# EDGAR Filing Document

**Accession Number:** 0001135300
**File Stem:** 0001145549-25-051753
**Filing Date:** 2025-8
**Character Count:** 105872
**Document Hash:** 6c93de39756b4916cffe4160c30c96d5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-051753.hdr.sgml**: 20250819

**ACCESSION NUMBER**: 0001145549-25-051753

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250819

**DATE AS OF CHANGE**: 20250819

**PERIOD START**: 20260331

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-10303
- **FILM NUMBER:** 251231551

**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** |
| **June 30, 2025 (Unaudited)** | **June 30, 2025 (Unaudited)** | **June 30, 2025 (Unaudited)** |
| **CORPORATE BONDS - 58.7%** | **Par** | **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%** |
|  Consolidated Communications, Inc., 6.50%, 10/01/2028 <sup>(a)</sup> | 2000000 | $2040105 |
| **Entertainment - 0.2%** | **Entertainment - 0.2%** | **Entertainment - 0.2%** |
|  Starz Capital Holdings LLC, 5.50%, 04/15/2029 <sup>(a)</sup> | 2000000 | 1668200 |
| **Interactive Media & Services - 0.7%** | **Interactive Media & Services - 0.7%** | **Interactive Media & Services - 0.7%** |
|  Cars.com, Inc., 6.38%, 11/01/2028 <sup>(a)</sup> | 4000000 | 4013680 |
|  Match Group Holdings II LLC, 5.00%, 12/15/2027 <sup>(a)</sup> | 1000000 | 994371 |
|  |  | 5008051 |
| **Media - 2.3%** | **Media - 2.3%** | **Media - 2.3%** |
|  Directv Financing LLC, 8.88%, 02/01/2030 <sup>(a)</sup> | 2000000 | 1973140 |
|  Dotdash Meredith, Inc., 7.63%, 06/15/2032 <sup>(a)</sup> | 5000000 | 4853700 |
|  Getty Images, Inc., 9.75%, 03/01/2027 <sup>(a)</sup> | 4000000 | 3923239 |
| Gray Media, Inc. | Gray Media, Inc. | Gray Media, Inc. |
| &nbsp;&nbsp; 10.50%, 07/15/2029 <sup>(a)</sup> | 2000000 | 2148990 |
| &nbsp;&nbsp; 4.75%, 10/15/2030 <sup>(a)</sup> | 500000 | 374951 |
| &nbsp;&nbsp; 5.38%, 11/15/2031 <sup>(a)</sup> | 1000000 | 746134 |
| Scripps Escrow II, Inc. | Scripps Escrow II, Inc. | Scripps Escrow II, Inc. |
| &nbsp;&nbsp; 3.88%, 01/15/2029 <sup>(a)</sup> | 500000 | 435720 |
| &nbsp;&nbsp; 5.38%, 01/15/2031 <sup>(a)</sup> | 2000000 | 1386620 |
|  |  | 15842494 |
| **Total Communication Services** | **Total Communication Services** | 24558850 |
| **<u>Consumer Discretionary</u> - 1.5%** | **<u>Consumer Discretionary</u> - 1.5%** | **<u>Consumer Discretionary</u> - 1.5%** |
| **Automobile Components - 0.4%** | **Automobile Components - 0.4%** | **Automobile Components - 0.4%** |
|  Patrick Industries, Inc., 4.75%, 05/01/2029 <sup>(a)</sup> | 3000000 | 2915190 |
| **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 | 1145115 |
| **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 | 1497753 |
| **Textiles, Apparel & Luxury Goods - 0.7%** | **Textiles, Apparel & Luxury Goods - 0.7%** | **Textiles, Apparel & Luxury Goods - 0.7%** |
|  Beach Acquisition Bidco LLC, 10.00% (or 10.75% PIK), 07/15/2033 <sup>(a)</sup> | 4500000 | 4674195 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | 10232253 |
| **<u>Consumer Staples</u> - 5.1%** | **<u>Consumer Staples</u> - 5.1%** | **<u>Consumer Staples</u> - 5.1%** |
| **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 | 2469181 |
| **Food & Beverage Wholesalers - 0.7%** | **Food & Beverage Wholesalers - 0.7%** | **Food & Beverage Wholesalers - 0.7%** |
|  KeHE Distributors LLC / KeHE Finance Corp. / NextWave Distribution, Inc., 9.00%, 02/15/2029 <sup>(a)</sup> | 5000000 | 5183675 |
| **Food Products - 2.3%** | **Food Products - 2.3%** | **Food Products - 2.3%** |
| Performance Food Group, Inc. | Performance Food Group, Inc. | Performance Food Group, Inc. |
| &nbsp;&nbsp; 5.50%, 10/15/2027 <sup>(a)</sup> | 3000000 | 2996255 |
| &nbsp;&nbsp; 4.25%, 08/01/2029 <sup>(a)</sup> | 1000000 | 965195 |
|  Primo Water Holdings, Inc. / Triton Water Holdings, Inc., 4.38%, 04/30/2029 <sup>(a)</sup> | 2000000 | 1941030 |
|  TreeHouse Foods, Inc., 4.00%, 09/01/2028 | 4000000 | 3651980 |
|  Viking Baked Goods Acquisition Corp., 8.63%, 11/01/2031 <sup>(a)</sup> | 6500000 | 6374701 |
|  |  | 15929161 |
| **Household Products - 1.3%** | **Household Products - 1.3%** | **Household Products - 1.3%** |
| Kronos Acquisition Holdings, Inc. | Kronos Acquisition Holdings, Inc. | Kronos Acquisition Holdings, Inc. |
| &nbsp;&nbsp; 8.25%, 06/30/2031 <sup>(a)</sup> | 3000000 | 2727697 |
| &nbsp;&nbsp; 10.75%, 06/30/2032 <sup>(a)</sup> | 9000000 | 6551268 |
|  |  | 9278965 |
| **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 | 3127638 |
| **Total Consumer Staples** | **Total Consumer Staples** | 35988620 |
| **<u>Energy</u> - 15.1%** | **<u>Energy</u> - 15.1%** | **<u>Energy</u> - 15.1%** |
| **Energy Equipment & Services - 1.6%** | **Energy Equipment & Services - 1.6%** | **Energy Equipment & Services - 1.6%** |
|  Bristow Group, Inc., 6.88%, 03/01/2028 <sup>(a)</sup> | 2250000 | 2262528 |
|  Enerflex Ltd., 9.00%, 10/15/2027 <sup>(a)</sup> | 2700000 | 2793550 |
|  Helix Energy Solutions Group, Inc., 9.75%, 03/01/2029 <sup>(a)</sup> | 6000000 | 6346967 |
|  |  | 11403045 |
| **Oil, Gas & Consumable Fuels - 13.5%** | **Oil, Gas & Consumable Fuels - 13.5%** | **Oil, Gas & Consumable Fuels - 13.5%** |
|  Baytex Energy Corp., 8.50%, 04/30/2030 <sup>(a)</sup> | 2500000 | 2509003 |
| California Resources Corp. | California Resources Corp. | California Resources Corp. |
| &nbsp;&nbsp; 7.13%, 02/01/2026 <sup>(a)</sup> | 1990000 | 1999339 |
| &nbsp;&nbsp; 8.25%, 06/15/2029 <sup>(a)</sup> | 6000000 | 6162162 |
| Crescent Energy Finance LLC | Crescent Energy Finance LLC | Crescent Energy Finance LLC |
| &nbsp;&nbsp; 9.25%, 02/15/2028 <sup>(a)</sup> | 6250000 | 6509656 |
| &nbsp;&nbsp; 7.38%, 01/15/2033 <sup>(a)</sup> | 5000000 | 4785820 |
| 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 | 1004336 |
| &nbsp;&nbsp; 8.63%, 03/15/2029 <sup>(a)</sup> | 3000000 | 3115467 |
| &nbsp;&nbsp; 7.38%, 06/30/2033 <sup>(a)</sup> | 500000 | 498159 |
| 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 | 7504820 |
| &nbsp;&nbsp; 8.00% to 05/15/2029 then 5 yr. CMT Rate + 4.02%, 05/15/2054 | 1000000 | 1064249 |
| 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 | 6908220 |
| &nbsp;&nbsp; 8.00%, 05/15/2033 | 500000 | 523158 |
|  Martin Midstream Partners LP / Martin Midstream Finance Corp., 11.50%, 02/15/2028 <sup>(a)</sup> | 7000000 | 7381633 |
|  Moss Creek Resources Holdings, Inc., 8.25%, 09/01/2031 <sup>(a)</sup> | 10000000 | 9733952 |
|  Northern Oil & Gas, Inc., 8.13%, 03/01/2028 <sup>(a)</sup> | 9100000 | 9187005 |
|  Saturn Oil & Gas, Inc., 9.63%, 06/15/2029 <sup>(a)</sup> | 8997000 | 8941505 |
|  Summit Midstream Holdings LLC, 8.63%, 10/31/2029 <sup>(a)</sup> | 2600000 | 2656521 |
|  Sunoco LP, 6.25%, 07/01/2033 <sup>(a)</sup> | 1500000 | 1523000 |
| Talos Production, Inc. | Talos Production, Inc. | Talos Production, Inc. |
| &nbsp;&nbsp; 9.00%, 02/01/2029 <sup>(a)</sup> | 2000000 | 2048680 |
| &nbsp;&nbsp; 9.38%, 02/01/2031 <sup>(a)</sup> | 2000000 | 2043814 |
|  TransMontaigne Partners LLC, 8.50%, 06/15/2030 <sup>(a)</sup> | 6000000 | 6246690 |
|  Viper Energy, Inc., 5.38%, 11/01/2027 <sup>(a)</sup> | 1750000 | 1751923 |
|  |  | 94099112 |
| **Total Energy** | **Total Energy** | 105502157 |
| **<u>Financials</u> - 11.8%** | **<u>Financials</u> - 11.8%** | **<u>Financials</u> - 11.8%** |
| **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 | 505400 |
|  StoneX Group, Inc., 7.88%, 03/01/2031 <sup>(a)</sup> | 2000000 | 2097762 |
|  |  | 2603162 |
| **Consumer Finance - 2.5%** | **Consumer Finance - 2.5%** | **Consumer Finance - 2.5%** |
|  Credit Acceptance Corp., 9.25%, 12/15/2028 <sup>(a)</sup> | 2000000 | 2119630 |
| Encore Capital Group, Inc. | Encore Capital Group, Inc. | Encore Capital Group, Inc. |
| &nbsp;&nbsp; 9.25%, 04/01/2029 <sup>(a)</sup> | 4000000 | 4258732 |
| &nbsp;&nbsp; 8.50%, 05/15/2030 <sup>(a)</sup> | 1250000 | 1341775 |
|  EZCORP, Inc., 7.38%, 04/01/2032 <sup>(a)</sup> | 2000000 | 2107744 |
| PRA Group, Inc. | PRA Group, Inc. | PRA Group, Inc. |
| &nbsp;&nbsp; 8.38%, 02/01/2028 <sup>(a)</sup> | 1500000 | 1540312 |
| &nbsp;&nbsp; 8.88%, 01/31/2030 <sup>(a)</sup> | 5750000 | 5936559 |
|  |  | 17304752 |
| **Financial Services - 6.5%** | **Financial Services - 6.5%** | **Financial Services - 6.5%** |
| 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 | 4497770 |
| &nbsp;&nbsp; 9.25%, 07/01/2031 <sup>(a)</sup> | 7500000 | 7900943 |
|  CPI CG, Inc., 10.00%, 07/15/2029 <sup>(a)</sup> | 2000000 | 2135000 |
| Freedom Mortgage Holdings LLC | Freedom Mortgage Holdings LLC | Freedom Mortgage Holdings LLC |
| &nbsp;&nbsp; 9.25%, 02/01/2029 <sup>(a)</sup> | 5250000 | 5456981 |
| &nbsp;&nbsp; 9.13%, 05/15/2031 <sup>(a)</sup> | 3000000 | 3100407 |
| &nbsp;&nbsp; 8.38%, 04/01/2032 <sup>(a)</sup> | 6000000 | 6035268 |
|  Hightower Holding LLC, 9.13%, 01/31/2030 <sup>(a)</sup> | 4500000 | 4794468 |
|  Jefferson Capital Holdings LLC, 8.25%, 05/15/2030 <sup>(a)</sup> | 500000 | 518326 |
|  NCR Atleos Corp., 9.50%, 04/01/2029 <sup>(a)</sup> | 2500000 | 2741065 |
|  Provident Funding Associates LP / PFG Finance Corp., 9.75%, 09/15/2029 <sup>(a)</sup> | 8000000 | 8418585 |
|  |  | 45598813 |
| **Insurance - 2.4%** | **Insurance - 2.4%** | **Insurance - 2.4%** |
|  Acrisure LLC / Acrisure Finance, Inc., 8.50%, 06/15/2029 <sup>(a)</sup> | 2000000 | 2087120 |
|  Ardonagh Group Finance Ltd., 8.88%, 02/15/2032 <sup>(a)</sup> | 11000000 | 11569240 |
|  Jones Deslauriers Insurance Management, Inc., 8.50%, 03/15/2030 <sup>(a)</sup> | 3000000 | 3181974 |
|  |  | 16838334 |
| **Total Financials** | **Total Financials** | 82345061 |
| **<u>Health Care</u> - 1.6%** | **<u>Health Care</u> - 1.6%** | **<u>Health Care</u> - 1.6%** |
| **Commercial Services & Supplies - 0.1%** | **Commercial Services & Supplies - 0.1%** | **Commercial Services & Supplies - 0.1%** |
|  VT Topco, Inc., 8.50%, 08/15/2030 <sup>(a)</sup> | 500000 | 527553 |
| **Health Care Providers & Services - 0.7%** | **Health Care Providers & Services - 0.7%** | **Health Care Providers & Services - 0.7%** |
|  Prime Healthcare Services, Inc., 9.38%, 09/01/2029 <sup>(a)</sup> | 5000000 | 4928751 |
| **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 | 1138294 |
| **Pharmaceuticals - 0.6%** | **Pharmaceuticals - 0.6%** | **Pharmaceuticals - 0.6%** |
| 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 | 4156472 |
| &nbsp;&nbsp; 7.88%, 09/15/2029 | 250000 | 272963 |
|  |  | 4429435 |
| **Total Health Care** | **Total Health Care** | 11024033 |
| **<u>Industrials</u> - 11.3%** | **<u>Industrials</u> - 11.3%** | **<u>Industrials</u> - 11.3%** |
| **Aerospace & Defense - 0.8%** | **Aerospace & Defense - 0.8%** | **Aerospace & Defense - 0.8%** |
|  Phoenix Aviation Capital Ltd., 9.25%, 07/15/2030 <sup>(a)</sup> | 250000 | 259182 |
|  Spirit AeroSystems, Inc., 9.75%, 11/15/2030 <sup>(a)</sup> | 500000 | 552043 |
| TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. |
| &nbsp;&nbsp; 4.63%, 01/15/2029 | 1000000 | 981234 |
| &nbsp;&nbsp; 4.88%, 05/01/2029 | 1000000 | 983228 |
| &nbsp;&nbsp; 6.63%, 03/01/2032 <sup>(a)</sup> | 1000000 | 1036883 |
| &nbsp;&nbsp; 6.38%, 05/31/2033 <sup>(a)</sup> | 2000000 | 2009666 |
|  |  | 5822236 |
| **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 | 1061098 |
| **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 | 1279342 |
| Builders FirstSource, Inc. | Builders FirstSource, Inc. | Builders FirstSource, Inc. |
| &nbsp;&nbsp; 5.00%, 03/01/2030 <sup>(a)</sup> | 4000000 | 3929613 |
| &nbsp;&nbsp; 4.25%, 02/01/2032 <sup>(a)</sup> | 1000000 | 927176 |
|  |  | 6136131 |
| **Commercial Services & Supplies - 5.4%** | **Commercial Services & Supplies - 5.4%** | **Commercial Services & Supplies - 5.4%** |
|  CoreCivic, Inc., 8.25%, 04/15/2029 | 4000000 | 4243164 |
| Deluxe Corp. | Deluxe Corp. | Deluxe Corp. |
| &nbsp;&nbsp; 8.00%, 06/01/2029 <sup>(a)</sup> | 2500000 | 2410060 |
| &nbsp;&nbsp; 8.13%, 09/15/2029 <sup>(a)</sup> | 1000000 | 1033075 |
| GEO Group, Inc. | GEO Group, Inc. | GEO Group, Inc. |
| &nbsp;&nbsp; 8.63%, 04/15/2029 | 4000000 | 4237420 |
| &nbsp;&nbsp; 10.25%, 04/15/2031 | 8000000 | 8779624 |
|  OT Midco, Inc., 10.00%, 02/15/2030 <sup>(a)</sup> | 8000000 | 6202310 |
|  RR Donnelley & Sons Co., 9.50%, 08/01/2029 <sup>(a)</sup> | 7000000 | 7017605 |
|  TKC Holdings, Inc., 10.50%, 05/15/2029 <sup>(a)</sup> | 4000000 | 4113592 |
|  |  | 38036850 |
| **Construction & Engineering - 0.6%** | **Construction & Engineering - 0.6%** | **Construction & Engineering - 0.6%** |
|  MasTec, Inc., 6.63%, 08/15/2029 <sup>(a)</sup> | 3000000 | 3016184 |
|  Pike Corp., 8.63%, 01/31/2031 <sup>(a)</sup> | 1000000 | 1088829 |
|  |  | 4105013 |
| **Ground Transportation - 0.7%** | **Ground Transportation - 0.7%** | **Ground Transportation - 0.7%** |
| 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 | 4178420 |
| &nbsp;&nbsp; 8.38%, 06/15/2032 <sup>(a)</sup> | 1000000 | 1047137 |
|  |  | 5225557 |
| **Passenger Airlines - 2.3%** | **Passenger Airlines - 2.3%** | **Passenger Airlines - 2.3%** |
|  Grupo Aeromexico SAB de CV, 8.63%, 11/15/2031 <sup>(a)</sup> | 11000000 | 10556700 |
|  OneSky Flight LLC, 8.88%, 12/15/2029 <sup>(a)</sup> | 5250000 | 5471267 |
|  |  | 16027967 |
| **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 | 2889833 |
| **Total Industrials** | **Total Industrials** | 79304685 |
| **<u>Information Technology</u> - 2.2%** | **<u>Information Technology</u> - 2.2%** | **<u>Information Technology</u> - 2.2%** |
| **Communications Equipment - 0.3%** | **Communications Equipment - 0.3%** | **Communications Equipment - 0.3%** |
|  VM Consolidated, Inc., 5.50%, 04/15/2029 <sup>(a)</sup> | 2000000 | 1964006 |
| **Software - 1.4%** | **Software - 1.4%** | **Software - 1.4%** |
|  Consensus Cloud Solutions, Inc., 6.00%, 10/15/2026 <sup>(a)</sup> | 7500000 | 7467188 |
|  Dye & Durham Ltd., 8.63%, 04/15/2029 <sup>(a)</sup> | 2100000 | 2199857 |
|  |  | 9667045 |
| **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 | 1922054 |
| &nbsp;&nbsp; 8.00%, 03/15/2033 <sup>(a)</sup> | 1500000 | 1572818 |
|  |  | 3494872 |
| **Total Information Technology** | **Total Information Technology** | 15125923 |
| **<u>Materials</u> - 1.6%** | **<u>Materials</u> - 1.6%** | **<u>Materials</u> - 1.6%** |
| **Chemicals - 1.2%** | **Chemicals - 1.2%** | **Chemicals - 1.2%** |
|  Cerdia Finanz GmbH, 9.38%, 10/03/2031 <sup>(a)</sup> | 6000000 | 6243898 |
|  Chemours Co., 5.75%, 11/15/2028 <sup>(a)</sup> | 2000000 | 1872122 |
|  |  | 8116020 |
| **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 | 1026071 |
|  Trivium Packaging Finance BV, 8.25%, 07/15/2030 <sup>(a)</sup> | 1000000 | 1058232 |
|  |  | 2084303 |
| **Metals & Mining - 0.1%** | **Metals & Mining - 0.1%** | **Metals & Mining - 0.1%** |
|  Alliance Resource Operating Partners LP / Alliance Resource Finance Corp., 8.63%, 06/15/2029 <sup>(a)</sup> | 1000000 | 1063274 |
| **Total Materials** | **Total Materials** | 11263597 |
| **<u>Real Estate</u> - 4.5%** | **<u>Real Estate</u> - 4.5%** | **<u>Real Estate</u> - 4.5%** |
| **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 | 3222639 |
| **Industrial REITs - 1.4%** | **Industrial REITs - 1.4%** | **Industrial REITs - 1.4%** |
|  Anywhere Real Estate Group LLC / Realogy Co.-Issuer Corp., 9.75%, 04/15/2030 <sup>(a)</sup> | 3500000 | 3555578 |
|  IIP Operating Partnership LP, 5.50%, 05/25/2026 | 6250000 | 6080837 |
|  |  | 9636415 |
| **Specialized REITs - 2.6%** | **Specialized REITs - 2.6%** | **Specialized REITs - 2.6%** |
| 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 | 956985 |
| &nbsp;&nbsp; 4.63%, 03/15/2030 <sup>(a)</sup> | 1000000 | 955818 |
| Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC | Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC | Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC |
| &nbsp;&nbsp; 10.50%, 02/15/2028 <sup>(a)</sup> | 11770000 | 12494090 |
| &nbsp;&nbsp; 8.63%, 06/15/2032 <sup>(a)</sup> | 4000000 | 4046459 |
|  |  | 18453352 |
| **Total Real Estate** | **Total Real Estate** | 31312406 |
| **<u>Utilities</u> - 0.5%** | **<u>Utilities</u> - 0.5%** | **<u>Utilities</u> - 0.5%** |
| **Independent Power & Renewable Elec Producers - 0.5%** | **Independent Power & Renewable Elec Producers - 0.5%** | **Independent Power & Renewable Elec Producers - 0.5%** |
|  Vistra Corp., 7.00% to 12/15/2026 then 5 yr. CMT Rate + 5.74%, Perpetual <sup>(a)</sup> | 3500000 | 3544373 |
| **TOTAL CORPORATE BONDS** (Cost $407,058,662) | **TOTAL CORPORATE BONDS** (Cost $407,058,662) | 410201958 |
| **BANK LOANS - 31.2%** | **Par** | **Value** |
| **<u>Communication Services</u> - 3.6%** | **<u>Communication Services</u> - 3.6%** | **<u>Communication Services</u> - 3.6%** |
| **Entertainment - 0.4%** | **Entertainment - 0.4%** | **Entertainment - 0.4%** |
|  Pretzel Parent T/L B (TAIT), First Lien, 8.83%, 08/14/2031 | 2992500 | 2975293 |
| **Media - 3.2%** | **Media - 3.2%** | **Media - 3.2%** |
|  Directv Financing LLC, First Lien, 9.80% (3 mo. Term SOFR + 5.25%), 08/02/2029 | 7413100 | 7369289 |
|  Summer BC Holdco B SARL, First Lien, 9.56% (3 mo. Term SOFR + 5.00%), 02/21/2029 | 5984887 | 6022292 |
|  Townsquare Media, Inc., First Lien, 9.32% (3 mo. Term SOFR + 5.00%), 02/19/2030 | 9937500 | 8993438 |
|  |  | 22385019 |
| **Total Communication Services** | **Total Communication Services** | 25360312 |
| **<u>Consumer Discretionary</u> - 3.5%** | **<u>Consumer Discretionary</u> - 3.5%** | **<u>Consumer Discretionary</u> - 3.5%** |
| **Automobile Components - 1.2%** | **Automobile Components - 1.2%** | **Automobile Components - 1.2%** |
|  First Brands Group LLC, First Lien, 9.54% (3 mo. Term SOFR + 5.00%), 03/30/2027 | 8844893 | 8371337 |
| **Hotels, Restaurants & Leisure - 0.8%** | **Hotels, Restaurants & Leisure - 0.8%** | **Hotels, Restaurants & Leisure - 0.8%** |
|  Dave & Buster's, Inc., First Lien, 7.56% (3 mo. Term SOFR + 3.25%), 06/29/2029 | 1817815 | 1766362 |
|  Flynn Restaurant Group LP, First Lien, 8.08% (1 mo. Term SOFR + 3.75%), 01/28/2032 | 3990000 | 3990000 |
|  |  | 5756362 |
| **Household Durables - 0.3%** | **Household Durables - 0.3%** | **Household Durables - 0.3%** |
|  AI Aqua Merger Sub, Inc., First Lien, 7.32% (1 mo. Term SOFR + 3.00%), 07/31/2028 | 1985000 | 1984425 |
| **Specialty Retail - 1.2%** | **Specialty Retail - 1.2%** | **Specialty Retail - 1.2%** |
|  Victra Holdings LLC, First Lien, 8.55% (3 mo. Term SOFR + 4.25%), 03/29/2029 | 8165625 | 8178404 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | 24290528 |
| **<u>Consumer Staples</u> - 1.8%** | **<u>Consumer Staples</u> - 1.8%** | **<u>Consumer Staples</u> - 1.8%** |
| **Household Products - 0.6%** | **Household Products - 0.6%** | **Household Products - 0.6%** |
|  Kronos Acquisition Holdings, Inc., First Lien, 8.30% (3 mo. Term SOFR + 4.00%), 07/08/2031 | 4962500 | 4461288 |
| **Personal Care Products - 1.2%** | **Personal Care Products - 1.2%** | **Personal Care Products - 1.2%** |
|  KDC/ONE Development Corp., Inc., 8.33% (1 mo. Term SOFR + 4.00%), 08/15/2028 | 7982500 | 8000620 |
| **Total Consumer Staples** | **Total Consumer Staples** | 12461908 |
| **<u>Financials</u> - 4.4%** | **<u>Financials</u> - 4.4%** | **<u>Financials</u> - 4.4%** |
| **Financial Services - 3.0%** | **Financial Services - 3.0%** | **Financial Services - 3.0%** |
|  Blackhawk Network Holdings, Inc., First Lien, 8.33% (1 mo. Term SOFR + 4.00%), 03/12/2029 | 3482500 | 3505624 |
|  FNZ USA FinCo LLC, First Lien, 9.26% (3 mo. Term SOFR + 5.00%), 11/05/2031 | 5985000 | 4967550 |
|  NCR Atleos Corp., 8.05% (3 mo. Term SOFR + 3.75%), 04/16/2029 | 1725843 | 1740728 |
|  Nexus Buyer LLC, First Lien, 7.82% (1 mo. Term SOFR + 3.50%), 07/31/2031 | 10709312 | 10752577 |
|  |  | 20966479 |
| **Insurance - 1.4%** | **Insurance - 1.4%** | **Insurance - 1.4%** |
|  Acrisure LLC, First Lien, 7.32% (1 mo. Term SOFR + 3.00%), 11/06/2030 | 3970050 | 3965385 |
|  Jones Deslauriers Insurance Management, Inc., First Lien, 7.07% (3 mo. Term SOFR + 2.75%), 03/15/2030 | 3465109 | 3456447 |
|  TIH Insurance Holdings LLC, Second Lien, 9.08% (3 mo. Term SOFR + 4.75%), 05/06/2032 | 2105263 | 2133779 |
|  |  | 9555611 |
| **Total Financials** | **Total Financials** | 30522090 |
| **<u>Health Care</u> - 7.9%** | **<u>Health Care</u> - 7.9%** | **<u>Health Care</u> - 7.9%** |
| **Biotechnology - 1.9%** | **Biotechnology - 1.9%** | **Biotechnology - 1.9%** |
|  Endo Finance Holdings, Inc., First Lien, 8.33% (1 mo. Term SOFR + 4.00%), 04/23/2031 | 9925000 | 9931203 |
|  Star Parent, Inc., First Lien, 8.30% (3 mo. Term SOFR + 3.75%), 09/30/2030 | 2962500 | 2937348 |
|  |  | 12868551 |
| **Health Care Equipment & Supplies - 1.3%** | **Health Care Equipment & Supplies - 1.3%** | **Health Care Equipment & Supplies - 1.3%** |
|  Bausch + Lomb Corp., First Lien, 8.33% (1 mo. Term SOFR + 4.00%), 09/29/2028 | 4421250 | 4430469 |
|  Embecta Corp., 7.33% (1 mo. Term SOFR + 3.00%), 04/02/2029 | 4924287 | 4908898 |
|  |  | 9339367 |
| **Pharmaceuticals - 4.7%** | **Pharmaceuticals - 4.7%** | **Pharmaceuticals - 4.7%** |
|  Amneal Pharmaceuticals LLC, 9.83% (1 mo. Term SOFR + 5.50%), 05/04/2028 | 28598910 | 29135139 |
|  LSCS Holdings, Inc., First Lien, 8.80% (3 mo. Term SOFR + 4.50%), 03/04/2032 | 3990000 | 3922669 |
|  |  | 33057808 |
| **Total Health Care** | **Total Health Care** | 55265726 |
| **<u>Industrials</u> - 5.1%** | **<u>Industrials</u> - 5.1%** | **<u>Industrials</u> - 5.1%** |
| **Aerospace & Defense - 0.7%** | **Aerospace & Defense - 0.7%** | **Aerospace & Defense - 0.7%** |
|  Karman Holdings, Inc., First Lien, 7.80% (3 mo. Term SOFR + 3.50%), 04/01/2032 | 3000000 | 3011250 |
|  TransDigm, Inc., First Lien, 7.05% (3 mo. Term SOFR + 2.75%), 03/22/2030 | 1854134 | 1862904 |
|  |  | 4874154 |
| **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 | 7265625 | 7083984 |
| **Commercial Services & Supplies - 2.4%** | **Commercial Services & Supplies - 2.4%** | **Commercial Services & Supplies - 2.4%** |
|  Emerald X, Inc., First Lien, 8.08% (1 mo. Term SOFR + 3.75%), 01/30/2032 | 5500000 | 5539545 |
|  GEO Group, Inc., 9.58% (1 mo. Term SOFR + 5.25%), 04/13/2029 | 3298517 | 3315521 |
|  Gloves Buyer, Inc., First Lien, 8.32% (1 mo. Term SOFR + 4.00%), 05/24/2032 | 8000000 | 7860000 |
|  |  | 16715066 |
| **Machinery - 0.3%** | **Machinery - 0.3%** | **Machinery - 0.3%** |
|  Chart Industries, Inc., First Lien, 6.79% (3 mo. Term SOFR + 2.50%), 03/18/2030 | 2562356 | 2573566 |
| **Trading Companies & Distributors - 0.7%** | **Trading Companies & Distributors - 0.7%** | **Trading Companies & Distributors - 0.7%** |
|  Foundation Building Materials, Inc., 8.32% (3 mo. Term SOFR + 4.00%), 01/29/2031 | 4949875 | 4859713 |
| **Total Industrials** | **Total Industrials** | 36106483 |
| **<u>Information Technology</u> - 1.7%** | **<u>Information Technology</u> - 1.7%** | **<u>Information Technology</u> - 1.7%** |
| **Application Software - 0.4%** | **Application Software - 0.4%** | **Application Software - 0.4%** |
|  Dye & Durham Corp., 8.65% (3 mo. Term SOFR + 4.25%), 04/14/2031 | 2801197 | 2828159 |
| **IT Services - 0.1%** | **IT Services - 0.1%** | **IT Services - 0.1%** |
|  Prometric Holdings, Inc., 8.32% (1 mo. Term SOFR + 3.75%), 06/25/2032 | 1000000 | 1001565 |
| **Software - 1.2%** | **Software - 1.2%** | **Software - 1.2%** |
|  DTI Holdco, Inc., First Lien, 8.33% (1 mo. Term SOFR + 4.00%), 04/26/2029 | 6982500 | 6912046 |
|  Inmar T/L B (06/25), 8.82%, 10/30/2031 | 1242513 | 1254422 |
|  |  | 8166468 |
| **Total Information Technology** | **Total Information Technology** | 11996192 |
| **<u>Materials</u> - 3.2%** | **<u>Materials</u> - 3.2%** | **<u>Materials</u> - 3.2%** |
| **Chemicals - 0.9%** | **Chemicals - 0.9%** | **Chemicals - 0.9%** |
|  M2S Group Intermediate Holdings, Inc., First Lien, 9.03% (3 mo. Term SOFR + 4.75%), 08/27/2031 | 6678161 | 6481990 |
| **Paper & Forest Products - 2.3%** | **Paper & Forest Products - 2.3%** | **Paper & Forest Products - 2.3%** |
|  Verde Operating Company, First Lien, 8.30% (3 mo. Term SOFR + 4.00%), 11/29/2030 | 15949799 | 16025561 |
| **Total Materials** | **Total Materials** | 22507551 |
| **TOTAL BANK LOANS** (Cost $219,515,700) | **TOTAL BANK LOANS** (Cost $219,515,700) | 218510790 |
| **CONVERTIBLE PREFERRED STOCKS - 2.3%** | **Shares** | **Value**  |
| **<u>Financials</u> - 0.5%** | **<u>Financials</u> - 0.5%** |  |
| **Financial Services - 0.5%** |  |  |
|  Shift4 Payments, Inc., 6.00%, 05/01/2028 | 30000 | 3456000 |
| **<u>Industrials</u> - 1.1%** | **<u>Industrials</u> - 1.1%** |  |
| **Aerospace & Defense - 0.9%** |  |  |
|  Boeing Co., 6.00%, 10/15/2027 | 90000 | 6120000 |
| **Trading Companies & Distributors - 0.2%** |  |  |
|  QXO, Inc., 5.50%, 05/15/2028 | 30000 | 1859700 |
| **Total Industrials** |  | 7979700  |
| **<u>Utilities</u> - 0.7%** | **<u>Utilities</u> - 0.7%** |  |
| **Electric Utilities - 0.7%** |  |  |
|  PG&E Corp., Series A, 6.00%, 12/01/2027 | 120000 | 4512000 |
| **TOTAL CONVERTIBLE PREFERRED STOCKS** (Cost $14,748,482) | **TOTAL CONVERTIBLE PREFERRED STOCKS** (Cost $14,748,482) | 15947700 |
| **CONVERTIBLE BONDS - 1.4%** | **Par** | **Value** |
| **<u>Consumer Discretionary</u> - 0.9%** | **<u>Consumer Discretionary</u> - 0.9%** | **<u>Consumer Discretionary</u> - 0.9%** |
| **Automobile Components - 0.3%** | **Automobile Components - 0.3%** | **Automobile Components - 0.3%** |
|  Patrick Industries, Inc., 1.75%, 12/01/2028 | 1250000 | 1857969 |
| **Diversified Consumer Services - 0.6%** | **Diversified Consumer Services - 0.6%** | **Diversified Consumer Services - 0.6%** |
|  Stride, Inc., 1.13%, 09/01/2027 | 1600000 | 4455200 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | 6313169 |
| **<u>Health Care</u> - 0.3%** | **<u>Health Care</u> - 0.3%** | **<u>Health Care</u> - 0.3%** |
| **Biotechnology - 0.3%** | **Biotechnology - 0.3%** | **Biotechnology - 0.3%** |
|  Mirum Pharmaceuticals, Inc., 4.00%, 05/01/2029 | 1300000 | 2308475 |
| **<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 | 1193537 |
| **TOTAL CONVERTIBLE BONDS** (Cost $5,555,173) | **TOTAL CONVERTIBLE BONDS** (Cost $5,555,173) | 9815181 |
| **SHORT-TERM INVESTMENTS - 5.6%** | **Shares** | **Value**  |
| **Money Market Funds - 5.6%** |  |  |
| Fidelity Money Market Government Portfolio - Class I, 4.23% <sup>(b)</sup> | 39164994 | 39164994 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $39,164,994) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $39,164,994) | 39164994 |
| **TOTAL INVESTMENTS - 99.2% (**Cost $686,043,011**)** | **TOTAL INVESTMENTS - 99.2% (**Cost $686,043,011**)** | 693640623 |
| Other Assets in Excess of Liabilities - 0.8% | Other Assets in Excess of Liabilities - 0.8% | 5342405 |
| **TOTAL NET ASSETS - 100.0%** |  | $698983028 |
| two | two | –% |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | –% |
| The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. | The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. | The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. |

---

---

| |
|:---|
| 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 June 30, 2025, the value of these securities total $360,814,589 or 51.6% of the Fund's net assets.

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

------

#### <br>

#### Summary of Fair Value Disclosure as of June 30, 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 June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| **Assets:** | | | | |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds | $– | $410201958 | $– | $410201958 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Bank Loans | – | 218510790 | – | 218510790 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Convertible Preferred Stocks | 15947700 | – | – | 15947700 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Convertible Bonds | – | 9815181 | – | 9815181 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 39164994 | – | – | 39164994 |
| Total Investments | $55112694 | $638527929 | $– | $693640623 |
| 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:** 2025-06-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $705479833.23

**Total Liabilities:** $6747274.77

**Net Assets:** $698732558.46

**Delayed Delivery Securities:** $4827500.00

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 524.173492000000 | **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:** 97553.819285000000 | **1-Year:** 56205.999562000000 | **5-Year:** 17814.213764000000 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000064612 | -0.58%               | 1.86%                | 1.33%                |
| Class ID C000214592 | -0.57%               | 1.87%                | 1.33%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1722854.47             | $-6603243.60                               |
| Month 2  | $-653485.21              | $8950515.80                                |
| Month 3  | $-112263.95              | $5302660.46                                |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| BOEING CO/THE                 | Boeing Co/The                                                            | CUSIP: 097023204<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | EP               | CORP              | US        |     90000 | NS      | $6120000.00   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| CERDIA FINANZ GMBH            | Cerdia Finanz GmbH                                                       | CUSIP: 15679GAC6<br>LEI: 391200KURNDJSX9GX570 | Long             | DBT              | CORP              | DE        |   6000000 | PA      | $6243897.60   | 0.89%             | 2031-10-03      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| CONSOLIDATED COMMUNICATI      | Consolidated Communications Inc                                          | CUSIP: 20903XAF0<br>LEI: 549300WW675Y48HDVX34 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2040104.88   | 0.29%             | 2028-10-01      | Fixed         | 6.50%                 | 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      | $3115467.00   | 0.45%             | 2029-03-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| ENCORE CAPITAL GROUP INC      | Encore Capital Group Inc                                                 | CUSIP: 292554AR3<br>LEI: 5493000UVC6H49CIH830 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1341775.00   | 0.19%             | 2030-05-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| CRESCENT ENERGY FINANCE       | Crescent Energy Finance LLC                                              | CUSIP: 45344LAC7<br>LEI: 54930061FUL6DBLFUW14 | Long             | DBT              | CORP              | US        |   6250000 | PA      | $6509656.25   | 0.93%             | 2028-02-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| BLACKHAWK NETWORK HOLD        | Blackhawk Network Holdings Inc                                           | CUSIP: 09238FAM3<br>LEI: 549300LFU3K8UIR03132 | Long             | LON              | CORP              | US        |   3491250 | PA      | $3514431.90   | 0.50%             | 2029-03-12      | Floating      | 8.33%                 | No            |                  2 | On Loan: No      |
| VISTRA CORP                   | Vistra Corp                                                              | CUSIP: 92840MAC6<br>LEI: 549300KP43CPCUJOOG15 | Long             | EP               | CORP              | US        |   3500000 | PA      | $3544373.00   | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| VICTRA HOLDINGS LLC           | Victra Holdings LLC                                                      | CUSIP: 50226BAM0<br>LEI: 549300KWDYQKQSF0MQ18 | Long             | LON              | CORP              | US        |   8270312 | PA      | $8283255.54   | 1.19%             | 2029-03-29      | Floating      | 8.55%                 | No            |                  2 | On Loan: No      |
| UNITI GROUP/CSL CAPITAL       | Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC          | CUSIP: 91327TAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  11770000 | PA      | $12494090.40  | 1.79%             | 2028-02-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| VIPER ENERGY INC              | Viper Energy Inc                                                         | CUSIP: 92763MAA3<br>LEI: 5299009LINL232255G03 | Long             | DBT              | CORP              | US        |   1750000 | PA      | $1751923.25   | 0.25%             | 2027-11-01      | 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      | $374951.44    | 0.05%             | 2030-10-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| MASTEC INC                    | MasTec Inc                                                               | CUSIP: 576323AQ2<br>LEI: 549300TMDIT8WREDOF45 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3016184.40   | 0.43%             | 2029-08-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| MIRUM PHARMACEUTICALS         | Mirum Pharmaceuticals Inc                                                | CUSIP: 604749AB7<br>LEI: 254900YZKR40F7F27K81 | Long             | DBT              | CORP              | US        |   1300000 | PA      | $2308475.00   | 0.33%             | 2029-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PERFORMANCE FOOD GROUP I      | Performance Food Group Inc                                               | CUSIP: 71376LAE0<br>LEI: 549300OMUOGBYK0FFO76 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $965194.80    | 0.14%             | 2029-08-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| INMAR INC                     | Inmar Inc                                                                | CUSIP: 45763FAT5<br>LEI: 549300N1ML5MXXFIDZ25 | Long             | LON              | CORP              | US        |    995000 | PA      | $1004537.08   | 0.14%             | 2031-10-30      | Floating      | 9.33%                 | 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        |   3000000 | PA      | $2982750.00   | 0.43%             | 2031-08-14      | Floating      | 8.83%                 | No            |                  2 | On Loan: No      |
| PRA GROUP INC                 | PRA Group Inc                                                            | CUSIP: 69354NAE6<br>LEI: 549300Q5HW3JSSB86K27 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1540312.50   | 0.22%             | 2028-02-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| PHOENIX AVIATION CAPITAL      | Phoenix Aviation Capital Ltd                                             | CUSIP: 71910DAA9<br>LEI: 8945008YQAKXZQ3VYJ15 | Long             | DBT              | CORP              | IE        |    250000 | PA      | $259182.24    | 0.04%             | 2030-07-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| SERVICE PROPERTIES TRUST      | Service Properties Trust                                                 | CUSIP: 81761LAC6<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3222639.00   | 0.46%             | 2031-11-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| ADVANCED DRAINAGE SYSTEM      | Advanced Drainage Systems Inc                                            | CUSIP: 00790RAB0<br>LEI: 6QQTOZ5MF5DHM7K92I60 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1279342.50   | 0.18%             | 2030-06-15      | Fixed         | 6.38%                 | 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      | $4497770.25   | 0.64%             | 2030-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| JONES DESLAURIERS INSURA      | Jones Deslauriers Insurance Management Inc                               | CUSIP: 48020RAB1<br>LEI: 549300JQIWNFU00E5424 | Long             | DBT              | CORP              | CA        |   3000000 | PA      | $3181974.00   | 0.46%             | 2030-03-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| KRONOS ACQUISITION HOLDI      | Kronos Acquisition Holdings Inc                                          | CUSIP: 50106GAJ1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   9000000 | PA      | $6551267.40   | 0.94%             | 2032-06-30      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| NCR ATLEOS LLC                | NCR Atleos Corp                                                          | CUSIP: 638962AA8<br>LEI: 9845005FC3S0VA714741 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2741065.00   | 0.39%             | 2029-04-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| PRA GROUP INC                 | PRA Group Inc                                                            | CUSIP: 69354NAF3<br>LEI: 549300Q5HW3JSSB86K27 | Long             | DBT              | CORP              | US        |   5750000 | PA      | $5936558.75   | 0.85%             | 2030-01-31      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| GLOVES BUYER INC              | Gloves Buyer Inc                                                         | CUSIP: 37987UAG7<br>LEI: 54930015O0Y94T5H8Z18 | Long             | LON              | CORP              | US        |   8000000 | PA      | $7860000.00   | 1.12%             | 2032-05-24      | Floating      | 8.32%                 | 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      | $2087120.00   | 0.30%             | 2029-06-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| BLUELINX HOLDING              | BlueLinx Holdings Inc                                                    | CUSIP: 09624HAA7<br>LEI: 549300YSX7GU28F5I540 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2889832.80   | 0.41%             | 2029-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CPI CG INC                    | CPI CG Inc                                                               | CUSIP: 12598FAC3<br>LEI: 254900H3R50WH1B1LB48 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2135000.00   | 0.31%             | 2029-07-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| CARS.COM INC                  | Cars.com Inc                                                             | CUSIP: 14575EAA3<br>LEI: 5493002G6J07LNGX4M98 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4013680.00   | 0.57%             | 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      | $4243164.00   | 0.61%             | 2029-04-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| PRIME HEALTHCARE SERVICE      | Prime Healthcare Services Inc                                            | CUSIP: 74165HAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4928751.20   | 0.71%             | 2029-09-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| QXO INC                       | QXO Inc                                                                  | CUSIP: 82846H504<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     30000 | NS      | $1859700.00   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| STRIDE INC                    | Stride Inc                                                               | CUSIP: 86333MAA6<br>LEI: 254900BRWS3AFONWU277 | Long             | DBT              | CORP              | US        |   1600000 | PA      | $4455200.00   | 0.64%             | 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      | $2009666.00   | 0.29%             | 2033-05-31      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA RESOURCES CRP      | California Resources Corp                                                | CUSIP: 13057QAH0<br>LEI: 5493003Q8F0T4F4YMR48 | Long             | DBT              | CORP              | US        |   1990000 | PA      | $1999339.07   | 0.29%             | 2026-02-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| CHEMOURS CO                   | Chemours Co/The                                                          | CUSIP: 163851AF5<br>LEI: 549300M1BOLNXL8DOV14 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1872122.60   | 0.27%             | 2028-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP            | Energy Transfer LP                                                       | CUSIP: 29273VAM2<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | EP               | CORP              | US        |   7350000 | PA      | $7504820.40   | 1.07%             |  |  |  | No            |                  2 | On Loan: No      |
| FREEDOM MORTGAGE HOLD         | Freedom Mortgage Holdings LLC                                            | CUSIP: 35641AAA6<br>LEI: 254900ROJ91RGM43S156 | Long             | DBT              | CORP              | US        |   5250000 | PA      | $5456981.25   | 0.78%             | 2029-02-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CAPITAL HOLDIN      | Jefferson Capital Holdings LLC                                           | CUSIP: 472481AC4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $518326.21    | 0.07%             | 2030-05-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| FIRST BRANDS GROUP LLC        | First Brands Group LLC                                                   | CUSIP: 31935HAG2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   8867572 | PA      | $8392802.38   | 1.20%             | 2027-03-30      | Floating      | 9.54%                 | 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      | $2133778.95   | 0.31%             | 2032-05-06      | Floating      | 9.08%                 | No            |                  2 | On Loan: No      |
| GEO GROUP INC/THE             | GEO Group Inc/The                                                        | CUSIP: 36170EAC1<br>LEI: 54930024XOXET7NQVZ63 | Long             | LON              | CORP              | US        |   3298517 | PA      | $3315521.06   | 0.47%             | 2029-04-13      | Floating      | 9.58%                 | No            |                  2 | On Loan: No      |
| ENDO FINANCE HOLDINGS         | Endo Finance Holdings Inc                                                | CUSIP: 29280UAD5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   9950000 | PA      | $9956218.75   | 1.42%             | 2031-04-23      | Floating      | 8.33%                 | No            |                  2 | On Loan: No      |
| KDC/ONE DEVELOPMENT CORP      | KDC/ONE Development Corp Inc                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | CA        |   7982500 | PA      | $8000620.28   | 1.15%             | 2028-08-15      | Floating      | 8.33%                 | No            |                  2 | On Loan: No      |
| JONES DESLAURIERS INSURA      | Jones Deslauriers Insurance Management Inc                               | CUSIP: C4900AAM9<br>LEI: 549300JQIWNFU00E5424 | Long             | LON              | CORP              | CA        |   3465109 | PA      | $3456446.50   | 0.49%             | 2030-03-15      | Floating      | 7.07%                 | No            |                  2 | On Loan: No      |
| DTI HOLDCO INC                | DTI Holdco Inc                                                           | CUSIP: 23358EAK5<br>LEI: 549300QQVMUL3P8XVJ27 | Long             | LON              | CORP              | US        |   7000000 | PA      | $6929370.00   | 0.99%             | 2029-04-26      | Floating      | 8.33%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA RESOURCES CRP      | California Resources Corp                                                | CUSIP: 13057QAK3<br>LEI: 5493003Q8F0T4F4YMR48 | Long             | DBT              | CORP              | US        |   6000000 | PA      | $6162162.00   | 0.88%             | 2029-06-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP            | Energy Transfer LP                                                       | CUSIP: 29273VAX8<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1064249.00   | 0.15%             | 2054-05-15      | Variable      | 8.00%                 | No            |                  2 | On Loan: No      |
| GRAY MEDIA INC                | Gray Media Inc                                                           | CUSIP: 389286AA3<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $746133.90    | 0.11%             | 2031-11-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| MCGRAW-HILL EDUCATION         | McGraw-Hill Education Inc                                                | CUSIP: 58064LAA2<br>LEI: 254900U6YJ9QZ4IQOR26 | Long             | DBT              | CORP              | US        |   1100000 | PA      | $1145115.40   | 0.16%             | 2031-09-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| OT MIDCO INC                  | OT Midco Inc                                                             | CUSIP: 68877AAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   8000000 | PA      | $6202310.40   | 0.89%             | 2030-02-15      | Fixed         | 10.00%                | 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      | $956985.10    | 0.14%             | 2029-01-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| TRANSMONTAIGNE PARTNERS       | TransMontaigne Partners LLC                                              | CUSIP: 89377AAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6000000 | PA      | $6246690.00   | 0.89%             | 2030-06-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| VM CONSOLIDATED INC           | VM Consolidated Inc                                                      | CUSIP: 91835HAA0<br>LEI: 549300GCTGJLEBXJUK89 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1964005.90   | 0.28%             | 2029-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| VT TOPCO INC                  | VT Topco Inc                                                             | CUSIP: 91838PAA9<br>LEI: 5493007T812R37X02Y38 | Long             | DBT              | CORP              | US        |    500000 | PA      | $527553.00    | 0.08%             | 2030-08-15      | Fixed         | 8.50%                 | 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      | $6374701.19   | 0.91%             | 2031-11-01      | Fixed         | 8.62%                 | 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        |   6000000 | PA      | $6037500.00   | 0.86%             | 2029-02-21      | Floating      | 9.56%                 | No            |                  2 | On Loan: No      |
| KRONOS ACQUISITION HOLDI      | Kronos Acquisition Holdings Inc                                          | CUSIP: 50106JAH9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   4975000 | PA      | $4472525.00   | 0.64%             | 2031-07-08      | Floating      | 8.30%                 | No            |                  2 | On Loan: No      |
| NCR ATLEOS CORP               | NCR Atleos Corp                                                          | CUSIP: 63001PAF8<br>LEI: 9845005FC3S0VA714741 | Long             | LON              | CORP              | US        |   1725843 | PA      | $1740728.09   | 0.25%             | 2029-04-16      | Floating      | 8.05%                 | No            |                  2 | On Loan: No      |
| AI AQUA MERGER SUB INC        | AI Aqua Merger Sub Inc                                                   | CUSIP: 00132UAP9<br>LEI: 5493005QMH1D47U26R45 | Long             | LON              | CORP              | US        |   1989975 | PA      | $1989398.32   | 0.28%             | 2028-07-31      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| EQUIPMENTSHARE.COM INC        | EquipmentShare.com Inc                                                   | CUSIP: 29450YAB5<br>LEI: 254900PWJK48CGPKPI80 | Long             | DBT              | CORP              | US        |   1800000 | PA      | $1922054.40   | 0.28%             | 2032-05-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| FREEDOM MORTGAGE HOLD         | Freedom Mortgage Holdings LLC                                            | CUSIP: 35641AAB4<br>LEI: 254900ROJ91RGM43S156 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3100407.00   | 0.44%             | 2031-05-15      | Fixed         | 9.12%                 | No            |                  2 | On Loan: No      |
| GEO GROUP INC/THE             | GEO Group Inc/The                                                        | CUSIP: 36162JAG1<br>LEI: 54930024XOXET7NQVZ63 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4237419.84   | 0.61%             | 2029-04-15      | Fixed         | 8.62%                 | 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      | $994370.40    | 0.14%             | 2027-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEXUS BUYER LLC               | Nexus Buyer LLC                                                          | CUSIP: 65343UAH5<br>LEI: 254900PILSANV8WOOF24 | Long             | LON              | CORP              | US        |  10736152 | PA      | $10779526.39  | 1.54%             | 2031-07-31      | Floating      | 7.82%                 | No            |                  2 | On Loan: No      |
| KARMAN HOLDINGS INC           | Karman Holdings Inc                                                      | CUSIP: 48571CAC5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   3000000 | PA      | $3011250.00   | 0.43%             | 2032-04-01      | Floating      | 7.80%                 | No            |                  2 | On Loan: No      |
| SATURN OIL & GAS INC          | Saturn Oil & Gas Inc                                                     | CUSIP: 80412LAA5<br>LEI: 549300G6BWJ7K6PIIY73 | Long             | DBT              | CORP              | CA        |   8997000 | PA      | $8941504.79   | 1.28%             | 2029-06-15      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| TALOS PRODUCTION INC          | Talos Production Inc                                                     | CUSIP: 87485LAD6<br>LEI: 549300GZ2DZZE2Y8TX15 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2048680.00   | 0.29%             | 2029-02-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| ARDONAGH GROUP FINANCE        | Ardonagh Group Finance Ltd                                               | CUSIP: 039956AA5<br>LEI: 254900SRT1BTAJ76NW62 | Long             | DBT              | CORP              | JE        |  11000000 | PA      | $11569239.99  | 1.66%             | 2032-02-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| BAYTEX ENERGY CORP            | Baytex Energy Corp                                                       | CUSIP: 07317QAJ4<br>LEI: 549300R5LTV2H7I1I079 | Long             | DBT              | CORP              | CA        |   2500000 | PA      | $2509002.50   | 0.36%             | 2030-04-30      | 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      | $2262528.00   | 0.32%             | 2028-03-01      | Fixed         | 6.88%                 | 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      | $1004336.00   | 0.14%             | 2028-06-01      | Fixed         | 7.12%                 | 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      | $498158.51    | 0.07%             | 2033-06-30      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| CLUE OPCO LLC                 | Clue Opco LLC                                                            | CUSIP: 36267QAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1061097.57   | 0.15%             | 2031-10-15      | Fixed         | 9.50%                 | 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      | $6908219.50   | 0.99%             | 2030-04-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| GRUPO AEROMEXICO SAB          | Grupo Aeromexico SAB de CV                                               | CUSIP: 40054JAD1<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |  11000000 | PA      | $10556700.00  | 1.51%             | 2031-11-15      | Fixed         | 8.62%                 | 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      | $5183675.00   | 0.74%             | 2029-02-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| DYE & DURHAM CORP             | Dye & Durham Corp                                                        | CUSIP: N/A<br>LEI: 549300XUQDPIC5QRY347       | Long             | LON              | CORP              | CA        |   2808571 | PA      | $2835603.93   | 0.41%             | 2031-04-14      | Floating      | 8.65%                 | 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      | $505400.40    | 0.07%             | 2032-07-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| TKC HOLDINGS INC              | TKC Holdings Inc                                                         | CUSIP: 87256YAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4113592.00   | 0.59%             | 2029-05-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                 | TransDigm Inc                                                            | CUSIP: 893647BV8<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1036883.00   | 0.15%             | 2032-03-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                 | TransDigm Inc                                                            | CUSIP: 89364MCB8<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | LON              | CORP              | US        |   1858828 | PA      | $1867620.01   | 0.27%             | 2030-03-22      | Floating      | 7.05%                 | No            |                  2 | On Loan: No      |
| ACRISURE LLC                  | Acrisure LLC                                                             | CUSIP: 00488PAV7<br>LEI: 549300R0Z1Q47XRTGO22 | Long             | LON              | CORP              | US        |   3980025 | PA      | $3975348.47   | 0.57%             | 2030-11-06      | Floating      | 7.32%                 | 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      | $1047137.00   | 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      | $927175.59    | 0.13%             | 2032-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CLYDESDALE ACQUISITION        | Clydesdale Acquisition Holdings Inc                                      | CUSIP: 18972EAD7<br>LEI: 254900QKSDYFR3K5YD98 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1026071.00   | 0.15%             | 2032-04-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| BAUSCH + LOMB CORP            | Bausch + Lomb Corp                                                       | CUSIP: C0787FAF9<br>LEI: 549300NY6OZM39SO6475 | Long             | LON              | CORP              | CA        |   4432500 | PA      | $4441741.76   | 0.64%             | 2028-09-29      | Floating      | 8.33%                 | No            |                  2 | On Loan: No      |
| CHART INDUSTRIES INC          | Chart Industries Inc                                                     | CUSIP: 16115EAT4<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | LON              | CORP              | US        |   2562356 | PA      | $2573566.60   | 0.37%             | 2030-03-18      | Floating      | 6.79%                 | No            |                  2 | On Loan: No      |
| CREDIT ACCEPTANC              | Credit Acceptance Corp                                                   | CUSIP: 225310AQ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2119630.00   | 0.30%             | 2028-12-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| DIRECTV FINANCING LLC         | Directv Financing LLC                                                    | CUSIP: 25461LAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1973140.00   | 0.28%             | 2030-02-01      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| Fidelity Government Portfolio | Fidelity Government Portfolio                                            | CUSIP: 316175108<br>LEI: 549300FQDFZGLUOCWN51 | Long             | STIV             | RF                | US        |  36770332 | NS      | $36770332.36  | 5.26%             |  |  |  | No            |                  1 | 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      | $523158.00    | 0.07%             | 2033-05-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| FOUNDATION BUILDING M         | Foundation Building Materials Inc                                        | CUSIP: 35039KAD8<br>LEI: 549300ZVE6MONHB01I28 | Long             | LON              | CORP              | US        |   4962406 | PA      | $4872015.78   | 0.70%             | 2031-01-29      | Floating      | 8.32%                 | No            |                  2 | On Loan: No      |
| EMERALD EXPO HOLDINGS INC     | Emerald X Inc                                                            | CUSIP: 29088UAG2<br>LEI: 549300YQCBSQUCZ74696 | Long             | LON              | CORP              | US        |   5500000 | PA      | $5539545.00   | 0.79%             | 2032-01-30      | Floating      | 8.08%                 | No            |                  2 | On Loan: No      |
| RR DONNELLEY & SONS CO        | RR Donnelley & Sons Co                                                   | CUSIP: 257867BJ9<br>LEI: SU4X0P4WWRGOQDTSV032 | Long             | DBT              | CORP              | US        |   7000000 | PA      | $7017605.00   | 1.00%             | 2029-08-01      | Fixed         | 9.50%                 | 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      | $1138294.30   | 0.16%             | 2030-07-20      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| GETTY IMAGES INC              | Getty Images Inc                                                         | CUSIP: 374276AJ2<br>LEI: 5493005NV20IG4VEKZ40 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3923238.80   | 0.56%             | 2027-03-01      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| GRAY MEDIA INC                | Gray Media Inc                                                           | CUSIP: 389375AM8<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2148990.00   | 0.31%             | 2029-07-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| HELIX ENERGY SOLUTIONS        | Helix Energy Solutions Group Inc                                         | CUSIP: 42330PAL1<br>LEI: 416AP2JOUTCWEGSOZW41 | Long             | DBT              | CORP              | US        |   6000000 | PA      | $6346967.28   | 0.91%             | 2029-03-01      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| HIGHTOWER HOLDING LLC         | Hightower Holding LLC                                                    | CUSIP: 43118DAB6<br>LEI: 254900MKOSB7RTMA9K12 | Long             | DBT              | CORP              | US        |   4500000 | PA      | $4794467.63   | 0.69%             | 2030-01-31      | Fixed         | 9.12%                 | No            |                  2 | On Loan: No      |
| MOSS CREEK RESOURCES HLD      | Moss Creek Resources Holdings Inc                                        | CUSIP: 61965RAC9<br>LEI: 54930037SLMSPWKYIX36 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $9733952.20   | 1.39%             | 2031-09-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| ONESKY FLIGHT LLC             | OneSky Flight LLC                                                        | CUSIP: 68278CAA3<br>LEI: 549300PM6NEPXGG5B882 | Long             | DBT              | CORP              | US        |   5250000 | PA      | $5471266.50   | 0.78%             | 2029-12-15      | Fixed         | 8.88%                 | 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      | $1386620.00   | 0.20%             | 2031-01-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| SIX FLAGS ENTERTAINME         | Six Flags Entertainment Corp                                             | CUSIP: 83001AAC6<br>LEI: 529900AS2CYWYFHRS781 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1497753.00   | 0.21%             | 2027-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SPIRIT AEROSYSTEMS INC        | Spirit AeroSystems Inc                                                   | CUSIP: 85205TAR1<br>LEI: ZD2NBKV6GCC3UMGBM518 | Long             | DBT              | CORP              | US        |    500000 | PA      | $552043.50    | 0.08%             | 2030-11-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| M2S GROUP INTERMEDIATE H      | M2S Group Intermediate Holdings Inc                                      | CUSIP: 55287CAB7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   6678161 | PA      | $6481989.93   | 0.93%             | 2031-08-27      | Floating      | 9.03%                 | No            |                  2 | On Loan: No      |
| LSCS HOLDINGS INC             | LSCS Holdings Inc                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   4000000 | PA      | $3932500.00   | 0.56%             | 2032-03-04      | Floating      | 8.80%                 | No            |                  2 | On Loan: No      |
| ARRAY TECHNOLOGIES INC        | Array Technologies Inc                                                   | CUSIP: 04271TAB6<br>LEI: 549300JM5FECYJQ85V37 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1193537.09   | 0.17%             | 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      | $3127638.00   | 0.45%             | 2030-03-15      | Fixed         | 7.00%                 | 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      | $3555577.94   | 0.51%             | 2030-04-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| DELUXE CORP                   | Deluxe Corp                                                              | CUSIP: 248019AW1<br>LEI: KWGNKB8TX9LE5TV29231 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1033075.00   | 0.15%             | 2029-09-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| DOTDASH MEREDITH INC          | Dotdash Meredith Inc                                                     | CUSIP: 25849JAA8<br>LEI: 549300R2AA7U9CJUQO13 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4853700.00   | 0.69%             | 2032-06-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| DYE & DURHAM LIMITED          | Dye & Durham Ltd                                                         | CUSIP: 267486AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |   2100000 | PA      | $2199857.10   | 0.31%             | 2029-04-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| ENERFLEX LTD                  | Enerflex Ltd                                                             | CUSIP: 29269RAA3<br>LEI: 54930014N7872VUS3F89 | Long             | DBT              | CORP              | CA        |   2700000 | PA      | $2793549.60   | 0.40%             | 2027-10-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| EZCORP INC                    | EZCORP Inc                                                               | CUSIP: 302301AJ5<br>LEI: 5493003K6PG3ZQ7TUQ63 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2107744.00   | 0.30%             | 2032-04-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| IIP OPERATING PARTNER         | IIP Operating Partnership LP                                             | CUSIP: 44988FAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6250000 | PA      | $6080837.00   | 0.87%             | 2026-05-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CRESCENT ENERGY FINANCE       | Crescent Energy Finance LLC                                              | CUSIP: 45344LAE3<br>LEI: 54930061FUL6DBLFUW14 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4785820.50   | 0.68%             | 2033-01-15      | Fixed         | 7.38%                 | 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        |   7000000 | PA      | $7381633.00   | 1.06%             | 2028-02-15      | Fixed         | 11.50%                | No            |                  2 | On Loan: No      |
| PG&E CORP                     | PG&E Corp                                                                | CUSIP: 69331C306<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | EP               | CORP              | US        |    120000 | NS      | $4512000.00   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| SHIFT4 PAYMENTS INC           | Shift4 Payments Inc                                                      | CUSIP: 82452J307<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     30000 | NS      | $3456000.00   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| SUMMIT MIDSTREAM HOLDING      | Summit Midstream Holdings LLC                                            | CUSIP: 86614JAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2600000 | PA      | $2656521.40   | 0.38%             | 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      | $1522999.50   | 0.22%             | 2033-07-01      | Fixed         | 6.25%                 | 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      | $4156472.00   | 0.59%             | 2028-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                 | TransDigm Inc                                                            | CUSIP: 893647BQ9<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $983227.82    | 0.14%             | 2029-05-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| TREEHOUSE FOODS INC           | TreeHouse Foods Inc                                                      | CUSIP: 89469AAD6<br>LEI: 5493007M7EVHE470Q576 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3651980.40   | 0.52%             | 2028-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| STAR PARENT INC               | Star Parent Inc                                                          | CUSIP: 87169DAB1<br>LEI: 254900GRGCJYRMDRWT73 | Long             | LON              | CORP              | US        |   2970000 | PA      | $2944784.70   | 0.42%             | 2030-09-30      | Floating      | 8.30%                 | No            |                  2 | On Loan: No      |
| DIRECTV FINANCING LLC         | Directv Financing LLC                                                    | CUSIP: 25460HAD4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   7605927 | PA      | $7560975.67   | 1.08%             | 2029-08-02      | Floating      | 9.80%                 | No            |                  2 | On Loan: No      |
| DAVE & BUSTER'S INC           | Dave & Buster's Inc                                                      | CUSIP: 23833EAX2<br>LEI: 549300JAVWTAY1FT5Z45 | Long             | LON              | CORP              | US        |   1817815 | PA      | $1766362.01   | 0.25%             | 2029-06-29      | Floating      | 7.56%                 | No            |                  2 | On Loan: No      |
| FLYNN RESTAURANT GROUP        | Flynn Restaurant Group LP                                                | CUSIP: 34410JAG6<br>LEI: 5493008VE8TQONGO3817 | Long             | LON              | CORP              | US        |   4000000 | PA      | $4000000.00   | 0.57%             | 2032-01-28      | Floating      | 8.08%                 | No            |                  2 | On Loan: No      |
| TOWNSQUARE MEDIA INC          | Townsquare Media Inc                                                     | CUSIP: 89223EAG8<br>LEI: 549300XBA8C68H0DR538 | Long             | LON              | CORP              | US        |  10000000 | PA      | $9050000.00   | 1.30%             | 2030-02-19      | Floating      | 9.32%                 | No            |                  2 | On Loan: No      |
| PROMETRIC HOLDINGS INC        | Prometric Holdings Inc                                                   | CUSIP: N/A<br>LEI: 54930034OH1XQT27TX40       | Long             | LON              | CORP              | US        |   1000000 | PA      | $1001565.00   | 0.14%             | 2032-06-25      | Floating      | 8.32%                 | No            |                  2 | On Loan: No      |
| Inmar T/L B (06/25)           | Inmar T/L B (06/25)                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    250000 | PA      | $252396.25    | 0.04%             | 2031-10-30      | Floating      | 8.82%                 | No            |                  2 | On Loan: No      |
| KRONOS ACQUISITION HOLDI      | Kronos Acquisition Holdings Inc                                          | CUSIP: 50106GAG7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2727697.20   | 0.39%             | 2031-06-30      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| STONEX GROUP INC              | StoneX Group Inc                                                         | CUSIP: 861896AA6<br>LEI: 549300JUF07L8VF02M60 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2097761.46   | 0.30%             | 2031-03-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| UNITED NATURAL FOODS INC      | United Natural Foods Inc                                                 | CUSIP: 911163AA1<br>LEI: 549300GKGW6WPZ282D40 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2469181.33   | 0.35%             | 2028-10-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| TRULITE GLASS ALUMINUM S      | Trulite Glass & Aluminum Solutions LLC                                   | CUSIP: 89789MAB7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   7312500 | PA      | $7129687.50   | 1.02%             | 2030-03-01      | Floating      | 10.29%                | No            |                  2 | On Loan: No      |
| LIONS GATE CAPITAL HOLD       | Starz Capital Holdings LLC                                               | CUSIP: 53627NAE1<br>LEI: 549300MWJHNLR35C0837 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1668200.00   | 0.24%             | 2029-04-15      | Fixed         | 5.50%                 | 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      | $1941030.00   | 0.28%             | 2029-04-30      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| BEACH ACQUISITION BIDCO       | Beach Acquisition Bidco LLC                                              | CUSIP: 07337JAC1<br>LEI: 254900F2FNX3GBTB6202 | Long             | DBT              | CORP              | US        |   3500000 | PA      | $3635485.00   | 0.52%             | 2033-07-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| BUILDERS FIRSTSOURCE INC      | Builders FirstSource Inc                                                 | CUSIP: 12008RAN7<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3929613.20   | 0.56%             | 2030-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONSENSUS CLOUD SOLUTION      | Consensus Cloud Solutions Inc                                            | CUSIP: 20848VAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7500000 | PA      | $7467187.50   | 1.07%             | 2026-10-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ARRAY TECHNOLOGIES INC        | Array Technologies Inc                                                   | CUSIP: 04270YAB6<br>LEI: 549300JM5FECYJQ85V37 | Long             | LON              | CORP              | US        |   1490039 | PA      | $1488176.66   | 0.21%             | 2027-10-14      | Floating      | 7.69%                 | No            |                  2 | On Loan: No      |
| UNITI GROUP/CSL CAPITAL       | Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC          | CUSIP: 91327TAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4046459.40   | 0.58%             | 2032-06-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| VERITIV OPERATING CO          | Veritiv Operating Co                                                     | CUSIP: 92338TAB2<br>LEI: 5493004G8OK5L1UTIY12 | Long             | LON              | CORP              | US        |  15989975 | PA      | $16065927.31  | 2.30%             | 2030-11-29      | Floating      | 8.30%                 | 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      | $1063274.00   | 0.15%             | 2029-06-15      | Fixed         | 8.62%                 | 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      | $4178420.00   | 0.60%             | 2030-01-15      | Fixed         | 8.25%                 | 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      | $7900942.50   | 1.13%             | 2031-07-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| DELUXE CORP                   | Deluxe Corp                                                              | CUSIP: 248019AU5<br>LEI: KWGNKB8TX9LE5TV29231 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2410060.25   | 0.34%             | 2029-06-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| ENCORE CAPITAL GROUP INC      | Encore Capital Group Inc                                                 | CUSIP: 292554AQ5<br>LEI: 5493000UVC6H49CIH830 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4258731.76   | 0.61%             | 2029-04-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| EQUIPMENTSHARE.COM INC        | EquipmentShare.com Inc                                                   | CUSIP: 29450YAC3<br>LEI: 254900PWJK48CGPKPI80 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1572817.50   | 0.23%             | 2033-03-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| FREEDOM MORTGAGE HOLD         | Freedom Mortgage Holdings LLC                                            | CUSIP: 35641AAC2<br>LEI: 254900ROJ91RGM43S156 | Long             | DBT              | CORP              | US        |   6000000 | PA      | $6035268.06   | 0.86%             | 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      | $8779624.00   | 1.26%             | 2031-04-15      | Fixed         | 10.25%                | No            |                  2 | On Loan: No      |
| EMBECTA CORP                  | Embecta Corp                                                             | CUSIP: 29081LAC8<br>LEI: 549300RPG8GXVDHNXZ62 | Long             | LON              | CORP              | US        |   5251116 | PA      | $5234706.68   | 0.75%             | 2029-04-02      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| AMNEAL PHARMACEUTICALS LLC    | Amneal Pharmaceuticals LLC                                               | CUSIP: 03167DAQ7<br>LEI: 54930037VIXE7LRZ1M66 | Long             | LON              | CORP              | US        |  28784617 | PA      | $29324328.61  | 4.20%             | 2028-05-04      | Floating      | 9.83%                 | No            |                  2 | On Loan: No      |
| FNZ USA FINCO                 | FNZ USA FinCo LLC                                                        | CUSIP: 30339HAD3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   6000000 | PA      | $4980000.00   | 0.71%             | 2031-11-05      | Floating      | 9.26%                 | No            |                  2 | On Loan: No      |
| NORTHERN OIL & GAS INC        | Northern Oil & Gas Inc                                                   | CUSIP: 665531AG4<br>LEI: OKFF0PIZDDMNH4UCYE51 | Long             | DBT              | CORP              | US        |   9100000 | PA      | $9187005.10   | 1.31%             | 2028-03-01      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| PATRICK INDUSTRIES INC        | Patrick Industries Inc                                                   | CUSIP: 703343AG8<br>LEI: 549300FZ5ZTCCJ3Z5W14 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1857968.75   | 0.27%             | 2028-12-01      | Fixed         | 1.75%                 | 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      | $8418585.20   | 1.20%             | 2029-09-15      | Fixed         | 9.75%                 | 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      | $435720.00    | 0.06%             | 2029-01-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| TALOS PRODUCTION INC          | Talos Production Inc                                                     | CUSIP: 87485LAE4<br>LEI: 549300GZ2DZZE2Y8TX15 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2043814.00   | 0.29%             | 2031-02-01      | Fixed         | 9.38%                 | 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      | $272962.75    | 0.04%             | 2029-09-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                 | TransDigm Inc                                                            | CUSIP: 893647BP1<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $981233.70    | 0.14%             | 2029-01-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| TRIVIUM PACKAGING FIN         | Trivium Packaging Finance BV                                             | CUSIP: 89686QAD8<br>LEI: 724500GMZWW3PVYET548 | Long             | DBT              | CORP              | NL        |   1000000 | PA      | $1058232.17   | 0.15%             | 2030-07-15      | Fixed         | 8.25%                 | 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      | $955817.50    | 0.14%             | 2030-03-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| PERFORMANCE FOOD GROUP I      | Performance Food Group Inc                                               | CUSIP: 69346VAA7<br>LEI: 549300OMUOGBYK0FFO76 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2996254.86   | 0.43%             | 2027-10-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PATRICK INDUSTRIES INC        | Patrick Industries Inc                                                   | CUSIP: 703343AD5<br>LEI: 549300FZ5ZTCCJ3Z5W14 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2915189.40   | 0.42%             | 2029-05-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| PIKE CORP                     | Pike Corp                                                                | CUSIP: 721283AB5<br>LEI: 549300P4EKEP6HK0NC58 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1088829.00   | 0.16%             | 2031-01-31      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** Buffalo Funds

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

**Name of Signer:** Laura Symon Browne

**Title:** President and Treasurer