Flexible Income Fund
Overall Morningstar™ rating out of 739
Moderate Allocation funds as of 1-31-2014 (derived from a weighted average of the fund's three-, five-, and ten-year risk adjusted return measure, if applicable).
Superior 10-year Performance as of 11/30/2011 among 181 Mixed-Asset Target Allocation Moderate Funds for consistent, risk-adjusted returns.
- Income and growth strategy
- Seeking primarily income oriented equities
- Bonds are primarily high yield corporates and convertibles
This Fund invests primarily for income, but it also maintains a growth component in an attempt to offset inflation. Managers seek growth by investing in high-yield corporate bonds, dividend-paying stocks, and other investment asset classes. To reinforce the income objective, the Fund makes distributions on a monthly basis.
Paul Dlugosch, CFA
President, KCM and Portfolio Manager
For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ (based on a Morningstar Risk Adjusted Return measure that accounts for variation in a fund’s monthly performance, including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) The Buffalo Flexible Income Fund received 5 stars among 739 for the three-year, 5 stars among 671 for the five-year, and 5 stars among 426 Moderate Allocation funds for the ten-year period ending 1/31/2014.
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Lipper Leader scores are subject to change every month and are calculated for the following time periods: 3-year, 5-year, 10-year and overall. The overall calculation is based on an equal-weighted average of percentile rank for each category metric over three-, five-, and ten-year periods (if applicable). The top 20% of funds in each classification are rated 5 and are named Lipper Leaders, the next 20% are rated 4, the middle 20% are rated 3, the next 20% are rated 2, and the lowest 20% are rated 1. For the three-year period the Buffalo Flexible Income Fund received a Lipper Leader rating of 5 among 433 funds. For the five-year period the Buffalo Flexible Income Fund received a Lipper Leader rating of 5 among 398 funds. For the ten-year period the Buffalo Flexible Income Fund received a Lipper Leader rating of 5 among 183 funds. Lipper Analytical Services, Inc. is an independent mutual fund research and rating service. Each Lipper peer group represents a universe of Funds with similar investment objectives.
A Lipper Fund Award is awarded to one fund in each Lipper classification for achieving the strongest trend of consistent risk-adjusted performance against its classification peers over a three, five or ten-year period.
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