Eubel Brady & Suttman Mutual Fund Trust NPORT-P Eubel Brady & Suttman Income Fund (Oct 2023 report)

EUBEL BRADY & SUTTMAN INCOME AND APPRECIATION FUND
SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited)
	Corporate Bonds - 40.8%	Coupon	Maturity	Par Value	Value
Communications - 4.5%
	Discovery Communications, LLC	3.800%	03/13/24	$ 2,085,000	$ 2,066,507
	Discovery Communications, LLC	3.950%	06/15/25	5,000,000	4,817,033
					6,883,540
Consumer Discretionary - 1.8%
	Marriott International, Inc., Series KK	4.900%	04/15/29	3,000,000	2,814,873
Consumer Staples - 1.2%
	Kroger Company (The)	2.650%	10/15/26	2,000,000	1,832,353
Energy - 0.6%
	Exxon Mobil Corporation	3.043%	03/01/26	1,000,000	950,149
Financials - 15.4%
	Bank of America Corporation (TSFR3M + 396.661, effective 09/05/24) (a)(b)	6.250%	12/31/49	2,000,000	1,965,681
	Bank OZK (TSFR3M + 209, effective 10/01/26) (a)	2.750%	10/01/31	4,130,000	3,035,779
	Charles Schwab Corporation (The)	0.900%	03/11/26	3,000,000	2,645,588
	CNG Holdings, Inc., 144A	14.500%	06/30/26	2,492,000	2,130,660
	First Maryland Capital I (TSFR3M + 126.161) (a)	6.655%	01/15/27	2,000,000	1,810,667
	Markel Group, Inc. (H15T5Y + 566.2, effective 06/01/25) (a)(b)	6.000%	12/31/49	5,000,000	4,820,727
	NCP SNIP (c)(d)	13.500%	12/31/25	1,800,000	1,647,877
	Southern Bancshares (N.C.), Inc., 144A (TSFR3M + 241, effective 6/30/26) (a)	3.125%	06/30/31	2,200,000	1,714,618
	Truist Financial Corporation (TSFR3M + 93.161) (a)	6.300%	05/15/27	2,000,000	1,856,999
	Wells Fargo & Company	3.750%	01/24/24	1,895,000	1,885,609
					23,514,205
Health Care - 8.4%
	Danaher Corporation	2.200%	11/15/24	1,492,000	1,437,934
	Laboratory Corporation of America Holdings	3.600%	02/01/25	4,500,000	4,369,237
	McKesson Corporation	0.900%	12/03/25	3,900,000	3,535,277
	Thermo Fisher Scientific, Inc.	1.215%	10/18/24	3,600,000	3,444,413
					12,786,861
Industrials - 0.5%
	Republic Services, Inc.	2.500%	08/15/24	849,000	826,316

EUBEL BRADY & SUTTMAN INCOME AND APPRECIATION FUND
SCHEDULE OF INVESTMENTS (Continued)
	Corporate Bonds - 40.8% (Continued)	Coupon	Maturity	Par Value	Value
Materials - 3.4%
	Ball Corporation	4.000%	11/15/23	$ 2,000,000	$ 1,995,034
	DowDuPont, Inc.	4.493%	11/15/25	1,345,000	1,310,513
	Steel Dynamics, Inc.	2.800%	12/15/24	2,000,000	1,926,409
					5,231,956
Technology - 3.3%
	Micron Technology, Inc.	6.750%	11/01/29	5,000,000	5,027,384
Utilities - 1.7%
	American Electric Power Company, Inc.	2.031%	03/15/24	2,680,000	2,634,845
Total Corporate Bonds (Cost $66,780,188)					$ 62,502,482
	Convertible Bonds - 51.9%	Coupon	Maturity	Par Value	Value
Communications - 12.9%
	Airbnb, Inc.	0.000%	03/15/26	$ 6,000,000	$ 5,187,000
	Dish Network Corporation	2.375%	03/15/24	2,000,000	1,912,500
	Dish Network Corporation	0.000%	12/15/25	4,000,000	2,440,079
	Spotify USA, Inc.	0.000%	03/15/26	6,000,000	5,133,000
	TripAdvisor, Inc.	0.250%	04/01/26	6,000,000	5,061,000
					19,733,579
Consumer Discretionary - 16.1%
	Chegg, Inc.	0.125%	03/15/25	3,000,000	2,640,000
	Chegg, Inc.	0.000%	09/01/26	3,000,000	2,328,747
	Etsy, Inc.	0.125%	09/01/27	3,000,000	2,367,100
	Etsy, Inc.	0.250%	06/15/28	4,000,000	2,946,000
	Ford Motor Company	0.000%	03/15/26	5,000,000	4,587,500
	Guess Inc., 144A	3.750%	04/15/28	5,000,000	5,122,409
	Patrick Industries, Inc.	1.750%	12/01/28	5,000,000	4,702,500
					24,694,256
Financials - 6.5%
	Ares Capital Corporation	4.625%	03/01/24	2,000,000	2,000,000
	Prospect Capital Corporation	6.375%	03/01/25	3,272,000	3,209,316
	Redwood Trust, Inc.	5.625%	07/15/24	5,000,000	4,849,998
					10,059,314
Technology - 16.4%
	Bentley Systems, Inc.	0.125%	01/15/26	5,000,000	4,737,814
	DocuSign, Inc.	0.000%	01/15/24	6,000,000	5,906,544
	Envestnet, Inc.	0.750%	08/15/25	5,500,000	4,988,500

EUBEL BRADY & SUTTMAN INCOME AND APPRECIATION FUND
SCHEDULE OF INVESTMENTS (Continued)
	Convertible Bonds - 51.9% (Continued)	Coupon	Maturity	Par Value	Value
Technology - 16.4% (Continued)
	Guidewire Software, Inc.	1.250%	03/15/25	$  5,000,000	$  5,017,500
	John Bean Technologies Corporation	0.250%	05/15/26	5,000,000	4,450,000
					25,100,358
Total Convertible Bonds (Cost $83,571,872)					$ 79,587,507
	Bank Debt - 1.8%	Coupon	Maturity	Par Value	Value
Financials - 1.8%
	NCP SPV Texas, L.P. Revolving Loan (Prime + 225) (a)(c)(d) (Cost $2,751,448)	10.750%	09/22/24	$ 2,751,448	$ 2,802,487
Common Stocks - 0.9%				Shares	Value
Financials - 0.9%
	Capital One Financial Corporation			9,904	$ 1,003,176
	Lincoln National Corporation			15,673	341,201
	Total Common Stocks (Cost $934,971)				$   1,344,377

EUBEL BRADY & SUTTMAN INCOME AND APPRECIATION FUND
SCHEDULE OF INVESTMENTS (Continued)
Money Market Funds - 3.9%	Shares	Value
Invesco Short-Term Investments Trust - Treasury Portfolio - Institutional Class, 5.27% (e) (Cost $5,961,623)	5,961,623	$ 5,961,623
Total Investments at Value - 99.3% (Cost $160,000,102)		$ 152,198,476
Other Assets in Excess of Liabilities - 0.7%		1,037,473
Net Assets - 100.0%		$ 153,235,949

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 $8,967,687 as of October 31, 2023, representing 5.9% of net assets.
H15T5Y -	U.S. Treasury yield curve rate for U.S. Treasury note with a constant maturity of 5 years.
TSFR -	CME Term Secured Overnight Financing Rate (SOFR).

(a)	Variable rate security.  Interest rate resets periodically.  The rate shown is the effective interest rate as of October 31, 2023.  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.
(c)	Illiquid security. The total fair value of these securities as of October 31, 2023 was $4,450,364, representing 2.9% of net assets.
(d)	Security has been 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 such securities is $4,450,364 as of October 31, 2023, representing 2.9% of net assets.
(e)	The rate shown is the 7-day effective yield as of October 31, 2023.

EUBEL BRADY & SUTTMAN INCOME FUND
SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited)
	Corporate Bonds - 96.0%	Coupon	Maturity	Par Value	Value
Communications - 5.4%
	Discovery Communications, LLC	3.950%	06/15/25	$ 6,851,000	$ 6,600,298
	Discovery Communications, LLC	4.900%	03/11/26	4,000,000	3,897,143
	VeriSign, Inc.	5.250%	04/01/25	5,000,000	4,940,417
	VeriSign, Inc.	4.750%	07/15/27	6,000,000	5,721,436
					21,159,294
Consumer Discretionary - 8.7%
	General Motors Financial Company, Inc.	4.350%	01/17/27	2,100,000	1,973,357
	LKQ Corporation	5.750%	06/15/28	11,000,000	10,662,560
	Marriott International, Inc., Series KK	4.900%	04/15/29	11,000,000	10,321,201
	Mohawk Industries, Inc.	5.850%	09/18/28	11,000,000	10,819,459
					33,776,577
Consumer Staples - 7.3%
	J.M. Smucker Company (The)	3.375%	12/15/27	8,500,000	7,761,721
	Kroger Company (The)	2.650%	10/15/26	11,098,000	10,167,727
	Mondelez International, Inc.	2.125%	03/17/24	10,544,000	10,392,476
					28,321,924
Energy - 0.9%
	AEP Texas Central Company, Series G, 144A	3.850%	10/01/25	3,750,000	3,591,949
Financials - 26.2%
	American Express Company	2.250%	03/04/25	11,500,000	10,936,482
	Bank of America Corporation (TSFR3M + 396.661, effective 09/05/24) (a)(b)	6.250%	03/05/65	9,450,000	9,287,845
	Bank OZK (TSFR3M + 209, effective 10/01/26) (a)	2.750%	10/01/31	12,250,000	9,004,430
	Charles Schwab Corporation (The)	0.900%	03/11/26	12,000,000	10,582,351
	CNG Holdings, Inc., 144A	14.500%	06/30/26	3,969,000	3,393,495
	First Maryland Capital I (TSFR3M + 126.161) (a)	6.655%	01/15/27	5,000,000	4,526,667
	Loews Corporation	3.750%	04/01/26	12,000,000	11,478,038
	Markel Group, Inc. (H15T5Y + 566.2, effective 06/01/25) (a)(b)	6.000%	12/31/99	12,000,000	11,569,746
	Morgan Stanley, Series I (SOFR + 166.9, effective 07/17/25) (a)	4.679%	07/17/26	8,000,000	7,772,277
	MSCI, Inc., 144A	4.000%	11/15/29	4,000,000	3,444,712
	NCP SNIP (c)(d)	13.500%	12/31/25	5,725,000	5,241,163
	Southern Bancshares (N.C.), Inc., 144A (TSFR3M + 241, effective 6/30/26) (a)	3.125%	06/30/31	5,800,000	4,520,357

EUBEL BRADY & SUTTMAN INCOME FUND
SCHEDULE OF INVESTMENTS (Continued)
	Corporate Bonds - 96.0% (Continued)	Coupon	Maturity	Par Value	Value
Financials - 26.2% (Continued)
	Truist Financial Corporation (TSFR3M + 93.161) (a)	6.300%	05/15/27	$ 5,788,000	$ 5,374,154
	Wells Fargo & Company, Series Q	4.150%	01/24/29	5,000,000	4,544,110
					101,675,827
Health Care - 19.3%
	AmerisourceBergen Corporation	3.400%	05/15/24	6,000,000	5,917,876
	Danaher Corporation	2.200%	11/15/24	858,000	826,908
	Edwards Lifesciences Corporation	4.300%	06/15/28	11,400,000	10,688,136
	Humana, Inc.	3.950%	03/15/27	4,500,000	4,244,601
	Laboratory Corporation of America Holdings	3.600%	02/01/25	13,500,000	13,107,712
	McKesson Corporation	0.900%	12/03/25	12,065,000	10,936,696
	Stryker Corporation	3.375%	11/01/25	2,530,000	2,422,375
	Stryker Corporation	3.650%	03/07/28	6,000,000	5,541,020
	Thermo Fisher Scientific, Inc.	1.215%	10/18/24	10,815,000	10,347,591
	Zimmer Biomet Holdings, Inc.	1.450%	11/22/24	11,500,000	10,951,209
					74,984,124
Industrials - 12.7%
	HEICO Corporation	5.250%	08/01/28	10,900,000	10,519,911
	Penske Truck Leasing Company, L.P., 144A	5.700%	02/01/28	11,000,000	10,633,352
	Penske Truck Leasing Company, L.P., 144A	3.350%	11/01/29	3,000,000	2,508,600
	Raytheon Technology Corporation	3.950%	08/16/25	9,775,000	9,454,178
	Roper Technologies, Inc.	3.800%	12/15/26	4,933,000	4,659,651
	Timken Company (The)	4.500%	12/15/28	12,433,000	11,478,202
					49,253,894
Materials - 7.6%
	Ball Corporation	4.000%	11/15/23	2,000,000	1,995,033
	Ball Corporation	5.250%	07/01/25	8,836,000	8,698,268
	Kennametal, Inc.	4.625%	06/15/28	3,600,000	3,370,069
	Sherwin-Williams Company (The)	3.450%	06/01/27	5,000,000	4,633,413
	Steel Dynamics, Inc.	2.800%	12/15/24	11,271,000	10,856,279
					29,553,062
Technology - 7.9%
	Fidelity National Information Services, Inc.	4.700%	07/15/27	5,000,000	4,787,762
	Hewlett Packard Enterprise Company	4.900%	10/15/25	11,231,000	11,007,408
	Keysight Technologies, Inc.	4.600%	04/06/27	3,614,000	3,448,086
	Micron Technology, Inc.	6.750%	11/01/29	5,000,000	5,027,384
	Western Digital Corporation	4.750%	02/15/26	7,000,000	6,570,826
					30,841,466
Total Corporate Bonds (Cost $393,264,715)					$ 373,158,117

EUBEL BRADY & SUTTMAN INCOME FUND
SCHEDULE OF INVESTMENTS (Continued)
	Bank Debt - 1.5%	Coupon	Maturity	Par Value	Value
Financials - 1.5%
	NCP SPV Texas, L.P. Revolving Loan (Prime + 225) (a)(c)(d) (Cost $5,586,272)	10.750%	09/22/24	$ 5,586,273	$ 5,689,898
Money Market Funds - 1.5%				Shares	Value
Invesco Short-Term Investments Trust - Treasury Portfolio - Institutional Class, 5.27% (e) (Cost $5,912,825)				5,912,825	$ 5,912,825
Total Investments at Value - 99.0% (Cost $404,763,812)					$ 384,760,840
Other Assets in Excess of Liabilities - 1.0%					3,832,478
Net Assets - 100.0%					$ 388,593,318

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 $28,092,465 as of October 31, 2023, representing 7.2% of net assets.
H15T5Y -	U.S. Treasury yield curve rate for U.S. Treasury note with a constant maturity of 5 years.
SOFR -	Secured Overnight Financing Rate.
TSFR -	CME Term Secured Overnight Financing Rate (SOFR).

(a)	Variable rate security.  Interest rate resets periodically.  The rate shown is the effective interest rate as of October 31, 2023.  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.
(c)	Illiquid security. The total fair value of these securities as of October 31, 2023 was $10,931,061, representing 2.8% of net assets.
(d)	Security has been 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 such securities is $10,931,061 as of October 31, 2023, representing 2.8% of net assets.
(e)	The rate shown is the 7-day effective yield as of October 31, 2023.