Eubel Brady & Suttman Mutual Fund Trust NT NPORT-P Eubel Brady & Suttman Income Fund (Oct 2021 report)

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EUBEL BRADY & SUTTMAN INCOME AND APPRECIATION FUND
SCHEDULE OF INVESTMENTS
October 31, 2021 (Unaudited)
	Corporate Bonds - 53.8%	Coupon	Maturity	Par Value	Value
Communications - 4.3%
	Discovery Communications, LLC	2.950%	03/20/23	$ 900,000	$ 926,604
	Discovery Communications, LLC	3.800%	03/13/24	2,085,000	2,211,142
	Verizon Communications, Inc. (3MO LIBOR + 100) (a)	1.118%	03/16/22	2,100,000	2,107,414
					5,245,160
Consumer Discretionary - 1.9%
	AutoZone, Inc.	3.700%	04/15/22	2,250,000	2,264,838
Consumer Staples - 1.1%
	Honeywell International, Inc.	0.483%	08/19/22	219,000	218,981
	Kroger Company (The)	3.850%	08/01/23	1,000,000	1,048,653
					1,267,634
Energy - 3.4%
	CONSOL Energy, Inc., 144A	11.000%	11/15/25	3,000,000	3,060,000
	Exxon Mobil Corporation	3.043%	03/01/26	1,000,000	1,067,060
					4,127,060
Financials - 23.4%
	Bank of America Corporation (3MO LIBOR + 370.5, effective 09/05/24) (a) (b)	6.250%	03/05/65	2,000,000	2,180,000
	Bank of OZK (SOFR + 2.09, effective 10/01/26) (a)	2.750%	10/01/31	2,420,000	2,418,720
	Charles Schwab Corporation (The)	0.900%	03/11/26	3,000,000	2,944,906
	CNG Holdings, Inc., 144A	12.500%	06/15/24	2,700,000	2,551,500
	First Maryland Capital I (3MO LIBOR + 100) (a)	1.124%	01/15/27	2,000,000	1,953,719
	Goldman Sachs Group, Inc. (The) (3MO LIBOR + 75) (a)	0.881%	02/23/23	500,000	503,255
	Goldman Sachs Group, Inc. (The) (3MO LIBOR + 100) (a)	1.124%	07/24/23	2,500,000	2,512,267
	JPMorgan Chase & Company (3MO LIBOR + 123) (a)	1.354%	10/24/23	2,000,000	2,023,058
	Pershing Square Holdings Ltd., 144A	5.500%	07/15/22	2,500,000	2,565,245
	Round Up Ventures, L.P. (c) (d) (e)	15.000%	03/06/25	2,341,622	2,421,486
	Southern Bancshares (N.C.), Inc. (SOFR + 2.41, effective 06/30/26) (a)	3.125%	06/30/31	2,200,000	2,210,354
	Truist Bank (3MO LIBOR + 67) (a)	0.790%	05/15/27	2,000,000	1,961,000
	Wells Fargo & Company	3.750%	01/24/24	1,895,000	2,010,667
					28,256,177

EUBEL BRADY & SUTTMAN INCOME AND APPRECIATION FUND
SCHEDULE OF INVESTMENTS (Continued)
	Corporate Bonds - 53.8% (Continued)	Coupon	Maturity	Par Value	Value
Health Care - 11.9%
	AbbVie, Inc.	2.900%	11/06/22	$ 3,000,000	$ 3,068,160
	AmerisourceBergen Corporation	0.737%	05/15/23	3,380,000	3,381,921
	Becton, Dickinson and Company (3MO LIBOR + 103) (a)	1.148%	06/06/22	2,615,000	2,628,920
	Danaher Corporation	2.200%	11/15/24	1,492,000	1,543,099
	McKesson Corporation	0.900%	12/03/25	3,900,000	3,802,385
					14,424,485
Industrials - 4.8%
	General Electric Company (3MO LIBOR + 100) (a)	1.116%	03/15/23	1,000,000	1,011,934
	Penske Truck Leasing Company, L.P., 144A	4.125%	08/01/23	1,130,000	1,189,039
	Republic Services, Inc.	2.500%	08/15/24	849,000	882,070
	Roper Technologies, Inc.	2.800%	12/15/21	2,700,000	2,702,456
					5,785,499
Materials - 3.0%
	DowDuPont, Inc.	4.493%	11/15/25	1,345,000	1,496,561
	Steel Dynamics, Inc.	2.800%	12/15/24	2,000,000	2,091,601
					3,588,162
Total Corporate Bonds (Cost $64,131,379)					$ 64,959,015
	Convertible Bonds - 12.0%	Coupon	Maturity	Par Value	Value
Communications - 3.0%
	Twitter, Inc., 144A	0.000%	03/15/26	$ 4,000,000	$ 3,665,830
Consumer Discretionary - 1.8%
	Patrick Industries, Inc.	1.000%	02/01/23	2,000,000	2,204,954
Financials - 5.6%
	Ares Capital Corporation	4.625%	03/01/24	2,000,000	2,272,600
	Hope Bancorp, Inc.	2.000%	05/15/38	1,720,000	1,675,934
	Redwood Trust, Inc.	4.750%	08/15/23	2,700,000	2,754,000
					6,702,534
Technology - 1.6%
	Palo Alto Networks, Inc.	0.750%	07/01/23	1,000,000	1,923,393
Total Convertible Bonds (Cost $13,021,641)					$ 14,496,711

EUBEL BRADY & SUTTMAN INCOME AND APPRECIATION FUND
SCHEDULE OF INVESTMENTS (Continued)
	Bank Debt - 2.6%	Coupon	Maturity	Par Value	Value
Financials - 2.2%
	NCP SPV Texas, L.P. Revolving Loan (Prime + 275) (a) (c) (e)	6.000%	11/30/22	$ 2,640,000	$ 2,658,430
Materials - 0.4%
	Ball Metalpack, LLC (3MO LIBOR + 450) (a)	4.621%	07/26/25	483,750	483,145
Total Bank Debt (Cost $3,121,331)					$ 3,141,575
Common Stocks - 2.2%				Shares	Value
Financials - 2.2%
	Capital One Financial Corporation			9,904	$ 1,495,801
	Lincoln National Corporation			15,673	1,130,807
	Total Common Stocks (Cost $934,971)				$ 2,626,608
Commercial Paper - 19.1% (f)				Par Value	Value
Agricultural Bank of China Ltd., 0.0009%, due 11/15/21				$ 3,000,000	2,999,721
Amcor Flexibles, Inc., 0.14%, due 11/01/21				2,000,000	2,000,000
Consolidated Edison, Inc., 0.11%, due 11/19/21				3,500,000	3,499,807
Dominion Energy, Inc., 0.14%, due 11/18/21				3,500,000	3,499,769
Enbridge, Inc., 0.17%, due 11/03/31				4,000,000	3,999,699
Fidelity National Information Services, Inc., 0.21%, due 11/12/21				3,500,000	3,499,780
VW Credit, Inc., 0.17%, due 12/02/21				3,500,000	3,499,488
Total Commercial Paper (Cost $22,998,264)					$ 22,998,264
Money Market Funds - 9.7%				Shares	Value
Invesco Short-Term Investments Trust - Treasury Portfolio - Institutional Class, 0.01% (g) (Cost $11,751,047)				11,751,047	$ 11,751,047
Total Investments at Value - 99.4% (Cost $115,958,633)					$ 119,973,220
Other Assets in Excess of Liabilities - 0.6%					743,643
Net Assets - 100.0%					$ 120,716,863

144A -	Security was purchased in a transaction exempt from registration in compliance with Rule 144A of the Securities Act of 1933.  This security may be resold in transactions exempt from registration, normally to qualified institutional buyers.  The total value of such securities is $13,031,614 as of October 31, 2021, representing 10.8% of net assets.
LIBOR -	London Interbank Offered Rate.
SOFR -	Secured Overnight Financing Rate.

(a)	Variable rate security.  Interest rate resets periodically.  The rate shown is the effective interest rate as of October 31, 2021.  For securities based on a published reference rate and spread, the reference rate and spread (in basis points) are indicated parenthetically.
(b)	Security has a perpetual maturity date.
(c)	Illiquid security. The total fair value of these securities as of October 31, 2021 was $5,079,916, representing 4.2% of net assets.
(d)	Payment-in-kind bond. The rate shown is the coupon rate of 11.0% and the payment-in-kind rate of 4.0%.
(e)	Security has been fair valued using significant unobservable inputs in good faith by the Adviser in conformity with guidelines adopted by and subject to review by the Board of Trustees. The total value of these securities as if October 31, 2021 was $5,079,916, representing 4.2% of net assets.
(f)	The rate shown is the annualized yield at the time of purchase, not a coupon rate.
(g)	The rate shown is the 7-day effective yield as of October 31, 2021.

EUBEL BRADY & SUTTMAN INCOME FUND
SCHEDULE OF INVESTMENTS
October 31, 2021 (Unaudited)
Corporate Bonds - 46.1%	Coupon	Maturity	Par Value	Value
Communications - 1.9%
Discovery Communications, LLC	4.900%	03/11/26	$ 1,000,000	$ 1,127,540
Verizon Communications, Inc. (3MO LIBOR + 100) (a)	1.118%	03/16/22	5,000,000	5,017,652
				6,145,192
Consumer Discretionary - 0.6%
Marriott International, Inc.	2.300%	01/15/22	2,000,000	2,004,132
Consumer Staples - 1.7%
Kroger Company (The)	2.950%	11/01/21	5,206,000	5,206,000
Energy - 1.8%
CONSOL Energy, Inc., 144A	11.000%	11/15/25	5,700,000	5,814,000
Financials - 21.7%
Bank of America Corporation (3MO LIBOR + 370.5, effective 09/05/24) (a) (b)	6.250%	03/05/65	4,000,000	4,360,000
Bank of OZK (SOFR + 2.09, effective 10/01/26) (a)	2.750%	10/01/31	6,260,000	6,256,689
Charles Schwab Corporation (The)	0.900%	03/11/26	7,000,000	6,871,448
Citigroup, Inc.	2.900%	12/08/21	2,220,000	2,221,013
CNG Holdings, Inc., 144A	12.500%	06/15/24	6,300,000	5,953,500
First Maryland Capital I (3MO LIBOR + 100) (a)	1.124%	01/15/27	5,000,000	4,884,297
Goldman Sachs Group, Inc. (The) (3MO LIBOR + 75) (a)	0.881%	02/23/23	2,500,000	2,516,274
Goldman Sachs Group, Inc. (The) (3MO LIBOR + 100) (a)	1.124%	07/24/23	5,500,000	5,526,988
JPMorgan Chase & Company	2.700%	05/18/23	3,000,000	3,088,054
JPMorgan Chase & Company (3MO LIBOR + 123) (a)	1.354%	10/24/23	2,115,000	2,139,384
Morgan Stanley	4.875%	11/01/22	3,100,000	3,231,367
Pershing Square Holdings Ltd., 144A	5.500%	07/15/22	5,000,000	5,130,490
Round Up Ventures, L.P.  (c) (d) (e)	15.000%	03/06/25	5,108,994	5,283,241
Southern Bancshares (N.C.), Inc. (SOFR + 2.41, effective 06/30/26) (a)	3.125%	06/30/31	5,800,000	5,827,296
Truist Bank (3MO LIBOR + 67) (a)	0.790%	05/15/27	5,788,000	5,675,134
				68,965,175

EUBEL BRADY & SUTTMAN INCOME FUND
SCHEDULE OF INVESTMENTS (Continued)
Corporate Bonds - 46.1% (Continued)	Coupon	Maturity	Par Value	Value
Health Care - 9.1%
AbbVie, Inc.	2.900%	11/06/22	$ 7,275,000	$ 7,440,288
Becton, Dickinson and Company (3MO LIBOR + 103) (a)	1.148%	06/06/22	5,825,000	5,856,007
McKesson Corporation	0.900%	12/03/25	10,465,000	10,203,067
Thermo Fisher Scientific, Inc.	4.133%	03/25/25	5,000,000	5,456,675
				28,956,037
Industrials - 5.3%
General Electric Company (3MO LIBOR + 100) (a)	1.116%	03/15/23	5,000,000	5,059,670
Penske Truck Leasing Company, L.P., 144A	2.700%	03/14/23	5,000,000	5,121,387
Penske Truck Leasing Company, L.P., 144A	4.125%	08/01/23	1,000,000	1,052,247
Roper Technologies, Inc.	2.800%	12/15/21	5,703,000	5,708,187
				16,941,491
Materials - 3.0%
Ball Corporation	5.250%	07/01/25	2,336,000	2,604,243
Cabot Corporation	3.700%	07/15/22	3,980,000	4,066,774
Steel Dynamics, Inc.	2.800%	12/15/24	2,696,000	2,819,478
				9,490,495
Utilities - 1.0%
Duke Energy Corporation (3MO LIBOR + 25) (a)	0.372%	11/26/21	3,000,000	3,000,576
Total Corporate Bonds (Cost $145,533,122)				$ 146,523,098
U.S. Treasury Obligations - 9.1%	Coupon	Maturity	Par Value	Value
U.S. Treasury Notes	0.250%	06/30/25	$ 10,000,000	$ 9,743,750
U.S. Treasury Notes	0.750%	03/31/26	10,000,000	9,839,453
U.S. Treasury Notes	0.375%	07/31/27	10,000,000	9,489,844
Total U.S. Treasury Obligations (Cost $29,342,696)				$ 29,073,047
Bank Debt - 1.7%	Coupon	Maturity	Par Value	Value
Financials - 1.7%
NCP SPV Texas, L.P. Revolving Loan (Prime + 275) (a) (c) (e) (Cost $5,360,000)	6.000%	11/30/22	$ 5,360,000	$ 5,397,418

EUBEL BRADY & SUTTMAN INCOME FUND
SCHEDULE OF INVESTMENTS (Continued)
Commercial Paper - 19.9% (f)	Par Value	Value
Agricultural Bank of China Ltd., 0.0009%, due 11/15/21	$ 7,000,000	$ 6,999,349
Barclays Bank plc, 0.10%, due 11/24/21	8,895,000	8,894,432
Dominion Energy, Inc., 0.14%, due 11/18/21	9,500,000	9,499,372
Enbridge, Inc., 0.17%, due 11/03/31	11,000,000	10,999,172
Fidelity National Information Services, Inc., 0.21%, due 11/12/21	9,500,000	9,499,404
Hyundai Capital America, Inc., 0.12%, due 11/17/21	8,000,000	7,999,573
VW Credit, Inc., 0.17%, due 12/02/21	9,500,000	9,498,610
Total Commercial Paper (Cost $63,389,912)		$ 63,389,912
Money Market Funds - 23.3%	Shares	Value
Invesco Short-Term Investments Trust - Treasury Portfolio - Institutional Class, 0.01% (g) (Cost $74,202,053)	74,202,053	$ 74,202,053
Total Investments at Value - 100.1% (Cost $317,827,783)		$ 318,585,528
Liabilities in Excess of Other Assets - (0.1%)		(400,284)
Net Assets - 100.0%		$ 318,185,244

144A -	Security was purchased in a transaction exempt from registration in compliance with Rule 144A of the Securities Act of 1933.  This security may be resold in transactions exempt from registration, normally to qualified institutional buyers.  The total value of such securities is $23,071,624 as of October 31, 2021, representing 7.3% of net assets.
LIBOR -	London Interbank Offered Rate.
SOFR -	Secured Overnight Financing Rate.

(a)	Variable rate security.  Interest rate resets periodically.  The rate shown is the effective interest rate as of October 31, 2021.  For securities based on a published reference rate and spread, the reference rate and spread (in basis points) are indicated parenthetically.
(b)	Security has a perpetual maturity date.
(c)	Illiquid security. The total fair value of these securities as of October 31, 2021 was $10,680,659, representing 3.4% of net assets.
(d)	Payment-in-kind bond. The rate shown is the coupon rate of 11.0% and the payment-in-kind rate of 4.0%.
(e)	Security has been fair valued using significant unobservable inputs in good faith by the Adviser in conformity with guidelines adopted by and subject to review by the Board of Trustees. The total value of these securities as if October 31, 2021 was $10,680,659, representing 3.4% of net assets.
(f)	The rate shown is the annualized yield at the time of purchase, not a coupon rate.
(g)	The rate shown is the 7-day effective yield as of October 31, 2021.