Buffalo High Yield Fund
  
Schedule of Investments
  
June 30, 2025 (Unaudited)
  
   
CORPORATE BONDS - 58.7%
  
Par
    
Value
  
Communication Services - 3.5%
  
Diversified Telecommunications - 0.3%
  
Consolidated Communications, Inc., 6.50%, 10/01/2028 (a)
    
2,000,000
    
$
2,040,105
  
                 
Entertainment - 0.2%
  
Starz Capital Holdings LLC, 5.50%, 04/15/2029 (a)
    
2,000,000
      
1,668,200
  
                 
Interactive Media & Services - 0.7%
  
Cars.com, Inc., 6.38%, 11/01/2028 (a)
    
4,000,000
      
4,013,680
  
Match Group Holdings II LLC, 5.00%, 12/15/2027 (a)
    
1,000,000
      
994,371
  
             
5,008,051
  
                 
Media - 2.3%
  
Directv Financing LLC, 8.88%, 02/01/2030 (a)
    
2,000,000
      
1,973,140
  
Dotdash Meredith, Inc., 7.63%, 06/15/2032 (a)
    
5,000,000
      
4,853,700
  
Getty Images, Inc., 9.75%, 03/01/2027 (a)
    
4,000,000
      
3,923,239
  
Gray Media, Inc.
  
10.50%, 07/15/2029 (a)
    
2,000,000
      
2,148,990
  
4.75%, 10/15/2030 (a)
    
500,000
      
374,951
  
5.38%, 11/15/2031 (a)
    
1,000,000
      
746,134
  
Scripps Escrow II, Inc.
  
3.88%, 01/15/2029 (a)
    
500,000
      
435,720
  
5.38%, 01/15/2031 (a)
    
2,000,000
      
1,386,620
  
             
15,842,494
  
Total Communication Services
      
24,558,850
  
                 
Consumer Discretionary - 1.5%
  
Automobile Components - 0.4%
  
Patrick Industries, Inc., 4.75%, 05/01/2029 (a)
    
3,000,000
      
2,915,190
  
                 
Diversified Consumer Services - 0.2%
  
McGraw-Hill Education, Inc., 7.38%, 09/01/2031 (a)
    
1,100,000
      
1,145,115
  
                 
Hotels, Restaurants & Leisure - 0.2%
  
Six Flags Entertainment Corp., 5.50%, 04/15/2027 (a)
    
1,500,000
      
1,497,753
  
                 
Textiles, Apparel & Luxury Goods - 0.7%
  
Beach Acquisition Bidco LLC, 10.00% (or 10.75% PIK), 07/15/2033 (a)
    
4,500,000
      
4,674,195
  
Total Consumer Discretionary
      
10,232,253
  
                 
Consumer Staples - 5.1%
  
Consumer Staples Distribution & Retail - 0.4%
  
United Natural Foods, Inc., 6.75%, 10/15/2028 (a)
    
2,500,000
      
2,469,181
  
                 
Food & Beverage Wholesalers - 0.7%
  
KeHE Distributors LLC / KeHE Finance Corp. / NextWave Distribution, Inc., 9.00%, 02/15/2029 (a)
    
5,000,000
      
5,183,675
  
                 
Food Products - 2.3%
  
Performance Food Group, Inc.
  
5.50%, 10/15/2027 (a)
    
3,000,000
      
2,996,255
  
4.25%, 08/01/2029 (a)
    
1,000,000
      
965,195
  
Primo Water Holdings, Inc. / Triton Water Holdings, Inc., 4.38%, 04/30/2029 (a)
    
2,000,000
      
1,941,030
  
TreeHouse Foods, Inc., 4.00%, 09/01/2028
    
4,000,000
      
3,651,980
  
Viking Baked Goods Acquisition Corp., 8.63%, 11/01/2031 (a)
    
6,500,000
      
6,374,701
  
             
15,929,161
  
                 
Household Products - 1.3%
  
Kronos Acquisition Holdings, Inc.
  
8.25%, 06/30/2031 (a)
    
3,000,000
      
2,727,697
  
10.75%, 06/30/2032 (a)
    
9,000,000
      
6,551,268
  
             
9,278,965
  
                 
Personal Care Products - 0.4%
  
BellRing Brands, Inc., 7.00%, 03/15/2030 (a)
    
3,000,000
      
3,127,638
  
Total Consumer Staples
      
35,988,620
  
                 
Energy - 15.1%
  
Energy Equipment & Services - 1.6%
  
Bristow Group, Inc., 6.88%, 03/01/2028 (a)
    
2,250,000
      
2,262,528
  
Enerflex Ltd., 9.00%, 10/15/2027 (a)
    
2,700,000
      
2,793,550
  
Helix Energy Solutions Group, Inc., 9.75%, 03/01/2029 (a)
    
6,000,000
      
6,346,967
  
             
11,403,045
  
                 
Oil, Gas & Consumable Fuels - 13.5%
  
Baytex Energy Corp., 8.50%, 04/30/2030 (a)
    
2,500,000
      
2,509,003
  
California Resources Corp.
  
7.13%, 02/01/2026 (a)
    
1,990,000
      
1,999,339
  
8.25%, 06/15/2029 (a)
    
6,000,000
      
6,162,162
  
Crescent Energy Finance LLC
  
9.25%, 02/15/2028 (a)
    
6,250,000
      
6,509,656
  
7.38%, 01/15/2033 (a)
    
5,000,000
      
4,785,820
  
Delek Logistics Partners LP / Delek Logistics Finance Corp.
  
7.13%, 06/01/2028 (a)
    
1,000,000
      
1,004,336
  
8.63%, 03/15/2029 (a)
    
3,000,000
      
3,115,467
  
7.38%, 06/30/2033 (a)
    
500,000
      
498,159
  
Energy Transfer LP
  
7.13% to 05/15/2030 then 5 yr. CMT Rate + 5.31%, Perpetual
    
7,350,000
      
7,504,820
  
8.00% to 05/15/2029 then 5 yr. CMT Rate + 4.02%, 05/15/2054
    
1,000,000
      
1,064,249
  
Genesis Energy LP / Genesis Energy Finance Corp.
  
8.88%, 04/15/2030
    
6,500,000
      
6,908,220
  
8.00%, 05/15/2033
    
500,000
      
523,158
  
Martin Midstream Partners LP / Martin Midstream Finance Corp., 11.50%, 02/15/2028 (a)
    
7,000,000
      
7,381,633
  
Moss Creek Resources Holdings, Inc., 8.25%, 09/01/2031 (a)
    
10,000,000
      
9,733,952
  
Northern Oil & Gas, Inc., 8.13%, 03/01/2028 (a)
    
9,100,000
      
9,187,005
  
Saturn Oil & Gas, Inc., 9.63%, 06/15/2029 (a)
    
8,997,000
      
8,941,505
  
Summit Midstream Holdings LLC, 8.63%, 10/31/2029 (a)
    
2,600,000
      
2,656,521
  
Sunoco LP, 6.25%, 07/01/2033 (a)
    
1,500,000
      
1,523,000
  
Talos Production, Inc.
  
9.00%, 02/01/2029 (a)
    
2,000,000
      
2,048,680
  
9.38%, 02/01/2031 (a)
    
2,000,000
      
2,043,814
  
TransMontaigne Partners LLC, 8.50%, 06/15/2030 (a)
    
6,000,000
      
6,246,690
  
Viper Energy, Inc., 5.38%, 11/01/2027 (a)
    
1,750,000
      
1,751,923
  
             
94,099,112
  
Total Energy
      
105,502,157
  
                 
Financials - 11.8%
  
Capital Markets - 0.4%
  
Stonex Escrow Issuer LLC, 6.88%, 07/15/2032 (a)
    
500,000
      
505,400
  
StoneX Group, Inc., 7.88%, 03/01/2031 (a)
    
2,000,000
      
2,097,762
  
             
2,603,162
  
                 
Consumer Finance - 2.5%
  
Credit Acceptance Corp., 9.25%, 12/15/2028 (a)
    
2,000,000
      
2,119,630
  
Encore Capital Group, Inc.
  
9.25%, 04/01/2029 (a)
    
4,000,000
      
4,258,732
  
8.50%, 05/15/2030 (a)
    
1,250,000
      
1,341,775
  
EZCORP, Inc., 7.38%, 04/01/2032 (a)
    
2,000,000
      
2,107,744
  
PRA Group, Inc.
  
8.38%, 02/01/2028 (a)
    
1,500,000
      
1,540,312
  
8.88%, 01/31/2030 (a)
    
5,750,000
      
5,936,559
  
             
17,304,752
  
                 
Financial Services - 6.5%
  
Burford Capital Global Finance LLC
  
6.88%, 04/15/2030 (a)
    
4,500,000
      
4,497,770
  
9.25%, 07/01/2031 (a)
    
7,500,000
      
7,900,943
  
CPI CG, Inc., 10.00%, 07/15/2029 (a)
    
2,000,000
      
2,135,000
  
Freedom Mortgage Holdings LLC
  
9.25%, 02/01/2029 (a)
    
5,250,000
      
5,456,981
  
9.13%, 05/15/2031 (a)
    
3,000,000
      
3,100,407
  
8.38%, 04/01/2032 (a)
    
6,000,000
      
6,035,268
  
Hightower Holding LLC, 9.13%, 01/31/2030 (a)
    
4,500,000
      
4,794,468
  
Jefferson Capital Holdings LLC, 8.25%, 05/15/2030 (a)
    
500,000
      
518,326
  
NCR Atleos Corp., 9.50%, 04/01/2029 (a)
    
2,500,000
      
2,741,065
  
Provident Funding Associates LP / PFG Finance Corp., 9.75%, 09/15/2029 (a)
    
8,000,000
      
8,418,585
  
             
45,598,813
  
                 
Insurance - 2.4%
  
Acrisure LLC / Acrisure Finance, Inc., 8.50%, 06/15/2029 (a)
    
2,000,000
      
2,087,120
  
Ardonagh Group Finance Ltd., 8.88%, 02/15/2032 (a)
    
11,000,000
      
11,569,240
  
Jones Deslauriers Insurance Management, Inc., 8.50%, 03/15/2030 (a)
    
3,000,000
      
3,181,974
  
             
16,838,334
  
Total Financials
      
82,345,061
  
                 
Health Care - 1.6%
  
Commercial Services & Supplies - 0.1%
  
VT Topco, Inc., 8.50%, 08/15/2030 (a)
    
500,000
      
527,553
  
                 
Health Care Providers & Services - 0.7%
  
Prime Healthcare Services, Inc., 9.38%, 09/01/2029 (a)
    
5,000,000
      
4,928,751
  
                 
Medical Equipment & Devices - 0.2%
  
Neogen Food Safety Corp., 8.63%, 07/20/2030 (a)
    
1,100,000
      
1,138,294
  
                 
Pharmaceuticals - 0.6%
  
Teva Pharmaceutical Finance Netherlands III BV
  
6.75%, 03/01/2028
    
4,000,000
      
4,156,472
  
7.88%, 09/15/2029
    
250,000
      
272,963
  
             
4,429,435
  
Total Health Care
      
11,024,033
  
                 
Industrials - 11.3%
  
Aerospace & Defense - 0.8%
  
Phoenix Aviation Capital Ltd., 9.25%, 07/15/2030 (a)
    
250,000
      
259,182
  
Spirit AeroSystems, Inc., 9.75%, 11/15/2030 (a)
    
500,000
      
552,043
  
TransDigm, Inc.
  
4.63%, 01/15/2029
    
1,000,000
      
981,234
  
4.88%, 05/01/2029
    
1,000,000
      
983,228
  
6.63%, 03/01/2032 (a)
    
1,000,000
      
1,036,883
  
6.38%, 05/31/2033 (a)
    
2,000,000
      
2,009,666
  
             
5,822,236
  
                 
Air Freight & Logistics - 0.2%
  
Clue Opco LLC, 9.50%, 10/15/2031 (a)
    
1,000,000
      
1,061,098
  
                 
Building Products - 0.9%
  
Advanced Drainage Systems, Inc., 6.38%, 06/15/2030 (a)
    
1,250,000
      
1,279,342
  
Builders FirstSource, Inc.
  
5.00%, 03/01/2030 (a)
    
4,000,000
      
3,929,613
  
4.25%, 02/01/2032 (a)
    
1,000,000
      
927,176
  
             
6,136,131
  
                 
Commercial Services & Supplies - 5.4%
  
CoreCivic, Inc., 8.25%, 04/15/2029
    
4,000,000
      
4,243,164
  
Deluxe Corp.
  
8.00%, 06/01/2029 (a)
    
2,500,000
      
2,410,060
  
8.13%, 09/15/2029 (a)
    
1,000,000
      
1,033,075
  
GEO Group, Inc.
  
8.63%, 04/15/2029
    
4,000,000
      
4,237,420
  
10.25%, 04/15/2031
    
8,000,000
      
8,779,624
  
OT Midco, Inc., 10.00%, 02/15/2030 (a)
    
8,000,000
      
6,202,310
  
RR Donnelley & Sons Co., 9.50%, 08/01/2029 (a)
    
7,000,000
      
7,017,605
  
TKC Holdings, Inc., 10.50%, 05/15/2029 (a)
    
4,000,000
      
4,113,592
  
             
38,036,850
  
                 
Construction & Engineering - 0.6%
  
MasTec, Inc., 6.63%, 08/15/2029 (a)
    
3,000,000
      
3,016,184
  
Pike Corp., 8.63%, 01/31/2031 (a)
    
1,000,000
      
1,088,829
  
             
4,105,013
  
                 
Ground Transportation - 0.7%
  
Avis Budget Car Rental LLC / Avis Budget Finance, Inc.
  
8.25%, 01/15/2030 (a)
    
4,000,000
      
4,178,420
  
8.38%, 06/15/2032 (a)
    
1,000,000
      
1,047,137
  
             
5,225,557
  
                 
Passenger Airlines - 2.3%
  
Grupo Aeromexico SAB de CV, 8.63%, 11/15/2031 (a)
    
11,000,000
      
10,556,700
  
OneSky Flight LLC, 8.88%, 12/15/2029 (a)
    
5,250,000
      
5,471,267
  
             
16,027,967
  
                 
Trading Companies & Distributors - 0.4%
  
BlueLinx Holdings, Inc., 6.00%, 11/15/2029 (a)
    
3,000,000
      
2,889,833
  
Total Industrials
      
79,304,685
  
                 
Information Technology - 2.2%
  
Communications Equipment - 0.3%
  
VM Consolidated, Inc., 5.50%, 04/15/2029 (a)
    
2,000,000
      
1,964,006
  
                 
Software - 1.4%
  
Consensus Cloud Solutions, Inc., 6.00%, 10/15/2026 (a)
    
7,500,000
      
7,467,188
  
Dye & Durham Ltd., 8.63%, 04/15/2029 (a)
    
2,100,000
      
2,199,857
  
             
9,667,045
  
                 
Technology Distributors - 0.5%
  
EquipmentShare.com, Inc.
  
8.63%, 05/15/2032 (a)
    
1,800,000
      
1,922,054
  
8.00%, 03/15/2033 (a)
    
1,500,000
      
1,572,818
  
             
3,494,872
  
Total Information Technology
      
15,125,923
  
                 
Materials - 1.6%
  
Chemicals - 1.2%
  
Cerdia Finanz GmbH, 9.38%, 10/03/2031 (a)
    
6,000,000
      
6,243,898
  
Chemours Co., 5.75%, 11/15/2028 (a)
    
2,000,000
      
1,872,122
  
             
8,116,020
  
                 
Containers & Packaging - 0.3%
  
Clydesdale Acquisition Holdings, Inc., 6.75%, 04/15/2032 (a)
    
1,000,000
      
1,026,071
  
Trivium Packaging Finance BV, 8.25%, 07/15/2030 (a)
    
1,000,000
      
1,058,232
  
             
2,084,303
  
                 
Metals & Mining - 0.1%
  
Alliance Resource Operating Partners LP / Alliance Resource Finance Corp., 8.63%, 06/15/2029 (a)
    
1,000,000
      
1,063,274
  
Total Materials
      
11,263,597
  
                 
Real Estate - 4.5%
  
Hotel & Resort REITs - 0.5%
  
Service Properties Trust, 8.63%, 11/15/2031 (a)
    
3,000,000
      
3,222,639
  
                 
Industrial REITs - 1.4%
  
Anywhere Real Estate Group LLC / Realogy Co.-Issuer Corp., 9.75%, 04/15/2030 (a)
    
3,500,000
      
3,555,578
  
IIP Operating Partnership LP, 5.50%, 05/25/2026
    
6,250,000
      
6,080,837
  
             
9,636,415
  
                 
Specialized REITs - 2.6%
  
Outfront Media Capital LLC / Outfront Media Capital Corp.
  
4.25%, 01/15/2029 (a)
    
1,000,000
      
956,985
  
4.63%, 03/15/2030 (a)
    
1,000,000
      
955,818
  
Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC
  
10.50%, 02/15/2028 (a)
    
11,770,000
      
12,494,090
  
8.63%, 06/15/2032 (a)
    
4,000,000
      
4,046,459
  
             
18,453,352
  
Total Real Estate
      
31,312,406
  
                 
Utilities - 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 (a)
    
3,500,000
      
3,544,373
  
TOTAL CORPORATE BONDS (Cost $407,058,662)
      
410,201,958
  
                 
BANK LOANS - 31.2%
  
Par
    
Value
  
Communication Services - 3.6%
  
Entertainment - 0.4%
  
Pretzel Parent T/L B (TAIT), First Lien, 8.83%, 08/14/2031
    
2,992,500
      
2,975,293
  
                 
Media - 3.2%
  
Directv Financing LLC, First Lien, 9.80% (3 mo. Term SOFR + 5.25%), 08/02/2029
    
7,413,100
      
7,369,289
  
Summer BC Holdco B SARL, First Lien, 9.56% (3 mo. Term SOFR + 5.00%), 02/21/2029
    
5,984,887
      
6,022,292
  
Townsquare Media, Inc., First Lien, 9.32% (3 mo. Term SOFR + 5.00%), 02/19/2030
    
9,937,500
      
8,993,438
  
             
22,385,019
  
Total Communication Services
      
25,360,312
  
                 
Consumer Discretionary - 3.5%
  
Automobile Components - 1.2%
  
First Brands Group LLC, First Lien, 9.54% (3 mo. Term SOFR + 5.00%), 03/30/2027
    
8,844,893
      
8,371,337
  
                 
Hotels, Restaurants & Leisure - 0.8%
  
Dave & Buster's, Inc., First Lien, 7.56% (3 mo. Term SOFR + 3.25%), 06/29/2029
    
1,817,815
      
1,766,362
  
Flynn Restaurant Group LP, First Lien, 8.08% (1 mo. Term SOFR + 3.75%), 01/28/2032
    
3,990,000
      
3,990,000
  
             
5,756,362
  
                 
Household Durables - 0.3%
  
AI Aqua Merger Sub, Inc., First Lien, 7.32% (1 mo. Term SOFR + 3.00%), 07/31/2028
    
1,985,000
      
1,984,425
  
                 
Specialty Retail - 1.2%
  
Victra Holdings LLC, First Lien, 8.55% (3 mo. Term SOFR + 4.25%), 03/29/2029
    
8,165,625
      
8,178,404
  
Total Consumer Discretionary
      
24,290,528
  
                 
Consumer Staples - 1.8%
  
Household Products - 0.6%
  
Kronos Acquisition Holdings, Inc., First Lien, 8.30% (3 mo. Term SOFR + 4.00%), 07/08/2031
    
4,962,500
      
4,461,288
  
                 
Personal Care Products - 1.2%
  
KDC/ONE Development Corp., Inc., 8.33% (1 mo. Term SOFR + 4.00%), 08/15/2028
    
7,982,500
      
8,000,620
  
Total Consumer Staples
      
12,461,908
  
                 
Financials - 4.4%
  
Financial Services - 3.0%
  
Blackhawk Network Holdings, Inc., First Lien, 8.33% (1 mo. Term SOFR + 4.00%), 03/12/2029
    
3,482,500
      
3,505,624
  
FNZ USA FinCo LLC, First Lien, 9.26% (3 mo. Term SOFR + 5.00%), 11/05/2031
    
5,985,000
      
4,967,550
  
NCR Atleos Corp., 8.05% (3 mo. Term SOFR + 3.75%), 04/16/2029
    
1,725,843
      
1,740,728
  
Nexus Buyer LLC, First Lien, 7.82% (1 mo. Term SOFR + 3.50%), 07/31/2031
    
10,709,312
      
10,752,577
  
             
20,966,479
  
                 
Insurance - 1.4%
  
Acrisure LLC, First Lien, 7.32% (1 mo. Term SOFR + 3.00%), 11/06/2030
    
3,970,050
      
3,965,385
  
Jones Deslauriers Insurance Management, Inc., First Lien, 7.07% (3 mo. Term SOFR + 2.75%), 03/15/2030
    
3,465,109
      
3,456,447
  
TIH Insurance Holdings LLC, Second Lien, 9.08% (3 mo. Term SOFR + 4.75%), 05/06/2032
    
2,105,263
      
2,133,779
  
             
9,555,611
  
Total Financials
      
30,522,090
  
                 
Health Care - 7.9%
  
Biotechnology - 1.9%
  
Endo Finance Holdings, Inc., First Lien, 8.33% (1 mo. Term SOFR + 4.00%), 04/23/2031
    
9,925,000
      
9,931,203
  
Star Parent, Inc., First Lien, 8.30% (3 mo. Term SOFR + 3.75%), 09/30/2030
    
2,962,500
      
2,937,348
  
             
12,868,551
  
                 
Health Care Equipment & Supplies - 1.3%
  
Bausch + Lomb Corp., First Lien, 8.33% (1 mo. Term SOFR + 4.00%), 09/29/2028
    
4,421,250
      
4,430,469
  
Embecta Corp., 7.33% (1 mo. Term SOFR + 3.00%), 04/02/2029
    
4,924,287
      
4,908,898
  
             
9,339,367
  
                 
Pharmaceuticals - 4.7%
  
Amneal Pharmaceuticals LLC, 9.83% (1 mo. Term SOFR + 5.50%), 05/04/2028
    
28,598,910
      
29,135,139
  
LSCS Holdings, Inc., First Lien, 8.80% (3 mo. Term SOFR + 4.50%), 03/04/2032
    
3,990,000
      
3,922,669
  
             
33,057,808
  
Total Health Care
      
55,265,726
  
                 
Industrials - 5.1%
  
Aerospace & Defense - 0.7%
  
Karman Holdings, Inc., First Lien, 7.80% (3 mo. Term SOFR + 3.50%), 04/01/2032
    
3,000,000
      
3,011,250
  
TransDigm, Inc., First Lien, 7.05% (3 mo. Term SOFR + 2.75%), 03/22/2030
    
1,854,134
      
1,862,904
  
             
4,874,154
  
                 
Building Products - 1.0%
  
Trulite Glass & Aluminum Solutions LLC, 10.29% (3 mo. Term SOFR + 6.00%), 03/01/2030
    
7,265,625
      
7,083,984
  
                 
Commercial Services & Supplies - 2.4%
  
Emerald X, Inc., First Lien, 8.08% (1 mo. Term SOFR + 3.75%), 01/30/2032
    
5,500,000
      
5,539,545
  
GEO Group, Inc., 9.58% (1 mo. Term SOFR + 5.25%), 04/13/2029
    
3,298,517
      
3,315,521
  
Gloves Buyer, Inc., First Lien, 8.32% (1 mo. Term SOFR + 4.00%), 05/24/2032
    
8,000,000
      
7,860,000
  
             
16,715,066
  
                 
Machinery - 0.3%
  
Chart Industries, Inc., First Lien, 6.79% (3 mo. Term SOFR + 2.50%), 03/18/2030
    
2,562,356
      
2,573,566
  
                 
Trading Companies & Distributors - 0.7%
  
Foundation Building Materials, Inc., 8.32% (3 mo. Term SOFR + 4.00%), 01/29/2031
    
4,949,875
      
4,859,713
  
Total Industrials
      
36,106,483
  
                 
Information Technology - 1.7%
  
Application Software - 0.4%
  
Dye & Durham Corp., 8.65% (3 mo. Term SOFR + 4.25%), 04/14/2031
    
2,801,197
      
2,828,159
  
                 
IT Services - 0.1%
  
Prometric Holdings, Inc., 8.32% (1 mo. Term SOFR + 3.75%), 06/25/2032
    
1,000,000
      
1,001,565
  
                 
Software - 1.2%
  
DTI Holdco, Inc., First Lien, 8.33% (1 mo. Term SOFR + 4.00%), 04/26/2029
    
6,982,500
      
6,912,046
  
Inmar T/L B (06/25), 8.82%, 10/30/2031
    
1,242,513
      
1,254,422
  
             
8,166,468
  
Total Information Technology
      
11,996,192
  
                 
Materials - 3.2%
  
Chemicals - 0.9%
  
M2S Group Intermediate Holdings, Inc., First Lien, 9.03% (3 mo. Term SOFR + 4.75%), 08/27/2031
    
6,678,161
      
6,481,990
  
                 
Paper & Forest Products - 2.3%
  
Verde Operating Company, First Lien, 8.30% (3 mo. Term SOFR + 4.00%), 11/29/2030
    
15,949,799
      
16,025,561
  
Total Materials
      
22,507,551
  
TOTAL BANK LOANS (Cost $219,515,700)
      
218,510,790
  
                 
CONVERTIBLE PREFERRED STOCKS - 2.3%
  
Shares
    
Value
 
Financials - 0.5%
          
Financial Services - 0.5%
                
Shift4 Payments, Inc., 6.00%, 05/01/2028
    
30,000
      
3,456,000
  
                 
Industrials - 1.1%
          
Aerospace & Defense - 0.9%
                
Boeing Co., 6.00%, 10/15/2027
    
90,000
      
6,120,000
  
Trading Companies & Distributors - 0.2%
                
QXO, Inc., 5.50%, 05/15/2028
    
30,000
      
1,859,700
  
Total Industrials
             7,979,700
 
                 
Utilities - 0.7%
          
Electric Utilities - 0.7%
                
PG&E Corp., Series A, 6.00%, 12/01/2027
    
120,000
      
4,512,000
  
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $14,748,482)
      
15,947,700
  
                 
CONVERTIBLE BONDS - 1.4%
  
Par
    
Value
  
Consumer Discretionary - 0.9%
  
Automobile Components - 0.3%
  
Patrick Industries, Inc., 1.75%, 12/01/2028
    
1,250,000
      
1,857,969
  
                 
Diversified Consumer Services - 0.6%
  
Stride, Inc., 1.13%, 09/01/2027
    
1,600,000
      
4,455,200
  
Total Consumer Discretionary
      
6,313,169
  
                 
Health Care - 0.3%
  
Biotechnology - 0.3%
  
Mirum Pharmaceuticals, Inc., 4.00%, 05/01/2029
    
1,300,000
      
2,308,475
  
                 
Industrials - 0.2%
  
Electrical Equipment - 0.2%
  
Array Technologies, Inc., 1.00%, 12/01/2028
    
1,500,000
      
1,193,537
  
TOTAL CONVERTIBLE BONDS (Cost $5,555,173)
      
9,815,181
  
                 
SHORT-TERM INVESTMENTS - 5.6%
  
Shares
    
Value
 
Money Market Funds - 5.6%
                
Fidelity Money Market Government Portfolio - Class I, 4.23% (b)
    
39,164,994
      
39,164,994
  
TOTAL SHORT-TERM INVESTMENTS (Cost $39,164,994)
      
39,164,994
  
                 
TOTAL INVESTMENTS - 99.2% (Cost $686,043,011)
      
693,640,623
  
Other Assets in Excess of Liabilities - 0.8%
      
5,342,405
  
TOTAL NET ASSETS - 100.0%
          
$
698,983,028
  
two
      
–
%
Percentages are stated as a percent of net assets.
      
–
%
   
The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. 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.


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:
 
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Assets:
                        
Investments:
                        
  Corporate Bonds
  
$
–
    
$
410,201,958
    
$
–
    
$
410,201,958
  
  Bank Loans
    
–
      
218,510,790
      
–
      
218,510,790
  
  Convertible Preferred Stocks
    
15,947,700
      
–
      
–
      
15,947,700
  
  Convertible Bonds
    
–
      
9,815,181
      
–
      
9,815,181
  
  Money Market Funds
    
39,164,994
      
–
      
–
      
39,164,994
  
Total Investments
  
$
55,112,694
    
$
638,527,929
    
$
–
    
$
693,640,623
  
   
Refer to the Schedule of Investments for further disaggregation of investment categories.