-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, PVnUdGtDLkY5V25+EzPGmIyBXplImdw+asalWt8YvMYWOFaVZsspQLjIqSs5yiAX ZMPoon/z+/Uk/JJ6il4BCQ== 0000909012-05-000956.txt : 20051209 0000909012-05-000956.hdr.sgml : 20051209 20051209152027 ACCESSION NUMBER: 0000909012-05-000956 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 17 CONFORMED PERIOD OF REPORT: 20050930 FILED AS OF DATE: 20051209 DATE AS OF CHANGE: 20051209 EFFECTIVENESS DATE: 20051209 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BUFFALO SMALL CAP FUND INC CENTRAL INDEX KEY: 0001050039 IRS NUMBER: 431803083 STATE OF INCORPORATION: MD FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-08509 FILM NUMBER: 051255451 BUSINESS ADDRESS: STREET 1: KORNITZER CAPITAL MANAGEMENT STREET 2: 5420 WEST 61ST STREET CITY: SHAWNEE MISSION STATE: KS ZIP: 66205 BUSINESS PHONE: 8004928332 MAIL ADDRESS: STREET 1: KORNITZER CAPITAL MANAGEMENT STREET 2: 5420 WEST 61ST STREET CITY: SHAWNEE MISSION STATE: KS ZIP: 66205 N-CSRS 1 t302199.htm CERTIFIED SEMI-ANNUAL REPORT Buffalo Small Cap Fund, Inc. N-CSR

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES


Investment Company Act file number 811-08509


Buffalo Small Cap Fund, Inc.
(Exact name of registrant as specified in charter)


5420 West 61st Place
Shawnee Mission, KS 66205
(Address of principal executive offices) (Zip code)


Kent W. Gasaway
5420 West 61st Place
Shawnee Mission, KS 66205
(Name and address of agent for service)

(913) 384-1513
Registrant’s telephone number, including area code


Date of fiscal year end: March 31, 2006


Date of reporting period: September 30, 2005

 

Item 1. Report to Stockholders.

The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1)

  BUFFALO ®
        FUNDS
   
   
  Balanced Fund

High Yield Fund

Large Cap Fund

Micro Cap Fund

Mid Cap Fund

Science &
Technology Fund

Small Cap Fund

USA Global Fund
   
 
  SEMIANNUAL REPORT
  September 30, 2005
   
 
 

MESSAGE
To Our Shareholders

While the stock market has shown an upward bias the past six months, the direction has been far from definitive. However, I am happy to announce the direction of our firm is very clear. We are executing on many of the initiatives we discussed in past letters. Kornitzer Capital Management, Inc. (KCM), the manager of the Buffalo Funds, continues to expand infrastructure to improve its capabilities to shareholders across the board. This includes investment management and research, client service and marketing.

One of our promises was to have more face-to-face meetings with major shareholders. It is in all shareholders interests to see us do more long-term relationship building. We believe we build tremendous goodwill and loyalty with those shareholders who hear our story in person. A stable and secure asset base is certainly the preferable fit for our long-term, low turnover investment strategy. Our portfolio managers and relationship manager have been very busy traveling the past six months visiting financial advisors, consultants and institutions. We have a full travel schedule planned for the remainder of 2005 and will soon begin making arrangements for visits into 2006. We hope to see you soon!

On the research front, we continue to interview experienced investment professionals from all over the country. It is our intention to add more analysts to support the various teams managing the Buffalo Funds. We are optimistic we will make more announcements by the time of the next annual letter.

Regarding our outlook and positioning for the Funds, we would at this point have to go back to late 2002 to give you some parallels. While overall stock valuations are not yet at the bargain levels of 2002, we are seeing more and more compelling individual opportunities. In particular, we are using this difficult market to attempt to upgrade the quality of our companies in all our Funds, just as we did in 2002. The most highly valued companies often have the characteristics that we most covet: strong secular revenue growth, strong balance sheets, produce free cash flow, generate high profit margins, have barriers to entry in their marketplace, have scalable business models and have strong and deep management teams. These are the types of companies you have to wait patiently for valuations to reach reasonable levels. We are excited that many companies that fit these criteria are now reaching or nearing our purchase targets. We cannot control whether investors want to own stocks, in general. However, when investors get back into a stock buying mode we want to make sure we own companies we think will be in high demand. This opportunistic upgrading of portfolios benefited Buffalo shareholders when the market turned up in 2003-04. We believe it is the right thing to do in the current timeframe as well.

As fellow shareholders, we will continue to look out for your best interests. The attached Portfolio Management Review will give you an individual update on each Fund. We thank you for your confidence and support.

  Sincerely,

Kent W. Gasaway
President
Buffalo Funds		    

 
 
Past performance does not guarantee future results. Mutual fund investing involves risk; loss of principle is possible. Please see the following Semi-Annual Report for the Funds’ holdings information.
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PORTFOLIO MANAGEMENT REVIEW

Generally speaking, the last six months proved to be a good period for the equity markets, and our Funds posted positive returns across the board. The market’s resilience is fundamentally pinned to the underlying earnings growth in corporate America, which has remained strong despite much higher energy prices. As we move into November, investor concern is turning from hurricane-related economic exposure to whether consumer spending will “weather” the holiday spending season, given the anticipated rise in home heating costs and rising interest rates.

Uncertainty is the markets’ stock in trade, however, and we believe the underlying fundamentals of the economy are sound. We have been pleased with the earnings of the companies in the Funds over the last six months, and we believe the overall stock market is looking attractively valued and that stock performance will be led by corporate fundamentals.

Buffalo Small Cap Fund was up 6.05% over the last six months ending in September. This compares to the S&P Smallcap 600 Index which was up approximately 9.53% over the same period. Despite being underweight in the energy sector, much of the Fund’s performance over this short time period can be traced to our allocations in healthcare and technology consumer discretionary stocks. Several stocks were standout performers during the period, including Amylin Pharmaceuticals, Inc. (3.02% of Fund assets), Adtran, Inc. (2.27% of Fund assets) and Mentor Corp. (2.61% of Fund assets). Given the rising cost of energy and worries of a slowdown in consumer spending, some of our holdings in the consumer discretionary sector held performance back.

Buffalo Mid Cap Fund was up 10.85% over the last six months. The Fund’s benchmark, the S&P Midcap 400 Index, was up 9.35% over the same period. The outperformance over this relatively short period can be traced primarily to our technology and healthcare stocks, despite having little to no exposure in the energy sector — a sector that has performed admirably of late. Several stocks were standout performers: SanDisk Corp. (1.82% of Fund assets), Garmin Ltd. (1.75% of Fund assets) and Iron Mountain, Inc. (2.02% of Fund assets). Iron Mountain is well-positioned to benefit from the ever growing requirement for data storage and information management. Given the uncertainty that the market is forecasting for consumer spending, holdings within the consumer discretionary sector were laggards in the portfolio.

Buffalo Large Cap Fund was up 3.05% during the six-month period ending in September. The Fund's benchmark, the S&P 500 Index, was up 5.02% over the same period. The primary differential in returns can be attributed to the Fund’s underweighting in the energy sector. The Fund had some notable performers within the technology and financial sectors during the period, including Texas Instruments Inc. (2.12% of Fund assets), Northern Trust Corp. (3.73% of Fund assets) and Principal Financial Group, Inc. (1.90% of Fund assets). Aside from being underweight in the energy sector, consumer spending related holdings also held the Fund back during the period.

 
 
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MESSAGE
To Our Shareholders (Continued)

Buffalo USA Global Fund was up 9.25% during the last six months. The S&P 500 Index was up 5.02% over the same period. The relative strength in the Fund can be attributed to its healthy weightings in technology and healthcare, despite being underweight in the very strong energy sector. Notable performers include Mentor Corp. (2.61% of Fund assets), Motorola, Inc. (1.85% of Fund assets) and Millipore Corp. (3.07% of Fund assets). Like all the companies in this Fund, these generate a substantial portion of their business outside of the United States.

Buffalo Science & Technology Fund was up 12.21% over the last six months. The S&P 500 Index and the Lipper Science & Technology Funds Index returned 5.02% and 10.95%, respectively, over the same period. We continually reposition the Fund to take advantage of opportunities presented in these relatively dynamic sectors. We increased the Fund’s weighting in technology holdings as technology stocks lagged early in the year, and we began to find better bargains in the technology sector versus the healthcare sector. Standout performers, as with some of our other Funds, included Amylin Pharmaceuticals, Inc. (2.85% of Fund assets), Adtran, Inc. (1.81% of Fund assets) and Mentor Corp. (1.79% of Fund assets).

Buffalo High Yield Fund was up 2.32% over the last half year. The Merrill Lynch High Yield Master Index was up 3.62% over the same period and the Lipper High Yield Bond Funds Index returned 3.43%. We feel that the underlying economy in general is strong and that the Federal Reserve is not yet finished raising short-term rates as it continues to fight inflation. We have held a relatively high cash position in the Fund because we believed that yields on high yield bonds were not “high” enough in view of the risk normally associated with such bonds. To stem the influx of new cash given the unusual market environment for high yield bonds, the Fund was temporarily closed to new purchases from broker-dealers from March 19, 2004 through November 14, 2005. Toward the end of the semi-annual period, however, the risk/reward characteristics began to improve and we are beginning to find attractive investment opportunities in the high yield bond market.

Buffalo Balanced Fund performed well, posting a positive return of 6.39% over the prior six months versus the S&P 500 Index, which posted gains of 5.02% over the same period. The S&P 500 Index and Merrill Lynch U.S. Domestic Master Index Weighted Average and the Lipper Balanced Funds Index posted gains of 3.97% and 4.77%, respectively, over the same period. Energy sector holdings were a primary contributor to performance, including Suncor Energy, Inc. (2.41% of Fund assets), Marathon Oil Corp. (1.60% of Fund assets) and ConocoPhillips (4.17% of Fund assets). We are continuing to keep the bond/equity mix at approximately 50%/50%, with most stocks paying dividends in the 2-3% range.

 
 
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Buffalo Micro Cap Fund is the newest member of the Buffalo family and has been in existence for slightly over a year. The Fund was up 10.83% during the six-month period ending in September, with its benchmark, the Russell 2000 Index, up 9.21%. The Lipper Micro Cap Funds Index returned 10.31% over the same period. Notable performers over the last six months included LifeCell Corp. (1.53% of Fund assets), Meridian Bioscience, Inc. (1.36% of Fund assets), Captiva Software Corp. (2.04% of Fund assets) and Neoware Systems, Inc. (2.07% of Fund assets). The investment management team strives to identify attractive candidates for inclusion, and the Fund has garnered steady inflows. We believe the Micro Cap Fund is particularly well suited to the long-term management style of the Buffalo Funds. The companies we are identifying fit our trends and have attractive long-term prospects.

Thank you for your investments and confidence in the Buffalo Funds.

  Sincerely,

John C. Kornitzer
President		    

Kent W. Gasaway
Sr. Vice President
 
 
Robert Male
Sr. Vice President		  
Grant P. Sarris
Sr. Vice President
 
 
William J. Kornitzer III
Sr. Vice President		    

 
 
5
 

INVESTMENT RESULTS

Total Returns as of September 30, 2005
    AVERAGE ANNUAL
  SIX MONTHS ONE YEAR FIVE YEARS TEN YEARS SINCE INCEPTION
Buffalo Balanced Fund                        
   (inception date 8/12/94)       6.39%     11.67%     5.03%     7.27%     7.72%  
S&P 500 Index       5.02%     12.25%     -1.49%     9.49%     11.10%
S&P 500 Index & Merrill Lynch US Domestic    
Master Index Weighted Average*       3.97%     8.52%     1.78%     8.33%     9.50%  
Lipper Balanced Funds Index       4.77%     10.05%     2.89%     7.86%     8.68%  
     
Buffalo High Yield Fund    
   (inception date 5/19/95)       2.32%     3.18%     8.07%     7.59%     8.27%  
Merrill Lynch High Yield Master Index       3.62%     6.69%     7.74%     7.08%     7.28%  
Lipper High Yield Bond Funds Index       3.43%     6.85%     4.96%     5.49%     5.71%  
     
Buffalo Large Cap Fund    
   (inception date 5/19/95)       3.05%     10.10%     -2.29%     8.77%     10.04%  
S&P 500 Index       5.02%     12.25%     -1.49%     9.49%     10.48%  
Lipper Capital Appreciation Funds Index       8.36%     17.14%     -2.95%     7.35%     8.64%  
Lipper Large-Cap Core Funds Index       5.13%     11.47%     -2.75%     8.08%     9.02%  
     
Buffalo Micro Cap Fund    
   (inception date 5/21/04)       10.83%     22.10%     N/A     N/A     12.71%  
Russell 2000 Index       9.21%     17.95%     N/A     N/A     17.36%  
Lipper Micro-Cap Funds Index       10.31%     19.85%     N/A     N/A     15.84%  
     
Buffalo Mid Cap Fund    
   (inception date 12/17/01)       10.85%     22.70%     N/A     N/A     9.45%  
S&P Midcap 400 Index       9.35%     22.16%     N/A     N/A     11.41%  
Russell Midcap Index       10.35%     25.10%     N/A     N/A     13.10%  
Lipper Mid-Cap Core Funds Index       8.16%     19.44%     N/A     N/A     9.80%  
     
Buffalo Science & Technology Fund    
   (inception date 4/16/01)       12.21%     15.00%     N/A     N/A     4.25%  
S&P 500 Index       5.02%     12.25%     N/A     N/A     2.63%  
Lipper Science & Technology Funds Index       10.95%     17.81%     N/A     N/A     -3.87%  
     
Buffalo Small Cap Fund    
   (inception date 4/14/98)       6.05%     15.99%     13.61%     N/A     17.52%  
S&P Smallcap 600 Index       9.53%     21.21%     10.95%     N/A     8.47%  
Russell 2000 Index       9.21%     17.95%     6.45%     N/A     5.72%  
Lipper Small-Cap Core Funds Index       9.21%     17.89%     7.90%     N/A     7.27%  
     
Buffalo USA Global Fund    
   (inception date 5/19/95)       9.25%     11.93%     -0.10%     10.65%     11.11%  
S&P 500 Index       5.02%     12.25%     -1.49%     9.49%     10.48%  
Lipper Capital Appreciation Funds Index       8.36%     17.14%     -2.95%     7.35%     8.64%  
Lipper Global Funds Index       8.56%     20.60%     1.03%     7.66%     8.28%  

* The performance figure shown for comparison purposes is a weighted average made up of 60% of the S&P 500 Index and 40% of the Merrill Lynch U.S. Domestic Master Index.
 
  Performance data quoted represents past performance; past performance does not guarantee 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 visiting www.buffalofunds.com.

 
 
6
 

 
 

The Buffalo Balanced, Large Cap, Mid Cap, Science & Technology and USA Global Funds impose a 2.00% redemption fee on shares held for less than two months and the Buffalo High Yield, Micro Cap and Small Cap Funds will impose a 2.00% redemption fee on shares held less than six months.

The Fund returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The benchmark returns shown, excluding the Lipper Indices, reflect the reinvestment of dividends and capital gains but do not reflect the deduction of any investment management fees, other expenses or taxes. The performance of the Lipper Indices is presented net of the Funds’ fees and expenses, however applicable sales charges are not taken into consideration. One cannot invest directly in an index.

The S&P 500 Index is a capitalization weighted index of 500 large capitalization stocks which is designed to measure broad domestic securities markets. The Merrill Lynch U.S. Domestic Master Index is a capitalization weighted aggregation of outstanding U.S. treasury, agency and supranational, mortgage pass-through and investment grade corporate bonds meeting specified criteria. The Lipper Balanced Funds Index is an unmanaged, net asset value weighted index of the 30 largest balanced mutual funds. The Merrill Lynch High Yield Master Index is an unmanaged index comprised of over 1,200 high yield bonds representative of high yield bond markets as a whole. The Lipper High Yield Bond Funds Index is a widely recognized index of the 30 largest mutual funds that invest primarily in high yield bonds. The Lipper Large-Cap Core Funds Index is an unmanaged, equally weighted performance index of the 30 largest qualifying mutual funds (based on net assets) in the Lipper Large-Cap classification. The Lipper Capital Appreciation Funds Index is an equally weighted performance index of the 30 largest qualifying funds in the investment objective. The Russell 2000 Index consists of the smallest 2,000 securities in the Russell 3000 Index, representing approximately 8% of the Russell 3000 total market capitalization. The Lipper Micro-Cap Funds Index is an unmanaged equally weighted performance index of the 30 largest qualifying mutual funds (based on net assets) in the Lipper Micro-Cap classification. The S&P Midcap 400 Index consists of 400 domestic stocks chosen for market size, liquidity and industry group representation. It is a market-weighted index with each stock affecting the index in proportion to its market value. The Russell Midcap Index measures the performance of the 800 smallest companies in the Russell 1000 Index, which represent approximately 25% of the total market capitalization of the Russell 1000 Index. The index has a total market range of approximately $1.6 billion to $12.4 billion. The Lipper Mid-Cap Core Funds Index is an unmanaged, equally weighted performance index of the 30 largest qualifying mutual funds (based on net assets) in the Lipper Mid-Cap classification. The Lipper Science & Technology Funds Index is an unmanaged, equally weighted performance index of the 30 largest qualifying mutual funds (based on net assets) in the Lipper Science and Technology classification. The S&P Smallcap 600 Index consists of 600 domestic stocks chosen for market size, liquidity, bid-asked spread, ownership, share turnover and number of no-trade days and industry group representation. The Lipper Small-Cap Core Funds Index is an unmanaged, equally weighted performance index of the 30 largest qualifying mutual funds (based on net assets) in the Lipper Small-Cap classification. The Lipper Global Funds Index is an equally weighted performance index of the 30 largest qualifying funds in the investment objective (to invest at least 25% of its portfolio in securities traded outside of the United States).

References to specific securities should not be construed as recommendations by the Funds or their Advisor. Please refer to the schedule of investments in the report for Fund holdings information.

Please refer to the prospectus for special risks associated with investing in the Buffalo Funds, including, but not limited to, risks involved with investments in science and technology, foreign, lower- or non-rated securities and smaller companies.

Must be preceded or accompanied by a current prospectus.

Quasar Distributors, LLC, distributor. 11/05

 
 
7
 

EXPENSE EXAMPLE

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees and other Fund expenses. The example below is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (4/1/05 – 9/30/05). This information is unaudited.

ACTUAL EXPENSES

The first line of the tables below provides information about actual account values and actual expenses. Although the Funds charge no sales load or transaction fees, you will be assessed fees for outgoing wire transfers, returned checks and stop payment orders at prevailing rates charged by U.S. Bancorp Fund Services, LLC, the Funds’ transfer agent. If you request that a redemption be made by wire transfer, currently a $15.00 fee is charged by the Funds’ transfer agent. You will be charged a redemption fee equal to 2.00% of the net amount of the redemption if you redeem your shares of the Buffalo Balanced, Large Cap, Mid Cap, Science & Technology and USA Global Funds within two months of purchase. The Buffalo High Yield, Small Cap and Micro Cap Funds will charge a redemption fee equal to 2.00% of the net amount of the redemption if you redeem your shares within six months of purchase. To the extent a Fund invests in shares of other investment companies as part of its investment strategy, you will indirectly bear your proportionate share of any fees and expenses charged by the underlying funds in which the Fund invests in addition to the expenses of the Fund. Actual expenses of the underlying funds are expected to vary among the various underlying funds. These expenses are not included in the example below. The example below includes management fees, registration fees and other expenses. However, the example below does not include portfolio trading commissions and related expenses and other extraordinary expenses as determined under U.S. generally accepted accounting principles. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second line of the tables below provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and an assumed rate of return of 5% per year before expenses, which are not the Funds’ actual returns. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in our Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

    BUFFALO BALANCED FUND
    BEGINNING
ACCOUNT VALUE
APRIL 1, 2005 		  ENDING
ACCOUNT VALUE
SEPTEMBER 30, 2005 		  EXPENSES PAID DURING
PERIOD APRIL 1, 2005 -
SEPTEMBER 30, 2005*
Actual     $1,000.00       $1,063.90       $5.33  
Hypothetical (5% return before expenses)   $1,000.00   $1,019.90   $5.22  

* Expenses are equal to the Fund’s annualized expense ratio of 1.03%, multiplied by the average account value over the period, multiplied by 183/365 to reflect the one-half year period.

    BUFFALO HIGH YIELD FUND
    BEGINNING
ACCOUNT VALUE
APRIL 1, 2005 		  ENDING
ACCOUNT VALUE
SEPTEMBER 30, 2005 		  EXPENSES PAID DURING
PERIOD APRIL 1, 2005 -
SEPTEMBER 30, 2005*
Actual     $1,000.00       $1,023.20       $5.17  
Hypothetical (5% return before expenses)   $1,000.00   $1,019.95   $5.16  

* Expenses are equal to the Fund’s annualized expense ratio of 1.02%, multiplied by the average account value over the period, multiplied by 183/365 to reflect the one-half year period.

 
 
8
 

 
 
    BUFFALO LARGE CAP FUND
    BEGINNING
ACCOUNT VALUE
APRIL 1, 2005 		  ENDING
ACCOUNT VALUE
SEPTEMBER 30, 2005 		  EXPENSES PAID DURING
PERIOD APRIL 1, 2005 -
SEPTEMBER 30, 2005*
Actual     $1,000.00       $1,030.50       $5.29  
Hypothetical (5% return before expenses)   $1,000.00   $1,019.85   $5.27  

* Expenses are equal to the Fund’s annualized expense ratio of 1.04%, multiplied by the average account value over the period, multiplied by 183/365 to reflect the one-half year period.

    BUFFALO MICRO CAP FUND
    BEGINNING
ACCOUNT VALUE
APRIL 1, 2005 		  ENDING
ACCOUNT VALUE
SEPTEMBER 30, 2005 		  EXPENSES PAID DURING
PERIOD APRIL 1, 2005 -
SEPTEMBER 30, 2005*
Actual     $1,000.00       $1,108.30       $8.09  
Hypothetical (5% return before expenses)   $1,000.00   $1,017.40   $7.74  

* Expenses are equal to the Fund’s annualized expense ratio of 1.53%, multiplied by the average account value over the period, multiplied by 183/365 to reflect the one-half year period.

    BUFFALO MID CAP FUND
    BEGINNING
ACCOUNT VALUE
APRIL 1, 2005 		  ENDING
ACCOUNT VALUE
SEPTEMBER 30, 2005 		  EXPENSES PAID DURING
PERIOD APRIL 1, 2005 -
SEPTEMBER 30, 2005*
Actual     $1,000.00       $1,108.50       $5.39  
Hypothetical (5% return before expenses)   $1,000.00   $1,019.95   $5.16  

* Expenses are equal to the Fund’s annualized expense ratio of 1.02%, multiplied by the average account value over the period, multiplied by 183/365 to reflect the one-half year period.

    BUFFALO SCIENCE & TECHNOLOGY FUND
    BEGINNING
ACCOUNT VALUE
APRIL 1, 2005 		  ENDING
ACCOUNT VALUE
SEPTEMBER 30, 2005 		  EXPENSES PAID DURING
PERIOD APRIL 1, 2005 -
SEPTEMBER 30, 2005*
Actual     $1,000.00       $1,122.10       $5.53  
Hypothetical (5% return before expenses)   $1,000.00   $1,019.85   $5.27  

* Expenses are equal to the Fund’s annualized expense ratio of 1.04%, multiplied by the average account value over the period, multiplied by 183/365 to reflect the one-half year period.

    BUFFALO SMALL CAP FUND
    BEGINNING
ACCOUNT VALUE
APRIL 1, 2005 		  ENDING
ACCOUNT VALUE
SEPTEMBER 30, 2005 		  EXPENSES PAID DURING
PERIOD APRIL 1, 2005 -
SEPTEMBER 30, 2005*
Actual     $1,000.00       $1,060.50       $5.22  
Hypothetical (5% return before expenses)   $1,000.00   $1,020.00   $5.11  

* Expenses are equal to the Fund’s annualized expense ratio of 1.01%, multiplied by the average account value over the period, multiplied by 183/365 to reflect the one-half year period.

    BUFFALO USA GLOBAL FUND
    BEGINNING
ACCOUNT VALUE
APRIL 1, 2005 		  ENDING
ACCOUNT VALUE
SEPTEMBER 30, 2005 		  EXPENSES PAID DURING
PERIOD APRIL 1, 2005 -
SEPTEMBER 30, 2005*
Actual     $1,000.00       $1,092.50       $5.46  
Hypothetical (5% return before expenses)   $1,000.00   $1,019.85   $5.27  

* Expenses are equal to the Fund’s annualized expense ratio of 1.04%, multiplied by the average account value over the period, multiplied by 183/365 to reflect the one-half year period.

 
 
9
 

ALLOCATION OF
PORTFOLIO HOLDINGS

Percentages represent market value as a percentage of total investments on September 30, 2005 (unaudited).

BUFFALO BALANCED FUND BUFFALO LARGE CAP FUND
 
BUFFALO HIGH YIELD FUND BUFFALO MICRO CAP FUND

 
 
10
 

 
 
BUFFALO MID CAP FUND BUFFALO SMALL CAP FUND
 
BUFFALO SCIENCE & TECHNOLOGY FUND BUFFALO USA GLOBAL FUND

 
 
11
 

BUFFALO
BALANCED FUND
 
SCHEDULE OF INVESTMENTS
September 30, 2005 (unaudited)

SHARES   MARKET VALUE  
  
COMMON STOCKS – 53.87%
CONSUMER DISCRETIONARY – 0.93%
      Hotels, Restaurants & Leisure – 0.93%          
  30,000   Argosy Gaming Co.(a)     $ 1,409,700  
  
      Total Consumer Discretionary       1,409,700  
 
 
CONSUMER STAPLES – 9.60%
      Beverages – 2.40%          
  10,800   Anheuser-Busch Companies, Inc.       464,832  
  40,000   The Coca-Cola Co.       1,727,600  
  25,000   PepsiCo, Inc.       1,417,750  
 
 
              3,610,182  
 
 
      Food & Staples Retailing – 0.57%          
  20,000   Costco Wholesale Corp.       861,800  
 
 
      Food Products – 5.58%          
  25,000   Campbell Soup Co.       743,750  
  75,000   ConAgra Foods, Inc.       1,856,250  
  35,000   General Mills, Inc.       1,687,000  
  30,000   H.J. Heinz Co.       1,096,200  
  30,000   Kellogg Co.       1,383,900  
  30,000   Sara Lee Corp.       568,500  
  15,000   Wm. Wrigley Jr. Co.       1,078,200  
 
 
              8,413,800  
 
 
      Household Products – 1.05%          
  30,000   Colgate-Palmolive Co.       1,583,700  
  
      Total Consumer Staples       14,469,482  
 
 
ENERGY – 20.78%
      Energy Equipment & Services – 0.07%          
  11,742   Eagle Geophysical, Inc.(a)       108,613  
 
 
      Oil & Gas – 20.71%          
  10,000   Amerada Hess Corp.       1,375,000  
  25,000   Anadarko Petroleum Corp.       2,393,750  
  27,500   Apache Corp.       2,068,550  
  40,000   BP PLC, ADR       2,834,000  
  55,000   ChevronTexaco Corp.       3,560,150  
  90,000   ConocoPhillips       6,291,900  
  45,000   Exxon Mobil Corp.       2,859,300  
  20,000   Frontier Oil Corp.       887,000  
  29,861   Kerr-McGee Corp.       2,899,802  
  35,000   Marathon Oil Corp.       2,412,550  
  60,000   Suncor Energy, Inc.       3,631,800  
 
 
              31,213,802  
  
      Total Energy       31,322,415  
 
 
FINANCIALS – 10.24%
      Commercial Banks – 2.90%          
  45,000   Bank of America Corp.       1,894,500  
  25,000   KeyCorp       806,250  
  10,000   Marshall & Ilsley Corp.       435,100  
  10,000   Northern Trust Corp.       505,500  
  20,000   Wilmington Trust Corp.       729,000  
 
 
              4,370,350  
 
 

 
 
12
 

 
 
SHARES   MARKET VALUE  
  
FINANCIALS (Continued)
      Diversified Financial Services – 2.87%          
  50,000   Citigroup Inc.     $ 2,276,000  
  25,000   JPMorgan Chase & Co.       848,250  
  10,000   PNC Financial Services Group       580,200  
  20,000   Regions Financial Corp.       622,400  
 
 
              4,326,850  
 
 
      Insurance – 3.17%          
  30,000   The Allstate Corp.       1,658,700  
  15,000   The Chubb Corp.       1,343,250  
  30,000   Cincinnati Financial Corp.       1,256,700  
  10,000   Lincoln National Corp.       520,200  
 
 
              4,778,850  
 
 
      Thrifts & Mortgage Finance – 1.30%          
  50,000   Washington Mutual, Inc.       1,961,000  
  
      Total Financials       15,437,050  
 
 
HEALTH CARE – 3.51%
      Health Care Equipment & Supplies – 0.66%          
  25,000   Baxter International Inc.       996,750  
 
 
      Pharmaceuticals – 2.85%          
  25,000   Abbott Laboratories       1,060,000  
  25,000   GlaxoSmithKline PLC, ADR       1,282,000  
  20,000   Johnson & Johnson       1,265,600  
  15,000   Wyeth       694,050  
 
 
              4,301,650  
  
      Total Health Care       5,298,400  
 
 
INDUSTRIALS – 5.71%
      Aerospace & Defense – 2.48%          
  30,000   Lockheed Martin Corp.       1,831,200  
  35,000   Northrop Grumman Corp.       1,902,250  
 
 
              3,733,450  
 
 
      Air Freight & Logistics – 0.29%          
  5,000   FedEx Corp.       435,650  
 
 
      Airlines – 0.49%          
  50,000   Southwest Airlines Co.       742,500  
 
 
      Commercial Services & Supplies – 1.11%          
  40,000   Pitney Bowes Inc.       1,669,600  
 
 
      Industrial Conglomerates – 1.34%          
  60,000   General Electric Co.       2,020,200  
  
      Total Industrials       8,601,400  
 
 
INFORMATION TECHNOLOGY – 2.46%
      Computers & Peripherals – 0.79%          
  14,750   International Business Machines Corp.       1,183,245  
 
 
      Semiconductor & Semiconductor Equipment – 0.82%          
  50,000   Intel Corp.       1,232,500  
 
 

 
 
13
 

BUFFALO
BALANCED FUND
 
SCHEDULE OF INVESTMENTS (continued)
September 30, 2005 (unaudited)

SHARES OR
FACE AMOUNT		   MARKET VALUE  
  
INFORMATION TECHNOLOGY (Continued)
      Software – 0.85%          
  50,000   Microsoft Corp.     $ 1,286,500  
  
      Total Information Technology       3,702,245  
 
 
UTILITIES – 0.64%
      Multi-Utilities & Unregulated Power – 0.64%          
  10,000   Kinder Morgan, Inc.       961,600  
  
      Total Utilities       961,600  
 
 
 
TOTAL COMMON STOCKS   81,202,292  
  
(COST $62,061,576)
 
CONVERTIBLE PREFERRED STOCKS – 2.16%
MATERIALS – 2.16%
      Chemicals – 0.70%          
  53,500   ICO, Inc.(a)       1,056,893  
 
 
      Construction Materials – 1.46%          
  40,000   TXI Capital Trust I       2,200,000  
  
      Total Materials       3,256,893  
 
 
 
TOTAL CONVERTIBLE PREFERRED STOCKS   3,256,893  
  
(COST $2,778,140)
 
CORPORATE BONDS – 19.74%
CONSUMER DISCRETIONARY – 7.23%
      Automobiles – 4.41%          
      Ford Motor Company          
$ 4,000,000      7.450%, 07/16/2031       3,140,000  
      General Motors Acceptance Corp.          
  4,000,000      8.000%, 11/01/2031       3,501,404  
 
 
              6,641,404  
 
 
      Hotels, Restaurants & Leisure – 0.75%          
      Circus Circus          
  55,000      7.625%, 07/15/2013       57,475  
      Mikohn Gaming Corp.          
  1,000,000      11.875%, 08/15/2008       1,076,250  
 
 
              1,133,725  
 
 
      Media – 0.07%          
      Fisher Communications, Inc.          
  100,000      8.625%, 09/15/2014       107,250  
 
 
      Textiles, Apparel & Luxury Goods – 2.00%          
      Interface, Inc.          
  3,000,000      9.500%, 02/01/2014       3,015,000  
  
      Total Consumer Discretionary       10,897,379  
 
 

 
 
14
 

 
 
FACE AMOUNT   MARKET VALUE  
  
CONSUMER STAPLES – 0.86%
      Food & Staples Retailing – 0.32%          
      Rite Aid Corp.          
$ 500,000      7.500%, 01/15/2015     $ 480,000  
      Food Products – 0.54%          
      Pilgrim’s Pride Corp.          
  500,000      9.625%, 09/15/2011       540,000  
  250,000      9.250%, 11/15/2013       276,250  
 
 
              816,250  
  
      Total Consumer Staples       1,296,250  
 
 
ENERGY – 7.24%
      Oil & Gas – 7.24%          
      Giant Industries, Inc.          
  4,000,000      8.000%, 05/15/2014       4,200,000  
      Swift Energy Co.          
  10,000      9.375%, 05/01/2012       10,850  
      Tesoro Petroleum Corp.          
  1,250,000      9.625%, 04/01/2012       1,382,813  
      United Refining Co.          
  5,000,000      10.500%, 08/15/2012       5,325,000  
  
      Total Energy       10,918,663  
 
 
HEALTH CARE – 2.09%
      Health Care Equipment & Supplies – 0.10%          
      Inverness Medical Innovations, Inc.          
  150,000      8.750%, 02/15/2012       153,000  
 
 
      Pharmaceuticals – 1.99%          
      Alpharma, Inc.          
  100,000      8.625%, 05/01/2011       103,500  
      Warner Chilcott Corp.          
  3,000,000      8.750%, 02/01/2015 (Acquired 01/13/2005, Cost $3,000,000)(b)       2,895,000  
 
 
              2,998,500  
  
      Total Health Care       3,151,500  
 
 
INDUSTRIALS – 0.35%
      Commercial Services & Supplies – 0.35%          
      Greenbrier Companies, Inc.          
  500,000      8.375%, 05/15/2015       522,500  
      Philip Services, Inc.          
  25,644      6.000%, 04/15/2010(a)(c)(d)(e)       2  
  
      Total Industrials       522,502  
 
 
MATERIALS – 1.97%
      Metals & Mining – 1.97%          
      Chaparral Steel Co.          
  2,800,000      10.000%, 07/15/2013 (Acquired 06/29/2005, Cost $2,800,000)(b)       2,968,000  
  
      Total Materials       2,968,000  
 
 
 
TOTAL CORPORATE BONDS   29,754,294  
  
(COST $29,851,331)
 

 
 
15
 

BUFFALO
BALANCED FUND
 
SCHEDULE OF INVESTMENTS (continued)
September 30, 2005 (unaudited)

FACE AMOUNT   MARKET VALUE  
  
CONVERTIBLE BONDS – 11.14%
CONSUMER DISCRETIONARY – 4.57%
      Hotels, Restaurants & Leisure – 0.34%          
      Magna Entertainment Corp.          
$ 500,000      7.250%, 12/15/2009     $ 515,625  
 
 
      Media – 4.23%          
      Lions Gate Entertainment Corp.          
  1,000,000      4.875%, 12/15/2010       1,853,750  
  2,500,000      2.938%, 10/15/2024       2,584,375  
  2,000,000      3.625%, 03/15/2025       1,927,500  
 
 
              6,365,625  
  
      Total Consumer Discretionary       6,881,250  
 
 
HEALTH CARE – 2.17%
      Pharmaceuticals – 2.17%          
      Amylin Pharmaceuticals, Inc.          
  2,700,000      2.500%, 04/15/2011       3,111,750  
      Axcan Pharma, Inc.          
  150,000      4.250%, 04/15/2008       164,625  
  
      Total Health Care       3,276,375  
 
 
INDUSTRIALS – 2.56%
      Aerospace & Defense – 0.68%          
      EDO Corp.          
  1,000,000      5.250%, 04/15/2007       1,028,750  
 
 
      Airlines – 1.88%          
      JetBlue Airways Corp.          
  3,000,000      3.750%, 03/15/2035       2,831,250  
 
 
      Commercial Services & Supplies – 0.00%          
      Philip Services, Inc.          
  775,805      3.000%, 04/15/2020(a)(c)(d)       78  
  
      Total Industrials       3,860,078  
 
 
INFORMATION TECHNOLOGY – 1.84%
      Software & Services – 1.84%          
      The BISYS Group Inc.          
  2,775,000      4.000%, 03/15/2006       2,771,531  
  
      Total Information Technology       2,771,531  
 
 
 
TOTAL CONVERTIBLE BONDS   16,789,234  
  
(COST $16,559,231)

 
 
16
 

 
 
SHARES OR
FACE AMOUNT		   MARKET VALUE  
  
SHORT TERM INVESTMENTS – 12.23%
INVESTMENT COMPANY – 1.13%
  1,697,544   SEI Daily Income Trust Treasury II Fund – Class B     $ 1,697,544  
  
      Total Investment Companies       1,697,544  
 
 
U.S. TREASURY OBLIGATIONS – 11.10%
      Public Finance, Taxation, And Monetary Policy – 11.10%          
$ 6,745,000      3.035%, 10/06/2005       6,742,703  
  10,000,000      3.040%, 10/20/2005       9,983,810  
  
      Total U.S. Treasury Obligations       16,726,513  
 
 
 
TOTAL SHORT TERM INVESTMENTS   18,424,057  
  
(COST $18,424,057)
 
TOTAL INVESTMENTS – 99.14%   149,426,770  
(COST $129,674,335)
 
Other Assets in Excess of Liabilities – 0.86%   1,302,445  
 
 
TOTAL NET ASSETS – 100.00% $ 150,729,215  
 
 
  ADR — American Depository Receipt
(a) Non-income producing
(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutional buyers. The total value of these securities amounted to $5,863,000 (3.89% of net assets) at September 30, 2005.
(c) Security is in default at September 30, 2005.
(d) Fair valued security. The total value of these securities amounted to $80 (0.00% of net assets) at September 30, 2005.
(e) Payment-in-kind security.

 
 
See accompanying Notes to Financial Statements.
17
 

BUFFALO
HIGH YIELD FUND
 
SCHEDULE OF INVESTMENTS
September 30, 2005 (unaudited)

SHARES   MARKET VALUE  
  
COMMON STOCKS – 9.81%
CONSUMER STAPLES – 2.13%
      Beverages – 1.05%          
  61,000   The Coca-Cola Co.     $ 2,634,590  
 
 
      Food Products – 1.08%          
  110,360   ConAgra Foods, Inc.       2,731,410  
  
      Total Consumer Staples       5,366,000  
 
 
ENERGY – 0.06%
      Energy Equipment & Services – 0.06%          
  17,025   Eagle Geophysical, Inc.(a)       157,481  
  
      Total Energy       157,481  
 
 
FINANCIALS – 2.85%
      Capital Markets – 0.53%          
  60,420   WP Stewart & Co. Ltd.       1,348,574  
 
 
      Commercial Banks – 1.28%    
  44,700   Bank of America Corp.       1,881,870  
  41,500   KeyCorp       1,338,375  
 
 
              3,220,245  
 
 
      Diversified Financial Services – 0.52%          
  28,700   Citigroup Inc.       1,306,424  
 
 
      Thrifts & Mortgage Finance – 0.52%          
  33,500   Washington Mutual, Inc.       1,313,870  
  
      Total Financials       7,189,113  
 
 
HEALTH CARE – 0.56%
      Pharmaceuticals – 0.56%          
  38,025   Bayer AG, ADR       1,399,320  
  
      Total Health Care       1,399,320  
 
 
INDUSTRIALS – 0.66%
      Commercial Services & Supplies – 0.66%          
  122,450   The ServiceMaster Co.       1,657,973  
  
      Total Industrials       1,657,973  
 
 
INFORMATION TECHNOLOGY – 1.05%
      Communications Equipment – 1.05%          
  157,000   Nokia OYJ, ADR       2,654,870  
  
      Total Information Technology       2,654,870  
 
 
TELECOMMUNICATION SERVICES – 2.50%
      Diversified Telecommunication Services – 2.50%          
  101,210   SBC Communications Inc.       2,426,004  
  80,550   Sprint Nextel Corp.       1,915,479  
  60,200   Verizon Communications Inc.       1,967,938  
  
      Total Telecommunication Services       6,309,421  
 
 
 
TOTAL COMMON STOCKS   24,734,178  
  
(COST $23,774,785)

 
 
18
 

 
 
SHARES OR
FACE AMOUNT		   MARKET VALUE  
  
CONVERTIBLE PREFERRED STOCKS – 3.58%
FINANCIALS – 2.25%
      Commercial Banks – 2.25%          
  101,200   Boston Private Capital Trust I (Acquired 10/06/2004, Cost $5,060,000)(b)     $ 4,857,600  
  17,000   Boston Private Capital Trust I       816,000  
  
      Total Financials       5,673,600  
 
 
MATERIALS – 1.33%
      Chemicals – 0.60%          
  76,200   ICO, Inc.(a)       1,505,331  
 
 
      Construction Materials – 0.73%          
  33,500   TXI Capital Trust I       1,842,500  
  
      Total Materials       3,347,831  
 
 
 
TOTAL CONVERTIBLE PREFERRED STOCKS   9,021,431  
  
(COST $8,248,203)
 
PREFERRED STOCKS – 0.00%
CONSUMER DISCRETIONARY – 0.00%
      Media – 0.00%          
  7,250   Adelphia Communications Corp.(a)       3,263  
  
      Total Consumer Discretionary       3,263  
 
 
 
TOTAL PREFERRED STOCKS   3,263  
  
(COST $719,125)
 
CORPORATE BONDS – 54.92%
CONSUMER DISCRETIONARY – 30.35%
      Auto Components – 1.09%          
      Lear Corp.          
$ 2,755,000      8.110%, 05/15/2009       2,742,013  
 
 
      Automobiles – 3.72%          
      Ford Motor Credit Company          
  2,660,000      7.375%, 10/28/2009       2,571,627  
      Ford Motor Company          
  3,880,000      7.450%, 07/16/2031       3,045,800  
      General Motors Acceptance Corp.          
  4,195,000      6.875%, 08/28/2012       3,759,316  
 
 
              9,376,743  
 
 
      Hotels, Restaurants & Leisure – 13.27%          
      Ameristar Casinos, Inc.          
  1,780,000      10.750%, 02/15/2009       1,911,275  
      Aztar Corp.          
  1,700,000      7.875%, 06/15/2014       1,785,000  
      Circus Circus          
  3,100,000      7.625%, 07/15/2013       3,239,500  
      Host Marriott LP          
  2,185,000      9.250%, 10/01/2007       2,313,368  

 
 
19
 

BUFFALO
HIGH YIELD FUND
 
SCHEDULE OF INVESTMENTS (continued)
September 30, 2005 (unaudited)

FACE AMOUNT   MARKET VALUE  
  
CONSUMER DISCRETIONARY (Continued)
      Hotels, Restaurants & Leisure (Continued)          
      Isle of Capri Casinos          
$ 4,025,000      7.000%, 03/01/2014     $ 3,879,094  
      Mandalay Resort Group          
  460,000      10.250%, 08/01/2007       496,800  
      MGM Mirage          
  180,000      8.375%, 02/01/2011       194,400  
      Mikohn Gaming Corp.          
  4,587,000      11.875%, 08/15/2008       4,936,759  
      Park Place Entertainment Corp.          
  300,000      8.875%, 09/15/2008       328,875  
  595,000      8.125%, 05/15/2011       665,656  
      Penn National Gaming, Inc.          
  2,785,000      8.875%, 03/15/2010       2,952,100  
  1,455,000      6.750%, 03/01/2015       1,433,175  
      Royal Caribbean Cruises Ltd.          
  3,930,000      7.500%, 10/15/2027       4,205,100  
      Trump Entertainment Resorts, Inc.          
  5,275,000      8.500%, 06/01/2015       5,116,750  
 
 
              33,457,852  
 
 
      Household Durables – 3.27%          
      Rent-A-Center, Inc.          
  4,110,000      7.500%, 05/01/2010       3,930,188  
      Rent-Way, Inc.          
  850,000      11.875%, 06/15/2010       939,250  
      WCI Communities, Inc.          
  3,160,000      10.625%, 02/15/2011       3,373,300  
 
 
              8,242,738  
 
 
      Leisure Equipment & Products – 1.02%          
      Pinnacle Entertainment, Inc.          
  2,570,000      8.250%, 03/15/2012       2,582,850  
 
 
      Media – 0.07%          
      Fisher Communications, Inc.          
  175,000      8.625%, 09/15/2014       187,687  
 
 
      Multiline Retail – 0.01%          
      Wal-Mart Stores          
  36,000      8.750%, 12/29/2006       36,084  
 
 
      Specialty Retail – 3.12%          
      Central Garden and Pet Co.          
  3,290,000      9.125%, 02/01/2013       3,536,750  
      FTD, Inc.          
  2,605,000      7.750%, 02/15/2014       2,624,537  
      GSC Holdings Corp.          
  1,700,000      8.000%, 10/01/2012 (Acquired 09/21/2005, Cost $1,677,693)(b)       1,700,000  
 
 
              7,861,287  
 
 
      Textiles, Apparel & Luxury Goods – 4.07%          
      Interface, Inc.          
  2,250,000      10.375%, 02/01/2010       2,441,250  
  3,570,000      9.500%, 02/01/2014       3,587,850  
      Oxford Industries, Inc.          
  835,000      8.875%, 06/01/2011       872,575  

 
 
20
 

FACE AMOUNT   MARKET VALUE  
  
CONSUMER DISCRETIONARY (Continued)
      Textiles, Apparel & Luxury Goods (Continued)          
      Phillips Van-Heusen          
$ 3,120,000      7.750%, 11/15/2023     $ 3,354,000  
 
 
              10,255,675  
 
 
      Wireless Telecommunication Services – 0.71%          
      Rogers Wireless, Inc.          
  1,665,000      7.500%, 03/15/2015       1,802,363  
  
      Total Consumer Discretionary       76,545,292  
 
 
CONSUMER STAPLES – 4.72%
      Food & Staples Retailing – 1.03%          
      Rite Aid Corp.          
  2,700,000      7.500%, 01/15/2015       2,592,000  
 
 
      Food Products – 1.38%          
      Pilgrim’s Pride Corp.          
  2,085,000      9.625%, 09/15/2011       2,251,800  
  1,110,000      9.250%, 11/15/2013       1,226,550  
 
 
              3,478,350  
 
 
      Household Products – 1.50%          
      Spectrum Brands, Inc.          
  185,000      8.500%, 10/01/2013       179,450  
  4,000,000      7.375%, 02/01/2015       3,620,000  
 
 
              3,799,450  
 
 
      Personal Products – 0.81%          
      Elizabeth Arden, Inc.          
  2,000,000      7.750%, 01/15/2014       2,045,000  
  
      Total Consumer Staples       11,914,800  
 
 
ENERGY – 7.77%
      Oil & Gas – 7.77%          
      Giant Industries, Inc.          
  4,615,000      8.000%, 05/15/2014       4,845,750  
      The Premcor Refining Group Inc.          
  2,200,000      9.250%, 02/01/2010       2,403,500  
  450,000      9.500%, 02/01/2013       509,625  
  2,530,000      7.500%, 06/15/2015       2,719,750  
      Swift Energy Co.          
  300,000      9.375%, 05/01/2012       325,500  
      Tesoro Petroleum Corp.          
  3,900,000      9.625%, 04/01/2012       4,314,375  
      United Refining Co.          
  4,200,000      10.500%, 08/15/2012       4,473,000  
  
      Total Energy       19,591,500  
 
 
HEALTH CARE – 4.65%
      Health Care Equipment & Supplies – 1.67%          
      Bausch & Lomb, Inc.          
  3,265,000      7.125%, 08/01/2028       3,528,071  
      Inverness Medical Innovations, Inc.          
  665,000      8.750%, 02/15/2012       678,300  
 
 
              4,206,371  
 
 

 
 
21
 

BUFFALO
HIGH YIELD FUND
 
SCHEDULE OF INVESTMENTS (continued)
September 30, 2005 (unaudited)

FACE AMOUNT   MARKET VALUE  
  
HEALTH CARE (Continued)
      Pharmaceuticals – 2.98%          
      Alpharma, Inc.          
$ 1,730,000      8.625%, 05/01/2011     $ 1,790,550  
      Warner Chilcott Corp.          
  5,940,000      8.750%, 02/01/2015 (Acquired 01/13/2005, Cost $5,940,000)(b)       5,732,100  
 
 
              7,522,650  
  
      Total Health Care       11,729,021  
 
 
INDUSTRIALS – 6.38%
      Commercial Services & Supplies – 6.38%          
      Allied Waste North America          
  867,000      9.250%, 09/01/2012       942,862  
  3,600,000      7.875%, 04/15/2013       3,690,000  
      Cenveo Inc.    
  2,065,000      9.625%, 03/15/2012       2,225,038  
      Greenbrier Companies, Inc.          
  1,750,000      8.375%, 05/15/2015       1,828,750  
      Iron Mountain, Inc.          
  1,350,000      8.625%, 04/01/2013       1,420,875  
  4,255,000      7.750%, 01/15/2015       4,340,100  
      Mobile Mini, Inc.          
  1,265,000      9.500%, 07/01/2013       1,404,150  
      Philip Services, Inc.          
  25,106      6.000%, 04/15/2010(a)(c)(d)(e)       2  
      Williams Scotsman, Inc.          
  250,000      8.500%, 10/01/2015 (Acquired 09/20/2005, Cost $250,000)(b)       254,375  
  
      Total Industrials       16,106,152  
 
 
MATERIALS – 1.05%
      Construction Materials – 1.05%          
      U.S. Concrete, Inc.          
  2,615,000      8.375%, 04/01/2014       2,641,150  
  
      Total Materials       2,641,150  
 
 
 
TOTAL CORPORATE BONDS   138,527,915  
  
(COST $133,244,400)
 
CONVERTIBLE BONDS – 23.93%
CONSUMER DISCRETIONARY – 9.60%
      Internet & Catalog Retail – 2.11%          
      Overstock.com, Inc.          
  6,800,000      3.750%, 12/01/2011       5,321,000  
 
 
      Leisure Equipment & Products – 1.93%          
      WMS Industries, Inc.          
  3,140,000      2.750%, 07/15/2010       4,859,150  
 
 
      Media – 4.61%          
      Lions Gate Entertainment Corp.          
  1,000,000      4.875%, 12/15/2010       1,853,750  
  6,500,000      2.938%, 10/15/2024       6,719,375  
  1,500,000      3.625%, 03/15/2025       1,445,625  

 
 
22
 

 
 
FACE AMOUNT   MARKET VALUE  
  
CONSUMER DISCRETIONARY (Continued)
      Media (Continued)          
      Xm Satellite Radio, Inc.          
$ 1,700,000      1.750%, 12/01/2009 (Acquired 02/25/2005, Cost $1,571,027)(b)     $ 1,617,125  
 
 
              11,635,875  
 
 
      Specialty Retail – 0.95%          
      Best Buy          
  2,175,000      2.250%, 01/15/2022       2,389,781  
  
      Total Consumer Discretionary       24,205,806  
 
 
ENERGY – 0.06%
      Energy Equipment & Services – 0.06%          
      Moran Energy, Inc.          
  161,000      8.750%, 01/15/2008       153,755  
  
      Total Energy       153,755  
 
 
HEALTH CARE – 5.58%
      Health Care Providers & Services – 0.60%          
      Community Health Systems Inc.          
  1,290,000      4.250%, 10/15/2008       1,506,075  
 
 
      Pharmaceuticals – 4.98%          
      Amylin Pharmaceuticals, Inc.          
  5,040,000      2.500%, 04/15/2011       5,808,600  
      Axcan Pharma, Inc.          
  1,745,000      4.250%, 04/15/2008       1,915,138  
      First Horizon Pharmaceutical Corp.          
  4,760,000      1.750%, 03/08/2024 (Acquired 03/03/2004 – 04/27/2004, Cost $4,720,239)(b)       4,831,400  
 
 
              12,555,138  
  
      Total Health Care       14,061,213  
 
 
INDUSTRIALS – 3.84%
      Airlines – 2.26%          
      JetBlue Airways Corp.          
  6,050,000      3.750%, 03/15/2035       5,709,687  
 
 
      Commercial Services & Supplies – 1.58%          
      NCO Group, Inc.          
  3,985,000      4.750%, 04/15/2006       3,980,019  
      Philip Services, Inc.          
  759,568      3.000%, 04/15/2020(a)(c)(d)       76  
 
 
              3,980,095  
  
      Total Industrials       9,689,782  
 
 
INFORMATION TECHNOLOGY – 4.85%
      Semiconductor & Semiconductor Equipment – 1.89%          
      Fairchild Semiconductor International          
  4,830,000      5.000%, 11/01/2008       4,781,700  
 
 
      Software – 1.38%          
      Wind River Systems, Inc.          
  3,505,000      3.750%, 12/15/2006       3,483,094  
 
 

 
 
23
 

BUFFALO
HIGH YIELD FUND
 
SCHEDULE OF INVESTMENTS (continued)
September 30, 2005 (unaudited)

SHARES OR
FACE AMOUNT		   MARKET VALUE  
  
INFORMATION TECHNOLOGY (Continued)
      Software & Services – 1.58%          
      The BISYS Group Inc.          
$ 3,985,000      4.000%, 03/15/2006     $ 3,980,019  
  
      Total Information Technology       12,244,813  
 
 
 
TOTAL CONVERTIBLE BONDS   60,355,369  
  
(COST $57,449,640)
 
SHORT TERM INVESTMENTS – 6.52%
INVESTMENT COMPANY – 0.07%
  187,072   SEI Daily Income Trust Treasury II Fund – Class B       187,072  
  
      Total Investment Companies       187,072  
 
 
U.S. TREASURY OBLIGATIONS – 6.45%
      Public Finance, Taxation, And Monetary Policy – 6.45%          
$ 16,260,000      3.035%, 10/06/2005       16,254,462  
  
      Total U.S. Treasury Obligations       16,254,462  
 
 
 
TOTAL SHORT TERM INVESTMENTS   16,441,534  
  
(COST $16,441,534)
 
TOTAL INVESTMENTS – 98.76%   249,083,690  
(COST $239,877,687)
 
Other Assets in Excess of Liabilities – 1.24%   3,132,872  
 
 
TOTAL NET ASSETS – 100.00% $ 252,216,562  
 
 

  ADR — American Depository Receipt
(a) Non-income producing
(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutional buyers. The total value of these securities amounted to $18,992,600 (7.53% of net assets) at September 30, 2005.
(c) Security is in default at September 30, 2005.
(d) Fair valued security. The total value of these securities amounted to $78 (0.00% of net assets) at September 30, 2005.
(e) Payment-in-kind security.

 
 
See accompanying Notes to Financial Statements.
24
 

BUFFALO
LARGE CAP FUND
 
SCHEDULE OF INVESTMENTS
September 30, 2005 (unaudited)

SHARES   MARKET VALUE  
  
COMMON STOCKS – 97.31%
CONSUMER DISCRETIONARY – 18.75%
      Hotels, Restaurants & Leisure – 7.64%          
  10,200   Carnival Corp.     $ 509,796  
  13,000   Harrah’s Entertainment, Inc.       847,470  
  18,500   Marriott International, Inc. – Class A       1,165,500  
  24,100   McDonald’s Corp.       807,109  
  24,500   Royal Caribbean Cruises Ltd.       1,058,400  
 
 
              4,388,275  
 
 
      Household Durables – 0.71%          
  7,100   Electronic Arts Inc.(a)       403,919  
 
 
    Leisure Equipment & Products – 3.36%          
  24,500   Harley-Davidson, Inc.       1,186,780  
  27,500   International Game Technology       742,500  
 
 
              1,929,280  
 
 
      Media – 7.04%          
  82,400   Time Warner Inc.       1,492,264  
  33,700   Univision Communications, Inc.(a)       894,061  
  23,900   Viacom Inc. – Class B       788,939  
  35,900   The Walt Disney Co.       866,267  
 
 
              4,041,531  
  
      Total Consumer Discretionary       10,763,005  
 
 
CONSUMER STAPLES – 7.69%
      Beverages – 2.38%          
  24,100   PepsiCo, Inc.       1,366,711  
 
 
      Food & Staples Retailing – 3.90%          
  29,500   CVS Corp.       855,795  
  31,800   Walgreen Co.       1,381,710  
 
 
              2,237,505  
 
 
      Household Products – 1.41%          
  15,400   Colgate-Palmolive Co.       812,966  
  
      Total Consumer Staples       4,417,182  
 
 
FINANCIALS – 18.74%
      Capital Markets – 5.59%          
  13,000   The Goldman Sachs Group, Inc.       1,580,540  
  30,200   Morgan Stanley       1,628,988  
 
 
              3,209,528  
 
 
      Commercial Banks – 6.98%          
  35,000   The Bank of New York Co., Inc.       1,029,350  
  26,100   Mellon Financial Corp.       834,417  
  42,400   Northern Trust Corp.       2,143,320  
 
 
              4,007,087  
 
 
      Diversified Financial Services – 4.27%          
  31,600   American Express Co.       1,815,104  
  7,600   Franklin Resources, Inc.       638,096  
 
 
              2,453,200  
 
 

 
 
25
 

BUFFALO
LARGE CAP FUND
 
SCHEDULE OF INVESTMENTS (continued)
September 30, 2005 (unaudited)

SHARES   MARKET VALUE  
  
FINANCIALS (Continued)
      Insurance – 1.90%          
  23,000   Principal Financial Group, Inc.     $ 1,089,510  
  
      Total Financials       10,759,325  
 
 
HEALTH CARE – 21.65%
      Health Care Equipment & Supplies – 5.97%          
  39,800   Baxter International Inc.       1,586,826  
  46,700   Boston Scientific Corp.(a)       1,091,379  
  11,300   C.R. Bard, Inc.       746,139  
 
 
              3,424,344  
 
 
      Pharmaceuticals – 15.68%          
  34,500   Abbott Laboratories       1,462,800  
  44,200   Bayer AG, ADR       1,626,560  
  25,800   Johnson & Johnson       1,632,624  
  13,500   Schering AG, ADR       855,900  
  91,200   Schering-Plough Corp.       1,919,760  
  45,100   Teva Pharmaceutical Industries, Ltd., ADR       1,507,242  
 
 
              9,004,886  
  
      Total Health Care       12,429,230  
 
 
INDUSTRIALS – 6.69%
      Air Freight & Logistics – 2.88%          
  19,000   FedEx Corp.       1,655,470  
 
 
      Airlines – 1.22%          
  46,987   Southwest Airlines Co.       697,757  
 
 
      Commercial Services & Supplies – 2.59%          
  34,600   Automatic Data Processing, Inc.       1,489,184  
  
      Total Industrials       3,842,411  
 
 
INFORMATION TECHNOLOGY – 23.79%
      Communications Equipment – 5.62%          
  50,100   Cisco Systems, Inc.(a)       898,293  
  44,800   Corning Inc.(a)       865,984  
  86,555   Nokia OYJ, ADR       1,463,645  
 
 
              3,227,922  
 
 
      Electronic Equipment & Instruments – 1.23%          
  54,521   AU Optronics Corp., ADR       706,592  
 
 
      Internet Software & Services – 1.37%          
  39,800   Expedia, Inc.(a)       788,438  
 
 
      IT Services – 2.11%          
  30,222   First Data Corp.       1,208,880  
 
 
      Semiconductor & Semiconductor Equipment – 8.49%          
  32,000   Analog Devices, Inc.       1,188,480  
  31,700   Applied Materials, Inc.       537,632  
  47,300   Intel Corp.       1,165,945  
  35,900   Texas Instruments Inc.       1,217,010  
  27,600   Xilinx, Inc.       768,660  
 
 
              4,877,727  
 
 

 
 
26
 

 
 
SHARES   MARKET VALUE  
  
INFORMATION TECHNOLOGY (Continued)
      Software – 4.97%          
  61,100   Microsoft Corp.     $ 1,572,103  
  56,500   Symantec Corp.(a)       1,280,290  
 
 
              2,852,393  
  
      Total Information Technology       13,661,952  
 
 
 
TOTAL COMMON STOCKS   55,873,105  
  
(COST $50,061,821)
 
SHORT TERM INVESTMENTS – 2.70%
INVESTMENT COMPANY – 2.70%
  1,554,094   SEI Daily Income Trust Treasury II Fund – Class B       1,554,094  
  
      Total Investment Companies       1,554,094  
 
 
 
TOTAL SHORT TERM INVESTMENTS   1,554,094  
  
(COST $1,554,094)
 
TOTAL INVESTMENTS – 100.01%   57,427,199  
(COST $51,615,915)
 
Liabilities in Excess of Other Assets – (0.01)%   (7,545 )
 
 
TOTAL NET ASSETS – 100.00% $ 57,419,654  
 
 

  ADR — American Depository Receipt
(a) Non-income producing

 
 
See accompanying Notes to Financial Statements.
27
 

BUFFALO
MICRO CAP FUND
 
SCHEDULE OF INVESTMENTS
September 30, 2005 (unaudited)

SHARES   MARKET VALUE  
  
COMMON STOCKS – 89.94%
CONSUMER DISCRETIONARY – 28.05%
      Hotels, Restaurants & Leisure – 6.98%          
  11,100   Life Time Fitness, Inc.(a)     $ 367,854  
  20,520   McCormick & Schmick’s Seafood Restaurants, Inc.(a)       433,382  
  16,600   Orient-Express Hotels Ltd. – Class A       471,772  
  15,400   Steiner Leisure Ltd.(a)       523,138  
  56,300   Sunterra Corp.(a)       739,219  
  46,200   Trump Entertainment Resorts, Inc.(a)       828,828  
 
 
              3,364,193  
 
 
      Internet & Catalog Retail – 3.10%          
  20,775   Coldwater Creek Inc.(a)       523,946  
  40,000   Provide Commerce Inc.(a)       970,800  
 
 
              1,494,746  
 
 
      Leisure Equipment & Products – 5.21%          
  37,300   Coachmen Industries, Inc.       428,577  
  56,800   Digital Theater Systems Inc.(a)       956,512  
  36,000   Marine Products Corp.       397,080  
  28,700   MarineMax, Inc.(a)       731,563  
 
 
              2,513,732  
 
 
      Media – 1.87%          
  86,200   Imax Corp.(a)       899,066  
 
 
      Specialty Retail – 8.02%          
  48,100   A.C. Moore Arts & Crafts, Inc.(a)       922,558  
  46,350   Cache, Inc.(a)       705,911  
  55,700   FTD Group, Inc.(a)       576,495  
  43,000   Golf Galaxy, Inc.(a)       685,420  
  61,700   J. Jill Group Inc.(a)       976,094  
 
 
              3,866,478  
 
 
      Textiles, Apparel & Luxury Goods – 2.87%          
  41,000   The Dixie Group, Inc.(a)       653,540  
  16,200   Oxford Industries, Inc.       730,944  
 
 
              1,384,484  
  
      Total Consumer Discretionary       13,522,699  
 
 
CONSUMER STAPLES – 0.84%
      Beverages – 0.84%          
  8,600   Hansen Natural Corp.(a)       404,888  
  
      Total Consumer Staples       404,888  
 
 
FINANCIALS – 6.44%
      Commercial Banks – 2.10%          
  24,100   Boston Private Financial Holdings, Inc.       639,614  
  10,800   PrivateBancorp, Inc.       370,224  
 
 
              1,009,838  
 
 
      Consumer Finance – 2.26%          
  21,000   Asset Acceptance Capital Corp.(a)       629,370  
  10,700   Portfolio Recovery Associates, Inc.(a)       462,026  
 
 
    1,091,396  
 
 

 
 
28
 

 
 
SHARES   MARKET VALUE  
  
FINANCIALS (Continued)
      Diversified Financial Services – 2.08%          
  50,200   Cohen & Steers, Inc.     $ 1,004,000  
  
      Total Financials       3,105,234  
 
 
HEALTH CARE – 27.52%
      Biotechnology – 6.51%          
  100,742   Biosphere Medical Inc.(a)       572,215  
  34,100   LifeCell Corp.(a)       737,583  
  47,200   Neurochem, Inc.(a)       601,800  
  93,300   Orchid Cellmark, Inc.(a)       793,050  
  206,200   Vasogen Inc.(a)       435,082  
 
 
              3,139,730  
 
 
      Health Care Equipment & Supplies – 14.02%          
  113,000   Align Technology, Inc.(a)       759,360  
  32,300   AngioDynamics, Inc.(a)       678,300  
  77,184   Cardiac Science Corp.(a)       827,412  
  33,100   ev3, Inc.(a)       620,625  
  67,900   Lifecore Biomedical, Inc.(a)       820,911  
  31,650   Meridian Bioscience, Inc.       655,155  
  48,100   Merit Medical Systems, Inc.(a)       853,294  
  46,900   Molecular Devices Corp.(a)       979,741  
  60,000   Spectranetics Corp.(a)       564,600  
 
 
              6,759,398  
 
 
      Health Care Providers & Services – 6.99%          
  160,000   Health Fitness Corp.(a)       366,400  
  26,800   ICON PLC, ADR(a)       1,340,000  
  27,900   Lifeline Systems, Inc.(a)       932,697  
  24,200   PRA International(a)       733,502  
 
 
              3,372,599  
  
      Total Health Care       13,271,727  
 
 
INDUSTRIALS – 10.26%
      Commercial Services & Supplies – 10.26%          
  46,300   Concorde Career Colleges, Inc.(a)       710,705  
  16,900   CRA International Inc.(a)       704,561  
  66,700   Educate, Inc.(a)       1,000,500  
  22,100   First Advantage Corp. – Class A(a)       649,740  
  30,800   FirstService Corp.(a)       706,860  
  47,000   Hudson Highland Group, Inc.(a)       1,173,590  
  
      Total Industrials       4,945,956  
 
 
INFORMATION TECHNOLOGY – 16.83%
      Computers & Peripherals – 1.89%          
  34,200   Applied Films Corp.(a)       718,200  
  101,680   Wells-Gardner Electronics Corp.(a)       193,192  
 
 
              911,392  
 
 
      Electronic Equipment & Instruments – 3.97%          
  37,300   FARO Technologies, Inc.(a)       726,977  
  23,500   Measurement Specialties, Inc.(a)       498,200  
  40,400   Plexus Corp.(a)       690,436  
 
 
              1,915,613  
 
 

 
 
29
 

BUFFALO
MICRO CAP FUND
 
SCHEDULE OF INVESTMENTS (continued)
September 30, 2005 (unaudited)

SHARES OR
FACE AMOUNT		   MARKET VALUE  
  
INFORMATION TECHNOLOGY (Continued)
      Internet Software & Services – 4.19%          
  51,500   Audible, Inc.(a)     $ 632,935  
  46,500   eCollege.com Inc.(a)       690,990  
  81,400   Stellent, Inc.(a)       697,598  
 
 
              2,021,523  
 
 
    Semiconductor & Semiconductor Equipment – 1.37%      
  58,241   Entegris, Inc.(a)       658,123  
 
 
      Software – 5.41%          
  54,700   Captiva Software Corp.(a)       982,412  
  59,600   Neoware Systems, Inc.(a)       997,704  
  29,400   THQ Inc.(a)       626,808  
 
 
              2,606,924  
  
      Total Information Technology       8,113,575  
 
 
 
TOTAL COMMON STOCKS   43,364,079  
  
(COST $37,695,037)
 
SHORT TERM INVESTMENTS – 14.68%
INVESTMENT COMPANY – 2.49%
  1,198,532   SEI Daily Income Trust Treasury II Fund – Class B       1,198,532  
  
      Total Investment Companies       1,198,532  
 
 
U.S. TREASURY OBLIGATIONS – 12.19%
      Public Finance, Taxation, And Monetary Policy – 12.19%        
$ 5,880,000   3.035%, 10/06/2005       5,877,981  
  
      Total U.S. Treasury Obligations       5,877,981  
 
 
 
TOTAL SHORT TERM INVESTMENTS   7,076,513  
  
(COST $7,076,513)
 
TOTAL INVESTMENTS – 104.62%   50,440,592  
(COST $44,771,550)
 
Liabilities in Excess of Other Assets – (4.62)%   (2,225,765 )
 
 
TOTAL NET ASSETS – 100.00% $ 48,214,827  
 
 

  ADR — American Depository Receipt
(a) Non-income producing

 
 
See accompanying Notes to Financial Statements.
30
 

BUFFALO
MID CAP FUND
 
SCHEDULE OF INVESTMENTS
September 30, 2005 (unaudited)

SHARES   MARKET VALUE  
  
COMMON STOCKS – 92.35%
CONSUMER DISCRETIONARY – 27.55%
      Auto Components – 1.31%          
  65,900   Autoliv, Inc.     $ 2,866,650  
 
 
      Hotels, Restaurants & Leisure – 7.74%          
  53,600   Boyd Gaming Corp.       2,311,232  
  90,425   Fairmont Hotels & Resorts Inc.       3,022,003  
  62,900   Harrah’s Entertainment, Inc.       4,100,451  
  54,950   MGM Mirage(a)       2,405,162  
  67,200   Penn National Gaming, Inc.(a)       2,090,592  
  69,700   Royal Caribbean Cruises Ltd.       3,011,040  
 
 
              16,940,480  
 
 
      Leisure Equipment & Products – 4.89%          
  70,400   Brunswick Corp.       2,656,192  
  36,750   Harley-Davidson, Inc.       1,780,170  
  41,900   International Game Technology       1,131,300  
  155,650   Take-Two Interactive Software, Inc.(a)       3,438,308  
  58,400   Winnebago Industries, Inc.       1,691,848  
 
 
              10,697,818  
 
 
      Media – 1.18%          
  300,100   EMI Group PLC, ADR       2,574,888  
 
 
      Specialty Retail – 12.09%          
  27,000   Abercrombie & Fitch Co. – Class A       1,345,950  
  101,600   Barnes & Noble, Inc.       3,830,320  
  61,400   Chico’s FAS, Inc.(a)       2,259,520  
  100,400   Michaels Stores, Inc.       3,319,224  
  146,600   PETsMART, Inc.       3,192,948  
  123,100   Talbots, Inc.       3,683,152  
  74,300   Tiffany & Co.       2,954,911  
  58,200   Weight Watchers International, Inc.(a)       3,001,956  
  74,300   Williams-Sonoma, Inc.(a)       2,849,405  
 
 
              26,437,386  
 
 
      Textiles, Apparel & Luxury Goods – 0.34%          
  9,400   Mohawk Industries, Inc.(a)       754,350  
  
      Total Consumer Discretionary       60,271,572  
 
 
CONSUMER STAPLES – 1.26%
      Food & Staples Retailing – 1.26%          
  94,900   CVS Corp.       2,753,049  
  
      Total Consumer Staples       2,753,049  
 
 
FINANCIALS – 9.07%
      Capital Markets – 6.53%          
  102,475   A.G. Edwards, Inc.       4,489,430  
  200,800   Janus Capital Group Inc.       2,901,560  
  38,250   Legg Mason, Inc.       4,195,642  
  41,300   T. Rowe Price Group, Inc.       2,696,890  
 
 
              14,283,522  
 
 
      Commercial Banks – 0.70%          
  47,600   Mellon Financial Corp.       1,521,772  
 
 

 
 
31
 

BUFFALO
MID CAP FUND
 
SCHEDULE OF INVESTMENTS (continued)
September 30, 2005 (unaudited)

SHARES   MARKET VALUE  
  
FINANCIALS (Continued)
      Diversified Financial Services – 1.12%          
  102,650   H&R Block, Inc.     $ 2,461,547  
 
 
      Insurance – 0.72%    
  33,350   Principal Financial Group, Inc.       1,579,790  
  
      Total Financials       19,846,631  
 
 
HEALTH CARE – 22.82%
      Biotechnology – 5.03%          
  206,200   Amylin Pharmaceuticals, Inc.(a)       7,173,698  
  113,600   MedImmune, Inc.(a)       3,822,640  
 
 
              10,996,338  
 
 
      Health Care Equipment & Supplies – 6.83%          
  42,000   Fisher Scientific International Inc.(a)       2,606,100  
  66,700   Millipore Corp.(a)       4,194,763  
  61,250   Sigma-Aldrich Corp.       3,923,675  
  28,000   Stericycle, Inc.(a)       1,600,200  
  63,200   Waters Corp.(a)       2,629,120  
 
 
              14,953,858  
 
 
      Health Care Providers & Services – 3.61%          
  84,600   Charles River Laboratories International, Inc.(a)       3,690,252  
  73,200   Pharmaceutical Product Development, Inc.(a)       4,209,732  
 
 
              7,899,984  
 
 
      Pharmaceuticals – 7.35%          
  85,200   Barr Pharmaceuticals Inc.(a)       4,679,184  
  123,300   Medicis Pharmaceutical Corp. – Class A       4,014,648  
  140,400   Shire Pharmaceuticals PLC, ADR       5,193,396  
  59,700   Watson Pharmaceuticals, Inc.(a)       2,185,617  
 
 
              16,072,845  
  
      Total Health Care       49,923,025  
 
 
INDUSTRIALS – 8.51%
      Commercial Services & Supplies – 8.51%          
  119,100   Career Education Corp.(a)       4,235,196  
  85,100   ChoicePoint Inc.(a)       3,673,767  
  145,600   DeVry, Inc.(a)       2,773,680  
  128,400   Hewitt Associates, Inc. – Class A(a)       3,502,752  
  120,600   Iron Mountain, Inc.(a)       4,426,020  
  
      Total Industrials       18,611,415  
 
 
INFORMATION TECHNOLOGY – 23.14%
      Communications Equipment – 3.21%          
  56,600   Garmin Ltd.       3,839,178  
  84,600   Scientific-Atlanta, Inc.       3,173,346  
 
 
              7,012,524  
 
 
      Electronic Equipment & Instruments – 2.03%          
  108,989   AU Optronics Corp., ADR       1,412,497  
  98,000   Jabil Circuit, Inc.(a)       3,030,160  
 
 
              4,442,657  
 
 

 
 
32
 

 
 
SHARES OR
FACE AMOUNT		   MARKET VALUE  
  
INFORMATION TECHNOLOGY (Continued)
      IT Services – 1.77%          
  26,300   CheckFree Corp.(a)     $ 994,666  
  62,500   Fiserv, Inc.(a)       2,866,875  
 
 
              3,861,541  
 
 
      Office Electronics – 0.84%          
  53,575   Diebold, Inc.       1,846,195  
 
 
      Semiconductor & Semiconductor Equipment – 8.74%          
  178,900   Altera Corp.(a)       3,418,779  
  54,100   KLA-Tencor Corp.       2,637,916  
  83,800   National Semiconductor Corp.       2,203,940  
  127,500   Novellus Systems, Inc.(a)       3,197,700  
  82,500   SanDisk Corp.(a)       3,980,625  
  223,600   Semtech Corp.(a)       3,682,692  
 
 
              19,121,652  
 
 
      Software – 6.55%          
  309,900   BEA Systems, Inc.(a)       2,782,902  
  162,850   Cadence Design Systems, Inc.(a)       2,631,656  
  143,800   Citrix Systems, Inc.(a)       3,615,132  
  249,800   Red Hat, Inc.(a)       5,293,262  
 
 
              14,322,952  
  
      Total Information Technology       50,607,521  
 
 
 
TOTAL COMMON STOCKS   202,013,213  
  
(COST $167,062,564)
 
SHORT TERM INVESTMENTS – 7.11%
INVESTMENT COMPANY – 0.35%
  765,463   SEI Daily Income Trust Treasury II Fund – Class B       765,463  
  
      Total Investment Companies       765,463  
 
 
U.S. TREASURY OBLIGATIONS – 6.76%
      Public Finance, Taxation, And Monetary Policy – 6.76%          
$ 14,800,000   3.035%, 10/06/2005       14,794,622  
  
      Total U.S. Treasury Obligations       14,794,622  
 
 
 
TOTAL SHORT TERM INVESTMENTS   15,560,085  
  
(COST $15,560,085)
 
TOTAL INVESTMENTS – 99.46%   217,573,298  
(COST $182,622,649)
 
Other Assets in Excess of Liabilities – 0.54%   1,186,059  
 
 
TOTAL NET ASSETS – 100.00% $ 218,759,357  
 
 

  ADR — American Depository Receipt
(a) Non-income producing

 
 
See accompanying Notes to Financial Statements.
33
 

BUFFALO SCIENCE &
TECHNOLOGY FUND
 
SCHEDULE OF INVESTMENTS
September 30, 2005 (unaudited)

SHARES   MARKET VALUE  
  
COMMON STOCKS – 95.05%
HEALTH CARE – 39.75%
      Biotechnology – 5.70%          
  64,700   Amylin Pharmaceuticals, Inc.(a)     $ 2,250,913  
  44,100   AtheroGenics, Inc.(a)       706,923  
  26,100   MedImmune, Inc.(a)       878,265  
  315,300   Vasogen, Inc.(a)       665,283  
 
 
              4,501,384  
 
 
      Health Care Equipment & Supplies – 18.48%          
  76,800   Align Technology, Inc.(a)       516,096  
  44,800   American Medical Systems Holdings, Inc.(a)       902,720  
  20,800   Baxter International Inc.       829,296  
  28,600   Boston Scientific Corp.(a)       668,382  
  14,800   C.R. Bard, Inc.       977,244  
  42,400   ev3, Inc.(a)       795,000  
  12,700   Fisher Scientific International Inc.(a)       788,035  
  32,300   Immucor, Inc.(a)       886,312  
  10,350   INAMED Corp.(a)       783,288  
  25,700   Mentor Corp.       1,413,757  
  15,200   Millipore Corp.(a)       955,928  
  14,000   Sigma-Aldrich Corp.       896,840  
  17,200   St. Jude Medical, Inc.(a)       804,960  
  23,500   Sybron Dental Specialties, Inc.(a)       977,130  
  34,200   Varian Medical Systems, Inc.(a)       1,351,242  
  24,900   Waters Corp.(a)       1,035,840  
 
 
              14,582,070  
 
 
      Health Care Providers & Services – 4.06%          
  29,000   Charles River Laboratories International, Inc.(a)       1,264,980  
  17,200   Covance Inc.(a)       825,428  
  19,300   Pharmaceutical Product Development, Inc.(a)       1,109,943  
 
 
              3,200,351  
 
 
      Pharmaceuticals – 11.51%          
  21,400   Abbott Laboratories       907,360  
  71,400   Axcan Pharma Inc.(a)       922,488  
  23,200   Barr Pharmaceuticals Inc.(a)       1,274,144  
  25,100   Bayer AG, ADR       923,680  
  12,000   Johnson & Johnson       759,360  
  13,900   Schering AG, ADR       881,260  
  43,700   Schering-Plough Corp.       919,885  
  24,900   Shire Pharmaceuticals Group PLC, ADR       921,051  
  23,800   Teva Pharmaceutical Industries, Ltd., ADR       795,396  
  16,700   Wyeth       772,709  
 
 
              9,077,333  
  
      Total Health Care       31,361,138  
 
 

 
 
34
 

 
 
SHARES   MARKET VALUE  
  
INDUSTRIALS – 1.62%
      Commercial Services & Supplies – 1.62%          
  46,700   Hewitt Associates, Inc. – Class A(a)     $ 1,273,976  
  
      Total Industrials       1,273,976  
 
 
INFORMATION TECHNOLOGY – 53.68%
      Communications Equipment – 6.17%          
  45,400   Adtran, Inc.       1,430,100  
  74,800   Cisco Systems, Inc.(a)       1,341,164  
  74,700   Nokia OYJ, ADR       1,263,177  
  22,300   Scientific-Atlanta, Inc.       836,473  
 
 
              4,870,914  
 
 
      Computers & Peripherals – 3.04%          
  29,450   Dell Inc.(a)       1,007,190  
  107,300   EMC Corp.(a)       1,388,462  
 
 
              2,395,652  
 
 
      Electronic Equipment & Instruments – 7.48%          
  23,900   Agilent Technologies, Inc.(a)       782,725  
  49,905   AU Optronics Corp., ADR       646,769  
  42,100   Jabil Circuit, Inc.(a)       1,301,732  
  46,300   Molex Inc.       1,235,284  
  40,750   National Instruments Corp.       1,004,080  
  54,300   Plexus Corp.(a)       927,987  
 
 
              5,898,577  
 
 
      Office Electronics – 0.65%          
  15,000   Diebold, Inc.       516,900  
 
 
      Semiconductor & Semiconductor Equipment – 20.20%          
  61,150   Altera Corp.(a)       1,168,576  
  36,700   Analog Devices, Inc.       1,363,038  
  17,200   Broadcom Corp. – Class A(a)       806,852  
  41,600   Cabot Microelectronics Corp.(a)       1,222,208  
  40,800   Cree, Inc.(a)       1,020,816  
  65,900   Fairchild Semiconductor International, Inc.(a)       979,274  
  43,100   FormFactor Inc.(a)       983,542  
  53,550   Intel Corp.       1,320,007  
  15,000   KLA-Tencor Corp.       731,400  
  22,550   Maxim Integrated Products, Inc.       961,758  
  31,800   Microchip Technology Inc.       957,816  
  51,200   MKS Instruments, Inc.(a)       882,176  
  31,200   Novellus Systems, Inc.(a)       782,496  
  29,900   SanDisk Corp.(a)       1,442,675  
  26,800   Semtech Corp.(a)       441,396  
  25,800   Texas Instruments Inc.       874,620  
 
 
              15,938,650  
 
 

 
 
35
 

BUFFALO SCIENCE &
TECHNOLOGY FUND
 
SCHEDULE OF INVESTMENTS (continued)
September 30, 2005 (unaudited)

SHARES OR
FACE AMOUNT		   MARKET VALUE  
  
INFORMATION TECHNOLOGY (Continued)
      Software – 16.14%          
  109,300   BEA Systems, Inc.(a)     $ 981,514  
  51,550   Cadence Design Systems, Inc.(a)       833,048  
  43,900   Citrix Systems, Inc.(a)       1,103,646  
  52,200   FileNet Corp.(a)       1,456,380  
  28,700   Kronos Inc.(a)       1,281,168  
  46,400   Manhattan Associates, Inc.(a)       1,076,480  
  54,200   Microsoft Corp.       1,394,566  
  110,400   Oracle Corp.(a)       1,367,856  
  90,700   Red Hat, Inc.(a)       1,921,933  
  58,100   Symantec Corp.(a)       1,316,546  
 
 
              12,733,137  
  
      Total Information Technology       42,353,830  
 
 
 
TOTAL COMMON STOCKS   74,988,944  
  
(COST $62,484,428)
 
SHORT TERM INVESTMENTS – 5.18%
INVESTMENT COMPANY – 0.62%
  491,862   SEI Daily Income Trust Treasury II Fund – Class B       491,862  
  
      Total Investment Companies       491,862  
 
 
U.S. TREASURY OBLIGATIONS – 4.56%
      Public Finance, Taxation, And Monetary Policy – 4.56%          
$ 3,600,000   3.035%, 10/06/2005       3,598,774  
  
      Total U.S. Treasury Obligations       3,598,774  
 
 
 
TOTAL SHORT TERM INVESTMENTS   4,090,636  
  
(COST $4,090,636)
 
TOTAL INVESTMENTS – 100.23%   79,079,580  
(COST $66,575,064)
 
Liabilities in Excess of Other Assets – (0.23)%   (184,835 )
 
 
TOTAL NET ASSETS – 100.00% $ 78,894,745  
 
 

  ADR — American Depository Receipt
(a) Non-income producing

 
 
See accompanying Notes to Financial Statements.
36
 

BUFFALO
SMALL CAP FUND
 
SCHEDULE OF INVESTMENTS
September 30, 2005 (unaudited)

SHARES   MARKET VALUE  
  
COMMON STOCKS – 96.52%
CONSUMER DISCRETIONARY – 27.33%
      Auto Components – 1.26%          
  1,389,764   Gentex Corp.     $ 24,181,894  
 
 
      Hotels, Restaurants & Leisure – 5.24%          
  710,500   Alliance Gaming Corp.(a)       7,708,925  
  860,000   Ameristar Casinos, Inc.       17,922,400  
  447,350   Isle of Capri Casinos, Inc.(a)       9,564,343  
  996,750   Orient-Express Hotels Ltd. – Class A       28,327,635  
  1,184,660   Penn National Gaming, Inc.(a)       36,854,773  
 
 
              100,378,076  
 
 
      Household Durables – 2.48%          
  12,600   Ethan Allen Interiors Inc.       395,010  
  1,473,812   Rent-A-Center, Inc.(a)       28,459,310  
  655,600   WCI Communities Inc.(a)       18,599,372  
 
 
              47,453,692  
 
 
      Internet & Catalog Retail – 1.01%          
  502,300   Overstock.com, Inc.(a)       19,263,205  
 
 
      Leisure Equipment & Products – 4.19%          
  4,700   Brunswick Corp.       177,331  
  1,268,800   Monaco Coach Corp.       18,702,112  
  632,000   Winnebago Industries, Inc.       18,309,040  
  1,532,750   WMS Industries, Inc.(a)       43,116,257  
 
 
              80,304,740  
 
 
      Media – 1.31%          
  2,629,400   Lions Gate Entertainment Corp.(a)       25,084,476  
 
 
      Multiline Retail – 1.79%          
  1,322,200   Tuesday Morning Corp.       34,205,314  
 
 
      Specialty Retail – 8.60%          
  1,713,100   Borders Group, Inc.       37,979,427  
  560,750   Central Garden & Pet Co.(a)       25,373,937  
  1,601,475   Christopher & Banks Corp.       22,212,458  
  1,208,602   Gamestop Corp. – Class B(a)       34,312,211  
  1,329,790   J. Jill Group Inc.(a)(b)       21,037,278  
  879,100   Zale Corp.(a)       23,893,938  
 
 
              164,809,249  
 
 
      Textiles, Apparel & Luxury Goods – 1.45%          
  615,725   Oxford Industries, Inc.       27,781,512  
  
      Total Consumer Discretionary       523,462,158  
 
 
CONSUMER STAPLES – 2.71%
      Food & Staples Retailing – 2.71%          
  1,160,400   Performance Food Group Co.(a)       36,622,224  
  430,500   United Natural Foods, Inc.(a)       15,222,480  
  
      Total Consumer Staples       51,844,704  
 
 

 
 
37
 

BUFFALO
SMALL CAP FUND
 
SCHEDULE OF INVESTMENTS (continued)
September 30, 2005 (unaudited)

SHARES   MARKET VALUE  
  
FINANCIALS – 6.10%
      Capital Markets – 4.19%          
  431,050   A.G. Edwards, Inc.     $ 18,884,301  
  414,800   Gamco Investors, Inc. – Class A(b)       19,018,580  
  709,875   Raymond James Financial, Inc.       22,801,185  
  878,250   W.P. Stewart & Co. Ltd.       19,602,540  
 
 
              80,306,606  
 
 
      Commercial Banks – 1.91%          
  787,500   Boston Private Financial Holdings, Inc.       20,900,250  
  429,250   Wilmington Trust Corp.       15,646,162  
 
 
              36,546,412  
  
      Total Financials       116,853,018  
 
 
HEALTH CARE – 24.97%
      Biotechnology – 3.02%          
  1,662,300   Amylin Pharmaceuticals, Inc.(a)       57,831,417  
 
 
      Health Care Equipment & Supplies – 11.50%          
  2,894,000   Align Technology, Inc.(a)       19,447,680  
  1,430,360   American Medical Systems Holdings, Inc.(a)       28,821,754  
  962,800   Cambrex Corp.       18,254,688  
  299,875   Fisher Scientific International Inc.(a)       18,607,244  
  794,000   Immucor, Inc.(a)       21,787,360  
  484,900   INAMED Corp.(a)       36,697,232  
  910,200   Mentor Corp.       50,070,102  
  175,300   Stericycle, Inc.(a)       10,018,395  
  399,275   Sybron Dental Specialties, Inc.(a)       16,601,854  
 
 
              220,306,309  
 
 
      Health Care Providers & Services – 7.11%          
  755,575   Charles River Laboratories International, Inc.(a)       32,958,181  
  767,625   Covance Inc.(a)       36,838,324  
  1,022,653   Pharmaceutical Product Development, Inc.(a)       58,812,774  
  295,646   VCA Antech, Inc.(a)       7,544,886  
 
 
              136,154,165  
 
 
      Pharmaceuticals – 3.34%          
  1,987,900   Axcan Pharma Inc.(a)       25,683,668  
  1,216,850   First Horizon Pharmaceutical Corp.(a)       24,178,810  
  1,842,000   QLT, Inc.(a)       14,128,140  
 
 
              63,990,618  
  
      Total Health Care       478,282,509  
 
 

 
 
38
 

 
 
SHARES   MARKET VALUE  
  
INDUSTRIALS – 12.87%
      Commercial Services & Supplies – 12.87%          
  521,500   Bright Horizons Family Solutions, Inc.(a)     $ 20,025,600  
  2,264,325   Corinthian Colleges, Inc.(a)       30,047,593  
  1,742,400   DeVry, Inc.(a)       33,192,720  
  1,509,800   Educate, Inc.(a)       22,647,000  
  1,249,800   FirstService Corp.(a)       28,682,910  
  1,111,500   Heidrick & Struggles International, Inc.(a)(b)       35,990,370  
  521,700   ITT Educational Services, Inc.(a)       25,745,895  
  1,241,500   Korn/Ferry International(a)       20,348,185  
  1,559,050   Navigant Consulting, Inc.(a)       29,871,398  
  
      Total Industrials       246,551,671  
 
 
INFORMATION TECHNOLOGY – 22.54%
      Communications Equipment – 2.27%          
  1,379,550   Adtran, Inc.       43,455,825  
 
 
      Electronic Equipment & Instruments – 3.52%          
  1,264,900   Dolby Laboratories, Inc. – Class A(a)       20,238,400  
  1,092,400   National Instruments Corp.       26,916,736  
  1,182,122   Plexus Corp.(a)       20,202,465  
 
 
              67,357,601  
 
 
      Semiconductor & Semiconductor Equipment – 11.13%          
  1,069,000   Cabot Microelectronics Corp.(a)       31,407,220  
  1,454,000   Cree, Inc.(a)       36,379,080  
  1,993,150   Fairchild Semiconductor International, Inc.(a)       29,618,209  
  825,000   FormFactor, Inc.(a)       18,826,500  
  3,191,000   Micrel, Inc.(a)       35,834,930  
  1,748,368   MKS Instruments, Inc.(a)       30,124,380  
  1,883,600   Semtech Corp.(a)       31,022,892  
 
 
              213,213,211  
 
 
      Software – 5.62%          
  1,755,700   FileNet Corp.(a)       48,984,030  
  594,800   Kronos Inc.(a)       26,551,872  
  1,381,500   Manhattan Associates, Inc.(a)       32,050,800  
 
 
              107,586,702  
  
      Total Information Technology       431,613,339  
 
 
 
TOTAL COMMON STOCKS   1,848,607,399  
  
(COST $1,536,926,113)

 
 
39
 

BUFFALO
SMALL CAP FUND
 
SCHEDULE OF INVESTMENTS (continued)
September 30, 2005 (unaudited)

SHARES OR
FACE AMOUNT		   MARKET VALUE  
  
SHORT TERM INVESTMENTS – 4.13%
INVESTMENT COMPANY – 0.04%
  651,424   SEI Daily Income Trust Treasury II Fund – Class B     $ 651,424  
  
      Total Investment Companies       651,424  
 
 
U.S. TREASURY OBLIGATIONS – 4.09%
      Public Finance, Taxation, And Monetary Policy – 4.09%          
$ 78,400,000   3.035%, 10/06/2005       78,374,769  
  
      Total U.S. Treasury Obligations       78,374,769  
 
 
 
TOTAL SHORT TERM INVESTMENTS   79,026,193  
  
(COST $79,026,193)
 
TOTAL INVESTMENTS – 100.65%   1,927,633,592  
(COST $1,615,952,306)
 
Liabilities in Excess of Other Assets – (0.65)%   (12,427,929 )
 
 
TOTAL NET ASSETS – 100.00% $ 1,915,205,663  
 
 

(a) Non-income producing
(b) Affiliated company; the Fund owns 5% or more of the outstanding voting securities of the issuer. The total value of affiliated securities amounted to $76,046,228 (3.97% of net assets), with an acquisition cost of $72,246,245. See Note 6.

 
 
See accompanying Notes to Financial Statements.
40
 

BUFFALO
USA GLOBAL FUND
 
SCHEDULE OF INVESTMENTS
September 30, 2005 (unaudited)

SHARES   MARKET VALUE  
  
COMMON STOCKS – 97.75%
CONSUMER DISCRETIONARY – 14.84%
      Auto Components – 6.27%          
  106,400   Gentex Corp.     $ 1,851,360  
  29,800   Johnson Controls, Inc.       1,849,090  
  33,300   Lear Corp.       1,131,201  
 
 
              4,831,651  
 
 
      Hotels, Restaurants & Leisure – 3.93%          
  24,400   Las Vegas Sands Corp.(a)       803,004  
  66,600   McDonald’s Corp.       2,230,434  
 
 
              3,033,438  
 
 
      Leisure Equipment & Products – 3.04%          
  73,200   GTECH Holdings Corp.       2,346,792  
 
 
      Specialty Retail – 1.60%          
  31,100   Tiffany & Co.       1,236,847  
  
      Total Consumer Discretionary       11,448,728  
 
 
CONSUMER STAPLES – 16.02%
      Beverages – 2.62%          
  46,700   The Coca-Cola Co.       2,016,973  
 
 
      Food Products – 5.59%          
  42,900   H.J. Heinz Co.       1,567,566  
  38,200   Wm. Wrigley Jr. Co.       2,745,816  
 
 
              4,313,382  
 
 
      Household Products – 4.84%          
  32,300   Colgate-Palmolive Co.       1,705,117  
  34,100   Kimberly-Clark Corp.       2,029,973  
 
 
              3,735,090  
 
 
      Personal Products – 2.97%          
  39,400   The Gillette Co.       2,293,080  
  
      Total Consumer Staples       12,358,525  
 
 
ENERGY – 2.40%
      Energy Equipment & Services – 2.40%          
  26,950   Halliburton Co.       1,846,614  
  
      Total Energy       1,846,614  
 
 
FINANCIALS – 4.79%
      Insurance – 4.79%          
  42,900   AFLAC Inc.       1,943,370  
  28,300   American International Group, Inc.       1,753,468  
  
      Total Financials       3,696,838  
 
 

 
 
41
 

BUFFALO
USA GLOBAL FUND
 
SCHEDULE OF INVESTMENTS (continued)
September 30, 2005 (unaudited)

SHARES   MARKET VALUE  
  
HEALTH CARE – 30.26%
      Health Care Equipment & Supplies – 16.91%          
  58,600   Baxter International Inc.     $ 2,336,382  
  37,000   Boston Scientific Corp.(a)       864,690  
  36,600   Mentor Corp.       2,013,366  
  37,700   Millipore Corp.(a)       2,370,953  
  33,900   Sigma-Aldrich Corp.       2,171,634  
  25,500   Sybron Dental Specialties, Inc.(a)       1,060,290  
  14,100   Varian Medical Systems, Inc.(a)       557,091  
  40,100   Waters Corp.(a)       1,668,160  
 
 
              13,042,566  
 
 
      Pharmaceuticals – 13.35%          
  59,500   Abbott Laboratories       2,522,800  
  38,500   Johnson & Johnson       2,436,280  
  137,300   Schering-Plough Corp.       2,890,165  
  52,900   Wyeth       2,447,683  
 
 
              10,296,928  
  
      Total Health Care       23,339,494  
 
 
INDUSTRIALS – 3.59%
      Aerospace & Defense – 1.35%          
  14,800   Teleflex Inc.       1,043,400  
 
 
      Commercial Services & Supplies – 2.24%          
  7,700   Getty Images, Inc.(a)       662,508  
  32,900   Heidrick & Struggles International, Inc.(a)       1,065,302  
 
 
              1,727,810  
  
      Total Industrials       2,771,210  
 
 
INFORMATION TECHNOLOGY – 25.85%
      Communications Equipment – 3.65%          
  77,500   Cisco Systems, Inc.(a)       1,389,575  
  64,600   Motorola, Inc.       1,427,014  
 
 
              2,816,589  
 
 
      Electronic Equipment & Instruments – 2.98%          
  23,900   Cognex Corp.       718,673  
  36,800   Molex Inc.       981,824  
  24,300   National Instruments Corp.       598,752  
 
 
              2,299,249  
 
 
      Semiconductor & Semiconductor Equipment – 14.58%          
  47,300   Analog Devices, Inc.       1,756,722  
  43,002   Applied Materials, Inc.       729,314  
  42,905   Cabot Microelectronics Corp.(a)       1,260,549  
  81,500   Fairchild Semiconductor International, Inc.(a)       1,211,090  
  33,000   FormFactor, Inc.(a)       753,060  
  63,000   Integrated Device Technology, Inc.(a)       676,620  
  97,500   Intel Corp.       2,403,375  
  25,200   KLA-Tencor Corp.       1,228,752  
  46,500   National Semiconductor Corp.       1,222,950  
 
 
              11,242,432  
 
 

 
 
42
 

 
 
SHARES OR
FACE AMOUNT		   MARKET VALUE  
  
INFORMATION TECHNOLOGY (Continued)
      Software – 4.64%          
  94,200   Microsoft Corp.     $ 2,423,766  
  93,000   Oracle Corp.(a)       1,152,270  
 
 
              3,576,036  
  
      Total Information Technology       19,934,306  
 
 
 
TOTAL COMMON STOCKS   75,395,715  
  
(COST $59,054,656)
 
SHORT TERM INVESTMENTS – 3.25%
INVESTMENT COMPANY – 0.66%
  506,285   SEI Daily Income Trust Treasury II Fund – Class B       506,285  
  
      Total Investment Companies       506,285  
 
 
U.S. TREASURY OBLIGATIONS – 2.59%
      Public Finance, Taxation, And Monetary Policy – 2.59%          
$ 2,000,000   3.035%, 10/06/2005       1,999,319  
  
      Total U.S. Treasury Obligations       1,999,319  
 
 
 
TOTAL SHORT TERM INVESTMENTS   2,505,604  
  
(COST $2,505,604)
 
TOTAL INVESTMENTS – 101.00%   77,901,319  
(COST $61,560,260)
 
Liabilities in Excess of Other Assets – (1.00)%   (774,543 )
 
 
TOTAL NET ASSETS – 100.00% $ 77,126,776  
 
 

(a) Non-income producing

 
 
See accompanying Notes to Financial Statements.
43
 

STATEMENTS OF ASSETS
AND LIABILITIES
 
September 30, 2005 (unaudited)

  BUFFALO
BALANCED
FUND 		  BUFFALO
HIGH YIELD
FUND 		  BUFFALO
LARGE CAP
FUND 		  BUFFALO
MICRO CAP
FUND 		 
  
ASSETS:                    
   Investments in securities, at cost:    
      Investments in securities of unaffiliated issuers     $ 129,674,335   $ 239,877,687   $ 51,615,915   $ 44,771,550  
      Investments in securities of affiliated issuers       —     —     —     —  
 
 
 
 
 
   Total investments, at cost     $ 129,674,335   $ 239,877,687   $ 51,615,915   $ 44,771,550  
 
 
 
 
 
   Investments in securities, at value:    
      Investments in securities of unaffiliated issuers     $ 149,426,770   $ 249,083,690   $ 57,427,199   $ 50,440,592  
      Investments in securities of affiliated issuers       —     —     —     —  
 
 
 
 
 
   Total investments, at value       149,426,770     249,083,690     57,427,199     50,440,592  
   Receivables:    
      Investments sold       —     1,093,099     —     6,912  
      Fund shares sold       510,078     30,453     5,303     23,084  
      Dividends       78,013     89,108     30,243     7,760  
      Interest       825,339     3,497,299     2,410     2,025  
   Other assets       22,750     19,082     12,527     12,822  
 
 
 
 
 
         Total assets       150,862,950     253,812,731     57,477,682     50,493,195  
 
 
 
 
 
LIABILITIES:    
   Payables:    
      Investments purchased       —     906,594     —     2,214,008  
      Fund shares purchased       9,527     476,691     10,816     5,633  
      Management fees       122,678     211,594     46,795     57,470  
   Accrued expenses       1,530     1,290     417     1,257  
 
 
 
 
 
         Total liabilities       133,735     1,596,169     58,028     2,278,368  
 
 
 
 
 
NET ASSETS     $ 150,729,215   $ 252,216,562   $ 57,419,654   $ 48,214,827  
 
 
 
 
 
NET ASSETS CONSIST OF:    
      Capital (capital stock and paid-in capital)     $ 138,591,747   $ 246,010,423   $ 53,694,942   $ 42,465,277  
      Accumulated net investment income (loss)       114,172     (918,939 )   (12,690 )   (230,031 )
      Accumulated net realized gain (loss) from    
         investment transactions       (7,729,139 )   (2,080,925 )   (2,073,882 )   310,539  
      Net unrealized appreciation of investments       19,752,435     9,206,003     5,811,284     5,669,042  
 
 
 
 
 
NET ASSETS APPLICABLE TO OUTSTANDING SHARES     $ 150,729,215   $ 252,216,562   $ 57,419,654   $ 48,214,827  
 
 
 
 
 
Capital shares, $1.00 par value:    
   Authorized       25,000,000     100,000,000     10,000,000     Unlimited  
 
 
 
 
 
   Outstanding       14,390,706     22,835,588     3,150,074     4,096,729  
 
 
 
 
 
NET ASSET VALUE PER SHARE     $ 10.47   $ 11.04   $ 18.23   $ 11.77  
 
 
 
 
 

 
 
See accompanying Notes to Financial Statements.
44
 

 
 
  BUFFALO
MID CAP
FUND 		  BUFFALO
SCIENCE &
TECHNOLOGY
FUND 		  BUFFALO
SMALL CAP
FUND 		  BUFFALO
USA GLOBAL
FUND 		 
  
ASSETS:                    
   Investments in securities, at cost:    
      Investments in securities of unaffiliated issuers     $ 182,622,649   $ 66,575,064   $ 1,543,706,061   $ 61,560,260  
      Investments in securities of affiliated issuers       —     —     72,246,245     —  
 
 
 
 
 
   Total investments, at cost     $ 182,622,649   $ 66,575,064   $ 1,615,952,306   $ 61,560,260  
 
 
 
 
 
   Investments in securities, at value:    
      Investments in securities of unaffiliated issuers     $ 217,573,298   $ 79,079,580   $ 1,851,587,364   $ 77,901,319  
      Investments in securities of affiliated issuers       —     —     76,046,228     —  
 
 
 
 
 
   Total investments, at value       217,573,298     79,079,580     1,927,633,592     77,901,319  
   Receivables:    
      Investments sold       636,390     —     696,788     —  
      Fund shares sold       603,042     199,000     1,251,868     2,413  
      Dividends       151,747     8,304     407,653     55,721  
      Interest       2,541     2,059     1,883     2,700  
   Other assets       11,757     10,993     50,500     13,673  
 
 
 
 
 
         Total assets       218,978,775     79,299,936     1,930,042,284     77,975,826  
 
 
 
 
 
LIABILITIES:    
   Payables:    
      Investments purchased       —     324,901     11,583,782     710,540  
      Fund shares purchased       44,063     15,512     1,646,586     74,756  
      Management fees       173,616     63,447     1,601,074     63,380  
   Accrued expenses       1,739     1,331     5,179     374  
 
 
 
 
 
         Total liabilities       219,418     405,191     14,836,621     849,050  
 
 
 
 
 
NET ASSETS     $ 218,759,357   $ 78,894,745   $ 1,915,205,663   $ 77,126,776  
 
 
 
 
 
NET ASSETS CONSIST OF:    
      Capital (capital stock and paid-in capital)     $ 178,587,903   $ 66,537,487   $ 1,353,847,941   $ 61,468,152  
      Accumulated net investment income (loss)       (282,476 )   (146,493 )   (4,595,960 )   17,884  
      Accumulated net realized gain (loss) from    
         investment transactions       5,503,281     (765 )   254,272,396     (700,319 )
      Net unrealized appreciation of investments       34,950,649     12,504,516     311,681,286     16,341,059  
 
 
 
 
 
NET ASSETS APPLICABLE TO OUTSTANDING SHARES     $ 218,759,357   $ 78,894,745   $ 1,915,205,663   $ 77,126,776  
 
 
 
 
 
Capital shares, $1.00 par value:    
   Authorized       Unlimited     Unlimited     100,000,000     10,000,000  
 
 
 
 
 
   Outstanding       15,737,913     6,550,705     68,666,703     3,760,681  
 
 
 
 
 
NET ASSET VALUE PER SHARE     $ 13.90   $ 12.04   $ 27.89   $ 20.51  
 
 
 
 
 

 
 
45
 

STATEMENTS
OF OPERATIONS
 
Six Months Ended September 30, 2005 (unaudited)

  BUFFALO
BALANCED
FUND 		  BUFFALO
HIGH YIELD
FUND 		  BUFFALO
LARGE CAP
FUND 		  BUFFALO
MICRO CAP
FUND 		 
  
INVESTMENT INCOME:                            
   Interest     $ 1,941,589   $ 7,138,698   $ 10,817   $ 63,914  
   Dividends:    
      Dividends from securities of unaffiliated issuers       924,362     735,020     365,357     40,217  
      Dividends from securities of affiliated issuers (Note 6)       —     —     —     —  
      Foreign taxes withheld       (896 )   (17,598 )   (19,820 )   —  
 
 
 
 
 
         Total investment income       2,865,055     7,856,120     356,354     104,131  
 
 
 
 
 
EXPENSES:    
      Management fees       724,831     1,364,998     286,701     316,969  
      Registration fees       17,519     15,668     11,244     15,989  
      Other       2,902     5,705     1,541     1,204  
 
 
 
 
 
         Total expenses       745,252     1,386,371     299,486     334,162  
 
 
 
 
 
         Net investment income (loss)       2,119,803     6,469,749     56,868     (230,031 )
 
 
 
 
 
NET REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENTS:		    
      Net realized gain (loss) from:    
         Investment transactions of unaffiliated issuers       (849,006 )   (1,451,419 )   1,227,855     140,349  
         Investment transactions of affiliated issuers (Note 6)       —     —     —     —  
      Net unrealized appreciation/depreciation during    
         the period on investments       7,704,080     918,311     429,499     4,472,993  
 
 
 
 
 
         Net realized and unrealized gain (loss) on investments    
            resulting from operations       6,855,074     (533,108 )   1,657,354     4,613,342  
 
 
 
 
 
         Net increase in net assets resulting from operations     $ 8,974,877   $ 5,936,641   $ 1,714,222   $ 4,383,311  
 
 
 
 
 

 
 
See accompanying Notes to Financial Statements.
46
 

 
 
  BUFFALO
MID CAP
FUND 		  BUFFALO
SCIENCE &
TECHNOLOGY
FUND 		  BUFFALO
SMALL CAP
FUND 		  BUFFALO
USA GLOBAL
FUND 		 
  
INVESTMENT INCOME:                    
   Interest     $ 188,259   $ 30,562   $ 822,400   $ 12,170  
   Dividends:    
      Dividends from securities of unaffiliated issuers       503,620     214,182     4,117,426     440,650  
      Dividends from securities of affiliated issuers (Note 6)       —     —     7,134     —  
      Foreign taxes withheld       (13,750 )   (17,814 )   —     —  
 
 
 
 
 
         Total investment income       678,129     226,930     4,946,960     452,820  
 
 
 
 
 
EXPENSES:    
      Management fees       942,410     360,144     9,488,387     378,126  
      Registration fees       14,835     11,661     24,554     12,744  
      Other       3,360     1,618     29,979     1,904  
 
 
 
 
 
         Total expenses       960,605     373,423     9,542,920     392,774  
 
 
 
 
 
         Net investment income (loss)       (282,476 )   (146,493 )   (4,595,960 )   60,046  
 
 
 
 
 
NET REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENTS:		    
      Net realized gain (loss) from:    
         Investment transactions of unaffiliated issuers       4,036,130     481,871     120,837,982     767,844  
         Investment transactions of affiliated issuers (Note 6)       —     —     —     —  
      Net unrealized appreciation/depreciation during    
         the period on investments       15,293,467     8,039,712     (9,328,008 )   5,821,903  
 
 
 
 
 
         Net realized and unrealized gain (loss) on investments    
            resulting from operations       19,329,597     8,521,583     111,509,974     6,589,747  
 
 
 
 
 
         Net increase in net assets resulting from operations     $ 19,047,121   $ 8,375,090   $ 106,914,014   $ 6,649,793  
 
 
 
 
 

 
 
47
 

STATEMENTS OF CHANGES
IN NET ASSETS

  BUFFALO
BALANCED FUND 		  BUFFALO
HIGH YIELD FUND 		 
  SIX MONTHS
ENDED
SEPTEMBER 30,
2005
(UNAUDITED) 		  YEAR ENDED
MARCH 31, 2005 		  SIX MONTHS
ENDED
SEPTEMBER 30,
2005
(UNAUDITED) 		  YEAR ENDED
MARCH 31, 2005 		 
  
OPERATIONS:                    
   Net investment income (loss)     $ 2,119,803   $ 3,749,386   $ 6,469,749   $ 12,021,120  
   Net realized gain (loss) from investment transactions       (849,006 )   (1,135,977 )   (1,451,419 )   4,226,417  
   Net unrealized appreciation/depreciation during the    
      period on investments       7,704,080     8,952,840     918,311     (6,434,461 )
 
 
 
 
 
         Net increase in net assets resulting from operations       8,974,877     11,566,249     5,936,641     9,813,076  
 
DISTRIBUTIONS TO SHAREHOLDERS:    
   Net investment income       (2,054,909 )   (3,923,730 )   (7,951,279 )   (12,618,871 )
   Net realized gain from investment transactions       —     —     —     —  
 
 
 
 
 
         Total distributions to shareholders       (2,054,909 )   (3,923,730 )   (7,951,279 )   (12,618,871 )
 
CAPITAL SHARE TRANSACTIONS:    
   Shares sold       17,532,009     104,045,655     9,641,607     63,198,005  
   Reinvested distributions       1,145,268     2,322,792     5,694,629     9,421,082  
 
 
 
 
 
        18,677,277     106,368,447     15,336,236     72,619,087  
   Redemptions       (17,914,401 )   (48,250,229 )   (65,866,552 )   (89,283,486 )
   Redemption fees (Note 4)       4,916     5,463     15,843     92,463  
 
 
 
 
 
      Shares repurchased       (17,909,485 )   (48,244,766 )   (65,850,709 )   (89,191,023 )
 
 
 
 
 
         Net increase (decrease) from capital share transactions       767,792     58,123,681     (50,514,473 )   (16,571,936 )
 
 
 
 
 
            Total increase (decrease) in net assets       7,687,760     65,766,200     (52,529,111 )   (19,377,731 )
     
NET ASSETS:    
   Beginning of period       143,041,455     77,275,255     304,745,673     324,123,404  
 
 
 
 
 
   End of period     $ 150,729,215   $ 143,041,455   $ 252,216,562   $ 304,745,673  
 
 
 
 
 
   Accumulated net investment income (loss) at end of period     $ 114,172   $ 49,278   $ (918,939 ) $ 562,591  
 
 
 
 
 
Fund share transactions:    
   Shares sold       1,724,381     10,766,009     863,620     5,576,601  
   Reinvested distributions       110,734     236,440     512,649     835,299  
 
 
 
 
 
        1,835,115     11,002,449     1,376,269     6,411,900  
   Shares repurchased       (1,771,617 )   (4,917,615 )   (5,916,713 )   (7,882,441 )
 
 
 
 
 
         Net increase (decrease) in fund shares       63,498     6,084,834     (4,540,444 )   (1,470,541 )
 
 
 
 
 

(1) Commenced operations on May 21, 2004.

 
 
See accompanying Notes to Financial Statements.
48
 

 
 
  BUFFALO
LARGE CAP FUND 		  BUFFALO
MICRO CAP FUND 		 
  SIX MONTHS
ENDED
SEPTEMBER 30,
2005
(UNAUDITED) 		  YEAR ENDED
MARCH 31, 2005 		  SIX MONTHS
ENDED
SEPTEMBER 30,
2005
(UNAUDITED) 		  PERIOD ENDED
MARCH 31,
2005(1) 		 
  
OPERATIONS:                    
   Net investment income (loss)     $ 56,868   $ 363,278   $ (230,031 ) $ (252,123 )
   Net realized gain (loss) from investment transactions       1,227,855     831,683     140,349     422,313  
   Net unrealized appreciation/depreciation during the    
      period on investments       429,499     (339,067 )   4,472,993     1,196,049  
 
 
 
 
 
         Net increase in net assets resulting from operations       1,714,222     855,894     4,383,311     1,366,239  
     
DISTRIBUTIONS TO SHAREHOLDERS:    
   Net investment income       (389,126 )   (88,195 )   —     —  
   Net realized gain from investment transactions       —     —     —     —  
 
 
 
 
 
         Total distributions to shareholders       (389,126 )   (88,195 )   —     —  
     
CAPITAL SHARE TRANSACTIONS:    
   Shares sold       4,847,395     8,275,804     6,748,724     43,733,081  
   Reinvested distributions       383,451     87,189     —     —  
 
 
 
 
 
        5,230,846     8,362,993     6,748,724     43,733,081  
   Redemptions       (5,435,068 )   (10,489,893 )   (2,247,416 )   (5,835,581 )
   Redemption fees (Note 4)       123     853     3,276     63,193  
 
 
 
 
 
      Shares repurchased       (5,434,945 )   (10,489,040 )   (2,244,140 )   (5,772,388 )
 
 
 
 
 
         Net increase (decrease) from capital share transactions       (204,099 )   (2,126,047 )   4,504,584     37,960,693  
 
 
 
 
 
            Total increase (decrease) in net assets       1,120,997     (1,358,348 )   8,887,895     39,326,932  
     
NET ASSETS:    
   Beginning of period       56,298,657     57,657,005     39,326,932     —  
 
 
 
 
 
   End of period     $ 57,419,654   $ 56,298,657   $ 48,214,827   $ 39,326,932  
 
 
 
 
 
   Accumulated net investment income (loss) at end of period     $ (12,690 ) $ 319,568   $ (230,031 ) $ —  
 
 
 
 
 
Fund share transactions:    
   Shares sold       268,257     472,866     594,228     4,275,966  
   Reinvested distributions       21,057     4,976     —     —  
 
 
 
 
 
        289,314     477,842     594,228     4,275,966  
   Shares repurchased       (299,756 )   (598,417 )   (199,854 )   (573,611 )
 
 
 
 
 
         Net increase (decrease) in fund shares       (10,442 )   (120,575 )   394,374     3,702,355  
 
 
 
 
 

 
 
49
 

STATEMENTS OF CHANGES
IN NET ASSETS (Continued)

  BUFFALO
MID CAP FUND 		  BUFFALO
SCIENCE & TECHNOLOGY FUND 		 
  SIX MONTHS
ENDED
SEPTEMBER 30,
2005
(UNAUDITED) 		  YEAR ENDED
MARCH 31, 2005 		  SIX MONTHS
ENDED
SEPTEMBER 30,
2005
(UNAUDITED) 		  YEAR ENDED
MARCH 31, 2005 		 
  
OPERATIONS:                    
   Net investment income (loss)     $ (282,476 ) $ (577,833 ) $ (146,493 ) $ (130,280 )
   Net realized gain from investment transactions       4,036,130     2,791,710     481,871     830,214  
   Net unrealized appreciation/depreciation during the    
      period on investments       15,293,467     125,588     8,039,712     (1,850,495 )
 
 
 
 
 
         Net increase (decrease) in net assets resulting from operations       19,047,121     2,339,465     8,375,090     (1,150,561 )
     
DISTRIBUTIONS TO SHAREHOLDERS:    
   Net investment income       —     —     —     —  
   Net realized gain from investment transactions       —     (1,920,221 )   —     —  
 
 
 
 
 
         Total distributions to shareholders       —     (1,920,221 )   —     —  
     
CAPITAL SHARE TRANSACTIONS:    
   Shares sold       45,964,160     123,268,855     22,638,625     48,199,849  
   Reinvested distributions       —     1,895,707     —     —  
 
 
 
 
 
        45,964,160     125,164,562     22,638,625     48,199,849  
   Redemptions       (17,134,796 )   (66,776,224 )   (14,821,580 )   (19,284,088 )
   Redemption fees (Note 4)       3,269     2,044     12,653     416  
 
 
 
 
 
      Shares repurchased       (17,131,527 )   (66,774,180 )   (14,808,927 )   (19,283,672 )
 
 
 
 
 
         Net increase (decrease) from capital share transactions       28,832,633     58,390,382     7,829,698     28,916,177  
 
 
 
 
 
            Total increase (decrease) in net assets       47,879,754     58,809,626     16,204,788     27,765,616  
     
NET ASSETS:    
   Beginning of period       170,879,603     112,069,977     62,689,957     34,924,341  
 
 
 
 
 
   End of period     $ 218,759,357   $ 170,879,603   $ 78,894,745   $ 62,689,957  
 
 
 
 
 
   Accumulated net investment income (loss) at end of period     $ (282,476 ) $ —   $ (146,493 ) $ —  
 
 
 
 
 
Fund share transactions:    
   Shares sold       3,439,963     10,082,713     1,981,255     4,468,491  
   Reinvested distributions       —     150,932     —     —  
 
 
 
 
 
        3,439,963     10,233,645     1,981,255     4,468,491  
   Shares repurchased       (1,328,302 )   (5,621,736 )   (1,275,002 )   (1,788,085 )
 
 
 
 
 
         Net increase (decrease) in fund shares       2,111,661     4,611,909     706,253     2,680,406  
 
 
 
 
 

 
 
See accompanying Notes to Financial Statements.
50
 

 
 
  BUFFALO
SMALL CAP FUND 		  BUFFALO
USA GLOBAL FUND 		 
  SIX MONTHS
ENDED
SEPTEMBER 30,
2005
(UNAUDITED) 		  YEAR ENDED
MARCH 31, 2005 		  SIX MONTHS
ENDED
SEPTEMBER 30,
2005
(UNAUDITED) 		  YEAR ENDED
MARCH 31, 2005 		 
  
OPERATIONS:                    
   Net investment income (loss)     $ (4,595,960 ) $ (4,927,065 ) $ 60,046   $ 557,427  
   Net realized gain from investment transactions       120,837,982     196,779,926     767,844     2,622,670  
   Net unrealized appreciation/depreciation during the    
      period on investments       (9,328,008 )   (100,392,491 )   5,821,903     (3,947,995 )
 
 
 
 
 
         Net increase (decrease) in net assets resulting from operations       106,914,014     91,460,370     6,649,793     (767,898 )
     
DISTRIBUTIONS TO SHAREHOLDERS:    
   Net investment income       —     (1,191,873 )   (185,287 )   (508,381 )
   Net realized gain from investment transactions       —     (60,513,785 )   —     —  
 
 
 
 
 
         Total distributions to shareholders       —     (61,705,658 )   (185,287 )   (508,381 )
     
CAPITAL SHARE TRANSACTIONS:    
   Shares sold       172,796,721     539,110,830     4,572,525     21,324,052  
   Reinvested distributions       —     59,859,507     180,836     496,840  
 
 
 
 
 
        172,796,721     598,970,337     4,753,361     21,820,892  
   Redemptions       (210,424,692 )   (487,766,975 )   (8,069,685 )   (25,760,075 )
   Redemption fees (Note 4)       72,200     20,596     1,589     140  
 
 
 
 
 
      Shares repurchased       (210,352,492 )   (487,746,379 )   (8,068,096 )   (25,759,935 )
 
 
 
 
 
         Net increase (decrease) from capital share transactions       (37,555,771 )   111,223,958     (3,314,735 )   (3,939,043 )
 
 
 
 
 
            Total increase (decrease) in net assets       69,358,243     140,978,670     3,149,771     (5,215,322 )
     
NET ASSETS:    
   Beginning of period       1,845,847,420     1,704,868,750     73,977,005     79,192,327  
 
 
 
 
 
   End of period     $ 1,915,205,663   $ 1,845,847,420   $ 77,126,776   $ 73,977,005  
 
 
 
 
 
   Accumulated net investment income (loss) at end of period     $ (4,595,960 ) $ —   $ 17,884   $ 143,125  
 
 
 
 
 
Fund share transactions:    
   Shares sold       6,205,870     20,957,242     233,579     1,124,245  
   Reinvested distributions       —     2,234,471     9,236     25,667  
 
 
 
 
 
        6,205,870     23,191,713     242,815     1,149,912  
   Shares repurchased       (7,723,497 )   (19,355,268 )   (413,401 )   (1,348,481 )
 
 
 
 
 
         Net increase (decrease) in fund shares       (1,517,627 )   3,836,445     (170,586 )   (198,569 )
 
 
 
 
 

 
 
51
 

FINANCIAL HIGHLIGHTS

BUFFALO BALANCED FUND
 
Condensed data for a share of capital SIX MONTHS ENDED
SEPTEMBER 30, 2005 		  YEARS ENDED MARCH 31,  
stock outstanding throughout the period. (UNAUDITED)   2005   2004   2003   2002(1)   2001  
  
Net asset value, beginning of period       $ 9.98     $ 9.38   $ 7.27   $ 9.27   $ 8.97   $ 9.86  
 
 
 
 
 
 
 
   Income from investment operations:    
      Net investment income         0.15       0.29     0.29     0.20     0.33     0.35  
      Net gains (losses) on securities    
         (both realized and unrealized)         0.49       0.62     2.12     (1.99 )   0.23     (0.79 )
 
 
 
 
 
 
 
   Total from investment operations         0.64       0.91     2.41     (1.79 )   0.56     (0.44 )
 
 
 
 
 
 
 
   Less dividends from net investment income         (0.15 )     (0.31 )   (0.30 )   (0.21 )   (0.26 )   (0.45 )
 
 
 
 
 
 
 
   Paid-in capital from redemption fees (Note 4)         — (2)     — (2)   —     —     —     —  
 
 
 
 
 
 
 
Net asset value, end of period       $ 10.47     $ 9.98   $ 9.38   $ 7.27   $ 9.27   $ 8.97  
 
 
 
 
 
 
 
Total return*         6.39 %     9.75 %   33.50 %   (19.32 %)   6.48 %   (4.58 %)
 
 
 
 
 
 
 
Ratios/Supplemental Data    
Net assets, end of period (in thousands)       $ 150,729     $ 143,041   $ 77,275   $ 18,050   $ 22,869   $ 27,690  
Ratio of expenses to average net assets**         1.03 %     1.03 %   1.05 %   1.10 %   1.08 %   1.06 %
Ratio of net investment income    
   to average net assets**         2.92 %     3.13 %   3.47 %   2.60 %   2.71 %   3.72 %
Portfolio turnover rate         9 %     30 %   32 %   45 %   12 %   68 %

* Total return not annualized for periods of less than one full year.
** Annualized for periods less than one full year.
(1) As required, effective April 1, 2001, the Fund has adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began amortizing premiums on debt securities. The effect of this change for the period ended March 31, 2002 was to decrease net investment income per share by less than 1/2 of a cent, increase net realized and unrealized gains and losses per share by less than 1/2 of a cent, and the ratio of net investment income to average net assets per share was unchanged. Per share, ratios and supplemental data for periods prior to April 1, 2001 have not been restated to reflect this change in presentation.
(2) Less than $0.01 per share.

 
 
See accompanying Notes to Financial Statements.
52
 

FINANCIAL HIGHLIGHTS

BUFFALO HIGH YIELD FUND
 
Condensed data for a share of capital SIX MONTHS ENDED
SEPTEMBER 30, 2005 		  YEARS ENDED MARCH 31,  
stock outstanding throughout the period. (UNAUDITED)   2005   2004   2003   2002(1)   2001  
  
Net asset value, beginning of period       $ 11.13     $ 11.24   $ 9.86   $ 9.87   $ 10.24   $ 10.21  
 
 
 
 
 
 
 
   Income from investment operations:    
      Net investment income         0.28       0.42     0.43     0.55     0.73     1.05  
      Net gains (losses) on securities    
         (both realized and unrealized)         (0.03 )     (0.09 )   1.37     0.01     (0.34 )   0.02  
 
 
 
 
 
 
 
   Total from investment operations         0.25       0.33     1.80     0.56     0.39     1.07  
 
 
 
 
 
 
 
   Less dividends from net investment income         (0.34 )     (0.44 )   (0.43 )   (0.57 )   (0.76 )   (1.04 )
 
 
 
 
 
 
 
   Paid-in capital from redemption fees (Note 4)         — (2)     — (2)   0.01     —     —     —  
 
 
 
 
 
 
 
Net asset value, end of period       $ 11.04     $ 11.13   $ 11.24   $ 9.86   $ 9.87   $ 10.24  
 
 
 
 
 
 
 
Total return*         2.32 %     2.96 %   18.56 %   5.95 %   3.95 %   11.16 %
 
 
 
 
 
 
 
Ratios/Supplemental Data    
Net assets, end of period (in thousands)       $ 252,217     $ 304,746   $ 324,123   $ 143,008   $ 69,857   $ 41,651  
Ratio of expenses to average net assets**         1.02 %     1.02 %   1.03 %   1.03 %   1.04 %   1.04 %
Ratio of net investment income    
   to average net assets**         4.74 %     3.71 %   3.89 %   6.24 %   7.63 %   10.30 %
Portfolio turnover rate         11 %     45 %   51 %   33 %   36 %   54 %

* Total return not annualized for periods of less than one full year.
** Annualized for periods less than one full year.
(1) As required, effective April 1, 2001, the Fund has adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began amortizing premiums on debt securities. The effect of this change for the period ended March 31, 2002 was to decrease net investment income per share by less than 1/2 of a cent, increase net realized and unrealized gains and losses per share by less than 1/2 of a cent, and decrease the ratio of net investment income to average net assets from 7.73% to 7.63%. Per share, ratios and supplemental data for periods prior to April 1, 2001 have not been restated to reflect this change in presentation.
(2) Less than $0.01 per share.

 
 
See accompanying Notes to Financial Statements.
53
 

FINANCIAL HIGHLIGHTS

BUFFALO LARGE CAP FUND
 
Condensed data for a share of capital SIX MONTHS ENDED
SEPTEMBER 30, 2005 		  YEARS ENDED MARCH 31,  
stock outstanding throughout the period. (UNAUDITED)   2005   2004   2003   2002   2001  
  
Net asset value, beginning of period       $ 17.81     $ 17.57   $ 12.57   $ 18.14   $ 17.99   $ 21.91  
 
 
 
 
 
 
 
   Income from investment operations:    
      Net investment income (loss)         0.02       0.12     0.01     0.03     (0.03 )   0.04  
      Net gains (losses) on securities    
         (both realized and unrealized)         0.52       0.15     5.02     (5.60 )   0.39     (1.98 )
 
 
 
 
 
 
 
   Total from investment operations         0.54       0.27     5.03     (5.57 )   0.36     (1.94 )
 
 
 
 
 
 
 
   Less distributions:    
      Dividends from net investment income         (0.12 )     (0.03 )   (0.03 )   —     (0.01 )   (0.03 )
      Distributions from capital gains         —       —     —     —     (0.20 )   (1.95 )
 
 
 
 
 
 
 
   Total distributions         (0.12 )     (0.03 )   (0.03 )   —     (0.21 )   (1.98 )
 
 
 
 
 
 
 
   Paid-in capital from redemption fees (Note 4)         — (1)     — (1)   —     —     —     —  
 
 
 
 
 
 
 
Net asset value, end of period       $ 18.23     $ 17.81   $ 17.57   $ 12.57   $ 18.14   $ 17.99  
 
 
 
 
 
 
 
Total return*         3.05 %     1.52 %   40.05 %   (30.71 %)   2.06 %   (9.86 %)
 
 
 
 
 
 
 
Ratios/Supplemental Data    
Net assets, end of period (in thousands)       $ 57,420     $ 56,299   $ 57,657   $ 35,664   $ 53,708   $ 42,927  
Ratio of expenses to average net assets**         1.04 %     1.05 %   1.04 %   1.06 %   1.06 %   1.04 %
Ratio of net investment income (loss)    
   to average net assets**         0.20 %     0.64 %   0.10 %   0.21 %   (0.17 %)   0.17 %
Portfolio turnover rate         14 %     17 %   41 %   16 %   7 %   27 %

* Total return not annualized for periods of less than one full year.
** Annualized for periods less than one full year.
(1) Less than $0.01 per share.

 
 
See accompanying Notes to Financial Statements.
54
 

FINANCIAL HIGHLIGHTS

BUFFALO MICRO CAP FUND
 
Condensed data for a share of capital SIX MONTHS ENDED
SEPTEMBER 30, 2005 		  FOR THE PERIOD FROM
MAY 21, 2004
(COMMENCEMENT OF
OPERATIONS) TO 		 
stock outstanding throughout the period. (UNAUDITED)   MARCH 31, 2005  
  
Net asset value, beginning of period       $ 10.62       $ 10.00    
 
 
 
   Income from investment operations:    
      Net investment loss         (0.06 )       (0.07 )  
      Net gains on securities (both realized and unrealized)         1.21         0.66    
 
 
 
   Total from investment operations         1.15         0.59    
 
 
 
   Paid-in capital from redemption fees (Note 4)         — (1)       0.03    
 
 
 
Net asset value, end of period       $ 11.77       $ 10.62    
 
 
 
Total return*         10.83 %       6.20 %  
 
 
 
Ratios/Supplemental Data    
Net assets, end of period (in thousands)       $ 48,215       $ 39,327    
Ratio of expenses to average net assets**         1.53 %       1.58 %  
Ratio of net investment loss to average net assets**         (1.05 %)       (1.14 %)  
Portfolio turnover rate*         29 %       28 %  

* Not annualized for periods less than one full year
** Annualized for periods less than one full year
(1) Less than $0.01 per share.

 
 
See accompanying Notes to Financial Statements.
55
 

FINANCIAL HIGHLIGHTS

BUFFALO MID CAP FUND
 
Condensed data for a share of capital SIX MONTHS ENDED
SEPTEMBER 30, 2005 		  YEARS ENDED MARCH 31,   FOR THE PERIOD FROM
DECEMBER 17, 2001
(COMMENCEMENT OF
OPERATIONS) TO 		 
stock outstanding throughout the period. (UNAUDITED)   2005   2004   2003   MARCH 31, 2002  
  
Net asset value, beginning of period       $ 12.54     $ 12.43   $ 7.54   $ 10.12     $ 10.00    
 
 
 
 
 
 
   Income from investment operations:    
      Net investment loss         (0.02 )     (0.04 )   (0.04 )   (0.04 )     (0.01 )  
      Net gains (losses) on securities    
         (both realized and unrealized)         1.38       0.31     4.93     (2.54 )     0.13    
 
 
 
 
 
 
   Total from investment operations         1.36       0.27     4.89     (2.58 )     0.12    
 
 
 
 
 
 
   Less distributions from capital gains         —       (0.16 )   —     —       —    
 
 
 
 
 
 
   Paid-in capital from redemption fees (Note 4)         — (1)     — (1)   —     —       —    
 
 
 
 
 
 
Net asset value, end of period       $ 13.90     $ 12.54   $ 12.43   $ 7.54     $ 10.12    
 
 
 
 
 
 
Total return*         10.85 %     2.15 %   64.85 %   (25.49 %)     1.20 %  
 
 
 
 
 
 
Ratios/Supplemental Data    
Net assets, end of period (in thousands)       $ 218,759     $ 170,880   $ 112,070   $ 39,193     $ 31,755    
Ratio of expenses to average net assets**         1.02 %     1.03 %   1.03 %   1.10 %     1.16 %  
Ratio of net investment loss to average net assets**         (0.30 %)     (0.39 %)   (0.48 %)   (0.59 %)     (0.71 %)  
Portfolio turnover rate*         11 %     21 %   24 %   8 %     3 %  

* Not annualized for periods less than one full year
** Annualized for periods less than one full year
(1) Less than $0.01 per share.

 
 
See accompanying Notes to Financial Statements.
56
 

FINANCIAL HIGHLIGHTS

BUFFALO SCIENCE & TECHNOLOGY FUND
 
Condensed data for a share of capital SIX MONTHS ENDED
SEPTEMBER 30, 2005 		  YEARS ENDED MARCH 31,   FOR THE PERIOD FROM
APRIL 16, 2001
(COMMENCEMENT OF
OPERATIONS) TO 		 
stock outstanding throughout the period. (UNAUDITED)   2005   2004   2003   MARCH 31, 2002  
  
Net asset value, beginning of period       $ 10.73     $ 11.04   $ 6.01   $ 10.18     $ 10.00    
 
 
 
 
 
 
   Income from investment operations:    
      Net investment loss         (0.02 )     (0.02 )   (0.04 )   (0.05 )     (0.05 )  
      Net gains (losses) on securities    
         (both realized and unrealized)         1.33       (0.29 )   5.07     (4.12 )     0.23    
 
 
 
 
 
 
   Total from investment operations         1.31       (0.31 )   5.03     (4.17 )     0.18    
 
 
 
 
 
 
   Paid-in capital from redemption fees (Note 4)         — (1)     — (1)   —     —       —    
 
 
 
 
 
 
Net asset value, end of period       $ 12.04     $ 10.73   $ 11.04   $ 6.01     $ 10.18    
 
 
 
 
 
 
Total return*         12.21 %     (2.81 %)   83.69 %   (40.96 %)     1.80 %  
 
 
 
 
 
 
Ratios/Supplemental Data    
Net assets, end of period (in thousands)       $ 78,895     $ 62,690   $ 34,924   $ 14,537     $ 18,512    
Ratio of expenses to average net assets**         1.04 %     1.05 %   1.03 %   1.23 %     1.17 %  
Ratio of net investment loss to average net assets**         (0.41 %)     (0.24 %)   (0.55 %)   (0.73 %)     (0.77 %)  
Portfolio turnover rate*         29 %     25 %   38 %   26 %     4 %  

* Not annualized for periods less than one full year
** Annualized for periods less than one full year
(1) Less than $0.01 per share.

 
 
See accompanying Notes to Financial Statements.
57
 

FINANCIAL HIGHLIGHTS

BUFFALO SMALL CAP FUND
 
Condensed data for a share of capital SIX MONTHS ENDED
SEPTEMBER 30, 2005 		  YEARS ENDED MARCH 31,  
stock outstanding throughout the period. (UNAUDITED)   2005   2004   2003   2002   2001  
  
Net asset value, beginning of period       $ 26.30     $ 25.70   $ 13.79   $ 21.08   $ 14.97   $ 15.38  
 
 
 
 
 
 
 
   Income from investment operations:    
      Net investment loss         (0.07 )     (0.07 )   (0.10 )   (0.10 )   (0.03 )   (0.01 )
      Net gains (losses) on securities    
         (both realized and unrealized)         1.66       1.56     12.21     (7.16 )   6.17     1.27  
 
 
 
 
 
 
 
   Total from investment operations         1.59       1.49     12.11     (7.26 )   6.14     1.26  
 
 
 
 
 
 
 
   Less distributions:    
      Dividends from net investment income         —       (0.02 )   —     —     —     —  
      Distributions from capital gains         —       (0.87 )   (0.20 )   (0.03 )   (0.03 )   (1.67 )
 
 
 
 
 
 
 
   Total distributions         —       (0.89 )   (0.20 )   (0.03 )   (0.03 )   (1.67 )
 
 
 
 
 
 
 
   Paid-in capital from redemption fees (Note 4)         — (1)     — (1)   —     —     —     —  
 
 
 
 
 
 
 
Net asset value, end of period       $ 27.89     $ 26.30   $ 25.70   $ 13.79   $ 21.08   $ 14.97  
 
 
 
 
 
 
 
Total return*         6.05 %     5.75 %   88.07 %   (34.49 %)   41.04 %   8.95 %
 
 
 
 
 
 
 
Ratios/Supplemental Data    
Net assets, end of period (in thousands)       $ 1,915,206     $ 1,845,847   $ 1,704,869   $ 685,634   $ 1,285,143   $ 53,473  
Ratio of expenses to average net assets**         1.01 %     1.01 %   1.01 %   1.02 %   1.01 %   1.04 %
Ratio of net investment loss to average net assets**         (0.48 %)     (0.28 %)   (0.53 %)   (0.55 %)   (0.44 %)   (0.12 %)
Portfolio turnover rate         15 %     35 %   22 %   24 %   6 %   31 %

* Total return not annualized for periods of less than one full year.
** Annualized for periods less than one full year.
(1) Less than $0.01 per share.

 
 
See accompanying Notes to Financial Statements.
58
 

FINANCIAL HIGHLIGHTS

BUFFALO USA GLOBAL FUND
 
Condensed data for a share of capital SIX MONTHS ENDED
SEPTEMBER 30, 2005 		  YEARS ENDED MARCH 31,  
stock outstanding throughout the period. (UNAUDITED)   2005   2004   2003   2002   2001  
  
Net asset value, beginning of period       $ 18.82     $ 19.18   $ 13.04   $ 18.84   $ 17.48   $ 25.01  
 
 
 
 
 
 
 
   Income from investment operations:    
      Net investment income (loss)         0.02       0.12     0.02     (0.01 )   (0.06 )   (0.01 )
      Net gains (losses) on securities    
         (both realized and unrealized)         1.72       (0.37 )   6.12     (5.79 )   1.42     (4.67 )
 
 
 
 
 
 
 
   Total from investment operations         1.74       (0.25 )   6.14     (5.80 )   1.36     (4.68 )
 
 
 
 
 
 
 
   Less distributions:    
      Dividends from net investment income         (0.05 )     (0.11 )   —     —     —     —  
      Distributions from capital gains         —       —     —     —     —     (2.85 )
 
 
 
 
 
 
 
   Total distributions         (0.05 )     (0.11 )   —     —     —     (2.85 )
 
 
 
 
 
 
 
   Paid-in capital from redemption fees (Note 4)         — (1)     — (1)   —     —     —     —  
 
 
 
 
 
 
 
Net asset value, end of period       $ 20.51     $ 18.82   $ 19.18   $ 13.04   $ 18.84   $ 17.48  
 
 
 
 
 
 
 
Total return*         9.25 %     (1.30 %)   47.11 %   (30.79 %)   7.78 %   (19.80 %)
 
 
 
 
 
 
 
Ratios/Supplemental Data    
Net assets, end of period (in thousands)       $ 77,127     $ 73,977   $ 79,192   $ 60,735   $ 72,579   $ 49,335  
Ratio of expenses to average net assets**         1.04 %     1.04 %   1.03 %   1.04 %   1.05 %   1.03 %
Ratio of net investment income (loss)    
   to average net assets**         0.16 %     0.67 %   0.14 %   (0.10 %)   (0.39 %)   (0.05 %)
Portfolio turnover rate         4 %     33 %   21 %   7 %   6 %   17 %

* Total return not annualized for periods of less than one full year.
** Annualized for periods less than one full year.
(1) Less than $0.01 per share.

 
 
See accompanying Notes to Financial Statements.
59
 

NOTES TO FINANCIAL
STATEMENTS
 
September 30, 2005 (unaudited)

1. SIGNIFICANT ACCOUNTING POLICIES:

The Buffalo Balanced Fund, Inc., Buffalo High Yield Fund, Inc., Buffalo Large Cap Fund, Inc., Buffalo Funds (comprised of the Buffalo Micro Cap Fund, Buffalo Mid Cap Fund and Buffalo Science & Technology Fund), Buffalo Small Cap Fund, Inc. and Buffalo USA Global Fund, Inc. (the “Funds”) are registered under the Investment Company Act of 1940, as amended, as diversified open-end management investment companies. The shares of the Buffalo Funds are issued in multiple series, with each series, in effect, representing a separate Fund. The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements.

A. INVESTMENT VALUATION — Corporate stocks and bonds traded on a national securities exchange or national market, except those traded using the National Association of Securities Dealers’ Automated Quotation System (“NASDAQ”), are valued at the latest sales price thereof. All equity securities that are traded using NASDAQ are valued using the NASDAQ Official Closing Price (“NOCP”), which may not necessarily represent the last sales price. If there has been no sale on such exchange or on NASDAQ on such day, the security is valued at the mean between the most recent quoted bid and asked price.

When market quotations are not readily available, any security or other asset is valued at its fair value as determined in good faith under procedures approved by the Boards of Directors. If events occur that will affect the value of a Fund’s portfolio securities before the NAV has been calculated, the security will generally be priced using a fair value procedure. The Board has adopted specific procedures for valuing portfolio securities and delegated the responsibility of fair value determinations to a Valuation Committee. Some of the factors that may be considered by the Valuation Committee in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restriction on the disposition; trading in similar securities of the same issuer or comparable companies; information from broker-dealers; and an evaluation of the forces that influence the market in which the securities are purchased or sold.

Securities with maturities of 60 days or less when acquired or subsequently within 60 days of maturity are valued at amortized cost, which approximates market value.

B. FEDERAL INCOME TAXES — Each Fund complies with the requirements of Subchapter M of the Internal Revenue Code necessary to qualify as regulated investment companies and to make the requisite distributions of income and capital gains to its shareholders sufficient to relieve it from all or substantially all federal income taxes. Therefore, no federal income tax provision has been provided.

C. INVESTMENT TRANSACTIONS AND INVESTMENT INCOME — Investment transactions are accounted for on the date the securities are purchased or sold (trade date). Dividend income is recorded on the ex-dividend date. Interest income is recognized on the accrual basis. Realized gains and losses from investment transactions are reported on the identified cost basis. All discounts/premiums are accreted/amortized for financial reporting purposes and are included in interest income.

D. DISTRIBUTIONS TO SHAREHOLDERS — Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles. These differences are primarily due to differing treatments for premium amortization on debt securities and deferral of post October and wash sale losses.

E. USE OF ESTIMATES — The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from such estimates.

F. INDEMNIFICATIONS — Under the Funds’ organizational documents, its Officers and Directors are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that provide general indemnification to other parties. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred, and may not occur. However, the Funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.

 
 
60
 

 
 

2. FEDERAL TAX MATTERS:

The tax character of distributions paid during the periods ended September 30, 2005 and March 31, 2005 were as follows:

  SIX MONTHS ENDED SEPTEMBER 30, 2005   YEAR ENDED MARCH 31, 2005  
 
 
  ORDINARY
INCOME		   LONG-TERM
CAPITAL GAINS		   RETURN
OF CAPITAL		   ORDINARY
INCOME		   LONG-TERM
CAPITAL GAINS		   RETURN
OF CAPITAL		  
  
Buffalo Balanced Fund     $ 2,054,909   $ —   $ —   $ 3,923,730   $ —   $ —  
Buffalo High Yield Fund       7,951,279     —     —     12,618,871     —     —  
Buffalo Large Cap Fund       89,126     —     —     88,195     —     —  
Buffalo Micro Cap Fund(1)       —     —     —     —     —     —  
Buffalo Mid Cap Fund       —     —     —     720,305     1,339,808     —  
Buffalo Science & Technology Fund       —     —     —     —     —     —  
Buffalo Small Cap Fund       —     —     —     33,687,874     39,992,904     —  
Buffalo USA Global Fund       185,287     —     —     508,381     —     —  

(1) Commenced operations on May 21, 2004.
The tax characteristics of the distributions paid for the six months ended September 30, 2005 are estimated based on current period results and may differ from their ultimate classification once the Funds have completed their tax year ending March 31, 2006.

As of March 31, 2005, the components of accumulated earnings (losses) on a tax basis were as follows:

  BUFFALO
BALANCED
FUND 		  BUFFALO
HIGH YIELD
FUND 		  BUFFALO
LARGE CAP
FUND 		  BUFFALO
MICRO CAP
FUND 		 
  
Cost of investments(a)     $ 130,255,095   $ 293,108,543   $ 50,911,654   $ 38,591,145  
 
 
 
 
 
Gross unrealized appreciation       17,095,866     15,464,876     9,918,870     4,374,699  
Gross unrealized depreciation       (5,215,902 )   (8,915,466 )   (4,569,499 )   (3,229,111 )
 
 
 
 
 
Net unrealized appreciation     $ 11,879,964   $ 6,549,410   $ 5,349,371   $ 1,145,588  
 
 
 
 
 
Undistributed ordinary income       68,504     1,786,196     319,568     220,651  
Undistributed long-term capital gain       —     —     —     —  
 
 
 
 
 
Total distributable earnings     $ 68,504   $ 1,786,196   $ 319,568   $ 220,651  
 
 
 
 
 
Other accumulated gains (losses)       (6,730,968 )   (114,829 )   (3,269,323 )   —  
 
 
 
 
 
Total accumulated earnings (losses)     $ 5,217,500   $ 8,220,777   $ 2,399,616   $ 1,366,239  
 
 
 
 
 

(a) Represents cost for federal income tax purposes and differs from the cost for financial reporting purposes.

  BUFFALO
MID CAP
FUND		   BUFFALO
SCIENCE & TECHNOLOGY FUND		   BUFFALO
SMALL CAP
FUND		   BUFFALO
USA GLOBAL
FUND		  
  
Cost of investments(a)     $ 149,758,967   $ 58,397,947   $ 1,516,521,388   $ 63,991,152  
 
 
 
 
 
Gross unrealized appreciation       26,275,653     8,660,620     435,395,870     14,546,471  
Gross unrealized depreciation       (6,618,471 )   (4,278,339 )   (115,919,237 )   (4,335,961 )
 
 
 
 
 
Net unrealized appreciation     $ 19,657,182   $ 4,382,281   $ 319,476,633   $ 10,210,510  
 
 
 
 
 
Undistributed ordinary income       1,297,834     —     11,390,003     143,125  
Undistributed long-term capital gain       169,317     —     123,577,072     —  
 
 
 
 
 
Total distributable earnings     $ 1,467,151   $ —   $ 134,967,075   $ 143,125  
 
 
 
 
 
Other accumulated gains (losses)       —     (400,113 )   —     (1,159,517 )
 
 
 
 
 
Total accumulated earnings (losses)     $ 21,124,333   $ 3,982,168   $ 454,443,708   $ 9,194,118  
 
 
 
 
 

(a) Represents cost for federal income tax purposes and differs from the cost for financial reporting purposes.

 
 
61
 

NOTES TO FINANCIAL
STATEMENTS (Continued)

As of March 31, 2005, the accumulated net realized loss on sales of investments and losses deferred for federal income tax purposes which are available to offset future taxable gains are as follows:

  
CAPITAL LOSS
CARRYOVER		   EXPIRES
  
Buffalo Balanced Fund     $ 2,546,950     2007  
        2,192,010     2009  
        226,010     2011  
        601,388     2012  
        29,360     2013  
Buffalo High Yield Fund       114,829     2011  
Buffalo Large Cap Fund       2,259,380     2011  
        1,009,943     2012  
Buffalo Science & Technology Fund       400,113     2011  
Buffalo USA Global Fund       1,159,517     2011  

The Buffalo Balanced Fund incurred a loss for tax purposes from November 1, 2004 to March 31, 2005 in the amount of $1,135,250. As permitted by tax regulations, the Fund elected to defer and treat this loss as arising in the fiscal year ended March 31, 2006.

For the fiscal year ended March 31, 2005, certain dividends paid by the Funds may be subject to a maximum tax rate of 15%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The percentage of dividends declared from net investment income designated as qualified dividend income for each Fund were as follows (unaudited):

Buffalo Balanced Fund       42 %
Buffalo High Yield Fund       9 %
Buffalo Large Cap Fund       100 %
Buffalo Mid Cap Fund       39 %
Buffalo Small Cap Fund       25 %
Buffalo USA Global Fund       100 %

For corporate shareholders, the percentage of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal year ended March 31, 2005 were as follows (unaudited):

Buffalo Balanced Fund       39 %
Buffalo High Yield Fund       7 %
Buffalo Large Cap Fund       100 %
Buffalo Mid Cap Fund       30 %
Buffalo Small Cap Fund       22 %
Buffalo USA Global Fund       100 %

3. TRANSACTIONS WITH AFFILIATES:

Management fees are paid to Kornitzer Capital Management, Inc. at the rate of 1.00% per annum of the average daily net asset values of the Funds, except for the Buffalo Micro Cap Fund, which has a management fee rate of 1.45%. The management fees are for services, which include administration and all other operating expenses of the Funds, except the cost of acquiring and disposing of portfolio securities, taxes, if any, imposed directly on the Funds and its shares, insurance, certain director expenses and the cost of qualifying the Funds’ shares for sale in any jurisdiction. Certain officers and a director of the Funds are also officers and/or directors of Kornitzer Capital Management, Inc.

A director of the Funds is affiliated with U.S. Bancorp Fund Services, LLC and U.S. Bank, N.A., which provide accounting, administration, transfer agency and custodian services to the Funds.

4. REDEMPTION FEE:

Shares of the Buffalo Balanced Fund, Buffalo Large Cap Fund, Buffalo Mid Cap Fund, Buffalo Science & Technology Fund and Buffalo USA Global Fund sold or exchanged within two months of their purchase and shares of the Buffalo High Yield Fund, Buffalo Micro Cap Fund and Buffalo Small Cap Fund sold or exchanged within six months of their purchase are subject to a redemption fee of 2.00% of the value of the shares sold or exchanged. The Fund will employ the “first in, first out” method to calculate the two month or six month holding period. The redemption fee does not apply to shares purchased through reinvested distributions (dividends and capital gains) or to shares held through 401(k) or other retirement plans. The redemption fee is retained by the Funds and will help pay transaction and tax costs that long-term investors may bear when the Funds realize capital gains as a result of selling securities to meet investor redemptions.

 
 
62
 

 
 

5. INVESTMENT TRANSACTIONS:

The aggregate purchases and sales of securities, excluding short-term investments and U.S. government securities, for the Funds for the six months ended September 30, 2005, were as follows:

  BUFFALO
BALANCED
FUND 		BUFFALO
HIGH YIELD
FUND 		BUFFALO
LARGE CAP
FUND 		BUFFALO
MICRO CAP
FUND 		BUFFALO
MID CAP
FUND 		BUFFALO
SCIENCE &
TECHNOLOGY
FUND		 BUFFALO
SMALL CAP
FUND 		BUFFALO
USA GLOBAL
FUND
Purchases       $17,099,392     $42,864,227     $8,059,762     $15,346,194     $44,162,181     $25,836,563     $271,479,702     $3,075,915  
Proceeds from Sales       $11,264,951     $25,961,619     $9,627,573     $11,259,580     $18,990,140     $20,219,051     $316,581,253     $6,879,648  

There were no purchases or sales of long-term U.S. government securities for any Funds during the six months ended September 30, 2005.

6. OTHER AFFILIATES:*

Investments representing 5% or more of the outstanding voting securities of a portfolio company result in that company being considered an affiliated company, as defined in the 1940 Act. The aggregate market value of all securities of affiliated companies held in the Buffalo Small Cap Fund as of September 30, 2005 amounted to $76,046,228 representing 3.97% of net assets. There were no affiliated companies held in any other Funds. Transactions in the Buffalo Small Cap Fund during the six months ended September 30, 2005 in which the issuer was an “affiliated person” are as follows:

  GAMCO
INVESTORS,
INC. – CLASS A** 		  HEIDRICK &
STRUGGLES
INTERNATIONAL,
INC. 		  J. JILL
GROUP INC. 		  TOTAL  
  
March 31, 2005                    
   Balance    
   Shares       —     —     1,329,790     1,329,790  
   Cost     $ —   $ —   $ 20,294,000   $ 20,294,000  
Gross Additions    
   Shares       68,800     95,600     —     164,400  
   Cost     $ 3,115,721   $ 2,433,707   $ —   $ 5,549,428  
Gross Deductions    
   Shares       —     —     —     —  
   Cost     $ —   $ —   $ —   $ —  
September 30, 2005    
   Balance    
   Shares       414,800     1,111,500     1,329,790     2,856,090  
   Cost     $ 16,319,567   $ 35,632,678   $ 20,294,000   $ 72,246,245  
 
 
 
 
 
Realized gain     $ —   $ —   $ —   $ —  
 
 
 
 
 
Investment income     $ 7,134   $ —   $ —   $ 7,134  
 
 
 
 
 

* As a result of the Buffalo Small Cap Fund’s beneficial ownership of the common stock of these companies, regulators require that the Fund state that it may be deemed an affiliate of the respective issuer. The Fund disclaims that the “affiliated persons” are affiliates of the Distributor, Advisor, Funds or any other client of the Advisor.
** Gabelli Asset Management Inc. – Class A changed its name to Gamco Investors, Inc. – Class A effective August 29, 2005.
  Note: Schedule may not roll forward as schedule only reflects activity during time the Fund was deemed an affiliate (held more than 5% of stock’s outstanding securities).

 
The Buffalo Funds have adopted proxy voting polices and procedures that delegate to Kornitzer Capital Management, Inc., the Funds’ investment adviser, the authority to vote proxies. A description of the Buffalo Funds proxy voting policies and procedures is available without charge, upon request, by calling the Funds toll free at 1-800-49-BUFFALO. A description of these policies and procedures is also included in the Funds’ Statement of Additional Information, which is available on the SEC’s website at http://www.sec.gov.
 
The actual voting records relating to portfolio securities during the twelve month period June 30, 2005 (as filed with the SEC on Form N-PX) are available without charge, upon request, by calling the Funds toll free at 1-800-49-BUFFALO or by accessing the SEC’s website at http://www.sec.gov.
 
The Funds file their complete schedule of portfolio holdings with the SEC four times each fiscal year at quarter-ends. The Funds file the Schedule of Portfolio Holdings with the SEC on Form N-CSR (second and fourth quarters) and on Form N-Q (first and third quarters). Shareholders may view the Funds’ Forms N-CSR and N-Q on the SEC’s website at www.sec.gov. Forms N-CSR and N-Q may also be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the SEC’s Public Reference Room may be obtained by calling 1-202-942-8090 (direct) or 1-800-SEC-0330 (general SEC number).
63
 

BUFFALO FUNDS
 
Balanced Fund
High Yield Fund
Large Cap Fund
Micro Cap Fund
Mid Cap Fund
Science & Technology Fund
Small Cap Fund
USA Global Fund
 
 
 
 
 
 
 
 
 
 
1-800-49-BUFFALO
(1-800-492-8332)
www.buffalofunds.com

 

Item 2. Code of Ethics.

Not applicable for semi-annual reports.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Schedule of Investments.

Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchases.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

Not Applicable.

 

Item 11. Controls and Procedures.

(a) The registrant’s Principal Executive Officer and Principal Financial Officer has reviewed the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “1940 Act”)) as of a date within 90 days of the filing of this report as required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on his review, the Principal Executive Officer and Principal Financial Officer has concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to him by others within the registrant and by the registrant’s service providers.

(b) There were no changes in the registrant’s internal controls over financial reporting that occurred during the registrant’s second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a) (1) Any code of ethics or amendment thereto, that is subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Not Applicable.

  (2) Certifications pursuant to Section 302(a) of the Sarbanes-Oxley Act of 2002 are filed herewith.

  (3) Not Applicable.

(b) Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith.

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

  (Registrant) Buffalo Small Cap Fund, Inc.
 
  By (Signature and Title) /s/ Kent W. Gasaway
Kent W. Gasaway, President and Treasurer
 
  Date December 8, 2005

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 
  By (Signature and Title) /s/ Kent W. Gasaway
Kent W. Gasaway, President and Treasurer
 
  Date December 8, 2005

 

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EX.99.CERT

CERTIFICATIONS

I, Kent W. Gasaway, certify that:

1. I have reviewed this report on Form N-CSR of Buffalo Small Cap Fund, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

  (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

  (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

  (c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

  (d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

  (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

  (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 
Date: December 8, 2005   /s/ Kent W. Gasaway
      Kent W. Gasaway
Principal Executive Officer

 

CERTIFICATIONS

I, Kent W. Gasaway, certify that:

6. I have reviewed this report on Form N-CSR of Buffalo Small Cap Fund, Inc.;

7. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

8. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

9. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

  (e) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

  (f) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

  (g) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

  (h) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

10. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

  (c) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

  (d) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 
Date: December 8, 2005   /s/ Kent W. Gasaway
      Kent W. Gasaway
Principal Financial Officer

 

 EX-99.906CERT 17 ex99-906cert.htm CERTIFICATION EX.99.906CERT

EX.99.906CERT

Certification Pursuant to Section 906 of the Sarbanes-Oxley Act

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the Buffalo Small Cap Fund, Inc. (the “Fund”), does hereby certify, to such officer’s knowledge, that the report on Form N-CSR of the Fund for the period ended September 30, 2005 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Fund for the stated period.

/s/ Kent W. Gasaway  
Kent W. Gasaway
President and Treasurer, Buffalo Small Cap Fund, Inc.
 
Dated: December 8, 2005
     

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by Buffalo Small Cap Fund, Inc. for purposes of the Securities Exchange Act of 1934.

 

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