Performance - Quarterly


as of 9/30/2014

YTD 1-year 3-year 5-year 10-year Since Inception Inception Date
Buffalo Dividend Focus Fund
Expense Ratio: 0.94%
30 Day SEC Yield: 1.12%
13.75% 23.94% N/A N/A N/A 20.77% 12/3/2012
S&P 500 Index
8.34% 19.73% N/A N/A N/A 22.78% N/A
 

as of 9/30/2014

YTD 1-year 3-year 5-year 10-year Since Inception Inception Date
Buffalo Flexible Income Fund
Expense Ratio: 1.03%
30 Day SEC Yield: 1.70%
4.79% 10.15% 13.58% 11.52% 8.04% 7.69% 8/12/1994
Lipper Mixed-Asset Target Allocation Moderate Funds Index
4.46% 9.71% 12.52% 9.20% 5.99% 7.22% N/A
BofA Merrill Lynch HY Master II
3.61% 7.23% 10.95% 10.40% 8.20% 8.01% N/A
S&P 500 Index
8.34% 19.73% 22.99% 15.70% 8.11% 9.55% N/A
 

as of 9/30/2014

YTD 1-year 3-year 5-year 10-year Since Inception Inception Date
Buffalo High Yield Fund
Expense Ratio: 1.02%
30 Day SEC Yield: 2.78%
1.46% 3.67% 8.72% 8.10% 6.54% 7.64% 5/19/1995
Lipper High Yield Bond Funds Index
3.27% 6.84% 10.73% 9.93% 6.95% 6.29% N/A
BofA Merrill Lynch HY Master II
3.61% 7.23% 10.95% 10.40% 8.20% 7.67% N/A
Merrill Lynch High Yield Master Index
3.53% 7.14% 10.86% 10.34% 8.12% 7.75% N/A
 

as of 9/30/2014

YTD 1-year 3-year 5-year 10-year Since Inception Inception Date
Buffalo Emerging Opportunities Fund
Expense Ratio: 1.49%
-15.82% -7.05% 26.22% 18.70% 8.40% 7.72% 5/21/04
Lipper Micro Cap Funds Index
-7.20% 2.32% 21.48% 14.35% 7.55% 7.48% N/A
Lipper Small Cap Growth Fund Index
-5.41% 1.98% 20.05% 14.47% 8.06% 7.80% N/A
Russell 2000 Growth Index
-4.05% 3.79% 21.91% 15.51% 9.03% 8.82% N/A
Russell Microcap Growth Index
-7.63% 1.38% 22.58% 13.85% 6.71% 6.26% N/A
Russell 2000 Index
-4.41% 3.93% 21.26% 14.29% 8.19% 8.44% N/A
 

as of 9/30/2014

YTD 1-year 3-year 5-year 10-year Since Inception Inception Date
Buffalo Small Cap Fund
Expense Ratio: 1.00%
-11.07% -4.72% 21.95% 11.30% 8.31% 11.93% 4/14/1998
Lipper Small Cap Growth Fund Index
-5.41% 1.98% 20.05% 14.47% 8.06% 5.82% N/A
Russell 2000 Growth Index
-4.05% 3.79% 21.91% 15.51% 9.03% 4.94% N/A
Russell 2000 Index
-4.41% 3.93% 21.26% 14.29% 8.19% 6.50% N/A
 

as of 9/30/2014

YTD 1-year 3-year 5-year 10-year Since Inception Inception Date
Buffalo Mid Cap Fund
Expense Ratio: 1.01%
1.92% 9.26% 18.23% 13.00% 9.10% 8.21% 12/17/2001
Lipper Mid Cap Growth Fund Index
1.98% 10.64% 20.29% 14.69% 9.68% 7.41% N/A
Russell Midcap Growth Index
5.73% 14.43% 22.74% 17.12% 10.24% 8.45% N/A
Russell Midcap Index
6.87% 15.83% 23.79% 17.19% 10.34% 10.06% N/A
 

as of 9/30/2014

YTD 1-year 3-year 5-year 10-year Since Inception Inception Date
Buffalo Discovery Fund
Expense Ratio: 1.01%
4.66% 12.68% 23.72% 17.12% 11.17% 8.55% 4/16/2001
Lipper Multi-Cap Growth Fund Index
5.64% 16.13% 21.62% 15.43% 8.80% 5.49% N/A
Russell 3000 Growth Total Return Index
6.91% 17.87% 22.41% 16.43% 8.95% 5.80% N/A
 

as of 9/30/2014

YTD 1-year 3-year 5-year 10-year Since Inception Inception Date
Buffalo Growth Fund
Expense Ratio: 0.91%
4.53% 13.89% 21.32% 14.89% 9.02% 9.98% 5/19/1995
Lipper Large Cap Growth Fund Index
5.53% 16.87% 21.75% 14.71% 7.91% 7.39% N/A
Russell 1000 Growth Index
7.89% 19.15% 22.45% 16.50% 8.94% 8.39% N/A
S&P 500 Index
8.34% 19.73% 22.99% 15.70% 8.11% 9.16% N/A
 

as of 9/30/2014

YTD 1-year 3-year 5-year 10-year Since Inception Inception Date
Buffalo Large Cap Fund
Expense Ratio: 0.97%
4.74% 15.11% 20.87% 13.21% 7.86% 8.90% 5/19/1995
Lipper Large Cap Growth Fund Index
5.53% 16.87% 21.75% 14.71% 7.91% 7.39% N/A
Russell 1000 Growth Index
7.89% 19.15% 22.45% 16.50% 8.94% 8.39% N/A
S&P 500 Index
8.34% 19.73% 22.99% 15.70% 8.11% 9.16% N/A
 

as of 9/30/2014

YTD 1-year 3-year 5-year 10-year Since Inception Inception Date
Buffalo International Fund
Expense Ratio: 1.08%
-2.30% 5.23% 13.63% 8.01% N/A 2.47% 09/28/2007
MSCI EAFE Price (USD)
-1.38% 4.25% 13.65% 6.56% N/A -0.20% N/A
MSCI AC WORLD INDEX ex USA Price (USD)
0.00% 4.77% 11.79% 6.03% N/A -0.16% N/A
 

Data represented reflects past performance and is no guarantee of future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by clicking here. Performance data current to the most recent quarter end may be obtained by clicking here.

The Buffalo High Yield, Buffalo Emerging Opportunities or Buffalo Small Cap Funds impose a 2.00% redemption fee on shares held for less than 180 days. The Buffalo Dividend Focus, Buffalo Flexible Income, Buffalo Large Cap, Buffalo Mid Cap, Buffalo Discovery, Buffalo Growth or Buffalo International Funds impose a 2.00% redemption fee on shares held for less than 60 days. Performance data does not reflect the redemption fee. If reflected, total returns would be reduced.

Mutual fund investing involves risk. Principal loss is possible.

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