The Buffalo Science & Technology Fund (MUTF: BUFTX) is a 401k and IRA investment made up of mid-cap companies that specialize in the development, advancement and use of science and technology. In short, this mutual fund is investing in the companies of the future that provide growth opportunities today.

Buffalo Science & Technology also may contain companies whose stock price may advance because of their application of science and technology.  The fund may appeal to long-term aggressive growth investors who want to beat market returns.

Here are the specifics for the Buffalo Science & Technology Fund for today’s mutual fund spotlight:

Investing Strategy: The fund’s managers devote a lot of time analyzing new science and technology to identify companies with significant growth or market domination potential because of their development or use of science and technology. Over 91% of the fund’s current assets are in common stocks. The remaining assets are held in cash.

Expense Ratio: With its 1.03% expense ratio and no transaction fee, the Buffalo Science & Technology Fund is one of the cheaper funds in the mid-cap growth fund category and carries a Morningstar rating of 4 stars.

Top 5 Holdings: The top stocks in the Buffalo Science & Technology Fund include tax exempt government money market fund Fidelity Institutional Money Market Government Government Portfolio Class I (MUTF: FIGXX) at  8.50%, Invisalign dental brace manufacturer Align Technology, Inc. (NASDAQ: ALGN) at 2.88%, oil and gas technology supplier Schlumberger, Ltd. (NYSE: SLB) at 2.53% , commercial communications service provider NeuStar, Inc. (NYSE: NSR) at 2.50%, and information technology designer and manufacturer Cisco Systems, Inc. (NASDAQ: CSCO) at 2.50%.

Returns: The near 30% return of the Buffalo Science & Technology Fund outperformed the broader market’s 22% return during the last 12 months. Its 5-year return of 29.3% was nearly 3 times better than the Dow Jones Industrial Average’s 10.3% return, and dwarfed the S&P 500’s near 4% return during the same period.

Other Fund Statistics

• Total Assets: $382.7 million (as of 5/27/11)
• Minimum Investment: $2,500
• Fund managers: Clay Brethour, Dave Carlsen, and Elizabeth Jones
• Manager’s Tenure: Since April 2001, January 2004 and January 2003, respectively.