Flexible Income Fund

Overall Morningstar™ rating out of 354 allocation - 70%-85% Equity funds as of 2-28-2017 (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


The Morningstar RatingTM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product 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. The Overall Morningstar RatingTM for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar RatingTM metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. The Buffalo Flexible Income Fund received 3 stars among 354 for the three-year, 2 stars among 290 for the five-year, and 5 stars among 219 allocation - 70%-85% Equity funds for the ten-year period ending 2/28/2017.

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