Buffalo Growth Fund (Buffalo Growth Fund Institution) Fonds

The fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities, consisting of common stocks, preferred stocks, convertible securities, warrants, and rights of “growth companies.” The fund’s investment adviser, defines growth companies as companies that, at the time of purchase, are constituents of the Russell 3000® Growth Index or exhibit growth characteristics consistent with inclusion of companies in the Russell 3000® Growth Index. It is non-diversified.