Buffalo Emerging Opportunities Fund (BUFOX)

Investment Objective The investment seeks long-term growth of capital. The fund invests in equity securities- consisting of domestic common stocks- preferred stocks- convertible securities- warrants and rights- of companies that- at the time of purchase by the fund- have market capitalizations of $1 billion or less. While the fund's investments in equity securities will consist primarily of domestic securities- it may also invest up to 20% of its net assets in sponsored or unsponsored ADRs and equity securities of foreign companies that are traded on U.S. stock exchanges.