Buffalo Funds Announces Portfolio Manager Changes Effective May 31st, 2013

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“After nearly 10 years of service, Mr. Grant Sarris has resigned from Kornitzer Capital Management Inc. (KCM) and the Buffalo Funds. For personal reasons, Mr. Sarris has decided to step away from the investment industry and spend more time with his family. We wish him all the best,” said Kent Gasaway, President of the Buffalo Funds.

“After nearly 10 years of service, Mr. Grant Sarris has resigned from Kornitzer Capital Management Inc. (KCM) and the Buffalo Funds. For personal reasons, Mr. Sarris has decided to step away from the investment industry and spend more time with his family. We wish him all the best,” said Kent Gasaway, President of the Buffalo Funds.

Therefore, management is announcing the following portfolio manager changes:

Mr. Sarris will no longer act as co‐manager of the Buffalo Small Cap Fund (BUFSX). The Fund will continue to be managed by co‐manager Mr. John Bichelmeyer and comanagers since inception, Messrs. Bob Male and Kent Gasaway.

Mr. Sarris will no longer act as co‐manager of the Buffalo Mid Cap Fund (BUFMX). The Fund will continue to be managed by Mr. Bob Male and Mr. Kent Gasaway, comanagers on the Fund since inception.

Mr. Craig Richard will replace Mr. Sarris and will join long‐time manager Mr. John Bichelmeyer as co‐manager of the Buffalo Micro Cap Fund (BUFOX). Mr. Richard joined KCM in 2008 as an equity research analyst and has over 11 years of investment research experience. Prior to KCM, Mr. Richard served as an analyst with Stifel, Nicolaus & Co. and A.G. Edwards.

“We are pleased to recognize and reward the hard work and success of Craig Richard in his research analyst role with KCM and are confident in his ability to excel as a portfolio manager,” said Mr. Gasaway. “While we take pride in the low turnover of our investment staff, we recognize changes over time are inevitable. Thus, the Buffalo Funds have always been managed by teams of portfolio managers that are supported by experienced investment research analysts, which allows for orderly transitions when they occur.”

CONTACT:
Tony DeMarino
Kornitzer Capital Management, Inc.
(913)754‐1543, tdemarino(at)buffalofunds(dot)com

For more information about the Buffalo Funds, visit http://www.buffalofunds.com, or call 1‐800‐49‐BUFFALO.

The Funds’ investment objectives, risks, charges and expenses must be considered carefully before investing. The prospectus contains this and other important information about the investment company, and may be obtained by calling 1‐800‐ 49‐BUFFALO or visiting http://www.buffalofunds.com. Read carefully before investing.

Mutual fund investing involves risk. Principal loss is possible. Please refer to the prospectus for special risks associated with investing in the Buffalo Funds, including but not limited to, risks involved with investments in
science and technology, foreign securities, debt, lower‐ and non‐rated securities and smaller companies.

The Buffalo Funds are distributed by Quasar Distributors, LLC.

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Tony DeMarino
Buffalo Funds
913-754-1543
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