0000894189-13-003415.txt : 20130614 0000894189-13-003415.hdr.sgml : 20130614 20130614094108 ACCESSION NUMBER: 0000894189-13-003415 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20130614 DATE AS OF CHANGE: 20130614 EFFECTIVENESS DATE: 20130614 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BUFFALO FUNDS CENTRAL INDEX KEY: 0001135300 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 333-56018 FILM NUMBER: 13912973 BUSINESS ADDRESS: STREET 1: KORNITZER CAPITAL MANAGEMENT, INC. STREET 2: 5420 WEST 61ST PLACE CITY: SHAWNEE MISSION STATE: KS ZIP: 66205 BUSINESS PHONE: 9136777778 MAIL ADDRESS: STREET 1: KORNITZER CAPITAL MANAGEMENT, INC. STREET 2: 5420 WEST 61ST PLACE CITY: SHAWNEE MISSION STATE: KS ZIP: 66205 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BUFFALO FUNDS CENTRAL INDEX KEY: 0001135300 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-10303 FILM NUMBER: 13912974 BUSINESS ADDRESS: STREET 1: KORNITZER CAPITAL MANAGEMENT, INC. STREET 2: 5420 WEST 61ST PLACE CITY: SHAWNEE MISSION STATE: KS ZIP: 66205 BUSINESS PHONE: 9136777778 MAIL ADDRESS: STREET 1: KORNITZER CAPITAL MANAGEMENT, INC. STREET 2: 5420 WEST 61ST PLACE CITY: SHAWNEE MISSION STATE: KS ZIP: 66205 0001135300 S000006555 Buffalo Emerging Opportunities Fund C000017894 Buffalo Emerging Opportunities Fund BUFOX 0001135300 S000006556 Buffalo Mid Cap Fund C000017895 Buffalo Mid Cap Fund BUFMX 0001135300 S000006557 Buffalo Discovery Fund C000017896 Buffalo Discovery Fund BUFTX 0001135300 S000019058 Buffalo International Fund C000052696 Buffalo International Fund BUFIX 0001135300 S000022450 Buffalo Flexible Income Fund C000064611 Buffalo Flexible Income Fund BUFBX 0001135300 S000022451 Buffalo High Yield Fund C000064612 Buffalo High Yield Fund BUFHX 0001135300 S000022452 Buffalo Large Cap Fund C000064613 Buffalo Large Cap Fund BUFEX 0001135300 S000022453 Buffalo Small Cap Fund C000064614 Buffalo Small Cap Fund BUFSX 0001135300 S000022454 Buffalo Growth Fund C000064615 Buffalo Growth Fund BUFGX 0001135300 S000039149 Buffalo Dividend Focus Fund C000120435 Buffalo Dividend Focus Fund BUFDX 485BPOS 1 bf_485bxbrl.htm POST EFFECTIVE AMENDMENT FOR XBRL bf_485bxbrl.htm

 
As filed with the Securities and Exchange Commission on June 14, 2013
File Nos. 333-56018 and 811-10303

 
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-1A
 
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933:
[X]
   
Pre-Effective Amendment No. ___
[   ]
   
Post-Effective Amendment No. 44
[X]
   
                                    and/or
 
   
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940:
[X]
   
Amendment No. 45
[X]

BUFFALO FUNDS
(Exact Name of Registrant as Specified in Charter)

5420 W. 61st Place
Shawnee Mission, KS 66205
(Address of Principal Executive Offices) (Zip Code)
 
(913) 384-1513
(Registrant’s Telephone Number, Including Area Code)
 
Kent W. Gasaway
5420 West 61st Place
Shawnee Mission, KS 66205
(Name and Address of Agent for Service)

It is proposed that this filing will become effective (check appropriate box):
 
[X]
immediately upon filing pursuant to paragraph (b).
[   ]
on (date) pursuant to paragraph (b)
[   ]
60 days after filing pursuant to paragraph (a)(1).
[   ]
on (date) pursuant to paragraph (a)(1).
[   ]
75 days after filing pursuant to paragraph (a)(2).
[   ]
on (date) pursuant to paragraph (a)(2) of Rule 485.
 
If appropriate, check the following box:
 
[   ]
This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

Explanatory Note: This PEA No. 44 hereby incorporates Parts A, B and C from the Fund’s PEA No. 43 on Form N-1A filed May 31, 2013.  This PEA No. 44 is filed for the sole purpose of submitting the XBRL exhibit for the risk/return summary first provided in PEA No. 43.
 
 
 
 
 

 
 
SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant certifies that this Post-Effective Amendment No. 44 to its Registration Statement meets all of the requirements for effectiveness pursuant to Rule 485(b) of the Securities Act of 1933, as amended, and the Registrant has duly caused this Post-Effective Amendment No. 44 to its Registration Statement on Form N-1A to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Shawnee Mission and State of Kansas, on the 14th day of June, 2013.

                                                               BUFFALO FUNDS
                                                               Registrant

                                                               By:  /s/ Kent W. Gasaway                                                            
                                                               Kent W. Gasaway
                                                              President and Treasurer

Pursuant to the requirements of the Securities Act of 1933, as amended, this Post-Effective Amendment No. 44 to its Registration Statement has been signed below on June 14, 2013, by the following persons in the capacities indicated.

/s/ Kent W. Gasaway                                                         
Kent W. Gasaway
 
President and Treasurer
Joseph C. Neuberger*                                                         
Joseph C. Neuberger
 
Chairman and Trustee
Thomas S. Case*                                           
Thomas S. Case
 
Trustee
J. Gary Gradinger*                                                         
J. Gary Gradinger
 
Trustee
Philip J. Kennedy*                                                         
Philip J. Kennedy
 
Trustee
* By: /s/ Kent W. Gasaway                                                         
     Kent W. Gasaway
    (Pursuant to Power of Attorney previously filed)


 
 

 
 
EXHIBIT INDEX


Exhibit
Exhibit No.
 
Instance Document
EX-101.INS
Schema Document
EX-101.SCH
Calculation Linkbase Document
EX-101.CAL
Definition Linkbase Document
EX-101.DEF
Label Linkbase Document
EX-101.LAB
Presentation Linkbase Document
EX-101.PRE




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The Total Annual Fund Operating Expenses for the Fund do not correlate to the ratio of expenses to average net assets listed in the Fund's financial highlights, which reflects the operating expenses of the Fund and does not include the amount of the Fund's proportionate share of the fees and expenses of other investment companies in which the Fund invests. Other Expenses are based on estimated amounts for the Fund's current fiscal year. BUFFALO FUNDS 485BPOS false 0001135300 2013-03-31 2013-05-31 2013-06-03 2013-06-03 Buffalo Discovery Fund BUFTX Example. <div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.&#160;&#160;The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods.&#160;&#160;The example also assumes that your investment has a 5% return each year, and that the Fund&#8217;s operating expenses remain the same.</font></div> 104 325 563 1248 ~ http://usbank.com/20130531/role/ScheduleExpenseExampleTransposed20003 column dei_LegalEntityAxis compact ck0001135300_S000006557Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: Portfolio Turnover. <div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio).&#160;&#160;A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.&#160;&#160;These transaction and tax costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance.&#160;&#160;During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 53% of the average value of its portfolio.</font> </div> 0.53 INVESTMENT OBJECTIVE <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The investment objective of the Buffalo Discovery Fund (&#8220;Discovery Fund&#8221; or the &#8220;Fund&#8221;) is long-term growth of capital.</font> </div> PRINCIPAL INVESTMENT STRATEGIES <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The Discovery Fund principally invests in equity securities, consisting of domestic common stock, preferred stock, convertible securities, warrants and rights of companies whose securities may increase in value due to the development, advancement or commercial application of innovative strategies.&#160;&#160;Companies engaged in innovative strategies are those who, in the opinion of Kornitzer Capital Management, Inc., the Fund&#8217;s investment advisor (the &#8220;Advisor&#8221; or &#8220;KCM&#8221;), are engaged in the pursuit and practical application of knowledge to discover, develop and commercialize products, services or intellectual property.&#160;&#160;The types of companies in which the Fund may invest range across all industries and all market capitalizations.&#160;&#160;While the Fund&#8217;s investments in equity securities will consist primarily of domestic securities, the Fund may invest up to 20% of its net assets in sponsored or unsponsored American Depositary Receipts (&#8220;ADRs&#8221;) and securities of foreign companies that are traded on U.S. stock exchanges.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The Advisor seeks to identify companies for the Discovery Fund&#8217;s portfolio that are expected to benefit from innovation and experience growth based on the identification of long-term, measurable secular trends, and which, as a result, the Advisor believes may have potential revenue growth in excess of gross domestic product.&#160;&#160;Companies are screened using in-depth, in-house research to identify those which the Advisor believes have favorable attributes, including attractive valuation, strong management, conservative debt, free cash flow, scalable business models, and competitive advantages.&#160;&#160;The Advisor may sell the Discovery Fund&#8217;s investments to secure gains, limit losses or reinvest in more promising investment opportunities.</font> </div> PRINCIPAL RISKS <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; 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DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Management Ris</font><font style="DISPLAY: inline">k</font> <font style="DISPLAY: inline">&#8211;</font> <font style="DISPLAY: inline">Management risk means that your investment in the</font> Discovery<font style="DISPLAY: inline">&#160;</font><font style="DISPLAY: inline">Fund varies with the success and failure of the Advisor&#8217;s investment strategies and the Advisor&#8217;s research, analysis and determination of portfolio securities.</font></font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Equity Market Risk</font> <font style="DISPLAY: inline">&#8211; Equity securities held by the</font> Discovery <font style="DISPLAY: inline">Fund may experience sudden, unpredictable drops in value or long periods of decline in value due to general stock market fluctuations, increases in production costs, decisions by management or related factors.</font></font> </div> <br/><div style="TEXT-INDENT: 0pt; 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DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Mid-Cap Company Risk</font> &#8211; Investing in mid-cap companies may involve greater risk than investing in large-cap companies due to less management experience, financial resources, product diversification and competitive strengths.&#160;&#160;Therefore, such securities may be more volatile and less liquid than large-cap companies.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Small-Cap Company Risk</font> &#8211; Investing in small-cap companies may involve greater risk than investing in large- or mid-cap companies due to less management experience, financial resources, product diversification and competitive strengths.&#160;&#160;Therefore, such securities may be more volatile and less liquid than mid- and large-cap companies.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Foreign Risk</font> &#8211; Investing in securities of foreign corporations involves additional risks relating to: political, social, religious and economic developments abroad; market instability; fluctuations in foreign exchange rates; different regulatory requirements, market practices, accounting standards and practices; and less publicly available information about foreign issuers.&#160;&#160;Additionally, these investments may be subject to foreign withholding taxes, may be less liquid, carry higher brokerage commissions and other fees, and procedures and regulations governing transactions and custody in foreign markets also may involve delays in payment, delivery or recovery of money or investments.&#160;&#160;Investments in common stocks of U.S. companies with international operations, and the purchase of sponsored or unsponsored ADRs carry similar risks.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">American Depositary Receipts &#8211;</font> Unsponsored ADRs held by the Fund are frequently under no obligation to distribute shareholder communications received from the underlying issuer.&#160;&#160;For this and other reasons, there is less information available about unsponsored ADRs than sponsored ADRs.&#160;&#160;Unsponsored ADRs are also not obligated to pass through voting rights to the Fund.&#160;&#160;Investing in foreign companies, even indirectly through ADRs, may involve the same inherent risks as investing in securities of foreign issuers, as described above.</font> </div> If the value of the Discovery Fund's investments decreases, the value of the Fund's shares will also decrease and you may lose money. FEES AND EXPENSES OF THE FUND <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</font> </div> -0.0200 0.0100 0.0001 0.0001 0.0102 ~ http://usbank.com/20130531/role/ScheduleShareholderFees20001 column dei_LegalEntityAxis compact ck0001135300_S000006557Member row primary compact * ~ ~ http://usbank.com/20130531/role/ScheduleAnnualFundOperatingExpenses20002 column dei_LegalEntityAxis compact ck0001135300_S000006557Member row primary compact * ~ Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Acquired Fund Fees and Expenses represent the indirect costs of the Fund's investments in other investment companies. The Total Annual Fund Operating Expenses for the Fund do not correlate to the ratio of expenses to average net assets listed in the Fund's financial highlights, which reflects the operating expenses of the Fund and does not include the amount of the Fund's proportionate share of the fees and expenses of other investment companies in which the Fund invests. Shareholder Fees (fees paid directly from your investment) PERFORMANCE <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The performance information provides some indication of the risks of investing in the Discovery Fund by showing changes in the<font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>Fund&#8217;s performance from year to year and by showing how the<font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>Fund&#8217;s average annual returns for one, five and ten years compare with those of a broad measure of market performance and the returns of additional indexes of securities with characteristics similar to those that the Fund typically holds.&#160;&#160;The performance information, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.&#160;&#160;Updated performance information is available on the Fund&#8217;s website at http://www.buffalofunds.com/performance.html, or by calling the Fund toll-free at 1-800-49-BUFFALO (1-800-492-8332).</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state or local taxes.&#160;&#160;Actual after-tax returns depend on each investor&#8217;s individual tax situation and may differ from those shown in the table.&#160;&#160;The after-tax returns shown are not relevant to investors who own the Discovery Fund in a tax-deferred arrangement, such as an individual retirement account or a 401(k) plan.</font> </div> DISCOVERY FUND Annual Total Return as of December 31 of Each Year 0.6268 0.1569 0.0691 0.1196 0.0815 -0.3687 0.5162 0.2296 -0.0069 0.1973 ~ http://usbank.com/20130531/role/ScheduleAnnualTotalReturnsBarChart20004 column dei_LegalEntityAxis compact ck0001135300_S000006557Member column rr_ProspectusShareClassAxis compact ck0001135300_C000017896Member row primary compact * ~ Best Quarter through December 31, 2012: 0.2895 2003-06-30 Worst Quarter through December 31, 2012: -0.3124 2002-06-30 Calendar Year-to-Date Return 0.0858 2013-03-31 <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Calendar Year-to-Date Return (through March 31, 2013) = 8.58%</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Best Quarter through December 31, 2012: June 30, 2003 = 28.95%</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Worst Quarter through December 31, 2012: June 30, 2002 = (31.24%)</font> </div> 0.1973 0.0695 0.1305 Return Before Taxes 0.1844 0.0638 0.1254 Return After Taxes on Distributions 0.1456 0.0595 0.1167 Return After Taxes on Distributions and Sale of Fund Shares 0.1521 0.0315 0.0769 Russell 3000&#174; Growth Index (reflects no deduction for fees, expenses or taxes) 0.1588 0.0141 0.0806 Lipper Multi-Cap Growth Index&#174; (reflects no deduction for fees, expenses or taxes) ~ http://usbank.com/20130531/role/ScheduleAverageAnnualReturnsTransposed20005 column dei_LegalEntityAxis compact ck0001135300_S000006557Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state or local taxes. The performance information provides some indication of the risks of investing in the Discovery Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for one, five and ten years compare with those of a broad measure of market performance and the returns of additional indexes of securities with characteristics similar to those that the Fund typically holds. The performance information, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. (reflects no deduction for fees, expenses or taxes) 1-800-492-8332 http://www.buffalofunds.com/performance.html Average Annual Total Returns for the periods ended December 31, 2012 Actual after-tax returns depend on each investor's individual tax situation and may differ from those shown in the table. The after-tax returns shown are not relevant to investors who own the Discovery Fund in a tax-deferred arrangement, such as an individual retirement account or a 401(k) plan. Buffalo Dividend Focus Fund BUFDX Example. <div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.&#160;&#160;The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods.&#160;&#160;The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same.</font></div> 165 511 881 1922 ~ http://usbank.com/20130531/role/ScheduleExpenseExampleTransposed20010 column dei_LegalEntityAxis compact ck0001135300_S000039149Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: Portfolio Turnover. <div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio).&#160;&#160;A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.&#160;&#160;These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance.&#160;&#160;For the period from December 3, 2012, through March 31, 2013, the Fund&#8217;s portfolio turnover rate was 8% of the average value of its portfolio.</font> </div> 0.08 INVESTMENT OBJECTIVE <div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The investment objective of the Buffalo Dividend Focus Fund (the &#8220;Dividend Focus Fund&#8221; or the &#8220;Fund&#8221;) is current income,</font></div> <div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">with long-term growth of capital as a secondary objective.</font> </div> PRINCIPAL INVESTMENT STRATEGIES <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">To pursue its investment objective, the Fund invests in dividend-paying equity securities, consisting of domestic common stocks, preferred stocks, rights, warrants and convertible securities.&#160;&#160;During normal market conditions, at least 80% of the Fund&#8217;s assets will be invested in dividend-paying equity securities.&#160;&#160;The Fund considers &#8220;dividend-paying equity securities&#8221; to be securities of companies that declare and pay cash dividends on at least an annual basis.&#160;&#160;The Dividend Focus Fund may invest in companies in any sector and of any size of market capitalization; provided, however, that the Advisor believes that an investment in the company&#8217;s securities is consistent with the Fund&#8217;s investment objectives.&#160;&#160;While the Fund may invest in securities of companies of any size, the Advisor expects that the majority of common stocks purchased for the Fund will be of large-cap companies.&#160;&#160;The Fund considers large-cap companies to be those with market capitalizations in excess of $10 billion at the time of initial purchase.&#160;&#160;In addition to investments in domestic securities, the Fund may invest up to 20% of its net assets in sponsored or unsponsored ADRs and securities of foreign companies that are traded on U.S. stock exchanges.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Advisor emphasizes dividend-paying securities that have exhibited historical growth of dividends.&#160;&#160;The Advisor may sell the Fund&#8217;s investments to secure gains, limit losses or reinvest in more promising investment opportunities.</font> </div> PRINCIPAL RISKS <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Fund cannot guarantee that it will achieve its investment objectives.&#160;&#160;As with any mutual fund, the value of the Fund&#8217;s investments may fluctuate.&#160;&#160;If the value of the Fund&#8217;s investments decreases, the value of the Fund&#8217;s shares will also decrease and you may lose money.&#160;&#160;The risks associated with the Dividend Focus Fund&#8217;s principal investment strategies are:</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Market Risk</font> &#8211; The value of the Fund&#8217;s shares will fluctuate as a result of the movement of the overall stock market and/or bond market or of the value of the individual securities held by the Fund, and you could lose money.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Management Risk</font> &#8211; Management risk means that your investment in the Fund varies with the success and failure of the Advisor&#8217;s investment strategies and the Advisor&#8217;s research, analysis and determination of portfolio securities.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Equity Market Risk</font> &#8211; Equity securities held by the Fund may experience sudden, unpredictable drops in value or long periods of decline in value due to general stock market fluctuations, decisions by management or other factors.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Common Stocks</font>.&#160;&#160;Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions of their issuers change.&#160;&#160;Common stock is generally subject to greater risk than preferred stocks and debt obligations because holders of common stock generally have inferior rights to receive payments from issuers in comparison with the rights of the holders of other securities, bondholders and other creditors.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Preferred Stock</font>.&#160;&#160;Preferred stock is subject to the risk that the dividend on the stock may be changed or omitted by the issuer, and that participation in the growth of an issuer may be limited.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Convertible Securities</font>.&#160;&#160;A convertible security is a fixed-income security (a debt instrument or a preferred stock) which may be converted at a stated price within a specified period of time into a certain quantity of the common stock of the same or a different issuer. The market value of a convertible security performs like that of a regular debt security, that is, if market interest rates rise, the value of the convertible security falls.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Warrants</font>.&#160;&#160;Investments in warrants involve certain risks, including the possible lack of a liquid market for resale of the warrants, potential price fluctuations as a result of speculation or other factors, and failure of the price of the underlying security to reach or have reasonable prospects of reaching a level at which the warrant can be prudently exercised (in which event the warrant may expire without being exercised, resulting in a loss of the Fund&#8217;s entire investment therein).</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Rights.&#160;&#160;</font>The purchase of rights involves the risk that the Fund could lose the purchase value of a right if the right is not exercised prior to its expiration.&#160;&#160;Also, the purchase of rights involves the risk that the effective price paid for the right added to the subscription price of the related security may exceed the value of the subscribed security&#8217;s market price.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Large-Cap Company Risk</font> &#8211; Larger, more established companies may be unable to respond quickly to new competitive challenges and are sometimes unable to attain the high growth rates of successful smaller companies during periods of economic expansion.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Mid-Cap Company Risk</font> &#8211; Investing in mid-cap companies may involve greater risk than investing in large-cap companies due to less management experience, financial resources, product diversification and competitive strengths.&#160;&#160;Therefore, such securities may be more volatile and less liquid than large-cap companies.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Small-Cap Company Risk</font> &#8211; Investing in small-cap companies may involve greater risk than investing in large- or mid-cap companies due to less management experience, financial resources, product diversification and competitive strengths.&#160;&#160;Therefore, such securities may be more volatile and less liquid than mid- and large-cap companies.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Convertible Securities Risk</font> &#8211; Convertible securities generally offer lower interest or dividend yields than non-convertible debt securities of similar quality.&#160;&#160;The value of a convertible security is influenced by changes in interest rates, with investment value declining as interest rates increase and increasing as interest rates decline.&#160;&#160;The credit standing of the company and other factors also may have an effect on a convertible security&#8217;s investment value.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Foreign Risk</font> &#8211; <font style="DISPLAY: inline; FONT-SIZE: 10pt">Investing in securities of foreign corporations involves additional risks relating to: political, social, religious and economic developments abroad; market instability; fluctuations in foreign exchange rates; different regulatory requirements, market practices, accounting standards and practices; and less publicly available information about foreign issuers.&#160;&#160;Additionally, these investments may be subject to foreign withholding taxes, may be less liquid, carry higher brokerage commissions and other fees, and procedures and regulations governing transactions and custody in foreign markets also may involve delays in payment, delivery or recovery of money or investments.&#160;&#160;Investments in common stocks of U.S. companies with international operations, and the purchase of sponsored or unsponsored ADRs carry similar risks.</font></font> </div> If the value of the Fund's investments decreases, the value of the Fund's shares will also decrease and you may lose money. FEES AND EXPENSES OF THE FUND <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</font> </div> -0.0200 0.0090 0.0071 0.0001 0.0162 ~ http://usbank.com/20130531/role/ScheduleShareholderFees20008 column dei_LegalEntityAxis compact ck0001135300_S000039149Member row primary compact * ~ ~ http://usbank.com/20130531/role/ScheduleAnnualFundOperatingExpenses20009 column dei_LegalEntityAxis compact ck0001135300_S000039149Member row primary compact * ~ Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Other Expenses are based on estimated amounts for the Fund's current fiscal year. Acquired Fund Fees and Expenses represent the indirect costs of the Fund's investments in other investment companies. The Total Annual Fund Operating Expenses for the Fund do not correlate to the ratio of expenses to average net assets listed in the Fund's financial highlights, which reflects the operating expenses of the Fund and does not include the amount of the Fund's proportionate share of the fees and expenses of other investment companies in which the Fund invests. Shareholder Fees (fees paid directly from your investment) PERFORMANCE <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This Prospectus does not include performance information for the Fund because the Fund has only recently commenced operations.&#160;&#160;Once the Fund has been in operation for at least a full calendar year, the Prospectus will include a bar chart of annual total returns and a performance table of average annual total returns for the Fund.</font> </div> This Prospectus does not include performance information for the Fund because the Fund has only recently commenced operations. Buffalo Emerging Opportunities Fund BUFOX Example. <div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.&#160;&#160;The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods.&#160;&#160;The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same.</font></div> 154 477 824 1802 ~ http://usbank.com/20130531/role/ScheduleExpenseExampleTransposed20015 column dei_LegalEntityAxis compact ck0001135300_S000006555Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: Portfolio Turnover. <div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio).&#160;&#160;A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.&#160;&#160;These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance.&#160;&#160;During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 21% of the average value of its portfolio.</font> </div> 0.21 INVESTMENT OBJECTIVE <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The investment objective of the Buffalo Emerging Opportunities Fund (&#8220;Emerging Opportunities Fund&#8221; or the &#8220;Fund&#8221;) is long-term growth of capital.</font> </div> PRINCIPAL INVESTMENT STRATEGIES <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The Fund invests primarily in equity securities, consisting of domestic common stocks, preferred stocks, convertible securities, warrants and rights, of companies that, at the time of purchase by the Fund, have market capitalizations of $1 billion or less.&#160;&#160;While the Fund&#8217;s investments in equity securities will consist primarily of domestic securities, the Fund may also invest up to 20% of its net assets in sponsored or unsponsored ADRs and equity securities of foreign companies that are traded on U.S. stock exchanges.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The Advisor seeks to identify companies for the Fund&#8217;s portfolio that are expected to experience growth based on the identification of long-term, measurable secular trends, and which, as a result, the Advisor believes may have potential revenue growth in excess of gross domestic product.&#160;&#160;Companies are screened using in-depth, in-house research to identify those which the Advisor believes have favorable attributes, including attractive valuation, strong management, conservative debt, free cash flow, scalable business models, and competitive advantages.&#160;&#160;The Advisor may sell the Fund&#8217;s investments to secure gains, limit losses or reinvest in more promising investment opportunities.</font> </div> PRINCIPAL RISKS <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Emerging Opportunities Fund cannot guarantee that it will achieve its investment objective.&#160;&#160;As with any mutual fund, the value of the Fund&#8217;s investments may fluctuate.&#160;&#160;If the value of the Emerging Opportunities Fund&#8217;s investments decreases, the value of the Fund&#8217;s shares will also decrease and you may lose money.&#160;&#160;The risks associated with the Emerging Opportunities Fund&#8217;s principal investment strategies are:</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Market Risk</font> &#8211; The value of the Emerging Opportunities Fund&#8217;s shares will fluctuate as a result of the movement of the overall stock market or of the value of the individual securities held by the Emerging Opportunities Fund, and you could lose money.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Management Risk</font> &#8211; Management risk means that your investment in the Emerging Opportunities Fund varies with the success and failure of the Advisor&#8217;s investment strategies and the Advisor&#8217;s research, analysis and determination of portfolio securities.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Equity Market Risk</font> &#8211; Equity securities held by the Emerging Opportunities Fund may experience sudden, unpredictable drops in value or long periods of decline in value due to general stock market fluctuations, increases in production costs, decisions by management or related factors.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Common Stocks</font>.&#160;&#160;Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions of their issuers change.&#160;&#160;Common stock is generally subject to greater risk than preferred stocks and debt obligations because holders of common stock generally have inferior rights to receive payments from issuers in comparison with the rights of the holders of other securities, bondholders and other creditors.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Preferred Stock</font>.&#160;&#160;Preferred stock is subject to the risk that the dividend on the stock may be changed or omitted by the issuer, and that participation in the growth of an issuer may be limited.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Convertible Securities</font>.&#160;&#160;A convertible security is a fixed-income security (a debt instrument or a preferred stock) which may be converted at a stated price within a specified period of time into a certain quantity of the common stock of the same or a different issuer. The market value of a convertible security performs like that of a regular debt security, that is, if market interest rates rise, the value of the convertible security falls.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Warrants</font>.&#160;&#160;Investments in warrants involve certain risks, including the possible lack of a liquid market for resale of the warrants, potential price fluctuations as a result of speculation or other factors, and failure of the price of the underlying security to reach or have reasonable prospects of reaching a level at which the warrant can be prudently exercised (in which event the warrant may expire without being exercised, resulting in a loss of the Fund&#8217;s entire investment therein).</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Rights.&#160;&#160;</font>The purchase of rights involves the risk that the Fund could lose the purchase value of a right if the right is not exercised prior to its expiration.&#160;&#160;Also, the purchase of rights involves the risk that the effective price paid for the right added to the subscription price of the related security may exceed the value of the subscribed security&#8217;s market price.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Small-Cap Company Risk</font> &#8211; Investing in small-cap companies may involve greater risk than investing in large- or mid-cap companies due to less management experience, financial resources, product diversification and competitive strengths.&#160;&#160;Therefore, such securities may be more volatile and less liquid than mid- and large-cap companies.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Micro-Cap Company Risk</font> &#8211; Investing in micro-cap companies may involve greater risk than investing in companies with larger capitalization due to less management experience, financial resources, product diversification and competitive strengths.&#160;&#160;Therefore, such securities may be more volatile and less liquid than companies with larger capitalization.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Foreign Risk</font> &#8211; Investing in securities of foreign corporations involves additional risks relating to: political, social, religious and economic developments abroad; market instability; fluctuations in foreign exchange rates; different regulatory requirements, market practices, accounting standards and practices; and less publicly available information about foreign issuers.&#160;&#160;Additionally, these investments may be subject to foreign withholding taxes, may be less liquid, carry higher brokerage commissions and other fees, and procedures and regulations governing transactions and custody in foreign markets also may involve delays in payment, delivery or recovery of money or investments.&#160;&#160;Investments in common stocks of U.S. companies with international operations, and the purchase of sponsored or unsponsored ADRs carry similar risks.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">American Depositary Receipts &#8211;</font> Unsponsored ADRs held by the Fund are frequently under no obligation to distribute shareholder communications received from the underlying issuer.&#160;&#160;For this and other reasons, there is less information available about unsponsored ADRs than sponsored ADRs.&#160;&#160;Unsponsored ADRs are also not obligated to pass through voting rights to the Fund.&#160;&#160;Investing in foreign companies, even indirectly through ADRs, may involve the same inherent risks as investing in securities of foreign issuers, as described above.</font> </div> If the value of the Emerging Opportunities Fund's investments decreases, the value of the Fund's shares will also decrease and you may lose money. FEES AND EXPENSES OF THE FUND <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</font> </div> -0.0200 0.0145 0.0005 0.0001 0.0151 ~ http://usbank.com/20130531/role/ScheduleShareholderFees20013 column dei_LegalEntityAxis compact ck0001135300_S000006555Member row primary compact * ~ ~ http://usbank.com/20130531/role/ScheduleAnnualFundOperatingExpenses20014 column dei_LegalEntityAxis compact ck0001135300_S000006555Member row primary compact * ~ Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Acquired Fund Fees and Expenses represent the indirect costs of the Fund's investments in other investment companies. The Total Annual Fund Operating Expenses for the Fund do not correlate to the ratio of expenses to average net assets listed in the Fund's financial highlights, which reflects the operating expenses of the Fund and does not include the amount of the Fund's proportionate share of the fees and expenses of other investment companies in which the Fund invests. Shareholder Fees (fees paid directly from your investment) PERFORMANCE <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The performance information provides some indication of the risks of investing in the Emerging Opportunities Fund by showing changes in the<font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>Fund&#8217;s performance from year to year and by showing how the<font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>Fund&#8217;s average annual returns for one and five years and since inception compare with those of a broad measure of market performance and the returns of additional indexes of securities with characteristics similar to those that the Fund typically holds.&#160;&#160;The performance information, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.&#160;&#160;Updated performance information is available on the Fund&#8217;s website at http://www.buffalofunds.com/performance.html, or by calling the Fund toll-free at 1-800-49-BUFFALO (1-800-492-8332).</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state or local taxes.&#160;&#160;Actual after-tax returns depend on each investor&#8217;s individual tax situation and may differ from those shown in the table.&#160;&#160;The after-tax returns shown are not relevant to investors who own the Emerging Opportunities Fund in a tax-deferred account, such as an individual retirement account or a 401(k) plan.</font> </div> EMERGING OPPORTUNITIES FUND Annual Total Return as of December 31 of Each Year 0.0950 0.1254 -0.1188 -0.4830 0.4816 0.2686 0.0814 0.2430 ~ http://usbank.com/20130531/role/ScheduleAnnualTotalReturnsBarChart20016 column dei_LegalEntityAxis compact ck0001135300_S000006555Member column rr_ProspectusShareClassAxis compact ck0001135300_C000017894Member row primary compact * ~ Best Quarter through December 31, 2012: 0.3409 2009-06-30 Worst Quarter through December 31, 2012: -0.3150 2008-12-31 Calendar Year-to-Date Return 0.1195 2013-03-31 <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Calendar Year-to-Date Return (through March 31, 2013) = 11.95%</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Best Quarter through December 31, 2012: June 30, 2009 = 34.09%</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Worst Quarter through December 31, 2012: December 31, 2008 = (31.50%)</font> </div> 0.2430 0.0549 0.0551 Return Before Taxes 0.2430 0.0519 0.0506 Return After Taxes on Distributions 0.1579 0.0457 0.0466 Return After Taxes on Distributions and Sale of Fund Shares 0.1459 0.0349 0.0669 Russell 2000&#174; Growth Index (reflects no deduction for fees, expenses or taxes) 0.1495 0.0209 0.0586 Lipper Small-Cap Growth Funds Index&#174; (reflects no deduction for fees, expenses or taxes) 0.1517 0.0102 0.0336 Russell Microcap&#174; Growth Index (reflects no deduction for fees, expenses or taxes) 2004-05-21 2004-05-21 2004-05-21 2004-05-21 ~ http://usbank.com/20130531/role/ScheduleAverageAnnualReturnsTransposed20017 column dei_LegalEntityAxis compact ck0001135300_S000006555Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Return After Taxes on Distributions and Sale of Fund Shares may be higher than other figures when a capital loss is realized upon the sale of Fund shares, which provides an assumed tax benefit to the investor and increases the after-tax return.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Russell 2000<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">&#174;</font> Growth Index replaced the Russell Microcap<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">&#174;</font> Growth Index as the primary benchmark index for the Fund in connection with the changes to the Fund&#8217;s name and principal investment strategies .</font> </div> After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state or local taxes. The performance information provides some indication of the risks of investing in the Emerging Opportunities Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for one and five years and since inception compare with those of a broad measure of market performance and the returns of additional indexes of securities with characteristics similar to those that the Fund typically holds. The performance information, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. (reflects no deduction for fees, expenses or taxes) The Return After Taxes on Distributions and Sale of Fund Shares may be higher than other figures when a capital loss is realized upon the sale of Fund shares, which provides an assumed tax benefit to the investor and increases the after-tax return. The Russell 2000 Growth Index replaced the Russell Microcap Growth Index as the primary benchmark index for the Fund in connection with the changes to the Fund's name and principal investment strategies . 1-800-492-8332 http://www.buffalofunds.com/performance.html Actual after-tax returns depend on each investor's individual tax situation and may differ from those shown in the table. The after-tax returns shown are not relevant to investors who own the Emerging Opportunities Fund in a tax-deferred account, such as an individual retirement account or a 401(k) plan. Average Annual Total Returns for the periods ended December 31, 2012 Buffalo Flexible Income Fund BUFBX Example. <div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.&#160;&#160;The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods.&#160;&#160;The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same.</font></div> 106 331 574 1271 ~ http://usbank.com/20130531/role/ScheduleExpenseExampleTransposed20022 column dei_LegalEntityAxis compact ck0001135300_S000022450Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: Portfolio Turnover. <div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio).&#160;&#160;A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.&#160;&#160;These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance.&#160;&#160;During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 25% of the average value of its portfolio.</font> </div> 0.25 INVESTMENT OBJECTIVES <div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The investment objective of the Buffalo Flexible Income Fund (&#8220;Flexible Income Fund&#8221; or the &#8220;Fund&#8221;) is the generation of high current income</font></div> <div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">and, as a secondary objective, the long-term growth of capital.</font> </div> PRINCIPAL INVESTMENT STRATEGIES <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">To pursue its investment objectives, the Flexible Income Fund invests in both debt and equity securities.&#160;&#160;Debt securities can include government notes and bonds, mortgage and assets backed securities, bank debt, convertible debt securities, fixed and floating rate corporate debt securities, both rated and unrated, and higher-yielding, higher-risk debt securities rated below investment grade by the major rating agencies (or in similar unrated securities), commonly known as &#8220;junk bonds.&#8221;&#160;&#160;Equity securities can include common stocks, preferred stocks, rights, warrants and convertible preferred stocks.&#160;&#160;With respect to its investments in equity securities, the Flexible Income Fund may invest in companies in any sector and of any size of market capitalization; provided, however, that the Advisor believes that an investment in the company&#8217;s securities is consistent with the Fund&#8217;s investment objectives.&#160;&#160;The Fund may invest up to 20% of its net assets in sponsored or unsponsored ADRs and securities of foreign companies that are traded on U.S. stock exchanges.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The allocation of assets invested in each type of security is designed to balance income and long-term capital appreciation with reduced volatility of returns.&#160;&#160;The Flexible Income Fund expects to change its allocation mix over time based on the Advisor&#8217;s view of economic conditions and underlying security values.&#160;&#160;The Fund maintains a flexible investment policy which allows it to invest in debt securities with varying maturities.&#160;&#160;However, it is anticipated that the dollar-weighted average maturity of debt securities that the Fund purchases will not exceed 15 years.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">With respect to debt securities, the Advisor performs extensive fundamental investment research to identify investment opportunities for the Flexible Income Fund.&#160;&#160;When evaluating investments and the credit quality of rated and unrated securities, the Advisor looks at a number of past, present and estimated future factors, including: (1) financial strength of the issuer; (2) cash flow; (3) management; (4) borrowing requirements; (5) sensitivity to changes in interest rates and business conditions; and (6) relative value.&#160;&#160;The Flexible Income Fund relies on the Advisor to undertake a careful analysis to determine the creditworthiness of the issuers of rated debt (on debt ratings by Moody&#8217;s Investors Service, Inc. (&#8220;Moody&#8217;s) or Standard &amp; Poor&#8217;s Ratings Group (&#8220;S&amp;P&#8221;), as well as the issuers of debt not rated by Moody&#8217;s or S&amp;P.&#160;&#160;The Fund will not purchase a debt security that is rated less than Caa/CCC by Moody&#8217;s or S&amp;P, respectively, and will only purchase an unrated debt security if the Advisor believes that the security is of at least B quality, subject to a limitation that the Fund may not hold more than 20% of its net assets in debt securities that are rated less than B or that are unrated.&#160;&#160;The Fund has no limitations on principal, interest or reset terms on debt securities held in the Fund.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">With respect to equity securities, the Advisor emphasizes dividend-paying stocks that over time have exhibited consistent growth of dividends.&#160;&#160;The Advisor may sell the Flexible Income Fund&#8217;s investments to secure gains, limit losses or reinvest in more promising investment opportunities.</font> </div> PRINCIPAL RISKS <div style="TEXT-INDENT: 0pt; 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DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Management Risk</font> &#8211; Management risk means that your investment in the Flexible Income Fund varies with the success and failure of the Advisor&#8217;s investment strategies and the Advisor&#8217;s research, analysis and determination of portfolio securities.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Equity Market Risk</font> &#8211; Equity securities held by the Flexible Income Fund may experience sudden, unpredictable drops in value or long periods of decline in value due to general stock market fluctuations, decisions by management or other factors.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Common Stocks</font>.&#160;&#160;Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions of their issuers change.&#160;&#160;Common stock is generally subject to greater risk than preferred stocks and debt obligations because holders of common stock generally have inferior rights to receive payments from issuers in comparison with the rights of the holders of other securities, bondholders and other creditors.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Preferred Stock</font>.&#160;&#160;Preferred stock is subject to the risk that the dividend on the stock may be changed or omitted by the issuer, and that participation in the growth of an issuer may be limited.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Convertible Securities</font>.&#160;&#160;A convertible security is a fixed-income security (a debt instrument or a preferred stock) which may be converted at a stated price within a specified period of time into a certain quantity of the common stock of the same or a different issuer. 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MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Rights.&#160;&#160;</font>The purchase of rights involves the risk that the Fund could lose the purchase value of a right if the right is not exercised prior to its expiration.&#160;&#160;Also, the purchase of rights involves the risk that the effective price paid for the right added to the subscription price of the related security may exceed the value of the subscribed security&#8217;s market price.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Large-Cap Company Risk</font> &#8211; Larger, more established companies may be unable to respond quickly to new competitive challenges and are sometimes unable to attain the high growth rates of successful smaller companies during periods of economic expansion.</font> </div> <br/><div style="TEXT-INDENT: 0pt; 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DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Foreign Risk</font> &#8211; Investing in securities of foreign corporations involves additional risks relating to: political, social, religious and economic developments abroad; market instability; fluctuations in foreign exchange rates; different regulatory requirements, market practices, accounting standards and practices; and less publicly available information about foreign issuers.&#160;&#160;Additionally, these investments may be subject to foreign withholding taxes, may be less liquid, carry higher brokerage commissions and other fees, and procedures and regulations governing transactions and custody in foreign markets also may involve delays in payment, delivery or recovery of money or investments.&#160;&#160;Investments in common stocks of U.S. companies with international operations, and the purchase of sponsored or unsponsored ADRs carry similar risks.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">American Depositary Receipts &#8211;</font> Unsponsored ADRs held by the Fund are frequently under no obligation to distribute shareholder communications received from the underlying issuer.&#160;&#160;For this and other reasons, there is less information available about unsponsored ADRs than sponsored ADRs.&#160;&#160;Unsponsored ADRs are also not obligated to pass through voting rights to the Fund.&#160;&#160;Investing in foreign companies, even indirectly through ADRs, may involve the same inherent risks as investing in securities of foreign issuers, as described above.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Convertible Securities Risk</font> &#8211; Convertible securities generally offer lower interest or dividend yields than non-convertible debt securities of similar quality.&#160;&#160;The value of a convertible security is influenced by changes in interest rates, with investment value declining as interest rates increase and increasing as interest rates decline.&#160;&#160;The credit standing of the company and other factors also may have an effect on a convertible security&#8217;s investment value.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Debt Securities Risk</font> &#8211; Interest rates may go up resulting in a decrease in the value of the debt securities held by the Fund.&#160;&#160;Investments in debt securities include credit risk, which is the risk that an issuer will not make timely payments of principal and interest.&#160;&#160;There is also the risk that a bond issuer may &#8220;call,&#8221; or repay, its high yielding bonds before their maturity dates.&#160;&#160;Debt securities subject to prepayment can offer less potential for gains during a declining interest rate environment and similar or greater potential for loss in a rising interest rate environment.&#160;&#160;Limited trading opportunities for certain debt securities may make it more difficult to sell or buy a security at a favorable price or time.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">High Yield Risk</font> &#8211; The Flexible Income Fund invests in higher-yielding, high-risk bonds commonly known as junk bonds.&#160;&#160;These lower-rated bonds have a greater degree of default risk.&#160;&#160;Lower-rated securities may be issued by companies that are restructuring, are smaller and less credit worthy or are highly indebted, and tend to be less liquid and react more poorly to adverse economic and political changes, unfavorable investor perceptions and negative corporate developments.</font> </div> If the value of the Flexible Income Fund's investments decreases, the value of the Fund's shares will also decrease and you may lose money. FEES AND EXPENSES OF THE FUND <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</font> </div> -0.0200 0.0100 0.0002 0.0002 0.0104 ~ http://usbank.com/20130531/role/ScheduleShareholderFees20020 column dei_LegalEntityAxis compact ck0001135300_S000022450Member row primary compact * ~ ~ http://usbank.com/20130531/role/ScheduleAnnualFundOperatingExpenses20021 column dei_LegalEntityAxis compact ck0001135300_S000022450Member row primary compact * ~ Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Acquired Fund Fees and Expenses represent the indirect costs of the Fund's investments in other investment companies. The Total Annual Fund Operating Expenses for the Fund do not correlate to the ratio of expenses to average net assets listed in the Fund's financial highlights, which reflects the operating expenses of the Fund and does not include the amount of the Fund's proportionate share of the fees and expenses of other investment companies in which the Fund invests. Shareholder Fees (fees paid directly from your investment) PERFORMANCE <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The performance information provides some indication of the risks of investing in the Flexible Income Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for one, five and ten years compare with those of a broad measure of market performance and the returns of additional indexes of securities with characteristics similar to those that the Fund typically holds.<font style="DISPLAY: inline">&#160;</font>The performance information, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.&#160;&#160;Updated performance information is available on the Fund&#8217;s website at http://www.buffalofunds.com/performance.html, or by calling the Fund toll-free at 1-800-49-BUFFALO (1-800-492-8332).</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state or local taxes.&#160;&#160;Actual after-tax returns depend on each investor&#8217;s individual tax situation and may differ from those shown in the table.&#160;&#160;The after-tax returns shown are not relevant to investors who own the Flexible Income Fund in a tax-deferred arrangement, such as an individual retirement account or a 401(k) plan.</font> </div> FLEXIBLE INCOME FUND Annual Total Return as of December 31 of Each Year 0.2582 0.1407 0.0541 0.1676 0.0962 -0.2947 0.3107 0.1168 0.0963 0.1031 ~ http://usbank.com/20130531/role/ScheduleAnnualTotalReturnsBarChart20023 column dei_LegalEntityAxis compact ck0001135300_S000022450Member column rr_ProspectusShareClassAxis compact ck0001135300_C000064611Member row primary compact * ~ Best Quarter through December 31, 2012: 0.1483 2003-06-30 Worst Quarter through December 31, 2012: -0.2062 2008-12-31 Calendar Year-to-Date Return 0.0769 2013-03-31 <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Calendar Year-to-Date Return (through March 31, 2013) = 7.69%</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Best Quarter through December 31, 2012: June 30, 2003 = 14.83%</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Worst Quarter through December 31, 2012: December 31, 2008 = (20.62%)</font> </div> 0.1031 0.0454 0.0923 Return Before Taxes 0.0955 0.0369 0.0829 Return After Taxes on Distributions 0.0705 0.0349 0.0771 Return After Taxes on Distributions and Sale of Fund Shares 0.1600 0.0166 0.0710 S&P 500&#174; Index (reflects no deduction for fees, expenses or taxes) 0.1174 0.0252 0.0627 Lipper Mixed-Asset Target Allocation Moderate Funds Index&#174; (reflects no deduction for fees, expenses or taxes) 0.1558 0.1001 0.1039 Bank of America Merrill Lynch U.S. High Yield Master II Index&#174; (reflects no deduction for fees, expenses or taxes) ~ http://usbank.com/20130531/role/ScheduleAverageAnnualReturnsTransposed20024 column dei_LegalEntityAxis compact ck0001135300_S000022450Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The S&amp;P 500<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">&#174;</font> Index replaced the Bank of America Merrill Lynch U.S. High Yield Master II Index<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">&#174;</font> as the primary benchmark index of the Flexible Income Fund to more accurately represent the Fund&#8217;s investment approach.</font> </div> After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state or local taxes. The performance information provides some indication of the risks of investing in the Flexible Income Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for one, five and ten years compare with those of a broad measure of market performance and the returns of additional indexes of securities with characteristics similar to those that the Fund typically holds. The performance information, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. (reflects no deduction for fees, expenses or taxes) The S&P 500 Index replaced the Bank of America Merrill Lynch U.S. High Yield Master II Index as the primary benchmark index of the Flexible Income Fund to more accurately represent the Fund's investment approach. 1-800-492-8332 http://www.buffalofunds.com/performance.html Average Annual Total Returns for the periods ended December 31, 2012 Actual after-tax returns depend on each investor's individual tax situation and may differ from those shown in the table. The after-tax returns shown are not relevant to investors who own the Flexible Income Fund in a tax-deferred arrangement, such as an individual retirement account or a 401(k) plan. Buffalo Growth Fund BUFGX Example. <div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.&#160;&#160;The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods.&#160;&#160;The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same.</font></div> 94 293 509 1131 ~ http://usbank.com/20130531/role/ScheduleExpenseExampleTransposed20029 column dei_LegalEntityAxis compact ck0001135300_S000022454Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: Portfolio Turnover. <div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio).&#160;&#160;A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.&#160;&#160;These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance.&#160;&#160;During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 44% of the average value of its portfolio.</font> </div> 0.44 INVESTMENT OBJECTIVE <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The investment objective of the Buffalo Growth Fund (&#8220;Growth Fund&#8221; or the &#8220;Fund&#8221;) is long-term growth of capital.</font> </div> PRINCIPAL INVESTMENT STRATEGIES <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The Growth Fund invests in domestic common stocks and other U.S. equity securities, including preferred stock, convertible securities, warrants and rights, <font style="DISPLAY: inline">with a goal of maintaining at least 75% of the equity weighting of the Fund&#8217;s portfolio in companies with market capitalizations greater than the median of the Russell 1000</font><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top; FONT-WEIGHT: bold">&#174;</font> <font style="DISPLAY: inline">Growth Index or $5 billion, whichever is lower.&#160;&#160;The capitalization of the Russell 1000</font><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top; FONT-WEIGHT: bold">&#174;</font> <font style="DISPLAY: inline">Growth Index changes due to market conditions and changes with the composition of the index.&#160;&#160;As of April 30, 2013, the median market capitalization of companies in the Russell 1000</font><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top; FONT-WEIGHT: bold">&#174;</font> <font style="DISPLAY: inline">Growth Index was approximately $7.28 billion.&#160;&#160;With respect to the remaining 25% of the equity weighting of the Fund&#8217;s portfolio, the Fund may invest in companies of any size, including, but not limited to, those with market capitalizations less than the lower of the median of the Russell 1000</font><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top; FONT-WEIGHT: bold">&#174;</font> <font style="DISPLAY: inline">Growth Index or $5 billion</font>.&#160;&#160;While the Fund&#8217;s investments will consist primarily of domestic securities, the Fund may invest up to 20% of its net assets in sponsored or unsponsored ADRs and securities of foreign companies that are traded on U.S. stock exchanges.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The Advisor seeks to identify companies for the Growth Fund&#8217;s portfolio that are expected to experience growth based on the identification of long-term, measurable secular trends, and which, as a result, the Advisor believes may have potential revenue growth in excess of gross domestic product.&#160;&#160;Companies are screened using in-depth, in-house research to identify those which the Advisor believes have favorable attributes, including attractive valuation, strong management, conservative debt, free cash flow, scalable business models, and competitive advantages.&#160;&#160;The Advisor may sell the Growth Fund&#8217;s investments to secure gains, limit losses or reinvest in more promising investment opportunities.</font> </div> PRINCIPAL RISKS <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Growth Fund cannot guarantee that it will achieve its investment objective.&#160;&#160;As with any mutual fund, the value of the Growth Fund&#8217;s investments may fluctuate.&#160;&#160;If the value of the Growth Fund&#8217;s investments decreases, the value of the Fund&#8217;s shares will also decrease and you may lose money.&#160;&#160;The risks associated with the principal investment strategies of the Growth Fund are:</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Market Risk</font> &#8211; The value of the Growth Fund&#8217;s shares will fluctuate as a result of the movement of the overall stock market and/or bond market of the value of the individual securities held by the Growth Fund, and you could lose money.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Management Risk</font> <font style="DISPLAY: inline; FONT-WEIGHT: bold">&#8211;</font> Management risk means that your investment in the Growth Fund varies with the success and failure of the Advisor&#8217;s investment strategies and the Advisor&#8217;s research, analysis and determination of portfolio securities.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Equity Market Risk</font> <font style="DISPLAY: inline">&#8211; Equity securities held by the</font> Growth <font style="DISPLAY: inline">Fund may experience sudden, unpredictable drops in value or long periods of decline in value due to general stock market fluctuations, decisions by management or related factors.</font></font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Common Stocks</font>.&#160;&#160;Common Stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions of their issuers change.&#160;&#160;Common stock is generally subject to greater risk than preferred stocks and debt obligations because holders of common stock generally have inferior rights to receive payments from issuers in comparison with the rights of the holders of other securities, bondholders and other creditors.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Preferred Stock</font>.&#160;&#160;Preferred stock is subject to the risk that the dividend on the stock may be changed or omitted by the issuer, and that participation in the growth of an issuer may be limited.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Convertible Securities</font>.&#160;&#160;A convertible security is a fixed-income security (a debt instrument or a preferred stock) which may be converted at a stated price within a specified period of time into a certain quantity of the common stock of the same or a different issuer. 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MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Rights.&#160;&#160;</font>The purchase of rights involves the risk that a fund could lose the purchase value of a right if the right is not exercised prior to its expiration.&#160;&#160;Also, the purchase of rights involves the risk that the effective price paid for the right added to the subscription price of the related security may exceed the value of the subscribed security&#8217;s market price.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Large-Cap Company Risk</font> &#8211; Larger, more established companies may be unable to respond quickly to new competitive challenges and are sometimes unable to attain the high growth rates of successful, smaller companies during periods of economic expansion.</font> </div> <br/><div style="TEXT-INDENT: 0pt; 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DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Micro-Cap Company Risk</font> &#8211; Investing in micro-cap companies may involve greater risk than investing in companies with larger capitalization due to less management experience, financial resources, product diversification and competitive strengths.&#160;&#160;Therefore, such securities may be more volatile and less liquid than companies with larger capitalization.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Foreign Risk</font> &#8211; Investing in securities of foreign corporations involves additional risks relating to: political, social, religious and economic developments abroad; market instability; fluctuations in foreign exchange rates; different regulatory requirements, market practices, accounting standards and practices; and less publicly available information about foreign issuers.&#160;&#160;Additionally, these investments may be subject to foreign withholding taxes, may be less liquid, carry higher brokerage commissions and other fees, and procedures and regulations governing transactions and custody in foreign markets also may involve delays in payment, delivery or recovery of money or investments.&#160;&#160;Investments in common stocks of U.S. companies with international operations, and the purchase of sponsored or unsponsored ADRs carry similar risks.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">American Depositary Receipts &#8211;</font> Unsponsored ADRs held by the Fund are frequently under no obligation to distribute shareholder communications received from the underlying issuer.&#160;&#160;For this and other reasons, there is less information available about unsponsored ADRs than sponsored ADRs.&#160;&#160;Unsponsored ADRs are also not obligated to pass through voting rights to the Fund.&#160;&#160;Investing in foreign companies, even indirectly through ADRs, may involve the same inherent risks as investing in securities of foreign issuers, as described above.</font> </div> If the value of the Growth Fund's investments decreases, the value of the Fund's shares will also decrease and you may lose money. FEES AND EXPENSES OF THE FUND <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</font> </div> -0.0200 0.0090 0.0001 0.0001 0.0092 ~ http://usbank.com/20130531/role/ScheduleShareholderFees20027 column dei_LegalEntityAxis compact ck0001135300_S000022454Member row primary compact * ~ ~ http://usbank.com/20130531/role/ScheduleAnnualFundOperatingExpenses20028 column dei_LegalEntityAxis compact ck0001135300_S000022454Member row primary compact * ~ Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Acquired Fund Fees and Expenses represent the indirect costs of the Fund's investments in other investment companies. The Total Annual Fund Operating Expenses for the Fund do not correlate to the ratio of expenses to average net assets listed in the Fund's financial highlights, which reflects the operating expenses of the Fund and does not include the amount of the Fund's proportionate share of the fees and expenses of other investment companies in which the Fund invests. Shareholder Fees (fees paid directly from your investment) PERFORMANCE <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The performance information provides some indication of the risks of investing in the Growth Fund by showing changes in the<font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>Fund&#8217;s performance from year to year and by showing how the<font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>Fund&#8217;s average annual returns for one, five and ten years compare with those of a broad measure of market performance and the returns of an additional index of securities with characteristics similar to those that the Fund typically holds.&#160;&#160;The performance information, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.&#160;&#160;Updated performance information is available on the Fund&#8217;s website at http://www.buffalofunds.com/performance.html, or by calling the Fund toll-free at 1-800-49-BUFFALO (1-800-492-8332).</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on each investor&#8217;s individual tax situation and may differ from those shown in the table.&#160;&#160;The after-tax returns shown are not relevant to investors who own the Growth Fund in a tax-deferred arrangement, such as an individual retirement account or a 401(k) plan.</font> </div> GROWTH FUND Annual Total Return as of December 31 of Each Year 0.3611 0.0713 0.0459 0.1244 0.0776 -0.3269 0.3334 0.2328 -0.0006 0.1186 ~ http://usbank.com/20130531/role/ScheduleAnnualTotalReturnsBarChart20030 column dei_LegalEntityAxis compact ck0001135300_S000022454Member column rr_ProspectusShareClassAxis compact ck0001135300_C000064615Member row primary compact * ~ Best Quarter through December 31, 2012: 0.2057 2009-06-30 Worst Quarter through December 31, 2012: -0.2339 2009-12-31 Calendar Year-to-Date Return 0.0762 2013-03-31 <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Calendar Year-to-Date Return (through March 31, 2013) = 7.62%</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Best Quarter through December 31, 2012: June 30, 2009 = 20.57%</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Worst Quarter through December 31, 2012: December 31, 2009 = (23.39%)</font> </div> 0.1186 0.0434 0.0862 Return Before Taxes 0.1179 0.0421 0.0842 Return After Taxes on Distributions 0.0781 0.0371 0.0762 Return After Taxes on Distributions and Sale of Fund Shares 0.1526 0.0312 0.0752 Russell 1000&#174; Growth Index (reflects no deduction for fees, expenses or taxes) 0.1592 0.0101 0.0639 Lipper Large Cap Growth Funds Index&#174; (reflects no deduction for fees, expenses or taxes) ~ http://usbank.com/20130531/role/ScheduleAverageAnnualReturnsTransposed20031 column dei_LegalEntityAxis compact ck0001135300_S000022454Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state or local taxes. The performance information provides some indication of the risks of investing in the Growth Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for one, five and ten years compare with those of a broad measure of market performance and the returns of an additional index of securities with characteristics similar to those that the Fund typically holds. The performance information, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. (reflects no deduction for fees, expenses or taxes) 1-800-492-8332 http://www.buffalofunds.com/performance.html Average Annual Total Returns for the periods ended December 31, 2012 Actual after-tax returns depend on each investor's individual tax situation and may differ from those shown in the table. The after-tax returns shown are not relevant to investors who own the Growth Fund in a tax-deferred arrangement, such as an individual retirement account or a 401(k) plan. Buffalo High Yield Fund BUFHX Example. <div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.&#160;&#160;The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods.&#160;&#160;The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same.</font></div> 105 328 569 1259 ~ http://usbank.com/20130531/role/ScheduleExpenseExampleTransposed20036 column dei_LegalEntityAxis compact ck0001135300_S000022451Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: Portfolio Turnover. <div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio).&#160;&#160;A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.&#160;&#160;These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance.&#160;&#160;During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 32% of the average value of its portfolio.</font> </div> 0.32 INVESTMENT OBJECTIVE <div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The investment objective of the Buffalo High Yield Fund (&#8220;High Yield Fund&#8221; or the &#8220;Fund&#8221;) is current income,</font></div> <div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">with long-term growth of capital as a secondary objective.</font> </div> PRINCIPAL INVESTMENT STRATEGIES <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The High Yield Fund normally invests at least 80% of its net assets in higher-yielding, higher-risk debt securities rated below investment grade by the major rating agencies (or in similar unrated securities), commonly known as &#8220;junk bonds&#8221;.&#160;&#160;The Fund may invest in both rated and unrated debt from U.S. issuers, including U.S. government obligations.&#160;&#160;The Fund invests in U.S. Treasury securities with maturities of 60 days or less.&#160;&#160;Additionally, the Fund invests in U.S. Government money market funds.&#160;&#160;While the Fund maintains flexibility to invest in bonds of varying maturities, the Fund generally holds bonds with intermediate-term maturities.&#160;&#160;With respect to the remaining 20% of the Fund&#8217;s net assets, the High Yield Fund may invest in equity investments, including preferred stocks, convertible preferred stocks, and convertible debt securities.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Fund maintains a flexible investment policy which allows it to invest in debt securities with varying maturities.&#160;&#160;However, it is anticipated that the dollar-weighted average maturity of debt securities that the Fund purchases will not exceed 15 years and that the average maturity of all securities that the Fund holds at any given time will be 10 years or less.&#160;&#160;The lowest rated debt security that the Fund will hold is D quality (defaulted securities).&#160;&#160;Although the Fund will not purchase D quality debt securities, the Fund may continue to hold these securities and will sell them at the Advisor&#8217;s discretion.&#160;&#160;The Fund has no limitation on principal, interest or reset terms on debt securities held in the Fund.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Advisor performs extensive fundamental investment research to identify investment opportunities for the Fund.&#160;&#160;When evaluating investments and the credit quality of rated and unrated securities, the Advisor looks at a number of past, present and estimated future factors, including: (1) financial strength of the issuer; (2) cash flow; (3) management; (4) borrowing requirements; (5) sensitivity to changes in interest rates and business conditions; and (6) relative value.&#160;&#160;The Buffalo High Yield Fund relies on the Advisor to undertake a careful analysis to determine the creditworthiness of the issuers of rated debt (on debt ratings by Moody&#8217;s or S&amp;P, as well as the issuers of debt not rated by Moody&#8217;s or S&amp;P.&#160;&#160;The Advisor may sell the High Yield Fund&#8217;s investments to secure gains, limit losses or reinvest in more promising investment opportunities.</font> </div> PRINCIPAL RISKS <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The High Yield Fund cannot guarantee that it will achieve its investment objective.&#160;&#160;As with any mutual fund, the value of the High Yield Fund&#8217;s investments may fluctuate.&#160;&#160;If the value of the High Yield Fund&#8217;s investments decreases, the value of the Fund&#8217;s shares will also decrease and you may lose money.&#160;&#160;The risks associated with the High Yield Fund&#8217;s principal investment strategies are:</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">High Yield Risk</font> &#8211; The High Yield Fund invests in higher-yielding, high-risk bonds commonly known as junk bonds.&#160;&#160;These lower-rated bonds have a greater degree of default risk.&#160;&#160;Lower-rated securities may be issued by companies that are restructuring, are smaller and less credit worthy or are highly indebted, and tend to be less liquid and react more poorly to adverse economic and political changes, unfavorable investor perceptions and negative corporate developments.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Market Risk</font> &#8211; The value of the High Yield Fund&#8217;s shares will fluctuate as a result of the movement of the overall stock or credit markets or of the value of the individual securities held by the High Yield Fund, and you could lose money.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Management Risk</font> &#8211; Management risk means that your investment in the High Yield Fund varies with the success and failure of the Advisor&#8217;s investment strategies and the Advisor&#8217;s research, analysis and determination of portfolio securities.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Debt Securities Risk</font> &#8211; Interest rates may go up resulting in a decrease in the value of the debt securities held by the Fund.&#160;&#160;Investments in debt securities include credit risk, which is the risk that an issuer will not make timely payments of principal and interest.&#160;&#160;There is also the risk that a bond issuer may &#8220;call,&#8221; or repay, its high yielding bonds before their maturity dates.&#160;&#160;Debt securities subject to prepayment can offer less potential for gains during a declining interest rate environment and similar or greater potential for loss in a rising interest rate environment.&#160;&#160;Limited trading opportunities for certain debt securities may make it more difficult to sell or buy a security at a favorable price or time.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">U.S. Government Obligations Risk</font> - The Fund may invest in securities issued, sponsored or guaranteed by the U.S. government, its agencies and instrumentalities.&#160;&#160;However, no assurance can be given that the U.S. government will provide financial support to U.S. government-sponsored agencies or instrumentalities where it is not obligated to do so by law.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">U.S. Treasury Securities Risk &#8211;</font> A security backed by the U.S. Treasury or the full faith and credit of the United States is guaranteed only as to the timely payment of interest and principal when held to maturity, but the market prices for such securities are not guaranteed and will fluctuate.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Money Market Funds Risk &#8211;</font> An investment in a money market fund is not a bank deposit and is not insured or guaranteed by any bank, the Federal Deposit Insurance Corporation (FDIC) or any other government agency.&#160;&#160;Although money market funds seek to preserve the value of investments at $1.00 per share, it is possible for the High Yield Fund to lose money if shares of money market funds in which it invests fall below $1.00 per share.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Preferred Stock Risk</font> &#8211; Equity securities may experience sudden, unpredictable drops in value or long periods of decline in value due to general stock market fluctuations, increases in production costs, decisions by management or related factors.&#160;&#160;Preferred stock, specifically, is subject to the risk that the dividend on the stock may be changed or omitted by the issuer, and that participation in the growth of an issuer may be limited.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Convertible Securities Risk</font> &#8211; Convertible securities generally offer lower interest or dividend yields than non-convertible debt securities of similar quality.&#160;&#160;The value of a convertible security is influenced by changes in interest rates, with investment value declining as interest rates increase and increasing as interest rates decline.&#160;&#160;The credit standing of the company and other factors also may have an effect on a convertible security&#8217;s investment value.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Foreign Risk</font> &#8211; Investing in securities of foreign corporations involves additional risks relating to: political, social, religious and economic developments abroad; market instability; fluctuations in foreign exchange rates; different regulatory requirements, market practices, accounting standards and practices; and less publicly available information about foreign issuers.&#160;&#160;Additionally, these investments may be subject to foreign withholding taxes, may be less liquid, carry higher brokerage commissions and other fees, and procedures and regulations governing transactions and custody in foreign markets also may involve delays in payment, delivery or recovery of money or investments.&#160;&#160;Investments in common stocks of U.S. companies with international operations, and the purchase of sponsored or unsponsored ADRs carry similar risks.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">American Depositary Receipts &#8211;</font> Unsponsored ADRs held by the Fund are frequently under no obligation to distribute shareholder communications received from the underlying issuer.&#160;&#160;For this and other reasons, there is less information available about unsponsored ADRs than sponsored ADRs.&#160;&#160;Unsponsored ADRs are also not obligated to pass through voting rights to the Fund.&#160;&#160;Investing in foreign companies, even indirectly through ADRs, may involve the same inherent risks as investing in securities of foreign issuers, as described above.</font> </div> If the value of the High Yield Fund's investments decreases, the value of the Fund's shares will also decrease and you may lose money. An investment in a money market fund is not a bank deposit and is not insured or guaranteed by any bank, the Federal Deposit Insurance Corporation (FDIC) or any other government agency. FEES AND EXPENSES OF THE FUND <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</font> </div> -0.0200 0.0100 0.0001 0.0002 0.0103 ~ http://usbank.com/20130531/role/ScheduleShareholderFees20034 column dei_LegalEntityAxis compact ck0001135300_S000022451Member row primary compact * ~ ~ http://usbank.com/20130531/role/ScheduleAnnualFundOperatingExpenses20035 column dei_LegalEntityAxis compact ck0001135300_S000022451Member row primary compact * ~ Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Acquired Fund Fees and Expenses represent the indirect costs of the Fund's investments in other investment companies. The Total Annual Fund Operating Expenses for the Fund do not correlate to the ratio of expenses to average net assets listed in the Fund's financial highlights, which reflects the operating expenses of the Fund and does not include the amount of the Fund's proportionate share of the fees and expenses of other investment companies in which the Fund invests. Shareholder Fees (fees paid directly from your investment) PERFORMANCE <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The performance information provides some indication of the risks of investing in the High Yield Fund by showing changes in the<font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>Fund&#8217;s performance from year to year and by showing how the<font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>Fund&#8217;s average annual returns for one, five and ten years compare with those of a broad measure of market performance and the returns of additional indexes of securities with characteristics similar to those that the Fund typically holds.<font style="DISPLAY: inline">&#160;</font>The performance information, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.&#160;&#160;Updated performance information is available on the Fund&#8217;s website at http://www.buffalofunds.com/performance.html, or by calling the Fund toll-free at 1-800-49-BUFFALO (1-800-492-8332).</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state or local taxes.&#160;&#160;Actual after-tax returns depend on each investor&#8217;s individual tax situation and may differ from those shown in the table.&#160;&#160;The after-tax returns shown are not relevant to investors who own the High Yield Fund in a tax-deferred arrangement, such as an individual retirement account or a 401(k) plan.</font> </div> HIGH YIELD FUND Annual Total Return as of December 31 of Each Year 0.2025 0.0838 -0.0088 0.0861 0.0378 -0.2130 0.4401 0.1245 0.0354 0.1035 ~ http://usbank.com/20130531/role/ScheduleAnnualTotalReturnsBarChart20037 column dei_LegalEntityAxis compact ck0001135300_S000022451Member column rr_ProspectusShareClassAxis compact ck0001135300_C000064612Member row primary compact * ~ Best Quarter through December 31, 2012: 0.1698 2009-06-30 Worst Quarter through December 31, 2012: -0.1556 2008-12-31 Calendar Year-to-Date Return 0.0328 2013-03-31 <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Calendar Year-to-Date Return (through March 31, 2013) = 3.28%</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Best Quarter through December 31, 2012: June 30, 2009 = 16.98%</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Worst Quarter through December 31, 2012: December 31, 2008 = (15.56%)</font> </div> 0.1035 0.0781 0.0780 Return Before Taxes 0.0833 0.0549 0.0572 Return After Taxes on Distributions 0.0679 0.0531 0.0551 Return After Taxes on Distributions and Sale of Fund Shares 0.1558 0.1001 0.1039 Bank of America Merrill Lynch U.S. High Yield Master II Index&#174; (reflects no deduction for fees, expenses or taxes) 0.1540 0.0773 0.0889 Lipper High Yield Bond Funds Index&#174; (reflects no deduction for fees, expenses or taxes) ~ http://usbank.com/20130531/role/ScheduleAverageAnnualReturnsTransposed20038 column dei_LegalEntityAxis compact ck0001135300_S000022451Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state or local taxes. The performance information provides some indication of the risks of investing in the High Yield Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for one, five and ten years compare with those of a broad measure of market performance and the returns of additional indexes of securities with characteristics similar to those that the Fund typically holds. The performance information, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. (reflects no deduction for fees, expenses or taxes) 1-800-492-8332 http://www.buffalofunds.com/performance.html Average Annual Total Returns for the periods ended December 31, 2012 Actual after-tax returns depend on each investor's individual tax situation and may differ from those shown in the table. The after-tax returns shown are not relevant to investors who own the High Yield Fund in a tax-deferred arrangement, such as an individual retirement account or a 401(k) plan. Buffalo International Fund BUFIX Portfolio Turnover. <div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio).&#160;&#160;A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.&#160;&#160;These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance.&#160;&#160;During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 23% of the average value of its portfolio.</font> </div> 0.23 Example. <div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.&#160;&#160;The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods.&#160;&#160;The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same.</font></div> 112 354 606 1349 ~ http://usbank.com/20130531/role/ScheduleExpenseExampleTransposed20043 column dei_LegalEntityAxis compact ck0001135300_S000019058Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: INVESTMENT OBJECTIVE <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The investment objective of the Buffalo International Fund (&#8220;International Fund&#8221; or the &#8220;Fund&#8221;) is long-term growth of capital.</font> </div> PRINCIPAL INVESTMENT STRATEGIES <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The International Fund invests primarily in equity securities of established companies that are economically tied to various countries throughout the world (excluding the U.S.).&#160;&#160;The Fund may invest directly or indirectly in foreign securities or foreign currencies of both developed and developing countries.&#160;&#160;For purposes of the International Fund&#8217;s investments, &#8220;foreign securities&#8221; means those securities issued by companies:</font> </div> <br/><table cellpadding="0" cellspacing="0" id="list-7" width="100%" style="FONT-FAMILY: times new roman; 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DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">In selecting securities for the International Fund, the Advisor uses a bottom-up approach in choosing investments.&#160;&#160;The Advisor seeks to identify companies for the International Fund&#8217;s portfolio that are expected to experience growth based on the identification of long-term, measurable industry, technological global or other trends.&#160;&#160;Companies are screened using in-depth, in-house research to identify those which the Advisor believes have favorable attributes, including attractive valuation, strong management, conservative debt, free cash flow, scalable business models, and competitive advantages.&#160;&#160;In making portfolio selections for the International Fund, the Advisor will also consider the economic, political and market conditions of the various countries in which the Fund may invest.&#160;&#160;The Advisor may sell the International Fund&#8217;s investments to secure gains, limit losses or reinvest in more promising investment opportunities.</font> </div> PRINCIPAL RISKS <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The International Fund cannot guarantee that it will achieve its investment objective.&#160;&#160;As with any mutual fund, the value of the Fund&#8217;s investments may fluctuate.&#160;&#160;If the value of the International Fund&#8217;s investments decreases, the value of the Fund&#8217;s shares will also decrease and you may lose money.&#160;&#160;The risks associated with the International Fund&#8217;s principal investment strategies are:</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Market Risk</font> <font style="DISPLAY: inline">&#8211;</font> The value of the Fund&#8217;s shares will fluctuate as a result of the movement of the overall stock market or of the value of the individual securities held by the Fund, and you could lose money.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Management Risk</font> <font style="DISPLAY: inline">&#8211;</font> Management risk means that your investment in the Fund varies with the success and failure of the Advisor&#8217;s investment strategies and the Advisor&#8217;s research, analysis and determination of portfolio securities.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Equity Market Risk</font> &#8211; Equity securities held by the International Fund may experience sudden, unpredictable drops in value or long periods of decline in value due to general stock market fluctuations, increases in production costs, decisions by management or related factors.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Common Stocks</font>.&#160;&#160;Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions of their issuers change.&#160;&#160;Common stock is generally subject to greater risk than preferred stocks and debt obligations because holders of common stock generally have inferior rights to receive payments from issuers in comparison with the rights of the holders of other securities, bondholders and other creditors.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Preferred Stock</font>.&#160;&#160;Preferred stock is subject to the risk that the dividend on the stock may be changed or omitted by the issuer, and that participation in the growth of an issuer may be limited.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Convertible Securities</font>.&#160;&#160;A convertible security is a fixed-income security (a debt instrument or a preferred stock) which may be converted at a stated price within a specified period of time into a certain quantity of the common stock of the same or a different issuer. 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DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Mid-Cap Company Risk</font> &#8211; Investing in mid-cap companies may involve greater risk than investing in large-cap companies due to less management experience, financial resources, product diversification and competitive strengths.&#160;&#160;Therefore, such securities may be more volatile and less liquid than large-cap companies.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Small-Cap Company Risk</font> &#8211; Investing in small-cap companies may involve greater risk than investing in large- or mid-cap companies due to less management experience, financial resources, product diversification and competitive strengths.&#160;&#160;Therefore, such securities may be more volatile and less liquid than mid- and large-cap companies.</font> </div> <br/><div style="TEXT-INDENT: 0pt; 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FONT-WEIGHT: bold">Emerging Markets Risk</font> &#8211; Emerging markets are markets of countries, such as China, the Philippines and India, in the initial stages of industrialization and that generally have low per capita income.&#160;&#160;In addition to the risks of foreign securities in general, emerging markets are generally more volatile, have relatively unstable governments, social and legal systems that do not protect shareholders, economies based on only a few industries and securities markets that are substantially smaller, less liquid and more volatile with less government oversight than more developed countries.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Currency Risk</font> &#8211; When the International Fund buys or sells securities on a foreign stock exchange, the transaction is undertaken in the local currency rather than in U.S. dollars, which carries the risk that the value of the foreign currency will increase or decrease, which may impact the value of the Fund&#8217;s portfolio holdings and your investment.&#160;&#160;China and other countries may adopt economic policies and/or currency exchange controls that affect its currency valuations in a disadvantageous manner for U.S. investors and companies and restrict or prohibit the Fund&#8217;s ability to repatriate both investment capital and income, which could place the International Fund&#8217;s assets at risk of total loss.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Convertible Securities Risk</font> &#8211; Convertible securities generally offer lower interest or dividend yields than non-convertible debt securities of similar quality.&#160;&#160;The value of a convertible security is influenced by changes in interest rates, with investment value declining as interest rates increase and increasing as interest rates decline.&#160;&#160;The credit standing of the company and other factors also may have an effect on a convertible security&#8217;s investment value.</font> </div> If the value of the International Fund's investments decreases, the value of the Fund's shares will also decrease and you may lose money. PERFORMANCE <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The performance information provides some indication of the risks of investing in the International Fund by showing changes in the<font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>Fund&#8217;s performance from year to year and by showing how the<font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>Fund&#8217;s average annual returns for one year and since inception compare with those of a broad measure of market performance and the returns of additional indexes of securities with characteristics similar to those that the Fund typically holds.&#160;&#160;The performance information, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.&#160;&#160;Updated performance information is available on the Fund&#8217;s website at http://www.buffalofunds.com/performance.html, or by calling the Fund toll-free at 1-800-49-BUFFALO (1-800-492-8332).</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state or local taxes.&#160;&#160;Actual after-tax returns depend on each investor&#8217;s individual tax situation and may differ from those shown in the table.&#160;&#160;The after-tax returns shown are not relevant to investors who own the International Fund in a tax-deferred arrangement, such as an individual retirement account or a 401(k) plan.</font> </div> INTERNATIONAL FUND Annual Total Return as of December 31 of Each Year -0.4082 0.4645 0.1373 -0.1382 0.1901 ~ http://usbank.com/20130531/role/ScheduleAnnualTotalReturnsBarChart20044 column dei_LegalEntityAxis compact ck0001135300_S000019058Member column rr_ProspectusShareClassAxis compact ck0001135300_C000052696Member row primary compact * ~ Best Quarter through December 31, 2012: 0.3164 2009-06-30 Worst Quarter through December 31, 2012: -0.2168 2008-09-30 Calendar Year-to-Date Return 0.0426 2013-03-31 <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Calendar Year-to-Date Return (through March 31, 2013) = 4.26%</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Best Quarter through December 31, 2012: June 30, 2009 = 31.64%</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Worst Quarter through December 31, 2012: September 30, 2008 = (21.68%)</font> </div> 0.1901 0.0022 0.0034 Return Before Taxes 0.1910 0.0028 0.0040 Return After Taxes on Distributions 0.1263 0.0033 0.0043 Return After Taxes on Distributions and Sale of Fund Shares 0.1683 -0.0289 -0.0288 MSCI AC World Index Ex USA&#174; (reflects no deduction for fees, expenses or taxes) 0.1970 -0.0282 -0.0286 Lipper International Funds Index&#174; (reflects no deduction for fees, expenses or taxes) 2007-09-28 2007-09-28 2007-09-28 ~ http://usbank.com/20130531/role/ScheduleAverageAnnualReturnsTransposed20045 column dei_LegalEntityAxis compact ck0001135300_S000019058Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state or local taxes. The performance information, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. http://www.buffalofunds.com/performance.html Actual after-tax returns depend on each investor's individual tax situation and may differ from those shown in the table. The after-tax returns shown are not relevant to investors who own the International Fund in a tax-deferred arrangement, such as an individual retirement account or a 401(k) plan. The performance information provides some indication of the risks of investing in the International Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for one year and since inception compare with those of a broad measure of market performance and the returns of additional indexes of securities with characteristics similar to those that the Fund typically holds. (reflects no deduction for fees, expenses or taxes) 1-800-492-8332 Average Annual Total Returns for the periods ended December 31, 2012 FEES AND EXPENSES OF THE FUND <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</font> </div> -0.0200 0.0100 0.0009 0.0001 0.0110 ~ http://usbank.com/20130531/role/ScheduleShareholderFees20041 column dei_LegalEntityAxis compact ck0001135300_S000019058Member row primary compact * ~ ~ http://usbank.com/20130531/role/ScheduleAnnualFundOperatingExpenses20042 column dei_LegalEntityAxis compact ck0001135300_S000019058Member row primary compact * ~ Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Acquired Fund Fees and Expenses represent the indirect costs of the Fund's investments in other investment companies. The Total Annual Fund Operating Expenses for the Fund do not correlate to the ratio of expenses to average net assets listed in the Fund's financial highlights, which reflects the operating expenses of the Fund and does not include the amount of the Fund's proportionate share of the fees and expenses of other investment companies in which the Fund invests. Shareholder Fees (fees paid directly from your investment) Buffalo Large Cap Fund BUFEX Example. <div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.&#160;&#160;The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods.&#160;&#160;The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same.</font></div> 100 312 542 1201 ~ http://usbank.com/20130531/role/ScheduleExpenseExampleTransposed20050 column dei_LegalEntityAxis compact ck0001135300_S000022452Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: Portfolio Turnover. <div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio).&#160;&#160;A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.&#160;&#160;These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance.&#160;&#160;During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 49% of the average value of its portfolio.</font> </div> 0.49 INVESTMENT OBJECTIVE <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The investment objective of the Buffalo Large Cap Fund (&#8220;Large Cap Fund&#8221; or the &#8220;Fund&#8221;) is long-term growth of capital.</font> </div> PRINCIPAL INVESTMENT STRATEGIES <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The Large Cap Fund normally invests at least 80% of its net assets in equity securities, consisting of domestic common stocks, preferred stocks, convertible securities, warrants and rights of large capitalization (&#8220;large-cap&#8221;) companies.&#160;&#160;The Large Cap Fund considers a company to be a large-cap company if, at time of purchase by the Fund, it has a market capitalization greater than or equal to the lesser of (1) $10 billion, or (2) the median market capitalization of companies in the S&amp;P 500 Index<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">&#174;</font>.&#160;&#160;The capitalization of the S&amp;P 500 Index<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">&#174;</font> changes due to market conditions and changes with the composition of the S&amp;P 500 Index<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">&#174;</font>.&#160;&#160;As of April 30, 2013, the median market capitalization of companies in the S&amp;P 500 Index<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">&#174;</font> was approximately $14.2 billion.&#160;&#160;While the Fund&#8217;s investments will consist primarily of domestic securities, the Fund may invest up to 20% of its net assets in sponsored or unsponsored ADRs and securities of foreign companies that are traded on U.S. stock exchanges.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The Advisor seeks to identify companies for the Large Cap Fund&#8217;s portfolio that are expected to experience growth based on the identification of long-term, measurable secular trends, and which, as a result, the Advisor believes may have potential revenue growth in excess of gross domestic product.&#160;&#160;Companies are screened using in-depth, in-house research to identify those which the Advisor believes have favorable attributes, including attractive valuation, strong management, conservative debt, free cash flow, scalable business models, and competitive advantages.&#160;&#160;The Advisor may sell the Large Cap Fund&#8217;s investments to secure gains, limit losses or reinvest in more promising investment opportunities.</font> </div> PRINCIPAL RISKS <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Large Cap Fund cannot guarantee that it will achieve its investment objective.&#160;&#160;As with any mutual fund, the value of the Large Cap Fund&#8217;s investments may fluctuate.&#160;&#160;If the value of the Large Cap Fund&#8217;s investments decreases, the value of the Fund&#8217;s shares will also decrease and you may lose money.&#160;&#160;The risks associated with the Large Cap Fund&#8217;s principal investment strategies are:</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Market Risk</font> &#8211; The value of the Large Cap Fund&#8217;s shares will fluctuate as a result of the movement of the overall stock market or of the value of the individual securities held by the Large Cap Fund, and you could lose money.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Management Risk</font> &#8211; Management risk means that your investment in the Large Cap Fund varies with the success and failure of the Advisor&#8217;s investment strategies and the Advisor&#8217;s research, analysis and determination of portfolio securities.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Equity Market Risk</font> &#8211; Equity securities held by the Large Cap Fund may experience sudden, unpredictable drops in value or long periods of decline in value due to general stock market fluctuations, increases in production costs, decisions by management or related factors.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Common Stocks</font>.&#160;&#160;Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions of their issuers change.&#160;&#160;Common stock is generally subject to greater risk than preferred stocks and debt obligations because holders of common stock generally have inferior rights to receive payments from issuers in comparison with the rights of the holders of other securities, bondholders and other creditors.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Preferred Stock</font>.&#160;&#160;Preferred stock is subject to the risk that the dividend on the stock may be changed or omitted by the issuer, and that participation in the growth of an issuer may be limited.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Convertible Securities</font>.&#160;&#160;A convertible security is a fixed-income security (a debt instrument or a preferred stock) which may be converted at a stated price within a specified period of time into a certain quantity of the common stock of the same or a different issuer. The market value of a convertible security performs like that of a regular debt security, that is, if market interest rates rise, the value of the convertible security falls.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Warrants</font>.&#160;&#160;Investments in warrants involve certain risks, including the possible lack of a liquid market for resale of the warrants, potential price fluctuations as a result of speculation or other factors, and failure of the price of the underlying security to reach or have reasonable prospects of reaching a level at which the warrant can be prudently exercised (in which event the warrant may expire without being exercised, resulting in a loss of the Fund&#8217;s entire investment therein).</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Rights.&#160;&#160;</font>The purchase of rights involves the risk that the Fund could lose the purchase value of a right if the right is not exercised prior to its expiration.&#160;&#160;Also, the purchase of rights involves the risk that the effective price paid for the right added to the subscription price of the related security may exceed the value of the subscribed security&#8217;s market price.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Large-Cap Company Risk</font> &#8211; Larger, more established companies may be unable to respond quickly to new competitive challenges and are sometimes unable to attain the high growth rates of successful smaller companies during periods of economic expansion.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Foreign Risk</font> &#8211; Investing in securities of foreign corporations involves additional risks relating to: political, social, religious and economic developments abroad; market instability; fluctuations in foreign exchange rates; different regulatory requirements, market practices, accounting standards and practices; and less publicly available information about foreign issuers.&#160;&#160;Additionally, these investments may be subject to foreign withholding taxes, may be less liquid, carry higher brokerage commissions and other fees, and procedures and regulations governing transactions and custody in foreign markets also may involve delays in payment, delivery or recovery of money or investments.&#160;&#160;Investments in common stocks of U.S. companies with international operations, and the purchase of sponsored or unsponsored ADRs carry similar risks.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">American Depositary Receipts &#8211;</font> Unsponsored ADRs held by the Fund are frequently under no obligation to distribute shareholder communications received from the underlying issuer.&#160;&#160;For this and other reasons, there is less information available about unsponsored ADRs than sponsored ADRs.&#160;&#160;Unsponsored ADRs are also not obligated to pass through voting rights to the Fund.&#160;&#160;Investing in foreign companies, even indirectly through ADRs, may involve the same inherent risks as investing in securities of foreign issuers, as described above.</font> </div> If the value of the Large Cap Fund's investments decreases, the value of the Fund's shares will also decrease and you may lose money. FEES AND EXPENSES OF THE FUND <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</font> </div> -0.0200 0.0090 0.0007 0.0001 0.0098 ~ http://usbank.com/20130531/role/ScheduleShareholderFees20048 column dei_LegalEntityAxis compact ck0001135300_S000022452Member row primary compact * ~ ~ http://usbank.com/20130531/role/ScheduleAnnualFundOperatingExpenses20049 column dei_LegalEntityAxis compact ck0001135300_S000022452Member row primary compact * ~ Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Acquired Fund Fees and Expenses represent the indirect costs of the Fund's investments in other investment companies. The Total Annual Fund Operating Expenses for the Fund do not correlate to the ratio of expenses to average net assets listed in the Fund's financial highlights, which reflects the operating expenses of the Fund and does not include the amount of the Fund's proportionate share of the fees and expenses of other investment companies in which the Fund invests. Shareholder Fees (fees paid directly from your investment) PERFORMANCE <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The performance information provides some indication of the risks of investing in the Large Cap Fund by showing changes in the<font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>Fund&#8217;s performance from year to year and by showing how the<font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>Fund&#8217;s average annual returns for one, five and ten years compare with those of a broad measure of market performance and the returns of additional indexes of securities with characteristics similar to those that the Fund typically holds.&#160;&#160;The performance information, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.&#160;&#160;Updated performance information is available on the Fund&#8217;s website at http://www.buffalofunds.com/performance.html, or by calling the Fund toll-free at 1-800-49-BUFFALO (1-800-492-8332).</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state or local taxes.&#160;&#160;Actual after-tax returns depend on each investor&#8217;s individual tax situation and may differ from those shown in the table.&#160;&#160;The after-tax returns shown are not relevant to investors who own the Large Cap Fund in a tax-deferred arrangement, such as an individual retirement account or a 401(k) plan.</font> </div> LARGE CAP FUND Annual Total Return as of December 31 of Each Year 0.2972 0.0781 0.0198 0.1045 0.0810 -0.4084 0.5074 0.1432 -0.0560 0.1723 ~ http://usbank.com/20130531/role/ScheduleAnnualTotalReturnsBarChart20051 column dei_LegalEntityAxis compact ck0001135300_S000022452Member column rr_ProspectusShareClassAxis compact ck0001135300_C000064613Member row primary compact * ~ Best Quarter through December 31, 2012: 0.2077 2009-09-30 Worst Quarter through December 31, 2012: -0.2453 2008-12-31 Calendar Year-to-Date Return 0.0741 2013-03-31 <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Calendar Year-to-Date Return (through March 31, 2013) = 7.41%</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Best Quarter through December 31, 2012: September 30, 2009 = 20.77%</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Worst Quarter through December 31, 2012: December 31, 2008 = (24.53%)</font> </div> 0.1723 0.0244 0.0675 Return Before Taxes 0.1599 0.0188 0.0639 Return After Taxes on Distributions 0.1288 0.0204 0.0591 Return After Taxes on Distributions and Sale of Fund Shares 0.1526 0.0312 0.0752 Russell 1000 Growth Index (reflects no deduction for fees, expenses or taxes) 0.1592 0.0101 0.0639 Lipper Large-Cap Growth Funds Index&#174; (reflects no deduction for fees, expenses or taxes) ~ http://usbank.com/20130531/role/ScheduleAverageAnnualReturnsTransposed20052 column dei_LegalEntityAxis compact ck0001135300_S000022452Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state or local taxes. The performance information provides some indication of the risks of investing in the Large Cap Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for one, five and ten years compare with those of a broad measure of market performance and the returns of additional indexes of securities with characteristics similar to those that the Fund typically holds. The performance information, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. (reflects no deduction for fees, expenses or taxes) 1-800-492-8332 http://www.buffalofunds.com/performance.html Actual after-tax returns depend on each investor's individual tax situation and may differ from those shown in the table. The after-tax returns shown are not relevant to investors who own the Large Cap Fund in a tax-deferred arrangement, such as an individual retirement account or a 401(k) plan. Average Annual Total Returns for the periods ended December 31, 2012 Buffalo Mid Cap Fund BUFMX Example. <div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.&#160;&#160;The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods.&#160;&#160;The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same.</font></div> 104 325 563 1248 ~ http://usbank.com/20130531/role/ScheduleExpenseExampleTransposed20057 column dei_LegalEntityAxis compact ck0001135300_S000006556Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: Portfolio Turnover. <div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio).&#160;&#160;A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.&#160;&#160;These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance.&#160;&#160;During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 31% of the average value of its portfolio.</font> </div> 0.31 INVESTMENT OBJECTIVE <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The investment objective of the Buffalo Mid Cap Fund (&#8220;Mid Cap Fund&#8221; or the &#8220;Fund&#8221;) is long-term growth of capital.</font> </div> PRINCIPAL INVESTMENT STRATEGIES <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The Mid Cap Fund normally invests at least 80% of its net assets in equity securities, consisting of domestic common stocks, preferred stocks, convertible preferred stocks, warrants and rights of medium capitalization (&#8220;mid-cap&#8221;) companies.&#160;&#160;The Mid Cap Fund considers a company to be a mid-cap company if, at time of purchase by the Fund, it has a market capitalization between $1.5 billion and $10 billion.&#160;&#160;While the Fund&#8217;s investments will consist primarily of domestic securities, the Fund may invest up to 20% of its net assets in sponsored or unsponsored ADRs and securities of foreign companies that are traded on U.S. stock exchanges.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The Advisor seeks to identify companies for the Mid Cap Fund&#8217;s portfolio that are expected to experience growth based on the identification of long-term, measurable secular trends, and which, as a result, the Advisor believes may have potential revenue growth in excess of gross domestic product.&#160;&#160;Companies are screened using in-depth, in-house research to identify those which the Advisor believes have favorable attributes, including attractive valuation, strong management, conservative debt, free cash flow, scalable business models, and competitive advantages.&#160;&#160;The Advisor may sell the Mid Cap Fund&#8217;s investments to secure gains, limit losses or reinvest in more promising investment opportunities.</font> </div> PRINCIPAL RISKS <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Mid Cap Fund cannot guarantee that it will achieve its investment objective.&#160;&#160;As with any mutual fund, the value of the Mid Cap Fund&#8217;s investments may fluctuate.&#160;&#160;If the value of the Mid Cap Fund&#8217;s investments decreases, the value of the Fund&#8217;s shares will also decrease and you may lose money.&#160;&#160;The risks associated with the Mid Cap Fund&#8217;s principal investment strategies are:</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Market Risk</font> &#8211; The value of the Mid Cap Fund&#8217;s shares will fluctuate as a result of the movement of the overall stock market or of the value of the individual securities held by the Mid Cap Fund, and you could lose money.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Management Risk</font> &#8211; Management risk means that your investment in the Mid Cap Fund varies with the success and failure of the Advisor&#8217;s investment strategies and the Advisor&#8217;s research, analysis and determination of portfolio securities.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Equity Market Risk</font> &#8211; Equity securities held by the Mid Cap Fund may experience sudden, unpredictable drops in value or long periods of decline in value due to general stock market fluctuations, increases in production costs, decisions by management or related factors.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Common Stocks</font>.&#160;&#160;Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions of their issuers change.&#160;&#160;Common stock is generally subject to greater risk than preferred stocks and debt obligations because holders of common stock generally have inferior rights to receive payments from issuers in comparison with the rights of the holders of other securities, bondholders and other creditors.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Preferred Stock</font>.&#160;&#160;Preferred stock is subject to the risk that the dividend on the stock may be changed or omitted by the issuer, and that participation in the growth of an issuer may be limited.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Convertible Securities</font>.&#160;&#160;A convertible security is a fixed-income security (a debt instrument or a preferred stock) which may be converted at a stated price within a specified period of time into a certain quantity of the common stock of the same or a different issuer. The market value of a convertible security performs like that of a regular debt security, that is, if market interest rates rise, the value of the convertible security falls.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Warrants</font>.&#160;&#160;Investments in warrants involve certain risks, including the possible lack of a liquid market for resale of the warrants, potential price fluctuations as a result of speculation or other factors, and failure of the price of the underlying security to reach or have reasonable prospects of reaching a level at which the warrant can be prudently exercised (in which event the warrant may expire without being exercised, resulting in a loss of the Fund&#8217;s entire investment therein).</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Rights.&#160;&#160;</font>The purchase of rights involves the risk that the Fund could lose the purchase value of a right if the right is not exercised prior to its expiration.&#160;&#160;Also, the purchase of rights involves the risk that the effective price paid for the right added to the subscription price of the related security may exceed the value of the subscribed security&#8217;s market price.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Mid-Cap Company Risk</font> &#8211; Investing in mid-cap companies may involve greater risk than investing in large-cap companies due to less management experience, financial resources, product diversification and competitive strengths.&#160;&#160;Therefore, such securities may be more volatile and less liquid than large-cap companies.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Foreign Risk</font> &#8211; Investing in securities of foreign corporations involves additional risks relating to: political, social, religious and economic developments abroad; market instability; fluctuations in foreign exchange rates; different regulatory requirements, market practices, accounting standards and practices; and less publicly available information about foreign issuers.&#160;&#160;Additionally, these investments may be subject to foreign withholding taxes, may be less liquid, carry higher brokerage commissions and other fees, and procedures and regulations governing transactions and custody in foreign markets also may involve delays in payment, delivery or recovery of money or investments.&#160;&#160;Investments in common stocks of U.S. companies with international operations, and the purchase of sponsored or unsponsored ADRs carry similar risks.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">American Depositary Receipts &#8211;</font> Unsponsored ADRs held by the Fund are frequently under no obligation to distribute shareholder communications received from the underlying issuer.&#160;&#160;For this and other reasons, there is less information available about unsponsored ADRs than sponsored ADRs.&#160;&#160;Unsponsored ADRs are also not obligated to pass through voting rights to the Fund.&#160;&#160;Investing in foreign companies, even indirectly through ADRs, may involve the same inherent risks as investing in securities of foreign issuers, as described above.</font> </div> If the value of the Mid Cap Fund's investments decreases, the value of the Fund's shares will also decrease and you may lose money. FEES AND EXPENSES OF THE FUND <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</font> </div> -0.0200 0.0100 0.0001 0.0001 0.0102 ~ http://usbank.com/20130531/role/ScheduleShareholderFees20055 column dei_LegalEntityAxis compact ck0001135300_S000006556Member row primary compact * ~ ~ http://usbank.com/20130531/role/ScheduleAnnualFundOperatingExpenses20056 column dei_LegalEntityAxis compact ck0001135300_S000006556Member row primary compact * ~ Annual Fund Operating Expenses (expensed that you pay each year as a percentage of the value of your investment) Acquired Fund Fees and Expenses represent the indirect costs of the Fund's investments in other investment companies. The Total Annual Fund Operating Expenses for the Fund do not correlate to the ratio of expenses to average net assets listed in the Fund's financial highlights, which reflects the operating expenses of the Fund and does not include the amount of the Fund's proportionate share of the fees and expenses of other investment companies in which the Fund invests. Shareholder Fees (fees paid directly from your investment) PERFORMANCE <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The performance information provides some indication of the risks of investing in the Mid Cap Fund by showing changes in the<font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>Fund&#8217;s performance from year to year and by showing how the<font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>Fund&#8217;s average annual returns for one, five and ten years compare with those of a broad measure of market performance and the returns of additional indexes of securities with characteristics similar to those that the Fund typically holds.&#160;&#160;The performance information, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.&#160;&#160;Updated performance information is available on the Fund&#8217;s website at http://www.buffalofunds.com/performance.html, or by calling the Fund toll-free at 1-800-49-BUFFALO (1-800-492-8332).</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state or local taxes.&#160;&#160;&#160;&#160;Actual after-tax returns depend on each investor&#8217;s individual tax situation and may differ from those shown in the table.&#160;&#160;The after-tax returns shown are not relevant to investors who own the Mid Cap Fund in a tax-deferred arrangement, such as an individual retirement account or a 401(k) plan.</font> </div> MID CAP FUND Annual Total Return as of December 31 of Each Year 0.4366 0.1660 0.1383 0.0568 0.0997 -0.3943 0.4880 0.2434 -0.0583 0.1393 ~ http://usbank.com/20130531/role/ScheduleAnnualTotalReturnsBarChart20058 column dei_LegalEntityAxis compact ck0001135300_S000006556Member column rr_ProspectusShareClassAxis compact ck0001135300_C000017895Member row primary compact * ~ Best Quarter through December 31, 2012: 0.2202 2009-06-30 Worst Quarter through December 31, 2012: -0.2267 2008-12-31 Calendar Year-to-Date Return 0.0572 2013-03-31 <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Calendar Year-to-Date Return (through March 31, 2013) = 5.72%</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Best Quarter through December 31, 2012: June 30, 2009 = 22.02%</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Worst Quarter through December 31, 2012: December 31, 2008 = (22.67%)</font> </div> 0.1393 0.0375 0.1030 Return Before Taxes 0.1316 0.0351 0.0995 Return After Taxes on Distributions 0.1009 0.0321 0.0915 Return After Taxes on Distributions and Sale of Fund Shares 0.1581 0.0323 0.1032 Russell Midcap&#174; Growth Index (reflects no deduction for fees, expenses or taxes) 0.1336 0.0149 0.0940 Lipper Mid-Cap Growth Funds Index&#174; (reflects no deduction for fees, expenses or taxes) ~ http://usbank.com/20130531/role/ScheduleAverageAnnualReturnsTransposed20059 column dei_LegalEntityAxis compact ck0001135300_S000006556Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state or local taxes. The performance information provides some indication of the risks of investing in the Mid Cap Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for one, five and ten years compare with those of a broad measure of market performance and the returns of additional indexes of securities with characteristics similar to those that the Fund typically holds. The performance information, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. (reflects no deduction for fees, expenses or taxes) 1-800-492-8332 http://www.buffalofunds.com/performance.html Actual after-tax returns depend on each investor's individual tax situation and may differ from those shown in the table. The after-tax returns shown are not relevant to investors who own the Mid Cap Fund in a tax-deferred arrangement, such as an individual retirement account or a 401(k) plan. Average Annual Total Returns for the periods ended December 31, 2012 Buffalo Small Cap Fund BUFSX Example. <div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.&#160;&#160;The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods.&#160;&#160;The example also assumes that your investment has a 5% return each year, that all distributions are reinvested, and that the Fund&#8217;s operating expenses remain the same.</font></div> 103 322 558 1236 ~ http://usbank.com/20130531/role/ScheduleExpenseExampleTransposed20064 column dei_LegalEntityAxis compact ck0001135300_S000022453Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: Portfolio Turnover. <div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio).&#160;&#160;A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.&#160;&#160;These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance.&#160;&#160;During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 34% of the average value of its portfolio.</font> </div> 0.34 INVESTMENT OBJECTIVE <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The investment objective of the Buffalo Small Cap Fund (&#8220;Small Cap Fund&#8221; or the &#8220;Fund&#8221;) is long-term growth of capital.</font> </div> PRINCIPAL INVESTMENT STRATEGIES <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The Small Cap Fund normally invests at least 80% of its net assets in equity securities, consisting of domestic common stocks, preferred stocks, convertible preferred stocks, warrants and rights of small capitalization (&#8220;small-cap&#8221;) companies.&#160;&#160;The Small Cap Fund considers a company to be a small-cap company if, at time of purchase, it has a market capitalization of $2.5 billion or less.&#160;&#160;In its selection process for the Small Cap Fund, the Advisor seeks to identify a broad mix of small-cap companies that are expected to benefit from long-term industry, technological or other trends.&#160;&#160;While the Fund&#8217;s investments will consist primarily of domestic securities, the Fund may invest up to 20% of its net assets in sponsored or unsponsored ADRs and securities of foreign companies that are traded on U.S. stock exchanges.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The Advisor seeks to identify companies for the Small Cap Fund&#8217;s portfolio that are expected to experience growth based on the identification of long-term, measurable secular trends, and which, as a result, the Advisor believes may have potential revenue growth in excess of gross domestic product.&#160;&#160;Companies are screened using in-depth, in-house research to identify those which the Advisor believes have favorable attributes, including attractive valuation, strong management, conservative debt, free cash flow, scalable business models, and competitive advantages.&#160;&#160;The Advisor may sell the Small-Cap Fund&#8217;s investments to secure gains, limit losses or reinvest in more promising investment opportunities.</font> </div> PRINCIPAL RISKS <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Small Cap Fund cannot guarantee that it will achieve its investment objective.&#160;&#160;As with any mutual fund, the value of the Fund&#8217;s investments may fluctuate.&#160;&#160;If the value of the Small Cap Fund&#8217;s investments decreases, the value of the Fund&#8217;s shares will also decrease and you may lose money.&#160;&#160;The risks associated with the Small Cap Fund&#8217;s principal investment strategies are:</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Market Risk</font> <font style="DISPLAY: inline">&#8211; The value of the Small Cap</font> <font style="DISPLAY: inline; COLOR: #333333">Fund&#8217;s shares will fluctuate as a result of the movement of the overall stock market or of the value of the individual securities held by the</font> <font style="DISPLAY: inline">Small Cap</font> <font style="DISPLAY: inline; COLOR: #333333">Fund, and you could lose money.</font></font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Management Risk</font> &#8211; Management risk means that your investment in the Small Cap Fund varies with the success and failure of the Advisor&#8217;s investment strategies and the Advisor&#8217;s research, analysis and determination of portfolio securities.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Equity Market Risk</font> &#8211; Equity securities held by the Small Cap Fund may experience sudden, unpredictable drops in value or long periods of decline in value due to general stock market fluctuations, increases in production costs, decisions by management or related factors.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Common Stocks</font>.&#160;&#160;Common Stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions of their issuers change.&#160;&#160;Common stock is generally subject to greater risk than preferred stocks and debt obligations because holders of common stock generally have inferior rights to receive payments from issuers in comparison with the rights of the holders of other securities, bondholders and other creditors.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Preferred Stock</font>.&#160;&#160;Preferred stock is subject to the risk that the dividend on the stock may be changed or omitted by the issuer, and that participation in the growth of an issuer may be limited.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Convertible Securities</font>.&#160;&#160;A convertible security is a fixed-income security (a debt instrument or a preferred stock) which may be converted at a stated price within a specified period of time into a certain quantity of the common stock of the same or a different issuer. The market value of a convertible security performs like that of a regular debt security, that is, if market interest rates rise, the value of the convertible security falls.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Warrants</font>.&#160;&#160;Investments in warrants involve certain risks, including the possible lack of a liquid market for resale of the warrants, potential price fluctuations as a result of speculation or other factors, and failure of the price of the underlying security to reach or have reasonable prospects of reaching a level at which the warrant can be prudently exercised (in which event the warrant may expire without being exercised, resulting in a loss of the Fund&#8217;s entire investment therein).</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Rights.&#160;&#160;</font>The purchase of rights involves the risk that the Fund could lose the purchase value of a right if the right is not exercised prior to its expiration.&#160;&#160;Also, the purchase of rights involves the risk that the effective price paid for the right added to the subscription price of the related security may exceed the value of the subscribed security&#8217;s market price.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Small-Cap Company Risk</font> &#8211; Investing in small-cap companies may involve greater risk than investing in large- or mid-cap companies due to less management experience, financial resources, product diversification and competitive strengths.&#160;&#160;Therefore, such securities may be more volatile and less liquid than mid- and large-cap companies.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Micro-Cap Company Risk</font> &#8211; Investing in micro-cap companies may involve greater risk than investing in companies with larger capitalization due to less management experience, financial resources, product diversification and competitive strengths.&#160;&#160;Therefore, such securities may be more volatile and less liquid than companies with larger capitalization.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Foreign Risk</font> &#8211; Investing in securities of foreign corporations involves additional risks relating to: political, social, religious and economic developments abroad; market instability; fluctuations in foreign exchange rates; different regulatory requirements, market practices, accounting standards and practices; and less publicly available information about foreign issuers.&#160;&#160;Additionally, these investments may be subject to foreign withholding taxes, may be less liquid, carry higher brokerage commissions and other fees, and procedures and regulations governing transactions and custody in foreign markets also may involve delays in payment, delivery or recovery of money or investments.&#160;&#160;Investments in common stocks of U.S. companies with international operations, and the purchase of sponsored or unsponsored ADRs carry similar risks.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">American Depositary Receipts &#8211;</font> Unsponsored ADRs held by the Fund are frequently under no obligation to distribute shareholder communications received from the underlying issuer.&#160;&#160;For this and other reasons, there is less information available about unsponsored ADRs than sponsored ADRs.&#160;&#160;Unsponsored ADRs are also not obligated to pass through voting rights to the Fund.&#160;&#160;Investing in foreign companies, even indirectly through ADRs, may involve the same inherent risks as investing in securities of foreign issuers, as described above.</font> </div> If the value of the Small Cap Fund's investments decreases, the value of the Fund's shares will also decrease and you may lose money. FEES AND EXPENSES OF THE FUND <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</font> </div> -0.0200 0.0100 0.0000 0.0001 0.0101 ~ http://usbank.com/20130531/role/ScheduleShareholderFees20062 column dei_LegalEntityAxis compact ck0001135300_S000022453Member row primary compact * ~ ~ http://usbank.com/20130531/role/ScheduleAnnualFundOperatingExpenses20063 column dei_LegalEntityAxis compact ck0001135300_S000022453Member row primary compact * ~ Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Acquired Fund Fees and Expenses represent the indirect costs of the Fund's investments in other investment companies. The Total Annual Fund Operating Expenses for the Fund do not correlate to the ratio of expenses to average net assets listed in the Fund's financial highlights, which reflects the operating expenses of the Fund and does not include the amount of the Fund's proportionate share of the fees and expenses of other investment companies in which the Fund invests. Shareholder Fees (fees paid directly from your investment) PERFORMANCE <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The performance information provides some indication of the risks of investing in the Small Cap Fund by showing changes in the<font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>Fund&#8217;s performance from year to year and by showing how the<font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>Fund&#8217;s average annual returns for one, five and ten years compare with those of a broad measure of market performance and the returns of additional indexes of securities with characteristics similar to those that the Fund typically holds.&#160;&#160;The performance information, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.&#160;&#160;Updated performance information is available on the Fund&#8217;s website at http://www.buffalofunds.com/performance.html, or by calling the Fund toll-free at 1-800-49-BUFFALO (1-800-492-8332).</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state or local taxes.&#160;&#160;Actual after-tax returns depend on each investor&#8217;s individual tax situation and may differ from those shown in the table.&#160;&#160;The after-tax returns shown are not relevant to investors who own the Small Cap Fund in a tax-deferred arrangement, such as an individual retirement account or a 401(k) plan.</font> </div> SMALL CAP FUND Annual Total Return as of December 31 of Each Year 0.5124 0.2882 0.0322 0.1395 -0.0033 -0.2984 0.3749 0.1659 -0.0466 0.1993 ~ http://usbank.com/20130531/role/ScheduleAnnualTotalReturnsBarChart20065 column dei_LegalEntityAxis compact ck0001135300_S000022453Member column rr_ProspectusShareClassAxis compact ck0001135300_C000064614Member row primary compact * ~ Best Quarter through December 31, 2012: 0.3038 2003-06-30 Worst Quarter through December 31, 2012: -0.2300 2002-09-30 Calendar Year-to-Date Return 0.0980 2013-03-31 <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Calendar Year-to-Date Return (through March 31, 2013) = 9.80%</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Best Quarter through December 31, 2012: June 30, 2003 = 30.38%</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Worst Quarter through December 31, 2012: September 30, 2002 = (23.00%)</font> </div> 0.1993 0.0516 0.1138 Return Before Taxes 0.1889 0.0486 0.1064 Return After Taxes on Distributions 0.1433 0.0442 0.1003 Return After Taxes on Distributions and Sale of Fund Shares 0.1459 0.0349 0.0980 Russell 2000&#174; Growth Index (reflects no deduction for fees, expenses or taxes) 0.1495 0.0209 0.0856 Lipper Small-Cap Growth Funds Index&#174; (reflects no deduction for fees, expenses or taxes) ~ http://usbank.com/20130531/role/ScheduleAverageAnnualReturnsTransposed20066 column dei_LegalEntityAxis compact ck0001135300_S000022453Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state or local taxes. The performance information provides some indication of the risks of investing in the Small Cap Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for one, five and ten years compare with those of a broad measure of market performance and the returns of additional indexes of securities with characteristics similar to those that the Fund typically holds. The performance information, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. (reflects no deduction for fees, expenses or taxes) 1-800-492-8332 http://www.buffalofunds.com/performance.html Actual after-tax returns depend on each investor's individual tax situation and may differ from those shown in the table. The after-tax returns shown are not relevant to investors who own the Small Cap Fund in a tax-deferred arrangement, such as an individual retirement account or a 401(k) plan. 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