Form N-CEN BUFFALO FUNDS For: Mar 31
X0404 N-CEN LIVE 0001135300 XXXXXXXX true false false N-1A true BUFFALO FUNDS 811-10303 0001135300 2549004OPHDSAY1EO405 5420 WEST 61ST PLACE SHAWNEE MISSION 66205 US-KS US 9136777778 KORNITZER CAPITAL MANAGEMENT, INC. 5420 WEST 61ST PLACE SHAWNEE MISSION 66205 9136777778 Records relating to the registrant's investment adviser U.S. BANCORP FUND SERVICES, LLC 615 EAST MICHIGAN STREET MILWAUKEE 53202 8336121912 Records relating to the registrant's fund administrator, fund accountant, and transfer agent U.S. BANK NATIONAL ASSOCIATION 1555 NORTH RIVER CENTER DRIVE SUITE 302 MILWAUKEE 53212 8336121912 Records relating to the registrant's custodian QUASAR DISTRIBUTORS, LLC 111 East Kilbourn Avenue Suite 2200 Milwaukee 53202 8336121912 Records relating to the registrant's distributor N N N N-1A 10 Y JEFFREY D. YOWELL N/A N PHILIP J. KENNEDY N/A N RACHEL F. LUPARDUS N/A N ROBERT MALE N/A Y FRED COATS N/A 5420 WEST 61ST PLACE SHAWNEE MISSION 66205 XXXXXX N N N N N N N QUASAR DISTRIBUTORS, LLC 8-52323 000103848 N/A N N ERNST & YOUNG LLP 00042 N/A N N N N N N N BUFFALO DISCOVERY FUND S000006557 2549003XUN268798ON70 N 2 0 0 N/A N N Y N N/A N/A N/A Rule 12d1-1 (17 CFR 270.12d1-1) Rule 32a-4 (17 CFR 270.32a-4) N N N N KORNITZER CAPITAL MANAGEMENT, INC. 801-34933 000111087 2549003HAZU0OD9LB569 N U.S. Bancorp Fund Services LLC 85-11357 N1GZ7BBF3NP8GI976H15 N N N Intercontinental Exchange Inc. 5493000F4ZO33MV32P92 N Bloomberg L.P. 549300B56MD0ZC402L06 N IHS Markit Ltd. 549300HLPTRASHS0E726 BM N Thomson Reuters Pricing Service N/A CA N N U.S. Bank National Association 6BYL5QZYBDK8S7L73M02 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N N U.S. Bancorp Fund Services, LLC N1GZ7BBF3NP8GI976H15 N N N Goldman Sachs & Co. 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LLC 8-15869 000008209 9R7GPTSO7KV3UQJZQ078 18931120.000000000000 Goldman Sachs & Co. LLC 8-129 000000361 FOR8UP27PHTHYVLBNG30 12081110.000000000000 UBS Financial Services Inc. 8-16267 000008174 ETYRV6ORNFJB5NONI676 8455320.000000000000 Merrill Lynch Pierce Fenner & Smith Inc. 8-7221 000007691 8NAV47T0Y26Q87Y0QP81 3890450.000000000000 Truist Securities Inc. 8-17212 000006271 CSVTK36R0PNGXEM7NS14 23345.000000000000 1039368469.000000000000 Y 1728942145.000000000000 Uncommitted 50000000.000000000000 N N N N BUFFALO DIVIDEND FOCUS FUND S000039149 254900UIX1J4H0GH3324 N 2 0 0 N/A N N Y N N/A N/A N/A Rule 12d1-1 (17 CFR 270.12d1-1) Rule 32a-4 (17 CFR 270.32a-4) N N N N KORNITZER CAPITAL MANAGEMENT, INC. 801-34933 000111087 2549003HAZU0OD9LB569 N U.S. Bancorp Fund Services LLC 85-11357 N1GZ7BBF3NP8GI976H15 N N N Intercontinental Exchange Inc. 5493000F4ZO33MV32P92 N Bloomberg L.P. 549300B56MD0ZC402L06 N IHS Markit Ltd. 549300HLPTRASHS0E726 BM N Thomson Reuters Pricing Service N/A CA N N U.S. Bank National Association 6BYL5QZYBDK8S7L73M02 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N N U.S. Bancorp Fund Services, LLC N1GZ7BBF3NP8GI976H15 N N N Instinet LLC 8-23669 000007897 549300MGMN3RKMU8FT57 4550.000000000000 Raymond James & Associates Inc. 8-10999 000000705 U4ONQX15J3RO8XCKE979 4284.000000000000 Goldman Sachs & Co. 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Inc. 8-4077 000000249 254900VH02JQR2L8XD64 210518.000000000000 30154919.000000000000 Y 112459952.000000000000 Uncommitted 50000000.000000000000 N N N N Buffalo Early Stage Growth Fund S000006555 254900OR0GOPIIGY0W29 N 2 0 0 N/A N N Y N N/A N/A N/A Rule 12d1-1 (17 CFR 270.12d1-1) Rule 32a-4 (17 CFR 270.32a-4) N N N N KORNITZER CAPITAL MANAGEMENT, INC. 801-34933 000111087 2549003HAZU0OD9LB569 N U.S. Bancorp Fund Services LLC 85-11357 N1GZ7BBF3NP8GI976H15 N N N Intercontinental Exchange Inc. 5493000F4ZO33MV32P92 N Bloomberg L.P. 549300B56MD0ZC402L06 N IHS Markit Ltd. 549300HLPTRASHS0E726 BM N Thomson Reuters Pricing Service N/A CA N N U.S. Bank National Association 6BYL5QZYBDK8S7L73M02 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N N U.S. Bancorp Fund Services, LLC N1GZ7BBF3NP8GI976H15 N N N Axos Clearing LLC 8-53595 000117176 549300HI1HI1GZBKYG51 53000.000000000000 Instinet LLC 8-23669 000007897 549300MGMN3RKMU8FT57 45912.000000000000 Craig-Hallum Captial Group LLC 8-65407 000121395 549300YWNPUXBR9XZW77 21019.000000000000 Goldman Sachs & Co. 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LLC 8-15869 000008209 9R7GPTSO7KV3UQJZQ078 935000.000000000000 123066127.000000000000 Y 135595315.000000000000 Uncommitted 50000000.000000000000 N N N N BUFFALO FLEXIBLE INCOME FUND S000022450 254900G1XFV0LTHHIR76 N 2 0 0 N/A N N Y N N/A N/A N/A Rule 12d1-1 (17 CFR 270.12d1-1) Rule 32a-4 (17 CFR 270.32a-4) N N N N KORNITZER CAPITAL MANAGEMENT, INC. 801-34933 000111087 2549003HAZU0OD9LB569 N U.S. Bancorp Fund Services LLC 85-11357 N1GZ7BBF3NP8GI976H15 N N N Intercontinental Exchange Inc. 5493000F4ZO33MV32P92 N Bloomberg L.P. 549300B56MD0ZC402L06 N IHS Markit Ltd. 549300HLPTRASHS0E726 BM N Thomson Reuters Pricing Service N/A CA N N U.S. Bank National Association 6BYL5QZYBDK8S7L73M02 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N N U.S. Bancorp Fund Services, LLC N1GZ7BBF3NP8GI976H15 N N N Stifel Nicolaus & Company Incorp. 8-1447 000000793 5WUVMA08EYG4KEUPW589 16895.000000000000 Hilltop Securities Inc. 8-45123 000006220 549300IXU82PMU6XZT45 14742.000000000000 BTIG LLC 8-65473 000122225 549300GTG9PL6WO3EC51 8955.000000000000 Instinet LLC 8-23669 000007897 549300MGMN3RKMU8FT57 2000.000000000000 42592.000000000000 Nomura Securities International Inc. 8-15255 000004297 OXTKY6Q8X53C9ILVV871 2665000.000000000000 Oppenheimer & Co. 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Morgan Securities LLC 8-35008 000000079 ZBUT11V806EZRVTWT807 10203750.000000000000 Barclays Capital Inc. 8-41342 000019714 AC28XWWI3WIBK2824319 7833045.000000000000 UBS Financial Services Inc. 8-16267 000008174 ETYRV6ORNFJB5NONI676 7076702.000000000000 490988921.000000000000 Y 293373792.000000000000 Uncommitted 50000000.000000000000 N N N N BUFFALO INTERNATIONAL FUND S000019058 254900LT9J258PI02I17 N 2 0 0 N/A N N Y N N/A N/A N/A Rule 12d1-1 (17 CFR 270.12d1-1) Rule 32a-4 (17 CFR 270.32a-4) N N N N KORNITZER CAPITAL MANAGEMENT, INC. 801-34933 000111087 2549003HAZU0OD9LB569 N U.S. Bancorp Fund Services LLC 85-11357 N1GZ7BBF3NP8GI976H15 N N N Intercontinental Exchange Inc. 5493000F4ZO33MV32P92 N Bloomberg L.P. 549300B56MD0ZC402L06 N IHS Markit Ltd. 549300HLPTRASHS0E726 BM N Thomson Reuters Pricing Service N/A CA N N U.S. Bank National Association 6BYL5QZYBDK8S7L73M02 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N N U.S. Bancorp Fund Services, LLC N1GZ7BBF3NP8GI976H15 N N N Berenberg Captial Markets LLC 8-68821 000156757 5493007EG0CYRKKG9L11 106600.000000000000 Goldman Sachs & Co. 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Report of Independent Registered Public Accounting Firm
To the Shareholders and the Board of Trustees of Buffalo Funds
In planning and performing our audit of the financial statements of Buffalo Funds (the “Trust”) (comprising the Buffalo Discovery Fund, Buffalo Dividend Focus Fund, Buffalo Early Stage Growth Fund, Buffalo Flexible Income Fund, Buffalo Growth Fund, Buffalo High Yield Fund, Buffalo International Fund, Buffalo Large Cap Fund, Buffalo Mid Cap Fund, and Buffalo Small Cap Fund) as of and for the year ended March 31, 2022, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), we considered the Trust’s internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.
The management of the Trust is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A trust’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with U.S. generally accepted accounting principles. A trust’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the trust; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with U.S. generally accepted accounting principles, and that receipts and expenditures of the trust are being made only in accordance with authorizations of management and directors of the trust; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a trust’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Trust’s annual or interim financial statements will not be prevented or detected on a timely basis.
Our consideration of the Trust’s internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established by the PCAOB. However, we noted no deficiencies in the Trust’s internal control over financial reporting and its operation, including controls over safeguarding securities, that we consider to be a material weakness as defined above as of March 31, 2022.
This report is intended solely for the information and use of management and the Board of Directors of the Funds and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.
/s/ Ernst & Young LLP
Kansas City, Missouri
May 26, 2022
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