MID CAP	BUFMX	89% of 540 funds	85% of 487 funds	84% of 340 funds	Mid-Cap Growth
SMALL CAP	BUFSX	53% of 583 funds	89% of 516 funds	84% of 391 funds	Small Growth

Rankings listed are for the period ended 12/31/18. 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 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. 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. © 2019 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

Discovery Fund

2019 Distribution Date:
Record Date: December 17 | Payable Date: December 18

Payable Date	Distribution NAV	Net Investment Income	Short-Term Capital Gain	Long-Term Capital Gains	Total Distribution
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
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

2019 Distribution Dates:
Record Date: March 18 | Payable Date: March 19
Record Date: June 17 | Payable Date: June 18
Record Date: September 17 | Payable Date: September 18
Record Date: December 17 | Payable Date: December 18

Emerging Opportunities Fund

2019 Distribution Date:
Record Date: December 17 | Payable Date: December 18

Payable Date	Distribution NAV	Net Investment Income	Short-Term Capital Gain	Long-Term Capital Gains	Distribution Total
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

Notice on October 2018 Distribution: One of the Fund holdings, Keurig Dr. Pepper, reclassified a portion of its July dividend distribution as a return of capital rather than dividend income, which resulted in a higher-than-normal distribution to shareholders of the Buffalo Flexible Income Fund in July. The Fund opted to forego a distribution in October and resumed normal distribution payments in November.

2018

2019 Distribution Dates:
Record Date: January 17 | Payable Date: January 18
Record Date: February 19 | Payable Date: February 20
Record Date: March 18 | Payable Date: March 19
Record Date: April 17 | Payable Date: April 18
Record Date: May 17 | Payable Date: May 18
Record Date: June 17 | Payable Date: June 18
Record Date: July 17 | Payable Date: July 18
Record Date: August 19 | Payable Date: August 20
Record Date: September 17 | Payable Date: September 18
Record Date: October 17 | Payable Date: October 18
Record Date: November 18 | Payable Date: November 19
Record Date: December 17 | Payable Date: December 18

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

2019 Distribution Date:
Record Date: December 17 | Payable Date: December 18

Payable Date	Distribution NAV	Net Investment Income	Short-Term Capital Gain	Long-Term Capital Gains	Distribution Total
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

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 ▼

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

2008 ▼

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

2007 ▼

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

2006 ▼

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

2005 ▼

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

2004 ▼

2003 ▼

2002 ▼

2001 ▼

2000 ▼

1999 ▼

1998 ▼

1997 ▼

1996 ▼

1995 ▼

International Fund

2019 Distribution Date:
Record Date: December 17 | Payable Date: December 18

Payable Date	Distribution NAV	Net Investment Income	Short-Term Capital Gain	Long-Term Capital Gains	Distribution Total
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

2019 Distribution Date:
Record Date: December 17 | Payable Date: December 18

Payable Date	Distribution NAV	Net Investment Income	Short-Term Capital Gain	Long-Term Capital Gains	Distribution Total
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

2019 Distribution Date:
Record Date: December 17 | Payable Date: December 18

Payable Date	Distribution NAV	Net Investment Income	Short-Term Capital Gain	Long-Term Capital Gains	Distribution Total
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

2019 Distribution Date:
Record Date: December 17 | Payable Date: December 18

Payable Date	Distribution NAV	Net Investment Income	Short-Term Capital Gain	Long-Term Capital Gains	Distribution Total
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	Fact Sheet	Quarterly Commentary	Full Holdings	Summary Prospectus
DISCOVERY	BUFTX
DIVIDEND FOCUS	BUFDX
EMERGING OPPORTUNITIES	BUFOX
FLEXIBLE INCOME	BUFBX
GROWTH	BUFGX
HIGH YIELD	BUFHX
INTERNATIONAL	BUFIX
LARGE CAP	BUFEX
MID CAP	BUFMX
SMALL CAP	BUFSX

The following documents apply to all Buffalo Funds:

Prospectus
Annual Report
Semi-Annual Report
Statement of Additional Information

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

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Fundamental Approach

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Top-Down & Bottom-Up

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

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Proprietary Philosophy

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

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Disciplined Investing

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

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Performance & Pricing

Featured Insights

Ratings & Rankings

Dividends & Distributions

Discovery Fund

Dividend Focus Fund

Emerging Opportunities 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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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 12/31/18	3 MO	YTD	1 YR	3 YR	5 YR	10 YR	Since Inception (9/28/07)
BUFFALO INTERNATIONAL FUND	-13.27	-8.85	-8.85	6.75	3.48	9.23	3.30
Morningstar Global Markets ex-US Index	-11.57	-14.17	-14.17	4.85	1.37	7.37	0.89
Russell Global ex-US Index	-11.85	-14.69	-14.69	4.41	0.97	7.25	0.55
Lipper International Fund Index	-13.16	-14.94	-14.94	3.10	0.70	6.80	0.66
Morningstar Foreign Large Growth Category	-13.87	-14.08	-14.08	3.21	1.38	7.43	0.83

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