# EDGAR Filing Document

**Accession Number:** 0001135300
**File Stem:** 0001145549-25-051748
**Filing Date:** 2025-8
**Character Count:** 49140
**Document Hash:** c666187e4ac1315b48cdc1185669bcc3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-051748.hdr.sgml**: 20250819

**ACCESSION NUMBER**: 0001145549-25-051748

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250819

**DATE AS OF CHANGE**: 20250819

**PERIOD START**: 20260331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BUFFALO FUNDS
- **CENTRAL INDEX KEY:** 0001135300

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-10303
- **FILM NUMBER:** 251231544

**BUSINESS ADDRESS:**
- **STREET 1:** KORNITZER CAPITAL MANAGEMENT, INC.
- **STREET 2:** 5420 WEST 61ST PLACE
- **CITY:** SHAWNEE MISSION
- **STATE:** KS
- **ZIP:** 66205
- **BUSINESS PHONE:** 9136777778

**MAIL ADDRESS:**
- **STREET 1:** KORNITZER CAPITAL MANAGEMENT, INC.
- **STREET 2:** 5420 WEST 61ST PLACE
- **CITY:** SHAWNEE MISSION
- **STATE:** KS
- **ZIP:** 66205

## Series and Classes Contracts Data

### Buffalo Growth & Income Fund (Series ID: S000039149)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000120435 | Investor Class      | BUFDX           |
| C000214596 | Institutional Class | BUIDX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Buffalo Growth & Income Fund** | **Buffalo Growth & Income Fund** | **Buffalo Growth & Income Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **June 30, 2025 (Unaudited)** | **June 30, 2025 (Unaudited)** | **June 30, 2025 (Unaudited)** |
| **COMMON STOCKS - 81.0%** | **Shares** | **Value**  |
| **<u>Communication Services</u> - 9.5%** | **<u>Communication Services</u> - 9.5%** | |
| **Diversified Telecommunication Services - 0.3%** | | |
| Verizon Communications, Inc. | 10625 | $459744 |
|  |  | $– |
| **Entertainment - 0.5%** |  |  |
| Walt Disney Co. | 7605 | 943096 |
|  |  | $– |
| **Interactive Media & Services - 8.2%** |  |  |
| Alphabet, Inc. - Class A | 12600 | 2220498 |
| Alphabet, Inc. - Class C | 13000 | 2306070 |
| Meta Platforms, Inc. - Class A | 13300 | 9816597 |
|  |  | 14343165 |
| **Media - 0.5%** |  |  |
| Comcast Corp. - Class A | 22500 | 803025 |
| **Total Communication Services** | **Total Communication Services** | 16549030 |
| **<u>Consumer Discretionary</u> - 2.8%** | **<u>Consumer Discretionary</u> - 2.8%** |  |
| **Broadline Retail - 1.4%** |  |  |
| Amazon.com, Inc. <sup>(a)</sup> | 11000 | 2413290 |
|  |  | $– |
| **Hotels, Restaurants & Leisure - 0.5%** |  |  |
| Starbucks Corp. | 9500 | 870485 |
|  |  | $– |
| **Specialty Retail - 0.9%** |  |  |
| Home Depot, Inc. | 4225 | 1549054 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | 4832829 |
| **<u>Consumer Staples</u> - 4.3%** | **<u>Consumer Staples</u> - 4.3%** |  |
| **Beverages - 1.9%** |  |  |
| PepsiCo, Inc. | 5550 | 732822 |
| Primo Brands Corp. | 88600 | 2624332 |
|  |  | 3357154 |
| **Consumer Staples Distribution & Retail - 0.6%** |  |  |
| Walmart, Inc. | 10350 | 1012023 |
|  |  | $– |
| **Food Products - 1.0%** |  |  |
| Lamb Weston Holdings, Inc. | 18400 | 954040 |
| Tyson Foods, Inc. - Class A | 11900 | 665686 |
|  |  | 1619726 |
| **Household Products - 0.5%** |  |  |
| Procter & Gamble Co. | 5725 | 912107 |
|  |  | $– |
| **Personal Care Products - 0.3%** |  |  |
| Kenvue, Inc. | 27000 | 565110 |
| **Total Consumer Staples** | **Total Consumer Staples** | 7466120 |
| **<u>Energy</u> - 9.5%** | **<u>Energy</u> - 9.5%** |  |
| **Oil, Gas & Consumable Fuels - 9.5%** |  |  |
| Crescent Energy Co. - Class A | 150000 | 1290000 |
| Energy Transfer LP | 162600 | 2947938 |
| Enterprise Products Partners LP | 46650 | 1446617 |
| Hess Corp. | 9875 | 1368082 |
| Marathon Petroleum Corp. | 12126 | 2014250 |
| Northern Oil and Gas, Inc. | 63400 | 1797390 |
| Valero Energy Corp. | 7900 | 1061918 |
| Viper Energy, Inc. | 125000 | 4766250 |
| **Total Energy** | **Total Energy** | 16692445 |
| **<u>Financials</u> - 19.2%** | **<u>Financials</u> - 19.2%** |  |
| **Banks - 7.0%** |  |  |
| Bank of America Corp. | 63000 | 2981160 |
| Citigroup, Inc. | 24375 | 2074800 |
| Citizens Financial Group, Inc. | 40750 | 1823563 |
| JPMorgan Chase & Co. | 14000 | 4058740 |
| Truist Financial Corp. | 28600 | 1229514 |
|  |  | 12167777 |
| **Capital Markets - 4.6%** |  |  |
| Blackrock, Inc. | 1100 | 1154175 |
| CME Group, Inc. | 4025 | 1109371 |
| Intercontinental Exchange, Inc. | 11100 | 2036517 |
| S&P Global, Inc. | 7136 | 3762741 |
|  |  | 8062804 |
| **Financial Services - 5.5%** |  |  |
| Burford Capital Ltd. | 180800 | 2578208 |
| Mastercard, Inc. - Class A | 4400 | 2472536 |
| Visa, Inc. - Class A | 12925 | 4589021 |
|  |  | 9639765 |
| **Insurance - 2.1%** |  |  |
| Arthur J. Gallagher & Co. | 11575 | 3705389 |
| **Total Financials** | **Total Financials** | 33575735 |
| **<u>Health Care</u> - 8.2%** | **<u>Health Care</u> - 8.2%** |  |
| **Health Care Equipment & Supplies - 1.1%** |  |  |
| Abbott Laboratories | 10000 | 1360100 |
| Medtronic PLC | 7400 | 645058 |
|  |  | 2005158 |
| **Health Care Providers & Services - 4.6%** |  |  |
| Elevance Health, Inc. | 3375 | 1312740 |
| HCA Healthcare, Inc. | 8100 | 3103110 |
| McKesson Corp. | 2500 | 1831950 |
| UnitedHealth Group, Inc. | 5600 | 1747032 |
|  |  | 7994832 |
| **Pharmaceuticals - 2.5%** |  |  |
| Eli Lilly & Co. | 3150 | 2455519 |
| Johnson & Johnson | 7125 | 1088344 |
| Merck & Co., Inc. | 9800 | 775768 |
|  |  | 4319631 |
| **Total Health Care** | **Total Health Care** | 14319621 |
| **<u>Industrials</u> - 6.8%** | **<u>Industrials</u> - 6.8%** |  |
| **Aerospace & Defense - 0.4%** |  |  |
| Boeing Co. <sup>(a)</sup> | 3025 | 633828 |
|  |  | $– |
| **Commercial Services & Supplies - 1.4%** |  |  |
| Cintas Corp. | 11200 | 2496144 |
|  |  | $– |
| **Electrical Equipment - 0.3%** |  |  |
| AMETEK, Inc. | 2500 | 452400 |
|  |  | $– |
| **Industrial Conglomerates - 0.5%** |  |  |
| Honeywell International, Inc. | 3450 | 803436 |
|  |  | $– |
| **Machinery - 2.0%** |  |  |
| Otis Worldwide Corp. | 7900 | 782258 |
| Parker-Hannifin Corp. | 3950 | 2758957 |
|  |  | 3541215 |
| **Professional Services - 1.7%** |  |  |
| Equifax, Inc. | 3200 | 829984 |
| SS&C Technologies Holdings, Inc. | 26600 | 2202480 |
|  |  | 3032464 |
| **Trading Companies & Distributors - 0.5%** |  |  |
| Fastenal Co. | 20600 | 865200 |
| **Total Industrials** | **Total Industrials** | 11824687 |
| **<u>Information Technology</u> - 13.2%** | **<u>Information Technology</u> - 13.2%** |  |
| **Communications Equipment - 0.7%** |  |  |
| Cisco Systems, Inc. | 17750 | 1231495 |
|  |  | $– |
| **IT Services - 1.3%** |  |  |
| International Business Machines Corp. | 7700 | 2269806 |
|  |  | $– |
| **Semiconductors & Semiconductor Equipment - 2.3%** |  |  |
| Marvell Technology, Inc. | 10100 | 781740 |
| NVIDIA Corp. | 7100 | 1121729 |
| QUALCOMM, Inc. | 9075 | 1445284 |
| Texas Instruments, Inc. | 2950 | 612479 |
|  |  | 3961232 |
| **Software - 5.3%** |  |  |
| Microsoft Corp. | 18650 | 9276696 |
|  |  | $– |
| **Technology Hardware, Storage & Peripherals - 3.6%** |  |  |
| Apple, Inc. | 31080 | 6376684 |
| **Total Information Technology** | **Total Information Technology** | 23115913 |
| **<u>Materials</u> - 2.3%** | **<u>Materials</u> - 2.3%** |  |
| **Construction Materials - 1.8%** |  |  |
| CRH PLC | 25600 | 2350080 |
| Martin Marietta Materials, Inc. | 1500 | 823440 |
|  |  | 3173520 |
| **Containers & Packaging - 0.5%** |  |  |
| Graphic Packaging Holding Co. | 43700 | 920759 |
| **Total Materials** | **Total Materials** | 4094279 |
| **<u>Utilities</u> - 5.2%** | **<u>Utilities</u> - 5.2%** |  |
| **Electric Utilities - 2.5%** |  |  |
| American Electric Power Co., Inc. | 15700 | 1629032 |
| Edison International | 30550 | 1576380 |
| PG&E Corp. | 82600 | 1151444 |
|  |  | 4356856 |
| **Independent Power and Renewable Electricity Producers - 2.2%** |  |  |
| Vistra Corp. | 19300 | 3740533 |
|  |  | $– |
| **Multi-Utilities - 0.5%** |  |  |
| Sempra Energy | 12200 | 924394 |
| **Total Utilities** | **Total Utilities** | 9021783 |
| **TOTAL COMMON STOCKS** (Cost $54,395,788) | **TOTAL COMMON STOCKS** (Cost $54,395,788) | 141492442 |
| **REAL ESTATE INVESTMENT TRUSTS - 6.6%** | **Shares** | **Value**  |
| **<u>Real Estate</u> - 6.6%** | **<u>Real Estate</u> - 6.6%** |  |
| **Health Care REITs - 0.7%** |  |  |
| Welltower, Inc. | 7900 | 1214467 |
|  |  | $– |
| **Hotel & Resort REITs - 0.5%** |  |  |
| Pebblebrook Hotel Trust | 90000 | 899100 |
|  |  | $– |
| **Office REITs - 1.1%** |  |  |
| NET Lease Office Properties <sup>(a)</sup> | 31400 | 1022070 |
| Postal Realty Trust, Inc. - Class A | 55000 | 810150 |
|  |  | 1832220 |
| **Retail REITs - 1.4%** |  |  |
| Macerich Co. | 50000 | 809000 |
| NETSTREIT Corp. | 50000 | 846500 |
| Realty Income Corp. | 15000 | 864150 |
|  |  | 2519650 |
| **Specialized REITs - 2.9%** |  |  |
| American Tower Corp. | 3200 | 707264 |
| Digital Realty Trust, Inc. | 5000 | 871650 |
| Equinix Inc. | 1100 | 875017 |
| Lamar Advertising Co. - Class A | 9968 | 1209717 |
| Public Storage | 5000 | 1467100 |
|  |  | 5130748 |
| **Total Real Estate** | **Total Real Estate** | 11596185 |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS** (Cost $9,378,098) | **TOTAL REAL ESTATE INVESTMENT TRUSTS** (Cost $9,378,098) | 11596185 |
| **CONVERTIBLE BONDS - 5.6%** | **Par** | **Value** |
| **<u>Consumer Discretionary</u> - 3.6%** | **<u>Consumer Discretionary</u> - 3.6%** | **<u>Consumer Discretionary</u> - 3.6%** |
| **Hotels, Restaurants & Leisure - 3.6%** | **Hotels, Restaurants & Leisure - 3.6%** | **Hotels, Restaurants & Leisure - 3.6%** |
|  Royal Caribbean Cruises Ltd., 6.00%, 08/15/2025 | 1000000 | 6313250 |
| **<u>Health Care</u> - 1.3%** | **<u>Health Care</u> - 1.3%** | **<u>Health Care</u> - 1.3%** |
| **Biotechnology - 1.3%** | **Biotechnology - 1.3%** | **Biotechnology - 1.3%** |
|  Apellis Pharmaceuticals, Inc., 3.50%, 09/15/2026 | 300000 | 294900 |
|  BioMarin Pharmaceutical, Inc., 1.25%, 05/15/2027 | 500000 | 472523 |
| Exact Sciences Corp. | Exact Sciences Corp. | Exact Sciences Corp. |
| &nbsp;&nbsp; 0.38%, 03/15/2027 | 100000 | 95400 |
| &nbsp;&nbsp; 0.38%, 03/01/2028 | 750000 | 685500 |
|  PTC Therapeutics, Inc., 1.50%, 09/15/2026 | 600000 | 693375 |
| **Total Health Care** | **Total Health Care** | 2241698 |
| **<u>Industrials</u> - 0.2%** | **<u>Industrials</u> - 0.2%** | **<u>Industrials</u> - 0.2%** |
| **Electrical Equipment - 0.2%** | **Electrical Equipment - 0.2%** | **Electrical Equipment - 0.2%** |
|  Array Technologies, Inc., 1.00%, 12/01/2028 | 500000 | 397846 |
| **<u>Information Technology</u> - 0.5%** | **<u>Information Technology</u> - 0.5%** | **<u>Information Technology</u> - 0.5%** |
| **Communications Equipment - 0.5%** | **Communications Equipment - 0.5%** | **Communications Equipment - 0.5%** |
|  Lumentum Holdings, Inc., 0.50%, 12/15/2026 | 750000 | 884824 |
| **TOTAL CONVERTIBLE BONDS** (Cost $4,476,355) | **TOTAL CONVERTIBLE BONDS** (Cost $4,476,355) | 9837618 |
| **CONVERTIBLE PREFERRED STOCKS - 1.1%** | **Shares** | **Value**  |
| **<u>Industrials</u> - 0.8%** | **<u>Industrials</u> - 0.8%** |  |
| **Aerospace & Defense - 0.8%** |  |  |
|  Boeing Co., 6.00%, 10/15/2027 | 20000 | 1360000 |
| **<u>Utilities</u> - 0.3%** | **<u>Utilities</u> - 0.3%** |  |
| **Electric Utilities - 0.3%** |  |  |
|  PG&E Corp., Series A, 6.00%, 12/01/2027 | 15000 | 564000 |
| **TOTAL CONVERTIBLE PREFERRED STOCKS** (Cost $1,774,538) | **TOTAL CONVERTIBLE PREFERRED STOCKS** (Cost $1,774,538) | 1924000 |
| **SHORT-TERM INVESTMENTS - 5.7%** | **Shares** | **Value**  |
| **Money Market Funds - 5.7%** |  |  |
| Fidelity Money Market Government Portfolio - Class I, 4.23% <sup>(b)</sup> | 9950635 | 9950635 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $9,950,635) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $9,950,635) | 9950635 |
| **TOTAL INVESTMENTS - 100.0% (**Cost $79,975,414**)** | **TOTAL INVESTMENTS - 100.0% (**Cost $79,975,414**)** | 174800880 |
| Liabilities in Excess of Other Assets - (0.0)% <sup>(c)</sup> | Liabilities in Excess of Other Assets - (0.0)% <sup>(c)</sup> | (74121) |
| **TOTAL NET ASSETS - 100.0%** |  | $174726759 |
| two | two | –% |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | –% |
| The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. | The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. | The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. |

---

LP - Limited Partnership <br> PLC - Public Limited Company <br> REIT - Real Estate Investment Trust

(a) Non-income producing security.

(b) The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

(c) Represents less than 0.05% of net assets.

------

#### <br>

#### Summary of Fair Value Disclosure as of June 30, 2025 (Unaudited)
Buffalo Growth & Income Fund (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.

The following is a summary of the fair valuation hierarchy of the Fund's securities as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| **Assets:** | | | | |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $141492442 | $– | $– | $141492442 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Real Estate Investment Trusts | 11596185 | – | – | 11596185 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Convertible Bonds | – | 9837618 | – | 9837618 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Convertible Preferred Stocks | 1924000 | – | – | 1924000 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 9950635 | – | – | 9950635 |
| Total Investments | $164963262 | $9837618 | $– | $174800880 |
| Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Buffalo Funds

- **b. Investment Company Act file number:** 811-10303

- **c. CIK number of Registrant:** 0001135300

- **d. LEI of Registrant:** 2549004OPHDSAY1EO405

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 5420 West 61st Place

  - **City:** Mission

  - **State:** KS

  - **Foreign country:** US

  - **Zip / Postal Code:** 66205

  - **Telephone number:** 913-677-7778

**Item A.2. Information about the Series.**

- **a. Name of Series:** Buffalo Growth & Income Fund

- **b. EDGAR series identifier (if any):** S000039149

- **c. LEI of Series:** 254900UIX1J4H0GH3324

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-03-31

- **b. Date as of which information is reported:** 2025-06-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $174969383.34

**Total Liabilities:** $121566.38

**Net Assets:** $174847816.96

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000120435 | -2.84%               | 4.10%                | 3.54%                |
| Class ID C000214596 | -2.84%               | 4.13%                | 3.54%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-424768.47              | $-4301216.59                               |
| Month 2  | $-650339.46              | $7067892.40                                |
| Month 3  | $-931151.05              | $6735908.04                                |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                           | Title                                | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| NET Lease Office Properties    | NET Lease Office Properties          | CUSIP: 64110Y108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     31400 | NS      | $1022070.00   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Parker-Hannifin Corp           | Parker-Hannifin Corp                 | CUSIP: 701094104<br>LEI: 5493002CONDB4N2HKI23 | Long             | EC               | CORP              | US        |      3950 | NS      | $2758956.50   | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Procter & Gamble Co/The        | Procter & Gamble Co/The              | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |      5725 | NS      | $912107.00    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM Inc                   | QUALCOMM Inc                         | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |      9075 | NS      | $1445284.50   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| S&P Global Inc                 | S&P Global Inc                       | CUSIP: 78409V104<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | EC               | CORP              | US        |      7136 | NS      | $3762741.44   | 2.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Sempra                         | Sempra                               | CUSIP: 816851109<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | EC               | CORP              | US        |     12200 | NS      | $924394.00    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc             | Meta Platforms Inc                   | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |     13300 | NS      | $9816597.00   | 5.61%             |  |  |  | No            |                  1 | On Loan: No      |
| IBM                            | International Business Machines Corp | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               | CORP              | US        |      7700 | NS      | $2269806.00   | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Starbucks Corp                 | Starbucks Corp                       | CUSIP: 855244109<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | EC               | CORP              | US        |      9500 | NS      | $870485.00    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Welltower Inc                  | Welltower Inc                        | CUSIP: 95040Q104<br>LEI: 254900F33BIAR82QTA19 | Long             | EC               | CORP              | US        |      7900 | NS      | $1214467.00   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                 | Microsoft Corp                       | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     18650 | NS      | $9276696.50   | 5.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Verizon Communications Inc     | Verizon Communications Inc           | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |     10625 | NS      | $459743.75    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Viper Energy Inc               | Viper Energy Inc                     | CUSIP: 927959106<br>LEI: 5299009LINL232255G03 | Long             | EC               | CORP              | US        |    125000 | NS      | $4766250.00   | 2.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Realty Income Corp             | Realty Income Corp                   | CUSIP: 756109104<br>LEI: 549300CUWDAUZSH43859 | Long             | EC               | CORP              | US        |     15000 | NS      | $864150.00    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                       | Visa Inc                             | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |     12925 | NS      | $4589021.25   | 2.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                   | Alphabet Inc                         | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     12600 | NS      | $2220498.00   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc                      | Apple Inc                            | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |     31080 | NS      | $6376683.60   | 3.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackrock Inc                  | Blackrock Inc                        | CUSIP: 09290D101<br>LEI: 529900VBK42Y5HHRMD23 | Long             | EC               | CORP              | US        |      1100 | NS      | $1154175.00   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Arthur J Gallagher & Co        | Arthur J Gallagher & Co              | CUSIP: 363576109<br>LEI: 54930049QLLMPART6V29 | Long             | EC               | CORP              | US        |     11575 | NS      | $3705389.00   | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Marvell Technology Inc         | Marvell Technology Inc               | CUSIP: 573874104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10100 | NS      | $781740.00    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co Inc                 | Merck & Co Inc                       | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |      9800 | NS      | $775768.00    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| PG&E CORP                      | PG&E Corp                            | CUSIP: 69331C306<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | EP               | CORP              | US        |     15000 | NS      | $564000.00    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Pebblebrook Hotel Trust        | Pebblebrook Hotel Trust              | CUSIP: 70509V100<br>LEI: 5493004Q1NNH6JXCSI52 | Long             | EC               | CORP              | US        |     90000 | NS      | $899100.00    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Truist Financial Corp          | Truist Financial Corp                | CUSIP: 89832Q109<br>LEI: 549300DRQQI75D2JP341 | Long             | EC               | CORP              | US        |     28600 | NS      | $1229514.00   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Elevance Health Inc            | Elevance Health Inc                  | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |      3375 | NS      | $1312740.00   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| BIOMARIN PHARMACEUTICAL        | BioMarin Pharmaceutical Inc          | CUSIP: 09061GAK7<br>LEI: NSLL8ITTRR0J5HEMR848 | Long             | DBT              | CORP              | US        |    500000 | PA      | $472523.07    | 0.27%             | 2027-05-15      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| Walt Disney Co/The             | Walt Disney Co/The                   | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |      7605 | NS      | $943096.04    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Fastenal Co                    | Fastenal Co                          | CUSIP: 311900104<br>LEI: 529900PP0C7H2HHPSJ32 | Long             | EC               | CORP              | US        |     20600 | NS      | $865200.00    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Government Portfolio  | Fidelity Government Portfolio        | CUSIP: 316175108<br>LEI: 549300FQDFZGLUOCWN51 | Long             | STIV             | RF                | US        |   9950635 | NS      | $9950635.40   | 5.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Honeywell International Inc    | Honeywell International Inc          | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               | CORP              | US        |      3450 | NS      | $803436.00    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| PepsiCo Inc                    | PepsiCo Inc                          | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |      5550 | NS      | $732822.00    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES        | Royal Caribbean Cruises Ltd          | CUSIP: 780153BQ4<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |   1000000 | PA      | $6313250.00   | 3.61%             | 2025-08-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Valero Energy Corp             | Valero Energy Corp                   | CUSIP: 91913Y100<br>LEI: 549300XTO5VR8SKV1V74 | Long             | EC               | CORP              | US        |      7900 | NS      | $1061918.00   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart Inc                    | Walmart Inc                          | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |     10350 | NS      | $1012023.00   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| American Electric Power Co Inc | American Electric Power Co Inc       | CUSIP: 025537101<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | EC               | CORP              | US        |     15700 | NS      | $1629032.00   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| CME Group Inc                  | CME Group Inc                        | CUSIP: 12572Q105<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | EC               | CORP              | US        |      4025 | NS      | $1109370.50   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Energy Transfer LP             | Energy Transfer LP                   | CUSIP: 29273V100<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | EC               | CORP              | US        |    162600 | NS      | $2947938.00   | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Enterprise Products Partners L | Enterprise Products Partners LP      | CUSIP: 293792107<br>LEI: K4CDIF4M54DJZ6TB4Q48 | Long             | EC               | CORP              | US        |     46650 | NS      | $1446616.50   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| EXACT SCIENCES CORP            | Exact Sciences Corp                  | CUSIP: 30063PAC9<br>LEI: 549300VM3X1FYD4N9Z14 | Long             | DBT              | CORP              | US        |    750000 | PA      | $685500.00    | 0.39%             | 2028-03-01      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| Kenvue Inc                     | Kenvue Inc                           | CUSIP: 49177J102<br>LEI: 5493008HSF8L4M2LIJ82 | Long             | EC               | CORP              | US        |     27000 | NS      | $565110.00    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Lamar Advertising Co           | Lamar Advertising Co                 | CUSIP: 512816109<br>LEI: 529900Y8WW4MKVPTB543 | Long             | EC               | CORP              | US        |      9968 | NS      | $1209716.48   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Lamb Weston Holdings Inc       | Lamb Weston Holdings Inc             | CUSIP: 513272104<br>LEI: 5493005SMYID1D2OY946 | Long             | EC               | CORP              | US        |     18400 | NS      | $954040.00    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co                 | Eli Lilly & Co                       | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |      3150 | NS      | $2455519.50   | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| LUMENTUM HOLDINGS INC          | Lumentum Holdings Inc                | CUSIP: 55024UAD1<br>LEI: 549300JLWRRC38DWEF52 | Long             | DBT              | CORP              | US        |    750000 | PA      | $884824.35    | 0.51%             | 2026-12-15      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| Martin Marietta Materials Inc  | Martin Marietta Materials Inc        | CUSIP: 573284106<br>LEI: 5299005MZ4WZECVATV08 | Long             | EC               | CORP              | US        |      1500 | NS      | $823440.00    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Comcast Corp                   | Comcast Corp                         | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |     22500 | NS      | $803025.00    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| EXACT SCIENCES CORP            | Exact Sciences Corp                  | CUSIP: 30063PAB1<br>LEI: 549300VM3X1FYD4N9Z14 | Long             | DBT              | CORP              | US        |    100000 | PA      | $95400.00     | 0.05%             | 2027-03-15      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| Home Depot Inc/The             | Home Depot Inc/The                   | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |      4225 | NS      | $1549054.00   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co            | JPMorgan Chase & Co                  | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |     14000 | NS      | $4058740.00   | 2.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Tyson Foods Inc                | Tyson Foods Inc                      | CUSIP: 902494103<br>LEI: WD6L6041MNRW1JE49D58 | Long             | EC               | CORP              | US        |     11900 | NS      | $665686.00    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc         | UnitedHealth Group Inc               | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |      5600 | NS      | $1747032.00   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Burford Capital Ltd            | Burford Capital Ltd                  | CUSIP: N/A<br>LEI: 549300FUKUWFYJMT2277       | Long             | EC               | CORP              | US        |    180800 | NS      | $2578208.00   | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                   | Alphabet Inc                         | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     13000 | NS      | $2306070.00   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                 | Amazon.com Inc                       | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     11000 | NS      | $2413290.00   | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| American Tower Corp            | American Tower Corp                  | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |      3200 | NS      | $707264.00    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| AMETEK Inc                     | AMETEK Inc                           | CUSIP: 031100100<br>LEI: 549300WZDEF9KKE40E98 | Long             | EC               | CORP              | US        |      2500 | NS      | $452400.00    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| APELLIS PHARMACEUTICALS        | Apellis Pharmaceuticals Inc          | CUSIP: 03753UAB2<br>LEI: 254900HS0ZFRXXSB9D42 | Long             | DBT              | CORP              | US        |    300000 | PA      | $294900.00    | 0.17%             | 2026-09-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc                  | Citigroup Inc                        | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |     24375 | NS      | $2074800.00   | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Digital Realty Trust Inc       | Digital Realty Trust Inc             | CUSIP: 253868103<br>LEI: 549300HKCZ31D08NEI41 | Long             | EC               | CORP              | US        |      5000 | NS      | $871650.00    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Edison International           | Edison International                 | CUSIP: 281020107<br>LEI: 549300I7ROF15MAEVP56 | Long             | EC               | CORP              | US        |     30550 | NS      | $1576380.00   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinix Inc                    | Equinix Inc                          | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               | CORP              | US        |      1100 | NS      | $875017.00    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard Inc                 | Mastercard Inc                       | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |      4400 | NS      | $2472536.00   | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| PG&E Corp                      | PG&E Corp                            | CUSIP: 69331C108<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | EC               | CORP              | US        |     82600 | NS      | $1151444.00   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Postal Realty Trust Inc        | Postal Realty Trust Inc              | CUSIP: 73757R102<br>LEI: 5493007B7ZZSIJRGWC41 | Long             | EC               | CORP              | US        |     55000 | NS      | $810150.00    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Primo Brands Corp              | Primo Brands Corp                    | CUSIP: 741623102<br>LEI: 254900J0WS4AXV2LAX55 | Long             | EC               | CORP              | US        |     88600 | NS      | $2624332.00   | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Instruments Inc          | Texas Instruments Inc                | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | EC               | CORP              | US        |      2950 | NS      | $612479.00    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Abbott Laboratories            | Abbott Laboratories                  | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |     10000 | NS      | $1360100.00   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| ARRAY TECHNOLOGIES INC         | Array Technologies Inc               | CUSIP: 04271TAB6<br>LEI: 549300JM5FECYJQ85V37 | Long             | DBT              | CORP              | US        |    500000 | PA      | $397845.70    | 0.23%             | 2028-12-01      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Johnson & Johnson              | Johnson & Johnson                    | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |      7125 | NS      | $1088343.75   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Marathon Petroleum Corp        | Marathon Petroleum Corp              | CUSIP: 56585A102<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | EC               | CORP              | US        |     12126 | NS      | $2014249.86   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| NETSTREIT Corp                 | NETSTREIT Corp                       | CUSIP: 64119V303<br>LEI: 254900CJL0EDMEQ25Q84 | Long             | EC               | CORP              | US        |     50000 | NS      | $846500.00    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| PTC THERAPEUTICS INC           | PTC Therapeutics Inc                 | CUSIP: 69366JAD3<br>LEI: 549300UJLWOIWFDGB318 | Long             | DBT              | CORP              | US        |    600000 | PA      | $693375.00    | 0.40%             | 2026-09-15      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp           | Bank of America Corp                 | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |     63000 | NS      | $2981160.00   | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Boeing Co/The                  | Boeing Co/The                        | CUSIP: 097023105<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | EC               | CORP              | US        |      3025 | NS      | $633828.25    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| BOEING CO/THE                  | Boeing Co/The                        | CUSIP: 097023204<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | EP               | CORP              | US        |     20000 | NS      | $1360000.00   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems Inc              | Cisco Systems Inc                    | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |     17750 | NS      | $1231495.00   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Cintas Corp                    | Cintas Corp                          | CUSIP: 172908105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11200 | NS      | $2496144.00   | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Citizens Financial Group Inc   | Citizens Financial Group Inc         | CUSIP: 174610105<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | EC               | CORP              | US        |     40750 | NS      | $1823562.50   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| McKesson Corp                  | McKesson Corp                        | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |      2500 | NS      | $1831950.00   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp                    | NVIDIA Corp                          | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |      7100 | NS      | $1121729.00   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Otis Worldwide Corp            | Otis Worldwide Corp                  | CUSIP: 68902V107<br>LEI: 549300ZLBKR8VSU25153 | Long             | EC               | CORP              | US        |      7900 | NS      | $782258.00    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Storage                 | Public Storage                       | CUSIP: 74460D109<br>LEI: 254900GLQZAD4N7N5Q19 | Long             | EC               | CORP              | US        |      5000 | NS      | $1467100.00   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| SS&C Technologies Holdings Inc | SS&C Technologies Holdings Inc       | CUSIP: 78467J100<br>LEI: 529900POY8H7NPPNKK71 | Long             | EC               | CORP              | US        |     26600 | NS      | $2202480.00   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic PLC                  | Medtronic PLC                        | CUSIP: N/A<br>LEI: 549300GX3ZBSQWUXY261       | Long             | EC               | CORP              | IE        |      7400 | NS      | $645058.00    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Equifax Inc                    | Equifax Inc                          | CUSIP: 294429105<br>LEI: 5493004MCF8JDC86VS77 | Long             | EC               | CORP              | US        |      3200 | NS      | $829984.00    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Crescent Energy Co             | Crescent Energy Co                   | CUSIP: 44952J104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    150000 | NS      | $1290000.00   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Graphic Packaging Holding Co   | Graphic Packaging Holding Co         | CUSIP: 388689101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     43700 | NS      | $920759.00    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| HCA Healthcare Inc             | HCA Healthcare Inc                   | CUSIP: 40412C101<br>LEI: 529900PH4ZGUH2MNEU89 | Long             | EC               | CORP              | US        |      8100 | NS      | $3103110.00   | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Hess Corp                      | Hess Corp                            | CUSIP: 42809H107<br>LEI: UASVRYNXNK17ULIGK870 | Long             | EC               | CORP              | US        |      9875 | NS      | $1368082.50   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Intercontinental Exchange Inc  | Intercontinental Exchange Inc        | CUSIP: 45866F104<br>LEI: 5493000F4ZO33MV32P92 | Long             | EC               | CORP              | US        |     11100 | NS      | $2036517.00   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Macerich Co/The                | Macerich Co/The                      | CUSIP: 554382101<br>LEI: 529900PSWCB5KI0JYU46 | Long             | EC               | CORP              | US        |     50000 | NS      | $809000.00    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Oil & Gas Inc         | Northern Oil & Gas Inc               | CUSIP: 665531307<br>LEI: OKFF0PIZDDMNH4UCYE51 | Long             | EC               | CORP              | US        |     63400 | NS      | $1797390.00   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Vistra Corp                    | Vistra Corp                          | CUSIP: 92840M102<br>LEI: 549300KP43CPCUJOOG15 | Long             | EC               | CORP              | US        |     19300 | NS      | $3740533.00   | 2.14%             |  |  |  | No            |                  1 | On Loan: No      |
| CRH PLC                        | CRH PLC                              | CUSIP: N/A<br>LEI: 549300MIDJNNTH068E74       | Long             | EC               | CORP              | US        |     25600 | NS      | $2350080.00   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-19

**Name of Applicant:** Buffalo Funds

**Signature:** /s/ Laura Symon Browne

**Name of Signer:** Laura Symon Browne

**Title:** President and Treasurer