Buffalo Discovery Fund

This fund primarily allocates its capital to equity instruments, such as common and preferred shares, convertible bonds, warrants, and rights. It targets companies expected to appreciate due to their engagement in developing, advancing, or commercially implementing groundbreaking strategies. While primarily investing domestically, the fund also has the flexibility to allocate up to 20% of its total net assets to international holdings, specifically through sponsored or unsponsored American Depositary Receipts (ADRs) and foreign company securities listed on U.S. exchanges.