Buffalo High Yield Fund | ||||||||
Schedule of Investments | ||||||||
as of December 31, 2023 (Unaudited) | ||||||||
CORPORATE BONDS - 61.5% | Par | Value | ||||||
Communication Services - 4.6% | ||||||||
Diversified Telecommunications - 0.4% | ||||||||
Consolidated Communications, Inc., 6.50%, 10/01/2028 (a) | $ | 2,000,000 | $ | 1,729,200 | ||||
Entertainment - 0.9% | ||||||||
Cinemark USA, Inc., 5.88%, 03/15/2026 (a) | 2,000,000 | 1,957,137 | ||||||
Lions Gate Capital Holdings LLC, 5.50%, 04/15/2029 (a) | 2,000,000 | 1,498,150 | ||||||
3,455,287 | ||||||||
Interactive Media & Services - 1.5% | ||||||||
Cars.com, Inc., 6.38%, 11/01/2028 (a) | 4,000,000 | 3,850,760 | ||||||
TripAdvisor, Inc., 7.00%, 07/15/2025 (a) | 2,000,000 | 2,006,770 | ||||||
5,857,530 | ||||||||
Media - 1.8% | ||||||||
Gray Escrow II, Inc., 5.38%, 11/15/2031 (a) | 1,000,000 | 758,639 | ||||||
Gray Television, Inc. | ||||||||
5.88%, 07/15/2026 (a) | 2,060,000 | 2,010,498 | ||||||
4.75%, 10/15/2030 (a) | 500,000 | 377,088 | ||||||
iHeartCommunications, Inc., 8.38%, 05/01/2027 | 1,000,000 | 650,000 | ||||||
Scripps Escrow II, Inc. | ||||||||
3.88%, 01/15/2029 (a) | 500,000 | 442,735 | ||||||
5.38%, 01/15/2031 (a) | 2,000,000 | 1,470,100 | ||||||
Townsquare Media, Inc., 6.88%, 02/01/2026 (a) | 1,250,000 | 1,225,669 | ||||||
6,934,729 | ||||||||
Total Communication Services | 17,976,746 | |||||||
Consumer Discretionary - 4.4% | ||||||||
Automobile Components - 0.7% | ||||||||
Patrick Industries, Inc., 4.75%, 05/01/2029 (a) | 3,000,000 | 2,740,082 | ||||||
Hotels, Restaurants & Leisure - 2.0% | ||||||||
Dave & Buster's, Inc., 7.63%, 11/01/2025 (a) | 1,500,000 | 1,520,325 | ||||||
Golden Entertainment, Inc., 7.63%, 04/15/2026 (a) | 1,000,000 | 1,003,385 | ||||||
Nathan's Famous, Inc., 6.63%, 11/01/2025 (a) | 608,000 | 607,252 | ||||||
Royal Caribbean Cruises Ltd., 11.63%, 08/15/2027 (a) | 3,000,000 | 3,266,580 | ||||||
Six Flags Entertainment Corp., 5.50%, 04/15/2027 (a) | 1,500,000 | 1,467,594 | ||||||
7,865,136 | ||||||||
Leisure Products - 1.7% | ||||||||
Vista Outdoor, Inc., 4.50%, 03/15/2029 (a) | 6,800,000 | 6,645,844 | ||||||
Total Consumer Discretionary | 17,251,062 | |||||||
Consumer Staples - 3.1% | ||||||||
Food Products - 2.3% | ||||||||
Performance Food Group, Inc. | ||||||||
5.50%, 10/15/2027 (a) | 3,000,000 | 2,959,398 | ||||||
4.25%, 08/01/2029 (a) | 1,000,000 | 918,381 | ||||||
Primo Water Holdings, Inc., 4.38%, 04/30/2029 (a) | 2,000,000 | 1,845,095 | ||||||
TreeHouse Foods, Inc., 4.00%, 09/01/2028 | 4,000,000 | 3,545,798 | ||||||
9,268,672 | ||||||||
Personal Care Products - 0.8% | ||||||||
BellRing Brands, Inc., 7.00%, 03/15/2030 (a) | 3,000,000 | 3,112,245 | ||||||
Total Consumer Staples | 12,380,917 | |||||||
Energy - 21.7% | ||||||||
Energy Equipment & Services - 2.7% | ||||||||
Bristow Group, Inc., 6.88%, 03/01/2028 (a) | 2,250,000 | 2,162,678 | ||||||
Enerflex Ltd., 9.00%, 10/15/2027 (a) | 2,000,000 | 1,945,860 | ||||||
Helix Energy Solutions Group, Inc., 9.75%, 03/01/2029 (a) | 6,000,000 | 6,314,730 | ||||||
10,423,268 | ||||||||
Oil, Gas & Consumable Fuels - 19.0% | ||||||||
Antero Midstream Partners LP / Antero Midstream Finance Corp., 7.88%, 05/15/2026 (a) | 1,500,000 | 1,540,239 | ||||||
Athabasca Oil Corp., 9.75%, 11/01/2026 (a) | 2,474,000 | 2,614,833 | ||||||
Baytex Energy Corp., 8.50%, 04/30/2030 (a) | 2,500,000 | 2,588,757 | ||||||
California Resources Corp., 7.13%, 02/01/2026 (a) | 4,000,000 | 4,059,239 | ||||||
Calumet Specialty Products Partners LP / Calumet Finance Corp., 9.75%, 07/15/2028 (a) | 2,500,000 | 2,502,550 | ||||||
CNX Resources Corp., 7.25%, 03/14/2027 (a) | 4,000,000 | 4,043,656 | ||||||
Crescent Energy Finance LLC, 9.25%, 02/15/2028 (a) | 6,250,000 | 6,489,594 | ||||||
Delek Logistics Partners LP / Delek Logistics Finance Corp. | ||||||||
6.75%, 05/15/2025 | 3,000,000 | 2,984,640 | ||||||
7.13%, 06/01/2028 (a) | 1,000,000 | 943,059 | ||||||
Energy Transfer LP | ||||||||
9.67% (3 mo. LIBOR US + 4.03%), Perpetual (b) | 5,000,000 | 4,807,822 | ||||||
7.13% to 05/15/2030 then 5 yr. CMT Rate + 5.31%, Perpetual | 7,350,000 | 6,791,243 | ||||||
Genesis Energy LP / Genesis Energy Finance Corp., 8.88%, 04/15/2030 | 6,500,000 | 6,725,751 | ||||||
Martin Midstream Partners LP / Martin Midstream Finance Corp., 11.50%, 02/15/2028 (a) | 4,000,000 | 4,123,812 | ||||||
Matador Resources Co., 5.88%, 09/15/2026 | 2,500,000 | 2,483,451 | ||||||
Northern Oil and Gas, Inc., 8.13%, 03/01/2028 (a) | 9,100,000 | 9,223,214 | ||||||
Talos Production, Inc., 12.00%, 01/15/2026 | 6,000,000 | 6,176,250 | ||||||
Transocean, Inc., 8.75%, 02/15/2030 (a) | 475,000 | 496,747 | ||||||
Viper Energy Partners LP, 5.38%, 11/01/2027 (a) | 1,750,000 | 1,719,508 | ||||||
W&T Offshore, Inc., 11.75%, 02/01/2026 (a) | 4,000,000 | 4,129,895 | ||||||
74,444,260 | ||||||||
Total Energy | 84,867,528 | |||||||
Financials - 5.6% | ||||||||
Consumer Finance - 1.4% | ||||||||
Credit Acceptance Corp., 9.25%, 12/15/2028 (a) | 2,000,000 | 2,135,300 | ||||||
PRA Group, Inc. | ||||||||
7.38%, 09/01/2025 (a) | 2,000,000 | 1,985,572 | ||||||
8.38%, 02/01/2028 (a) | 1,500,000 | 1,445,010 | ||||||
5,565,882 | ||||||||
Financial Services - 3.4% | ||||||||
Burford Capital Global Finance LLC | ||||||||
6.88%, 04/15/2030 (a) | 4,500,000 | 4,348,899 | ||||||
9.25%, 07/01/2031 (a) | 6,000,000 | 6,384,300 | ||||||
NCR Atleos Corp., 9.50%, 04/01/2029 (a) | 2,500,000 | 2,658,427 | ||||||
13,391,626 | ||||||||
Insurance - 0.8% | ||||||||
Jones Deslauriers Insurance Management, Inc., 8.50%, 03/15/2030 (a) | 3,000,000 | 3,154,185 | ||||||
Total Financials | 22,111,693 | |||||||
Health Care - 1.6% | ||||||||
Biotechnology - 0.0%(c) | ||||||||
Star Parent, Inc., 9.00%, 10/01/2030 (a) | 100,000 | 105,519 | ||||||
Health Care Equipment & Supplies - 0.4% | ||||||||
Bausch & Lomb Escrow Corp., 8.38%, 10/01/2028 (a) | 500,000 | 528,095 | ||||||
Garden Spinco Corp., 8.63%, 07/20/2030 (a) | 1,100,000 | 1,178,463 | ||||||
1,706,558 | ||||||||
Life Sciences Tools & Services - 0.1% | ||||||||
Fortrea Holdings, Inc., 7.50%, 07/01/2030 (a) | 200,000 | 205,741 | ||||||
Pharmaceuticals - 1.1% | ||||||||
Teva Pharmaceutical Finance Netherlands III BV | ||||||||
6.75%, 03/01/2028 | 4,000,000 | 4,092,000 | ||||||
7.88%, 09/15/2029 | 250,000 | 269,556 | ||||||
4,361,556 | ||||||||
Total Health Care | 6,379,374 | |||||||
Industrials - 9.8% | ||||||||
Aerospace & Defense - 1.0% | ||||||||
Spirit AeroSystems, Inc., 9.75%, 11/15/2030 (a) | 500,000 | 538,277 | ||||||
TransDigm, Inc. | ||||||||
6.25%, 03/15/2026 (a) | 500,000 | 499,613 | ||||||
5.50%, 11/15/2027 | 1,000,000 | 980,255 | ||||||
4.63%, 01/15/2029 | 1,000,000 | 939,500 | ||||||
4.88%, 05/01/2029 | 1,000,000 | 936,067 | ||||||
3,893,712 | ||||||||
Air Freight & Logistics - 0.4% | ||||||||
Cargo Aircraft Management, Inc., 4.75%, 02/01/2028 (a) | 1,000,000 | 916,355 | ||||||
Forward Air Corp., 9.50%, 10/15/2031 (a) | 1,000,000 | 977,630 | ||||||
1,893,985 | ||||||||
Building Products - 1.5% | ||||||||
Advanced Drainage Systems, Inc., 6.38%, 06/15/2030 (a) | 1,250,000 | 1,260,167 | ||||||
Builders FirstSource, Inc. | ||||||||
5.00%, 03/01/2030 (a) | 4,000,000 | 3,867,236 | ||||||
4.25%, 02/01/2032 (a) | 1,000,000 | 903,429 | ||||||
6,030,832 | ||||||||
Commercial Services & Supplies - 3.8% | ||||||||
Cimpress PLC, 7.00%, 06/15/2026 | 1,000,000 | 978,190 | ||||||
CoreCivic, Inc., 8.25%, 04/15/2026 | 6,000,000 | 6,109,814 | ||||||
Deluxe Corp., 8.00%, 06/01/2029 (a) | 2,500,000 | 2,214,458 | ||||||
GEO Group, Inc., 6.00%, 04/15/2026 | 3,500,000 | 3,315,963 | ||||||
RR Donnelley & Sons Co., 9.75%, 07/31/2028 (a) | 2,000,000 | 1,989,380 | ||||||
VT Topco, Inc., 8.50%, 08/15/2030 (a) | 500,000 | 520,717 | ||||||
15,128,522 | ||||||||
Construction & Engineering - 1.0% | ||||||||
MasTec, Inc., 6.63%, 08/15/2029 (a) | 3,000,000 | 2,718,825 | ||||||
Pike Corp., 8.63%, 01/31/2031 (a) | 1,000,000 | 1,052,178 | ||||||
3,771,003 | ||||||||
Trading Companies & Distributors - 2.1% | ||||||||
Alta Equipment Group, Inc., 5.63%, 04/15/2026 (a) | 3,500,000 | 3,380,308 | ||||||
BlueLinx Holdings, Inc., 6.00%, 11/15/2029 (a) | 3,000,000 | 2,779,891 | ||||||
Fly Leasing Ltd., 7.00%, 10/15/2024 (a) | 2,000,000 | 1,932,200 | ||||||
8,092,399 | ||||||||
Total Industrials | 38,810,453 | |||||||
Information Technology - 3.6% | ||||||||
Commercial Services - 1.3% | ||||||||
Getty Images, Inc., 9.75%, 03/01/2027 (a) | 4,000,000 | 4,035,072 | ||||||
Match Group Holdings II LLC, 5.00%, 12/15/2027 (a) | 1,000,000 | 977,795 | ||||||
5,012,867 | ||||||||
Communications Equipment - 0.5% | ||||||||
VM Consolidated, Inc., 5.50%, 04/15/2029 (a) | 2,000,000 | 1,894,026 | ||||||
Software - 1.8% | ||||||||
Consensus Cloud Solutions, Inc., 6.00%, 10/15/2026 (a) | 7,500,000 | 7,138,575 | ||||||
Total Information Technology | 14,045,468 | |||||||
Materials - 1.6% | ||||||||
Chemicals - 0.5% | ||||||||
Chemours Co., 5.75%, 11/15/2028 (a) | 2,000,000 | 1,907,691 | ||||||
Metals & Mining - 1.1% | ||||||||
Alliance Resource Operating Partners LP / Alliance Resource Finance Corp., 7.50%, 05/01/2025 (a) | 2,770,000 | 2,768,241 | ||||||
Taseko Mines Ltd., 7.00%, 02/15/2026 (a) | 1,500,000 | 1,424,311 | ||||||
4,192,552 | ||||||||
Total Materials | 6,100,243 | |||||||
Real Estate - 4.6% | ||||||||
Hotel & Resort REITs - 0.8% | ||||||||
Service Properties Trust, 8.63%, 11/15/2031 (a) | 3,000,000 | 3,145,455 | ||||||
Industrial REITs - 0.5% | ||||||||
IIP Operating Partnership LP, 5.50%, 05/25/2026 | 2,000,000 | 1,848,899 | ||||||
Specialized REITs - 3.3% | ||||||||
Outfront Media Capital LLC / Outfront Media Capital Corp. | ||||||||
4.25%, 01/15/2029 (a) | 1,000,000 | 903,335 | ||||||
4.63%, 03/15/2030 (a) | 1,000,000 | 893,241 | ||||||
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC, 10.50%, 02/15/2028 (a) | 11,000,000 | 11,160,138 | ||||||
12,956,714 | ||||||||
Total Real Estate | 17,951,068 | |||||||
Utilities - 0.9% | ||||||||
Independent Power and Renewable Electricity Producers - 0.9% | ||||||||
Vistra Corp., 7.00% to 12/15/2026 then 5 yr. CMT Rate + 5.74%, Perpetual (a) | 3,500,000 | 3,452,295 | ||||||
TOTAL CORPORATE BONDS (Cost $241,363,661) | 241,326,847 | |||||||
BANK LOANS - 26.8% | Par | Value | ||||||
Communication Services - 3.6% | ||||||||
Diversified Telecommunications - 0.7% | ||||||||
Consolidated Communications, Inc. First Lien, 8.96% (1 mo. Term SOFR + 3.50%), 10/04/2027 (b) | 2,928,009 | 2,733,238 | ||||||
Interactive Media & Services - 0.5% | ||||||||
Abe Investment Holdings, Inc. First Lien, 9.99% (1 mo. Term SOFR + 4.50%), 02/19/2026 (b) | 1,853,360 | 1,864,249 | ||||||
Media - 2.4% | ||||||||
Directv Financing LLC First Lien, 10.65% (1 mo. Term SOFR + 5.00%), 08/02/2027 (b) | 8,570,058 | 8,585,613 | ||||||
EW Scripps Co. First Lien, 8.03% (1 mo. Term SOFR + 2.56%), 05/01/2026 (b) | 952,713 | 951,226 | ||||||
EW Scripps Co., 8.46% (1 mo. Term SOFR + 3.00%), 01/07/2028 (b) | 172,188 | 170,628 | ||||||
9,707,467 | ||||||||
Total Communication Services | 14,304,954 | |||||||
Consumer Discretionary - 4.6% | ||||||||
Automobile Components - 1.7% | ||||||||
First Brands Group LLC First Lien | ||||||||
10.88% (1 mo. Term SOFR + 5.00%), 03/30/2027 (b) | 4,954,975 | 4,927,128 | ||||||
10.88% (6 mo. Term SOFR + 5.00%), 03/30/2027 (b) | 1,987,232 | 1,974,812 | ||||||
6,901,940 | ||||||||
Home Durables - 0.3% | ||||||||
AI Aqua Merger Sub, Inc., 9.58% (1 mo. Term SOFR + 4.25%), 07/31/2028 (b) | 1,000,000 | 1,006,250 | ||||||
Hotels, Restaurants & Leisure - 2.6% | ||||||||
Dave & Buster's, Inc. First Lien, 9.25% (1 mo. Term SOFR + 3.75%), 06/29/2029 (b) | 4,960,000 | 4,981,254 | ||||||
Playa Resorts Holding BV First Lien, 9.61% (1 mo. Term SOFR + 4.25%), 01/05/2029 (b) | 4,962,444 | 4,973,931 | ||||||
9,955,185 | ||||||||
Total Consumer Discretionary | 17,863,375 | |||||||
Consumer Staples - 1.8% | ||||||||
Personal Care Products - 1.8% | ||||||||
KDC/ONE Development Corp., Inc. First Lien, 10.35% (1 mo. Term SOFR + 5.00%), 08/15/2028 (b) | 7,000,000 | 6,952,750 | ||||||
Financials - 2.9% | ||||||||
Financial Services - 1.0% | ||||||||
NCR Atleos Corp., 10.20% (1 mo. Term SOFR + 4.75%), 03/27/2029 (b) | 4,000,000 | 3,992,500 | ||||||
Insurance - 1.9% | ||||||||
HUB International Ltd. First Lien, 9.66% (1 mo. Term SOFR + 4.25%), 06/20/2030 (b) | 3,690,750 | 3,711,252 | ||||||
Jones Deslauriers Insurance Management, Inc. First Lien, 9.62% (1 mo. Term SOFR + 4.25%), 08/10/2030 (b) | 3,500,000 | 3,519,687 | ||||||
7,230,939 | ||||||||
Total Financials | 11,223,439 | |||||||
Health Care - 6.6% | ||||||||
Biotechnology - 0.8% | ||||||||
Syneos Health (Inc Research/Inventiv Health) T/L B First Lien, 9.35% (1 mo. Term SOFR + 4.00%), 09/30/2030 (b) | 3,000,000 | 2,972,085 | ||||||
Health Care Equipment & Supplies - 1.1% | ||||||||
Bausch and Lomb 9/23 Incremental T/L First Lien, 9.35% (1 mo. Term SOFR + 4.00%), 09/29/2028 (b) | 4,488,750 | 4,494,361 | ||||||
Life Sciences Tools & Services - 0.4% | ||||||||
Fortrea Holdings, Inc. First Lien, 9.10% (1 mo. Term SOFR + 3.75%), 07/01/2030 (b) | 1,492,500 | 1,493,119 | ||||||
Pharmaceuticals - 4.3% | ||||||||
Amneal Pharmaceuticals LLC, 10.86% (1 mo. Term SOFR + 5.50%), 05/04/2028 (b) | 7,000,000 | 6,903,750 | ||||||
Jazz Financing Lux Sarl First Lien, 8.96% (1 mo. Term SOFR + 3.50%), 05/05/2028 (b) | 5,170,705 | 5,204,082 | ||||||
PetIQ Holdings LLC, 10.17% (1 mo. Term SOFR + 4.25%), 04/13/2028 (b) | 4,875,000 | 4,850,625 | ||||||
16,958,457 | ||||||||
Total Health Care | 25,918,022 | |||||||
Industrials - 6.1% | ||||||||
Aerospace & Defense - 0.5% | ||||||||
TransDigm, Inc. First Lien, 8.64% (1 mo. Term SOFR + 3.25%), 02/22/2027 (b) | 1,877,604 | 1,887,827 | ||||||
Commercial Services & Supplies - 4.5% | ||||||||
Emerald X, Inc. First Lien, 10.45% (1 mo. Term SOFR + 2.75%), 05/22/2024 (b) | 3,980,000 | 4,008,855 | ||||||
GEO Group, Inc. | ||||||||
12.47% (1 mo. Term SOFR + 7.13%), 03/23/2027 (b) | 8,759,071 | 8,967,100 | ||||||
11.47% (1 mo. Term SOFR + 6.13%), 03/23/2027 (b) | 486,621 | 490,879 | ||||||
VT Topco, Inc. First Lien, 9.66% (1 mo. Term SOFR + 4.25%), 08/12/2030 (b) | 4,500,000 | 4,528,125 | ||||||
17,994,959 | ||||||||
Electrical Equipment - 0.4% | ||||||||
Array Technologies, Inc., 5.00% (3 mo. Term SOFR + 3.25%), 10/14/2027 (b) | 1,524,442 | 1,525,631 | ||||||
Machinery - 0.7% | ||||||||
Chart Industries, Inc. First Lien, 8.67% (1 mo. Term SOFR + 3.25%), 03/18/2030 (b) | 2,643,392 | 2,652,195 | ||||||
Total Industrials | 24,060,612 | |||||||
Information Technology - 1.2% | ||||||||
Software - 1.2% | ||||||||
Magnite, Inc., 10.46% (1 mo. Term SOFR + 5.00%), 05/01/2028 (b) | 4,694,353 | 4,716,862 | ||||||
TOTAL BANK LOANS (Cost $104,047,076) | 105,040,014 | |||||||
CONVERTIBLE BONDS - 4.3% | Par | Value | ||||||
Consumer Discretionary - 1.0% | ||||||||
Automobile Components - 0.4% | ||||||||
Patrick Industries, Inc., 1.75%, 12/01/2028 | 1,250,000 | 1,425,000 | ||||||
Diversified Consumer Services - 0.6% | ||||||||
Stride, Inc., 1.13%, 09/01/2027 | 2,000,000 | 2,542,000 | ||||||
Total Consumer Discretionary | 3,967,000 | |||||||
Health Care - 1.1% | ||||||||
Biotechnology - 1.1% | ||||||||
BioMarin Pharmaceutical, Inc., 1.25%, 05/15/2027 | 2,000,000 | 2,063,800 | ||||||
Mirum Pharmaceuticals, Inc., 4.00%, 05/01/2029 (a) | 2,000,000 | 2,440,000 | ||||||
4,503,800 | ||||||||
Total Health Care | 4,503,800 | |||||||
Industrials - 1.5% | ||||||||
Electrical Equipment - 0.2% | ||||||||
Array Technologies, Inc., 1.00%, 12/01/2028 | 1,000,000 | 987,250 | ||||||
Machinery - 0.5% | ||||||||
Greenbrier Companies, Inc. | ||||||||
2.88%, 02/01/2024 | 1,000,000 | 995,000 | ||||||
2.88%, 04/15/2028 | 1,000,000 | 986,000 | ||||||
1,981,000 | ||||||||
Passenger Airlines - 0.8% | ||||||||
Southwest Airlines Co., 1.25%, 05/01/2025 | 3,000,000 | 3,042,750 | ||||||
Total Industrials | 6,011,000 | |||||||
Utilities - 0.7% | ||||||||
Electric Utilities - 0.7% | ||||||||
PG&E Corp., 4.25%, 12/01/2027 (a) | 2,500,000 | 2,632,500 | ||||||
TOTAL CONVERTIBLE BONDS (Cost $15,864,541) | 17,114,300 | |||||||
PREFERRED STOCKS - 2.4% | Shares | Value | ||||||
Energy - 1.6% | ||||||||
Oil, Gas & Consumable Fuels — 1.60% | ||||||||
Energy Transfer LP, Series C, 10.16% to 11/15/2023 then 3 mo. LIBOR US + 4.53%, Perpetual | 59,996 | 1,514,299 | ||||||
NuStar Energy LP | – | $ | – | |||||
Series A, 12.41% (3 mo. Term SOFR + 7.03%), Perpetual(b) | 20,000 | 511,200 | ||||||
Series C, 12.53% (3 mo. LIBOR US + 6.88%), Perpetual(b) | 165,000 | 4,207,500 | ||||||
6,232,999 | ||||||||
6,232,999 | ||||||||
Financials - 0.8% | ||||||||
Financial Services — 0.80% | ||||||||
Compass Diversified Holdings | – | $ | – | |||||
Series A, 7.25%, Perpetual | 25,000 | 579,000 | ||||||
Series C, 7.88%, Perpetual | 100,000 | 2,494,000 | ||||||
3,073,000 | ||||||||
TOTAL PREFERRED STOCKS (Cost $8,045,277) | 9,305,999 | |||||||
SHORT-TERM INVESTMENTS - 5.4% | ||||||||
Money Market Funds - 5.4% | Shares | |||||||
Fidelity Government Portfolio - Class Institutional, 5.25%(d) | 21,117,923 | 21,117,923 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $21,117,923) | 21,117,923 | |||||||
TOTAL INVESTMENTS - 100.4% (Cost $390,438,478) | $ | 393,905,083 | ||||||
Liabilities in Excess of Other Assets - (0.4)% | (1,539,483) | |||||||
TOTAL NET ASSETS - 100.0% | $ | 392,365,600 |
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. and Standard & Poor’s Financial Services LLC (“S&P”). GICS is a service mark of MSCI, Inc. and S&P and has been licensed for use by U.S. Bank Global Fund Services. | |||
LIBOR - London Interbank Offered Rate | |||
PLC - Public Limited Company | |||
SOFR - Secured Overnight Financing Rate | |||
(a) | Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of December 31, 2023, the value of these securities total $192,764,148 or 49.1% of the Fund’s net assets. | ||
(b) | Coupon rate is variable or floats based on components including but not limited to reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed is as of December 31, 2023. | ||
(c) | Represents less than 0.05% of net assets. | ||
(d) | The rate shown represents the 7-day effective yield as of December 31, 2023. |
INVESTMENT VALUATION (UNAUDITED)
Equity securities and debt securities traded on a national securities exchange or national market, except those traded using the National Association of Securities Dealers’ Automated Quotation System (“NASDAQ”), are valued at the latest sales price thereof, or if no sale was reported on that date, the mean between the most recent quoted bid and ask price is used. All equity securities that are traded using NASDAQ are valued using the NASDAQ Official Closing Price (“NOCP”), which may not necessarily represent the last sales price. If there has been no sale on such exchange or on NASDAQ on such day, the security is valued at the mean between the most recent quoted bid and ask price. | ||||||||
When market quotations are not readily available, any security or other asset is valued at its fair value as determined in good faith under procedures approved by the Board of Trustees (the “Board”). If events occur that will affect the value of a Fund’s portfolio securities before the net asset value (“NAV”) has been calculated (a “significant event”), the security will generally be priced using a fair value procedure. The Board has adopted specific procedures for valuing portfolio securities and delegated the responsibility of fair value determinations to the Valuation Committee. Some of the factors that may be considered by the Valuation Committee in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restriction on the position; trading in similar securities of the same issuer or comparable companies; information from broker-dealers; and an evaluation of the forces that influence the market in which the securities are purchased or sold. | ||||||||
Debt securities with remaining maturities of 60 days or less are normally valued at the last reported sale price. If there is no trade on the particular day, then the security will be priced at the mean between the most recent bid and ask prices. | ||||||||
Restricted securities include securities that have not been registered under the Securities Act of 1933, as amended, and securities that are subject to restrictions on resale. The Funds may invest in restricted securities that are consistent with the Funds’ investment objectives and investment strategies. In some cases, the issuer of restricted securities has agreed to register such securities for resale, at the issuer’s expense either upon demand by the Funds or in connection with another registered offering of the securities. Investments in restricted securities are valued utilizing the Funds’ corporate bond valuation policies. | ||||||||
FOREIGN INVESTMENT RISK | ||||||||
Investing in securities of foreign corporations and governments involves additional risks relating to: political, social, religious and economic developments abroad; market instability in securities of foreign corporations and governments involves additional risks relating to: political, social, religious and economic developments abroad; market instability; fluctuations in foreign exchange rates; different regulatory requirements, market practices, accounting standards and practices; and less publicly available information about foreign issuers. Additionally, these investments may be less liquid, carry higher brokerage commissions and other fees, and procedures and regulations governing transactions and custody in foreign markets also may involve delays in payment, delivery or recovery of money or investments. Investments in common stocks of U.S. companies with international operations, and the purchase of sponsored or unsponsored ADRs (American Depositary Receipt) carry similar risks. In addition to risks associated with investing in foreign securities, there are special risks associated with investments in China and Hong Kong, including exposure to currency fluctuations, less liquidity, expropriation, confiscatory taxation, nationalization, exchange control regulations, differing legal standards and rapid fluctuations in inflation and interest rates. The Chinese government could, at any time, alter or discontinue economic reform programs implemented since 1978. | ||||||||
Summary of Fair Value Exposure at December 31, 2023 (Unaudited) | ||||||||
In accordance with FASB ASC 820, Fair Value Measurements (“ASC 820”), fair value is defined as the price that a Fund would receive to sell an investment or pay to transfer a liability in an orderly transaction with an independent buyer in the principal market, or in the absence of a principal market, the most advantageous market for the investment or liability. ASC 820 establishes a three-tier hierarchy to distinguish between (1) inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observable inputs) and (2) inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Funds’ investments. The inputs are summarized in the three broad levels listed below: | ||||||||
Level 1 — Valuations based on quoted prices for investments in active markets that a Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments. | ||||||||
Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.). | ||||||||
Level 3 —Valuations based on significant unobservable inputs (including a Fund’s own assumptions and judgment in determining the fair value of investments). | ||||||||
Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the market place. The inputs will be considered by Kornitzer Capital Management (“Advisor”), along with any other relevant factors in the calculation of an investment’s fair value. The Funds use prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy. | ||||||||
Non-U.S. equity securities actively traded in foreign markets may be reflected in Level 2 despite the availability of closing prices, because the Funds evaluate and determine whether those closing prices reflect fair value at the close of the NYSE or require adjustment, as described above and in the Foreign Investment Risk note above. | ||||||||
Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models rely on one or more significant unobservable inputs and/or significant assumptions made by the Valuation Committee. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data. As of December 31, 2023, the Fund held 5 securities where a fair value factor was applied, with a market value of $16,511,125, or 4.21% of Net Assets. | ||||||||
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. | ||||||||
The following table provides the fair value measurement of applicable Fund assets and liabilities by level within the fair value hierarchy as of December 31, 2023. These assets are measured on a recurring basis. |
Buffalo High Yield Fund | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Preferred Stocks | $ | 9,305,999 | $ | - | $ | - | $ | 9,305,999 | ||||||||
Convertible Bonds | - | 17,114,300 | - | 17,114,300 | ||||||||||||
Corporate Bonds | - | 241,326,847 | - | 241,326,847 | ||||||||||||
Bank Loans | - | 88,528,889 | 16,511,125 | 105,040,014 | ||||||||||||
Short Term Investments | 21,117,923 | - | - | 21,117,923 | ||||||||||||
Total* | $ | 30,423,922 | $ | 346,970,036 | $ | 16,511,125 | $ | 393,905,083 |
* Additional information regarding the industry and/or geographical classification of these investments is disclosed in the schedule of investments. |
The following is a reconciliation of the Buffalo High Yield Fund Level 3 assets for which significant unobservable inputs were used to determine fair value for the period ended December 31, 2023: |
Fair Value Measurement Using Significant Unobservable Inputs (Level 3) | Investments in Securities Period Ended December 31, 2023 | |||
Fair Value as of 03/31/2023 | $ | 18,888,191 | ||
Total unrealized gain included in earnings | 719,526 | |||
Total unrealized losses included in earnings | (67,939) | |||
Realized gain included in earnings | 32,727 | |||
Realized losses included in earnings | (109 | ) | ||
Purchases | 1,367,253 | |||
Sales | (1,610,014 | ) | ||
Amortization/Accretion | 32,979 | |||
Corporate Actions | (2,851,489 | ) | ||
Fair Value as of 12/31/2023 | $ | 16,511,125 | ||
The change in unrealized appreciation/(depreciation) for Level 3 securities still held at June 30, 2023 was $687,828.
The following is a summary of quantitative information about level 3 valued measurements:
Buffalo High Yield Fund | ||||||
Value at December 31, 2023 | Valuation Technique(s) | |||||
Bank Loans | $ | 16,511,125 | Broker Quotes |
TRANSACTIONS WITH AFFILIATES |
Investments representing 5% or more of the outstanding voting securities of a portfolio company result in that company being considered an affiliated company, as defined in the 1940 Act. There were no affiliated companies held in any of the Buffalo Funds during the period ended December 31, 2023. |
FOREIGN CURRENCY TRANSLATION |
Values of investments denominated in foreign currencies are converted into U.S. dollars using a spot market rate of exchange on the day of valuation. Purchases and sales of investments and dividend and interest income are translated to U.S. dollars using a spot market rate of exchange prevailing on the respective dates of such transactions. The portion of security gains or losses resulting from changes in foreign exchange rates is included with net realized and unrealized gain or loss from investments, as appropriate, for both financial reporting and tax purposes. |
PURCHASED AND WRITTEN OPTIONS CONTRACTS |
The Fund may purchase and write call or put options on securities and indices and enter into related closing transactions. As a holder of a call option, a Fund has the right, but not the obligation, to purchase a security at the exercise price during the exercise period. As the writer of a call option, a Fund has the obligation to sell the security at the exercise price during the exercise period. The Fund did not hold written or purchased call options of December 31, 2023. The Fund’s maximum payout in the case of written call option contracts cannot be determined. As a holder of a put option, a Fund has the right, but not the obligation, to sell a security at the exercise price during the exercise period. As the writer of a put option, a Fund has the obligation to buy the underlying security at the exercise price during the exercise period. The Fund did not hold any purchased or written put options as of December 31, 2023. The premium that a Fund pays when purchasing an option or receives when writing an option will reflect, among other things, the market price of the security, the relationship of the exercise price to the market price of the security, the relationship of the exercise price to the volatility of the security, the length of the option period and supply and demand factors. The premium is the market value of an option at the time of purchase. A purchaser (holder) of a put option pays a non-refundable premium to the seller (writer) of a put option to obtain the right to sell a specified amount of a security at a fixed price (the exercise price) during a specified period (exercise period). Conversely, the seller (writer) of a put option, upon payment by the holder of the premium, has the obligation to buy the security from the holder of the put option at the exercise price during the exercise period. Exchange traded options are valued at the composite price, using the National Best Bid and Offer quotes (“NBBO”). NBBO consists of the highest bid prices and lowest ask prices across any of the exchanges on which an option is quoted, thus providing a view across the entire U.S. options marketplace. Specifically, composite pricing looks at the last trades on the exchanges where the options are traded. If there are no trades for the option on a given business day, composite option pricing calculates the mean of the highest bid price and lowest ask price across the exchanges where the option is traded. Non exchange traded options also will be valued at the mean between the last bid and ask quotations. For options where market quotations are not readily available, a fair value shall be determined as set forth in the Fund’ fair valuation guidelines. The Fund may use options with the objective to generate income as a non-principal investment strategy. A risk of using derivatives is that the counterparty to a derivative may fail to comply with their obligation to the Fund. |