Dividends & Distributions

2012 Distribution Dates:

Funds Record Date Reinvest Date Payable Date
BUFBX1, BUFHX2 January 17, 2012 January 18, 2012 January 18, 2012
BUFBX1, BUFHX2 February 17, 2012 February 21, 2012 February 21, 2012
BUFBX1, BUFHX2 March 19, 2012 March 20, 2012 March 20, 2012
BUFBX1, BUFHX2 April 17, 2012 April 18, 2012 April 18, 2012
BUFBX1, BUFHX2 May 17, 2012 May 18, 2012 May 18, 2012
BUFBX1, BUFHX2 June 18, 2012 June 19, 2012 June 19, 2012
BUFBX1, BUFHX2 July 17, 2012 July 18, 2012 July 18, 2012
BUFBX1, BUFHX2 August 17, 2012 August 20, 2012 August 20, 2012
BUFBX1, BUFHX2 September 17, 2012 September 18, 2012 September 18, 2012
BUFBX1, BUFHX2 October 17, 2012 October 18, 2012 October 18, 2012
BUFBX1, BUFHX2 November 19, 2012 November 20, 2012 November 20, 2012
ALL Funds December 17, 2012 December 18, 2012 December 18, 2012

1 BUFBX - Buffalo Flexible Income Fund
2 BUFHX - Buffalo High Yield Fund


Distributions:

January 2012 Monthly Distributions
Record Date:  01/17/12 Reinvest Date:  01/18/12 Payable Date:  01/18/12
Buffalo High Yield Fund $0.02645238 -- $0.02645238 -- $0.02645238 $11.06

Fourth Quarter 2011 Distributions
Record Date:   12/19/11 Reinvest Date:   12/20/11 Payable Date:   12/20/11
Buffalo China Fund $0.00428318 -- $0.00428318 -- $0.00428318 $6.54
Buffalo Large Cap Fund $0.03749914 -- $0.03749914 $0.12032 $0.15781914 $18.47
Buffalo Growth Fund $0.00389823 $0.09326 $0.00389823 $0.35463 $0.45178823 $24.47
Buffalo International Fund $0.04747890 -- $0.04747890 -- $0.04747890 $8.22
Buffalo Mid Cap Fund -- -- -- $0.31966 $0.31966 $15.36
Buffalo Small Cap Fund -- -- -- $0.05742 $0.05742 $24.98
Buffalo Science and Technology Fund -- $0.09271 -- $0.89769 $0.99040 $14.08

Distributions by Quarter:

Fourth Quarter 2011 Distributions
Record Date:  12/19/11 Reinvest Date:  12/20/11 Payable Date:  12/20/11
Buffalo China Fund $0.00428318 -- $0.00428318 -- $0.00428318 $6.54
Buffalo Large Cap Fund $0.03749914 -- $0.03749914 $0.12032 $0.15781914 $18.47
Buffalo Growth Fund $0.00389823 $0.09326 $0.00389823 $0.35463 $0.45178823 $24.47
Buffalo International Fund $0.04747890 -- $0.04747890 -- $0.04747890 $8.22
Buffalo Mid Cap Fund -- -- -- $0.31966 $0.31966 $15.36
Buffalo Small Cap Fund -- -- -- $0.05742 $0.05742 $24.98
Buffalo Science and Technology Fund -- $0.09271 -- $0.89769 $0.99040 $14.08

Year - End Distributions:

2011 Year - End Distributions
Record Date:  12/19/11 Reinvest Date:  12/20/11 Payable Date:  12/20/11
Buffalo China Fund $0.00428318 -- $0.00428318 -- $0.00428318 $6.54
Buffalo Large Cap Fund $0.03749914 -- $0.03749914 $0.12032 $0.15781914 $18.47
Buffalo Growth Fund $0.00389823 $0.09326 $0.00389823 $0.35463 $0.45178823 $24.47
Buffalo International Fund $0.04747890 -- $0.04747890 -- $0.04747890 $8.22
Buffalo Mid Cap Fund -- -- -- $0.31966 $0.31966 $15.36
Buffalo Small Cap Fund -- -- -- $0.05742 $0.05742 $24.98
Buffalo Science and Technology Fund -- $0.09271 -- $0.89769 $0.99040 $14.08