Performance & Pricing

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As of 9/30/2021Average Annual Total Returns (%)
FUND
    Ticker, Inception Date, Expense Ratio
YTD1 YR3 YR5 YR10 YRSINCE
INCEPTION
DOMESTIC EQUITY
DISCOVERY
    BUFTX - Investor, 4/16/01, 1.02%
    BUITX - Institutional, 7/1/19, 0.87%

7.66
7.78

28.76
28.93

16.90
17.08

17.23
17.40

17.38
17.56

10.64
10.81
EARLY STAGE GROWTH*
    BUFOX - Investor, 5/21/04, 1.51%
    BUIOX - Institutional, 7/1/19, 1.37%

10.78
10.88

44.60
44.79

21.11
21.29

22.04
22.22

19.55
19.73

11.29
11.46
GROWTH
    BUFGX - Investor, 5/19/95, 0.93%
    BIIGX - Institutional, 7/1/19, 0.79%

12.91
13.05

26.56
26.78

17.68
17.87

18.43
18.61

16.79
16.97

11.27
11.44
LARGE CAP
    BUFEX - Investor, 5/19/95, 0.95%
    BUIEX - Institutional, 7/1/19, 0.81%

15.83
15.96

27.28
27.45

19.11
19.29

19.00
19.18

17.99
18.17

10.94
11.11
MID CAP
    BUFMX - Investor, 12/17/01, 1.03%
    BUIMX - Institutional, 7/1/19, 0.90%

8.81
8.94

31.17
31.34

18.85
19.04

16.50
16.68

14.40
14.57

9.81
9.97
SMALL CAP
    BUFSX - Investor, 4/14/98, 1.02%
    BUISX - Institutional, 7/1/19, 0.87%

8.40
8.52

42.39
42.54

24.22
24.40

24.86
25.05

19.40
19.57

13.80
13.97
INTERNATIONAL EQUITY
INTERNATIONAL
    BUFIX - Investor, 9/28/07, 1.05%
    BUIIX - Institutional, 7/1/19, 0.90%

12.66
12.81

27.39
27.57

14.21
14.38

14.24
14.38

11.84
12.00

6.68
6.84
EQUITY & INCOME / HIGH YIELD
DIVIDEND FOCUS
    BUFDX - Investor, 12/3/12, 0.96%
    BUIDX - Institutional, 7/1/19, 0.81%

13.28
13.41

29.83
30.03

13.74
13.91

14.56
14.73

-
-

14.00
14.17
FLEXIBLE INCOME
    BUFBX - Investor, 8/12/94, 1.02%
    BUIBX - Institutional, 7/1/19, 0.87%

16.93
17.14

28.89
29.15

6.21
6.37

8.32
8.48

8.35
8.52

7.30
7.46
HIGH YIELD
    BUFHX - Investor, 5/19/95, 1.03%
    BUIHX - Institutional, 7/1/19, 0.89%

5.07
5.19

13.00
13.22

7.39
7.52

6.09
6.24

6.48
6.63

7.07
7.23
As of 9/30/2021Average Annual Total Returns (%)
FUND
    Ticker, Inception Date, Expense Ratio
YTD1 YR3 YR5 YR10 YRSINCE
INCEPTION
DOMESTIC EQUITY
DISCOVERY
    BUFTX - Investor, 4/16/01, 1.02%
    BUITX - Institutional, 7/1/19, 0.87%

7.66
7.78

28.76
28.93

16.90
17.08

17.23
17.40

17.38
17.56

10.64
10.81
  Morningstar U.S. Mid Growth Index9.7431.0121.7621.5517.9110.14
EARLY STAGE GROWTH*
    BUFOX - Investor, 5/21/04, 1.51%
    BUIOX - Institutional, 7/1/19, 1.37%

10.78
10.88

44.60
44.79

21.11
21.29

22.04
22.22

19.55
19.73

11.29
11.46
  Morningstar U.S. Small Growth Index-0.3527.6612.7616.6715.9810.77
GROWTH
    BUFGX - Investor, 5/19/95, 0.93%
    BIIGX - Institutional, 7/1/19, 0.79%

12.91
13.05

26.56
26.78

17.68
17.87

18.43
18.61

16.79
16.97

11.27
11.44
  Morningstar U.S. Growth Index16.3231.0523.8124.2320.12-
LARGE CAP
    BUFEX - Investor, 5/19/95, 0.95%
    BUIEX - Institutional, 7/1/19, 0.81%

15.83
15.96

27.28
27.45

19.11
19.29

19.00
19.18

17.99
18.17

10.94
11.11
  Morningstar U.S. Large Growth Index17.2627.6923.0524.0120.29-
MID CAP
    BUFMX - Investor, 12/17/01, 1.03%
    BUIMX - Institutional, 7/1/19, 0.90%

8.81
8.94

31.17
31.34

18.85
19.04

16.50
16.68

14.40
14.57

9.81
9.97
  Morningstar U.S. Mid Growth Index9.7431.0121.7621.5517.9110.81
SMALL CAP
    BUFSX - Investor, 4/14/98, 1.02%
    BUISX - Institutional, 7/1/19, 0.87%

8.40
8.52

42.39
42.54

24.22
24.40

24.86
25.05

19.40
19.57

13.80
13.97
  Morningstar U.S. Small Growth Index-0.3527.6612.7616.6715.987.43
INTERNATIONAL EQUITY
INTERNATIONAL
    BUFIX - Investor, 9/28/07, 1.05%
    BUIIX - Institutional, 7/1/19, 0.90%

12.66
12.81

27.39
27.57

14.21
14.38

14.24
14.38

11.84
12.00

6.68
6.84
  Morningstar Global Markets ex-US Index6.6725.118.439.218.053.38
EQUITY & INCOME / HIGH YIELD
DIVIDEND FOCUS
    BUFDX - Investor, 12/3/12, 0.96%
    BUIDX - Institutional, 7/1/19, 0.81%

13.28
13.41

29.83
30.03

13.74
13.91

14.56
14.73

-
-

14.00
14.17
  Morningstar U.S. Large-Mid Cap Index15.1030.2016.5617.18-15.90
FLEXIBLE INCOME
    BUFBX - Investor, 8/12/94, 1.02%
    BUIBX - Institutional, 7/1/19, 0.87%

16.93
17.14

28.89
29.15

6.21
6.37

8.32
8.48

8.35
8.52

7.30
7.46
  Morningstar Moderately Aggressive Target Risk Index9.1723.8111.2311.3610.89-
HIGH YIELD
    BUFHX - Investor, 5/19/95, 1.03%
    BUIHX - Institutional, 7/1/19, 0.89%

5.07
5.19

13.00
13.22

7.39
7.52

6.09
6.24

6.48
6.63

7.07
7.23
  ICE BofAML U.S. High Yield Index4.6711.466.626.357.307.16
Show / Hide Benchmarks
As of 9/30/2021Average Annual Total Returns (%)
FUND
    Ticker, Inception Date, Expense Ratio
YTD1 YR3 YR5 YR10 YRSINCE
INCEPTION
DOMESTIC EQUITY
DISCOVERY
    BUFTX - Investor, 4/16/01, 1.02%
    BUITX - Institutional, 7/1/19, 0.87%

7.66
7.78

28.76
28.93

16.90
17.08

17.23
17.40

17.38
17.56

10.64
10.81
EARLY STAGE GROWTH*
    BUFOX - Investor, 5/21/04, 1.51%
    BUIOX - Institutional, 7/1/19, 1.37%

10.78
10.88

44.60
44.79

21.11
21.29

22.04
22.22

19.55
19.73

11.29
11.46
GROWTH
    BUFGX - Investor, 5/19/95, 0.93%
    BIIGX - Institutional, 7/1/19, 0.79%

12.91
13.05

26.56
26.78

17.68
17.87

18.43
18.61

16.79
16.97

11.27
11.44
LARGE CAP
    BUFEX - Investor, 5/19/95, 0.95%
    BUIEX - Institutional, 7/1/19, 0.81%

15.83
15.96

27.28
27.45

19.11
19.29

19.00
19.18

17.99
18.17

10.94
11.11
MID CAP
    BUFMX - Investor, 12/17/01, 1.03%
    BUIMX - Institutional, 7/1/19, 0.90%

8.81
8.94

31.17
31.34

18.85
19.04

16.50
16.68

14.40
14.57

9.81
9.97
SMALL CAP
    BUFSX - Investor, 4/14/98, 1.02%
    BUISX - Institutional, 7/1/19, 0.87%

8.40
8.52

42.39
42.54

24.22
24.40

24.86
25.05

19.40
19.57

13.80
13.97
INTERNATIONAL EQUITY
INTERNATIONAL
    BUFIX - Investor, 9/28/07, 1.05%
    BUIIX - Institutional, 7/1/19, 0.90%

12.66
12.81

27.39
27.57

14.21
14.38

14.24
14.38

11.84
12.00

6.68
6.84
EQUITY & INCOME / HIGH YIELD
DIVIDEND FOCUS
    BUFDX - Investor, 12/3/12, 0.96%
    BUIDX - Institutional, 7/1/19, 0.81%

13.28
13.41

29.83
30.03

13.74
13.91

14.56
14.73

-
-

14.00
14.17
FLEXIBLE INCOME
    BUFBX - Investor, 8/12/94, 1.02%
    BUIBX - Institutional, 7/1/19, 0.87%

16.93
17.14

28.89
29.15

6.21
6.37

8.32
8.48

8.35
8.52

7.30
7.46
HIGH YIELD
    BUFHX - Investor, 5/19/95, 1.03%
    BUIHX - Institutional, 7/1/19, 0.89%

5.07
5.19

13.00
13.22

7.39
7.52

6.09
6.24

6.48
6.63

7.07
7.23
As of 9/30/2021Average Annual Total Returns (%)
FUND
    Ticker, Inception Date, Expense Ratio
YTD1 YR3 YR5 YR10 YRSINCE
INCEPTION
DOMESTIC EQUITY
DISCOVERY
    BUFTX - Investor, 4/16/01, 1.02%
    BUITX - Institutional, 7/1/19, 0.87%

7.66
7.78

28.76
28.93

16.90
17.08

17.23
17.40

17.38
17.56

10.64
10.81
  Morningstar U.S. Mid Growth Index9.7431.0121.7621.5517.9110.14
EARLY STAGE GROWTH*
    BUFOX - Investor, 5/21/04, 1.51%
    BUIOX - Institutional, 7/1/19, 1.37%

10.78
10.88

44.60
44.79

21.11
21.29

22.04
22.22

19.55
19.73

11.29
11.46
  Morningstar U.S. Small Growth Index-0.3527.6612.7616.6715.9810.77
GROWTH
    BUFGX - Investor, 5/19/95, 0.93%
    BIIGX - Institutional, 7/1/19, 0.79%

12.91
13.05

26.56
26.78

17.68
17.87

18.43
18.61

16.79
16.97

11.27
11.44
  Morningstar U.S. Growth Index16.3231.0523.8124.2320.12-
LARGE CAP
    BUFEX - Investor, 5/19/95, 0.95%
    BUIEX - Institutional, 7/1/19, 0.81%

15.83
15.96

27.28
27.45

19.11
19.29

19.00
19.18

17.99
18.17

10.94
11.11
  Morningstar U.S. Large Growth Index17.2627.6923.0524.0120.29-
MID CAP
    BUFMX - Investor, 12/17/01, 1.03%
    BUIMX - Institutional, 7/1/19, 0.90%

8.81
8.94

31.17
31.34

18.85
19.04

16.50
16.68

14.40
14.57

9.81
9.97
  Morningstar U.S. Mid Growth Index9.7431.0121.7621.5517.9110.81
SMALL CAP
    BUFSX - Investor, 4/14/98, 1.02%
    BUISX - Institutional, 7/1/19, 0.87%

8.40
8.52

42.39
42.54

24.22
24.40

24.86
25.05

19.40
19.57

13.80
13.97
  Morningstar U.S. Small Growth Index-0.3527.6612.7616.6715.987.43
INTERNATIONAL EQUITY
INTERNATIONAL
    BUFIX - Investor, 9/28/07, 1.05%
    BUIIX - Institutional, 7/1/19, 0.90%

12.66
12.81

27.39
27.57

14.21
14.38

14.24
14.38

11.84
12.00

6.68
6.84
  Morningstar Global Markets ex-US Index6.6725.118.439.218.053.38
EQUITY & INCOME / HIGH YIELD
DIVIDEND FOCUS
    BUFDX - Investor, 12/3/12, 0.96%
    BUIDX - Institutional, 7/1/19, 0.81%

13.28
13.41

29.83
30.03

13.74
13.91

14.56
14.73

-
-

14.00
14.17
  Morningstar U.S. Large-Mid Cap Index15.1030.2016.5617.18-15.90
FLEXIBLE INCOME
    BUFBX - Investor, 8/12/94, 1.02%
    BUIBX - Institutional, 7/1/19, 0.87%

16.93
17.14

28.89
29.15

6.21
6.37

8.32
8.48

8.35
8.52

7.30
7.46
  Morningstar Moderately Aggressive Target Risk Index9.1723.8111.2311.3610.89-
HIGH YIELD
    BUFHX - Investor, 5/19/95, 1.03%
    BUIHX - Institutional, 7/1/19, 0.89%

5.07
5.19

13.00
13.22

7.39
7.52

6.09
6.24

6.48
6.63

7.07
7.23
  ICE BofAML U.S. High Yield Index4.6711.466.626.357.307.16
FUNDTICKERINCEPTION202020192018201720162015201420132012201120102009200820072006200520042003200220012000199919981997199619951994
DISCOVERYBUFTX4/16/200133.81%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 FOCUSBUFDX12/3/201216.64%27.66%-5.05%18.02%12.06%0.13%20.81%23.93%
EARLY STAGE GROWTHBUFOX5/21/200447.69%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 INCOMEBUFBX8/12/1994-2.24%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%*
GROWTHBUFGX5/19/199528.29%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 YIELDBUFHX5/19/19959.27%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%*
INTERNATIONALBUFIX9/28/200719.10%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 CAPBUFEX5/19/199528.08%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 CAPBUFMX12/17/200134.18%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 CAPBUFSX4/14/199866.36%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 October 19, 2021
FUNDTICKERNAVCNG ($) CNG (%)YTD (%)
DISCOVERY FUNDBUFTX$33.83$0.210.62%12.73%
DIVIDEND FOCUS FUNDBUFDX$25.99$0.170.66%18.52%
EARLY STAGE GROWTH FUNDBUFOX$24.80$0.100.40%11.81%
FLEXIBLE INCOME FUNDBUFBX$18.08$0.150.84%22.59%
GROWTH FUNDBUFGX$36.74$0.270.74%19.21%
HIGH YIELD FUNDBUFHX$11.93$-0.04-0.33%5.10%
INTERNATIONAL FUNDBUFIX$23.26$0.150.65%15.95%
LARGE CAP FUNDBUFEX$54.58$0.350.65%21.86%
MID CAP FUNDBUFMX$22.12$0.160.73%14.61%
SMALL CAP FUNDBUFSX$23.43$0.170.73%12.48%

  Institutional Class Shares

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

As of October 19, 2021
FUNDTICKERNAVCNG ($) CNG (%)YTD (%)
DISCOVERY FUNDBUITX$33.97$0.220.65%12.89%
DIVIDEND FOCUS FUNDBUIDX$25.99$0.160.62%18.66%
EARLY STAGE GROWTH FUNDBUIOX$24.90$0.110.44%11.96%
FLEXIBLE INCOME FUNDBUIBX$18.07$0.140.78%22.76%
GROWTH FUNDBIIGX$36.84$0.270.74%19.34%
HIGH YIELD FUNDBUIHX$11.92$-0.04-0.33%5.24%
INTERNATIONAL FUNDBUIIX$23.29$0.150.65%16.10%
LARGE CAP FUNDBUIEX$54.71$0.350.64%21.98%
MID CAP FUNDBUIMX$22.20$0.160.73%14.73%
SMALL CAP FUNDBUISX$23.52$0.180.77%12.64%

*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.

Ratings & Rankings

FUND NAMETICKEROVERALL3 YR5 YR10 YRCATEGORY
DISCOVERYBUFTX     
55% of 549 funds
  
64% of 495 funds
   
32% of 386 funds
Mid-Cap Growth
DIVIDEND FOCUSBUFDX    
64% of 1,257 funds
  
71% of 1,102 funds
Large Blend
EARLY STAGE GROWTH*BUFOX       
14% of 575 funds
   
23% of 506 funds
    
9% of 381 funds
Small Growth
FLEXIBLE INCOMEBUFBX
95% of 154 funds

94% of 140 funds

100% of 98 funds
Allocation 85%+ Equity
GROWTHBUFGX  
70% of 1,133 funds
 
74% of 1,024 funds
 
71% of 762 funds
Large Growth
HIGH YIELDBUFHX      
13% of 630 funds
  
25% of 552 funds
   
48% of 358 funds
High Yield Bond
INTERNATIONALBUFIX      
31% of 383 funds
    
18% of 322 funds
   
22% of 221 funds
Foreign Large Growth
LARGE CAPBUFEX    
55% of 1,133 funds
  
66% of 1,024 funds
  
51% of 762 funds
Large Growth
MID CAPBUFMX     
41% of 549 funds
  
71% of 495 funds
 
86% of 386 funds
Mid-Cap Growth
SMALL CAPBUFSX       
8% of 575 funds
   
8% of 506 funds
   
12% of 381 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 9/30/21.
FUND NAMETICKERSUSTAINABILITY RATINGSUSTAINABILITY RANKINGCARBON METRIC RATING
DISCOVERYBUFTX34
out of 1,525 US Equity Mid Cap funds, based on 92% of AUM

Mid Cap Growth category, based on 79% of AUM
DIVIDEND FOCUSBUFDX95
out of 3,286 US Equity Large Cap Blend funds, based on 91% of AUM
EARLY STAGE GROWTH*BUFOX30
out of 1,591 US Equity Small Cap funds, based on 76% of AUM
FLEXIBLE INCOMEBUFBX40
out of 4,915 Aggressive Allocation funds, based on 96% of AUM
GROWTHBUFGX19
out of 1,535 US Equity Large Cap Growth funds, based on 99% of AUM

Large Growth category, based on 98% of AUM
HIGH YIELDBUFHX
INTERNATIONALBUFIX8
out of 7,083 Global Equity Large Cap funds, based on 92% of AUM

Foreign Large Growth category, based on 94% of AUM
LARGE CAPBUFEX20
out of 1,535 US Equity Large Cap funds, based on 96% of AUM

Large Growth category, based on 96% of AUM
MID CAPBUFMX21
out of 1,525 US Equity Mid Cap funds, based on 91% of AUM

Mid Cap Growth category, based on 95% of AUM
SMALL CAPBUFSX41
out of 1,591 US Equity Small Cap funds, based on 77% of AUM
Morningstar Sustainability Ratings are as of 8/31/21. Low Carbon Designation Ratings are as of 6/30/21.
Morningstar Rating™

The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating™ for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating™ metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

©2021 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.

Morningstar Sustainability Rating™

The Morningstar Sustainability Rating™ is intended to measure how well the issuing companies of the securities within a fund’s portfolio holdings are managing their financially material environmental, social and governance, or ESG, risks relative to the fund’s Morningstar Global Category peers. The Morningstar Sustainability Rating calculation is a five -step process. First, each fund with at least 67% of assets covered by a company-level ESG Risk Score from Sustainalytics receives a Morningstar Portfolio Sustainability Score. The Morningstar Portfolio Sustainability Score is an asset weighted average of company-level ESG Risk Scores. The Portfolio Sustainability Score ranges between 0 to 100, with a higher score indicating that a fund has, on average, more of its assets invested in companies with high ESG Risk. Second, the Historical Sustainability Score is an exponential weighted moving average of the Portfolio Sustainability Scores over the past 12 months. The process rescales the current Portfolio Sustainability Score to reflect the consistency of the scores. The Historical Sustainability Score ranges between 0 to 100, with a higher score indicating that a fund has, on average, more of its assets invested in companies with high ESG Risk, on a consistent historical basis. Third, the Morningstar Sustainability Rating is then assigned to all scored funds within Morningstar Global Categories in which at least thirty (30) funds receive a Historical Sustainability Score and is determined by each fund’s Morningstar Sustainability Rating Score rank within the following distribution: High (highest 10%), Above Average (next 22.5%), Average (next 35%), Below Average (next 22.5%), and Low (lowest 10%). Fourth, Morningstar applies a 1% rating buffer from the previous month to increase rating stability. This means a fund must move 1% beyond the rating breakpoint to change ratings. Fifth, they adjust downward positive Sustainability Ratings to funds with high ESG Risk scores. The logic is as follows: If Portfolio Sustainability score is above 40, then the fund receives a Low Sustainability Rating. If Portfolio Sustainability score is above 35 and preliminary rating is Average or better, then the fund is downgraded to Below Average. If the Portfolio Sustainability score is above 30 and preliminary rating is Above Average, then the fund is downgraded to Average. If the Portfolio Sustainability score is below 30, then no adjustment is made. The Morningstar Sustainability Rating is depicted by globe icons where High equals 5 globes and Low equals 1 globe. Since a Sustainability Rating is assigned to all funds that meet the above criteria, the rating it is not limited to funds with explicit sustainable or responsible investment mandates. Morningstar updates its Sustainability Ratings monthly. The Portfolio Sustainability Score is calculated when Morningstar receives a new portfolio. Then, the Historical Sustainability Score and the Sustainability Rating is calculated one month and six business days after the reported as-of date of the most recent portfolio. As part of the evaluation process, Morningstar uses Sustainalytics’ ESG scores from the same month as the portfolio as-of date. Please click on http://corporate1.morningstar.com/SustainableInvesting/ for more detailed information about the Morningstar Sustainability Rating methodology and calculation frequency. Sustainalytics is an independent ESG and corporate governance research, ratings, and analysis firm. Morningstar, Inc. holds a non-controlling ownership interest in Sustainalytics.

Morningstar Low Carbon Designation™

The Morningstar® Low Carbon Designation™ is intended to allow investors to easily identify low-carbon funds across the global universe. The designation is an indicator that the companies held in a portfolio are in general alignment with the transition to a low-carbon economy. The designation is given to portfolios that have low carbon-risk scores and low levels of exposure to fossil fuels. To determine carbon-risk scores and fossil fuel involvement, Morningstar uses Sustainalytics' company-level data. The Morningstar® Portfolio Carbon Risk Score™ measures the risk that companies in a portfolio face from the transition to a low-carbon economy. The Morningstar® Portfolio Fossil Fuel Involvement™ percentage assesses the degree to which a portfolio is exposed to thermal coal extraction and power generation as well as oil and gas production, power generation, and products & services. To receive a Morningstar Portfolio Carbon Risk Score, at least 67% of portfolio assets must have a carbon-risk rating from Sustainalytics. The percentage of assets covered is rescaled to 100% before calculating the score. To receive the designation, a portfolio must meet two criteria: 1) a 12-month trailing average Morningstar Portfolio Carbon Risk Score below 10 and 2) a 12-month trailing average exposure to fossil fuels less than 7% of assets, which is approximately a 33% underweighting to the global equity universe. Funds receive the Low Carbon designation based on the most recent quarterly calculations of their 12- month trailing average Morningstar Portfolio Carbon Risk Scores and Morningstar Portfolio Fossil Fuel Involvement. Funds holding the Low Carbon designation that no longer meet the criteria will not receive the designation for the subsequent quarter. All Morningstar Portfolio Carbon Metrics, including the Morningstar Portfolio Carbon Risk Score, Morningstar Portfolio Fossil Fuel Involvement, and the Morningstar Low Carbon Designation, are calculated quarterly. Please visit http://corporate1.morningstar.com/SustainableInvesting/ for more detail information about the Morningstar Low Carbon Designation and its calculation. Sustainalytics is an independent ESG and corporate governance research, ratings, and analysis firm. Morningstar, Inc. holds a non-controlling ownership interest in Sustainalytics.

Dividends & Distributions

Discovery Fund

2021 Distribution Dates:
Capital Gains, if any – Record Date (12/2/21); Payment Date (12/3/21)
Ordinary Income, if any – Record Date (12/17/21); Payment Date (12/20/21)
Payable DateDistribution NAVNet Investment IncomeShort-Term Capital GainLong-Term Capital GainsTotal Distribution
12/18/2020$29.79 (Inv)
$29.87 (Inst)
-
-
$0.67369
$0.67369
$1.72119
$1.72119
$2.39488
$2.39488
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

2021 Distribution Dates:
— Record Date (12/2/21); Payment Date (12/3/21) – Capital Gains, if any — Record Date (12/17/21); Payment Date (12/20/21) – Ordinary Income, if any
Payable DateDistribution NAVNet Investment IncomeShort-Term Capital GainsLong-Term Capital GainsDistribution Total
9/20/21$24.79 (Inv)
$24.79 (Inst)
$0.03057741
$0.04007525
-
-
-
-
$0.03057741
$0.04007525
6/18/21$24.27 (Inv)
$24.26 (Inst)
$0.02933960
$0.03839857
-
-
-
-
$0.02933960
$0.03839857
3/18/21$23.16 (Inv)
$23.16 (Inst)
$0.05098388
$0.05942821
-
-
-
-
$0.05098388
$0.05942821
12/18/20$21.72 (Inv)
$21.72 (Inst)
$0.00905139
$0.01801390
-
-
-
-
$0.00905139
$0.01801390
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

Early Stage Growth Fund

2021 Distribution Dates:
Capital Gains, if any – Record Date (12/2/21); Payment Date (12/3/21)
Ordinary Income, if any – Record Date (12/17/21); Payment Date (12/20/21)

*As of October 16, 2020, the name of the Buffalo Emerging Opportunities Fund changed to the Early Stage Growth Fund.
Payable DateDistribution NAVNet Investment IncomeShort-Term Capital GainLong-Term Capital GainsDistribution Total
12/18/2020$21.65 (Inv)
$21.71 (Inst)
-
-
$0.78389
$0.78389
$1.69907
$1.69907
$2.48296
$2.48296
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

2021
2021 Distribution Dates:
— Record Date (10/18/21); Payment Date (10/19/21) – Ordinary Income & Capital Gains, if any — Record Date (11/17/21); Payment Date (11/18/21) – Ordinary Income & Capital Gains, if any — Record Date (12/2/21); Payment Date (12/3/21) – Capital Gains, if any — Record Date (12/17/21); Payment Date (12/20/21) – Ordinary Income, if any
Record DatePayable DateDistribution NAVNet Investment IncomeShort-Term Capital GainsLong-Term Capital GainsDistribution Total
9/17/219/20/21$17.05 (Inv)
$17.04 (Inst)
$0.03791136
$0.04015465
-
-
-
-
$0.03791136
$0.04015465
8/17/218/18/21$17.28 (Inv)
$17.27 (Inst)
$0.03512588
$0.03721368
-
-
-
-
$0.03512588
$0.03721368
7/19/217/20/21$17.09 (Inv)
$17.08 (Inst)
$0.00589869
$0.00819299
-
-
-
-
$0.00589869
$0.00819299
6/17/216/18/21$16.99 (Inv)
$16.98 (Inst)
$0.03934585
$0.04149178
-
-
-
-
$0.03934585
$0.04149178
5/17/215/18/21$17.19 (Inv)
$17.18 (Inst)
$0.02426012
$0.02622444
-
-
-
-
$0.02426012
$0.02622444
4/19/214/20/21$16.65 (Inv)
$16.64 (Inst)
$0.00847721
$0.01071978
-
-
-
-
$0.00847721
$0.01071978
3/17/213/18/21$16.01 (Inv)
$16.00 (Inst)
$0.03984988
$0.04170871
-
-
-
-
$0.03984988
$0.04170871
2/17/212/18/21$15.82 (Inv)
$15.82 (Inst)
$0.03172344
$0.03362171
-
-
-
-
$0.03172344
$0.03362171
1/19/211/20/21$15.71 (Inv)
$15.70 (Inst)
$0.01013286
$0.01221186
-
-
-
-
$0.01013286
$0.01221186
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Growth Fund

2021 Distribution Dates:
Capital Gains, if any – Record Date (12/2/21); Payment Date (12/3/21)
Ordinary Income, if any – Record Date (12/17/21); Payment Date (12/20/21)
Payable DateDistribution NAVNet Investment IncomeShort-Term Capital GainLong-Term Capital GainsDistribution Total
12/18/2020$30.24 (Inv)
$30.29 (Inst)
-
-
-
-
$1.53123
$1.53123
$1.53123
$1.53123
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

2021
2021 Distribution Dates:
— Record Date (10/18/21); Payment Date (10/19/21) – Ordinary Income & Capital Gains, if any
— Record Date (11/17/21); Payment Date (11/18/21) – Ordinary Income & Capital Gains, if any
— Record Date (12/2/21); Payment Date (12/3/21) – Capital Gains, if any
— Record Date (12/17/21); Payment Date (12/20/21) – Ordinary Income, if any
Record DatePayable DateDistribution NAVNet Investment IncomeShort-Term Capital GainsLong-Term Capital GainsDistribution Total
9/17/219/20/21$11.94 (Inv)
$11.93 (Inst)
$0.03991191
$0.04143702
-
-
-
-
$0.03991191
$0.04143702
8/17/218/18/21$11.87 (Inv)
$11.86 (Inst)
$0.03582984
$0.03725405
-
-
-
-
$0.03582984
$0.03725405
7/19/217/20/21$11.92 (Inv)
$11.91 (Inst)
$0.04163377
$0.04318868
-
-
-
-
$0.04163377
$0.04318868
6/17/216/18/21$11.96 (Inv)
$11.95 (Inst)
$0.06239306
$0.06385012
-
-
-
-
$0.06239306
$0.06385012
5/17/215/18/21$11.88 (Inv)
$11.87 (Inst)
$0.02955878
$0.03092565
-
-
-
-
$0.02955878
$0.03092565
4/19/214/20/21$11.89 (Inv)
$11.88 (Inst)
$0.02511590
$0.02671660
-
-
-
-
$0.02511590
$0.02671660
3/17/213/18/21$11.78 (Inv)
$11.77 (Inst)
$0.04416967
$0.04553159
-
-
-
-
$0.04416967
$0.04553159
2/17/212/18/21$11.89 (Inv)
$11.88 (Inst)
$0.03905063
$0.04046545
-
-
-
-
$0.03905063
$0.04046545
1/19/211/20/21$11.83 (Inv)
$11.82 (Inst)
$0.02991434
$0.03150591
-
-
-
-
$0.02991434
$0.03150591
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International Fund

2021 Distribution Dates:
Capital Gains, if any – Record Date (12/2/21); Payment Date (12/3/21)
Ordinary Income, if any – Record Date (12/17/21); Payment Date (12/20/21)
Payable DateDistribution NAVNet Investment IncomeShort-Term Capital GainLong-Term Capital GainsDistribution Total
12/18/2020$19.94 (Inv)
$19.94 (Inst)
$0.05358933
$0.07700258
-
-
$0.00243
$0.00243
$0.05602
$0.07943
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

2021 Distribution Dates:
Capital Gains, if any – Record Date (12/2/21); Payment Date (12/3/21)
Ordinary Income, if any – Record Date (12/17/21); Payment Date (12/20/21)
Payable DateDistribution NAVNet Investment IncomeShort-Term Capital GainLong-Term Capital GainsDistribution Total
12/18/2020$44.39 (Inv)
$44.45 (Inst)
$0.06364187
$0.11123376
-
-
-
-
$0.06364
$0.11123
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

2021 Distribution Dates:
Capital Gains, if any – Record Date (12/2/21); Payment Date (12/3/21)
Ordinary Income, if any – Record Date (12/17/21); Payment Date (12/20/21)
Payable DateDistribution NAVNet Investment IncomeShort-Term Capital GainLong-Term Capital GainsDistribution Total
12/18/2020$19.04 (Inv)
$19.09 (Inst)
-
-
$0.13801
$0.13801
$1.19475
$1.19475
$1.33276
$1.33276
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

2021 Distribution Dates:
Capital Gains, if any – Record Date (12/2/21); Payment Date (12/3/21)
Ordinary Income, if any – Record Date (12/17/21); Payment Date (12/20/21)
Payable DateDistribution NAVNet Investment IncomeShort-Term Capital GainLong-Term Capital GainsDistribution Total
12/18/2020$20.63 (Inv)
$20.68 (Inst)
-
-
$1.00358
$1.00358
$0.87288
$0.87288
$1.87646
$1.87646
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

FundSymbol
Inv / Inst
Fact
Sheet
Quarterly
Commentary
Full
Holdings
Summary
Prospectus
DISCOVERYBUFTX / BUITX
DIVIDEND FOCUSBUFDX / BUIDX
EARLY STAGE GROWTH*BUFOX / BUIOX
FLEXIBLE INCOMEBUFBX / BUIBX
GROWTHBUFGX / BIIGX
HIGH YIELDBUFHX / BUIHX
INTERNATIONALBUFIX / BUIIX
LARGE CAPBUFEX / BUIEX
MID CAPBUFMX / BUIMX
SMALL CAPBUFSX / BUISX
The following documents apply to all Buffalo Funds:

  Prospectus
  Annual Report
  Semi-Annual Report
  Statement of Additional Information
  Schedules of Investments (6/30/21)
  Schedules of Investments (12/31/20)

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
  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.

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