Performance - Quarterly


as of 12/31/2011

YTD 1-year 3-year 5-year 10-year Since Inception Inception Date
Buffalo Flexible Income Fund
30 Day SEC Yield: 3.35%
9.63% 9.63% 17.08% 4.41% 6.29% 7.09% 8/12/1994
Lipper Mixed-Asset Target Allocation Moderate Funds Index
0.37% 0.37% 11.75% 1.38% 4.06% 6.60% N/A
BofA Merrill Lynch HY Master II
4.38% 4.38% 23.72% 7.34% 8.59% 7.76% N/A
S&P 500 Index
2.11% 2.11% 14.11% -0.25% 2.92% 7.93% N/A
 

as of 12/31/2011

YTD 1-year 3-year 5-year 10-year Since Inception Inception Date
Buffalo High Yield Fund
30 Day SEC Yield: 4.93%
3.54% 3.54% 18.80% 6.49% 7.17% 7.63% 5/19/1995
Lipper High Yield Bond Funds Index
2.85% 2.85% 20.89% 5.13% 7.08% 5.77% N/A
Merrill Lynch High Yield Master Index
4.50% 4.50% 23.46% 7.25% 8.54% 7.46% N/A
 

as of 12/31/2011

YTD 1-year 3-year 5-year 10-year Since Inception Inception Date
Buffalo Micro Cap Fund
8.14% 8.14% 26.67% -1.53% N/A 3.26% 5/21/04
Lipper Micro Cap Funds Index
-5.59% -5.59% 18.46% -0.90% N/A 4.01% N/A
Russell Microcap Growth Index
-8.42% -8.42% 18.17% -2.32% N/A 1.90% N/A
Russell 2000 Index
-4.18% -4.18% 15.63% 0.15% N/A 5.47% N/A
 

as of 12/31/2011

YTD 1-year 3-year 5-year 10-year Since Inception Inception Date
Buffalo Small Cap Fund
-4.66% -4.66% 15.19% 1.34% 6.16% 10.95% 4/14/1998
Lipper Small Cap Growth Fund Index
-3.40% -3.40% 18.91% 1.14% 3.65% 3.74% N/A
Russell 2000 Growth Index
-2.91% -2.91% 19.00% 2.09% 4.48% 2.51% N/A
Russell 2000 Index
-4.18% -4.18% 15.63% 0.15% 5.62% 4.49% N/A
 

as of 12/31/2011

YTD 1-year 3-year 5-year 10-year Since Inception Inception Date
Buffalo Mid Cap Fund
-5.83% -5.83% 20.33% 3.02% 6.18% 6.18% 12/17/2001
Lipper Mid Cap Growth Fund Index
-5.30% -5.30% 19.29% 2.89% 4.48% 4.66% N/A
Russell Midcap Growth Index
-1.65% -1.65% 22.06% 2.44% 5.29% 5.41% N/A
Russell Midcap Index
-1.55% -1.55% 20.17% 1.41% 6.99% 7.24% N/A
 

as of 12/31/2011

YTD 1-year 3-year 5-year 10-year Since Inception Inception Date
Buffalo Growth Fund
-0.06% -0.06% 18.00% 3.57% 4.30% 8.68% 5/19/1995
Lipper Large Cap Growth Fund Index
-2.90% -2.90% 15.68% 0.85% 1.43% 5.42% N/A
Russell 1000 Growth Index
2.64% 2.64% 18.02% 2.50% 2.60% 6.55% N/A
S&P 500 Index
2.11% 2.11% 14.11% -0.25% 2.92% 7.41% N/A
 

as of 12/31/2011

YTD 1-year 3-year 5-year 10-year Since Inception Inception Date
Buffalo Large Cap Fund
-5.60% -5.60% 17.61% 0.79% 2.12% 7.25% 5/19/1995
Lipper Large Cap Growth Fund Index
-2.90% -2.90% 15.68% 0.85% 1.43% 5.42% N/A
Russell 1000 Growth Index
2.64% 2.64% 18.02% 2.50% 2.60% 6.55% N/A
S&P 500 Index
2.11% 2.11% 14.11% -0.25% 2.92% 7.41% N/A
 

as of 12/31/2011

YTD 1-year 3-year 5-year 10-year Since Inception Inception Date
Buffalo International Fund
-13.82% -13.82% 12.81% N/A N/A -3.60% 09/28/2007
MSCI EAFE Price (USD)
-12.14% -12.14% 7.65% N/A N/A -8.22% N/A
MSCI AC WORLD INDEX ex USA Price (USD)
-13.71% -13.71% 10.70% N/A N/A -7.00% N/A
 

as of 12/31/2011

YTD 1-year 3-year 5-year 10-year Since Inception Inception Date
Buffalo China Fund
-23.59% -23.59% 9.32% -6.67% N/A -6.06% 12/18/2006
MSCI CHINA FREE Net (USD)
-18.41% -18.41% 11.48% 2.52% N/A 4.23% N/A
S&P/HKEx GEM Index
-41.01% -41.01% 8.33% N/A N/A -15.93% N/A
 

as of 12/31/2011

YTD 1-year 3-year 5-year 10-year Since Inception Inception Date
Buffalo Science & Technology Fund
-0.69% -0.69% 22.79% 4.80% 5.68% 5.44% 4/16/2001
Lipper Science & Technology Funds Index
-5.81% -5.81% 20.57% 2.73% 1.74% 0.55% N/A
NYSE ARCA TECH 100 Index
-0.75% -0.75% 20.82% 4.22% 4.59% 3.46% 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 Micro Cap or Buffalo Small Cap Funds impose a 2.00% redemption fee on shares held for less than 180 days. The Buffalo Flexible Income, Buffalo Large Cap, Buffalo Mid Cap, Buffalo Science & Technology, Buffalo Growth, Buffalo China 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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