# EDGAR Filing Document

**Accession Number:** 0001135300
**File Stem:** 0001145549-23-013921
**Filing Date:** 2023-3
**Character Count:** 96797
**Document Hash:** 20d7e5e5742b3a2527dc7f459cdc9977
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-013921.hdr.sgml**: 20230301

**ACCESSION NUMBER**: 0001145549-23-013921

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230301

**DATE AS OF CHANGE**: 20230228

**PERIOD START**: 20230331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BUFFALO FUNDS
- **CENTRAL INDEX KEY:** 0001135300
- **IRS NUMBER:** 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:** 23688316

**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 High Yield Fund (Series ID: S000022451)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000064612 | Investor Class      | BUFHX           |
| C000214592 | Institutional Class | BUIHX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Buffalo High Yield Fund** | **Buffalo High Yield Fund** | **Buffalo High Yield Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **December 31, 2022 (Unaudited)** | **December 31, 2022 (Unaudited)** | **December 31, 2022 (Unaudited)** |
| **Shares or Face Amount** |  | **Fair Value\*** |
|  | **PREFERRED STOCKS - 2.24%** | |
|  | **Energy - 1.23%** | |
|  | **Oil, Gas & Consumable Fuels - 1.23%** | |
|  | NuStar Energy LP (3 Month LIBOR USD + 6.880%) |  |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;9.000%, (effective 12/15/2022, 3 Month LIBOR USD + 6.880%), 12/15/2022 (d)(f) | 3535500 |
|  | **Total Energy (Cost $3,135,472)** | **3535500** |
|  | **Financials - 1.01%** |  |
|  | **Diversified Financial Services - 1.01%** |  |
|  | Compass Diversified Holdings |  |
| 25000 | &nbsp;&nbsp;&nbsp; 7.250%, 07/30/2022 (d) | 632000 |
| 100000 | &nbsp;&nbsp;&nbsp; 7.875%, 01/30/2025 (d) | 2282000 |
|  | **Total Financials (Cost $2,852,111)** | **2914000** |
|  | **TOTAL PREFERRED STOCKS (Cost $5,987,583)** | **6449500** |
|  | **CONVERTIBLE BONDS - 3.33%** |  |
|  | **Consumer Discretionary - 1.28%** |  |
|  | **Auto Components - 0.36%** |  |
|  | Patrick Industries, Inc. |  |
| 1250000 | &nbsp;&nbsp;&nbsp; 1.750%, 12/01/2028 | 1025425 |
|  | **Diversified Consumer Services - 0.62%** |  |
|  | Stride, Inc. |  |
| 2000000 | &nbsp;&nbsp;&nbsp; 1.125%, 09/01/2027 | 1791200 |
|  | **Internet & Direct Marketing Retail - 0.30%** |  |
|  | Etsy, Inc. |  |
| 1000000 | &nbsp;&nbsp;&nbsp; 0.250%, 06/15/2028 | 861300 |
|  | **Total Consumer Discretionary (Cost $4,197,540)** | **3677925** |
|  | **Industrials - 1.77%** |  |
|  | **Air Freight & Logistics - 0.36%** |  |
|  | Air Transport Services Group, Inc. |  |
| 1000000 | &nbsp;&nbsp;&nbsp; 1.125%, 10/15/2024 | 1041300 |
|  | **Airlines - 0.42%** |  |
|  | Southwest Airlines Co. |  |
| 1000000 | &nbsp;&nbsp;&nbsp; 1.250%, 05/01/2025 | 1204750 |
|  | **Electrical Equipment - 0.35%** |  |
|  | Array Technologies, Inc. |  |
| 1000000 | &nbsp;&nbsp;&nbsp; 1.000%, 12/01/2028 | 1021500 |
|  | **Machinery - 0.64%** |  |
|  | Greenbrier Cos Inc/The |  |
| 1000000 | &nbsp;&nbsp;&nbsp; 2.875%, 04/15/2028 | 886500 |
|  | The Greenbrier Companies, Inc. |  |
| 1000000 | &nbsp;&nbsp;&nbsp; 2.875%, 02/01/2024 | 948520 |
|  |  | 1835020 |
|  | **Total Industrials (Cost $4,905,706)** | **5102570** |
|  | **Information Technology - 0.29%** |  |
|  | **Software - 0.29%** |  |
|  | Mitek Systems, Inc. |  |
| 1000000 | &nbsp;&nbsp;&nbsp; 0.750%, 02/01/2026 | 830000 |
|  | **Total Information Technology (Cost $1,006,473)** | **830000** |
|  | **TOTAL CONVERTIBLE BONDS (Cost $10,109,719)** | **9610495** |
|  | **CORPORATE BONDS - 70.02%** |  |
|  | **Accommodation and Food Services - 0.52%** |  |
|  | **Restaurants and Other Eating Places - 0.52%** |  |
|  | Dave & Buster's, Inc. |  |
| 1500000 | &nbsp;&nbsp;&nbsp; 7.625%, 11/01/2025 (b) | 1509690 |
|  | **Total Accommodation and Food Services (Cost $1,507,297)** | **1509690** |
|  | **Administrative and Support and Waste Management and Remediation Services - 0.47%** |  |
|  | **Business Support Services - 0.15%** |  |
|  | Burford Capital Global Finance LLC |  |
| 500000 | &nbsp;&nbsp;&nbsp; 6.250%, 04/15/2028 (b) | 445602 |
|  | **Office Administrative Services - 0.32%** |  |
|  | Cargo Aircraft Management, Inc. |  |
| 1000000 | &nbsp;&nbsp;&nbsp; 4.750%, 02/01/2028 (b) | 909160 |
|  | **Total Administrative and Support and Waste Management and Remediation Services (Cost $1,458,464)** | **1354762** |
|  | **Agriculture, Forestry, Fishing and Hunting - 0.65%** |  |
|  | **Forest Nurseries and Gathering of Forest Products - 0.65%** |  |
|  | Enviva Partners LP / Enviva Partners Finance Corp. |  |
| 2000000 | &nbsp;&nbsp;&nbsp; 6.500%, 01/15/2026 (b) | 1886840 |
|  | **Total Agriculture, Forestry, Fishing and Hunting (Cost $2,006,106)** | **1886840** |
|  | **Communication Services - 3.66%** |  |
|  | **Entertainment - 0.58%** |  |
|  | Live Nation Entertainment, Inc. |  |
| 1000000 | &nbsp;&nbsp;&nbsp; 4.875%, 11/01/2024 (b) | 969795 |
| 500000 | &nbsp;&nbsp;&nbsp; 5.625%, 03/15/2026 (b) | 473619 |
| 250000 | &nbsp;&nbsp;&nbsp; 4.750%, 10/15/2027 (b) | 223330 |
|  |  | 1666744 |
|  | **Interactive Media & Services - 1.93%** |  |
|  | Cars.com, Inc. |  |
| 3000000 | &nbsp;&nbsp;&nbsp; 6.375%, 11/01/2028 (b) | 2670371 |
|  | Match Group, Inc. |  |
| 1000000 | &nbsp;&nbsp;&nbsp; 5.000%, 12/15/2027 (b) | 921720 |
|  | TripAdvisor, Inc. |  |
| 2000000 | &nbsp;&nbsp;&nbsp; 7.000%, 07/15/2025 (b) | 1979219 |
|  |  | 5571310 |
|  | **Media - 1.15%** |  |
|  | Gray Television, Inc. |  |
| 2060000 | &nbsp;&nbsp;&nbsp; 5.875%, 07/15/2026 (b) | 1838550 |
| 500000 | &nbsp;&nbsp;&nbsp; 4.750%, 10/15/2030 (b) | 355818 |
|  | Townsquare Media, Inc. |  |
| 1250000 | &nbsp;&nbsp;&nbsp; 6.875%, 02/01/2026 (b) | 1110939 |
|  |  | 3305307 |
|  | **Total Communication Services (Cost $11,490,858)** | **10543361** |
|  | **Consumer Staples - 0.98%** |  |
|  | **Food Products - 0.98%** |  |
|  | Performance Food Group, Inc. |  |
| 3000000 | &nbsp;&nbsp;&nbsp; 5.500%, 10/15/2027 (b) | 2835870 |
|  | **Total Consumer Staples (Cost $3,000,000)** | **2835870** |
|  | **Consumer Discretionary - 5.35%** |  |
|  | **Auto Components - 0.87%** |  |
|  | Patrick Industries, Inc. |  |
| 3000000 | &nbsp;&nbsp;&nbsp; 4.750%, 05/01/2029 (b) | 2493900 |
|  | **Hotels, Restaurants & Leisure - 2.23%** |  |
|  | Golden Entertainment, Inc. |  |
| 1000000 | &nbsp;&nbsp;&nbsp; 7.625%, 04/15/2026 (b) | 987196 |
|  | Nathan's Famous, Inc. |  |
| 1100000 | &nbsp;&nbsp;&nbsp; 6.625%, 11/01/2025 (b) | 1077445 |
|  | Royal Caribbean Cruises Ltd. |  |
| 3000000 | &nbsp;&nbsp;&nbsp; 11.625%, 08/15/2027 (a)(b) | 3012690 |
|  | Six Flags Entertainment Corp. |  |
| 1500000 | &nbsp;&nbsp;&nbsp; 5.500%, 04/15/2027 (b) | 1356750 |
|  |  | 6434081 |
|  | **Leisure Products - 1.15%** |  |
|  | Vista Outdoor, Inc. |  |
| 4500000 | &nbsp;&nbsp;&nbsp; 4.500%, 03/15/2029 (b) | 3309930 |
|  | **Textiles, Apparel & Luxury Goods - 1.10%** |  |
|  | PVH Corp. |  |
| 3120000 | &nbsp;&nbsp;&nbsp; 7.750%, 11/15/2023 | 3182913 |
|  | **Total Consumer Discretionary (Cost $15,862,486)** | **15420824** |
|  | **Consumer Staples - 1.85%** |  |
|  | **Food Products - 1.18%** |  |
|  | TreeHouse Foods, Inc. |  |
| 4000000 | &nbsp;&nbsp;&nbsp; 4.000%, 09/01/2028 | 3406400 |
|  | **Personal Products - 0.67%** |  |
|  | BellRing Brands, Inc. |  |
| 2000000 | &nbsp;&nbsp;&nbsp; 7.000%, 03/15/2030 (b) | 1927050 |
|  | **Total Consumer Staples (Cost $5,967,319)** | **5333450** |
|  | **Consumer, Cyclical - 0.58%** |  |
|  | **Motion Picture and Video Industries - 0.58%** |  |
|  | Cinemark USA, Inc. |  |
| 2000000 | &nbsp;&nbsp;&nbsp; 5.875%, 03/15/2026 (b) | 1668414 |
|  | **Total Consumer, Cyclical (Cost $1,985,377)** | **1668414** |
|  | **Energy - 19.11%** |  |
|  | **Energy Equipment & Services - 1.06%** |  |
|  | Bristow Group, Inc. |  |
| 2250000 | &nbsp;&nbsp;&nbsp; 6.875%, 03/01/2028 (b) | 2073622 |
|  | Enerflex Ltd. |  |
| 1000000 | &nbsp;&nbsp;&nbsp; 9.000%, 10/15/2027 (a)(b) | 998570 |
|  |  | 3072192 |
|  | **Oil, Gas & Consumable Fuels - 18.05%** |  |
|  | Antero Resources Corp. |  |
| 1000000 | &nbsp;&nbsp;&nbsp; 5.375%, 03/01/2030 (b) | 928460 |
|  | Athabasca Oil Corp. |  |
| 2550000 | &nbsp;&nbsp;&nbsp; 9.750%, 11/01/2026 (a)(b) | 2706098 |
|  | California Resources Corp. |  |
| 4000000 | &nbsp;&nbsp;&nbsp; 7.125%, 02/01/2026 (b) | 3848880 |
|  | CNX Resources Corp. |  |
| 4000000 | &nbsp;&nbsp;&nbsp; 7.250%, 03/14/2027 (b) | 3976880 |
| 100000 | &nbsp;&nbsp;&nbsp; 6.000%, 01/15/2029 (b) | 92163 |
| 500000 | &nbsp;&nbsp;&nbsp; 7.375%, 01/15/2031 (b) | 479935 |
|  | CONSOL Energy, Inc. |  |
| 4790000 | &nbsp;&nbsp;&nbsp; 11.000%, 11/15/2025 (b) | 4922755 |
|  | Delek Logistics Partners LP / Delek Logistics Finance Corp. |  |
| 3000000 | &nbsp;&nbsp;&nbsp; 6.750%, 05/15/2025 | 2902920 |
|  | Energy Transfer LP |  |
| 5600000 | &nbsp;&nbsp;&nbsp; 7.125% (5 Year CMT Rate + 5.306%), 11/15/2165 | 4690000 |
|  | Matador Resources Co. |  |
| 5500000 | &nbsp;&nbsp;&nbsp; 5.875%, 09/15/2026 | 5293516 |
|  | MPLX LP |  |
| 8900000 | &nbsp;&nbsp;&nbsp; 6.875% (3 Month LIBOR USD + 4.652%), 08/15/2023 | 8811000 |
|  | Northern Oil and Gas, Inc. |  |
| 9100000 | &nbsp;&nbsp;&nbsp; 8.125%, 03/01/2028 (b) | 8752380 |
|  | Viper Energy Partners LP |  |
| 1750000 | &nbsp;&nbsp;&nbsp; 5.375%, 11/01/2027 (b) | 1664654 |
|  | W&T Offshore, Inc. |  |
| 3000000 | &nbsp;&nbsp;&nbsp; 9.750%, 11/01/2023 (b) | 2957520 |
|  |  | 52027161 |
|  | **Total Energy (Cost $57,052,616)** | **55099353** |
|  | **Finance and Insurance - 1.60%** |  |
|  | **Activities Related to Credit Intermediation - 0.56%** |  |
|  | Scripps Escrow II, Inc. |  |
| 2000000 | &nbsp;&nbsp;&nbsp; 5.375%, 01/15/2031 (b) | 1605618 |
|  | **Other Financial Investment Activities - 1.04%** |  |
|  | Arrow Bidco LLC |  |
| 3000000 | &nbsp;&nbsp;&nbsp; 9.500%, 03/15/2024 (b) | 2997248 |
|  | **Total Finance and Insurance (Cost $5,000,005)** | **4602866** |
|  | **Financial - 0.93%** |  |
|  | **Business Support Services - 0.93%** |  |
|  | Burford Capital Global Finance LLC |  |
| 3000000 | &nbsp;&nbsp;&nbsp; 6.875%, 04/15/2030 (b) | 2683475 |
|  | **Total Financial (Cost $2,985,939)** | **2683475** |
|  | **Financials - 0.51%** |  |
|  | **Consumer Finance - 0.51%** |  |
|  | PRA Group, Inc. |  |
| 1100000 | &nbsp;&nbsp;&nbsp; 7.375%, 09/01/2025 (b) | 1064687 |
| 500000 | &nbsp;&nbsp;&nbsp; 5.000%, 10/01/2029 (b) | 413235 |
|  | **Total Financials (Cost $1,585,333)** | **1477922** |
|  | **Health Care - 1.20%** |  |
|  | **Pharmaceuticals - 1.20%** |  |
|  | Horizon Therapeutics USA, Inc. |  |
| 1000000 | &nbsp;&nbsp;&nbsp; 5.500%, 08/01/2027 (b) | 1020324 |
|  | Teva Pharmaceutical Industries Ltd. |  |
| 2500000 | &nbsp;&nbsp;&nbsp; 6.750%, 03/01/2028 (a) | 2443238 |
|  | **Total Health Care (Cost $3,381,265)** | **3463562** |
|  | **Industrials - 10.72%** |  |
|  | **Aerospace & Defense - 0.67%** |  |
|  | TransDigm, Inc. |  |
| 500000 | &nbsp;&nbsp;&nbsp; 6.250%, 03/15/2026 (b) | 494195 |
| 500000 | &nbsp;&nbsp;&nbsp; 6.375%, 06/15/2026 | 486476 |
| 1000000 | &nbsp;&nbsp;&nbsp; 5.500%, 11/15/2027 | 940470 |
|  |  | 1921141 |
|  | **Building Products - 1.94%** |  |
|  | Advanced Drainage Systems, Inc. |  |
| 1250000 | &nbsp;&nbsp;&nbsp; 6.375%, 06/15/2030 (b) | 1216262 |
|  | Builders FirstSource, Inc. |  |
| 4000000 | &nbsp;&nbsp;&nbsp; 5.000%, 03/01/2030 (b) | 3551527 |
| 1000000 | &nbsp;&nbsp;&nbsp; 4.250%, 02/01/2032 (b) | 813366 |
|  |  | 5581155 |
|  | **Commercial Services & Supplies - 3.99%** |  |
|  | Cimpress NV |  |
| 1500000 | &nbsp;&nbsp;&nbsp; 7.000%, 06/15/2026 (a)(b) | 1039320 |
|  | CoreCivic, Inc. |  |
| 6000000 | &nbsp;&nbsp;&nbsp; 8.250%, 04/15/2026 | 6161340 |
|  | Deluxe Corp. |  |
| 2500000 | &nbsp;&nbsp;&nbsp; 8.000%, 06/01/2029 (b) | 2059500 |
|  | GEO Group Inc/The |  |
| 2500000 | &nbsp;&nbsp;&nbsp; 6.000%, 04/15/2026 | 2232100 |
|  |  | 11492260 |
|  | **Construction & Engineering - 1.85%** |  |
|  | MasTec, Inc. |  |
| 3000000 | &nbsp;&nbsp;&nbsp; 6.625%, 08/15/2029 (b) | 2705385 |
|  | Tutor Perini Corp. |  |
| 3000000 | &nbsp;&nbsp;&nbsp; 6.875%, 05/01/2025 (b) | 2629730 |
|  |  | 5335115 |
|  | **Trading Companies & Distributors - 2.27%** |  |
|  | Alta Equipment Group, Inc. |  |
| 2750000 | &nbsp;&nbsp;&nbsp; 5.625%, 04/15/2026 (b) | 2486495 |
|  | BlueLinx Holdings, Inc. |  |
| 3000000 | &nbsp;&nbsp;&nbsp; 6.000%, 11/15/2029 (b) | 2493900 |
|  | Fly Leasing Ltd. |  |
| 2000000 | &nbsp;&nbsp;&nbsp; 7.000%, 10/15/2024 (a)(b) | 1565492 |
|  |  | 6545887 |
|  | **Total Industrials (Cost $34,005,000)** | **30875558** |
|  | **Information - 2.85%** |  |
|  | **Data Processing, Hosting, and Related Services - 0.61%** |  |
|  | VM Consolidated, Inc. |  |
| 2000000 | &nbsp;&nbsp;&nbsp; 5.500%, 04/15/2029 (b) | 1764120 |
|  | **Motion Picture and Video Industries - 0.40%** |  |
|  | Lions Gate Capital Holdings LLC |  |
| 2000000 | &nbsp;&nbsp;&nbsp; 5.500%, 04/15/2029 (b) | 1162194 |
|  | **Other Telecommunications - 0.54%** |  |
|  | Consolidated Communications, Inc. |  |
| 2000000 | &nbsp;&nbsp;&nbsp; 6.500%, 10/01/2028 (b) | 1559122 |
|  | **Radio and Television Broadcasting - 1.30%** |  |
|  | Audacy Capital Corp. |  |
| 2200000 | &nbsp;&nbsp;&nbsp; 6.750%, 03/31/2029 (b) | 383909 |
|  | Gray Escrow II, Inc. |  |
| 1000000 | &nbsp;&nbsp;&nbsp; 5.375%, 11/15/2031 (b) | 722435 |
|  | iHeartCommunications, Inc. |  |
| 2000000 | &nbsp;&nbsp;&nbsp; 8.375%, 05/01/2027 | 1704375 |
| 100000 | &nbsp;&nbsp;&nbsp; 5.250%, 08/15/2027 (b) | 84866 |
|  | Nexstar Media, Inc. |  |
| 500000 | &nbsp;&nbsp;&nbsp; 4.750%, 11/01/2028 (b) | 433255 |
|  | Scripps Escrow II, Inc. |  |
| 500000 | &nbsp;&nbsp;&nbsp; 3.875%, 01/15/2029 (b) | 401985 |
|  |  | 3730825 |
|  | **Total Information (Cost $12,243,244)** | **8216261** |
|  | **Information Technology - 1.47%** |  |
|  | **Software - 1.47%** |  |
|  | Consensus Cloud Solutions, Inc. |  |
| 4500000 | &nbsp;&nbsp;&nbsp; 6.000%, 10/15/2026 (b) | 4227776 |
|  | **Total Information Technology (Cost $4,460,960)** | **4227776** |
|  | **Management of Companies and Enterprises - 0.52%** |  |
|  | **Management of Companies and Enterprises - 0.52%** |  |
|  | Teva Pharmaceutical Finance Netherlands III BV |  |
| 1500000 | &nbsp;&nbsp;&nbsp; 7.125%, 01/31/2025 (a) | 1494030 |
|  | **Total Management of Companies and Enterprises (Cost $1,500,567)** | **1494030** |
|  | **Manufacturing - 1.01%** |  |
|  | **Aerospace Product and Parts Manufacturing - 0.61%** |  |
|  | TransDigm, Inc. |  |
| 1000000 | &nbsp;&nbsp;&nbsp; 4.625%, 01/15/2029 | 881025 |
| 1000000 | &nbsp;&nbsp;&nbsp; 4.875%, 05/01/2029 | 873525 |
|  |  | 1754550 |
|  | **Other Chemical Product and Preparation Manufacturing - 0.40%** |  |
|  | Garden Spinco Corp. |  |
| 1100000 | &nbsp;&nbsp;&nbsp; 8.625%, 07/20/2030 (b) | 1167590 |
|  | **Total Manufacturing (Cost $3,115,462)** | **2922140** |
|  | **Materials - 2.39%** |  |
|  | **Chemicals - 0.62%** |  |
|  | Chemours Co/The |  |
| 2000000 | &nbsp;&nbsp;&nbsp; 5.750%, 11/15/2028 (b) | 1799200 |
|  | **Metals & Mining - 1.11%** |  |
|  | Taseko Mines Ltd. |  |
| 2500000 | &nbsp;&nbsp;&nbsp; 7.000%, 02/15/2026 (a)(b) | 2201473 |
|  | Warrior Met Coal, Inc. |  |
| 1000000 | &nbsp;&nbsp;&nbsp; 7.875%, 12/01/2028 (b) | 987093 |
|  |  | 3188566 |
|  | **Paper & Forest Products - 0.66%** |  |
|  | Sylvamo Corp. |  |
| 2000000 | &nbsp;&nbsp;&nbsp; 7.000%, 09/01/2029 (b) | 1906370 |
|  | **Total Materials (Cost $7,519,616)** | **6894136** |
|  | **Mining, Quarrying, and Oil and Gas Extraction - 5.22%** |  |
|  | **Coal Mining - 1.12%** |  |
|  | Alliance Resource Operating Partners LP / Alliance Resource Finance Corp. |  |
| 3250000 | &nbsp;&nbsp;&nbsp; 7.500%, 05/01/2025 (b) | 3230663 |
|  | **Oil and Gas Extraction - 1.90%** |  |
|  | Penn Virginia Holdings LLC |  |
| 5500000 | &nbsp;&nbsp;&nbsp; 9.250%, 08/15/2026 (b) | 5481543 |
|  | **Support Activities for Mining - 2.20%** |  |
|  | Talos Production, Inc. |  |
| 6000000 | &nbsp;&nbsp;&nbsp; 12.000%, 01/15/2026 | 6322800 |
|  | **Total Mining, Quarrying, and Oil and Gas Extraction (Cost $15,028,648)** | **15035006** |
|  | **Professional, Scientific, and Technical Services - 0.79%** |  |
|  | **Advertising, Public Relations, and Related Services - 0.29%** |  |
|  | Outfront Media Capital LLC / Outfront Media Capital Corp. |  |
| 1000000 | &nbsp;&nbsp;&nbsp; 4.625%, 03/15/2030 (b) | 828928 |
|  | **Other Professional, Scientific, and Technical Services - 0.50%** |  |
|  | Sabre GLBL, Inc. |  |
| 1500000 | &nbsp;&nbsp;&nbsp; 7.375%, 09/01/2025 (b) | 1435857 |
|  | **Total Professional, Scientific, and Technical Services (Cost $2,498,750)** | **2264785** |
|  | **Real Estate and Rental and Leasing - 1.48%** |  |
|  | **Lessors of Real Estate - 1.48%** |  |
|  | IIP Operating Partnership LP |  |
| 3000000 | &nbsp;&nbsp;&nbsp; 5.500%, 05/25/2026 | 2662898 |
|  | Uniti Group LP / Uniti Group Finance Inc / CSL Capital LLC |  |
| 1000000 | &nbsp;&nbsp;&nbsp; 4.750%, 04/15/2028 (b) | 796047 |
| 1200000 | &nbsp;&nbsp;&nbsp; 6.500%, 02/15/2029 (b) | 797244 |
|  |  | 1593291 |
|  | **Total Real Estate and Rental and Leasing (Cost $5,186,279)** | **4256189** |
|  | **Transportation and Warehousing - 0.84%** |  |
|  | **Pipeline Transportation of Crude Oil - 0.31%** |  |
|  | Delek Logistics Partners LP / Delek Logistics Finance Corp. |  |
| 1000000 | &nbsp;&nbsp;&nbsp; 7.125%, 06/01/2028 (b) | 903320 |
|  | **Pipeline Transportation of Natural Gas - 0.53%** |  |
|  | Antero Midstream Partners LP / Antero Midstream Finance Corp. |  |
| 1500000 | &nbsp;&nbsp;&nbsp; 7.875%, 05/15/2026 (b) | 1520524 |
|  | **Total Transportation and Warehousing (Cost $2,498,670)** | **2423844** |
|  | **Utilities - 1.11%** |  |
|  | **Independent Power and Renewable Electricity Producers - 1.11%** |  |
|  | Vistra Corp. |  |
| 3500000 | &nbsp;&nbsp;&nbsp; 7.000% (5 Year CMT Rate + 5.740%), 06/15/2027 | 3189824 |
|  | **Total Utilities (Cost $3,495,672)** | **3189824** |
|  | **Wholesale Trade - 0.90%** |  |
|  | **Grocery and Related Product Merchant Wholesalers - 0.90%** |  |
|  | Performance Food Group, Inc. |  |
| 1000000 | &nbsp;&nbsp;&nbsp; 4.250%, 08/01/2029 (b) | 867800 |
|  | Primo Water Holdings, Inc. |  |
| 2000000 | &nbsp;&nbsp;&nbsp; 4.375%, 04/30/2029 (b) | 1729543 |
|  |  | 2597343 |
|  | **Total Wholesale Trade (Cost $3,000,431)** | **2597343** |
|  | **TOTAL CORPORATE BONDS (Cost $207,836,364)** | **201838507** |
|  | **BANK LOANS - 18.91%** |  |
|  | **Aerospace & Defense - 2.38%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4975000 | Maxar Technologies Ltd., Senior Secured First Lien Term Loan (1 Month SOFR USD + 4.250%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4977214 |
| &nbsp;&nbsp;&nbsp;&nbsp;1896570 | TransDigm, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 2.250%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1887561 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6864775 |
|  | **Broadcasting - 0.22%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 518692 | CBS Radio, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.500%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 374247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 254698 | Nexstar Media Group, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.500%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 253075 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 627322 |
|  | **Capital Goods - 0.52%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1500000 | Chart Industries T/L (12/22) Senior Secured First Lien Term Loan (1 Month SOFR USD + 3.750%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1486883 |
|  | **Commercial Services & Supplies - 2.08%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4987478 | GEO Group Inc/The, Senior Secured First Lien Term Loan (1 Month SOFR USD + 7.125%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5005408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 999978 | GEO Group Inc/The, Senior Secured First Lien Term Loan (1 Month SOFR USD + 6.125%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1004978 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6010386 |
|  | **Construction & Engineering - 0.96%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2933731 | Tutor Perini Corp., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.750%) (g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2768709 |
|  | **Internet & Direct Marketing Retail - 1.45%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4432500 | Magnite, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 5.000%) (g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4173952 |
|  | **IT Services - 0.99%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2850000 | MoneyGram International, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.500%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2848660 |
|  | **Media - 3.58%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8483800 | Directv Financing LLC., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 5.000%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8277898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 962663 | The E.W. Scripps Co., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.563%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 948584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 174688 | The E.W. Scripps Co., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.750%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 947500 | The E.W. Scripps Co., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.000%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 932302 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10329089 |
|  | **Oil, Gas & Consumable Fuels - 0.54%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1580871 | Consolidated Energy, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.500%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1567204 |
|  | **Pharmaceuticals - 2.32%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2223921 | Jazz Pharmaceuticals., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.500%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2207764 |
| &nbsp;&nbsp;&nbsp;&nbsp;4925000 | PetIQ Holdings LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.250%) (g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4481750 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6689514 |
|  | **Retailers (other than Food/Drug) - 2.54%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1967500 | Jo-Ann Stores LLC., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.750%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1349380 |
| &nbsp;&nbsp;&nbsp;&nbsp;5992094 | Portillo's Holdings LLC., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 5.500%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5965908 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7315288 |
|  | **Software - 0.43%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 183262 | SS&C Technologies Holdings, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 1.750%) (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 180513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 148987 | SS&C Technologies Holdings, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 1.750%) (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 146752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 916303 | SS&C Technologies Holdings, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 1.750%) (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 902390 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1229655 |
|  | **TELECOMMUNICATION SERVICES - DIVERSIFIED - 0.90%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2928009 | Consolidated Communications, Inc., Senior Secured First Lien Term Loan (1 Month SOFR USD + 3.500%) (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2594948 |
|  | **TOTAL BANK LOANS (Cost $56,246,599)** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54506385** |
|  | **SHORT TERM INVESTMENTS - 8.68%** |  |
|  | **Investment Company - 8.68%** |  |
| 25027584 | Fidelity Investments Money Market Funds - Government Portfolio - Class I - 4.074% (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25027584 |
|  | **Total Investment Company** | **25027584** |
|  | **TOTAL SHORT TERM INVESTMENTS (Cost $25,027,584)** | **25027584** |
|  | **Total Investments (Cost ($305207848) - 99.86%** | **297432471** |
|  | Other Assets in Excess of Liabilities - 0.14% | 392837 |
|  | **TOTAL NET ASSETS - 100.00%** | **288264082** |
| (a)<br>| Foreign Issued Securities. The total value of these securities amounted to $15,460,911 (5.36% if net assets) at December 31, 2022. | Foreign Issued Securities. The total value of these securities amounted to $15,460,911 (5.36% if net assets) at December 31, 2022. |
| (b)<br>| 144A securities. The total value of these securities amounted to $134,598,431 (46.69% of net assets) at December 31, 2022. | 144A securities. The total value of these securities amounted to $134,598,431 (46.69% of net assets) at December 31, 2022. |
| (c)<br>| Illiquid Security. The total value of these securities amounted to $3,824,603 (1.33% of net assets) at December 31, 2022. | Illiquid Security. The total value of these securities amounted to $3,824,603 (1.33% of net assets) at December 31, 2022. |
| (d)<br>| Callable at any dividend payment date on or after date disclosed. |  |
| (e)<br>| The rate quoted is the annualized seven-day effective yield as of December 31, 2022. | The rate quoted is the annualized seven-day effective yield as of December 31, 2022. |
| (f)<br>| Fixed to floating rate. Effective date of change and formula disclosed. Rate disclosed as of December 31, 2022. | Fixed to floating rate. Effective date of change and formula disclosed. Rate disclosed as of December 31, 2022. |
| (g)<br>| Level 3 security. See the accompanying Notes to the Financial Statements for information regarding Level 3 securities. | Level 3 security. See the accompanying Notes to the Financial Statements for information regarding Level 3 securities. |
| \*<br>| See the accompanying Notes regarding valuation of securities. |  |
| The Global Industry Classification Standard (GICS) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor's Financial Services LLC ("S&P"). GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC. | The Global Industry Classification Standard (GICS) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor's Financial Services LLC ("S&P"). GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC. | The Global Industry Classification Standard (GICS) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor's Financial Services LLC ("S&P"). GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC. |
| *The accompanying notes are an integral part of these financial statements.* | *The accompanying notes are an integral part of these financial statements.* | *The accompanying notes are an integral part of these financial statements.* |

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| |
|:---|
| **INVESTMENT VALUATION** |
| Equity securities and debt securities traded on a national securities exchange or national market, except those traded using the National Association of Securities Dealers' Automated Quotation System ("NASDAQ"), are valued at the latest sales price thereof, or if no sale was reported on that date, the mean between the most recent quoted bid and ask price is used. All equity securities that are traded using NASDAQ are valued using the NASDAQ Official Closing Price ("NOCP"), which may not necessarily represent the last sales price. If there has been no sale on such exchange or on NASDAQ on such day, the security is valued at the mean between the most recent quoted bid and ask price. |
| When market quotations are not readily available, any security or other asset is valued at its fair value as determined in good faith under procedures approved by the Board of Trustees (the "Board"). If events occur that will affect the value of a Fund's portfolio securities before the net asset value ("NAV") has been calculated (a "significant event"), the security will generally be priced using a fair value procedure. The Board has adopted specific procedures for valuing portfolio securities and delegated the responsibility of fair value determinations to the Valuation Committee. Some of the factors that may be considered by the Valuation Committee in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restriction on the position; trading in similar securities of the same issuer or comparable companies; information from broker-dealers; and an evaluation of the forces that influence the market in which the securities are purchased or sold. As of December 31, 2022, the Fund did not hold fair valued securities. |
| Debt securities with remaining maturities of 60 days or less are normally valued at the last reported sale price. If there is no trade on the particular day, then the security will be priced at the mean between the most recent bid and ask prices. |
| Restricted securities include securities that have not been registered under the Securities Act of 1933, as amended, and securities that are subject to restrictions on resale. The Funds may invest in restricted securities that are consistent with the Funds' investment objectives and investment strategies. In some cases, the issuer of restricted securities has agreed to register such securities for resale, at the issuer's expense either upon demand by the Funds or in connection with another registered offering of the securities. Investments in restricted securities are valued utilizing the Funds' corporate bond valuation policies. |
| **FOREIGN INVESTMENT RISK** |
| Investing in securities of foreign corporations and governments involves additional risks relating to: political, social, religious and economic developments abroad; market instInvesting in securities of foreign corporations and governments involves additional risks relating to: political, social, religious and economic developments abroad; market instability; fluctuations in foreign exchange rates; different regulatory requirements, market practices, accounting standards and practices; and less publicly available information about foreign issuers. Additionally, these investments may be less liquid, carry higher brokerage commissions and other fees, and procedures and regulations governing transactions and custody in foreign markets also may involve delays in payment, delivery or recovery of money or investments. Investments in common stocks of U.S. companies with international operations, and the purchase of sponsored or unsponsored ADRs (American Depositary Receipt) carry similar risks. In addition to risks associated with investing in foreign securities, there are special risks associated with investments in China and Hong Kong, including exposure to currency fluctuations, less liquidity, expropriation, confiscatory taxation, nationalization, exchange control regulations, differing legal standards and rapid fluctuations in inflation and interest rates. The Chinese government could, at any time, alter or discontinue economic reform programs implemented since 1978. |
| **Summary of Fair Value Exposure at December 31, 2022** |
| In accordance with FASB ASC 820, Fair Value Measurements ("ASC 820"), fair value is defined as the price that a Fund would receive to sell an investment or pay to transfer a liability in an orderly transaction with an independent buyer in the principal market, or in the absence of a principal market, the most advantageous market for the investment or liability. ASC 820 establishes a three-tier hierarchy to distinguish between (1) inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observable inputs) and (2) inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Funds' investments. The inputs are summarized in the three broad levels listed below: |
| Level 1 — Valuations based on quoted prices for investments in active markets that a Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments. |
| Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.). |
| Level 3 —Valuations based on significant unobservable inputs (including a Fund's own assumptions and judgment in determining the fair value of investments). |
| Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the market place. The inputs will be considered by Kornitzer Capital Management ("Advisor"), along with any other relevant factors in the calculation of an investment's fair value. The Funds use prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy. |
| Non-U.S. equity securities actively traded in foreign markets may be reflected in Level 2 despite the availability of closing prices, because the Funds evaluate and determine whether those closing prices reflect fair value at the close of the NYSE or require adjustment, as described above and in the Foreign Investment Risk note above. |
| Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models rely on one or more significant unobservable inputs and/or significant assumptions made by the Valuation Committee. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data. |
| The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. |
| The following table provides the fair value measurement of applicable Fund assets and liabilities by level within the fair value hierarchy as of December 31, 2022. These assets are measured on a recurring basis. |

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---

| | | | | |
|:---|:---|:---|:---|:---|
| **Buffalo High Yield Fund** | **Buffalo High Yield Fund** | **Buffalo High Yield Fund** | **Buffalo High Yield Fund** | **Buffalo High Yield Fund** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Preferred Stocks | $6449500 | - | - | $6449500 |
| Convertible Bonds | - | 9610495 | - | 9610495 |
| Corporate Bonds | - | 201838507 | - | 201838507 |
| Bank Loans | - | 43081974 | 11424411 | 54506385 |
| Short Term Investments | 25027584 | - | - | 25027584 |
| &nbsp;&nbsp;&nbsp; **Total\*** | $**31477084** | $**254530976** | **11424411** | $**297432471** |

---

---

| |
|:---|
| *\* Additional information regarding the industry and/or geographical classification of these investments is disclosed in the schedule of investments.* |
| The following is a reconciliation of the Buffalo High Yield Income Fund Level 3 assets for which significant unobservable inputs were used to determine fair value for the period ended December 31, 2022: |

---

---

| | |
|:---|:---|
| Fair Value Measurement Using Significant <br> Unobservable Inputs (Level 3) | Investments in<br> Securities <br>Period Ended <br>December 31, 2022 |
| Fair Value as of 3/31/2022 | $14060826 |
| Total unrealized gain included in earnings | - |
| Total unrealized losses included in earnings | (832577) |
| Realized gain included in earnings | 58205 |
| Realized losses included in earnings | (368) |
| Sales | (1869750) |
| Amortization/Accretion | 8074 |
| Fair Value as of 12/31/2022 | $11424411 |

---

---

| |
|:---|
| **TRANSACTIONS WITH AFFILIATES** |
| Investments representing 5% or more of the outstanding voting securities of a portfolio company result in that company being considered an affiliated company, as defined in the 1940 Act. There were no affiliated companies held in any of the Buffalo Funds during the period ended December 31, 2022. |
| **FOREIGN CURRENCY TRANSLATION** |
| Values of investments denominated in foreign currencies are converted into U.S. dollars using a spot market rate of exchange on the day of valuation. Purchases and sales of investments and dividend and interest income are translated to U.S. dollars using a spot market rate of exchange prevailing on the respective dates of such transactions. The portion of security gains or losses resulting from changes in foreign exchange rates is included with net realized and unrealized gain or loss from investments, as appropriate, for both ﬁnancial reporting and tax purposes. |
| **PURCHASED AND WRITTEN OPTIONS CONTRACTS** |
| The Fund may purchase and write call or put options on securities and indices and enter into related closing transactions. As a holder of a call option, a Fund has the right, but not the obligation, to purchase a security at the exercise price during the exercise period. As the writer of a call option, a Fund has the obligation to sell the security at the exercise price during the exercise period. The Fund did not hold written or purchased call options of December 31, 2022. The Fund's maximum payout in the case of written call option contracts cannot be determined. As a holder of a put option, a Fund has the right, but not the obligation, to sell a security at the exercise price during the exercise period. As the writer of a put option, a Fund has the obligation to buy the underlying security at the exercise price during the exercise period. The Fund did not hold any purchased or written put options as of December 31, 2022. The premium that a Fund pays when purchasing an option or receives when writing an option will reﬂect, among other things, the market price of the security, the relationship of the exercise price to the market price of the security, the relationship of the exercise price to the volatility of the security, the length of the option period and supply and demand factors. The premium is the market value of an option at the time of purchase. A purchaser (holder) of a put option pays a non-refundable premium to the seller (writer) of a put option to obtain the right to sell a speciﬁed amount of a security at a ﬁxed price (the exercise price) during a speciﬁed period (exercise period). Conversely, the seller (writer) of a put option, upon payment by the holder of the premium, has the obligation to buy the security from the holder of the put option at the exercise price during the exercise period. Exchange traded options are valued at the composite price, using the National Best Bid and Oﬀer quotes ("NBBO"). NBBO consists of the highest bid prices and lowest ask prices across any of the exchanges on which an option is quoted, thus providing a view across the entire U.S. options marketplace. Speciﬁcally, composite pricing looks at the last trades on the exchanges where the options are traded. If there are no trades for the option on a given business day, composite option pricing calculates the mean of the highest bid price and lowest ask price across the exchanges where the option is traded. Non exchange traded options also will be valued at the mean between the last bid and ask quotations. For options where market quotations are not readily available, a fair value shall be determined as set forth in the Fund' fair valuation guidelines. The Fund may use options with the objective to generate income as a non-principal investment strategy. A risk of using derivatives is that the counterparty to a derivative may fail to comply with their obligation to the Fund. |

---

## 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:** Shawnee Mission

  - **State:** KS

  - **Foreign country:** US

  - **Zip / Postal Code:** 66205

  - **Telephone number:** 913-384-1513

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

- **a. Name of Series:** Buffalo High Yield Fund

- **b. EDGAR series identifier (if any):** S000022451

- **c. LEI of Series:** 254900EMR51UIYRX1H89

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

- **a. Date of fiscal year-end:** 2023-03-31

- **b. Date as of which information is reported:** 2022-12-31

**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:** $294957349.16

**Total Liabilities:** $6395690.45

**Net Assets:** $288561658.71

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 46.810000000000 | **1-Year:** 1338.470000000000 | **5-Year:** 247.610000000000 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 34466.780000000000 | **1-Year:** 27043.970000000000 | **5-Year:** 8917.330000000000 | **10-Year:** 127.130000000000 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000064612 | 2.37%                | 1.51%                | 0.06%                |
| Class ID C000214592 | 2.48%                | 1.43%                | 0.07%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-589388.53              | $5701000.40                                |
| Month 2  | $-86373.07               | $2463910.20                                |
| Month 3  | $-424177.37              | $-890249.44                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ADVANCED DRAINAGE SYSTEM      | Advanced Drainage Systems Inc                                            | CUSIP: 00790RAB0<br>LEI: 6QQTOZ5MF5DHM7K92I60 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1216262.50   | 0.42%             | 2030-06-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| AIR TRANSPORT SERVICES G      | Air Transport Services Group Inc                                         | CUSIP: 00922RAB1<br>LEI: 5493000F3MSFGIXTQE27 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1041300.00   | 0.36%             | 2024-10-15      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| ALLIANCE RES OP/FINANCE       | Alliance Resource Operating Partners LP / Alliance Resource Finance Corp | CUSIP: 01879NAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3250000 | PA      | $3230662.50   | 1.12%             | 2025-05-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| ALTA EQUIPMENT GROUP          | Alta Equipment Group Inc                                                 | CUSIP: 02128LAA4<br>LEI: 549300DGOB28CLGS1X27 | Long             | DBT              | CORP              | US        |   2750000 | PA      | $2486494.48   | 0.86%             | 2026-04-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| ANTERO RESOURCES CORP         | Antero Resources Corp                                                    | CUSIP: 03674XAS5<br>LEI: APVBKPOULHUX7YZLKU17 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $928460.00    | 0.32%             | 2030-03-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| ANTERO MIDSTREAM PART/FI      | Antero Midstream Partners LP / Antero Midstream Finance Corp             | CUSIP: 03690EAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1520524.17   | 0.53%             | 2026-05-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| ARRAY TECHNOLOGIES INC        | Array Technologies Inc                                                   | CUSIP: 04271TAB6<br>LEI: 549300JM5FECYJQ85V37 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1021500.00   | 0.35%             | 2028-12-01      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| ARROW BIDCO LLC               | Arrow Bidco LLC                                                          | CUSIP: 042728AA3<br>LEI: 549300YHZN08M0H3O128 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2997248.04   | 1.04%             | 2024-03-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| ATHABASCA OIL CORP            | Athabasca Oil Corp                                                       | CUSIP: 04682RAE7<br>LEI: 549300STK2KBVO6WED71 | Long             | DBT              | CORP              | CA        |   2550000 | PA      | $2706098.25   | 0.94%             | 2026-11-01      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| BELLRING BRANDS INC           | BellRing Brands Inc                                                      | CUSIP: 07831CAA1<br>LEI: 549300S3BOK5CMTS8054 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1927050.00   | 0.67%             | 2030-03-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| BLUELINX HOLDING              | BlueLinx Holdings Inc                                                    | CUSIP: 09624HAA7<br>LEI: 549300YSX7GU28F5I540 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2493900.00   | 0.86%             | 2029-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BRISTOW GROUP INC             | Bristow Group Inc                                                        | CUSIP: 11040GAA1<br>LEI: 5493005Q24EN3UC1PV68 | Long             | DBT              | CORP              | US        |   2250000 | PA      | $2073622.12   | 0.72%             | 2028-03-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| BUILDERS FIRSTSOURCE INC      | Builders FirstSource Inc                                                 | CUSIP: 12008RAN7<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3551526.80   | 1.23%             | 2030-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BUILDERS FIRSTSOURCE INC      | Builders FirstSource Inc                                                 | CUSIP: 12008RAP2<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $813365.90    | 0.28%             | 2032-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| BURFORD CAPITAL GLBL FIN      | Burford Capital Global Finance LLC                                       | CUSIP: 12116LAA7<br>LEI: 549300JVAOO67CSCH406 | Long             | DBT              | CORP              | US        |    500000 | PA      | $445602.17    | 0.15%             | 2028-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| BURFORD CAPITAL GLBL FIN      | Burford Capital Global Finance LLC                                       | CUSIP: 12116LAC3<br>LEI: 549300JVAOO67CSCH406 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2683475.40   | 0.93%             | 2030-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| CNX RESOURCES CORP            | CNX Resources Corp                                                       | CUSIP: 12653CAC2<br>LEI: 549300JK3KH8PWM3B226 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3976880.00   | 1.38%             | 2027-03-14      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| GRAY TELEVISION INC           | Gray Television Inc                                                      | CUSIP: 389375AJ5<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |   2060000 | PA      | $1838550.00   | 0.64%             | 2026-07-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| GRAY TELEVISION INC           | Gray Television Inc                                                      | CUSIP: 389375AL0<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |    500000 | PA      | $355817.50    | 0.12%             | 2030-10-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| GREENBRIER COS INC            | Greenbrier Cos Inc/The                                                   | CUSIP: 393657AK7<br>LEI: 5493001GAGGFR30BP390 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $948520.63    | 0.33%             | 2024-02-01      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| GREENBRIER COS INC            | Greenbrier Cos Inc/The                                                   | CUSIP: 393657AM3<br>LEI: 5493001GAGGFR30BP390 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $886500.00    | 0.31%             | 2028-04-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| HORIZON THERAPEUTICS USA      | Horizon Therapeutics USA Inc                                             | CUSIP: 44055PAA4<br>LEI: 254900IS87RLPXY88S03 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1020324.34   | 0.35%             | 2027-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| IIP OPERATING PARTNER         | IIP Operating Partnership LP                                             | CUSIP: 44988FAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2662897.62   | 0.92%             | 2026-05-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| IHEARTCOMMUNICATIONS INC      | iHeartCommunications Inc                                                 | CUSIP: 45174HBD8<br>LEI: 54930076J6KDZL504O62 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1704375.00   | 0.59%             | 2027-05-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| IHEARTCOMMUNICATIONS INC      | iHeartCommunications Inc                                                 | CUSIP: 45174HBE6<br>LEI: 54930076J6KDZL504O62 | Long             | DBT              | CORP              | US        |    100000 | PA      | $84866.33     | 0.03%             | 2027-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| LIONS GATE CAPITAL HOLD       | Lions Gate Capital Holdings LLC                                          | CUSIP: 53627NAE1<br>LEI: 549300MWJHNLR35C0837 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1162193.90   | 0.40%             | 2029-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| LIVE NATION ENTERTAINMEN      | Live Nation Entertainment Inc                                            | CUSIP: 538034AK5<br>LEI: 5493007B9BM9ZXJINO78 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $969794.41    | 0.34%             | 2024-11-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| LIVE NATION ENTERTAINMEN      | Live Nation Entertainment Inc                                            | CUSIP: 538034AN9<br>LEI: 5493007B9BM9ZXJINO78 | Long             | DBT              | CORP              | US        |    500000 | PA      | $473619.27    | 0.16%             | 2026-03-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| LIVE NATION ENTERTAINMEN      | Live Nation Entertainment Inc                                            | CUSIP: 538034AR0<br>LEI: 5493007B9BM9ZXJINO78 | Long             | DBT              | CORP              | US        |    250000 | PA      | $223330.00    | 0.08%             | 2027-10-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| MPLX LP                       | MPLX LP                                                                  | CUSIP: 55336VAU4<br>LEI: 5493000CZJ19CK4P3G36 | Long             | EP               | CORP              | US        |   8900000 | PA      | $8811000.00   | 3.05%             |  |  |  | No            |                  2 | On Loan: No      |
| MASTEC INC                    | MasTec Inc                                                               | CUSIP: 576323AQ2<br>LEI: 549300TMDIT8WREDOF45 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2705385.00   | 0.94%             | 2029-08-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| MATADOR RESOURCES CO          | Matador Resources Co                                                     | CUSIP: 576485AE6<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | DBT              | CORP              | US        |   5500000 | PA      | $5293516.14   | 1.83%             | 2026-09-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| MATCH GROUP HLD II LLC        | Match Group Holdings II LLC                                              | CUSIP: 57665RAG1<br>LEI: 5493003RFFE030RC9167 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $921720.00    | 0.32%             | 2027-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MITEK SYSTEMS INC             | Mitek Systems Inc                                                        | CUSIP: 606710AA9<br>LEI: 549300ABZAQ3R25XG118 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $830000.00    | 0.29%             | 2026-02-01      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| NATHAN'S FAMOUS INC           | Nathan's Famous Inc                                                      | CUSIP: 632347AC4<br>LEI: 54930034SKNSF1JIE673 | Long             | DBT              | CORP              | US        |   1100000 | PA      | $1077444.50   | 0.37%             | 2025-11-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| NUSTAR ENERGY LP              | NuStar Energy LP                                                         | CUSIP: 67058H409<br>LEI: 5493003BMLTUIEG2LG44 | Long             | EP               | CORP              | US        |    150000 | NS      | $3535500.00   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| NEXSTAR MEDIA INC             | Nexstar Media Inc                                                        | CUSIP: 65336RAW8<br>LEI: 5493006PK6I4I2OOT688 | Long             | LON              | CORP              | US        |    280473 | PA      | $278685.21    | 0.10%             | 2026-09-18      | Floating      | 6.57%                 | No            |                  2 | On Loan: No      |
| PORTILLO'S HOLDINGS LLC       | Portillo's Holdings LLC                                                  | CUSIP: 73641VAG8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   6007577 | PA      | $5981323.88   | 2.07%             | 2024-09-06      | Floating      | 9.25%                 | No            |                  2 | On Loan: No      |
| CBS RADIO INC                 | Audacy Capital Corp                                                      | CUSIP: 12506KAE9<br>LEI: 549300S5JUSXRHNCHD80 | Long             | LON              | CORP              | US        |    518692 | PA      | $374246.85    | 0.13%             | 2024-11-17      | Floating      | 6.54%                 | No            |                  2 | On Loan: No      |
| EW SCRIPPS CO                 | EW Scripps Co/The                                                        | CUSIP: 26928BAL3<br>LEI: 549300U1OW41QPKYW028 | Long             | LON              | CORP              | US        |    965150 | PA      | $951034.68    | 0.33%             | 2026-05-01      | Floating      | 6.63%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                 | TransDigm Inc                                                            | CUSIP: 89364MBS2<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | LON              | CORP              | US        |   1896570 | PA      | $1887560.79   | 0.65%             | 2024-08-22      | Floating      | 5.92%                 | No            |                  2 | On Loan: No      |
| TUTOR PERINI CORP             | Tutor Perini Corp                                                        | CUSIP: 90110FAM6<br>LEI: 549300FHXYVPW8LJ6D98 | Long             | LON              | CORP              | US        |   2941234 | PA      | $2775789.80   | 0.96%             | 2027-08-18      | Floating      | 8.82%                 | No            |                  2 | On Loan: No      |
| EW SCRIPPS CO                 | EW Scripps Co/The                                                        | CUSIP: 26928BAM1<br>LEI: 549300U1OW41QPKYW028 | Long             | LON              | CORP              | US        |    183125 | PA      | $178531.31    | 0.06%             | 2028-01-07      | Floating      | 6.82%                 | No            |                  2 | On Loan: No      |
| CONSOLIDATED COMMUNICATIONS   | Consolidated Communications Inc                                          | CUSIP: 20903EBB0<br>LEI: 549300WW675Y48HDVX34 | Long             | LON              | CORP              | US        |   2928009 | PA      | $2594948.33   | 0.90%             | 2027-10-02      | Floating      | 7.62%                 | No            |                  2 | On Loan: No      |
| PETIQ HOLDINGS LLC            | PetIQ Holdings LLC                                                       | CUSIP: 71639UAB9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   4937500 | PA      | $4493125.00   | 1.56%             | 2028-04-13      | Floating      | 8.12%                 | No            |                  2 | On Loan: No      |
| MAGNITE INC                   | Magnite Inc                                                              | CUSIP: 55955NAB4<br>LEI: 54930018FR2YX1HHSB02 | Long             | LON              | CORP              | US        |   4443750 | PA      | $4184546.06   | 1.45%             | 2028-04-30      | Floating      | 9.08%                 | No            |                  2 | On Loan: No      |
| JAZZ FINANCING LUX SARL       | Jazz Financing Lux Sarl                                                  | CUSIP: N/A<br>LEI: 635400WUEO2NSG5OIU34       | Long             | LON              | CORP              | LU        |   2230180 | PA      | $2213977.72   | 0.77%             | 2028-05-05      | Floating      | 7.57%                 | No            |                  2 | On Loan: No      |
| JO-ANN STORES INC             | Jo-Ann Stores LLC                                                        | CUSIP: 47759DAE5<br>LEI: 549300GM65RR2EMGLI48 | Long             | LON              | CORP              | US        |   1967500 | PA      | $1349380.49   | 0.47%             | 2028-06-30      | Floating      | 7.52%                 | No            |                  2 | On Loan: No      |
| DIRECTV FINANCING LLC         | Directv Financing LLC                                                    | CUSIP: 25460HAB8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   8698882 | PA      | $8487760.09   | 2.94%             | 2027-08-02      | Floating      | 9.07%                 | No            |                  2 | On Loan: No      |
| MONEYGRAM INTERNATIONAL INC   | MoneyGram International Inc                                              | CUSIP: 60935QAP1<br>LEI: 5299002DLX0Q04KC4156 | Long             | LON              | CORP              | US        |   2857500 | PA      | $2856156.98   | 0.99%             | 2026-07-21      | Floating      | 8.57%                 | No            |                  2 | On Loan: No      |
| MAXAR TECHNOLOGIES INC        | Maxar Technologies Inc                                                   | CUSIP: N/A<br>LEI: 549300OEN2G821MIJ922       | Long             | LON              | CORP              | US        |   4987500 | PA      | $4989719.44   | 1.73%             | 2029-06-14      | Floating      | 8.44%                 | No            |                  2 | On Loan: No      |
| GEO GROUP INC/THE             | GEO Group Inc/The                                                        | CUSIP: 37252KAR3<br>LEI: 54930024XOXET7NQVZ63 | Long             | LON              | CORP              | US        |   4999978 | PA      | $5017953.22   | 1.74%             | 2027-03-23      | Floating      | 10.85%                | No            |                  2 | On Loan: No      |
| GEO GROUP INC/THE             | GEO Group Inc/The                                                        | CUSIP: 37252KAS1<br>LEI: 54930024XOXET7NQVZ63 | Long             | LON              | CORP              | US        |    999978 | PA      | $1004978.19   | 0.35%             | 2027-03-23      | Floating      | 10.21%                | No            |                  2 | On Loan: No      |
| CHART INDUSTRIES T/L (12/22)  | CHART INDUSTRIES T/L (12/22)                                             | CUSIP: BNG9E9JK4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1500000 | PA      | $1486882.50   | 0.52%             | 2029-12-28      | Floating      | 7.87%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA RESOURCES CRP      | California Resources Corp                                                | CUSIP: 13057QAH0<br>LEI: 5493003Q8F0T4F4YMR48 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3848880.00   | 1.33%             | 2026-02-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| CARGO AIRCRAFT MANAGEMEN      | Cargo Aircraft Management Inc                                            | CUSIP: 14180LAA4<br>LEI: 549300GH5J7LOMV44F11 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $909160.00    | 0.32%             | 2028-02-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| FLY LEASING LTD               | Fly Leasing Ltd                                                          | CUSIP: 14308CAA1<br>LEI: 549300LI58A0MHGHTZ98 | Long             | DBT              | CORP              | BM        |   2000000 | PA      | $1565492.12   | 0.54%             | 2024-10-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CARS.COM INC                  | Cars.com Inc                                                             | CUSIP: 14575EAA3<br>LEI: 5493002G6J07LNGX4M98 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2670370.83   | 0.93%             | 2028-11-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| CHEMOURS CO                   | Chemours Co/The                                                          | CUSIP: 163851AF5<br>LEI: 549300M1BOLNXL8DOV14 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1799200.00   | 0.62%             | 2028-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CIMPRESS PLC                  | Cimpress PLC                                                             | CUSIP: 17186HAC6<br>LEI: 549300X1IFD75XISOR81 | Long             | DBT              | CORP              | IE        |   1500000 | PA      | $1039320.00   | 0.36%             | 2026-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CINEMARK USA INC              | Cinemark USA Inc                                                         | CUSIP: 172441BD8<br>LEI: 54930008H2137JSCPQ09 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1668414.02   | 0.58%             | 2026-03-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| COMPASS DIVERSIF HOLDING      | Compass Diversified Holdings                                             | CUSIP: 20451Q203<br>LEI: 5299001SM1LBYANJRR58 | Long             | EP               | CORP              | US        |     25000 | NS      | $632000.00    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| COMPASS DIVERSIF HOLDING      | Compass Diversified Holdings                                             | CUSIP: 20451Q401<br>LEI: 5299001SM1LBYANJRR58 | Long             | EP               | CORP              | US        |    100000 | NS      | $2282000.00   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| CONSENSUS CLOUD SOLUTION      | Consensus Cloud Solutions Inc                                            | CUSIP: 20848VAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4500000 | PA      | $4227775.61   | 1.47%             | 2026-10-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CONSOL ENERGY INC             | CONSOL Energy Inc                                                        | CUSIP: 20854LAA6<br>LEI: 549300YJCTPJBTK7IJ81 | Long             | DBT              | CORP              | US        |   4790000 | PA      | $4922754.85   | 1.71%             | 2025-11-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| CONSOLIDATED COMMUNICATI      | Consolidated Communications Inc                                          | CUSIP: 20903XAF0<br>LEI: 549300WW675Y48HDVX34 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1559121.48   | 0.54%             | 2028-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CORECIVIC INC                 | CoreCivic Inc                                                            | CUSIP: 21871NAB7<br>LEI: 529900JFA3K6PTLT8B15 | Long             | DBT              | CORP              | US        |   6000000 | PA      | $6161340.00   | 2.14%             | 2026-04-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| DAVE & BUSTER'S INC           | Dave & Buster's Inc                                                      | CUSIP: 23833NAH7<br>LEI: 549300JAVWTAY1FT5Z45 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1509690.00   | 0.52%             | 2025-11-01      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| DELEK LOG PART/FINANCE        | Delek Logistics Partners LP / Delek Logistics Finance Corp               | CUSIP: 24665FAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2902920.00   | 1.01%             | 2025-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| DELEK LOG PART/FINANCE        | Delek Logistics Partners LP / Delek Logistics Finance Corp               | CUSIP: 24665FAC6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $903320.00    | 0.31%             | 2028-06-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| DELUXE CORP                   | Deluxe Corp                                                              | CUSIP: 248019AU5<br>LEI: KWGNKB8TX9LE5TV29231 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2059500.00   | 0.71%             | 2029-06-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| ENERFLEX LTD                  | Enerflex Ltd                                                             | CUSIP: 29269RAA3<br>LEI: 54930014N7872VUS3F89 | Long             | DBT              | CORP              | CA        |   1000000 | PA      | $998570.00    | 0.35%             | 2027-10-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP            | Energy Transfer LP                                                       | CUSIP: 29273VAM2<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | EP               | CORP              | US        |   5600000 | PA      | $4690000.00   | 1.63%             |  |  |  | No            |                  2 | On Loan: No      |
| ENTERCOM MEDIA CORP           | Audacy Capital Corp                                                      | CUSIP: 29365DAB5<br>LEI: 549300S5JUSXRHNCHD80 | Long             | DBT              | CORP              | US        |   2200000 | PA      | $383909.06    | 0.13%             | 2029-03-31      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ENVIVA PARTNERS LP/FIN C      | Enviva Partners LP / Enviva Partners Finance Corp                        | CUSIP: 29413XAD9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1886840.00   | 0.65%             | 2026-01-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ETSY INC                      | Etsy Inc                                                                 | CUSIP: 29786AAN6<br>LEI: 54930089Q7XT501AEA40 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $861300.00    | 0.30%             | 2028-06-15      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| Fidelity Government Portfolio | Fidelity Government Portfolio                                            | CUSIP: 316175108<br>LEI: N/A                  | Long             | STIV             | RF                | US        |  24993296 | NS      | $24993296.27  | 8.66%             |  |  |  | No            |                  1 | On Loan: No      |
| GEO GROUP INC/THE             | GEO Group Inc/The                                                        | CUSIP: 36162JAB2<br>LEI: 54930024XOXET7NQVZ63 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2232100.00   | 0.77%             | 2026-04-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GARDEN SPINCO CORP            | Garden Spinco Corp                                                       | CUSIP: 365417AA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1100000 | PA      | $1167589.50   | 0.40%             | 2030-07-20      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| GOLDEN ENTERTAINMENT INC      | Golden Entertainment Inc                                                 | CUSIP: 381013AA9<br>LEI: 549300P8YYCKQVJ0Y638 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $987196.17    | 0.34%             | 2026-04-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| GRAY ESCROW II INC            | Gray Escrow II Inc                                                       | CUSIP: 389286AA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $722435.00    | 0.25%             | 2031-11-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| NEXSTAR MEDIA INC             | Nexstar Media Inc                                                        | CUSIP: 65336YAN3<br>LEI: 5493006PK6I4I2OOT688 | Long             | DBT              | CORP              | US        |    500000 | PA      | $433255.00    | 0.15%             | 2028-11-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| NORTHERN OIL AND GAS INC      | Northern Oil and Gas Inc                                                 | CUSIP: 665531AG4<br>LEI: OKFF0PIZDDMNH4UCYE51 | Long             | DBT              | CORP              | US        |   9100000 | PA      | $8752380.00   | 3.03%             | 2028-03-01      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| OUTFRONT MEDIA CAP LLC/C      | Outfront Media Capital LLC / Outfront Media Capital Corp                 | CUSIP: 69007TAC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $828928.54    | 0.29%             | 2030-03-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| PERFORMANCE FOOD GROUP I      | Performance Food Group Inc                                               | CUSIP: 69346VAA7<br>LEI: 549300OMUOGBYK0FFO76 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2835870.00   | 0.98%             | 2027-10-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PRA GROUP INC                 | PRA Group Inc                                                            | CUSIP: 69354NAC0<br>LEI: 549300Q5HW3JSSB86K27 | Long             | DBT              | CORP              | US        |   1100000 | PA      | $1064687.24   | 0.37%             | 2025-09-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| PRA GROUP INC                 | PRA Group Inc                                                            | CUSIP: 69354NAD8<br>LEI: 549300Q5HW3JSSB86K27 | Long             | DBT              | CORP              | US        |    500000 | PA      | $413235.00    | 0.14%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PATRICK INDUSTRIES INC        | Patrick Industries Inc                                                   | CUSIP: 703343AD5<br>LEI: 549300FZ5ZTCCJ3Z5W14 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2493900.00   | 0.86%             | 2029-05-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| PATRICK INDUSTRIES INC        | Patrick Industries Inc                                                   | CUSIP: 703343AG8<br>LEI: 549300FZ5ZTCCJ3Z5W14 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1025425.00   | 0.36%             | 2028-12-01      | Fixed         | 1.75%                 | No            |                  3 | On Loan: No      |
| ROCC HOLDINGS LLC             | ROCC Holdings LLC                                                        | CUSIP: 70789PAA2<br>LEI: 6XOCUKRR0UU0LF5P1W14 | Long             | DBT              | CORP              | US        |   5500000 | PA      | $5481543.38   | 1.90%             | 2026-08-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| PERFORMANCE FOOD GROUP I      | Performance Food Group Inc                                               | CUSIP: 71376LAE0<br>LEI: 549300OMUOGBYK0FFO76 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $867800.00    | 0.30%             | 2029-08-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| PVH CORP                      | PVH Corp                                                                 | CUSIP: 718592AB4<br>LEI: 123WALMHY1GZXG2YDL90 | Long             | DBT              | CORP              | US        |   3120000 | PA      | $3182913.61   | 1.10%             | 2023-11-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| PRIMO WATER HOLDINGS INC      | Primo Water Holdings Inc                                                 | CUSIP: 74168LAA4<br>LEI: 9845008F9A5F2E1D4832 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1729543.02   | 0.60%             | 2029-04-30      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES       | Royal Caribbean Cruises Ltd                                              | CUSIP: 780153BL5<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |   3000000 | PA      | $3012690.00   | 1.04%             | 2027-08-15      | Fixed         | 11.62%                | No            |                  2 | On Loan: No      |
| SABRE GLBL INC                | Sabre GLBL Inc                                                           | CUSIP: 78573NAF9<br>LEI: F2TJC7HPPHLHU1AQMP98 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1435856.54   | 0.50%             | 2025-09-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| SCRIPPS ESCROW II INC         | Scripps Escrow II Inc                                                    | CUSIP: 81105DAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $401985.00    | 0.14%             | 2029-01-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| SCRIPPS ESCROW II INC         | Scripps Escrow II Inc                                                    | CUSIP: 81105DAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1605617.96   | 0.56%             | 2031-01-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| SIX FLAGS ENTERTAINMENT       | Six Flags Entertainment Corp                                             | CUSIP: 83001AAC6<br>LEI: 549300JYTDUAA4JQ3717 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1356750.00   | 0.47%             | 2027-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SOUTHWEST AIRLINES CO         | Southwest Airlines Co                                                    | CUSIP: 844741BG2<br>LEI: UDTZ87G0STFETI6HGH41 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1204750.00   | 0.42%             | 2025-05-01      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| STRIDE INC                    | Stride Inc                                                               | CUSIP: 86333MAA6<br>LEI: 254900BRWS3AFONWU277 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1791200.00   | 0.62%             | 2027-09-01      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| SYLVAMO CORP                  | Sylvamo Corp                                                             | CUSIP: 87133LAA8<br>LEI: 5493001AOYU1ZOWOC971 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1906370.48   | 0.66%             | 2029-09-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| TALOS PRODUCTION INC          | Talos Production Inc                                                     | CUSIP: 87485LAC8<br>LEI: 549300GZ2DZZE2Y8TX15 | Long             | DBT              | CORP              | US        |   6000000 | PA      | $6322800.00   | 2.19%             | 2026-01-15      | Fixed         | 12.00%                | No            |                  2 | On Loan: No      |
| TASEKO MINES LTD              | Taseko Mines Ltd                                                         | CUSIP: 876511AF3<br>LEI: 549300XKUO1JSLU7KX54 | Long             | DBT              | CORP              | CA        |   2500000 | PA      | $2201473.18   | 0.76%             | 2026-02-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| TEVA PHARMACEUTICALS NE       | Teva Pharmaceutical Finance Netherlands III BV                           | CUSIP: 88167AAK7<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |   2500000 | PA      | $2443237.50   | 0.85%             | 2028-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| TEVA PHARMACEUTICALS NE       | Teva Pharmaceutical Finance Netherlands III BV                           | CUSIP: 88167AAN1<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |   1500000 | PA      | $1494030.00   | 0.52%             | 2025-01-31      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| TOWNSQUARE MEDIA INC          | Townsquare Media Inc                                                     | CUSIP: 892231AB7<br>LEI: 549300XBA8C68H0DR538 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1110939.38   | 0.38%             | 2026-02-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                 | TransDigm Inc                                                            | CUSIP: 893647BB2<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    500000 | PA      | $486476.02    | 0.17%             | 2026-06-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                 | TransDigm Inc                                                            | CUSIP: 893647BE6<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    500000 | PA      | $494195.00    | 0.17%             | 2026-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                 | TransDigm Inc                                                            | CUSIP: 893647BL0<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $940470.00    | 0.33%             | 2027-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                 | TransDigm Inc                                                            | CUSIP: 893647BP1<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $881025.00    | 0.31%             | 2029-01-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                 | TransDigm Inc                                                            | CUSIP: 893647BQ9<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $873525.00    | 0.30%             | 2029-05-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| TREEHOUSE FOODS INC           | TreeHouse Foods Inc                                                      | CUSIP: 89469AAD6<br>LEI: 5493007M7EVHE470Q576 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3406400.00   | 1.18%             | 2028-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TRIPADVISOR INC               | TripAdvisor Inc                                                          | CUSIP: 896945AA0<br>LEI: 549300XVG45PT5BART17 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1979219.76   | 0.69%             | 2025-07-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| TUTOR PERINI CORP             | Tutor Perini Corp                                                        | CUSIP: 901109AF5<br>LEI: 549300FHXYVPW8LJ6D98 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2629730.04   | 0.91%             | 2025-05-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| UNITI GROUP/CSL CAPITAL       | Uniti Group LP / Uniti Group Finance Inc / CSL Capital LLC               | CUSIP: 91327BAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1200000 | PA      | $797244.00    | 0.28%             | 2029-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| UNITI GROUP/CSL CAPITAL       | Uniti Group LP / Uniti Group Finance Inc / CSL Capital LLC               | CUSIP: 91327BAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $796047.44    | 0.28%             | 2028-04-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| VM CONSOLIDATED INC           | VM Consolidated Inc                                                      | CUSIP: 91835HAA0<br>LEI: 549300GCTGJLEBXJUK89 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1764120.00   | 0.61%             | 2029-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| VIPER ENERGY PARTNERS LP      | Viper Energy Partners LP                                                 | CUSIP: 92763MAA3<br>LEI: 5299009LINL232255G03 | Long             | DBT              | CORP              | US        |   1750000 | PA      | $1664653.32   | 0.58%             | 2027-11-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| VISTA OUTDOOR INC             | Vista Outdoor Inc                                                        | CUSIP: 928377AC4<br>LEI: 549300QI2D33ESTJLN81 | Long             | DBT              | CORP              | US        |   4500000 | PA      | $3309930.00   | 1.15%             | 2029-03-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| VISTRA CORP                   | Vistra Corp                                                              | CUSIP: 92840MAC6<br>LEI: 549300KP43CPCUJOOG15 | Long             | EP               | CORP              | US        |   3500000 | PA      | $3189823.74   | 1.11%             |  |  |  | No            |                  2 | On Loan: No      |
| W & T OFFSHORE INC            | W&T Offshore Inc                                                         | CUSIP: 92922PAL0<br>LEI: 549300Q7EOY2YIO3YK85 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2957520.00   | 1.02%             | 2023-11-01      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| WARRIOR MET COAL INC          | Warrior Met Coal Inc                                                     | CUSIP: 93627CAB7<br>LEI: 549300152B1S9YKBYV79 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $987092.67    | 0.34%             | 2028-12-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| CONSOL ENERGY INC             | CONSOL Energy Inc                                                        | CUSIP: 20855DAJ4<br>LEI: 549300YJCTPJBTK7IJ81 | Long             | LON              | CORP              | US        |   2202385 | PA      | $2183345.51   | 0.76%             | 2024-09-28      | Floating      | 8.69%                 | No            |                  2 | On Loan: No      |
| SS&C TECHNOLOGIES INC         | SS&C Technologies Inc                                                    | CUSIP: 78466DBD5<br>LEI: 549300KY09TR3J12JU49 | Long             | LON              | CORP              | US        |    183262 | PA      | $180512.91    | 0.06%             | 2025-04-16      | Floating      | 5.82%                 | No            |                  2 | On Loan: No      |
| SS&C TECHNOLOGIES INC         | SS&C Technologies Inc                                                    | CUSIP: 78466DBE3<br>LEI: 549300KY09TR3J12JU49 | Long             | LON              | CORP              | US        |    153114 | PA      | $150817.11    | 0.05%             | 2025-04-16      | Floating      | 5.82%                 | No            |                  2 | On Loan: No      |
| EW SCRIPPS CO                 | EW Scripps Co/The                                                        | CUSIP: 26928BAJ8<br>LEI: 549300U1OW41QPKYW028 | Long             | LON              | CORP              | US        |    950000 | PA      | $934762.00    | 0.32%             | 2024-10-02      | Floating      | 6.07%                 | No            |                  2 | On Loan: No      |
| SS&C TECHNOLOGIES INC         | SS&C Technologies Inc                                                    | CUSIP: 78466DBF0<br>LEI: 549300KY09TR3J12JU49 | Long             | LON              | CORP              | US        |    947400 | PA      | $933014.02    | 0.32%             | 2025-04-16      | Floating      | 5.82%                 | No            |                  2 | On Loan: No      |
| CNX RESOURCES CORP            | CNX Resources Corp                                                       | CUSIP: 12653CAJ7<br>LEI: 549300JK3KH8PWM3B226 | Long             | DBT              | CORP              | US        |    100000 | PA      | $92162.91     | 0.03%             | 2029-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CNX RESOURCES CORP            | CNX Resources Corp                                                       | CUSIP: 12653CAK4<br>LEI: 549300JK3KH8PWM3B226 | Long             | DBT              | CORP              | US        |    500000 | PA      | $479935.00    | 0.17%             | 2031-01-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-24

**Name of Applicant:** Buffalo Funds

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

**Name of Signer:** Laura Symon Browne

**Title:** President and Treasurer