# EDGAR Filing Document

**Accession Number:** 0001135300
**File Stem:** 0000894189-26-004300
**Filing Date:** 2026-2
**Character Count:** 113738
**Document Hash:** 4435a580272889aedab1b7afd6383ee9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-26-004300.hdr.sgml**: 20260224

**ACCESSION NUMBER**: 0000894189-26-004300

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260224

**DATE AS OF CHANGE**: 20260224

**PERIOD START**: 20260331

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-10303
- **FILM NUMBER:** 26670137

**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, 2025 (Unaudited)** | **December 31, 2025 (Unaudited)** | **December 31, 2025 (Unaudited)** |
| **CORPORATE BONDS - 63.8%** | **Principal Amount** | **Value**  |
| **<u>Communication Services</u> - 3.8%** | **<u>Communication Services</u> - 3.8%** | **<u>Communication Services</u> - 3.8%** |
| **Entertainment - 0.2%** | **Entertainment - 0.2%** | **Entertainment - 0.2%** |
|  Starz Capital Holdings LLC, 5.50%, 04/15/2029 <sup>(a)</sup> | $2000000 | $1617980 |
| **Interactive Media & Services - 0.8%** | **Interactive Media & Services - 0.8%** | **Interactive Media & Services - 0.8%** |
|  Cars.com, Inc., 6.38%, 11/01/2028 <sup>(a)</sup> | 4000000 | 4007816 |
|  Match Group Holdings II LLC, 5.00%, 12/15/2027 <sup>(a)</sup> | 1000000 | 1004511 |
|  |  | 5012327 |
| **Media - 2.8%** | **Media - 2.8%** | **Media - 2.8%** |
|  Directv Financing LLC, 8.88%, 02/01/2030 <sup>(a)</sup> | 3000000 | 3042602 |
|  Dotdash Meredith, Inc., 7.63%, 06/15/2032 <sup>(a)</sup> | 3000000 | 2734931 |
|  Getty Images, Inc., 10.50%, 11/15/2030 <sup>(a)</sup> | 3000000 | 3027042 |
| Gray Media, Inc. | Gray Media, Inc. | Gray Media, Inc. |
| &nbsp;&nbsp; 10.50%, 07/15/2029 <sup>(a)</sup> | 1800000 | 1938755 |
| &nbsp;&nbsp; 4.75%, 10/15/2030 <sup>(a)</sup> | 500000 | 388242 |
| &nbsp;&nbsp; 5.38%, 11/15/2031 <sup>(a)</sup> | 1000000 | 750755 |
| &nbsp;&nbsp; 9.63%, 07/15/2032 <sup>(a)</sup> | 100000 | 104128 |
| Scripps Escrow II, Inc. | Scripps Escrow II, Inc. | Scripps Escrow II, Inc. |
| &nbsp;&nbsp; 3.88%, 01/15/2029 <sup>(a)</sup> | 500000 | 460520 |
| &nbsp;&nbsp; 5.38%, 01/15/2031 <sup>(a)</sup> | 2000000 | 1521316 |
|  Univision Communications, Inc., 9.38%, 08/01/2032 <sup>(a)</sup> | 4500000 | 4838085 |
|  |  | 18806376 |
| **Total Communication Services** | **Total Communication Services** | 25436683 |
| **<u>Consumer Discretionary</u> - 3.6%** | **<u>Consumer Discretionary</u> - 3.6%** | **<u>Consumer Discretionary</u> - 3.6%** |
| **Automobile Components - 0.4%** | **Automobile Components - 0.4%** | **Automobile Components - 0.4%** |
|  Patrick Industries, Inc., 4.75%, 05/01/2029 <sup>(a)</sup> | 3000000 | 2981757 |
| **Diversified Consumer Services - 0.2%** | **Diversified Consumer Services - 0.2%** | **Diversified Consumer Services - 0.2%** |
|  McGraw-Hill Education, Inc., 7.38%, 09/01/2031 <sup>(a)</sup> | 1100000 | 1160982 |
| **Hotels, Restaurants & Leisure - 0.2%** | **Hotels, Restaurants & Leisure - 0.2%** | **Hotels, Restaurants & Leisure - 0.2%** |
|  Six Flags Entertainment Corp., 5.50%, 04/15/2027 <sup>(a)</sup> | 1500000 | 1492940 |
| **Household Durables - 0.5%** | **Household Durables - 0.5%** | **Household Durables - 0.5%** |
| K Hovnanian Enterprises, Inc. | K Hovnanian Enterprises, Inc. | K Hovnanian Enterprises, Inc. |
| &nbsp;&nbsp; 8.00%, 04/01/2031 <sup>(a)</sup> | 500000 | 510761 |
| &nbsp;&nbsp; 8.38%, 10/01/2033 <sup>(a)</sup> | 2500000 | 2542660 |
|  |  | 3053421 |
| **Specialty Retail - 1.4%** | **Specialty Retail - 1.4%** | **Specialty Retail - 1.4%** |
| PetSmart LLC / PetSmart Finance Corp. | PetSmart LLC / PetSmart Finance Corp. | PetSmart LLC / PetSmart Finance Corp. |
| &nbsp;&nbsp; 7.50%, 09/15/2032 <sup>(a)</sup> | 3000000 | 3056668 |
| &nbsp;&nbsp; 10.00%, 09/15/2033 <sup>(a)</sup> | 6000000 | 6186120 |
|  |  | 9242788 |
| **Textiles, Apparel & Luxury Goods - 0.9%** | **Textiles, Apparel & Luxury Goods - 0.9%** | **Textiles, Apparel & Luxury Goods - 0.9%** |
|  Beach Acquisition Bidco LLC, 10.00% (or 10.75% PIK), 07/15/2033 <sup>(a)</sup> | 5500000 | 6074965 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | 24006853 |
| **<u>Consumer Staples</u> - 4.1%** | **<u>Consumer Staples</u> - 4.1%** | **<u>Consumer Staples</u> - 4.1%** |
| **Consumer Staples Distribution & Retail - 0.4%** | **Consumer Staples Distribution & Retail - 0.4%** | **Consumer Staples Distribution & Retail - 0.4%** |
|  United Natural Foods, Inc., 6.75%, 10/15/2028 <sup>(a)</sup> | 2500000 | 2514350 |
| **Food & Beverage Wholesalers - 0.8%** | **Food & Beverage Wholesalers - 0.8%** | **Food & Beverage Wholesalers - 0.8%** |
|  KeHE Distributors LLC / KeHE Finance Corp. / NextWave Distribution, Inc., 9.00%, 02/15/2029 <sup>(a)</sup> | 5000000 | 5254745 |
| **Food Products - 2.5%** | **Food Products - 2.5%** | **Food Products - 2.5%** |
| Performance Food Group, Inc. | Performance Food Group, Inc. | Performance Food Group, Inc. |
| &nbsp;&nbsp; 5.50%, 10/15/2027 <sup>(a)</sup> | 3000000 | 3006084 |
| &nbsp;&nbsp; 4.25%, 08/01/2029 <sup>(a)</sup> | 1000000 | 983761 |
|  Primo Water Holdings, Inc. / Triton Water Holdings, Inc., 4.38%, 04/30/2029 <sup>(a)</sup> | 2000000 | 1948158 |
|  TreeHouse Foods, Inc., 4.00%, 09/01/2028 | 4000000 | 3990000 |
|  Viking Baked Goods Acquisition Corp., 8.63%, 11/01/2031 <sup>(a)</sup> | 6500000 | 6534268 |
|  |  | 16462271 |
| **Personal Care Products - 0.4%** | **Personal Care Products - 0.4%** | **Personal Care Products - 0.4%** |
|  BellRing Brands, Inc., 7.00%, 03/15/2030 <sup>(a)</sup> | 3000000 | 3103954 |
| **Total Consumer Staples** | **Total Consumer Staples** | 27335320 |
| **<u>Energy</u> - 13.7%** | **<u>Energy</u> - 13.7%** | **<u>Energy</u> - 13.7%** |
| **Energy Equipment & Services - 1.3%** | **Energy Equipment & Services - 1.3%** | **Energy Equipment & Services - 1.3%** |
|  Bristow Group, Inc., 6.88%, 03/01/2028 <sup>(a)</sup> | 2250000 | 2254759 |
|  Helix Energy Solutions Group, Inc., 9.75%, 03/01/2029 <sup>(a)</sup> | 6000000 | 6345714 |
|  |  | 8600473 |
| **Oil, Gas & Consumable Fuels - 12.4%** | **Oil, Gas & Consumable Fuels - 12.4%** | **Oil, Gas & Consumable Fuels - 12.4%** |
| California Resources Corp. | California Resources Corp. | California Resources Corp. |
| &nbsp;&nbsp; 8.25%, 06/15/2029 <sup>(a)</sup> | 6000000 | 6279665 |
| &nbsp;&nbsp; 7.00%, 01/15/2034 <sup>(a)</sup> | 3000000 | 2956930 |
| Crescent Energy Finance LLC | Crescent Energy Finance LLC | Crescent Energy Finance LLC |
| &nbsp;&nbsp; 9.25%, 02/15/2028 <sup>(a)</sup> | 4504000 | 4664525 |
| &nbsp;&nbsp; 7.38%, 01/15/2033 <sup>(a)</sup> | 6000000 | 5697671 |
| Delek Logistics Partners LP / Delek Logistics Finance Corp. | Delek Logistics Partners LP / Delek Logistics Finance Corp. | Delek Logistics Partners LP / Delek Logistics Finance Corp. |
| &nbsp;&nbsp; 7.13%, 06/01/2028 <sup>(a)</sup> | 1000000 | 1006254 |
| &nbsp;&nbsp; 8.63%, 03/15/2029 <sup>(a)</sup> | 3000000 | 3146397 |
| &nbsp;&nbsp; 7.38%, 06/30/2033 <sup>(a)</sup> | 500000 | 510567 |
| Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
| &nbsp;&nbsp; 7.13% to 05/15/2030 then 5 yr. CMT Rate + 5.31%, Perpetual | 7350000 | 7556719 |
| &nbsp;&nbsp; 8.00% to 05/15/2029 then 5 yr. CMT Rate + 4.02%, 05/15/2054 | 1000000 | 1068250 |
| Genesis Energy LP / Genesis Energy Finance Corp. | Genesis Energy LP / Genesis Energy Finance Corp. | Genesis Energy LP / Genesis Energy Finance Corp. |
| &nbsp;&nbsp; 8.88%, 04/15/2030 | 6500000 | 6861179 |
| &nbsp;&nbsp; 8.00%, 05/15/2033 | 500000 | 519366 |
|  Martin Midstream Partners LP / Martin Midstream Finance Corp., 11.50%, 02/15/2028 <sup>(a)</sup> | 4000000 | 4150140 |
|  Moss Creek Resources Holdings, Inc., 8.25%, 09/01/2031 <sup>(a)</sup> | 4000000 | 3833154 |
| Northern Oil & Gas, Inc. | Northern Oil & Gas, Inc. | Northern Oil & Gas, Inc. |
| &nbsp;&nbsp; 8.13%, 03/01/2028 <sup>(a)</sup> | 9100000 | 9185095 |
| &nbsp;&nbsp; 7.88%, 10/15/2033 <sup>(a)</sup> | 1000000 | 974281 |
|  Saturn Oil & Gas, Inc., 9.63%, 06/15/2029 <sup>(a)</sup> | 10369000 | 10233636 |
|  Summit Midstream Holdings LLC, 8.63%, 10/31/2029 <sup>(a)</sup> | 2600000 | 2697526 |
|  Sunoco LP, 6.25%, 07/01/2033 <sup>(a)</sup> | 1500000 | 1537890 |
| Talos Production, Inc. | Talos Production, Inc. | Talos Production, Inc. |
| &nbsp;&nbsp; 9.00%, 02/01/2029 <sup>(a)</sup> | 2000000 | 2083816 |
| &nbsp;&nbsp; 9.38%, 02/01/2031 <sup>(a)</sup> | 2000000 | 2089586 |
|  TransMontaigne Partners LLC, 8.50%, 06/15/2030 <sup>(a)</sup> | 6000000 | 6060666 |
|  |  | 83113313 |
| **Total Energy** | **Total Energy** | 91713786 |
| **<u>Financials</u> - 14.1%** | **<u>Financials</u> - 14.1%** | **<u>Financials</u> - 14.1%** |
| **Capital Markets - 0.4%** | **Capital Markets - 0.4%** | **Capital Markets - 0.4%** |
|  Stonex Escrow Issuer LLC, 6.88%, 07/15/2032 <sup>(a)</sup> | 500000 | 518564 |
|  StoneX Group, Inc., 7.88%, 03/01/2031 <sup>(a)</sup> | 2000000 | 2132496 |
|  |  | 2651060 |
| **Consumer Finance - 2.6%** | **Consumer Finance - 2.6%** | **Consumer Finance - 2.6%** |
|  Credit Acceptance Corp., 9.25%, 12/15/2028 <sup>(a)</sup> | 2000000 | 2092818 |
| Encore Capital Group, Inc. | Encore Capital Group, Inc. | Encore Capital Group, Inc. |
| &nbsp;&nbsp; 9.25%, 04/01/2029 <sup>(a)</sup> | 4000000 | 4215000 |
| &nbsp;&nbsp; 8.50%, 05/15/2030 <sup>(a)</sup> | 1250000 | 1343216 |
|  EZCORP, Inc., 7.38%, 04/01/2032 <sup>(a)</sup> | 2000000 | 2126902 |
| PRA Group, Inc. | PRA Group, Inc. | PRA Group, Inc. |
| &nbsp;&nbsp; 8.38%, 02/01/2028 <sup>(a)</sup> | 1500000 | 1539343 |
| &nbsp;&nbsp; 8.88%, 01/31/2030 <sup>(a)</sup> | 5750000 | 5955750 |
|  |  | 17273029 |
| **Financial Services - 7.2%** | **Financial Services - 7.2%** | **Financial Services - 7.2%** |
| Burford Capital Global Finance LLC | Burford Capital Global Finance LLC | Burford Capital Global Finance LLC |
| &nbsp;&nbsp; 6.88%, 04/15/2030 <sup>(a)</sup> | 4500000 | 4405599 |
| &nbsp;&nbsp; 9.25%, 07/01/2031 <sup>(a)</sup> | 7500000 | 7732395 |
| &nbsp;&nbsp; 7.50%, 07/15/2033 <sup>(a)</sup> | 2000000 | 1925140 |
|  CPI CG, Inc., 10.00%, 07/15/2029 <sup>(a)</sup> | 1858000 | 1977337 |
| Freedom Mortgage Holdings LLC | Freedom Mortgage Holdings LLC | Freedom Mortgage Holdings LLC |
| &nbsp;&nbsp; 9.25%, 02/01/2029 <sup>(a)</sup> | 5250000 | 5489454 |
| &nbsp;&nbsp; 6.88%, 05/01/2031 <sup>(a)</sup> | 500000 | 500704 |
| &nbsp;&nbsp; 9.13%, 05/15/2031 <sup>(a)</sup> | 3000000 | 3226092 |
| &nbsp;&nbsp; 8.38%, 04/01/2032 <sup>(a)</sup> | 6000000 | 6324661 |
|  Hightower Holding LLC, 9.13%, 01/31/2030 <sup>(a)</sup> | 4500000 | 4792532 |
|  Jefferson Capital Holdings LLC, 8.25%, 05/15/2030 <sup>(a)</sup> | 500000 | 526035 |
|  NCR Atleos Corp., 9.50%, 04/01/2029 <sup>(a)</sup> | 2500000 | 2714790 |
|  Provident Funding Associates LP / PFG Finance Corp., 9.75%, 09/15/2029 <sup>(a)</sup> | 8000000 | 8445040 |
|  |  | 48059779 |
| **Insurance - 3.9%** | **Insurance - 3.9%** | **Insurance - 3.9%** |
|  Acrisure LLC / Acrisure Finance, Inc., 8.50%, 06/15/2029 <sup>(a)</sup> | 2000000 | 2094008 |
|  Ardonagh Group Finance Ltd., 8.88%, 02/15/2032 <sup>(a)</sup> | 11000000 | 11476795 |
|  Asurion LLC and Asurion Co.-Issuer, Inc., 8.00%, 12/31/2032 <sup>(a)</sup> | 7250000 | 7525582 |
| Jones Deslauriers Insurance Management, Inc. | Jones Deslauriers Insurance Management, Inc. | Jones Deslauriers Insurance Management, Inc. |
| &nbsp;&nbsp; 8.50%, 03/15/2030 <sup>(a)</sup> | 3000000 | 3145731 |
| &nbsp;&nbsp; 6.88%, 10/01/2033 <sup>(a)</sup> | 2000000 | 1932738 |
|  |  | 26174854 |
| **Total Financials** | **Total Financials** | 94158722 |
| **<u>Health Care</u> - 4.2%** | **<u>Health Care</u> - 4.2%** | **<u>Health Care</u> - 4.2%** |
| **Commercial Services & Supplies - 0.2%** | **Commercial Services & Supplies - 0.2%** | **Commercial Services & Supplies - 0.2%** |
|  VT Topco, Inc., 8.50%, 08/15/2030 <sup>(a)</sup> | 1500000 | 1573221 |
| **Health Care Equipment & Supplies - 0.8%** | **Health Care Equipment & Supplies - 0.8%** | **Health Care Equipment & Supplies - 0.8%** |
|  Embecta Corp., 6.75%, 02/15/2030 <sup>(a)</sup> | 3000000 | 2968317 |
|  Paradigm Parent LLC and Paradigm Parent CO-Issuer, Inc., 8.75%, 04/17/2032 <sup>(a)</sup> | 3000000 | 2720580 |
|  |  | 5688897 |
| **Health Care Providers & Services - 0.9%** | **Health Care Providers & Services - 0.9%** | **Health Care Providers & Services - 0.9%** |
|  Global Medical Response, Inc., 7.38%, 10/01/2032 <sup>(a)</sup> | 500000 | 520689 |
|  Prime Healthcare Services, Inc., 9.38%, 09/01/2029 <sup>(a)</sup> | 5000000 | 5258040 |
|  |  | 5778729 |
| **Medical Equipment & Devices - 0.2%** | **Medical Equipment & Devices - 0.2%** | **Medical Equipment & Devices - 0.2%** |
|  Neogen Food Safety Corp., 8.63%, 07/20/2030 <sup>(a)</sup> | 1100000 | 1178658 |
| **Pharmaceuticals - 2.1%** | **Pharmaceuticals - 2.1%** | **Pharmaceuticals - 2.1%** |
|  Harrow, Inc., 8.63%, 09/15/2030 <sup>(a)</sup> | 9000000 | 9464985 |
| Teva Pharmaceutical Finance Netherlands III BV | Teva Pharmaceutical Finance Netherlands III BV | Teva Pharmaceutical Finance Netherlands III BV |
| &nbsp;&nbsp; 6.75%, 03/01/2028 | 4000000 | 4154350 |
| &nbsp;&nbsp; 7.88%, 09/15/2029 | 250000 | 275046 |
|  |  | 13894381 |
| **Total Health Care** | **Total Health Care** | 28113886 |
| **<u>Industrials</u> - 11.9%** | **<u>Industrials</u> - 11.9%** | **<u>Industrials</u> - 11.9%** |
| **Aerospace & Defense - 0.9%** | **Aerospace & Defense - 0.9%** | **Aerospace & Defense - 0.9%** |
|  Phoenix Aviation Capital Ltd., 9.25%, 07/15/2030 <sup>(a)</sup> | 250000 | 266545 |
| TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. |
| &nbsp;&nbsp; 4.63%, 01/15/2029 | 1000000 | 994240 |
| &nbsp;&nbsp; 4.88%, 05/01/2029 | 1000000 | 998284 |
| &nbsp;&nbsp; 6.63%, 03/01/2032 <sup>(a)</sup> | 1000000 | 1041727 |
| &nbsp;&nbsp; 6.38%, 05/31/2033 <sup>(a)</sup> | 2000000 | 2053556 |
| &nbsp;&nbsp; 6.75%, 01/31/2034 <sup>(a)</sup> | 500000 | 521160 |
|  |  | 5875512 |
| **Air Freight & Logistics - 0.2%** | **Air Freight & Logistics - 0.2%** | **Air Freight & Logistics - 0.2%** |
|  Clue Opco LLC, 9.50%, 10/15/2031 <sup>(a)</sup> | 1000000 | 1059660 |
| **Building Products - 0.9%** | **Building Products - 0.9%** | **Building Products - 0.9%** |
|  Advanced Drainage Systems, Inc., 6.38%, 06/15/2030 <sup>(a)</sup> | 1250000 | 1282870 |
| Builders FirstSource, Inc. | Builders FirstSource, Inc. | Builders FirstSource, Inc. |
| &nbsp;&nbsp; 5.00%, 03/01/2030 <sup>(a)</sup> | 4000000 | 3991375 |
| &nbsp;&nbsp; 4.25%, 02/01/2032 <sup>(a)</sup> | 1000000 | 953061 |
|  |  | 6227306 |
| **Commercial Services & Supplies - 5.3%** | **Commercial Services & Supplies - 5.3%** | **Commercial Services & Supplies - 5.3%** |
|  CoreCivic, Inc., 8.25%, 04/15/2029 | 4000000 | 4208280 |
| Deluxe Corp. | Deluxe Corp. | Deluxe Corp. |
| &nbsp;&nbsp; 8.00%, 06/01/2029 <sup>(a)</sup> | 3500000 | 3571372 |
| &nbsp;&nbsp; 8.13%, 09/15/2029 <sup>(a)</sup> | 1000000 | 1054729 |
|  Garda World Security Corp., 6.50%, 01/15/2031 <sup>(a)</sup> | 100000 | 102387 |
| GEO Group, Inc. | GEO Group, Inc. | GEO Group, Inc. |
| &nbsp;&nbsp; 8.63%, 04/15/2029 | 4000000 | 4209932 |
| &nbsp;&nbsp; 10.25%, 04/15/2031 | 8000000 | 8761385 |
|  JB Poindexter & Co., Inc., 8.75%, 12/15/2031 <sup>(a)</sup> | 1000000 | 1048726 |
|  RR Donnelley & Sons Co., 9.50%, 08/01/2029 <sup>(a)</sup> | 8000000 | 8273960 |
|  TKC Holdings, Inc., 10.50%, 05/15/2029 <sup>(a)</sup> | 4000000 | 4131244 |
|  |  | 35362015 |
| **Construction & Engineering - 0.4%** | **Construction & Engineering - 0.4%** | **Construction & Engineering - 0.4%** |
|  MasTec, Inc., 6.63%, 08/15/2029 <sup>(a)</sup> | 3000000 | 3035235 |
| **Ground Transportation - 0.8%** | **Ground Transportation - 0.8%** | **Ground Transportation - 0.8%** |
| Avis Budget Car Rental LLC / Avis Budget Finance, Inc. | Avis Budget Car Rental LLC / Avis Budget Finance, Inc. | Avis Budget Car Rental LLC / Avis Budget Finance, Inc. |
| &nbsp;&nbsp; 8.25%, 01/15/2030 <sup>(a)</sup> | 4000000 | 4150040 |
| &nbsp;&nbsp; 8.38%, 06/15/2032 <sup>(a)</sup> | 1000000 | 1033266 |
|  |  | 5183306 |
| **Passenger Airlines - 3.0%** | **Passenger Airlines - 3.0%** | **Passenger Airlines - 3.0%** |
|  Grupo Aeromexico SAB de CV, 8.63%, 11/15/2031 <sup>(a)</sup> | 14000000 | 14328020 |
|  OneSky Flight LLC, 8.88%, 12/15/2029 <sup>(a)</sup> | 5250000 | 5621191 |
|  |  | 19949211 |
| **Trading Companies & Distributors - 0.4%** | **Trading Companies & Distributors - 0.4%** | **Trading Companies & Distributors - 0.4%** |
|  BlueLinx Holdings, Inc., 6.00%, 11/15/2029 <sup>(a)</sup> | 3000000 | 2954371 |
| **Total Industrials** | **Total Industrials** | 79646616 |
| **<u>Information Technology</u> - 1.1%** | **<u>Information Technology</u> - 1.1%** | **<u>Information Technology</u> - 1.1%** |
| **Communications Equipment - 0.3%** | **Communications Equipment - 0.3%** | **Communications Equipment - 0.3%** |
|  VM Consolidated, Inc., 5.50%, 04/15/2029 <sup>(a)</sup> | 2000000 | 2002972 |
| **Software - 0.3%** | **Software - 0.3%** | **Software - 0.3%** |
|  Dye & Durham Ltd., 8.63%, 04/15/2029 <sup>(a)</sup> | 2100000 | 1982214 |
| **Technology Distributors - 0.5%** | **Technology Distributors - 0.5%** | **Technology Distributors - 0.5%** |
| EquipmentShare.com, Inc. | EquipmentShare.com, Inc. | EquipmentShare.com, Inc. |
| &nbsp;&nbsp; 8.63%, 05/15/2032 <sup>(a)</sup> | 1800000 | 1903539 |
| &nbsp;&nbsp; 8.00%, 03/15/2033 <sup>(a)</sup> | 1500000 | 1580535 |
|  |  | 3484074 |
| **Total Information Technology** | **Total Information Technology** | 7469260 |
| **<u>Materials</u> - 4.3%** | **<u>Materials</u> - 4.3%** | **<u>Materials</u> - 4.3%** |
| **Chemicals - 3.8%** | **Chemicals - 3.8%** | **Chemicals - 3.8%** |
| Celanese US Holdings LLC | Celanese US Holdings LLC | Celanese US Holdings LLC |
| &nbsp;&nbsp; 7.00%, 02/15/2031 | 500000 | 512452 |
| &nbsp;&nbsp; 7.38%, 02/15/2034 | 2500000 | 2543642 |
|  Cerdia Finanz GmbH, 9.38%, 10/03/2031 <sup>(a)</sup> | 7000000 | 7271250 |
| Chemours Co. | Chemours Co. | Chemours Co. |
| &nbsp;&nbsp; 5.75%, 11/15/2028 <sup>(a)</sup> | 2000000 | 1946680 |
| &nbsp;&nbsp; 8.00%, 01/15/2033 <sup>(a)</sup> | 6000000 | 5815558 |
|  Mativ Holdings, Inc., 8.00%, 10/01/2029 <sup>(a)</sup> | 7500000 | 7584562 |
|  |  | 25674144 |
| **Containers & Packaging - 0.3%** | **Containers & Packaging - 0.3%** | **Containers & Packaging - 0.3%** |
|  Clydesdale Acquisition Holdings, Inc., 6.75%, 04/15/2032 <sup>(a)</sup> | 1000000 | 1028945 |
|  Trivium Packaging Finance BV, 8.25%, 07/15/2030 <sup>(a)</sup> | 900000 | 965456 |
|  |  | 1994401 |
| **Metals & Mining - 0.2%** | **Metals & Mining - 0.2%** | **Metals & Mining - 0.2%** |
|  Alliance Resource Operating Partners LP / Alliance Resource Finance Corp., 8.63%, 06/15/2029 <sup>(a)</sup> | 1000000 | 1060397 |
| **Total Materials** | **Total Materials** | 28728942 |
| **<u>Real Estate</u> - 2.4%** | **<u>Real Estate</u> - 2.4%** | **<u>Real Estate</u> - 2.4%** |
| **Hotel & Resort REITs - 0.5%** | **Hotel & Resort REITs - 0.5%** | **Hotel & Resort REITs - 0.5%** |
|  Service Properties Trust, 8.63%, 11/15/2031 <sup>(a)</sup> | 3000000 | 3157389 |
| **Industrial REITs - 1.3%** | **Industrial REITs - 1.3%** | **Industrial REITs - 1.3%** |
|  Anywhere Real Estate Group LLC / Realogy Co.-Issuer Corp., 9.75%, 04/15/2030 <sup>(a)</sup> | 3500000 | 3800563 |
|  IIP Operating Partnership LP, 5.50%, 05/25/2026 | 5000000 | 4930791 |
|  |  | 8731354 |
| **Real Estate Management & Development - 0.3%** | **Real Estate Management & Development - 0.3%** | **Real Estate Management & Development - 0.3%** |
|  Five Point Operating Co. LP, 8.00%, 10/01/2030 <sup>(a)</sup> | 2000000 | 2092642 |
| **Specialized REITs - 0.3%** | **Specialized REITs - 0.3%** | **Specialized REITs - 0.3%** |
| Outfront Media Capital LLC / Outfront Media Capital Corp. | Outfront Media Capital LLC / Outfront Media Capital Corp. | Outfront Media Capital LLC / Outfront Media Capital Corp. |
| &nbsp;&nbsp; 4.25%, 01/15/2029 <sup>(a)</sup> | 1000000 | 978660 |
| &nbsp;&nbsp; 4.63%, 03/15/2030 <sup>(a)</sup> | 1000000 | 978921 |
|  |  | 1957581 |
| **Total Real Estate** | **Total Real Estate** | 15938966 |
| **<u>Utilities</u> - 0.6%** | **<u>Utilities</u> - 0.6%** | **<u>Utilities</u> - 0.6%** |
| **Independent Power and Renewable Electricity Producers - 0.6%** | **Independent Power and Renewable Electricity Producers - 0.6%** | **Independent Power and Renewable Electricity Producers - 0.6%** |
|  Vistra Corp., 7.00% to 12/15/2026 then 5 yr. CMT Rate + 5.74%, Perpetual <sup>(a)</sup> | 3500000 | 3574213 |
| **TOTAL CORPORATE BONDS** (Cost $415,101,304) | **TOTAL CORPORATE BONDS** (Cost $415,101,304) | 426123247 |
| **BANK LOANS - 26.1%** | **Principal Amount** | **Value**  |
| **<u>Communication Services</u> - 3.5%** | **<u>Communication Services</u> - 3.5%** | **<u>Communication Services</u> - 3.5%** |
| **Diversified Telecommunications - 0.3%** | **Diversified Telecommunications - 0.3%** | **Diversified Telecommunications - 0.3%** |
|  Digicel International Finance T/L B (07/25), 9.23%, 07/30/2032 | 2000000 | 2001430 |
| **Entertainment - 0.7%** | **Entertainment - 0.7%** | **Entertainment - 0.7%** |
|  Pretzel Parent T/L B (TAIT), First Lien, 8.42%, 08/14/2031 | 4972475 | 4922750 |
| **Media - 2.5%** | **Media - 2.5%** | **Media - 2.5%** |
|  Directv Financing LLC, First Lien, 9.82% (3 mo. Term SOFR + 5.25%), 08/02/2029 | 7027448 | 7060547 |
|  Summer BC Holdco B SARL, First Lien, 9.26% (3 mo. Term SOFR + 5.00%), 02/21/2029 | 5954660 | 5584369 |
|  Townsquare Media, Inc., First Lien, 9.19% (3 mo. Term SOFR + 5.00%), 02/19/2030 | 5810939 | 4140294 |
|  |  | 16785210 |
| **Total Communication Services** | **Total Communication Services** | 23709390 |
| **<u>Consumer Discretionary</u> - 2.1%** | **<u>Consumer Discretionary</u> - 2.1%** | **<u>Consumer Discretionary</u> - 2.1%** |
| **Hotels, Restaurants & Leisure - 0.6%** | **Hotels, Restaurants & Leisure - 0.6%** | **Hotels, Restaurants & Leisure - 0.6%** |
|  Flynn Restaurant Group LP, First Lien, 7.67% (1 mo. Term SOFR + 3.75%), 01/28/2032 | 3970000 | 3990902 |
| **Household Durables - 0.3%** | **Household Durables - 0.3%** | **Household Durables - 0.3%** |
|  AI Aqua Merger Sub, Inc., First Lien, 6.87% (1 mo. Term SOFR + 3.00%), 07/31/2028 | 1975051 | 1981628 |
| **Specialty Retail - 1.2%** | **Specialty Retail - 1.2%** | **Specialty Retail - 1.2%** |
|  Victra Holdings LLC, First Lien, 7.89% (1 mo. Term SOFR + 3.75%), 03/29/2029 | 7961484 | 7982622 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | 13955152 |
| **<u>Consumer Staples</u> - 1.2%** | **<u>Consumer Staples</u> - 1.2%** | **<u>Consumer Staples</u> - 1.2%** |
| **Personal Care Products - 1.2%** | **Personal Care Products - 1.2%** | **Personal Care Products - 1.2%** |
|  KDC/ONE Development Corp., Inc., 7.42% (1 mo. Term SOFR + 3.50%), 08/15/2028 | 7962544 | 7872965 |
| **<u>Financials</u> - 5.0%** | **<u>Financials</u> - 5.0%** | **<u>Financials</u> - 5.0%** |
| **Financial Services - 3.6%** | **Financial Services - 3.6%** | **Financial Services - 3.6%** |
|  Blackhawk Network Holdings, Inc., First Lien, 7.92% (1 mo. Term SOFR + 4.00%), 03/12/2029 | 3465000 | 3485842 |
|  FNZ USA FinCo LLC, First Lien, 8.90% (3 mo. Term SOFR + 5.00%), 11/05/2031 | 3960025 | 3151190 |
|  Nexus Buyer LLC, First Lien, 7.42% (1 mo. Term SOFR + 3.50%), 07/31/2031 | 10655631 | 10523022 |
|  Nexus Buyer LLC, 9.67%, 08/04/2032 | 7000000 | 6950790 |
|  |  | 24110844 |
| **Insurance - 1.4%** | **Insurance - 1.4%** | **Insurance - 1.4%** |
|  Acrisure LLC, First Lien, 6.96% (1 mo. Term SOFR + 3.00%), 11/06/2030 | 3950100 | 3951956 |
|  CRC Insurance Group LLC, Second Lien, 8.75% (3 mo. Term SOFR + 4.75%), 05/06/2032 | 2105263 | 2137716 |
|  Jones Deslauriers Insurance Management, Inc., First Lien, 7.06% (3 mo. Term SOFR + 2.75%), 03/15/2030 | 3447740 | 3456360 |
|  |  | 9546032 |
| **Total Financials** | **Total Financials** | 33656876 |
| **<u>Health Care</u> - 6.1%** | **<u>Health Care</u> - 6.1%** | **<u>Health Care</u> - 6.1%** |
| **Biotechnology - 1.9%** | **Biotechnology - 1.9%** | **Biotechnology - 1.9%** |
|  Endo Finance Holdings, Inc., First Lien, 7.67% (1 mo. Term SOFR + 4.00%), 04/23/2031 | 9875000 | 9810813 |
|  Star Parent, Inc., First Lien, 8.00% (3 mo. Term SOFR + 4.00%), 09/30/2030 | 2947500 | 2954294 |
|  |  | 12765107 |
| **Health Care Equipment & Supplies - 1.3%** | **Health Care Equipment & Supplies - 1.3%** | **Health Care Equipment & Supplies - 1.3%** |
|  Bausch + Lomb Corp., First Lien, 7.92% (1 mo. Term SOFR + 4.00%), 09/29/2028 | 4398750 | 4409747 |
|  Embecta Corp., 6.92% (1 mo. Term SOFR + 3.00%), 04/02/2029 | 4238646 | 4252061 |
|  |  | 8661808 |
| **Pharmaceuticals - 2.9%** | **Pharmaceuticals - 2.9%** | **Pharmaceuticals - 2.9%** |
|  Amneal Pharmaceuticals LLC, First Lien, 7.42% (1 mo. Term SOFR + 3.50%), 08/02/2032 | 14962500 | 15112125 |
|  LSCS Holdings, Inc., First Lien, 8.50% (3 mo. Term SOFR + 4.50%), 03/04/2032 | 3970000 | 3897230 |
|  |  | 19009355 |
| **Total Health Care** | **Total Health Care** | 40436270 |
| **<u>Industrials</u> - 3.9%** | **<u>Industrials</u> - 3.9%** | **<u>Industrials</u> - 3.9%** |
| **Aerospace & Defense - 0.5%** | **Aerospace & Defense - 0.5%** | **Aerospace & Defense - 0.5%** |
|  Karman Holdings, Inc., First Lien, 7.50% (3 mo. Term SOFR + 3.50%), 04/01/2032 | 3483753 | 3520767 |
| **Building Products - 1.0%** | **Building Products - 1.0%** | **Building Products - 1.0%** |
|  Trulite Glass & Aluminum Solutions LLC, 10.29% (3 mo. Term SOFR + 6.00%), 03/01/2030 | 7171875 | 6956719 |
| **Commercial Services & Supplies - 2.0%** | **Commercial Services & Supplies - 2.0%** | **Commercial Services & Supplies - 2.0%** |
|  Emerald X, Inc., First Lien, 7.17% (1 mo. Term SOFR + 3.25%), 01/30/2032 | 5472500 | 5529524 |
|  Gloves Buyer, Inc., First Lien, 7.92% (1 mo. Term SOFR + 4.00%), 05/24/2032 | 8000000 | 7975000 |
|  |  | 13504524 |
| **Machinery - 0.4%** | **Machinery - 0.4%** | **Machinery - 0.4%** |
|  Chart Industries, Inc., First Lien, 6.48% (3 mo. Term SOFR + 2.50%), 03/18/2030 | 2278731 | 2292414 |
| **Total Industrials** | **Total Industrials** | 26274424 |
| **<u>Information Technology</u> - 1.5%** | **<u>Information Technology</u> - 1.5%** | **<u>Information Technology</u> - 1.5%** |
| **Application Software - 0.4%** | **Application Software - 0.4%** | **Application Software - 0.4%** |
|  Dye & Durham Corp., 8.35% (3 mo. Term SOFR + 4.25%), 04/14/2031 | 2786448 | 2587217 |
| **IT Services - 0.2%** | **IT Services - 0.2%** | **IT Services - 0.2%** |
|  Prometric Holdings, Inc., First Lien, 7.67% (1 mo. Term SOFR + 3.75%), 06/25/2032 | 997500 | 1006727 |
| **Software - 0.9%** | **Software - 0.9%** | **Software - 0.9%** |
|  DTI Holdco, Inc., First Lien, 7.92% (1 mo. Term SOFR + 4.00%), 04/26/2029 | 5416593 | 5072260 |
|  Inmar, Inc., 8.42% (1 mo. Term SOFR + 4.50%), 10/30/2031 | 1235663 | 1223306 |
|  |  | 6295566 |
| **Total Information Technology** | **Total Information Technology** | 9889510 |
| **<u>Materials</u> - 2.8%** | **<u>Materials</u> - 2.8%** | **<u>Materials</u> - 2.8%** |
| **Chemicals - 1.0%** | **Chemicals - 1.0%** | **Chemicals - 1.0%** |
|  M2S Group Intermediate Holdings, Inc., First Lien, 8.59% (3 mo. Term SOFR + 4.75%), 08/27/2031 | 6557471 | 6526323 |
| **Paper & Forest Products - 1.8%** | **Paper & Forest Products - 1.8%** | **Paper & Forest Products - 1.8%** |
|  Verde Operating Company, First Lien, 8.00% (3 mo. Term SOFR + 4.00%), 11/29/2030 | 11879548 | 11895051 |
| **Total Materials** | **Total Materials** | 18421374 |
| **TOTAL BANK LOANS** (Cost $176,496,318) | **TOTAL BANK LOANS** (Cost $176,496,318) | 174215961 |
| **CONVERTIBLE BONDS - 2.5%** | **Principal Amount** | **Value**  |
| **<u>Communication Services</u> - 0.4%** | **<u>Communication Services</u> - 0.4%** | **<u>Communication Services</u> - 0.4%** |
| **Entertainment - 0.4%** | **Entertainment - 0.4%** | **Entertainment - 0.4%** |
|  Live Nation Entertainment, Inc., 2.88%, 10/15/2031 <sup>(a)</sup> | 2500000 | 2468750 |
| **<u>Consumer Discretionary</u> - 0.6%** | **<u>Consumer Discretionary</u> - 0.6%** | **<u>Consumer Discretionary</u> - 0.6%** |
| **Automobile Components - 0.3%** | **Automobile Components - 0.3%** | **Automobile Components - 0.3%** |
|  Patrick Industries, Inc., 1.75%, 12/01/2028 | 1250000 | 2127500 |
| **Diversified Consumer Services - 0.3%** | **Diversified Consumer Services - 0.3%** | **Diversified Consumer Services - 0.3%** |
|  Stride, Inc., 1.13%, 09/01/2027 | 1600000 | 2184800 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | 4312300 |
| **<u>Health Care</u> - 0.7%** | **<u>Health Care</u> - 0.7%** | **<u>Health Care</u> - 0.7%** |
| **Biotechnology - 0.7%** | **Biotechnology - 0.7%** | **Biotechnology - 0.7%** |
|  KalVista Pharmaceuticals, Inc., 3.25%, 10/01/2031 <sup>(a)</sup> | 1190000 | 1511895 |
|  Mirum Pharmaceuticals, Inc., 4.00%, 05/01/2029 | 1100000 | 2843170 |
| **Total Health Care** | **Total Health Care** | 4355065 |
| **<u>Industrials</u> - 0.2%** | **<u>Industrials</u> - 0.2%** | **<u>Industrials</u> - 0.2%** |
| **Electrical Equipment - 0.2%** | **Electrical Equipment - 0.2%** | **Electrical Equipment - 0.2%** |
|  Array Technologies, Inc., 1.00%, 12/01/2028 | 1500000 | 1363858 |
| **<u>Utilities</u> - 0.6%** | **<u>Utilities</u> - 0.6%** | **<u>Utilities</u> - 0.6%** |
| **Electric Utilities - 0.6%** | **Electric Utilities - 0.6%** | **Electric Utilities - 0.6%** |
|  PG&E Corp., 4.25%, 12/01/2027 | 4000000 | 4120400 |
| **TOTAL CONVERTIBLE BONDS** (Cost $13,214,552) | **TOTAL CONVERTIBLE BONDS** (Cost $13,214,552) | 16620373 |
| **CONVERTIBLE PREFERRED STOCKS - 2.4%** | **Shares** | **Value**  |
| **<u>Financials</u> - 0.4%** | **<u>Financials</u> - 0.4%** |  |
| **Financial Services - 0.4%** |  |  |
|  Shift4 Payments, Inc., 6.00%, 05/01/2028 | 30000 | 2400300 |
| **<u>Industrials</u> - 1.2%** | **<u>Industrials</u> - 1.2%** |  |
| **Aerospace & Defense - 0.9%** |  |  |
|  Boeing Co., 6.00%, 10/15/2027 | 90000 | 6215400 |
| **Trading Companies & Distributors - 0.3%** |  |  |
|  QXO, Inc., 5.50%, 05/15/2028 | 30000 | 1654500 |
| **Total Industrials** | **Total Industrials** | 7869900 |
| **<u>Utilities</u> - 0.8%** | **<u>Utilities</u> - 0.8%** |  |
| **Electric Utilities - 0.8%** |  |  |
|  PG&E Corp., Series A, 6.00%, 12/01/2027 | 135000 | 5535000 |
| **TOTAL CONVERTIBLE PREFERRED STOCKS** (Cost $15,072,713) | **TOTAL CONVERTIBLE PREFERRED STOCKS** (Cost $15,072,713) | 15805200 |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **MONEY MARKET FUNDS - 3.5%** | **Shares** | **Value**  |
| Fidelity Money Market Government Portfolio - Class I, 3.67% <sup>(c)</sup> | 23494950 | 23494950 |
| **TOTAL MONEY MARKET FUNDS** (Cost $23,494,950) | **TOTAL MONEY MARKET FUNDS** (Cost $23,494,950) | 23494950 |
| **TOTAL INVESTMENTS - 98.3% (**Cost $643,379,837**)** | **TOTAL INVESTMENTS - 98.3% (**Cost $643,379,837**)** | 656259731 |
| Other Assets in Excess of Liabilities - 1.7% | Other Assets in Excess of Liabilities - 1.7% | 11500095 |
| **TOTAL NET ASSETS - 100.0%** |  | $667759826 |
| Par amount is in USD unless otherwise indicated. | Par amount is in USD unless otherwise indicated. |  |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. |  |
| The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. | The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. | The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. |

---

---

| |
|:---|
| CMT - Constant Maturity Treasury |
| LLC - Limited Liability Company |
| LP - Limited Partnership |
| PIK - Payment in Kind |
| REIT - Real Estate Investment Trust |
| SOFR - Secured Overnight Financing Rate |

---

(a) Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional
 investors. As of December 31, 2025, the value of these securities total $378,519,976 or 56.7% of the Fund's net assets.

(b) Non-income producing security.

(c) The rate shown represents the 7-day annualized yield as of December 31, 2025.

------

#### Summary of Fair Value Disclosure as of December 31, 2025 (Unaudited)
Buffalo High Yield Fund (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

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

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

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

The following is a summary of the fair valuation hierarchy of the Fund's securities as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds | $– | $426123247 | $– | $426123247 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Bank Loans | – | 174215961 | – | 174215961 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Convertible Bonds | – | 16620373 | – | 16620373 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Convertible Preferred Stocks | 15805200 | – | – | 15805200 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 23494950 | – | – | 23494950 |
| Total Investments | $39300150 | $616959581 | $– | $656259731 |
| Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Mission

  - **State:** KS

  - **Foreign country:** US

  - **Zip / Postal Code:** 66205

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

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

- **a. Name of Series:** Buffalo 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:** 2026-03-31

- **b. Date as of which information is reported:** 2025-12-31

**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:** $671770472.06

**Total Liabilities:** $2408121.47

**Net Assets:** $669362350.59

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 186.059905000000 | **1-Year:** 0.000000000000 | **5-Year:** 0.000000000000 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

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

- **3-Month:** 81503.501036000000 | **1-Year:** 53016.017771000000 | **5-Year:** 18458.263415000000 | **10-Year:** 1218.209467000000 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000064612 | -0.54%               | 0.41%                | 0.65%                |
| Class ID C000214592 | -0.44%               | 0.42%                | 0.58%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $510785.90               | $-8178627.21                               |
| Month 2  | $-4475071.87             | $3227194.54                                |
| Month 3  | $-6634783.65             | $6723793.95                                |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                                               | Title                                                                    | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| DIRECTV FINANCING LLC                              | Directv Financing LLC                                                    | CUSIP: 25461LAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3042602.40   | 0.45%             | 2030-02-01      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| DYE & DURHAM LIMITED                               | Dye & Durham Ltd                                                         | CUSIP: 267486AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |   2100000 | PA      | $1982213.88   | 0.30%             | 2029-04-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                 | Energy Transfer LP                                                       | CUSIP: 29273VAX8<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1068250.00   | 0.16%             | 2054-05-15      | Variable      | 8.00%                 | No            |                  2 | On Loan: No      |
| FREEDOM MORTGAGE HOLD                              | Freedom Mortgage Holdings LLC                                            | CUSIP: 35641AAE8<br>LEI: 254900ROJ91RGM43S156 | Long             | DBT              | CORP              | US        |    500000 | PA      | $500704.25    | 0.07%             | 2031-05-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| GETTY IMAGES INC                                   | Getty Images Inc                                                         | CUSIP: 374276AR4<br>LEI: 5493005NV20IG4VEKZ40 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3027041.67   | 0.45%             | 2030-11-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| K HOVNANIAN ENTERPRISES                            | K Hovnanian Enterprises Inc                                              | CUSIP: 48251UAQ1<br>LEI: 549300JJCQ0KAI7CJG32 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2542660.00   | 0.38%             | 2033-10-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| KEHE DIST/FIN / NEXTWAVE                           | KeHE Distributors LLC / KeHE Finance Corp / NextWave Distribution Inc    | CUSIP: 487526AC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5254744.50   | 0.79%             | 2029-02-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| LIVE NATION ENTERTAINMEN                           | Live Nation Entertainment Inc                                            | CUSIP: 538034BD0<br>LEI: 5493007B9BM9ZXJINO78 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2468750.00   | 0.37%             | 2031-10-15      | Fixed         | 2.88%                 | 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      | $1521316.40   | 0.23%             | 2031-01-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                      | TransDigm Inc                                                            | CUSIP: 893647BP1<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $994240.30    | 0.15%             | 2029-01-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| GLOVES BUYER INC                                   | Gloves Buyer Inc                                                         | CUSIP: 37987UAG7<br>LEI: 54930015O0Y94T5H8Z18 | Long             | LON              | CORP              | US        |   8000000 | PA      | $7975000.00   | 1.19%             | 2032-05-24      | Floating      | 7.92%                 | No            |                  2 | On Loan: No      |
| FLYNN RESTAURANT GROUP                             | Flynn Restaurant Group LP                                                | CUSIP: 34410JAG6<br>LEI: 5493008VE8TQONGO3817 | Long             | LON              | CORP              | US        |   3980000 | PA      | $4000954.70   | 0.60%             | 2032-01-28      | Floating      | 7.67%                 | No            |                  2 | On Loan: No      |
| BLACKHAWK NETWORK HOLD                             | Blackhawk Network Holdings Inc                                           | CUSIP: 09238FAM3<br>LEI: 549300LFU3K8UIR03132 | Long             | LON              | CORP              | US        |   3473750 | PA      | $3494644.61   | 0.52%             | 2029-03-12      | Floating      | 7.92%                 | No            |                  2 | On Loan: No      |
| EMERALD EXPO HOLDINGS INC                          | Emerald X Inc                                                            | CUSIP: 29088UAH0<br>LEI: 549300YQCBSQUCZ74696 | Long             | LON              | CORP              | US        |   5486250 | PA      | $5543416.73   | 0.83%             | 2032-01-30      | Floating      | 7.17%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                 | Energy Transfer LP                                                       | CUSIP: 29273VAM2<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | EP               | CORP              | US        |   7350000 | PA      | $7556718.75   | 1.13%             |  |  |  | No            |                  2 | On Loan: No      |
| FREEDOM MORTGAGE HOLD                              | Freedom Mortgage Holdings LLC                                            | CUSIP: 35641AAC2<br>LEI: 254900ROJ91RGM43S156 | Long             | DBT              | CORP              | US        |   6000000 | PA      | $6324661.32   | 0.94%             | 2032-04-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| GEO GROUP INC/THE                                  | GEO Group Inc/The                                                        | CUSIP: 36162JAH9<br>LEI: 54930024XOXET7NQVZ63 | Long             | DBT              | CORP              | US        |   8000000 | PA      | $8761384.88   | 1.31%             | 2031-04-15      | Fixed         | 10.25%                | No            |                  2 | On Loan: No      |
| GENESIS ENERGY LP/FIN                              | Genesis Energy LP / Genesis Energy Finance Corp                          | CUSIP: 37185LAN2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6500000 | PA      | $6861179.00   | 1.03%             | 2030-04-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| GENESIS ENERGY LP/FIN                              | Genesis Energy LP / Genesis Energy Finance Corp                          | CUSIP: 37185LAR3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $519366.50    | 0.08%             | 2033-05-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| GRAY MEDIA INC                                     | Gray Media Inc                                                           | CUSIP: 389375AN6<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |    100000 | PA      | $104128.00    | 0.02%             | 2032-07-15      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| HARROW INC                                         | Harrow Inc                                                               | CUSIP: 415858AC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   9000000 | PA      | $9464985.00   | 1.41%             | 2030-09-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| HELIX ENERGY SOLUTIONS                             | Helix Energy Solutions Group Inc                                         | CUSIP: 42330PAL1<br>LEI: 416AP2JOUTCWEGSOZW41 | Long             | DBT              | CORP              | US        |   6000000 | PA      | $6345714.00   | 0.95%             | 2029-03-01      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| PG&E CORP                                          | PG&E Corp                                                                | CUSIP: 69331CAL2<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4120400.00   | 0.62%             | 2027-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| PARADIGM PRNT/CO-ISSUER                            | Paradigm Parent LLC and Paradigm Parent CO-Issuer Inc                    | CUSIP: 69902PAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2720580.00   | 0.41%             | 2032-04-17      | Fixed         | 8.75%                 | 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      | $460519.40    | 0.07%             | 2029-01-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| SERVICE PROPERTIES TRUST                           | Service Properties Trust                                                 | CUSIP: 81761LAC6<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3157389.00   | 0.47%             | 2031-11-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                      | TransDigm Inc                                                            | CUSIP: 893647BQ9<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $998284.40    | 0.15%             | 2029-05-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                      | TransDigm Inc                                                            | CUSIP: 893647CA3<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    500000 | PA      | $521159.61    | 0.08%             | 2034-01-31      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| PROMETRIC HOLDINGS INC                             | Prometric Holdings Inc                                                   | CUSIP: 80358TAG1<br>LEI: 54930034OH1XQT27TX40 | Long             | LON              | CORP              | US        |   1000000 | PA      | $1009250.00   | 0.15%             | 2032-06-25      | Floating      | 7.67%                 | No            |                  2 | On Loan: No      |
| BEACH ACQUISITION BIDCO                            | Beach Acquisition Bidco LLC                                              | CUSIP: 07337JAC1<br>LEI: 254900F2FNX3GBTB6202 | Long             | DBT              | CORP              | US        |   5500000 | PA      | $6074964.50   | 0.91%             | 2033-07-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| CHEMOURS CO                                        | Chemours Co/The                                                          | CUSIP: 163851AF5<br>LEI: 549300M1BOLNXL8DOV14 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1946680.50   | 0.29%             | 2028-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| FIVE POINT OPERATING CO                            | Five Point Operating Co LP                                               | CUSIP: 33834YAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2092642.00   | 0.31%             | 2030-10-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| FREEDOM MORTGAGE HOLD                              | Freedom Mortgage Holdings LLC                                            | CUSIP: 35641AAA6<br>LEI: 254900ROJ91RGM43S156 | Long             | DBT              | CORP              | US        |   5250000 | PA      | $5489454.23   | 0.82%             | 2029-02-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| CRC INSURANCE GROUP LLC                            | CRC Insurance Group LLC                                                  | CUSIP: 89788VAE2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2105263 | PA      | $2137715.79   | 0.32%             | 2032-05-06      | Floating      | 8.75%                 | No            |                  2 | On Loan: No      |
| SATURN OIL & GAS INC                               | Saturn Oil & Gas Inc                                                     | CUSIP: 80412LAA5<br>LEI: 549300G6BWJ7K6PIIY73 | Long             | DBT              | CORP              | CA        |  10369000 | PA      | $10233635.82  | 1.53%             | 2029-06-15      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| QXO INC                                            | QXO Inc                                                                  | CUSIP: 82846H504<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     30000 | NS      | $1654500.00   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| STRIDE INC                                         | Stride Inc                                                               | CUSIP: 86333MAA6<br>LEI: 254900BRWS3AFONWU277 | Long             | DBT              | CORP              | US        |   1600000 | PA      | $2184800.00   | 0.33%             | 2027-09-01      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                      | TransDigm Inc                                                            | CUSIP: 893647BY2<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2053556.00   | 0.31%             | 2033-05-31      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| VISTRA CORP                                        | Vistra Corp                                                              | CUSIP: 92840MAC6<br>LEI: 549300KP43CPCUJOOG15 | Long             | EP               | CORP              | US        |   3500000 | PA      | $3574212.85   | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| RR DONNELLEY & SONS CO                             | RR Donnelley & Sons Co                                                   | CUSIP: 257867BJ9<br>LEI: SU4X0P4WWRGOQDTSV032 | Long             | DBT              | CORP              | US        |   8000000 | PA      | $8273960.00   | 1.24%             | 2029-08-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| KALVISTA PHARMA INC                                | KalVista Pharmaceuticals Inc                                             | CUSIP: 483497AA1<br>LEI: 529900Q7IDA3WUGRZA51 | Long             | DBT              | CORP              | US        |   1190000 | PA      | $1511895.00   | 0.23%             | 2031-10-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| MOSS CREEK RESOURCES HLD                           | Moss Creek Resources Holdings Inc                                        | CUSIP: 61965RAC9<br>LEI: 54930037SLMSPWKYIX36 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3833153.88   | 0.57%             | 2031-09-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| PERFORMANCE FOOD GROUP I                           | Performance Food Group Inc                                               | CUSIP: 71376LAE0<br>LEI: 549300OMUOGBYK0FFO76 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $983761.10    | 0.15%             | 2029-08-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| SHIFT4 PAYMENTS INC                                | Shift4 Payments Inc                                                      | CUSIP: 82452J307<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     30000 | NS      | $2400300.00   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| SIX FLAGS ENTERTAINME                              | Six Flags Entertainment Corp                                             | CUSIP: 83001AAC6<br>LEI: 529900AS2CYWYFHRS781 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1492940.09   | 0.22%             | 2027-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| STONEX ESCROW ISSUER LLC                           | Stonex Escrow Issuer LLC                                                 | CUSIP: 86189AAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $518563.50    | 0.08%             | 2032-07-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| STAR PARENT INC                                    | Star Parent Inc                                                          | CUSIP: 87169DAB1<br>LEI: 254900GRGCJYRMDRWT73 | Long             | LON              | CORP              | US        |   2955000 | PA      | $2961811.28   | 0.44%             | 2030-09-30      | Floating      | 8.00%                 | No            |                  2 | On Loan: No      |
| SUMMER BC HOLDCO B SARL                            | Summer BC Holdco B SARL                                                  | CUSIP: N/A<br>LEI: 984500NRF59D5DB9B654       | Long             | LON              | CORP              | LU        |   5969773 | PA      | $5598542.95   | 0.84%             | 2029-02-21      | Floating      | 9.26%                 | No            |                  2 | On Loan: No      |
| MRT MID PART/MRT MID FIN                           | Martin Midstream Partners LP / Martin Midstream Finance Corp             | CUSIP: 573334AK5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4150140.00   | 0.62%             | 2028-02-15      | Fixed         | 11.50%                | No            |                  2 | On Loan: No      |
| NCR ATLEOS LLC                                     | NCR Atleos Corp                                                          | CUSIP: 638962AA8<br>LEI: 9845005FC3S0VA714741 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2714790.00   | 0.41%             | 2029-04-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| MATIV HOLDINGS INC                                 | Mativ Holdings Inc                                                       | CUSIP: 808541AC0<br>LEI: 549300Z1FU4IDULG1R21 | Long             | DBT              | CORP              | US        |   7500000 | PA      | $7584562.05   | 1.13%             | 2029-10-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                      | TransDigm Inc                                                            | CUSIP: 893647BV8<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1041727.00   | 0.16%             | 2032-03-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| TRULITE GLASS ALUMINUM S                           | Trulite Glass & Aluminum Solutions LLC                                   | CUSIP: 89789MAB7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   7218750 | PA      | $7002187.50   | 1.05%             | 2030-03-01      | Floating      | 10.29%                | No            |                  2 | On Loan: No      |
| BOEING CO/THE                                      | Boeing Co/The                                                            | CUSIP: 097023204<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | EP               | CORP              | US        |     90000 | NS      | $6215400.00   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| CARS.COM INC                                       | Cars.com Inc                                                             | CUSIP: 14575EAA3<br>LEI: 5493002G6J07LNGX4M98 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4007816.00   | 0.60%             | 2028-11-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| CORECIVIC INC                                      | CoreCivic Inc                                                            | CUSIP: 21871NAC5<br>LEI: 529900JFA3K6PTLT8B15 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4208280.00   | 0.63%             | 2029-04-15      | Fixed         | 8.25%                 | 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      | $1006254.05   | 0.15%             | 2028-06-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| DELUXE CORP                                        | Deluxe Corp                                                              | CUSIP: 248019AW1<br>LEI: KWGNKB8TX9LE5TV29231 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1054728.78   | 0.16%             | 2029-09-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| EQUIPMENTSHARE.COM INC                             | EquipmentShare.com Inc                                                   | CUSIP: 29450YAB5<br>LEI: 254900PWJK48CGPKPI80 | Long             | DBT              | CORP              | US        |   1800000 | PA      | $1903539.62   | 0.28%             | 2032-05-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| GEO GROUP INC/THE                                  | GEO Group Inc/The                                                        | CUSIP: 36162JAG1<br>LEI: 54930024XOXET7NQVZ63 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4209931.96   | 0.63%             | 2029-04-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| CLUE OPCO LLC                                      | Clue Opco LLC                                                            | CUSIP: 36267QAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1059660.00   | 0.16%             | 2031-10-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| CRESCENT ENERGY FINANCE                            | Crescent Energy Finance LLC                                              | CUSIP: 45344LAC7<br>LEI: 54930061FUL6DBLFUW14 | Long             | DBT              | CORP              | US        |   4504000 | PA      | $4664525.22   | 0.70%             | 2028-02-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| VIKING BAKED GOODS ACQUI                           | Viking Baked Goods Acquisition Corp                                      | CUSIP: 92676AAA5<br>LEI: 254900DBFD2H1FJK0893 | Long             | DBT              | CORP              | US        |   6500000 | PA      | $6534268.00   | 0.98%             | 2031-11-01      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| VERITIV OPERATING CO                               | Veritiv Operating Co                                                     | CUSIP: 92338TAB2<br>LEI: 5493004G8OK5L1UTIY12 | Long             | LON              | CORP              | US        |  11909623 | PA      | $11925165.35  | 1.78%             | 2030-11-29      | Floating      | 8.00%                 | No            |                  2 | On Loan: No      |
| ADVANCED DRAINAGE SYSTEM                           | Advanced Drainage Systems Inc                                            | CUSIP: 00790RAB0<br>LEI: 6QQTOZ5MF5DHM7K92I60 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1282870.00   | 0.19%             | 2030-06-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| AVIS BUDGET CAR/FINANCE                            | Avis Budget Car Rental LLC / Avis Budget Finance Inc                     | CUSIP: 053773BJ5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4150039.52   | 0.62%             | 2030-01-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| ACRISURE LLC                                       | Acrisure LLC                                                             | CUSIP: 00488PAV7<br>LEI: 549300R0Z1Q47XRTGO22 | Long             | LON              | CORP              | US        |   3960075 | PA      | $3961936.24   | 0.59%             | 2030-11-06      | Floating      | 6.96%                 | No            |                  2 | On Loan: No      |
| STARZ CAPITAL HOLDINGS                             | Starz Capital Holdings LLC                                               | CUSIP: 53627NAE1<br>LEI: 549300MWJHNLR35C0837 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1617980.00   | 0.24%             | 2029-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TRANSMONTAIGNE PARTNERS                            | TransMontaigne Partners LLC                                              | CUSIP: 89377AAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6000000 | PA      | $6060666.00   | 0.91%             | 2030-06-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| ALLIANCE RES OP/FINANCE                            | Alliance Resource Operating Partners LP / Alliance Resource Finance Corp | CUSIP: 01879NAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1060397.00   | 0.16%             | 2029-06-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| BLUELINX HOLDING                                   | BlueLinx Holdings Inc                                                    | CUSIP: 09624HAA7<br>LEI: 549300YSX7GU28F5I540 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2954371.20   | 0.44%             | 2029-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BUILDERS FIRSTSOURCE INC                           | Builders FirstSource Inc                                                 | CUSIP: 12008RAN7<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3991374.40   | 0.60%             | 2030-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CPI CG INC                                         | CPI CG Inc                                                               | CUSIP: 12598FAC3<br>LEI: 254900H3R50WH1B1LB48 | Long             | DBT              | CORP              | US        |   1858000 | PA      | $1977336.81   | 0.30%             | 2029-07-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| CALIFORNIA RESOURCES CRP                           | California Resources Corp                                                | CUSIP: 13057QAL1<br>LEI: 5493003Q8F0T4F4YMR48 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2956929.96   | 0.44%             | 2034-01-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| DELEK LOG PART/FINANCE                             | Delek Logistics Partners LP / Delek Logistics Finance Corp               | CUSIP: 24665FAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3146397.24   | 0.47%             | 2029-03-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| DELUXE CORP                                        | Deluxe Corp                                                              | CUSIP: 248019AU5<br>LEI: KWGNKB8TX9LE5TV29231 | Long             | DBT              | CORP              | US        |   3500000 | PA      | $3571372.00   | 0.53%             | 2029-06-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| ANYWHERE RE GRP/REALOGY                            | Anywhere Real Estate Group LLC / Realogy Co-Issuer Corp                  | CUSIP: 75606DAV3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3500000 | PA      | $3800562.50   | 0.57%             | 2030-04-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| AI AQUA MERGER SUB INC                             | AI Aqua Merger Sub Inc                                                   | CUSIP: 00132UAP9<br>LEI: 5493005QMH1D47U26R45 | Long             | LON              | CORP              | US        |   1980026 | PA      | $1986619.02   | 0.30%             | 2028-07-31      | Floating      | 6.87%                 | No            |                  2 | On Loan: No      |
| Digicel International Finance T/L B (07/25)        | Digicel International Finance T/L B (07/25)                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2000000 | PA      | $2001430.00   | 0.30%             | 2032-07-30      | Floating      | 9.23%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CAPITAL HOLDIN                           | Jefferson Capital Holdings LLC                                           | CUSIP: 472481AC4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $526034.50    | 0.08%             | 2030-05-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| JONES DESLAURIERS INSURA                           | Jones Deslauriers Insurance Management Inc                               | CUSIP: 48020RAB1<br>LEI: 549300JQIWNFU00E5424 | Long             | DBT              | CORP              | CA        |   3000000 | PA      | $3145731.00   | 0.47%             | 2030-03-15      | Fixed         | 8.50%                 | 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      | $1004510.90   | 0.15%             | 2027-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KDC/ONE DEVELOPMENT CORP                           | KDC/ONE Development Corp Inc                                             | CUSIP: C4953EAH8<br>LEI: N/A                  | Long             | LON              | CORP              | CA        |   7962544 | PA      | $7872965.13   | 1.18%             | 2028-08-15      | Floating      | 7.42%                 | No            |                  2 | On Loan: No      |
| Nexus Buyer (Promontory Interfinancial/IntraFi Net | Nexus Buyer (Promontory Interfinancial/IntraFi Net                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   7000000 | PA      | $6950790.00   | 1.04%             | 2032-08-04      | Floating      | 9.67%                 | No            |                  2 | On Loan: No      |
| BURFORD CAPITAL GLBL FIN                           | Burford Capital Global Finance LLC                                       | CUSIP: 12116LAE9<br>LEI: 549300JVAOO67CSCH406 | Long             | DBT              | CORP              | US        |   7500000 | PA      | $7732395.00   | 1.16%             | 2031-07-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| STONEX GROUP INC                                   | StoneX Group Inc                                                         | CUSIP: 861896AA6<br>LEI: 549300JUF07L8VF02M60 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2132496.00   | 0.32%             | 2031-03-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| TALOS PRODUCTION INC                               | Talos Production Inc                                                     | CUSIP: 87485LAE4<br>LEI: 549300GZ2DZZE2Y8TX15 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2089586.00   | 0.31%             | 2031-02-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| TEVA PHARMACEUTICALS NE                            | Teva Pharmaceutical Finance Netherlands III BV                           | CUSIP: 88167AAK7<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |   4000000 | PA      | $4154349.76   | 0.62%             | 2028-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| OUTFRONT MEDIA CAP LLC/C                           | Outfront Media Capital LLC / Outfront Media Capital Corp                 | CUSIP: 69007TAE4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $978660.20    | 0.15%             | 2029-01-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| PG&E CORP                                          | PG&E Corp                                                                | CUSIP: 69331C306<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | EP               | CORP              | US        |    135000 | NS      | $5535000.00   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| PRA GROUP INC                                      | PRA Group Inc                                                            | CUSIP: 69354NAF3<br>LEI: 549300Q5HW3JSSB86K27 | Long             | DBT              | CORP              | US        |   5750000 | PA      | $5955749.89   | 0.89%             | 2030-01-31      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| PRIME HEALTHCARE SERVICE                           | Prime Healthcare Services Inc                                            | CUSIP: 74165HAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5258040.20   | 0.79%             | 2029-09-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| PROVIDENT FDG/PFG FIN                              | Provident Funding Associates LP / PFG Finance Corp                       | CUSIP: 74387UAK7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   8000000 | PA      | $8445040.00   | 1.26%             | 2029-09-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| Pretzel Parent T/L B (TAIT)                        | Pretzel Parent, Inc., Senior Secured First Lien Term Loan                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   4985000 | PA      | $4935150.00   | 0.74%             | 2031-08-14      | Floating      | 8.42%                 | No            |                  2 | On Loan: No      |
| VICTRA HOLDINGS LLC                                | Victra Holdings LLC                                                      | CUSIP: 50226BAN8<br>LEI: 549300KWDYQKQSF0MQ18 | Long             | LON              | CORP              | US        |   8063555 | PA      | $8084963.43   | 1.21%             | 2029-03-29      | Floating      | 7.89%                 | No            |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS                           | Univision Communications Inc                                             | CUSIP: 914906BA9<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |   4500000 | PA      | $4838085.00   | 0.72%             | 2032-08-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| VT TOPCO INC                                       | VT Topco Inc                                                             | CUSIP: 91838PAA9<br>LEI: 5493007T812R37X02Y38 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1573221.00   | 0.24%             | 2030-08-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| BRISTOW GROUP INC                                  | Bristow Group Inc                                                        | CUSIP: 11040GAA1<br>LEI: 5493005Q24EN3UC1PV68 | Long             | DBT              | CORP              | US        |   2250000 | PA      | $2254758.75   | 0.34%             | 2028-03-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| CLYDESDALE ACQUISITION                             | Clydesdale Acquisition Holdings Inc                                      | CUSIP: 18972EAD7<br>LEI: 254900QKSDYFR3K5YD98 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1028944.43   | 0.15%             | 2032-04-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| HIGHTOWER HOLDING LLC                              | Hightower Holding LLC                                                    | CUSIP: 43118DAB6<br>LEI: 254900MKOSB7RTMA9K12 | Long             | DBT              | CORP              | US        |   4500000 | PA      | $4792531.50   | 0.72%             | 2030-01-31      | Fixed         | 9.12%                 | No            |                  2 | On Loan: No      |
| K HOVNANIAN ENTERPRISES                            | K Hovnanian Enterprises Inc                                              | CUSIP: 48251UAP3<br>LEI: 549300JJCQ0KAI7CJG32 | Long             | DBT              | CORP              | US        |    500000 | PA      | $510761.50    | 0.08%             | 2031-04-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| CHART INDUSTRIES INC                               | Chart Industries Inc                                                     | CUSIP: 16115EAT4<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | LON              | CORP              | US        |   2278731 | PA      | $2292414.30   | 0.34%             | 2030-03-18      | Floating      | 6.48%                 | No            |                  2 | On Loan: No      |
| AMNEAL PHARMACEUTICALS LLC                         | Amneal Pharmaceuticals LLC                                               | CUSIP: 03167DAR5<br>LEI: 54930037VIXE7LRZ1M66 | Long             | LON              | CORP              | US        |  15000000 | PA      | $15150000.00  | 2.26%             | 2032-08-02      | Floating      | 7.42%                 | No            |                  2 | On Loan: No      |
| GARDA WORLD SECURITY                               | Garda World Security Corp                                                | CUSIP: 36485MAQ2<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | DBT              | CORP              | CA        |    100000 | PA      | $102387.14    | 0.02%             | 2031-01-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GRAY MEDIA INC                                     | Gray Media Inc                                                           | CUSIP: 389375AM8<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |   1800000 | PA      | $1938754.80   | 0.29%             | 2029-07-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| MCGRAW-HILL EDUCATION                              | McGraw-Hill Education Inc                                                | CUSIP: 58064LAA2<br>LEI: 254900U6YJ9QZ4IQOR26 | Long             | DBT              | CORP              | US        |   1100000 | PA      | $1160981.80   | 0.17%             | 2031-09-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| PATRICK INDUSTRIES INC                             | Patrick Industries Inc                                                   | CUSIP: 703343AG8<br>LEI: 549300FZ5ZTCCJ3Z5W14 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $2127500.00   | 0.32%             | 2028-12-01      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| PHOENIX AVIATION CAPITAL                           | Phoenix Aviation Capital Ltd                                             | CUSIP: 71910DAA9<br>LEI: 8945008YQAKXZQ3VYJ15 | Long             | DBT              | CORP              | IE        |    250000 | PA      | $266545.14    | 0.04%             | 2030-07-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| PRIMO / TRITON WATER HLD                           | Primo Water Holdings Inc / Triton Water Holdings Inc                     | CUSIP: 74168RAB9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1948158.22   | 0.29%             | 2029-04-30      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| SUMMIT MIDSTREAM HOLDING                           | Summit Midstream Holdings LLC                                            | CUSIP: 86614JAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2600000 | PA      | $2697526.00   | 0.40%             | 2029-10-31      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| SUNOCO LP                                          | Sunoco LP                                                                | CUSIP: 86765KAD1<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1537890.00   | 0.23%             | 2033-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ENDO FINANCE HOLDINGS                              | Endo Finance Holdings Inc                                                | CUSIP: 29280UAD5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   9900000 | PA      | $9835650.00   | 1.47%             | 2031-04-23      | Floating      | 7.67%                 | No            |                  2 | On Loan: No      |
| ENCORE CAPITAL GROUP INC                           | Encore Capital Group Inc                                                 | CUSIP: 292554AQ5<br>LEI: 5493000UVC6H49CIH830 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4215000.00   | 0.63%             | 2029-04-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| JB POINDEXTER & CO INC                             | JB Poindexter & Co Inc                                                   | CUSIP: 465965AC5<br>LEI: 549300W6P81HOZZGPQ16 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1048726.11   | 0.16%             | 2031-12-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| JONES DESLAURIERS INSURA                           | Jones Deslauriers Insurance Management Inc                               | CUSIP: C4900AAM9<br>LEI: 549300JQIWNFU00E5424 | Long             | LON              | CORP              | CA        |   3447740 | PA      | $3456359.66   | 0.52%             | 2030-03-15      | Floating      | 7.06%                 | No            |                  2 | On Loan: No      |
| LSCS HOLDINGS INC                                  | LSCS Holdings Inc                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   3980000 | PA      | $3907046.60   | 0.58%             | 2032-03-04      | Floating      | 8.50%                 | No            |                  2 | On Loan: No      |
| KARMAN HOLDINGS INC                                | Karman Holdings Inc                                                      | CUSIP: 48571CAC5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   3492500 | PA      | $3529607.81   | 0.53%             | 2032-04-01      | Floating      | 7.50%                 | No            |                  2 | On Loan: No      |
| PETSMART LLC/PETSMART FI                           | PetSmart LLC / PetSmart Finance Corp                                     | CUSIP: 71677KAD0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6000000 | PA      | $6186120.00   | 0.92%             | 2033-09-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| FREEDOM MORTGAGE HOLD                              | Freedom Mortgage Holdings LLC                                            | CUSIP: 35641AAB4<br>LEI: 254900ROJ91RGM43S156 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3226092.00   | 0.48%             | 2031-05-15      | Fixed         | 9.12%                 | No            |                  2 | On Loan: No      |
| JONES DESLAURIERS INSURA                           | Jones Deslauriers Insurance Management Inc                               | CUSIP: 48020RAE5<br>LEI: 549300JQIWNFU00E5424 | Long             | DBT              | CORP              | CA        |   2000000 | PA      | $1932737.80   | 0.29%             | 2033-10-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| MIRUM PHARMACEUTICALS                              | Mirum Pharmaceuticals Inc                                                | CUSIP: 604749AB7<br>LEI: 254900YZKR40F7F27K81 | Long             | DBT              | CORP              | US        |   1100000 | PA      | $2843170.00   | 0.42%             | 2029-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NORTHERN OIL & GAS INC                             | Northern Oil & Gas Inc                                                   | CUSIP: 665531AG4<br>LEI: OKFF0PIZDDMNH4UCYE51 | Long             | DBT              | CORP              | US        |   9100000 | PA      | $9185094.92   | 1.37%             | 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      | $978921.10    | 0.15%             | 2030-03-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| TALOS PRODUCTION INC                               | Talos Production Inc                                                     | CUSIP: 87485LAD6<br>LEI: 549300GZ2DZZE2Y8TX15 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2083816.00   | 0.31%             | 2029-02-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| TEVA PHARMACEUTICALS NE                            | Teva Pharmaceutical Finance Netherlands III BV                           | CUSIP: 88167AAS0<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |    250000 | PA      | $275046.00    | 0.04%             | 2029-09-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| TREEHOUSE FOODS INC                                | TreeHouse Foods Inc                                                      | CUSIP: 89469AAD6<br>LEI: 5493007M7EVHE470Q576 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3990000.00   | 0.60%             | 2028-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UNITED NATURAL FOODS INC                           | United Natural Foods Inc                                                 | CUSIP: 911163AA1<br>LEI: 549300GKGW6WPZ282D40 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2514350.00   | 0.38%             | 2028-10-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| VM CONSOLIDATED INC                                | VM Consolidated Inc                                                      | CUSIP: 91835HAA0<br>LEI: 549300GCTGJLEBXJUK89 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2002972.00   | 0.30%             | 2029-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TOWNSQUARE MEDIA INC                               | Townsquare Media Inc                                                     | CUSIP: 89223EAG8<br>LEI: 549300XBA8C68H0DR538 | Long             | LON              | CORP              | US        |   5874219 | PA      | $4185381.35   | 0.63%             | 2030-02-19      | Floating      | 9.19%                 | No            |                  2 | On Loan: No      |
| NEXUS BUYER LLC                                    | Nexus Buyer LLC                                                          | CUSIP: 65343UAH5<br>LEI: 254900PILSANV8WOOF24 | Long             | LON              | CORP              | US        |  10682472 | PA      | $10549528.21  | 1.58%             | 2031-07-31      | Floating      | 7.42%                 | No            |                  2 | On Loan: No      |
| NEOGEN FOOD SAFE CORP                              | Neogen Food Safety Corp                                                  | CUSIP: 365417AA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1100000 | PA      | $1178658.00   | 0.18%             | 2030-07-20      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| MASTEC INC                                         | MasTec Inc                                                               | CUSIP: 576323AQ2<br>LEI: 549300TMDIT8WREDOF45 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3035235.00   | 0.45%             | 2029-08-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| M2S GROUP INTERMEDIATE H                           | M2S Group Intermediate Holdings Inc                                      | CUSIP: 55287CAB7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   6557471 | PA      | $6526323.27   | 0.98%             | 2031-08-27      | Floating      | 8.59%                 | No            |                  2 | On Loan: No      |
| INMAR INC                                          | Inmar Inc                                                                | CUSIP: 45763FAV0<br>LEI: 549300N1ML5MXXFIDZ25 | Long             | LON              | CORP              | US        |   1238775 | PA      | $1226387.25   | 0.18%             | 2031-10-30      | Floating      | 8.42%                 | No            |                  2 | On Loan: No      |
| ACRISURE LLC / FIN INC                             | Acrisure LLC / Acrisure Finance Inc                                      | CUSIP: 00489LAM5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2094008.00   | 0.31%             | 2029-06-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| ASURION LLC/ASURION CO                             | Asurion LLC and Asurion Co-Issuer Inc                                    | CUSIP: 045941AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7250000 | PA      | $7525582.43   | 1.12%             | 2032-12-31      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| AVIS BUDGET CAR/FINANCE                            | Avis Budget Car Rental LLC / Avis Budget Finance Inc                     | CUSIP: 053773BK2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1033266.36   | 0.15%             | 2032-06-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| BUILDERS FIRSTSOURCE INC                           | Builders FirstSource Inc                                                 | CUSIP: 12008RAP2<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $953061.37    | 0.14%             | 2032-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| EMBECTA CORP                                       | Embecta Corp                                                             | CUSIP: 29082KAB1<br>LEI: 549300RPG8GXVDHNXZ62 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2968317.03   | 0.44%             | 2030-02-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ENCORE CAPITAL GROUP INC                           | Encore Capital Group Inc                                                 | CUSIP: 292554AR3<br>LEI: 5493000UVC6H49CIH830 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1343216.25   | 0.20%             | 2030-05-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| EQUIPMENTSHARE.COM INC                             | EquipmentShare.com Inc                                                   | CUSIP: 29450YAC3<br>LEI: 254900PWJK48CGPKPI80 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1580535.00   | 0.24%             | 2033-03-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| CRESCENT ENERGY FINANCE                            | Crescent Energy Finance LLC                                              | CUSIP: 45344LAE3<br>LEI: 54930061FUL6DBLFUW14 | Long             | DBT              | CORP              | US        |   6000000 | PA      | $5697670.92   | 0.85%             | 2033-01-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| NORTHERN OIL & GAS INC                             | Northern Oil & Gas Inc                                                   | CUSIP: 665531AL3<br>LEI: OKFF0PIZDDMNH4UCYE51 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $974281.40    | 0.15%             | 2033-10-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| ONESKY FLIGHT LLC                                  | OneSky Flight LLC                                                        | CUSIP: 68278CAA3<br>LEI: 549300PM6NEPXGG5B882 | Long             | DBT              | CORP              | US        |   5250000 | PA      | $5621190.75   | 0.84%             | 2029-12-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| PERFORMANCE FOOD GROUP I                           | Performance Food Group Inc                                               | CUSIP: 69346VAA7<br>LEI: 549300OMUOGBYK0FFO76 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3006084.00   | 0.45%             | 2027-10-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PRA GROUP INC                                      | PRA Group Inc                                                            | CUSIP: 69354NAE6<br>LEI: 549300Q5HW3JSSB86K27 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1539343.50   | 0.23%             | 2028-02-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| PATRICK INDUSTRIES INC                             | Patrick Industries Inc                                                   | CUSIP: 703343AD5<br>LEI: 549300FZ5ZTCCJ3Z5W14 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2981757.03   | 0.45%             | 2029-05-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| PETSMART LLC/PETSMART FI                           | PetSmart LLC / PetSmart Finance Corp                                     | CUSIP: 71677KAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3056668.20   | 0.46%             | 2032-09-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| TKC HOLDINGS INC                                   | TKC Holdings Inc                                                         | CUSIP: 87256YAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4131244.00   | 0.62%             | 2029-05-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| TRIVIUM PACKAGING FIN                              | Trivium Packaging Finance BV                                             | CUSIP: 89686QAD8<br>LEI: 724500GMZWW3PVYET548 | Long             | DBT              | CORP              | NL        |    900000 | PA      | $965456.10    | 0.14%             | 2030-07-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| BAUSCH + LOMB CORP                                 | Bausch + Lomb Corp                                                       | CUSIP: C0787FAF9<br>LEI: 549300NY6OZM39SO6475 | Long             | LON              | CORP              | CA        |   4410000 | PA      | $4421025.00   | 0.66%             | 2028-09-29      | Floating      | 7.92%                 | No            |                  2 | On Loan: No      |
| DIRECTV FINANCING LLC                              | Directv Financing LLC                                                    | CUSIP: 25460HAD4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   7220274 | PA      | $7254281.57   | 1.08%             | 2029-08-02      | Floating      | 9.82%                 | No            |                  2 | On Loan: No      |
| CELANESE US HOLDINGS LLC                           | Celanese US Holdings LLC                                                 | CUSIP: 15089QBC7<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |    500000 | PA      | $512451.78    | 0.08%             | 2031-02-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CELANESE US HOLDINGS LLC                           | Celanese US Holdings LLC                                                 | CUSIP: 15089QBD5<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2543641.93   | 0.38%             | 2034-02-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| CERDIA FINANZ GMBH                                 | Cerdia Finanz GmbH                                                       | CUSIP: 15679GAC6<br>LEI: 391200KURNDJSX9GX570 | Long             | DBT              | CORP              | DE        |   7000000 | PA      | $7271250.00   | 1.09%             | 2031-10-03      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| CHEMOURS CO                                        | Chemours Co/The                                                          | CUSIP: 163851AJ7<br>LEI: 549300M1BOLNXL8DOV14 | Long             | DBT              | CORP              | US        |   6000000 | PA      | $5815558.20   | 0.87%             | 2033-01-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| CREDIT ACCEPTANC                                   | Credit Acceptance Corp                                                   | CUSIP: 225310AQ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2092817.56   | 0.31%             | 2028-12-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| DELEK LOG PART/FINANCE                             | Delek Logistics Partners LP / Delek Logistics Finance Corp               | CUSIP: 24665FAE2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $510567.50    | 0.08%             | 2033-06-30      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| EZCORP INC                                         | EZCORP Inc                                                               | CUSIP: 302301AJ5<br>LEI: 5493003K6PG3ZQ7TUQ63 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2126902.00   | 0.32%             | 2032-04-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Fidelity Government Portfolio                      | Fidelity Government Portfolio                                            | CUSIP: 316175108<br>LEI: 549300FQDFZGLUOCWN51 | Long             | STIV             | RF                | US        |  22934939 | NS      | $22934938.81  | 3.43%             |  |  |  | No            |                  1 | On Loan: No      |
| ARDONAGH GROUP FINANCE                             | Ardonagh Group Finance Ltd                                               | CUSIP: 039956AA5<br>LEI: 254900SRT1BTAJ76NW62 | Long             | DBT              | CORP              | JE        |  11000000 | PA      | $11476795.00  | 1.71%             | 2032-02-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| ARRAY TECHNOLOGIES INC                             | Array Technologies Inc                                                   | CUSIP: 04271TAB6<br>LEI: 549300JM5FECYJQ85V37 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1363857.72   | 0.20%             | 2028-12-01      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| BELLRING BRANDS INC                                | BellRing Brands Inc                                                      | CUSIP: 07831CAA1<br>LEI: 549300S3BOK5CMTS8054 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3103954.17   | 0.46%             | 2030-03-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| BURFORD CAPITAL GLBL FIN                           | Burford Capital Global Finance LLC                                       | CUSIP: 12116LAC3<br>LEI: 549300JVAOO67CSCH406 | Long             | DBT              | CORP              | US        |   4500000 | PA      | $4405599.23   | 0.66%             | 2030-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| DOTDASH MEREDITH INC                               | Dotdash Meredith Inc                                                     | CUSIP: 25849JAA8<br>LEI: 549300R2AA7U9CJUQO13 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2734931.25   | 0.41%             | 2032-06-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| EMBECTA CORP                                       | Embecta Corp                                                             | CUSIP: 29081LAC8<br>LEI: 549300RPG8GXVDHNXZ62 | Long             | LON              | CORP              | US        |   4472653 | PA      | $4486809.18   | 0.67%             | 2029-04-02      | Floating      | 6.92%                 | No            |                  2 | On Loan: No      |
| DYE & DURHAM CORP                                  | Dye & Durham Corp                                                        | CUSIP: N/A<br>LEI: 549300XUQDPIC5QRY347       | Long             | LON              | CORP              | CA        |   2793823 | PA      | $2594064.42   | 0.39%             | 2031-04-14      | Floating      | 8.35%                 | No            |                  2 | On Loan: No      |
| FNZ USA FINCO                                      | FNZ USA FinCo LLC                                                        | CUSIP: 30339HAD3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   3970000 | PA      | $3159127.50   | 0.47%             | 2031-11-05      | Floating      | 8.90%                 | No            |                  2 | On Loan: No      |
| DTI HOLDCO INC                                     | DTI Holdco Inc                                                           | CUSIP: 23358EAK5<br>LEI: 549300QQVMUL3P8XVJ27 | Long             | LON              | CORP              | US        |   5416593 | PA      | $5072259.82   | 0.76%             | 2029-04-26      | Floating      | 7.92%                 | No            |                  2 | On Loan: No      |
| BURFORD CAPITAL GLBL FIN                           | Burford Capital Global Finance LLC                                       | CUSIP: 12116LAG4<br>LEI: 549300JVAOO67CSCH406 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1925140.00   | 0.29%             | 2033-07-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA RESOURCES CRP                           | California Resources Corp                                                | CUSIP: 13057QAK3<br>LEI: 5493003Q8F0T4F4YMR48 | Long             | DBT              | CORP              | US        |   6000000 | PA      | $6279664.50   | 0.94%             | 2029-06-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| GLOBAL MEDICAL RESPONSE                            | Global Medical Response Inc                                              | CUSIP: 37960BAD7<br>LEI: 549300ZFWD4ZFCEJCQ87 | Long             | DBT              | CORP              | US        |    500000 | PA      | $520689.42    | 0.08%             | 2032-10-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| GRAY MEDIA INC                                     | Gray Media Inc                                                           | CUSIP: 389286AA3<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $750755.25    | 0.11%             | 2031-11-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| GRAY MEDIA INC                                     | Gray Media Inc                                                           | CUSIP: 389375AL0<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |    500000 | PA      | $388241.57    | 0.06%             | 2030-10-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| GRUPO AEROMEXICO SAB                               | Grupo Aeromexico SAB de CV                                               | CUSIP: 40054JAD1<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |  14000000 | PA      | $14328020.00  | 2.14%             | 2031-11-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| IIP OPERATING PARTNER                              | IIP Operating Partnership LP                                             | CUSIP: 44988FAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4930790.90   | 0.74%             | 2026-05-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-02-23

**Name of Applicant:** Buffalo Funds

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

**Name of Signer:** Laura Symon Browne

**Title:** President and Treasurer