International 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 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.