Micro Cap Fund
Risks
Mutual fund investing involves risk. Principal loss is possible. Risk factors are described in more detail in the prospectus and in the Statement of Additional Information.
The Buffalo Micro Cap, Small Cap, and Mid Cap Funds invest in smaller companies, which involve additional risks such as limited liquidity and greater volatility. The Science and Technology Fund is non-diversified, meaning it concentrates its investments on businesses in science and technology related industries which can cause the Fund to experience significant volatility. The Growth Fund invests in U.S. based companies with substantial interests outside of the U.S. which may involve additional risk such as greater volatility and political, economic and/or currency risks. The High Yield and Balanced Funds invest in lower-rated and non-rated securities presents a greater risk of loss to principal and interest than higher-rated securities. Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. The Buffalo China Fund invests in foreign securities which will involve greater volatility and political, economic and currency risks and differences in accounting methods. The risks are particularly significant for funds that focus on a single country or region. The Buffalo International Fund invests in foreign securities which will involve political, economic and currency risks, greater volatility and differences in accounting methods. The Fund may invest in smaller companies, which involves additional risks such as limited liquidity and greater volatility. The Fund may invest in emerging markets, which are generally more volatile and can have relatively unstable governments, social and legal systems that do not protect shareholders, economies based on only a few industries and securities markets that are substantially smaller, less liquid, more volatile and may have a lower level of government oversight than securities markets in more developed countries.