Performance - Quarterly


as of 12/31/2014

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%
20.81% 20.81% N/A N/A N/A 21.51% 12/3/2012
S&P 500 Index
13.69% 13.69% N/A N/A N/A 22.57% N/A
Lipper Equity Income Funds Index
10.69% 10.69% N/A N/A N/A 19.49% N/A
 

as of 12/31/2014

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: 2.31%
3.59% 3.59% 10.06% 10.30% 7.37% 7.53% 8/12/1994
S&P 500 Index
13.69% 13.69% 20.41% 15.45% 7.67% 9.68% N/A
Lipper Mixed-Asset Target Allocation Moderate Funds Index
6.22% 6.22% 10.85% 8.81% 5.52% 7.21% N/A
 

as of 12/31/2014

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: 3.44%
1.96% 1.96% 7.17% 7.46% 6.14% 7.56% 5/19/1995
BofA Merrill Lynch HY Master II
2.50% 2.50% 8.37% 8.88% 7.61% 7.51% N/A
Lipper High Yield Bond Funds Index
2.24% 2.24% 8.30% 8.47% 6.35% 6.15% N/A
 

as of 12/31/2014

YTD 1-year 3-year 5-year 10-year Since Inception Inception Date
Buffalo Emerging Opportunities Fund
Expense Ratio: 1.49%
-7.38% -7.38% 23.02% 20.63% 7.83% 8.50% 5/21/04
Russell 2000 Growth Index
5.60% 5.60% 20.14% 16.80% 8.54% 9.59% N/A
Lipper Small Cap Growth Fund Index
11.73% 12.51% 13.49% 7.75% 10.19% 7.02% N/A
Lipper Micro Cap Funds Index
-0.17% -0.17% 18.96% 15.19% 6.84% 8.03% N/A
 

as of 12/31/2014

YTD 1-year 3-year 5-year 10-year Since Inception Inception Date
Buffalo Small Cap Fund
Expense Ratio: 1.00%
-6.55% -6.55% 17.34% 12.42% 7.34% 12.07% 4/14/1998
Russell 2000 Growth Index
5.60% 5.60% 20.14% 16.80% 8.54% 5.47% N/A
Lipper Small Cap Growth Fund Index
1.98% 1.98% 18.23% 15.02% 7.38% 6.20% N/A
 

as of 12/31/2014

YTD 1-year 3-year 5-year 10-year Since Inception Inception Date
Buffalo Mid Cap Fund
Expense Ratio: 1.01%
5.85% 5.85% 15.94% 12.79% 8.09% 8.35% 12/17/2001
Russell Midcap Growth Index
11.90% 11.90% 20.71% 16.94% 9.43% 8.75% N/A
Lipper Mid Cap Growth Fund Index
7.91% 7.91% 18.64% 14.72% 8.89% 7.73% N/A
 

as of 12/31/2014

YTD 1-year 3-year 5-year 10-year Since Inception Inception Date
Buffalo Discovery Fund
Expense Ratio: 1.01%
10.68% 10.68% 21.88% 17.19% 10.60% 8.83% 4/16/2001
Russell 3000 Growth Index
12.44% 12.44% 20.25% 15.89% 8.50% 6.08% N/A
Lipper Multi-Cap Growth Fund Index
11.08% 11.08% 20.67% 15.22% 8.14% 5.78% N/A
 

as of 12/31/2014

YTD 1-year 3-year 5-year 10-year Since Inception Inception Date
Buffalo Growth Fund
Expense Ratio: 0.91%
8.88% 8.88% 18.15% 15.23% 8.74% 10.08% 5/19/1995
Russell 1000 Growth Index
13.05% 13.05% 20.26% 15.81% 8.49% 8.54% N/A
Lipper Large Cap Growth Fund Index
10.34% 10.34% 20.09% 14.12% 7.37% 7.54% N/A
 

as of 12/31/2014

YTD 1-year 3-year 5-year 10-year Since Inception Inception Date
Buffalo Large Cap Fund
Expense Ratio: 0.97%
12.76% 12.76% 20.62% 13.62% 7.48% 9.19% 5/19/1995
Russell 1000 Growth Index
13.05% 13.05% 20.26% 15.81% 8.49% 8.54% N/A
Lipper Large Cap Growth Fund Index
10.34% 10.34% 20.09% 14.12% 7.37% 7.54% N/A
 

as of 12/31/2014

YTD 1-year 3-year 5-year 10-year Since Inception Inception Date
Buffalo International Fund
Expense Ratio: 1.08%
-2.04% -2.04% 11.62% 6.39% N/A 2.42% 09/28/2007
MSCI AC WORLD INDEX ex USA Price (USD)
-3.87% -3.87% 8.99% 4.43% N/A -0.70% N/A
MSCI EAFE Price (USD)
-4.90% -4.90% 11.06% 5.33% N/A -0.70% N/A
Lipper International Fund Index
-4.23% -4.23% 11.59% 5.70% N/A -0.05% 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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