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Express Jet JP Morgan Aggressive Model Portfolio Snapshot

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Release date 05-31-2013 | FINRA Members: For internal use or client reporting purposes only.<br />

Buffalo Small Cap (USD)<br />

Morningstar Analyst Rtg TM<br />

´ Bronze 03-18-2013<br />

Page 2 of 7<br />

Page 5 of 21<br />

Overall Morningstar Rtg TM Standard Index Category Index Morningstar Cat<br />

QQQQ S&P 500 TR USD Russell 2000 US OE Small Growth<br />

633 US OE Small Growth<br />

Growth TR USD<br />

Performance 05-31-2013<br />

Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total %<br />

2011 5.65 -1.70 -22.19 17.98 -4.67<br />

2012 14.48 -0.39 3.24 1.87 19.93<br />

2013 9.80 — — — 17.57<br />

Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept<br />

Load-adj Mthly 28.76 13.49 9.65 11.52 12.40<br />

Std 03-31-2013 15.02 — 10.75 13.22 12.03<br />

Total Return 28.76 13.49 9.65 11.52 12.40<br />

+/- Std Index 1.49 -3.38 4.22 3.94 —<br />

+/- Cat Index -2.10 -3.97 1.96 1.62 —<br />

% Rank Cat 30 85 12 7<br />

No. in Cat 717 633 567 367<br />

7-day Yield —<br />

Performance Disclosure<br />

The Overall Morningstar Rating is based on risk-adjusted returns,<br />

derived from a weighted average of the three-, five-, and 10-year<br />

(if applicable) Morningstar metrics.<br />

The performance data quoted represents past performance and<br />

does not guarantee future results. The investment return and<br />

principal value of an investment will fluctuate; thus an investor's<br />

shares, when sold or redeemed, may be worth more or less than<br />

their original cost.<br />

Current performance may be lower or higher than return data<br />

quoted herein. For performance data current to the most recent<br />

month-end, please call 800-492-8332 or visit<br />

www.buffalofunds.com.<br />

Fees and Expenses<br />

Sales Charges<br />

Front-End Load %<br />

Deferred Load %<br />

NA<br />

NA<br />

Fund Expenses<br />

Management Fees % 1.00<br />

12b1 Expense %<br />

NA<br />

Gross Expense Ratio % 1.01<br />

Risk and Return Profile<br />

3 Yr 5 Yr 10 Yr<br />

633 funds 567 funds 367 funds<br />

Morningstar Rating TM 2Q 4Q 5Q<br />

Morningstar Risk Avg Avg Avg<br />

Morningstar Return -Avg +Avg +Avg<br />

3 Yr 5 Yr 10 Yr<br />

Standard Deviation 20.36 23.17 19.26<br />

Mean 13.49 9.65 11.52<br />

Sharpe Ratio 0.72 0.50 0.58<br />

MPT Statistics Standard Index Best Fit Index<br />

Morningstar Small<br />

Cap TR USD<br />

Alpha -7.64 -3.39<br />

Beta 1.34 1.05<br />

R-Squared 85.70 93.14<br />

12-Month Yield —<br />

30-day SEC Yield —<br />

Potential Cap Gains Exp 41.65%<br />

9 9 9 9 9 9 9 9 9 9 9 9<br />

96 93 91 99 93 97 95 90 96 97 96 97<br />

* & & ) * ) & * ) ( & _<br />

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 05-13 History<br />

100k<br />

80k<br />

60k<br />

40k<br />

20k<br />

10k<br />

4k<br />

Investment Style<br />

Equity<br />

Stock %<br />

Growth of $10,000<br />

Buffalo Small Cap<br />

25,643<br />

Category Average<br />

18,728<br />

Standard Index<br />

17,847<br />

Performance Quartile<br />

(within category)<br />

14.80 22.18 27.65 25.44 26.94 24.17 16.37 22.48 26.21 24.93 28.17 33.12 NAV/Price<br />

-25.75 51.23 28.82 3.22 13.95 -0.33 -29.84 37.49 16.59 -4.67 19.93 17.57 Total Return %<br />

-3.65 22.55 17.94 -1.69 -1.84 -5.82 7.16 11.03 1.53 -6.78 3.92 2.20 +/- Standard Index<br />

4.52 2.69 14.52 -0.94 0.61 -7.37 8.70 3.02 -12.50 -1.76 5.34 -0.60 +/- Category Index<br />

42 20 2 77 25 84 2 38 96 62 5 — % Rank Cat<br />

630 696 711 723 763 829 834 778 758 764 743 748 No. of Funds in Cat<br />

<strong>Portfolio</strong> Analysis 03-31-2013<br />

Asset Allocation % Net % Long % Short %<br />

Cash 3.40 3.40 0.00<br />

US Stocks 90.09 90.09 0.00<br />

Non-US Stocks 6.52 6.52 0.00<br />

Bonds 0.00 0.00 0.00<br />

Other/Not Clsfd 0.00 0.00 0.00<br />

Total 100.00 100.00 0.00<br />

Equity Style<br />

Value Blend Growth<br />

Large Mid Small<br />

Fixed-Income Style<br />

Ltd Mod Ext<br />

High Med Low<br />

<strong>Portfolio</strong> Statistics Port<br />

Avg<br />

Rel<br />

Index<br />

Rel<br />

Cat<br />

P/E Ratio TTM 28.5 1.69 1.26<br />

P/C Ratio TTM 17.4 1.73 1.25<br />

P/B Ratio TTM 3.5 1.48 1.16<br />

Geo Avg Mkt Cap<br />

$mil<br />

1913 0.03 0.89<br />

Avg Eff Maturity —<br />

Avg Eff Duration —<br />

Avg Wtd Coupon —<br />

Avg Wtd Price —<br />

Credit Quality Breakdown — Bond %<br />

AAA —<br />

AA —<br />

A —<br />

BBB —<br />

BB —<br />

B —<br />

Below B —<br />

NR —<br />

Regional Exposure Stock % Rel Std Index<br />

Americas 94.6 0.96<br />

Greater Europe 5.4 4.49<br />

Greater Asia 0.0 —<br />

Share Chg<br />

since<br />

12-2012<br />

Share<br />

Amount<br />

Holdings:<br />

63 Total Stocks , 0 Total Fixed-Income,<br />

34% Turnover Ratio<br />

% Net<br />

Assets<br />

Y 4 mil Align Technology, Inc. 3.93<br />

Y 3 mil Hexcel Corporation 3.13<br />

Y 5 mil Adtran, Inc. 3.01<br />

T 1 mil Lufkin Industries, Inc. 3.00<br />

Y 2 mil Corporate Executive Board Company 2.93<br />

Y 2 mil Semtech Corporation 2.69<br />

Y 1 mil Stratasys Ltd 2.62<br />

Y 2 mil Life Time Fitness, Inc. 2.57<br />

Y 726,900 CoStar Group, Inc. 2.51<br />

Y 807,750 AthenaHealth, Inc. 2.47<br />

Y 2 mil NeuStar, Inc. 2.45<br />

T 2 mil Fresh Market, Inc. 2.38<br />

Y 2 mil Dealertrack Technologies Inc 2.31<br />

Y 1 mil ACI Worldwide, Inc. 2.26<br />

T 2 mil Polypore International, Inc. 2.16<br />

Sector Weightings Stocks % Rel Std Index<br />

h Cyclical 28.9 0.89<br />

r Basic Materials 0.0 0.00<br />

t Consumer Cyclical 16.4 1.43<br />

y Financial Services 8.6 0.55<br />

u Real Estate 4.0 1.82<br />

j Sensitive 58.0 1.40<br />

i Communication Services 2.5 0.64<br />

o Energy 3.9 0.37<br />

p Industrials 18.9 1.90<br />

a Technology 32.7 1.91<br />

k Defensive 13.0 0.50<br />

s Consumer Defensive 2.5 0.24<br />

d Healthcare 10.6 0.85<br />

f Utilities 0.0 0.00<br />

Operations<br />

Family:<br />

Manager:<br />

Tenure:<br />

Objective:<br />

Base Currency:<br />

Buffalo<br />

Multiple<br />

15.2 Years<br />

Small Company<br />

USD<br />

Ticker:<br />

BUFSX<br />

Minimum Initial Purchase: $2,500<br />

Min Auto Investment Plan: $100<br />

Minimum IRA Purchase: $250<br />

Purchase Constraints: C<br />

Incept: 04-14-1998<br />

Type:<br />

MF<br />

Total Assets:<br />

$3,263.64 mil<br />

©2013 Morningstar. All Rights Reserved. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account<br />

information provided by your financial advisor which cannot be verified by Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for<br />

informational purposes and therefore are not an offer to buy or sell a security, and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any<br />

trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. This report is supplemental sales literature. If applicable it must be preceded or accompanied<br />

by a prospectus, or equivalent, and disclosure statement.<br />

ß ®

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