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


 
FORM N-Q
 
 
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY
 



Investment Company Act file number 811-10303



Buffalo Funds
(Exact name of registrant as specified in charter)



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



Kent W. Gasaway
5420 West 61 st 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, 2014



Date of reporting period:   December 31, 2013
 
 
 
 
 

 
 
Item 1. Schedule of Investments.
 
Buffalo Discovery Fund
 
Schedule of Investments
 
December 31, 2013 (Unaudited)
 
           
Shares or Face Amount
     
Fair Value
 
   
COMMON STOCKS - 97.21%
     
   
Consumer Discretionary - 5.92%
     
   
Auto Components - 1.48%
     
158,800
 
BorgWarner, Inc. (a)
    8,878,508  
             
   
Internet & Catalog Retail - 1.85%
       
159,100
 
Expedia, Inc.
    11,082,906  
             
   
Specialty Retail - 2.59%
       
113,167
 
Vitamin Shoppe, Inc. (a)
    5,885,816  
164,300
 
Williams-Sonoma, Inc.
    9,575,404  
          15,461,220  
   
Total Consumer Discretionary (Cost $26,881,763)
    35,422,634  
             
   
Consumer Staples - 3.29%
       
   
Food & Staples Retailing - 2.55%
       
175,900
 
The Fresh Market, Inc. (a)
    7,123,950  
140,400
 
Whole Foods Market, Inc.
    8,119,332  
          15,243,282  
   
Food Products - 0.74%
       
42,900
 
The JM Smucker Co.
    4,445,298  
   
Total Consumer Staples (Cost $17,688,095)
    19,688,580  
             
   
Energy - 5.99%
       
   
Energy Equipment & Services - 5.99%
       
203,500
 
Baker Hughes, Inc.
    11,245,410  
125,438
 
CARBO Ceramics, Inc.
    14,617,290  
352,978
 
Forum Energy Technologies Inc. (a)
    9,975,158  
   
Total Energy (Cost $28,069,273)
    35,837,858  
             
   
Financials - 2.18%
       
   
Capital Markets - 0.95%
       
81,500
 
Financial Engines Inc. (a)
    5,662,620  
             
   
Diverse Financial Services - 1.23%
       
32,900
 
IntercontinentalExchange Group, Inc. (a)
    7,399,868  
   
Total Financials (Cost $6,718,176)
    13,062,488  
             
   
Health Care - 28.92%
       
   
Biotechnology - 4.23%
       
222,000
 
Cepheid, Inc. (a)
    10,371,840  
152,500
 
Gilead Sciences, Inc. (a)
    11,460,375  
172,100
 
Sarepta Therapeutics, Inc. (a)
    3,505,677  
          25,337,892  
   
Health Care Equipment & Supplies - 7.97%
       
1,416,200
 
Accuray Inc. (a)
    12,335,102  
323,565
 
Align Technology, Inc. (a)
    18,491,739  
92,463
 
Baxter International Inc.
    6,430,802  
142,250
 
Oxford Immunotec Global PLC (a)(b)
    2,756,805  
248,000
 
Quidel Corp. (a)
    7,660,720  
          47,675,168  
   
Health Care Technology - 1.73%
       
77,050
 
athenahealth Inc. (a)
    10,363,225  
             
   
Life Sciences Tools & Services - 5.78%
       
123,300
 
Agilent Technologies, Inc.
    7,051,527  
164,200
 
Charles River Laboratories International, Inc. (a)
    8,709,168  
64,100
 
Illumina, Inc. (a)
    7,090,742  
285,125
 
PerkinElmer, Inc.
    11,755,704  
          34,607,141  
   
Pharmaceuticals - 9.21%
       
67,314
 
Actavis plc (a)(b)
    11,308,752  
328,100
 
Akorn, Inc. (a)
    8,081,103  
96,804
 
Allergan, Inc.
    10,752,988  
439,600
 
Hospira, Inc. (a)
    18,146,688  
44,400
 
Perrigo Co. PLC (a)(b)
    6,813,624  
          55,103,155  
   
Total Health Care (Cost $106,607,292)
    173,086,581  
             
   
Industrials - 12.24%
       
   
Aerospace & Defense - 1.05%
       
141,000
 
Hexcel Corp. (a)
    6,301,290  
             
   
Air Freight & Logistics - 1.25%
       
127,800
 
C.H. Robinson Worldwide, Inc.
    7,455,852  
             
   
Commercial Services & Supplies - 2.44%
       
251,300
 
Healthcare Servics Group, Inc.
    7,129,381  
64,305
 
Stericycle, Inc. (a)
    7,470,312  
          14,599,693  
   
Construction & Engineering - 1.51%
       
286,100
 
Quanta Services, Inc. (a)
    9,029,316  
             
   
Electrical Equipment - 1.14%
       
49,100
 
Roper Industries, Inc.
    6,809,188  
             
   
Electrical Equipment, Instruments & Components - 1.14%
       
62,600
 
Acuity Brands, Inc.
    6,843,432  
             
   
Machinery - 2.72%
       
170,176
 
Chart Industries, Inc. (a)
    16,275,632  
             
   
Professional Services - 0.99%
       
93,400
 
The Advisory Board Co. (a)
    5,946,778  
   
Total Industrials (Cost $50,035,499)
    73,261,181  
             
   
Information Technology - 34.48%
       
   
Communications Equipment - 5.86%
       
338,000
 
ADTRAN, Inc.
    9,129,380  
79,700
 
F5 Networks, Inc. (a)
    7,241,542  
413,100
 
Juniper Networks, Inc. (a)
    9,323,667  
126,100
 
QUALCOMM, Inc.
    9,362,925  
          35,057,514  
   
Computers & Peripherals - 5.15%
       
28,200
 
Apple Inc.
    15,823,302  
285,400
 
EMC Corp.
    7,177,810  
190,200
 
NetApp, Inc. (a)
    7,824,828  
          30,825,940  
   
Electronic Equipment, Instruments & Components - 2.43%
       
104,704
 
FARO Technologies, Inc. (a)
    6,104,243  
263,300
 
National Instruments Corp.
    8,430,866  
          14,535,109  
   
Internet Software & Services - 6.07%
       
150,013
 
Akamai Technologies, Inc. (a)
    7,077,613  
51,000
 
Equinix, Inc. (a)
    9,049,950  
219,775
 
Facebook Inc. (a)
    12,012,902  
7,300
 
Google Inc. - Class A (a)
    8,181,183  
          36,321,648  
   
IT Services - 3.26%
       
167,066
 
NeuStar, Inc. (a)
    8,329,911  
439,000
 
ServiceSource International Inc. (a)
    3,678,820  
165,345
 
Teradata Corp. (a)
    7,521,544  
          19,530,275  
   
Semiconductors & Semiconductor Equipment - 2.32%
       
286,900
 
Broadcom Corp. - Class A
    8,506,585  
213,715
 
Semtech Corp. (a)
    5,402,715  
          13,909,300  
   
Software - 9.39%
       
62,500
 
ACI Worldwide, Inc. (a)
    4,062,500  
16,100
 
ANSYS, Inc. (a)
    1,403,920  
244,800
 
BroadSoft Inc. (a)
    6,692,832  
116,391
 
Citrix Systems, Inc. (a)
    7,361,731  
559,700
 
Fortinet Inc. (a)
    10,707,061  
147,000
 
MICROS Systems, Inc. (a)
    8,433,390  
194,600
 
Red Hat, Inc. (a)
    10,905,384  
74,200
 
VMware, Inc. (a)
    6,656,482  
          56,223,300  
   
Total Information Technology (Cost $152,871,852)
    206,403,086  
             
   
Materials - 4.19%
       
   
Chemicals - 4.19%
       
64,900
 
Ecolab Inc.
    6,767,123  
99,163
 
FMC Corp.
    7,482,840  
92,900
 
Monsanto Co.
    10,827,495  
   
Total Materials (Cost $14,558,856)
    25,077,458  
             
   
TOTAL COMMON STOCKS (Cost $403,430,806)
    581,839,866  
             
 
 
SHORT TERM INVESTMENTS - 5.32%
       
 
 
Investment Company - 5.32%
       
31,819,810
 
Fidelity Institutional Money Market Fund - Government Portfolio - 0.01% (c)
    31,819,810  
   
Total Investment Company
    31,819,810  
             
   
TOTAL SHORT TERM INVESTMENTS (Cost $31,819,810)
    31,819,810  
             
   
Total Investments (Cost ($435,250,616) - 102.53%
    613,659,676  
   
Liabilities in Excess of Other Assets - (2.53)%
    (15,137,793 )
   
TOTAL NET ASSETS - 100.00%
  $ 598,521,883  
   
  PLC -  
Public Limited Company
       
(a)
 
Non Income Producing
       
(b)
 
Foreign Issued Security. The total value of these securities amounted to $20,879,181 (3.49% of net assets) at December 31, 2013.
 
(c)
 
7-day yield
       
 
 
 
 
 

 
 
The cost basis of investments for federal income tax purposes at December 31, 2013 was as follows*:
 
           
 
Cost of investments
  $ 435,250,616  
 
Gross unrealized appreciation
    182,140,034  
 
Gross unrealized depreciation
    (3,730,974 )
 
Net unrealized appreciation
  $ 178,409,060  
 
* Because tax adjustments are calculated annually, the above table does not reflect tax adjustments. For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements section in the Fund’s most recent semi-annual or annual report.
             
The Global Industry Classification Standard (GICS) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor Financial Services LLC ("S&P"). 
GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.

 
 
 
 

 
 
Buffalo Dividend Focus Fund
 
Schedule of Investments
 
December 31, 2013 (Unaudited)
 
           
Shares or Face Amount
     
Fair Value
 
   
COMMON STOCKS - 88.09%
     
   
Consumer Discretionary - 5.07%
     
   
Automobiles - 0.89%
     
9,400
 
Ford Motor Co. (a)
    145,042  
             
   
Hotels, Restaurants & Leisure - 3.12%
       
1,300
 
Las Vegas Sands Corp.
    102,531  
3,000
 
McDonald's Corp.
    291,090  
600
 
Wynn Resorts Ltd.
    116,526  
          510,147  
   
Media - 1.06%
       
3,350
 
Comcast Corp.
    174,083  
   
Total Consumer Discretionary (Cost $718,961)
    829,272  
             
   
Consumer Staples - 10.56%
       
   
Beverages - 1.77%
       
7,000
 
The Coca Cola Co.
    289,170  
             
   
Food Products - 5.10%
       
4,700
 
General Mills, Inc.
    234,577  
4,900
 
Kraft Foods Group, Inc. - Class A
    264,208  
12,200
 
Pinnacle Foods Inc.
    335,012  
          833,797  
   
Household Products - 3.69%
       
3,000
 
The Clorox Co.
    278,280  
4,000
 
The Procter & Gamble Co.
    325,640  
          603,920  
   
Total Consumer Staples (Cost $1,449,556)
    1,726,887  
             
   
Energy - 15.31%
       
   
Energy Equipment & Services - 2.79%
       
5,300
 
Franks Internationall NV. (a)(b)
    143,100  
2,800
 
National Oilwell Varco Inc.
    222,684  
1,000
 
Schlumberger Ltd. (b)
    90,110  
          455,894  
   
Oil, Gas & Consumable Fuels - 12.51%
       
3,100
 
Access Midstream Partners LP.
    175,398  
4,600
 
EQT Midstream Partners LP.
    270,434  
3,150
 
HollyFrontier Corp.
    156,524  
16,650
 
Midcoast Energy Partners LP (a)
    325,507  
2,200
 
Occidental Petroleum Corp.
    209,220  
5,000
 
Phillips 66 Partners LP. (a)
    189,650  
10,200
 
Plains GP Holdings LP - Class A (a)
    273,053  
7,600
 
Valero Energy Partners LP (a)
    261,820  
4,750
 
Western Gas Equity Partners LP.
    187,673  
          2,049,279  
   
Total Energy (Cost $2,033,669)
    2,505,173  
             
   
Financials - 10.42%
       
   
Capital Markets - 0.68%
       
350
 
BlackRock, Inc.
    110,765  
             
   
Commercial Banks - 1.43%
       
5,150
 
Wells Fargo & Co.
    233,810  
             
   
Consumer Finance - 1.80%
       
3,850
 
Capital One Financial Corp.
    294,949  
             
   
Diversified Financial Services - 4.79%
       
1,400
 
Berkshire Hathaway Inc. (a)
    165,984  
3,100
 
CME Group Inc.
    243,225  
2,100
 
McGraw Hill Financial, Inc.
    164,220  
3,600
 
JPMorgan Chase & Co.
    210,528  
          783,957  
   
Insurance - 1.72%
       
6,000
 
Arthur J. Gallagher & Co.
    281,580  
   
Total Financials (Cost $1,520,080)
    1,705,061  
             
   
Health Care - 11.40%
       
   
Health Care Providers & Services - 0.61%
       
1,900
 
Landauer, Inc.
    99,959  
             
   
Pharmaceuticals - 10.80%
       
6,000
 
GlaxoSmithKline PLC - ADR (b)
    320,340  
4,000
 
Johnson & Johnson
    366,360  
6,000
 
Merck & Co., Inc.
    300,300  
3,350
 
Novartis AG. - ADR (b)
    269,273  
1,300
 
Novo Nordisk A/S - ADR (b)
    240,188  
5,050
 
Sanofi - ADR (b)
    270,832  
          1,767,293  
   
Total Health Care (Cost $1,674,497)
    1,867,252  
             
   
Industrials - 12.93%
       
   
Aerospace & Defense - 3.37%
       
1,250
 
The Boeing Co.
    170,613  
20,000
 
Exelis Inc.
    381,200  
          551,813  
   
Air Freight & Logistics - 1.12%
       
3,150
 
C.H. Robinson Worldwide, Inc.
    183,771  
             
   
Commercial Services & Supplies - 3.47%
       
10,000
 
Pitney Bowes Inc.
    233,000  
3,000
 
Republic Services, Inc.
    99,600  
5,250
 
Waste Management, Inc.
    235,567  
          568,167  
   
Electrical Equipment - 0.41%
       
2,500
 
ABB Ltd. - ADR (b)
    66,400  
             
   
Industrial Conglomerates - 2.57%
       
15,000
 
General Electric Co.
    420,450  
             
   
Road & Rail - 1.99%
       
3,500
 
Norfolk Southern Corp.
    324,905  
   
Total Industrials (Cost $1,588,394)
    2,115,506  
             
   
Information Technology - 14.49%
       
   
Communications Equipment - 2.62%
       
9,500
 
Cisco Systems, Inc.
    213,275  
2,900
 
QUALCOMM, Inc.
    215,325  
          428,600  
   
Computers & Peripherals - 2.67%
       
780
 
Apple Inc.
    437,666  
             
   
IT Services - 1.53%
       
5,500
 
Paychex, Inc.
    250,415  
             
   
Semiconductors & Semiconductor Equipment - 3.71%
       
8,200
 
Broadcom Corp. - Class A
    243,130  
14,000
 
Intel Corp.
    363,440  
          606,570  
   
Software - 3.96%
       
9,100
 
Activision Blizzard, Inc.
    162,253  
7,300
 
Microsoft Corp.
    273,238  
5,550
 
Oracle Corp.
    212,343  
          647,834  
   
Total Information Technology (Cost $1,968,116)
    2,371,085  
             
   
Materials - 3.73%
       
   
Chemicals - 2.03%
       
1,600
 
Ashland Inc.
    155,264  
2,200
 
LyondellBasell Industries NV (b)
    176,616  
          331,880  
   
Containers & Packaging - 0.87%
       
3,850
 
MeadWestvaco Corp.
    142,181  
             
   
Metals & Mining - 0.83%
       
5,000
 
SunCoke Energy Partners LP. (a)
    135,500  
   
Total Materials (Cost $502,627)
    609,561  
             
   
Telecommunication Services - 2.29%
       
   
Diversified Telecommunications - 2.29%
       
5,350
 
AT&T Inc.
    188,106  
3,800
 
Verizon Communications Inc.
    186,732  
   
Total Telecommunication Services (Cost $346,889)
    374,838  
             
   
Utilities - 2.88%
       
   
Electric Utilities - 2.18%
       
6,000
 
Exelon Corp.
    164,340  
4,800
 
NRG Yield, Inc.
    192,048  
          356,388  
   
Gas Utilities - 0.70%
       
5,000
 
Questar Corp.
    114,950  
   
Total Utilities (Cost $433,436)
    471,338  
             
   
TOTAL COMMON STOCKS (Cost $12,236,225)
    14,575,973  
             
   
REITS - 0.60%
       
   
Financials - 0.60%
       
   
Real Estate Investment Trusts (REITs) - 0.60%
       
2,000
 
Digital Realty Trust, Inc.
    98,240  
   
Total Financials (Cost $126,197)
    98,240  
             
   
TOTAL REITS (Cost $126,197)
    98,240  
             
 
 
SHORT TERM INVESTMENTS - 11.63%
       
 
 
Investment Companies - 11.63%
       
1,600,000
 
Fidelity Institutional Money Market Fund - Government Portfolio - 0.01% (c)
    1,600,000  
303,318
 
The STIT-Treasury Portfolio - 0.02% (c)
    303,318  
   
Total Investment Companies
    1,903,318  
             
   
TOTAL SHORT TERM INVESTMENTS (Cost $1,903,318)
    1,903,318  
             
   
Total Investments (Cost ($14,265,740) - 101.32%
    16,577,531  
   
Liabilities in Excess of Other Assets - (1.32)%
    (215,719 )
   
TOTAL NET ASSETS - 100.00%
  $ 16,361,812  
   
ADR
 
American Depository Receipt
       
(a)
 
Non Income Producing
       
(b)
 
Foreign Issued Securities. The total value of these securites amounted to $1,576,859 (9.64% of net assets) at December 31, 2013.
 
(c)
 
7-day yield
       
 
 
 
 
 

 
 
The cost basis of investments for federal income tax purposes at December 31, 2013 was as follows*:
           
 
Cost of investments
  $ 14,265,740  
 
Gross unrealized appreciation
    2,419,067  
 
Gross unrealized depreciation
    (107,276 )
 
Net unrealized appreciation
  $ 2,311,791  
           
* Because tax adjustments are calculated annually, the above table does not reflect tax adjustments. For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements section in the Fund’s most recent semi-annual or annual report.
           
The Global Industry Classification Standard (GICS) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor Financial Services LLC ("S&P"). 
GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.

 
 
 
 

 
 
Buffalo Emerging Opportunities Fund
 
Schedule of Investments
 
December 31, 2013 (Unaudited)
 
           
Shares or Face Amount
     
Fair Value
 
   
COMMON STOCKS - 88.32%
     
   
Consumer Discretionary - 8.32%
     
   
Diversified Consumer Services - 1.78%
     
589,900
 
LifeLock, Inc. (a)
    9,680,259  
             
   
Household Durables - 2.79%
       
230,000
 
iRobot Corp. (a)
    7,997,100  
360,000
 
TRI Pointe Homes, Inc. (a)
    7,174,800  
          15,171,900  
   
Leisure Equipment & Products - 1.41%
       
577,200
 
Black Diamond, Inc. (a)
    7,694,076  
             
   
Textiles, Apparel & Luxury Goods - 2.34%
       
136,700
 
Oxford Industries, Inc.
    11,027,589  
55,000
 
Vince Holding Corp. (a)
    1,686,850  
          12,714,439  
   
Total Consumer Discretionary (Cost $35,554,994)
    45,260,674  
             
   
Consumer Staples - 2.04%
       
   
Food Products - 2.04%
       
700,621
 
Boulder Brands, Inc. (a)
    11,111,849  
   
Total Consumer Staples (Cost $9,497,614)
    11,111,849  
             
   
Financials - 1.30%
       
   
Diversified Financial Services - 1.30%
       
105,400
 
MarketAxess Holdings, Inc. (a)
    7,048,098  
   
Total Financials (Cost $3,149,980)
    7,048,098  
             
   
Health Care - 15.34%
       
   
Biotechnology - 1.10%
       
139,900
 
Agios Pharmaceuticals, Inc. (a)
    3,350,605  
110,000
 
Foundation Medicine, Inc. (a)
    2,620,200  
          5,970,805  
   
Health Care Equipment & Supplies - 9.05%
       
204,000
 
Abaxis, Inc. (a)
    8,164,080  
1,246,800
 
Accuray Inc. (a)
    10,859,627  
154,600
 
ICU Medical, Inc. (a)
    9,849,566  
261,625
 
Meridian Bioscience, Inc.
    6,940,911  
102,675
 
Neogen Corp. (a)
    4,692,248  
283,901
 
Quidel Corp. (a)
    8,769,702  
          49,276,134  
   
Health Care Providers & Services - 0.81%
       
234,661
 
National Research Corp. (a)(c)
    4,416,320  
             
   
Health Care Technology - 4.38%
       
203,600
 
HealthStream, Inc. (a)
    6,671,972  
73,200
 
Medidata Solutions, Inc. (a)
    4,433,724  
498,103
 
Omnicell, Inc. (a)
    12,716,570  
          23,822,266  
   
Total Health Care (Cost $68,322,105)
    83,485,525  
             
   
Industrials - 11.06%
       
   
Building Products - 1.51%
       
228,900
 
Apogee Enterprises, Inc.
    8,219,799  
             
   
Commercial Services & Supplies - 0.92%
       
245,100
 
Heritage-Crystal Clean, Inc. (a)(c)
    5,022,099  
             
   
Construction & Engineering - 1.30%
       
283,100
 
MYR Group Inc. (a)
    7,100,148  
             
   
Electrical Equipment - 2.88%
       
109,473
 
Power Solutions International, Inc. (a)
    8,221,422  
271,900
 
Thermon Group Holdings Inc. (a)
    7,431,027  
          15,652,449  
   
Machinery - 1.15%
       
87,700
 
Proto Labs, Inc. (a)
    6,242,486  
             
   
Professional Services - 3.30%
       
85,200
 
Exponent, Inc. (a)
    6,597,888  
191,500
 
WageWorks, Inc. (a)
    11,382,760  
          17,980,648  
   
Total Industrials (Cost $45,246,420)
    60,217,629  
             
   
Information Technology - 44.32%
       
   
Communications Equipment - 4.04%
       
141,030
 
EXFO, Inc. (a)(b)
    671,303  
665,600
 
Procera Networks, Inc. (a)
    9,997,312  
796,000
 
Ruckus Wireless Inc. (a)
    11,303,200  
          21,971,815  
   
Electronic Equipment, Instruments & Components - 3.28%
       
383,900
 
DTS, Inc. (a)
    9,205,922  
148,514
 
FARO Technologies, Inc. (a)
    8,658,366  
          17,864,288  
   
Internet Software & Services - 16.71%
       
100,000
 
Benefitfocus, Inc. (a)
    5,774,000  
319,400
 
comScore Inc. (a)
    9,138,034  
126,600
 
Cornerstone OnDemand, Inc. (a)
    6,752,844  
314,801
 
E2open, Inc. (a)
    7,526,892  
142,005
 
Envestnet, Inc. (a)
    5,722,802  
1,166,200
 
Internap Network Services Corp. (a)
    8,769,824  
339,500
 
LogMeIn, Inc. (a)
    11,390,225  
276,700
 
SciQuest, Inc. (a)
    7,880,416  
168,100
 
SPS Commerce Inc. (a)
    10,976,930  
307,400
 
Xoom Corp. (a)
    8,413,538  
1,881,100
 
Zix Corp. (a)
    8,577,816  
          90,923,321  
   
Semiconductors & Semiconductor Equipment - 3.89%
       
115,204
 
NVE Corp. (a)(c)
    6,714,089  
564,350
 
PDF Solutions, Inc. (a)
    14,458,647  
          21,172,736  
   
Software - 16.40%
       
51,100
 
ACI Worldwide, Inc. (a)
    3,321,500  
267,000
 
Ellie Mae, Inc. (a)
    7,174,290  
263,700
 
Exa Corp. (a)(c)
    3,496,662  
234,900
 
FleetMatics Group PLC (a)(b)
    10,159,425  
52,800
 
Guidewire Software Inc. (a)
    2,590,896  
251,400
 
Imperva Inc. (a)
    12,099,882  
1,302,700
 
Mitek Systems, Inc. (a)
    7,738,038  
420,528
 
Proofpoint, Inc. (a)
    13,948,914  
260,633
 
PROS Holdings, Inc. (a)
    10,399,257  
263,000
 
Synchronoss Technologies, Inc. (a)
    8,171,410  
562,433
 
Tangoe, Inc. (a)
    10,129,418  
          89,229,692  
   
Total Information Technology (Cost $199,459,546)
    241,161,852  
             
   
Materials - 3.06%
       
   
Chemicals - 0.99%
       
302,650
 
Marrone Bio Innovations, Inc. (a)(c)
    5,381,117  
             
   
Metals & Mining - 2.07%
       
695,760
 
Horsehead Holding Corp. (a)
    11,278,270  
   
Total Materials (Cost $12,681,660)
    16,659,387  
             
   
Telecommunication Services - 2.88%
       
   
Diversified Telecommunication Services - 2.03%
       
1,088,100
 
8x8, Inc. (a)
    11,055,096  
             
   
Wireless Telecommunication Services - 0.85%
       
253,000
 
RingCentral, Inc. (a)
    4,647,610  
   
Total Telecommunication Services (Cost $13,858,647)
    15,702,706  
             
   
TOTAL COMMON STOCKS (Cost $387,770,141)
    480,647,720  
             
 
 
SHORT TERM INVESTMENTS - 12.92%
       
 
 
Investment Companies - 12.92%
       
53,500,000
 
Fidelity Institutional Money Market Fund - Government Portfolio - 0.01% (d)
    53,500,000  
16,804,751
 
The STIT-Treasury Portfolio - 0.02% (d)
    16,804,751  
   
Total Investment Companies
    70,304,751  
             
   
TOTAL SHORT TERM INVESTMENTS (Cost $70,304,751)
    70,304,751  
             
   
Total Investments (Cost ($458,075,717) - 101.24%
    550,952,471  
   
Liabilities in Excess of Other Assets - (1.24)%
    (6,713,877 )
   
TOTAL NET ASSETS - 100.00%
  $ 544,238,594  
   
PLC
 
Public Limited Company
       
(a)
 
Non Income Producing
       
(b)
 
Foreign Issued Security. The total value of these securities amounted to $10,830,728 (1.99% of net assets) at December 31, 2013.
 
(c)
 
Portion of this security deemed illiquid. The total value of these securities amounted to $6,422,015 (1.18% of net assets) at December 31, 2013.
 
(d)
 
7-day yield
       
 
 
 
 
 

 
 
The cost basis of investments for federal income tax purposes at December 31, 2013 was as follows*:
 
           
 
Cost of investments
  $ 458,075,717  
 
Gross unrealized appreciation
    93,797,017  
 
Gross unrealized depreciation
    (920,263 )
 
Net unrealized appreciation
  $ 92,876,754  
           
* Because tax adjustments are calculated annually, the above table does not reflect tax adjustments. For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements section in the Fund’s most recent semi-annual or annual report.
           
The Global Industry Classification Standard (GICS) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor Financial Services LLC ("S&P"). 
GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.

 
 
 
 

 
 
Buffalo Flexible Income Fund
 
Schedule of Investments
 
December 31, 2013 (Unaudited)
 
           
Shares or Face Amount
     
Fair Value
 
   
COMMON STOCKS - 55.80%
     
   
Consumer Discretionary - 3.18%
     
   
Automobiles - 0.23%
     
200,000
 
Ford Motor Co. (a)
    3,086,000  
             
   
Hotels, Restaurants & Leisure - 1.53%
       
210,000
 
McDonald's Corp.
    20,376,300  
             
   
Media - 1.42%
       
598,000
 
Lions Gate Entertainment Corp. (a)(e)
    18,932,680  
   
Total Consumer Discretionary (Cost $40,579,488)
    42,394,980  
             
   
Consumer Staples - 10.55%
       
   
Beverages - 2.43%
       
400,000
 
The Coca Cola Co.
    16,524,000  
20,000
 
Diageo PLC - ADR (e)
    2,648,400  
100,000
 
Dr. Pepper Snapple Group, Inc.
    4,872,000  
100,000
 
PepsiCo, Inc.
    8,294,000  
          32,338,400  
   
Food & Staples Retailing - 1.08%
       
50,000
 
Costco Wholesale Corp.
    5,950,500  
125,000
 
Sysco Corp.
    4,512,500  
50,000
 
Wal-Mart Stores, Inc.
    3,934,500  
          14,397,500  
   
Food Products - 3.24%
       
100,000
 
Campbell Soup Co.
    4,328,000  
110,000
 
ConAgra Foods, Inc.
    3,707,000  
300,000
 
General Mills, Inc.
    14,973,000  
85,000
 
Kellogg Co.
    5,190,950  
200,000
 
Kraft Foods Group, Inc. - Class A
    10,784,000  
115,000
 
Mondelez International Inc.
    4,059,500  
          43,042,450  
   
Household Products - 3.80%
       
157,000
 
The Clorox Co.
    14,563,320  
30,000
 
Colgate-Palmolive Co.
    1,956,300  
150,000
 
Kimberly-Clark Corp.
    15,669,000  
225,000
 
The Procter & Gamble Co.
    18,317,250  
          50,505,870  
   
Total Consumer Staples (Cost $111,775,084)
    140,284,220  
             
   
Energy - 15.37%
       
   
Energy Equipment & Services - 2.03%
       
165,000
 
Baker Hughes, Inc.
    9,117,900  
100,300
 
Patterson-UTI Energy, Inc.
    2,539,596  
120,000
 
Schlumberger Ltd. (e)
    10,813,200  
35,000
 
Tidewater Inc.
    2,074,450  
50,000
 
Transocean Ltd. (e)
    2,471,000  
          27,016,146  
   
Oil, Gas & Consumable Fuels - 13.34%
       
322,175
 
BP PLC - ADR (e)
    15,660,927  
100,000
 
Chevron Corp.
    12,491,000  
340,000
 
ConocoPhillips
    24,020,999  
140,000
 
Delek Logistics Partners LP
    4,431,000  
197,300
 
EQT Midstream Partners LP.
    11,599,267  
175,000
 
Exxon Mobil Corp.
    17,710,000  
100,000
 
Hess Corp.
    8,300,000  
387,000
 
HollyFrontier Corp.
    19,230,030  
110,600
 
Kinder Morgan Inc.
    3,981,600  
150,000
 
Marathon Oil Corp.
    5,295,000  
50,000
 
Marathon Petroleum Corp.
    4,586,500  
362,100
 
Midcoast Energy Partners LP (a)
    7,079,055  
75,000
 
MPLX LP
    3,340,500  
50,000
 
Phillips 66
    3,856,500  
290,600
 
Royal Dutch Shell PLC. - ADR (e)
    20,711,062  
360,000
 
Susser Petroleum Partners LP.
    11,944,800  
92,400
 
Valero Energy Partners LP. (a)
    3,183,180  
          177,421,420  
   
Total Energy (Cost $150,336,113)
    204,437,566  
             
   
Financials - 1.55%
       
   
Capital Markets - 0.12%
       
25,000
 
Northern Trust Corp.
    1,547,250  
             
   
Insurance - 1.43%
       
200,000
 
The Allstate Corp.
    10,908,000  
50,000
 
Arthur J. Gallagher & Co.
    2,346,500  
60,000
 
Chubb Corp.
    5,797,800  
          19,052,300  
   
Total Financials (Cost $13,964,302)
    20,599,550  
             
   
Health Care - 5.80%
       
   
Health Care Equipment & Services - 1.55%
       
85,000
 
Abbott Laboratories
    3,258,050  
250,000
 
Baxter International, Inc.
    17,387,500  
          20,645,550  
   
Pharmaceuticals - 4.25%
       
80,000
 
Eli Lilly & Company
    4,080,000  
300,000
 
GlaxoSmithKline PLC - ADR (e)
    16,017,000  
200,000
 
Johnson & Johnson
    18,318,000  
200,000
 
Merck & Co., Inc.
    10,010,000  
200,000
 
Pfizer, Inc.
    6,126,000  
50,000
 
Teva Pharmaceutical Industries Ltd. - ADR (e)
    2,004,000  
          56,555,000  
   
Total Health Care (Cost $61,919,265)
    77,200,550  
             
   
Industrials - 5.55%
       
   
Aerospace & Defense - 1.08%
       
100,000
 
The Boeing Co.
    13,649,000  
35,000
 
Exelis Inc.
    667,100  
          14,316,100  
   
Commercial Services & Supplies - 2.43%
       
916,300
 
Pitney Bowes Inc.
    21,349,790  
24,650
 
Republic Services, Inc.
    818,380  
225,000
 
Waste Management, Inc.
    10,095,750  
          32,263,920  
   
Industrial Conglomerates - 1.73%
       
820,000
 
General Electric Co.
    22,984,600  
             
   
Machinery - 0.09%
       
15,000
 
Illinois Tool Works Inc.
    1,261,200  
             
   
Road & Rail - 0.22%
       
100,000
 
CSX Corp.
    2,877,000  
   
Total Industrials (Cost $47,516,944)
    73,702,820  
             
   
Information Technology - 7.03%
       
   
Communications Equipment - 1.69%
       
1,000,000
 
Cisco Systems, Inc. (g)
    22,450,000  
             
   
Computers & Peripherals - 0.04%
       
1,000
 
Apple Inc.
    561,110  
             
   
Electronic Equipment, Instruments & Components - 0.13%
       
100,000
 
Corning Inc.
    1,782,000  
             
   
IT Services - 1.69%
       
115,000
 
International Business Machines Corp. (IBM)
    21,570,550  
20,000
 
Paychex, Inc.
    910,600  
          22,481,150  
   
Semiconductors & Semiconductor Equipment - 1.64%
       
840,000
 
Intel Corp.
    21,806,400  
             
   
Software - 1.84%
       
655,000
 
Microsoft Corp.
    24,516,650  
   
Total Information Technology (Cost $83,705,233)
    93,597,310  
             
   
Materials - 3.05%
       
   
Chemicals - 1.63%
       
305,000
 
The Dow Chemical Co.
    13,542,000  
125,000
 
E.I. du Pont de Nemours and Co.
    8,121,250  
          21,663,250  
   
Metals & Mining - 1.42%
       
200,000
 
Barrick Gold Corp. (e)
    3,526,000  
25,000
 
BHP Billiton Ltd. - ADR (e)
    1,705,000  
480,000
 
Newmont Mining Corp.
    11,054,400  
45,000
 
Rio Tinto PLC - ADR (e)
    2,539,350  
          18,824,750  
   
Total Materials (Cost $42,072,727)
    40,488,000  
             
   
Telecommunication Services - 3.39%
       
   
Diversified Telecommunications - 3.39%
       
750,000
 
AT&T Inc.
    26,370,000  
380,000
 
Verizon Communications Inc.
    18,673,200  
   
Total Telecommunication Services (Cost $44,474,927)
    45,043,200  
             
   
Utilities - 0.35%
       
   
Gas Utilities - 0.22%
       
125,000
 
Questar Corp.
    2,873,750  
             
   
Multi-Utilities - 0.13%
       
50,000
 
OGE Energy Corp.
    1,695,000  
   
Total Utilities (Cost $3,231,721)
    4,568,750  
   
 
       
   
TOTAL COMMON STOCKS (Cost $599,575,804)
    742,316,946  
             
   
REITS - 1.10%
       
   
Financials - 1.10%
       
   
Real Estate Investment Trusts (REITs) - 1.10%
       
185,000
 
Digital Realty Trust, Inc.
    9,087,200  
25,000
 
Plum Creek Timber Co, Inc.
    1,162,750  
140,000
 
Weyerhaeuser Co.
    4,419,800  
   
Total Financials (Cost $16,289,776)
    14,669,750  
             
   
TOTAL REITS (Cost $16,289,776)
    14,669,750  
             
   
CONVERTIBLE BONDS - 5.70%
       
   
Consumer Discretionary - 3.74%
       
   
Media - 3.74%
       
   
Lions Gate Entertainment Inc. (b)
       
 $       2,000,000
 
4.000%, 01/11/2017
    6,077,500  
30,000,000
 
1.250%, 04/15/2018
    37,050,000  
   
Live Nation Entertainment Inc.
       
6,500,000
 
2.875%, 07/15/2027
    6,621,875  
   
Total Consumer Discretionary (Cost $38,413,111)
    49,749,375  
             
   
Health Care - 0.55%
       
   
Health Care Equipment & Supplies - 0.19%
       
   
Alere, Inc.
       
2,250,000
 
3.000%, 05/15/2016
    2,539,688  
             
   
Health Care Providers & Services - 0.36%
       
   
Omnicare Inc.
       
4,500,000
 
3.250%, 12/15/2035
    4,831,875  
   
Total Health Care (Cost $6,809,094)
    7,371,563  
             
   
Information Technology - 0.95%
       
   
Software - 0.95%
       
   
BroadSoft, Inc.
       
5,500,000
 
1.500%, 07/01/2018
    5,555,000  
   
Rovi Corp.
       
7,000,000
 
2.625%, 02/15/2040
    7,087,500  
   
Total Information Technology (Cost $12,229,355)
    12,642,500  
             
   
Materials - 0.46%
       
   
Metals & Mining - 0.46%
       
   
Molycorp Inc.
       
7,500,000
 
6.000%, 09/01/2017
    6,103,125  
   
Total Materials (Cost $7,500,000)
    6,103,125  
             
   
TOTAL CONVERTIBLE BONDS (Cost $64,951,560)
    75,866,563  
             
   
CORPORATE BONDS - 16.75%
       
   
Consumer Discretionary - 3.20%
       
   
Hotels, Restaurants & Leisure - 0.16%
       
   
Marina District Finance Co., Inc.
       
2,000,000
 
9.875%, 08/15/2018
    2,172,500  
             
   
Leisure Equipment & Products - 0.18%
       
   
Brunswick Corp.
       
2,200,000
 
7.375%, 09/01/2023
    2,354,000  
             
   
Media - 2.86%
       
   
Lions Gate Entertainment Corp. (b)(e)
       
30,000,000
 
5.250%, 08/01/2018
    30,450,000  
   
Live Nation Entertainment Inc. (d)(f)
       
1,500,000
 
7.000%, 09/01/2020 (Aquired 8/15/2012, Cost $1,509,375)
    1,635,000  
   
Sirius XM Radio, Inc. (d)(f)
       
2,000,000
 
4.250%, 05/15/2020 (Aquired 9/19/2013, Cost $1,862,653)
    1,895,000  
4,000,000
 
5.875%, 10/01/2020 (Aquired 9/19/2013, Cost $4,000,000)
    4,090,000  
          38,070,000  
   
Total Consumer Discretionary (Cost $41,480,184)
    42,596,500  
             
   
Consumer Staples - 0.53%
       
   
Food & Staples Retailing - 0.53%
       
   
The Pantry, Inc.
       
6,650,000
 
8.375%, 08/01/2020
    7,098,875  
   
Total Consumer Staples (Cost $6,801,604)
    7,098,875  
             
   
Energy - 3.69%
       
   
Oil, Gas & Consumable Fuels - 3.69%
       
   
Alpha Natural Resources, Inc.
       
12,000,000
 
9.750%, 04/15/2018
    12,780,000  
   
Cloud Peak Energy Resources LLC/Cloud Peak Energy Finance Co.
       
2,500,000
 
8.250%, 12/15/2017
    2,615,625  
   
Gulfport Energy Corp.
       
15,200,000
 
7.750%, 11/01/2020
    16,263,999  
   
Kodiak Oil & Gas Corp. (e)
       
4,500,000
 
8.125%, 12/01/2019
    5,017,500  
   
Swift Energy Co.
       
5,000,000
 
7.125%, 06/01/2017
    5,125,000  
   
United Refining Co.
       
6,492,000
 
10.500%, 02/28/2018
    7,303,500  
   
Total Energy (Cost $45,928,307)
    49,105,624  
             
   
Health Care - 2.30%
       
   
Health Care Providers & Services - 1.00%
       
   
Acadia Healthcare Co., Inc.
       
1,948,000
 
12.875%, 11/01/2018
    2,366,820  
   
Examworks Group, Inc.
       
10,000,000
 
9.000%, 07/15/2019
    10,875,000  
          13,241,820  
   
Pharmaceuticals - 1.30%
       
   
Salix Pharmaceuticals, Ltd. (f)
       
800,000
 
6.000%, 01/15/2021
    822,000  
   
Valeant Pharmaceuticals International, Inc:  (d)(f)
       
3,000,000
 
6.750%, 10/01/2017 (Aquired various dates, Cost $3,113,100)
    3,210,000  
3,250,000
 
6.750%, 08/15/2018 (Aquired various dates, Cost $3,318,750)(e)
    3,587,188  
4,000,000
 
6.875%, 12/01/2018 (Aquired various dates, Cost $4,153,345)
    4,300,000  
   
Warner Chilcott Co. LLC/ Warner Chilcott Finance LLC
       
5,000,000
 
7.750%, 09/15/2018 (e)
    5,437,500  
          17,356,688  
   
Total Health Care (Cost $28,346,120)
    30,598,508  
             
   
Industrials - 3.50%
       
   
Aerospace & Defense - 0.82%
       
   
Kratos Defense & Security Solutions, Inc.
       
2,200,000
 
10.000%, 06/01/2017
    2,384,250  
   
TransDigm, Inc.
       
6,100,000
 
7.750%, 12/15/2018
    6,572,750  
2,000,000
 
5.500%, 10/15/2020
    1,965,000  
          10,922,000  
   
Commercial Services & Supplies - 0.38%
       
   
The ADT Corp. (d)(f)
       
400,000
 
6.250%, 10/15/2021(Aquired 9/24/2013, Cost $400,000)
    420,500  
   
R. R. Donnelley & Sons Co.
       
4,000,000
 
8.600%, 08/15/2016
    4,650,000  
          5,070,500  
   
Construction & Engineering - 0.45%
       
   
Tutor Perini Corp.
       
5,575,000
 
7.625%, 11/01/2018
    5,993,125  
             
   
Electrical Equipment, Instruments & Components - 1.31%
       
   
Polypore International, Inc.
       
16,500,000
 
7.500%, 11/15/2017
    17,479,688  
             
   
Machinery - 0.28%
       
   
Mueller Water Products Inc.
       
3,570,000
 
7.375%, 06/01/2017
    3,677,100  
             
   
Road & Rail - 0.26%
       
   
Quality Distribution LLC/QD Capital Corp.
       
3,150,000
 
9.875%, 11/01/2018
    3,504,375  
   
Total Industrials (Cost $44,931,823)
    46,646,788  
             
   
Information Technology - 2.08%
       
   
Cable & Satellite TV - 0.27%
       
   
CCO Holdings LLC / CCO Holdings Capital Corp. (d)(f)
       
3,706,000
 
5.250%, 03/15/2021 (Aquired Various Dates, Cost $3,520,125)
    3,557,760  
             
   
Internet Software & Services - 0.16%
       
   
Bankrate Inc. (d)(f)
       
2,000,000
 
6.125%, 08/15/2018 (Aquired Various Dates, Cost $2,030,000)
    2,090,000  
             
   
IT Services - 0.88%
       
   
iGATE Corp.
       
11,000,000
 
9.000%, 05/01/2016
    11,742,500  
             
   
Software - 0.77%
       
   
ACI Worldwide, Inc. (d)(f)
       
3,750,000
 
6.375%, 08/15/2020 (Aquired 8/15/2013, Cost $3,750,000)
    3,928,125  
   
Audatex North America, Inc. (d)(f)
       
6,000,000
 
6.000%, 06/15/2021 (Aquired on various dates, Cost $6,026,250)
    6,315,000  
          10,243,125  
   
Total Information Technology (Cost $26,772,043)
    27,633,385  
             
   
Materials - 1.22%
       
   
Chemicals - 0.61%
       
   
Kraton Performance Polymers, Inc.
       
1,225,000
 
6.750%, 03/01/2019
    1,295,438  
   
Omnova Solutions, Inc.
       
2,510,000
 
7.875%, 11/01/2018
    2,710,800  
   
Tronox Finance LLC.
       
4,000,000
 
6.375%, 08/15/2020
    4,100,000  
          8,106,238  
   
Construction Materials - 0.16%
       
   
Headwaters, Inc. (d)
       
2,000,000
 
7.250%, 01/15/2019 (Aquired 12/5/2013, Cost $2,057,500)
    2,065,000  
             
   
Metals & Mining - 0.45%
       
   
Molycorp Inc.
       
6,000,000
 
10.000%, 06/01/2020
    5,985,000  
   
Total Materials (Cost $15,986,291)
    16,156,238  
             
   
Telecommunication Services - 0.23%
       
   
Diversified Telecommunications - 0.23%
       
   
Consolidated Communications
       
2,600,000
 
10.875%, 06/01/2020
    3,009,500  
   
Total Telecommunication Services (Cost $2,793,632)
    3,009,500  
             
   
TOTAL CORPORATE BONDS (Cost $213,040,004)
    222,845,418  
             
 
 
SHORT TERM INVESTMENTS - 20.00%
       
 
 
Investment Companies - 20.00%
       
130,500,000
 
Fidelity Institutional Money Market Fund - Government Portfolio - 0.01% (c)
    130,500,000  
5,015,664
 
SEI Daily Income Treasury II - Class B - 0.01% (c)
    5,015,664  
130,500,000
 
The STIT-Treasury Portfolio - 0.02% (c)
    130,500,000  
   
Total Investment Companies
    266,015,664  
             
   
TOTAL SHORT TERM INVESTMENTS (Cost $266,015,664)
    266,015,664  
             
   
Total Investments (Cost ($1,159,872,808) - 99.35%
    1,321,714,341  
   
Other Assets in Excess of Liabilities - 0.65%
    8,597,580  
   
TOTAL NET ASSETS - 100.00%
  $ 1,330,311,921  
   
ADR
 
American Depository Receipt
       
PLC
 
Public Limited Company
       
(a)
 
Non Income Producing
       
(b)
 
Illiquid Security. The total value of these securities amounted to $73,699,280 (5.54% of net assets) at December 31, 2013.
 
(c)
 
7-day yield
       
(d)
 
Restricted security deemed liquid. The total value of restricted securities is $37,093,573 (2.79% of net assets) at December 31, 2013.
 
(e)
 
Foreign Issued Security. The total value of these securities amounted to $141,520,806 (10.64% of net assets) at December 31, 2013.
 
(f)
 
144A Security. The total value of restricted securities is $35,850,573 (2.69% of net assets) at December 31, 2013.
 
(g)
 
Portion of the investments are segregated as collateral for open written options contracts.
 
 
 
 
 
 

 
 
The cost basis of investments for federal income tax purposes at December 31, 2013 was as follows*:
 
           
 
Cost of investments
  $ 1,159,872,808  
 
Premium on options written
    163,647  
 
Gross unrealized appreciation
    175,255,519  
 
Gross unrealized depreciation
    (13,637,589 )
 
Net unrealized appreciation
  $ 161,617,930  
           
* Because tax adjustments are calculated annually, the above table does not reflect tax adjustments. For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements section in the Fund’s most recent semi-annual or annual report.
 
 
 
 
 

 
 
Buffalo Flexible Income Fund
 
Schedule of Options Written
 
December 31, 2013 (Unaudited)
 
   
Contracts
     
Value
 
CALL OPTIONS
       
   
Cisco Systems, Inc.
       
5,000
 
    Expiration: July 2014, Exercise Price: $24.00
  $ 355,000  
             
   
International Business Machines Corp. (IBM)
       
150
 
    Expiration: February 2014, Exercise Price: $195.00
    32,250  
   
Total Written Options (Premium received $163,647)
  $ 387,250  
             
The Global Industry Classification Standard (GICS) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor Financial Services LLC ("S&P"). 
GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.
 

 
 
 
 

 
 
 
Buffalo Growth Fund
 
Schedule of Investments
 
December 31, 2013 (Unaudited)
 
           
Shares or Face Amount
     
Fair Value
 
   
COMMON STOCKS - 97.61%
     
   
Consumer Discretionary - 14.34%
     
   
Hotels, Restaurants & Leisure - 4.56%
     
87,000
 
McDonald's Corp.
    8,441,610  
442,400
 
MGM Resorts International (a)
    10,405,248  
106,900
 
Starwood Hotels & Resorts Worldwide, Inc.
    8,493,205  
          27,340,063  
   
Household Durables - 1.89%
       
138,500
 
Harman International Industries, Inc.
    11,336,225  
             
   
Media - 3.08%
       
136,300
 
AMC Networks, Inc. (a)
    9,283,393  
101,800
 
Discovery Communications, Inc. (a)
    9,204,756  
          18,488,149  
   
Textiles, Apparel & Luxury Goods - 4.81%
       
111,500
 
Coach, Inc.
    6,258,495  
173,800
 
NIKE, Inc.
    13,667,632  
102,600
 
Under Armour, Inc. - Class A (a)
    8,956,980  
          28,883,107  
   
Total Consumer Discretionary (Cost $59,064,588)
    86,047,544  
             
   
Consumer Staples - 5.82%
       
   
Food & Staples Retailing - 3.29%
       
198,300
 
Walgreen Co.
    11,390,352  
144,000
 
Whole Foods Market, Inc.
    8,327,520  
          19,717,872  
   
Food Products - 2.53%
       
87,500
 
The JM Smucker Co. - Class A
    9,066,750  
174,100
 
Mondelez International Inc.
    6,145,730  
          15,212,480  
   
Total Consumer Staples (Cost $28,319,696)
    34,930,352  
             
   
Energy - 5.55%
       
   
Energy Equipment & Services - 5.55%
       
221,976
 
Baker Hughes, Inc.
    12,266,393  
84,076
 
Dril-Quip, Inc. (a)
    9,242,475  
130,950
 
Schlumberger Ltd. (b)
    11,799,905  
   
Total Energy (Cost $29,032,306)
    33,308,773  
             
   
Financials - 11.87%
       
   
Capital Markets - 4.78%
       
39,200
 
Affiliated Managers Group, Inc. (a)
    8,501,696  
47,500
 
The Goldman Sachs Group, Inc.
    8,419,850  
190,510
 
Northern Trust Corp.
    11,790,664  
          28,712,210  
   
Diversified Financial Services - 7.09%
       
141,100
 
CME Group Inc.
    11,070,706  
53,200
 
IntercontinentalExchange Group, Inc. (a)
    11,965,744  
202,900
 
JPMorgan Chase & Co.
    11,865,592  
97,700
 
McGraw Hill Financial, Inc.
    7,640,140  
          42,542,182  
   
Total Financials (Cost $50,017,177)
    71,254,392  
             
   
Health Care - 11.75%
       
   
Health Care Equipment & Supplies - 7.21%
       
257,300
 
Abbott Laboratories
    9,862,309  
331,666
 
Align Technology, Inc. (a)
    18,954,711  
138,800
 
Baxter International, Inc.
    9,653,540  
114,400
 
Haemonetics Corp. (a)
    4,819,672  
          43,290,232  
   
Life Sciences Tools & Services - 1.04%
       
134,575
 
Quintiles Transnational Holdings Inc. (a)
    6,236,206  
             
   
Pharmaceuticals - 3.50%
       
133,736
 
Allergan, Inc.
    14,855,395  
120,524
 
Eli Lilly & Co.
    6,146,724  
          21,002,119  
   
Total Health Care (Cost $44,553,087)
    70,528,557  
             
   
Industrials - 17.49%
       
   
Aerospace & Defense - 1.76%
       
77,500
 
The Boeing Co.
    10,577,975  
             
   
Air Freight & Logistics - 1.74%
       
72,500
 
FedEx Corp.
    10,423,325  
             
   
Building Products - 1.52%
       
199,825
 
Fortune Brands Home & Security Inc.
    9,132,003  
             
   
Commercial Services & Supplies - 1.25%
       
64,600
 
Stericycle, Inc. (a)
    7,504,582  
             
   
Electrical Equipment - 2.06%
       
176,500
 
Emerson Electric Co.
    12,386,770  
             
   
Industrial Conglomerates - 3.24%
       
75,300
 
3M Co.
    10,560,825  
317,100
 
General Electric Co.
    8,888,313  
          19,449,138  
   
Machinery - 3.37%
       
122,000
 
Chart Industries, Inc. (a)
    11,668,080  
110,700
 
Pentair Ltd. (b)
    8,598,069  
          20,266,149  
   
Professional Services - 1.48%
       
69,400
 
Towers Watson & Co.
    8,856,134  
             
   
Trading Companies & Distributors - 1.07%
       
25,100
 
W.W. Grainger, Inc.
    6,411,042  
   
Total Industrials (Cost $66,382,292)
    105,007,118  
             
   
Information Technology - 26.95%
       
   
Communications Equipment - 4.94%
       
290,900
 
Cisco Systems, Inc.
    6,530,705  
52,700
 
F5 Networks, Inc. (a)
    4,788,322  
445,600
 
Juniper Networks, Inc. (a)
    10,057,192  
111,400
 
QUALCOMM, Inc.
    8,271,450  
          29,647,669  
   
Computers & Peripherals - 6.08%
       
42,900
 
Apple Inc.
    24,071,619  
493,900
 
EMC Corp.
    12,421,585  
          36,493,204  
   
Electronic Equipment, Instruments & Components - 0.98%
       
183,900
 
National Instruments Corp.
    5,888,478  
             
   
Internet Software & Services - 8.94%
       
168,600
 
Akamai Technologies, Inc. (a)
    7,954,548  
164,100
 
eBay Inc. (a)
    9,007,449  
50,900
 
Equinix, Inc. (a)
    9,032,205  
245,397
 
Facebook Inc. (a)
    13,413,400  
12,700
 
Google Inc. - Class A (a)
    14,233,017  
          53,640,619  
   
IT Services - 1.45%
       
39,200
 
Visa Inc.
    8,729,056  
             
   
Semiconductors & Semiconductor Equipment - 3.04%
       
246,300
 
Altera Corp.
    8,012,139  
345,200
 
Broadcom Corp. - Class A
    10,235,180  
          18,247,319  
   
Software - 1.52%
       
237,700
 
Oracle Corp.
    9,094,402  
   
Total Information Technology (Cost $112,006,870)
    161,740,747  
             
   
Materials - 3.84%
       
   
Chemicals - 3.84%
       
66,200
 
Ecolab Inc.
    6,902,674  
60,900
 
Monsanto Co.
    7,097,895  
69,700
 
Praxair, Inc.
    9,063,091  
   
Total Materials (Cost $15,707,842)
    23,063,660  
             
   
TOTAL COMMON STOCKS (Cost $405,083,858)
    585,881,143  
             
 
 
SHORT TERM INVESTMENTS - 2.66%
       
 
 
Investment Company - 2.66%
       
15,974,012
 
Fidelity Institutional Money Market Fund - Government Portfolio - 0.01% (c)
    15,974,012  
   
Total Investment Company
    15,974,012  
             
   
TOTAL SHORT TERM INVESTMENTS (Cost $15,974,012)
    15,974,012  
             
   
Total Investments (Cost ($421,057,870) - 100.27%
    601,855,155  
   
Liabilities in Excess of Other Assets - (0.27)%
    1,637,782  
   
TOTAL NET ASSETS - 100.00%
  $ 600,217,373  
   
(a)
 
Non Income Producing
       
(b)
 
Foreign Issued Security. The total value of these securities amounted to $20,397,974 (3.40% of net assets) at December 31, 2013.
 
(c)
 
7-day yield.
       
 
The cost basis of investments for federal income tax purposes at December 31, 2013 was as follows*:
           
 
Cost of investments
  $ 421,057,870  
 
Gross unrealized appreciation
    181,857,639  
 
Gross unrealized depreciation
    (1,060,354 )
 
Net unrealized appreciation
  $ 180,797,285  
           
* Because tax adjustments are calculated annually, the above table does not reflect tax adjustments. For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements section in the Fund’s most recent semi-annual or annual report.
           
The Global Industry Classification Standard (GICS) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor Financial Services LLC ("S&P"). 
GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.

 
 
 
 

 
 
Buffalo High Yield Fund
 
Schedule of Investments
 
December 31, 2013 (Unaudited)
 
           
Shares or Face Amount
     
Fair Value
 
   
COMMON STOCKS - 4.63%
     
   
Consumer Staples - 0.66%
     
   
Food Products - 0.66%
     
11,666
 
Kraft Foods Group, Inc. - Class A
    629,031  
35,000
 
Mondelez International Inc.
    1,235,500  
   
Total Consumer Staples (Cost $1,072,872)
    1,864,531  
             
   
Financials - 1.79%
       
   
Diversified Financial Services - 0.73%
       
35,000
 
JPMorgan Chase & Co.
    2,046,800  
             
   
Real Estate Management & Development - 1.06%
       
69,501
 
FirstService Corp. (e)
    2,990,628  
   
Total Financials (Cost $3,463,474)
    5,037,428  
             
   
Health Care - 2.18%
       
   
Health Care Equipment & Supplies - 0.65%
       
48,000
 
Abbott Laboratories
    1,839,840  
             
   
Pharmaceuticals - 1.53%
       
48,000
 
AbbVie, Inc.
    2,534,880  
19,000
 
Johnson & Johnson
    1,740,210  
          4,275,090  
   
Total Health Care (Cost $3,344,229)
    6,114,930  
             
   
Special Purpose Entity - 0.00%
       
   
Broadcasting (except Internet) - 0.00%
       
725,000
 
Adelphia Recovery Trust (a)(b)(d)
    -  
   
Total Special Purpose Entity (Cost $712,005)
    -  
             
   
TOTAL COMMON STOCKS (Cost $8,592,580)
    13,016,889  
             
             
   
CONVERTIBLE PREFERRED STOCKS - 1.11%
       
   
Health Care - 1.11%
       
   
Health Care Providers & Services - 1.11%
       
2,500
 
HealthSouth Corp.
    3,119,375  
   
Total Health Care (Cost $2,563,619)
    3,119,375  
             
   
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $2,563,619)
    3,119,375  
             
   
PREFERRED STOCKS - 1.42%
       
   
Financials - 1.42%
       
   
Capital Markets - 1.42%
       
54,785
 
AMG Capital Trust I
    3,982,185  
   
Total Financials (Cost $2,632,571)
    3,982,185  
             
   
TOTAL PREFERRED STOCKS (Cost $2,632,571)
    3,982,185  
             
   
CONVERTIBLE BONDS - 15.66%
       
   
Consumer Discretionary - 3.28%
       
   
Media - 3.28%
       
   
Lions Gate Entertainment Inc.: (b)
       
1,000,000
 
4.000%, 01/11/2017
    3,038,750  
5,000,000
 
1.250%, 04/15/2018
    6,175,000  
   
Total Consumer Discretionary (Cost $6,000,000)
    9,213,750  
             
   
Financials - 0.48%
       
   
Capital Markets - 0.48%
       
   
Janus Capital Group, Inc.
       
1,300,000
 
3.250%, 07/15/2014
    1,352,000  
   
Total Financials (Cost $1,301,057)
    1,352,000  
             
   
Health Care - 1.41%
       
   
Health Care Equipment & Supplies - 1.41%
       
   
Accuray, Inc.:
       
500,000
 
3.750%, 08/01/2016
    563,125  
1,500,000
 
3.500%, 02/01/2018 (Aquired on various dates, cost $1,538,337) (c)
    2,551,875  
   
Alere, Inc.
       
750,000
 
3.000%, 05/15/2016
    846,563  
   
Total Health Care (Cost $2,762,440)
    3,961,563  
             
   
Industrials - 4.02%
       
   
Commercial Services & Supplies - 0.42%
       
   
Covanta Holding Corp.
       
1,000,000
 
3.250%, 06/01/2014 (b)
    1,174,375  
             
   
Electrical Equipment - 0.76%
       
   
General Cable Corp.
       
2,000,000
 
4.500%, 11/15/2029
    2,146,250  
             
   
Machinery - 0.98%
       
   
Chart Industries, Inc.
       
250,000
 
2.000%, 08/01/2018
    387,344  
   
The Greenbrier Companies, Inc.
       
2,000,000
 
3.500%, 04/01/2018
    2,375,000  
          2,762,344  
   
Trading Companies & Distributors - 1.86%
       
   
Titan Machinery, Inc.
       
3,400,000
 
3.750%, 05/01/2019
    2,906,999  
   
WESCO International, Inc.
       
710,000
 
6.000%, 09/15/2029
    2,303,063  
          5,210,062  
   
Total Industrials (Cost $8,980,930)
    11,293,031  
             
   
Information Technology - 6.39%
       
   
Internet Software & Services - 2.70%
       
   
Cornerstone OnDemand, Inc. (c)(f)
       
2,000,000
 
1.500%, 07/01/2018 (Aquired on 6/12/2013, cost $2,000,000)
    2,437,500  
   
Dealertrack Technologies Inc.
       
3,000,000
 
1.500%, 03/15/2017
    4,162,500  
   
WebMD Health Corp.
       
1,000,000
 
2.500%, 01/31/2018
    987,500  
          7,587,500  
   
IT Services - 1.01%
       
   
ServiceSource International, Inc. (c)(f)
       
3,000,000
 
1.500%, 08/01/2018  (Aquired on various dates, cost $2,97,824)
    2,838,750  
             
   
Software - 2.68%
       
   
BroadSoft, Inc.
       
2,500,000
 
1.500%, 07/01/2018
    2,525,000  
   
Nuance Communications, Inc.
       
2,000,000
 
2.750%, 11/01/2031
    1,963,750  
   
Rovi Corp.
       
3,000,000
 
2.625%, 02/15/2040
    3,037,500  
          7,526,250  
   
Total Information Technology (Cost $16,212,544)
    17,952,500  
             
   
Materials - 0.08%
       
   
Metals & Mining - 0.08%
       
   
Steel Dynamics, Inc.
       
200,000
 
5.125%, 06/15/2014
    236,125  
   
Total Materials (Cost $200,000)
    236,125  
             
   
TOTAL CONVERTIBLE BONDS (Cost $35,456,971)
    44,008,969  
             
   
CORPORATE BONDS - 56.51%
       
   
Consumer Discretionary - 16.51%
       
   
Distributors - 0.17%
       
   
LKQ Corp. (c)(f)
       
500,000
 
4.750%, 05/15/2023 (Aquired on 5/2/2013, cost $500,000)
    466,250  
             
   
Diversified Consumer Services - 1.14%
       
   
Monitronics International Inc.
       
3,000,000
 
9.125%, 04/01/2020
    3,195,000  
             
   
Hotels, Restaurants & Leisure - 1.85%
       
   
Ameristar Casinos, Inc.
       
125,000
 
7.500%, 04/15/2021
    136,250  
   
Cedar Fair L.P.
       
600,000
 
9.125%, 08/01/2018
    654,000  
   
Marina District Finance Co., Inc.
       
1,000,000
 
9.875%, 08/15/2018
    1,086,250  
   
Royal Caribbean Cruises Ltd. (e)
       
1,615,000
 
7.500%, 10/15/2027
    1,732,088  
   
Speedway Motorsports, Inc.
       
500,000
 
6.750%, 02/01/2019
    533,750  
   
Vail Resorts, Inc.
       
1,000,000
 
6.500%, 05/01/2019
    1,065,000  
          5,207,338  
   
Household Durables - 0.91%
       
   
Jarden Corp.
       
2,000,000
 
7.500%, 05/01/2017
    2,325,000  
   
Libbey Glass, Inc.
       
225,000
 
6.875%, 05/15/2020
    244,125  
          2,569,125  
   
Leisure Equipment & Products - 1.14%
       
   
Brunswick Corp.
       
3,000,000
 
7.375%, 09/01/2023
    3,210,000  
             
   
Media - 5.90%
       
   
DreamWorks Animation SKG, Inc. (c)(f)
       
100,000
 
6.875%, 08/15/2020 (Aquired on 8/7/2013, cost $100,000)
    106,250  
   
Interactive Data Corp.
       
500,000
 
10.250%, 08/01/2018
    550,940  
   
Lamar Media Corp.:
       
250,000
 
5.875%, 02/01/2022
    257,500  
250,000
 
5.000%, 05/01/2023
    238,750  
   
Lions Gate Entertainment Corp. (b)(e)
       
7,000,000
 
5.250%, 08/01/2018
    7,104,999  
   
Live Nation Entertainment Inc. (c)(f)
       
1,000,000
 
7.000%, 09/01/2020 (Aquired on 8/15/2012, cost $1,005,625)
    1,090,000  
   
MDC Partners Inc. (c)(e)(f)
       
250,000
 
6.750%, 04/01/2020  (Aquired on 3/15/2013, cost $250,000)
    262,813  
   
Regal Entertainment Group:
       
1,335,000
 
9.125%, 08/15/2018
    1,455,150  
1,600,000
 
5.750%, 06/15/2023
    1,580,000  
   
Sirius XM Radio, Inc.: (c)(f)
       
3,095,000
 
4.250%, 05/15/2020 (Aquired on various dates, cost $4,889,387)
    2,932,512  
1,000,000
 
5.875%, 10/01/2020 (Aquired on 9/19/2013, cost $1,000,000)
    1,022,500  
          16,601,414  
             
   
Specialty Retail - 2.59%
       
   
Outerwall, Inc.
       
1,000,000
 
6.000%, 03/15/2019
    1,025,000  
   
Penske Automotive Group, Inc.
       
2,500,000
 
5.750%, 10/01/2022
    2,568,750  
   
Rent-A-Center Inc.:
       
1,250,000
 
6.625%, 11/15/2020
    1,331,250  
2,000,000
 
4.750%, 05/01/2021
    1,887,500  
   
Sonic Automotive, Inc.
       
500,000
 
5.000%, 05/15/2023
    471,250  
          6,258,750  
   
Textiles, Apparel & Luxury Goods - 2.81%
       
   
Perry Ellis International, Inc.
       
4,000,000
 
7.875%, 04/01/2019
    4,279,999  
   
Phillips Van-Heusen
       
3,120,000
 
7.750%, 11/15/2023
    3,614,514  
          7,894,513  
   
Total Consumer Discretionary (Cost $43,498,016)
    46,427,390  
             
   
Consumer Staples - 3.55%
       
   
Food & Staples Retailing - 0.76%
       
   
The Pantry, Inc.
       
2,000,000
 
8.375%, 08/01/2020
    2,135,000  
             
   
Food Products - 1.28%
       
   
Darling International, Inc.
       
100,000
 
8.500%, 12/15/2018
    110,750  
100,000
 
5.375%, 01/15/2022 (Aquired on 12/18/2013, cost $100,000) (c)
    100,875  
   
Post Holdings, Inc.
       
125,000
 
7.375%, 02/15/2022
    134,375  
   
Smithfield Foods, Inc.
       
2,750,000
 
7.750%, 07/01/2017
    3,238,125  
          3,584,125  
   
Personal Products - 1.51%
       
   
Prestige Brands Inc.
       
4,000,000
 
8.250%, 04/01/2018
    4,237,836  
   
Total Consumer Staples (Cost $9,012,126)
    9,956,961  
             
   
Energy - 6.62%
       
   
Energy Equipment & Services - 0.78%
       
   
Hornbeck Offshore Services, Inc.
       
600,000
 
5.875%, 04/01/2020
    622,500  
   
Parker Drilling Co.:
       
1,000,000
 
9.125%, 04/01/2018
    1,065,000  
210,000
 
7.500%, 08/01/2020 (f)
    221,288  
   
SESI LLC
       
250,000
 
7.125%, 12/15/2021
    280,000  
          2,188,788  
   
Oil, Gas & Consumable Fuels - 5.84%
       
   
Berry Petroleum Co.
       
665,000
 
10.250%, 06/01/2014
    689,106  
   
Cloud Peak Energy Resources LLC/Cloud Peak Energy Finance Co.
       
2,500,000
 
8.250%, 12/15/2017
    2,615,625  
   
Concho Resources, Inc.
       
550,000
 
6.500%, 01/15/2022
    598,125  
   
Continental Resources, Inc.
       
100,000
 
8.250%, 10/01/2019
    109,750  
   
Crestwood Midstream Partners LP/ Crestwood Midstream Finance Corp.
       
2,000,000
 
6.000%, 12/15/2020
    2,070,000  
   
Frontier Oil Corp.
       
1,000,000
 
6.875%, 11/15/2018
    1,083,750  
   
Gulfport Energy Corp.
       
4,000,000
 
7.750%, 11/01/2020
    4,280,000  
   
Suburban Propane Partners L. P.
       
1,861,000
 
7.375%, 08/01/2021
    2,037,795  
   
United Refining Co.
       
2,609,000
 
10.500%, 02/28/2018
    2,935,125  
          16,419,276  
   
Total Energy (Cost $17,598,809)
    18,608,064  
             
   
Health Care - 5.31%
       
   
Health Care Equipment & Supplies - 0.23%
       
   
Teleflex, Inc.
       
600,000
 
6.875%, 06/01/2019
    633,000  
             
   
Health Care Providers & Services - 3.55%
       
   
Acadia Healthcare Co., Inc.
       
1,947,000
 
12.875%, 11/01/2018
    2,365,605  
   
CHS/Community Health Systems Inc.:
       
2,200,000
 
7.125%, 07/15/2020
    2,285,250  
1,000,000
 
8.000%, 11/15/2019
    1,090,000  
   
Examworks Group, Inc.
       
3,825,000
 
9.000%, 07/15/2019
    4,159,687  
   
Tenet Healthcare Corp. (c)(f)
       
100,000
 
6.000%, 10/01/2020 (Aquired on 9/13/2013, cost $100,000)
    104,563  
          10,005,105  
   
Pharmaceuticals - 1.53%
       
   
Salix Pharmaceuticals, Inc.
       
200,000
 
6.000%, 01/15/2021 (f)
    205,500  
   
Valeant Pharmaceuticals International, Inc. (c)(e)(f)
       
250,000
 
6.750%, 08/15/2018 (Aquired on 6/27/2013, cost $250,000)
    275,938  
   
Warner Chilcott Co. LLC/ Warner Chilcott Finance LLC (e)
       
3,500,000
 
7.750%, 09/15/2018
    3,806,250  
          4,287,688  
   
Total Health Care (Cost $13,650,167)
    14,925,793  
             
   
Industrials - 14.04%
       
   
Aerospace & Defense - 4.97%
       
   
AAR Corp.
       
3,000,000
 
7.250%, 01/15/2022
    3,224,999  
   
B/E Aerospace Inc.
       
1,000,000
 
5.250%, 04/01/2022
    1,020,000  
   
DigitalGlobe Inc. (c)(f)
       
1,000,000
 
5.250%, 02/01/2021 (Aquired on 11/14/2013, cost $975,533)
    980,000  
   
Kratos Defense & Security Solutions, Inc.
       
2,800,000
 
10.000%, 06/01/2017
    3,034,500  
   
TransDigm, Inc.:
       
2,000,000
 
7.750%, 12/15/2018
    2,155,000  
1,000,000
 
5.500%, 10/15/2020
    982,500  
1,000,000
 
7.500%, 07/15/2021
    1,080,000  
   
Triumph Group Inc.:
       
1,000,000
 
8.625%, 07/15/2018
    1,085,000  
400,000
 
4.875%, 04/01/2021
    390,000  
          13,951,999  
   
Commercial Services & Supplies - 2.96%
       
   
The ADT Corp. (c)(f)
       
100,000
 
6.250%, 10/15/2021 (Aquired on 9/24/2013, cost $100,000)
    105,125  
   
Casella Waste Systems, Inc.
       
3,410,000
 
7.750%, 02/15/2019
    3,512,300  
   
Clean Harbors, Inc.
       
100,000
 
5.250%, 08/01/2020
    103,500  
   
Covanta Holding Corp.
       
1,000,000
 
7.250%, 12/01/2020
    1,096,694  
   
R. R. Donnelley & Sons Co.
       
3,000,000
 
8.600%, 08/15/2016
    3,487,500  
          8,305,119  
   
Construction & Engineering - 1.58%
       
   
MasTec, Inc.
       
500,000
 
4.875%, 03/15/2023
    473,750  
   
Tutor Perini Corp.
       
3,700,000
 
7.625%, 11/01/2018
    3,977,500  
          4,451,250  
   
Electrical Equipment, Instruments & Components - 1.73%
       
   
Polypore International, Inc.
       
4,580,000
 
7.500%, 11/15/2017
    4,851,938  
             
   
Machinery - 0.73%
       
   
Mueller Water Products Inc.
       
2,000,000
 
7.375%, 06/01/2017
    2,060,000  
             
   
Professional Services - 0.27%
       
   
FTI Consulting, Inc.
       
750,000
 
6.000%, 11/15/2022
    763,125  
             
   
Road & Rail - 1.08%
       
   
Quality Distribution LLC/QD Capital Corp.
       
2,722,000
 
9.875%, 11/01/2018
    3,028,225  
             
   
Trading Companies & Distributors - 0.72%
       
   
Fly Leasing Ltd.
       
2,000,000
 
6.750%, 12/15/2020
    2,035,000  
   
Total Industrials (Cost $37,274,818)
    39,446,656  
             
   
Information - 0.70%
       
   
Telecommunications Services - 0.70%
       
   
tw telecom holdings inc.:
       
750,000
 
5.375%, 10/01/2022 (Aquired on 9/19/2013, cost $728,232)(c)(f)
    738,750  
1,250,000
 
5.375%, 10/01/2022
    1,231,250  
   
Total Information (Cost $1,947,567)
    1,970,000  
             
   
Information Technology - 6.52%
       
   
Cable & Satellite TV - 0.75%
       
   
CCO Holdings LLC / CCO Holdings Capital Corp. (c)(f)
       
2,200,000
 
5.250%, 03/15/2021 (Aquired on various dates, cost $2,090,850)
    2,112,000  
             
   
Electronic Equipment, Instruments & Components - 0.19%
       
   
Anixter Inc.
       
500,000
 
5.625%, 05/01/2019
    528,125  
             
   
Internet Software & Services - 1.64%
       
   
Bankrate Inc. (c)(f)
       
3,000,000
 
6.125%, 08/15/2018 (Aquired on various dates, cost $3,020,000)
    3,135,000  
   
Equinix, Inc.
       
250,000
 
7.000%, 07/15/2021
    274,063  
   
j2 Global, Inc.
       
1,100,000
 
8.000%, 08/01/2020
    1,193,500  
          4,602,563  
   
IT Services - 1.90%
       
   
iGATE Corp.
       
5,000,000
 
9.000%, 05/01/2016
    5,337,499  
             
   
Semiconductors & Semiconductor Equipment - 0.83%
       
   
KLA-Tencor Corp.
       
500,000
 
6.900%, 05/01/2018
    585,629  
   
National Semiconductor Corp.
       
1,500,000
 
6.600%, 06/15/2017
    1,754,364  
          2,339,993  
   
Software - 1.21%
       
   
ACI Worldwide, Inc. (c)(f)
       
1,250,000
 
6.375%, 08/15/2020 (Aquired on 8/15/2013, cost $1,250,000)
    1,309,375  
   
Activision Blizzard, Inc. (c)(f)
       
500,000
 
5.625%, 9/15/2021 (Aquired on 9/12/2013, cost $500,000)
    518,750  
   
Audatex North America, Inc. (c)(f)
       
1,500,000
 
6.000%, 06/15/2021 (Aquired on various dates, cost $1,508,750)
    1,578,750  
          3,406,875  
   
Total Information Technology (Cost $17,064,783)
    18,327,055  
             
   
Materials - 2.85%
       
   
Construction Materials - 1.31%
       
   
Headwaters, Inc.:
       
2,000,000
 
7.250%, 01/15/2019 (Aquired on 7/8/2013, cost $2,057,500)(c)
    2,065,000  
1,500,000
 
7.625%, 04/01/2019
    1,623,750  
          3,688,750  
   
Metals & Mining - 1.54%
       
   
Molycorp Inc.
       
3,000,000
 
10.000%, 06/01/2020
    2,992,500  
   
Steel Dynamics, Inc.
       
250,000
 
6.125%, 08/15/2019
    271,875  
500,000
 
7.625%, 03/15/2020
    544,375  
500,000
 
5.250%, 04/15/2023
    502,500  
          4,311,250  
   
Total Materials (Cost $7,875,366)
    8,000,000  
             
   
Telecommunication Services - 0.41%
       
   
Diversified Telecommunications - 0.41%
       
   
Consolidated Communications
       
1,000,000
 
10.875%, 06/01/2020
    1,157,500  
   
Total Telecommunication Services (Cost $1,072,025)
    1,157,500  
             
   
TOTAL CORPORATE BONDS (Cost $158,814,419)
    158,819,419  
             
 
 
SHORT TERM INVESTMENTS - 19.98%
       
 
 
Investment Companies - 19.98%
       
26,769,795
 
Fidelity Institutional Money Market Fund - Government Portfolio - 0.01% (g)
    26,769,795  
2,377,497
 
SEI Daily Income Treasury II - Class B - 0.01%
    2,377,497  
27,000,000
 
The STIT-Treasury Portfolio - 0.02%, 0.051% (g)
    27,000,000  
   
Total Investment Companies
    56,147,292  
             
   
TOTAL INVESTMENT COMPANIES (Cost $56,147,292)
    56,147,292  
             
   
Total Investments (Cost ($254,386,710) - 99.31%
    279,094,129  
   
Other Assets in Excess of Liabilities - 0.69%
    1,951,302  
   
TOTAL NET ASSETS - 100.00%
  $ 281,045,431  
   
(a)
 
Non Income Producing
       
(b)
 
Illiquid Security. The total value of these securities amounted to $16,356,844 (5.82% of net assets) at December 31, 2013.
 
(c)
 
Restricted security deemed liquid. The total value of restricted securities is $26,742,451 (9.52% of net assets) at December 31, 2013.
 
(d)
 
Fair Valued Security. The total value of these securities amounted to $0 (0.00% of net assets) at December 31, 2013.
 
(e)
 
Foreign Issued Security. The total value of these securities amounted to $16,172,716 (5.75% of net assets) at December 31, 2013.
 
(f)
 
144A Security. The total value of these securities is $22,441,613 (7.99% of net assets) at December 31, 2013.
 
(g)
 
7-day yield.
       
 
The cost basis of investments for federal income tax purposes at December 31, 2013 was as follows*:
           
 
Cost of investments
  $ 254,386,710  
 
Gross unrealized appreciation
    26,086,353  
 
Gross unrealized depreciation
    (1,378,934 )
 
Net unrealized appreciation
  $ 24,707,419  
           
* Because tax adjustments are calculated annually, the above table does not reflect tax adjustments. For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements section in the Fund’s most recent semi-annual or annual report.
           
         
The Global Industry Classification Standard (GICS) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor Financial Services LLC ("S&P"). 
GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.

 
 
 

 
 
Buffalo International Fund
 
Schedule of Investments
 
December 31, 2013 (Unaudited)
 
           
Shares or Face Amount
     
Fair Value
 
   
COMMON STOCKS - 87.00%
     
   
Belgium - 1.10%
     
   
Beverages - 1.10%
     
21,500
 
Anheuser-Busch InBev N.V.
    2,285,170  
   
Total Belgium (Cost $2,166,741)
    2,285,170  
             
   
Bermuda - 0.83%
       
   
Pharmaceuticals - 0.83%
       
1,902,000
 
Sihuan Pharmaceutical Holdings Group Ltd.
    1,736,606  
   
Total Bermuda (Cost $1,159,917)
    1,736,606  
             
   
Brazil - 3.08%
       
   
Beverages - 1.06%
       
299,500
 
Ambev SA - ADR(a)
    2,201,325  
             
   
Diversified Financial Services - 0.41%
       
184,320
 
BM&F Bovespa SA
    864,079  
             
   
Health Care Providers & Services - 0.54%
       
145,000
 
Fleury SA
    1,130,868  
             
   
Real Estate Management & Development - 0.29%
       
36,000
 
BR Properties SA
    283,819  
32,000
 
Iguatemi Empresa de Shopping Centers SA
    302,469  
          586,288  
   
Wireless Telecommunication Services - 0.78%
       
62,130
 
Tim Participacoes SA - ADR
    1,630,291  
   
Total Brazil (Cost $6,515,560)
    6,412,851  
             
   
Canada - 0.58%
       
   
Road & Rail - 0.58%
       
8,000
 
Canadian Pacific Railway Ltd.
    1,210,560  
   
Total Canada (Cost $815,508)
    1,210,560  
             
   
Cayman Islands - 1.13%
       
   
Life Sciences Tools & Services - 1.13%
       
61,600
 
WuXi PharmaTech Cayman, Inc. - ADR(a)
    2,364,208  
   
Total Cayman Islands (Cost $1,466,003)
    2,364,208  
             
   
Chile - 1.13%
       
   
Beverages - 1.13%
       
97,507
 
Cia Cervecerias Unidas S.A. - ADR
    2,350,894  
   
Total Chile (Cost $2,286,488)
    2,350,894  
             
   
China - 3.58%
       
   
Automobiles - 0.82%
       
310,000
 
Great Wall Motor Company Ltd. - Class H
    1,711,051  
             
   
Communications Equipment - 0.65%
       
279,000
 
AAC Technologies Holdings Inc.
    1,354,648  
             
   
Gas Utilities - 1.19%
       
336,000
 
ENN Energy Holdings Ltd.
    2,485,021  
             
   
Health Care Equipment & Supplies - 0.85%
       
48,500
 
Mindray Medical International Ltd. - ADR
    1,763,460  
             
   
Specialty Retail - 0.07%
       
50,725
 
Lentuo Internationl Inc. - ADR(a)
    139,494  
             
   
Total China (Cost $5,316,757)
    7,453,674  
             
   
France - 13.21%
       
   
Beverages - 1.07%
       
19,500
 
Pernod-Ricard SA
    2,221,482  
             
   
Chemicals - 1.30%
       
19,200
 
Air Liquide SA
    2,715,312  
             
   
Electrical Equipment - 1.09%
       
26,000
 
Schneider Electric
    2,267,712  
             
   
Energy Equipment & Services - 0.90%
       
19,500
 
Technip SA
    1,874,082  
             
   
Food Products - 2.42%
       
33,100
 
Danonne S.A.
    2,382,434  
20,003
 
Naturex
    1,604,037  
8,073
 
Vilmorin & Cie
    1,079,510  
          5,065,981  
   
Internet Software & Services - 1.02%
       
62,000
 
Criteo SA - ADR(a)
    2,120,400  
             
   
Machinery - 1.11%
       
42,500
 
Vallourec S.A.
    2,315,312  
             
   
Media - 0.96%
       
243,000
 
Havas SA
    2,000,429  
             
   
Multiline Retail - 1.34%
       
13,200
 
Kering
    2,790,177  
             
   
Software - 0.99%
       
16,600
 
Dassault Systemes S.A.
    2,060,556  
             
   
Textiles, Apparel & Luxury Goods - 1.01%
       
11,500
 
LVMH Moet Hennessy Louis Vuitton SA
    2,097,813  
   
Total France (Cost $25,783,379)
    27,529,256  
             
   
Germany - 16.27%
       
   
Automobiles - 0.25%
       
2,000
 
Bayerische Motoren Werke AG
    234,475  
7,500
 
Bayerische Motoren Werke AG - ADR
    295,725  
          530,200  
   
Chemicals - 1.80%
       
17,900
 
Linde A.G.
    3,744,250  
             
   
Food Products - 0.45%
       
2,700
 
KWS Saat AG
    928,601  
             
   
Health Care Equipment & Supplies - 1.89%
       
25,800
 
Fresenius SE & Co. KGaA
    3,961,039  
             
   
Household Products - 1.74%
       
34,900
 
Henkel AG & Co. KGaA
    3,631,636  
             
   
Industrial Conglomerates - 1.71%
       
25,700
 
Siemens A.G. - ADR
    3,559,707  
             
   
Insurance - 1.66%
       
15,700
 
Muenchener Rueckversicherungs-Gesellschaft AG.
    3,459,011  
             
   
Machinery - 1.57%
       
69,900
 
KUKA AG
    3,274,309  
             
   
Pharmaceuticals - 1.66%
       
21,600
 
Bayer AG
    3,029,468  
3,000
 
Bayer AG - ADR
    426,000  
          3,455,468  
   
Software - 1.69%
       
40,300
 
SAP AG - ADR
    3,511,742  
             
   
Textiles, Apparel & Luxury Goods - 1.85%
       
22,200
 
Adidas AG
    2,829,285  
3,200
 
Puma S.E.
    1,034,530  
          3,863,815  
   
Total Germany (Cost $25,090,262)
    33,919,778  
             
   
Hong Kong - 7.08%
       
   
Commercial Banks - 0.15%
       
99,000
 
BOC Hong Kong Holdings Ltd.
    317,263  
             
   
Gas Utilities - 1.04%
       
620,000
 
China Resources Gas Group Ltd.
    2,158,802  
             
   
Industrial Conglomerates - 3.55%
       
330,000
 
Beijing Enterprise Holdings Ltd.
    3,272,636  
44,184
 
Jardine Matheson Holding Ltd.
    2,311,265  
56,695
 
Jardine Strategic Holdings Ltd.
    1,814,240  
          7,398,141  
   
Insurance - 0.37%
       
155,000
 
AIA Group Ltd.
    777,569  
             
   
Oil, Gas & Consumable Fuels - 0.93%
       
1,096,000
 
Kunlun Energy Company Ltd.
    1,930,717  
             
   
Pharmaceuticals - 0.60%
       
1,588,000
 
Sino Biopharmaceutical Ltd.
    1,259,456  
             
   
Specialty Retail - 0.44%
       
430,750
 
L'occitane International
    916,572  
   
Total Hong Kong (Cost $12,310,887)
    14,758,520  
             
   
India - 1.48%
       
   
Pharmaceuticals - 1.48%
       
75,000
 
Dr. Reddy's Laboratories Ltd. - ADR
    3,077,250  
   
Total India (Cost $2,484,142)
    3,077,250  
             
   
Ireland - 1.07%
       
   
Pharmaceuticals - 1.07%
       
13,300
 
Actavis plc(a)
    2,234,400  
   
Total Ireland (Cost $2,141,541)
    2,234,400  
             
   
Israel - 0.30%
       
   
Pharmaceuticals - 0.30%
       
15,600
 
Teva Pharmaceutical Industries Ltd. - ADR
    625,248  
   
Total Israel (Cost $656,068)
    625,248  
             
   
Italy - 2.19%
       
   
Beverages - 1.01%
       
250,000
 
Davide Campari-Milano SpA
    2,091,071  
             
   
Commercial Services & Supplies - 0.84%
       
799,053
 
Moleskine S.p.A.(a)
    1,758,818  
             
   
Health Care Equipment & Supplies - 0.34%
       
15,000
 
DiaSorin SpA
    703,467  
             
   
Total Italy (Cost $4,440,796)
    4,553,356  
             
   
Japan - 2.52%
       
   
Beverages - 0.43%
       
32,000
 
Asahi Group Holdings Ltd.
    900,655  
             
   
Machinery - 1.20%
       
7,000
 
FANUC CORP.
    1,279,556  
60,000
 
Komatsu LTD.
    1,217,548  
          2,497,104  
   
Office Electronics - 0.21%
       
13,700
 
CANON INC. - ADR
    438,400  
             
   
Wireless Telecommunication Services - 0.68%
       
16,200
 
Softbank Corp.
    1,415,250  
   
Total Japan (Cost $5,244,318)
    5,251,409  
             
   
Luxembourg - 0.57%
       
   
Wireless Telecommunication Services - 0.57%
       
11,900
 
Millicom Internationall Cellular SA
    1,185,032  
   
Total Luxembourg (Cost $890,509)
    1,185,032  
             
   
Mexico - 0.20%
       
   
Food & Staples Retailing - 0.20%
       
15,800
 
Wal-Mart de Mexico SAB de CV - ADR
    412,696  
   
Total Mexico (Cost $414,747)
    412,696  
             
   
Netherlands - 4.63%
       
   
Air Freight & Logistics - 0.45%
       
100,000
 
TNT Express NV
    928,326  
             
   
Computers & Peripherals - 0.98%
       
18,500
 
Gemalto NV
    2,036,298  
             
   
Food Products - 1.23%
       
63,700
 
Unilever N.V.-NY Shares - ADR
    2,562,651  
             
   
IT Services - 1.07%
       
94,499
 
InterXion Holding NV (a)
    2,231,121  
             
   
Semiconductors & Semiconductor Equipment - 0.91%
       
20,241
 
ASML Holding NV-NY Shares - ADR
    1,896,582  
   
Total Netherlands (Cost $8,067,818)
    9,654,978  
             
   
Norway - 1.97%
       
   
Commercial Services & Supplies - 0.59%
       
132,000
 
Tomra Systems ASA
    1,229,618  
             
   
Diversified Telecommunication Services - 1.09%
       
95,000
 
Telenor ASA
    2,264,851  
             
   
Internet Software & Services - 0.29%
       
44,681
 
Opera Software SA
    611,064  
   
Total Norway (Cost $3,534,665)
    4,105,533  
             
   
Republic of Korea - 0.50%
       
   
Semiconductors & Semiconductor Equipment - 0.50%
       
800
 
Samsung Electronic Co., Ltd.
    1,040,034  
   
Total Republic of Korea (Cost $894,090)
    1,040,034  
             
   
Singapore - 1.24%
       
   
Semiconductors & Semiconductor Equipment - 1.24%
       
48,770
 
Avago Technologies Ltd.
    2,579,445  
   
Total Singapore (Cost $1,750,830)
    2,579,445  
             
   
Spain - 1.07%
       
   
Specialty Retail - 1.07%
       
13,500
 
Inditex S.A.
    2,224,928  
             
   
Total Spain (Cost $1,360,312)
    2,224,928  
             
   
Sweden - 1.46%
       
   
Communications Equipment - 1.46%
       
249,000
 
Telefonaktirbolaget LM Ericsson - ADR
    3,047,760  
   
Total Sweden (Cost $2,993,324)
    3,047,760  
             
   
Switzerland - 8.85%
       
   
Capital Markets - 2.27%
       
131,900
 
GAM Holding AG
    2,565,399  
45,337
 
Julius Baer Group Ltd.
    2,177,274  
          4,742,673  
   
Chemicals - 1.15%
       
30,000
 
Syngenta AG - ADR
    2,398,200  
             
   
Electrical Equipment - 1.37%
       
107,400
 
ABB Ltd. - ADR
    2,852,544  
             
   
Insurance - 1.37%
       
31,000
 
Swiss Re AG
    2,851,354  
             
   
Specialty Retail - 1.52%
       
18,000
 
Dufry AG(a)
    3,159,913  
             
   
Textiles, Apparel & Luxury Goods - 1.17%
       
24,500
 
Cie Financiere Richemont SA
    2,438,877  
             
   
Total Switzerland (Cost $14,441,937)
    18,443,561  
             
   
Taiwan, Province of China - 1.35%
       
   
Semiconductors & Semiconductor Equipment - 1.35%
       
161,281
 
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR
    2,812,741  
             
   
Total Taiwan, Province of China (Cost $2,178,768)
    2,812,741  
             
   
United Kingdom - 9.61%
       
   
Beverages - 2.25%
       
26,800
 
Diageo PLC - ADR
    3,548,856  
22,000
 
SABMiller PLC.
    1,129,728  
          4,678,584  
   
Capital Markets - 2.70%
       
321,250
 
Aberdeen Asset Management PLC
    2,659,884  
41,500
 
Schroders PLC
    1,785,404  
35,500
 
Schroders PLC
    1,185,136  
          5,630,424  
   
Health Care Equipment & Supplies - 0.84%
       
24,400
 
Smith & Nephew PLC. - ADR
    1,750,456  
             
   
Hotels, Restaurants & Leisure - 2.34%
       
85,000
 
InterContinental Hotels Group PLC
    2,833,427  
205,085
 
Millennium & Copthorne Hotels PLC
    2,037,673  
          4,871,100  
   
Internet Software & Services - 0.88%
       
152,400
 
Telecity Group PLC
    1,830,930  
             
   
Textiles, Apparel & Luxury Goods - 0.60%
       
50,000
 
Burberry Group PLC
    1,255,216  
             
   
Total United Kingdom (Cost $15,790,334)
    20,016,710  
             
   
TOTAL COMMON STOCKS (Cost $150,195,701)
    181,286,598  
             
   
PREFERRED STOCKS - 0.37%
       
   
Brazil - 0.37%
       
   
Oil, Gas & Consumable Fuels - 0.37%
       
52,800
 
Petroleo Brasileiro S.A. - ADR
    775,632  
   
Total Brazil (Cost $1,475,728)
    775,632  
             
   
TOTAL PREFERRED STOCKS (Cost $1,475,728)
    775,632  
             
 
 
SHORT TERM INVESTMENTS - 11.66%
       
 
 
Investment Companies - 11.66%
       
19,166,293
 
Fidelity Institutional Money Market Fund - Government Portfolio - 0.01% (b)
    19,166,293  
5,131,726
 
The STIT-Treasury Portfolio - 0.02% (b)
    5,131,726  
   
Total Investment Companies
    24,298,019  
             
   
TOTAL SHORT TERM INVESTMENTS (Cost $24,298,019)
    24,298,019  
             
   
Total Investments (Cost ($175,969,448) - 99.03%
    206,360,249  
   
Other Assets in Excess of Liabilities - 0.97%
    2,025,049  
   
TOTAL NET ASSETS - 100.00%
  $ 208,385,298  
   
ADR
 
American Depository Receipt
       
PLC
 
Public Limited Company
       
(a)
 
Non Income Producing
       
(b)
 
7-day yield
       
 
 

 
 
The cost basis of investments for federal income tax purposes at December 31, 2013 was as follows*:
 
             
 
Cost of investments
    $ 175,969,448  
 
Gross unrealized appreciation
      33,972,975  
 
Gross unrealized depreciation
      (3,582,174 )
 
Net unrealized appreciation
    $ 30,390,801  
             
* Because tax adjustments are calculated annually, the above table does not reflect tax adjustments. For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements section in the Fund’s most recent semi-annual or annual report.
 
 
 
 
 

 
 
As of December 31, 2013, the industry diversification was as follows:
   
Fair Value
 
Percentage
Common Stocks
         
    Air Freight & Logistics
 
928,326
  0.45 %
    Automobiles
 
2,241,251
  1.08 %
    Beverages
 
16,729,181
  8.03 %
    Capital Markets
 
10,373,097
  4.98 %
    Chemicals
 
8,857,762
  4.25 %
    Commercial Banks
 
317,263
  0.15 %
    Commercial Services & Supplies
 
2,988,436
  1.43 %
    Communications Equipment
 
4,402,408
  2.11 %
    Computers & Peripherals
 
2,036,298
  0.98 %
    Diversified Financial Services
 
864,079
  0.41 %
    Diversified Telecommunication Services
 
2,264,851
  1.09 %
    Electrical Equipment
 
5,120,256
  2.46 %
    Energy Equipment & Services
 
1,874,082
  0.90 %
    Food & Staples Retailing
 
412,696
  0.20 %
    Food Products
 
8,557,233
  4.11 %
    Gas Utilities
 
4,643,823
  2.23 %
    Health Care Equipment & Supplies
 
8,178,422
  3.92 %
    Health Care Providers & Services
 
1,130,868
  0.54 %
    Hotels, Restaurants & Leisure
 
4,871,100
  2.34 %
    Household Products
 
3,631,636
  1.74 %
    Industrial Conglomerates
 
10,957,848
  5.26 %
    Insurance
 
7,087,934
  3.40 %
    Internet Software & Services
 
4,562,394
  2.19 %
    IT Services
 
2,231,121
  1.07 %
    Life Sciences Tools & Services
 
2,364,208
  1.13 %
    Machinery
 
8,086,725
  3.88 %
    Media
 
2,000,429
  0.96 %
    Multiline Retail
 
2,790,177
  1.34 %
    Office Electronics
 
438,400
  0.21 %
    Oil, Gas & Consumable Fuels
 
1,930,717
  0.93 %
    Pharmaceuticals
 
12,388,428
  5.95 %
    Real Estate Management & Development
 
586,288
  0.28 %
    Road & Rail
 
1,210,560
  0.58 %
    Semiconductors & Semiconductor Equipment
 
8,328,802
  4.00 %
    Software
 
5,572,298
  2.67 %
    Specialty Retail
 
6,440,907
  3.09 %
    Textiles, Apparel & Luxury Goods
 
9,655,721
  4.63 %
    Wireless Telecommunication Services
 
4,230,573
  2.03 %
Total Common Stocks
 
181,286,598
  87.00 %
           
Preferred Stocks
         
    Oil, Gas & Consumable Fuels
 
775,632
  0.37 %
Total Preferred Stocks
 
775,632
  0.37 %
           
Short Term Investments
         
    Investment Companies
 
24,298,019
  11.66 %
Total Short Term Investments
 
24,298,019
  11.66 %
           
Total Investments
 
206,360,249
  99.03 %
Other Assets in Excess of Liabilities
 
2,025,049
  0.97 %
TOTAL NET ASSETS
 
$208,385,298
  100.00 %
           
   
The Global Industry Classification Standard (GICS) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor Financial Services LLC (“S&P”).
GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund
           
The accompanying notes are an integral part of these financial statements.

 
 
 
 

 
 
Buffalo Large Cap Fund
 
Schedule of Investments
 
December 31, 2013 (Unaudited)
 
           
Shares or Face Amount
     
Fair Value
 
   
COMMON STOCKS - 97.52%
     
   
Consumer Discretionary - 16.25%
     
   
Automobiles - 2.37%
     
6,300
 
TOYOTA MOTOR CORP. - ADR (b)
    768,096  
             
   
Hotels, Restaurants & Leisure - 2.53%
       
16,650
 
Marriott International, Inc. - Class A
    821,844  
             
   
Media - 3.68%
       
4,300
 
Charter Communications, Inc. (a)
    588,068  
6,700
 
Discovery Communications, Inc. - Class A (a)
    605,814  
          1,193,882  
   
Specialty Retail - 3.61%
       
7,450
 
Restoration Hardware Holdings Inc. (a)
    501,385  
10,500
 
TJX Companies, Inc.
    669,165  
          1,170,550  
   
Textiles, Apparel & Luxury Goods - 4.06%
       
8,600
 
Coach, Inc.
    482,718  
10,600
 
NIKE, Inc.
    833,583  
          1,316,301  
   
Total Consumer Discretionary (Cost $3,980,768)
    5,270,673  
             
   
Consumer Staples - 4.32%
       
   
Food & Staples Retailing - 4.32%
       
5,900
 
Costco Wholesale Corp.
    702,159  
12,100
 
Whole Foods Market, Inc.
    699,743  
   
Total Consumer Staples (Cost $810,304)
    1,401,902  
             
   
Energy - 6.10%
       
   
Energy Equipment & Services - 6.10%
       
10,500
 
National Oilwell Varco Inc.
    835,065  
12,679
 
Schlumberger Ltd. (b)
    1,142,505  
   
Total Energy (Cost $1,344,121)
    1,977,570  
             
   
Financials - 13.65%
       
   
Capital Markets - 4.80%
       
3,400
 
The Goldman Sachs Group, Inc.
    602,684  
11,400
 
T. Rowe Price Group Inc.
    954,978  
          1,557,662  
   
Diversified Financial Services - 8.85%
       
7,475
 
American Express Co.
    678,207  
8,600
 
CME Group Inc.
    674,756  
2,775
 
IntercontinentalExchange Group, Inc. (a)
    624,153  
15,250
 
JPMorgan Chase & Co.
    891,820  
          2,868,936  
   
Total Financials (Cost $2,997,898)
    4,426,598  
             
   
Health Care - 15.42%
       
   
Biotechnology - 4.37%
       
12,300
 
Cepheid, Inc. (a)
    574,656  
11,200
 
Gilead Sciences, Inc. (a)
    841,680  
          1,416,336  
   
Health Care Technology - 2.06%
       
12,000
 
Cerner Corporation (a)
    668,880  
             
   
Life Sciences Tools & Services - 2.82%
       
22,150
 
PerkinElmer, Inc.
    913,245  
             
   
Pharmaceuticals - 6.17%
       
28,425
 
Hospira, Inc. (a)
    1,173,384  
5,400
 
Perrigo Co. PLC (a)(b)
    828,684  
          2,002,068  
   
Total Health Care (Cost $3,583,549)
    5,000,529  
             
   
Industrials - 11.62%
       
   
Aerospace & Defense - 5.86%
       
8,400
 
The Boeing Co.
    1,146,516  
2,800
 
Precision Castparts Corp.
    754,040  
          1,900,556  
   
Air Freight & Logistics - 1.73%
       
3,900
 
FedEx Corp.
    560,703  
             
   
Construction & Engineering - 1.52%
       
6,150
 
Fluor Corp.
    493,784  
             
   
Road & Rail - 2.51%
       
4,850
 
Union Pacific Corp.
    814,800  
   
Total Industrials (Cost $1,871,787)
    3,769,843  
             
   
Information Technology - 25.80%
       
   
Communications Equipment - 6.16%
       
5,300
 
F5 Networks, Inc. (a)
    481,558  
32,900
 
Juniper Networks, Inc. (a)
    742,553  
10,400
 
QUALCOMM, Inc.
    772,200  
          1,996,311  
   
Computers & Peripherals - 3.17%
       
1,835
 
Apple Inc.
    1,029,637  
             
   
Internet Software & Services - 8.61%
       
12,800
 
eBay Inc. (a)
    702,591  
3,950
 
Equinix, Inc. (a)
    700,928  
8,100
 
Facebook Inc. (a)
    442,746  
845
 
Google Inc. - Class A (a)
    946,999  
          2,793,264  
   
IT Services - 2.20%
       
3,200
 
Visa Inc.
    712,576  
             
   
Semiconductors & Semiconductor Equipment - 2.09%
       
20,800
 
Altera Corp.
    676,624  
             
   
Software - 3.57%
       
8,350
 
Citrix Systems, Inc. (a)
    528,138  
16,450
 
Oracle Corp.
    629,377  
          1,157,515  
   
Total Information Technology (Cost $5,894,548)
    8,365,927  
             
   
Materials - 4.36%
       
   
Chemicals - 4.36%
       
6,000
 
Monsanto Co.
    699,300  
5,500
 
Praxair, Inc.
    715,165  
   
Total Materials (Cost $918,004)
    1,414,465  
             
   
TOTAL COMMON STOCKS (Cost $21,400,979)
    31,627,507  
             
 
 
SHORT TERM INVESTMENTS - 2.43%
       
 
 
Investment Company - 2.43%
       
788,053
 
Fidelity Institutional Money Market Fund - Government Portfolio - 0.01% (c)
    788,053  
   
Total Investment Company
    788,053  
             
   
TOTAL SHORT TERM INVESTMENTS (Cost $788,053)
    788,053  
             
   
Total Investments (Cost ($22,189,032) - 99.95%
    32,415,560  
   
Other Assets in Excess of Liabilities - 0.05%
    15,397  
   
TOTAL NET ASSETS - 100.00%
  $ 32,430,957  
   
ADR
 
American Depository Receipt
       
(a)
 
Non Income Producing
       
(b)
 
Foreign Issued Security. The total value of these securities amounted to $2,739,285 (8.45% of net assets) at December 31, 2013.
 
(c)
 
7-day yield
       
 
The cost basis of investments for federal income tax purposes at December 31, 2013 was as follows*:
 
           
 
Cost of investments
  $ 22,189,032  
 
Gross unrealized appreciation
    10,267,715  
 
Gross unrealized depreciation
    (41,187 )
 
Net unrealized appreciation
  $ 10,226,528  
 
*Because tax adjustments are calculated annually, the above table does not reflect tax adjustments. For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements section in the Fund’s most recent semi-annual or annual report.
           
The Global Industry Classification Standard (GICS) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor Financial Services LLC ("S&P"). 
GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.

 
 
 
 

 
 
Buffalo Mid Cap Fund
 
Schedule of Investments
 
December 31, 2013 (Unaudited)
 
           
Shares or Face Amount
     
Fair Value
 
   
COMMON STOCKS - 97.82%
     
   
Consumer Discretionary - 25.19%
     
   
Auto Components - 4.26%
     
122,700
 
Autoliv, Inc.
    11,263,860  
271,800
 
BorgWarner, Inc.
    15,196,337  
          26,460,197  
   
Distributors - 1.90%
       
359,775
 
LKQ Corp. (a)
    11,836,598  
             
   
Hotels, Restaurants & Leisure - 2.16%
       
285,050
 
Life Time Fitness, Inc. (a)
    13,397,350  
             
   
Household Durables - 2.26%
       
171,740
 
Harman International Industries, Inc.
    14,056,919  
             
   
Internet & Catalog Retail - 1.63%
       
145,000
 
Expedia, Inc.
    10,100,700  
             
   
Leisure Equipment & Products - 1.57%
       
66,800
 
Polaris Industries Inc.
    9,728,752  
             
   
Media - 3.08%
       
159,650
 
AMC Networks, Inc. (a)
    10,873,761  
71,875
 
Lions Gate Entertainment Corp. (a)(b)
    2,275,563  
104,600
 
The Madison Square Garden Co. (MSG) - Class A (a)
    6,022,868  
          19,172,192  
   
Specialty Retail - 5.30%
       
126,275
 
Restoration Hardware Holdings Inc. (a)
    8,498,308  
359,250
 
Urban Outfitters, Inc. (a)
    13,328,174  
190,250
 
Williams-Sonoma, Inc.
    11,087,770  
          32,914,252  
   
Textiles, Apparel & Luxury Goods - 3.03%
       
215,450
 
Under Armour, Inc. - Class A (a)
    18,808,785  
   
Total Consumer Discretionary (Cost $99,110,833)
    156,475,745  
             
   
Consumer Staples - 2.78%
       
   
Beverages - 0.99%
       
25,500
 
The Boston Beer Co, Inc. - Class A (a)
    6,165,645  
             
   
Food Products - 1.79%
       
485,500
 
WhiteWave Foods Co. (a)
    11,137,370  
   
Total Consumer Staples (Cost $16,048,281)
    17,303,015  
             
   
Energy - 3.64%
       
   
Energy Equipment & Services - 3.64%
       
90,950
 
CARBO Ceramics, Inc.
    10,598,404  
426,550
 
Forum Energy Technologies Inc. (a)
    12,054,303  
   
Total Energy (Cost $16,110,312)
    22,652,707  
             
   
Financials - 16.21%
       
   
Capital Markets - 6.14%
       
75,225
 
Affiliated Managers Group, Inc. (a)
    16,314,797  
240,850
 
Eaton Vance Corp.
    10,305,972  
186,950
 
Northern Trust Corp.
    11,570,336  
          38,191,105  
   
Diversified Financial Services - 10.07%
       
293,150
 
CME Group Inc.
    23,000,549  
115,300
 
MarketAxess Holdings, Inc. (a)
    7,710,111  
135,675
 
Moody's Corp.
    10,646,417  
151,650
 
Morningstar, Inc.
    11,842,349  
214,475
 
MSCI, Inc. (a)
    9,376,847  
          62,576,273  
   
Total Financials (Cost $61,268,584)
    100,767,378  
             
   
Health Care - 9.97%
       
   
Health Care Technology - 1.09%
       
121,175
 
Cerner Corp. (a)
    6,754,295  
             
   
Life Sciences Tools & Services - 5.22%
       
167,025
 
Illumina, Inc. (a)
    18,476,305  
159,550
 
PerkinElmer, Inc.
    6,578,247  
78,475
 
Techne Corp.
    7,429,227  
          32,483,779  
   
Pharmaceuticals - 3.66%
       
273,225
 
Hospira, Inc. (a)
    11,278,728  
74,775
 
Perrigo Co. PLC (a)(b)
    11,474,972  
          22,753,700  
   
Total Health Care (Cost $41,178,676)
    61,991,774  
             
   
Industrials - 18.51%
       
   
Air Freight & Logistics - 1.21%
       
129,250
 
C.H. Robinson Worldwide, Inc.
    7,540,445  
             
   
Building Products - 1.99%
       
270,625
 
Fortune Brands Home & Security Inc.
    12,367,563  
             
   
Construction & Engineering - 1.75%
       
345,500
 
Quanta Services, Inc. (a)
    10,903,980  
             
   
Electionic Equipment, Instruments & Components - 1.80%
       
102,432
 
Acuity Brands, Inc.
    11,197,866  
             
   
Machinery - 3.16%
       
121,050
 
Chart Industries, Inc. (a)
    11,577,222  
112,500
 
Proto Labs, Inc. (a)
    8,007,750  
          19,584,972  
   
Professional Services - 4.51%
       
177,400
 
The Advisory Board Co. (a)
    11,295,058  
54,700
 
Towers Watson & Co. - Class A
    6,980,267  
147,775
 
Verisk Analytics, Inc - Class A (a)
    9,711,773  
          27,987,098  
   
Road & Rail - 2.34%
       
151,700
 
Genesee & Wyoming Inc. (a)
    14,570,785  
             
   
Trading Companies & Distributors - 1.75%
       
134,800
 
MSC Industrial Direct Co., Inc.
    10,901,276  
   
Total Industrials (Cost $90,213,165)
    115,053,985  
             
   
Information Technology - 19.52%
       
   
Computers & Peripherals - 1.70%
       
78,325
 
Stratasys Ltd. (a)(b)
    10,550,378  
             
   
Electronic Equipment, Instruments & Components - 1.52%
       
295,850
 
National Instruments Corp.
    9,473,117  
             
   
Internet Software & Services - 4.57%
       
389,175
 
Akamai Technologies, Inc. (a)
    18,361,277  
56,225
 
Equinix, Inc. (a)
    9,977,126  
          28,338,403  
   
IT Services - 1.47%
       
183,700
 
NeuStar, Inc. (a)
    9,159,282  
             
   
Semiconductors & Semiconductor Equipment - 0.99%
       
95,825
 
KLA-Tencor Corp.
    6,176,880  
             
   
Software - 9.27%
       
76,425
 
ANSYS, Inc. (a)
    6,664,260  
706,425
 
Fortinet Inc. (a)
    13,513,910  
132,225
 
MICROS Systems, Inc. (a)
    7,585,748  
297,875
 
RealPage, Inc. (a)
    6,964,318  
143,075
 
Red Hat, Inc. (a)
    8,017,923  
209,150
 
Solera Holdings Inc.
    14,799,453  
          57,545,612  
   
Total Information Technology (Cost $81,512,979)
    121,243,672  
             
   
Materials - 2.00%
       
   
Chemicals - 2.00%
       
164,700
 
FMC Corp.
    12,428,262  
             
   
Total Materials (Cost $4,600,856)
    12,428,262  
             
   
TOTAL COMMON STOCKS (Cost $410,043,686)
    607,916,538  
             
 
 
SHORT TERM INVESTMENTS - 2.44%
       
 
 
Investment Company - 2.44%
       
15,177,708
 
Fidelity Institutional Money Market Fund - Government Portfolio - 0.01%
    15,177,708  
   
Total Investment Company
    15,177,708  
             
   
TOTAL SHORT TERM INVESTMENTS (Cost $15,177,708)
    15,177,708  
             
   
Total Investments (Cost ($425,221,394) - 100.26%
    623,094,246  
   
Liabilities in Excess of Other Assets - (0.26)%
    (1,593,168 )
   
TOTAL NET ASSETS - 100.00%
  $ 621,501,078  
   
(a)
 
Non Income Producing
       
(b)
 
Foreign Issued Security. The total value of these securities amounted to $24,300,912 (3.91% of net assets) at December 31, 2013.
 
(c)
 
7-day yield
       
 
 
 
 
 

 
 
The cost basis of investments for federal income tax purposes at December 31, 2013 was as follows*:
 
           
 
Cost of investments
  $ 425,221,394  
 
Gross unrealized appreciation
    200,807,833  
 
Gross unrealized depreciation
    (2,934,981 )
 
Net unrealized appreciation
  $ 197,872,852  
           
* Because tax adjustments are calculated annually, the above table does not reflect tax adjustments. For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements section in the Fund’s most recent semi-annual or annual report.
           
The Global Industry Classification Standard (GICS) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor Financial Services LLC ("S&P"). 
GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.
     
  The accompanying notes are an integral part of these financial statements.

 
 
 
 

 
 
Buffalo Small Cap Fund
 
Schedule of Investments
 
December 31, 2013 (Unaudited)
 
           
Shares or Face Amount
     
Fair Value
 
   
COMMON STOCKS - 96.51%
     
   
Consumer Discretionary - 18.29%
     
   
Auto Components - 1.74%
     
2,090,514
 
Gentex Corp.
    68,966,057  
             
   
Hotels, Restaurants & Leisure - 2.27%
       
1,906,550
 
Life Time Fitness, Inc. (a)
    89,607,850  
             
   
Household Durables - 0.42%
       
204,640
 
Harman International Industries, Inc.
    16,749,784  
             
   
Media - 2.40%
       
3,560,800
 
Pandora Media Inc. (a)
    94,717,280  
             
   
Specialty Retail - 4.60%
       
868,975
 
Hibbett Sports Inc. (a)
    58,403,810  
74,630
 
Lumber Liquidators Holdgings, Inc. (a)
    7,678,681  
722,146
 
Restoration Hardware Holdings Inc. (a)
    48,600,426  
1,288,700
 
Vitamin Shoppe, Inc. (a)
    67,025,286  
          181,708,203  
   
Textiles, Apparel & Luxury Goods - 6.86%
       
1,082,475
 
Deckers Outdoor Corp. (a)
    91,425,839  
1,039,975
 
Oxford Industries, Inc. (c)(d)
    83,894,783  
2,473,400
 
Tumi Holdings Inc. (a)
    55,775,170  
1,662,250
 
Vera Bradley, Inc. (a)
    39,960,490  
          271,056,282  
   
Total Consumer Discretionary (Cost $430,305,908)
    722,805,456  
             
   
Consumer Staples - 2.26%
       
   
Beverages - 0.37%
       
59,759
 
The Boston Beer Co, Inc. - Class A (a)
    14,449,129  
             
   
Food & Staples Retailing - 1.89%
       
1,849,025
 
The Fresh Market, Inc. (a)
    74,885,512  
   
Total Consumer Staples (Cost $89,304,883)
    89,334,641  
             
   
Energy - 2.22%
       
   
Energy Equipment & Services - 2.22%
       
751,650
 
CARBO Ceramics, Inc.
    87,589,775  
             
   
Total Energy (Cost $62,144,905)
    87,589,775  
             
   
Financials - 12.81%
       
   
Capital Markets - 6.92%
       
1,592,375
 
Financial Engines Inc.
    110,638,214  
1,606,650
 
Stifel Financial Corp. (a)
    76,990,668  
924,375
 
Waddell & Reed Financial, Inc. - Class A
    60,195,300  
1,444,915
 
WisdomTree Investments, Inc. (a)
    25,589,445  
          273,413,627  
   
Diversified Financial Services - 4.55%
       
1,675,281
 
MarketAxess Holdings, Inc. (a)(c)
    112,026,040  
868,150
 
Morningstar, Inc. (c)
    67,793,834  
          179,819,874  
   
Real Estate Management & Development - 1.34%
       
1,231,425
 
FirstService Corp. (b)(c)
    52,988,218  
             
   
Total Financials (Cost $168,190,136)
    506,221,719  
             
   
Health Care - 13.25%
       
   
Biotechnology - 0.20%
       
383,700
 
Sarepta Therapeutics, Inc. (a)
    7,815,969  
             
   
Health Care Equipment & Supplies - 6.33%
       
2,964,907
 
Align Technology, Inc. (a)
    169,444,435  
1,025,535
 
Haemonetics Corp. (a)
    43,205,790  
1,009,300
 
Insulet Corp. (a)
    37,445,030  
          250,095,255  
   
Health Care Technology - 2.43%
       
715,250
 
athenahealth Inc. (a)
    96,201,125  
             
   
Life Sciences Tools & Services - 3.13%
       
1,575,725
 
ICON PLC. (a)(b)
    63,675,047  
636,000
 
Techne Corp.
    60,210,120  
          123,885,167  
   
Pharmaceuticals - 1.16%
       
1,862,275
 
Akorn, Inc. (a)
    45,867,833  
             
   
Total Health Care (Cost $214,021,222)
    523,865,349  
             
   
Industrials - 16.76%
       
   
Aerospace & Defense - 3.68%
       
3,258,550
 
Hexcel Corp. (a)
    145,624,600  
             
   
Commercial Services & Supplies - 0.54%
       
750,000
 
Healthcare Servics Group, Inc.
    21,277,500  
             
   
Electronic Equipment, Instruments & Components - 2.05%
       
2,084,250
 
Polypore International, Inc. (a)
    81,077,325  
             
   
Machinery - 3.97%
       
895,090
 
Chart Industries, Inc. (a)
    85,606,408  
1,000,955
 
Proto Labs, Inc. (a)
    71,247,977  
          156,854,385  
   
Professional Services - 5.84%
       
1,518,460
 
The Corporate Executive Board Co. (c)
    117,574,357  
601,800
 
Costar Group, Inc. (a)
    111,080,244  
35,173
 
WageWorks, Inc. (a)
    2,090,683  
          230,745,284  
   
Road & Rail - 0.68%
       
278,160
 
Genesee & Wyoming Inc. (a)
    26,717,268  
   
Total Industrials (Cost $313,878,022)
    662,296,362  
             
   
Information Technology - 30.92%
       
   
Communications Equipment - 4.72%
       
4,855,908
 
ADTRAN, Inc. (c)(d)
    131,158,075  
3,088,000
 
Aruba Networks Inc. (a)
    55,275,200  
          186,433,275  
   
Computers & Peripherals - 3.27%
       
960,350
 
Stratasys Ltd. (a)(b)
    129,359,145  
             
   
Electronic Equipment, Instruments & Components - 1.74%
       
734,650
 
DTS, Inc. (a)(c)
    17,616,907  
1,599,462
 
National Instruments Corp.
    51,214,773  
          68,831,680  
   
Internet Software & Services - 8.01%
       
1,210,755
 
Cornerstone OnDemand, Inc. (a)
    64,581,672  
2,490,350
 
DealerTrack Holdings Inc. (a)(d)
    119,736,028  
1,226,285
 
Dice Holdings Inc. (a)
    8,890,566  
349,815
 
Envestnet, Inc. (a)
    14,097,545  
3,398,450
 
Internap Network Services Corp. (a)(c)(d)
    25,556,344  
704,958
 
Liquidity Services Inc. (a)
    15,974,348  
2,028,450
 
LogMeIn, Inc. (a)(c)(d)
    68,054,498  
          316,891,001  
   
IT Services - 4.09%
       
2,770,656
 
InterXion Holding NV (a)(b)(c)
    65,415,188  
1,577,000
 
NeuStar, Inc. (a)
    78,629,220  
2,100,000
 
ServiceSource International Inc. (a)
    17,598,000  
          161,642,408  
   
Semiconductors & Semiconductor Equipment - 1.46%
       
2,287,958
 
Semtech Corp. (a)
    57,839,578  
             
   
Software - 7.63%
       
1,336,436
 
ACI Worldwide, Inc. (a)
    86,868,339  
769,850
 
Advent Software, Inc.
    26,937,052  
1,200,475
 
BroadSoft Inc. (a)
    32,820,987  
1,584,800
 
Infoblox, Inc. (a)
    52,330,096  
1,366,700
 
RealPage, Inc. (a)
    31,953,446  
461,300
 
The Ultimate Software Group, Inc. (a)
    70,680,386  
          301,590,306  
   
Total Information Technology (Cost $803,470,214)
    1,222,587,393  
             
   
TOTAL COMMON STOCKS (Cost $2,081,315,290)
    3,814,700,695  
             
 
 
SHORT TERM INVESTMENTS - 3.25%
       
 
 
Investment Company - 3.25%
       
128,445,550
 
Fidelity Institutional Money Market Fund - Government Portfolio - 0.01% (e)
    128,445,550  
   
Total Investment Company
    128,445,550  
             
   
TOTAL SHORT TERM INVESTMENTS (Cost $128,445,550)
    128,445,550  
             
   
Total Investments (Cost ($2,209,760,840) - 99.76%
    3,943,146,245  
   
Other Assets in Excess of Liabilities - 0.24%
    9,503,849  
   
TOTAL NET ASSETS - 100.00%
  $ 3,952,650,094  
   
(a)
 
Non Income Producing
       
(b)
 
Foreign Issued Security. The total value of these securities amounted to $311,437,598 (7.88% of net assets) at December 31, 2013.
 
(c)
 
Portion or all of these securities deemed illiquid. The total value of these portions amounted to $275,894,977 (6.98% of net assets) at December 31, 2013
 
(d)
 
Affliated company; the Fund owns 5% or more of the outstanding voting securites of the issuer. The total values of these securities amounted to $428,399,728 (10.84% of net assets) on December 31, 2013.
 
(e)
 
7-day yield
       
 
 
 
 
 

 
 
The cost basis of investments for federal income tax purposes at December 31, 2013 was as follows*:
           
 
Cost of investments
  $ 2,209,760,840  
 
Gross unrealized appreciation
    1,781,565,986  
 
Gross unrealized depreciation
    (48,180,581 )
 
Net unrealized appreciation
  $ 1,733,385,405  
           
* Because tax adjustments are calculated annually, the above table does not reflect tax adjustments. For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements section in the Fund’s most recent semi-annual or annual report.
           
The Global Industry Classification Standard (GICS) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor Financial Services LLC ("S&P"). 
GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.
 
 

 
 

 
 
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, or if no sale was reported on that date, the mean between the most recent quoted bid and asked price is used. 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 ask 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 Board of Trustees (the “Board”). If events occur that will affect the value of a Fund’s portfolio securities before the net asset value (NAV) has been calculated (a “significant event”), 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 the 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.
 
As of December 31, 2013, the Buffalo High Yield Fund held one fair valued security, with a market value of $0 or 0.00% of total net assets. In addition, with respect to the valuation of securities principally traded on foreign markets, the Buffalo International Fund uses a fair value pricing service approved by the Funds’ Board which employs quantitative models to adjust for “stale” prices caused by the movement of other markets and other factors occurring after the close of the foreign markets, but before the close of the New York Stock Exchange (NYSE).
 
Debt securities with remaining maturities of 60 days or less are normally valued at amortized cost, unless the Board determines that amortized cost does not represent fair value.
 
Restricted securities include securities that have not been registered under the Securities Act of 1933, as amended, and securities that are subject to restrictions on resale. The Fund may invest in restricted securities that are consistent with the Fund’s investment objective and investment strategies. In some cases, the issuer of restricted securities has agreed to register such securities for resale, at the issuer’s expense either upon demand by the Fund or in connection with another registered offering of the securities. Investments in restricted securities are valued utilizing the Funds’ corporate bond valuation policies.
 
 
Summary of Fair Value Exposure at December 31, 2013
 
In accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codifications (ASC) 820, Fair Value Measurements and Disclosure (ASC 820), fair value is defined as the price that a Fund would receive to sell an investment or pay to transfer a liability in an orderly transaction with an independent buyer in the principal market, or in the absence of a principal market, the most advantageous market for the investment or liability. ASC 820 establishes a three-tier hierarchy to distinguish between (1) inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observable inputs) and (2) inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Funds’ investments. The inputs are summarized in the three broad levels listed below:
 
Level 1 — Valuations based on quoted prices for investments in active markets that a Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.
 
Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).
 
Level 3—Valuations based on significant unobservable inputs (including a Fund’s own assumptions and judgment in determining the fair value of investments).
 
Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the market place. The inputs will be considered by the Adviser, along with any other relevant factors in the calculation of an investment’s fair value. The Funds use prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various evels within the hierarchy.
 
Non-U.S. equity securities actively traded in foreign markets may be reflected in Level 2 despite the availability of closing prices, because the Funds evaluate and determine whether those closing prices reflect fair value at the close of the NYSE or require adjustment, as described above.
 
Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models rely on one or more significant unobservable inputs and/or significant assumptions by the Valuation Committee. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.
 
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
 
 
 
 
 

 
 
The following table provides the fair value measurement of applicable Fund assets and liabilities by level within the fair value hierarchy as of December 31, 2013. These assets are measured on a recurring basis.
                           
                           
Buffalo Discovery Fund
 
     
Level 1
   
Level 2
   
Level 3
   
Total
 
Common Stocks
    581,839,866       -       -       581,839,866  
Short Term Investments
    31,819,810       -       -       31,819,810  
 
Total*
    613,659,676       -       -       613,659,676  
                                   
                                   
Buffalo Dividend Focus Fund
 
     
Level 1
   
Level 2
   
Level 3
   
Total
 
Common Stocks
    14,575,973       -       -       14,575,973  
REITS
      98,240       -       -       98,240  
Short Term Investments
    1,903,318       -       -       1,903,318  
 
Total*
    16,577,531       -       -       16,577,531  
                                   
                                   
Buffalo Emerging Opportunies Fund
 
     
Level 1
   
Level 2
   
Level 3
   
Total
 
Common Stocks
    480,647,720       -       -       480,647,720  
Short Term Investments
    70,304,751       -       -       70,304,751  
 
Total*
    550,952,471       -       -       550,952,471  
                                   
Buffalo Flexible Income Fund
 
     
Level 1
   
Level 2
   
Level 3
   
Total
 
Common Stocks
    742,316,946       -       -       742,316,946  
REITS
      14,669,750       -       -       14,669,750  
Convertible Bonds
    -       75,866,563       -       75,866,563  
Corporate Bonds
    -       222,845,418       -       222,845,418  
Short Term Investments
    266,015,664       -       -       266,015,664  
 
Total*
    1,023,002,360       298,711,981       -       1,321,714,341  
Written Options
    (387,250 )             -       (387,250 )
                                   
                                   
Buffalo Growth Fund
 
     
Level 1
   
Level 2
   
Level 3
   
Total
 
Common Stocks
    585,881,143       -       -       585,881,143  
Short Term Investments
    15,974,012       -       -       15,974,012  
 
Total*
    601,855,155       -       -       601,855,155  
                                   
                                   
Buffalo High Yield Fund
 
     
Level 1
   
Level 2
   
Level 3
   
Total
 
Common Stocks
    13,016,889       -       -       13,016,889  
Convertible Preferred Stocks
    -       3,119,375       -       3,119,375  
Preferred Stocks
    -       3,982,185       -       3,982,185  
Convertible Bonds
    -       44,008,969       -       44,008,969  
Corporate Bonds
    -       158,819,419       -       158,819,419  
Short Term Investments
    56,147,292       -       -       56,147,292  
 
Total*
    69,164,181       209,929,948       -       279,094,129  
                                   
                                   
Buffalo International Fund
 
     
Level 1
   
Level 2
   
Level 3
   
Total
 
Common Stocks
    181,286,598               -       181,286,598  
Preferred Stocks
    775,632       -       -       775,632  
Short Term Investments
    24,298,019       -       -       24,298,019  
 
Total*
    206,360,249       -       -       206,360,249  
                                   
                                   
Buffalo Large Cap Fund
 
     
Level 1
   
Level 2
   
Level 3
   
Total
 
Common Stocks
    31,627,507       -       -       31,627,507  
Short Term Investments
    788,053       -       -       788,053  
 
Total*
    32,415,560       -       -       32,415,560  
                                   
                                   
Buffalo Mid Cap Fund
 
     
Level 1
   
Level 2
   
Level 3
   
Total
 
Common Stocks
    607,916,538       -       -       607,916,538  
Short Term Investments
    15,177,708       -       -       15,177,708  
 
Total*
    623,094,246       -       -       623,094,246  
                                   
                                   
Buffalo Small Cap Fund
 
     
Level 1
   
Level 2
   
Level 3
   
Total
 
Common Stocks
    3,814,700,695       -       -       3,814,700,695  
Short Term Investments
    128,445,550       -       -       128,445,550  
 
Total*
    3,943,146,245       -       -       3,943,146,245  
                                   
                                   
* Additional information regarding the industry and/or geographical classification of these investments is disclosed in the schedule of investments.
                                   
                                   
 
 
 
 
 

 
 
The following is a reconciliation of the Buffalo High Yield Income Fund Level 3 assets for which significant unobservable inputs were used to determine fair value for the period ended December 31, 2013:
 
   
Investments in Securities
 
   
Period Ended
 
Fair Value Measurement Using Significant Unobservable Inputs (Level 3)
 
Level 3
 
Fair Value as of 3/31/2013**
  $ -  
Fair Value as of 12/31/2013**
  $ -  
         
The amount of total gains or losses for the period included in net increase (decrease) in net asset
       
applicable to outstanding shares attributed to the change in unrealized gains or losses relating
       
to assets still held at the reporting date
  $ -  
         
** Includes a security that was valued at $0 based on unobservable inputs as of March 31, 2013. There was no change in value in the investment(s) during the period ended December 31, 2013.
 
 
There were no transfers into or out of Level 1, Level 2 or Level 3 fair value measurements during the reporting period for the Buffalo Discovery, Buffalo Dividend Focus Fund, Buffalo Emerging Opportunities Fund, Buffalo Flexible Income Fund, Buffalo Growth Fund, Buffalo High Yield Fund, Buffalo International, Buffalo Large Cap Fund, Buffalo Mid Cap Fund and Buffalo Small Cap Fund. The basis for recognizing and valuing transfers is as of the beginning of the period in which transfers occur.
 
FASB ASC 815, Derivatives and Hedging (ASC 815) is intended to improve financial reporting about derivative instruments by requiring enhanced disclosures to enable investors to better understand how and why the Funds use derivative instruments, how these derivative instruments are accounted for and their effects on the Funds’ financial position and results of operations. The Buffalo Dividend Focus Fund and the Buffalo Flexible Income Fund are the only Funds that have maintained any positions in derivative instruments or engaged in hedging activities during the period ended December 31, 2013.
 
 
 
 
 

 
 
The number of option contracts written and the premiums received by the Buffalo Dividend Focus Fund during the period ended December 31, 2013 were as follows:
                                 
             
CALL OPTIONS WRITTEN
       
             
CONTRACTS
   
PREMIUMS
       
 
Outstanding, March 31, 2013
      112       15,252        
 
Options written
      -       -        
 
Options terminated in closing transaction
      (112 )     (15,252 )      
 
Options exercised
      -       -        
 
Options expired
      -       -        
 
Outstanding, December 31, 2013
      -       -        
                                 
                                 
                                 
The number of option contracts written and the premiums received by the Buffalo Flexible Income Fund during the period ended December 31, 2013 were as follows:
                                 
             
CALL OPTIONS WRITTEN
       
             
CONTRACTS
   
PREMIUMS
       
 
Outstanding, March 31, 2013
      4,183       222,660        
 
Options written
      34,437       1,803,413        
 
Options terminated in closing transaction
      (3,101 )     (330,326 )      
 
Options exercised
      (6,519 )     (506,192 )      
 
Options expired
      (23,850 )     (1,025,908 )      
 
Outstanding, December 31, 2013
      5,150       163,647        
                                 
                                 
                                 
The following is a summary of the location of derivative investments on the Buffalo Dividend Focus Fund and Buffalo Flexible Income Fund’s Statement of Assets and Liabilities as of December 31, 2013:
                                 
 
Derivative Investment Type
         
Value
               
 
Liability Derivatives
                             
 
Buffalo Dividend Focus Fund
                             
 
Written Options -  equity contracts
          $ -                
 
Buffalo Flexible Income Fund
                             
 
Written Options -  equity contracts
          $ 387,250                
                                 
                                 
The following is a summary of the effect of derivative investments on Realized Gain (loss) and Change in Unrealized Appreciation/Depreciation on Options in the Funds as of December 31, 2013:
                                 
 
Derivative Investment Type
         
Realized Gain (Loss)
on Options
               
 
Liability Derivatives
                             
 
Buffalo Dividend Focus Fund
                             
 
Written Options -  equity contracts
          $ 4,617                
 
Buffalo Flexible Income Fund
                             
 
Written Options -  equity contracts
          $ 1,225,808                
                                 
                               
 
Derivative Investment Type
         
Change in Unrealized
Appreciation/Depreciation on Options
               
 
Liability Derivatives
                             
 
Buffalo Dividend Focus Fund
                             
 
Written Options -  equity contracts
          $ (4,282 )              
 
Buffalo Flexible Income Fund
                             
 
Written Options -  equity contracts
          $ (53,351 )              
 
 
 
 
 

 
 
In January 2013, Accounting Standards Update 2013-01 (“ASU 2013-01”), “Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities”, replaced Accounting Standards Update 2011-11 (“ASU 2011-11”), “Disclosures about Offsetting Assets and Liabilities”. ASU 2013-01 is effective for fiscal years beginning on or after January 1, 2013, and interim periods within those annual periods. ASU 2011-11 was intended to enhance disclosure requirements on the offsetting of financial assets and liabilities. ASU 2013-01 limits the scope of the new balance sheet offsetting disclosures to derivatives, repurchase agreements, and securities lending transactions to the extent that they are (1) offset in the financial statements or (2) subject to an enforceable master netting arrangement or similar agreement.
                                   
The following tables present derivative assets and liabilities net of amounts available for offset under MNA and net of related collateral received or pledged, if any, as of December 31, 2013 for the Buffalo Flexible Income Fund:
                                   
Gross Amounts Not Offset in the Statement of Assets and Liabilities and Subject to Master Netting Agreements (MNA)
Liabilities:
                   
Gross Amounts not offset in the statement of financial position
     
                                   
   
Gross Amounts of Recognized Liabilities
   
Gross Amounts Offset in the Statement of Financial Position
   
Net Amounts Presented in the Statement of Financial Position
   
Financial Instruments
   
Collateral Pledged/Received
   
Net Amount
Description
                                 
Buffalo Flexible Income Fund
Written Options
  $ 387,250     $ -     $ 387,250     $ 387,250     $ -     $ -
    $ 387,250     $ -     $ 387,250     $ 387,250     $ -     $ -
 
 
 
 
 

 
 
 
TRANSACTIONS WITH 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 fair value of all securities of affiliated companies held in the Buffalo Small Cap Fund as of December 31, 2013 amounted to $428,399,728, representing and 10.84% of net assets. There were no affiliated companies held in any other Funds. A summary of affiliated transactions for each company which is an affiliate at December 31, 2013 or was an affiliate during the period ended December 31, 2013 is as follows:
 
Buffalo Small Cap Fund
                                                 
   
ADTRAN, Inc.
   
DealerTrack
Holdings Inc.
   
Dice
Holdings Inc.
   
Internap Network
Services Corp.
   
LogMeIn, Inc.
   
Oxford
Industries, Inc.
   
RealD Inc.
   
Total
 
                                                 
March 31, 2013
                                               
     Balance
                                               
     Shares
    4,855,908       2,490,350       3,299,725       3,398,450       1,893,450       1,039,975       2,549,300       -  
     Cost
  $ 101,810,587     $ 40,110,168     $ 38,056,552     $ 47,327,405     $ 56,650,303     $ 28,175,061     $ 40,070,877     $ 352,200,953  
                                                                 
Gross Additions
                                                               
     Shares
    -       -       -       -       135,000       -       -       -  
     Cost
  $ -     $ -     $ -     $ -     $ 2,442,309     $ -     $ -     $ 2,442,309  
                                                                 
Gross Deductions
                                                               
     Shares
    -       -       445,925       -       -       -       74,200       -  
     Cost
  $ -     $ -     $ 4,809,752     $ -     $ -     $ -     $ 1,830,533     $ 6,640,285  
                                                                 
September 30, 2012
                                                               
     Balance
                                                               
     Shares
    4,855,908       2,490,350       -       3,398,450       2,028,450       1,039,975       -       -  
     Cost
  $ 101,810,587     $ 40,110,168     $ -     $ 47,327,405     $ 59,092,612     $ 28,175,061     $ -     $ 276,515,833  
                                                                 
Realized gain (loss)
  $ -     $ -     $ (1,769,615 )   $ -     $ -     $ -     $ (1,044,682 )   $ (2,814,297 )
                                                                 
Investment income
  $ 1,311,095     $ -     $ -     $ -     $ -     $ 561,587     $ -     $ 1,872,682  
                                                                 
                                                                 
* As a result of the Buffalo Small Cap Fund's beneficial ownership of 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 Distributors, Advisor, Funds or any other client of the Advisor.
   
Note: Schedule may not roll forward, as the schedule only reflects activity during the time the Fund was deemed an affiliate (held more than 5% of an issuer's outstanding securities).
 
 
 
 
 

 
 
Item 2. Controls and Procedures.
 
(a)  
The Registrant’s President/Chief Executive Officer and Treasurer/Chief Financial Officer has concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “1940 Act”)) (17 CFR 270.30a-3(c)) are effective as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(d)) .

(b)  
There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) (17 CFR 270.30a-3(d)) that occurred during the Registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 3. Exhibits.
 
Separate certifications for each principal executive officer and principal financial officer of the Registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)).   Filed 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.


Buffalo Funds                                                          
 
By  Kent W. Gasaway                                                                                                                                  
  Kent W. Gasaway, President and Treasurer
 
Date   2/20/14                                                                                                                                                 
 

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 person on behalf of the registrant and in the capacities and on the date indicated.

Buffalo Funds                                                          

By  Kent W. Gasaway                                                                                                                                  
  Kent W. Gasaway, President and Treasurer
 
Date   2/20/14                                                                                                                                                 
 
 
 

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