Buffalo Flexible Allocation Fund 

This fund diversifies its investments across both fixed-income and equity assets. For its debt holdings, the expected dollar-weighted average maturity is designed to remain below 15 years. Regarding equity securities, the fund maintains broad flexibility, allowing it to invest in companies operating in any industry sector and possessing any market capitalization. Moreover, up to 20% of its net assets may be allocated to foreign exposures, specifically through sponsored or unsponsored American Depositary Receipts (ADRs), as well as securities of non-U.S. companies that trade on U.S. stock exchanges and over-the-counter (OTC) markets.