BUFOX Fees and Costs — Buffalo Early Stage Growth Fund, Investor Class
Data updated: 2026-08-21
The net expense ratio is 1.48%. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $109K in broker commissions, 0.1649% of average net assets, and portfolio turnover was 48%.
BUFOX Fees and Expenses
Annual operating expenses and sales charges of BUFOX. Prospectus, as of July 29, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 1.30% |
| 12b-1 fee | — |
| Other expenses | — |
| Gross expense ratio | 1.48% |
| Fee waiver | — |
| Net expense ratio | 1.48% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | No |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
BUFOX Costs Over Time
On $10,000 invested in BUFOX, assuming 5% a year before costs, total costs come to $1,016 over 5 years, cutting the return by 1.73% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 1.48%) | $155 | $482 | $830 |
| Trading costs (broker commissions) | $17 | $54 | $92 |
| Lost growth on money paid in costs | $0 | $27 | $94 |
| Total costs | $173 | $562 | $1,016 |
| Value after costs | $10,327 | $11,014 | $11,747 |
| Impact on return, per year | 1.73% | 1.73% | 1.73% |
BUFOX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending March 31, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.1649%
- Total broker commissions: $109K
- Bought from dealers (principal trades, not a cost): $6.8M
- Portfolio turnover (prospectus): 48%
- Securities lending: none during the year
BUFOX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Instinet, LLC | $39K | 36.98% |
| J.P. Morgan Securities LLC | $15K | 14.84% |
| William Blair & Co. LLC | $12K | 11.04% |
| Northland Securties, Inc. | $10K | 9.49% |
| Craig-Hallum Capital Group LLC | $8K | 7.66% |
| D.A. Davidson & Co. | $6K | 6.19% |
| Jefferies LLC | $6K | 5.75% |
| Cowen Execution Services LLC | $3K | 3.30% |
| Raymond James & Associates, Inc. | $3K | 2.46% |
| Truist Securities, Inc. | $2K | 2.30% |
BUFOX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Stifel Nicolaus & Co., Inc. | $1.8M | 25.94% |
| BofA Securities, Inc. | $1.1M | 16.59% |
| Raymond James & Associates, Inc. | $1.1M | 15.34% |
| Goldman Sachs & Co. LLC | $896K | 13.09% |
| Oppenheimer & Co., Inc. | $685K | 10.00% |
| Robert W. Baird & Co., Inc. | $642K | 9.38% |
| Cowen Execution Services LLC | $473K | 6.91% |
| Northland Securties, Inc. | $96K | 1.40% |
| J.P. Morgan Securities LLC | $91K | 1.33% |
Buffalo Early Stage Growth Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| BUIOX | Institutional Class | 1.35% | — |
| BUFOX | Investor Class | 1.48% | — |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.