Flexible Income Fund

Overall Morningstar™ rating out of 344 allocation - 50%-70% Equity funds as of 11-30-2016 (derived from a weighted average of the fund's three-, five-, and ten-year risk adjusted return measure, if applicable).


  • 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.

Investment Team

Paul Dlugosch  

Paul Dlugosch, CFA

Portfolio Manager

  • Investment professional since 1997
  • Joined KCM in 2002
  • Prior experience - Antares Capital Corporation and LaSalle National Bank
  • B.S. - University of Iowa
John Kornitzer  

John Kornitzer

President, KCM and Portfolio Manager

  • Investment professional since 1968
  • Founder KCM (1989) and Buffalo Funds (1994)
  • Prior experience - several Fortune 500 companies
  • B.A. - St. Francis College in Pennsylvania


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 3 stars among 344 for the three-year, 2 stars among 286 for the five-year, and 5 stars among 206 allocation-50%-70% Equity funds for the ten-year period ending 11/30/2016.

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