Eubel Brady & Suttman Mutual Fund Trust NPORT-P Eubel Brady & Suttman Income Fund (Oct 2024 report)

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EUBEL BRADY & SUTTMAN INCOME AND APPRECIATION FUND
SCHEDULE OF INVESTMENTS
October 31, 2024 (Unaudited)
	Corporate Bonds - 30.5%	Coupon	Maturity	Par Value	Value
Consumer Discretionary - 2.1%
	Marriott International, Inc., Series KK	4.900%	04/15/29	$ 3,000,000	$ 3,004,678
Consumer Staples - 2.8%
	Walgreens Boots Alliance, Inc.	3.200%	04/15/30	5,000,000	4,004,447
Energy - 3.4%
	CNX Resources Corporation, 144A	6.000%	01/15/29	5,000,000	4,958,516
Financials – 15.0%
	Bank OZK (TSFR3M + 209, effective 10/01/26) (a)	2.750%	10/01/31	4,130,000	3,324,650
	CNG Holdings, Inc., 144A	14.500%	06/30/26	2,492,000	2,118,168
	First Maryland Capital I (TSFR3M + 126.16) (a)	5.918%	01/15/27	2,000,000	1,938,720
	GitSit Solutions, LLC, 144A (b)(c)(d)	8.000%	11/15/29	3,500,000	3,500,000
	Markel Group, Inc. (H15T5Y + 566.2, effective 06/01/25) (a)(e)	6.000%	12/31/99	5,000,000	4,991,891
	NCP SNIP (c)(d)	13.500%	12/31/25	1,800,000	1,774,051
	Southern Bancshares (N.C.), Inc., 144A (TSFR3M + 241, effective 06/30/26) (a)	3.125%	06/30/31	2,200,000	1,914,000
	Truist Financial Corporation (TSFR3M + 93.161) (a)	6.050%	05/15/27	2,000,000	1,970,000
					21,531,480
Industrials - 2.1%
	Reese Farms Development, LLC, 144A (c)(d)	8.500%	07/15/29	3,000,000	3,002,751
Materials - 1.4%
	Steel Dynamics, Inc.	2.800%	12/15/24	2,000,000	1,994,119
Technology - 3.7%
	Micron Technology, Inc.	6.750%	11/01/29	5,000,000	5,366,448
Total Corporate Bonds (Cost $45,240,674)					$ 43,862,439
	Convertible Bonds - 57.6%	Coupon	Maturity	Par Value	Value
Communications - 12.0%
	Airbnb, Inc.	0.000%	03/15/26	$ 6,000,000	$ 5,583,000
	Spotify USA, Inc.	0.000%	03/15/26	6,000,000	6,035,516

EUBEL BRADY & SUTTMAN INCOME AND APPRECIATION FUND
SCHEDULE OF INVESTMENTS (Continued)
	Convertible Bonds - 57.6% (Continued)	Coupon	Maturity	Par Value	Value
Communications - 12.0% (Continued)
	TripAdvisor, Inc.	0.250%	04/01/26	$ 6,000,000	$  5,607,968
					17,226,484
Consumer Discretionary - 18.3%
	Chegg, Inc.	0.125%	03/15/25	3,000,000	2,872,500
	Chegg, Inc.	0.000%	09/01/26	3,000,000	2,265,000
	Etsy, Inc.	0.125%	09/01/27	3,000,000	2,565,657
	Etsy, Inc.	0.250%	06/15/28	4,000,000	3,262,192
	Ford Motor Company	0.000%	03/15/26	5,000,000	4,875,000
	Guess, Inc.	3.750%	04/15/28	5,000,000	5,040,000
	Patrick Industries, Inc.	1.750%	12/01/28	4,000,000	5,534,000
					26,414,349
Consumer Staples - 3.5%
	Spectrum Brands, Inc., 144A	3.375%	06/01/29	5,000,000	5,051,597
Financials - 2.3%
	Prospect Capital Corporation	6.375%	03/01/25	3,272,000	3,251,714
Industrials - 7.4%
	Lyft, Inc., 144A	0.625%	03/01/29	6,000,000	5,808,000
	Winnebago Industries, Inc., 144A	3.250%	01/15/30	5,000,000	4,812,500
					10,620,500
Technology - 14.1%
	Bentley Systems, Inc.	0.125%	01/15/26	5,000,000	4,922,500
	Bentley Systems, Inc.	0.375%	07/01/27	1,000,000	907,000
	Envestnet, Inc.	0.750%	08/15/25	5,500,000	5,425,750
	John Bean Technologies Corporation	0.250%	05/15/26	5,000,000	4,788,000
	Xerox Holdings Corporation, 144A	3.750%	03/15/30	6,000,000	4,281,000
					20,324,250
Total Convertible Bonds (Cost $83,302,398)					$ 82,888,894
	Bank Debt - 2.3%	Coupon	Maturity	Par Value	Value
Financials - 2.3%
	NCP SPV Texas, L.P. Revolving Loan (Prime +187) (a)(c)(d) (Cost $3,319,558)	9.870%	09/19/26	$ 3,319,558	$ 3,273,931
Common Stocks - 4.6%				Shares	Value
Financials - 1.5%
	Capital One Financial Corporation			9,904	$ 1,612,272

EUBEL BRADY & SUTTMAN INCOME AND APPRECIATION FUND
SCHEDULE OF INVESTMENTS (Continued)
Common Stocks - 4.6% (Continued)		Shares	Value
	Financials - 1.5% (Continued) Lincoln National Corporation	15,673	$  544,637
			2,156,909
Materials - 3.1%
	Natural Resource Partners, L.P.	48,000	4,549,920
Total Common Stocks (Cost $5,240,351)			$ 6,706,829
Money Market Funds - 6.8%		Shares	Value
Invesco Short-Term Investments Trust - Treasury Portfolio - Institutional Class, 4.75% (f) (Cost $9,866,499)		9,866,499	$ 9,866,499
Total Investments at Value - 101.8% (Cost $146,969,480)			$ 146,598,592
Liabilities in Excess of Other Assets - (1.8%)			(2,630,425 )
Net Assets - 100.0%			$ 143,968,167

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 $35,446,532 as of October 31, 2024, representing 24.6% 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, 2024.  For securities based on a published reference rate and spread, the reference rate and spread (in basis points) are indicated parenthetically.
(b)	When-issued security.
(c)	Illiquid security. The total fair value of these securities as of October 31, 2024 was $11,550,733, representing 8.0% 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 $11,550,733 as of October 31, 2024, representing 8.0% of net assets.
(e)	Security has a perpetual maturity.
(f)	The rate shown is the 7-day effective yield as of October 31, 2024.

EUBEL BRADY & SUTTMAN INCOME FUND
SCHEDULE OF INVESTMENTS
October 31, 2024 (Unaudited)
	Corporate Bonds - 86.0%	Coupon	Maturity	Par Value	Value
Communications - 4.8%
	Discovery Communications, LLC	3.950%	06/15/25	$ 6,851,000	$ 6,799,008
	Discovery Communications, LLC	4.900%	03/11/26	4,000,000	3,976,792
	VeriSign, Inc.	4.750%	07/15/27	6,000,000	5,954,135
					16,729,935
Consumer Discretionary - 10.3%
	LKQ Corporation	5.750%	06/15/28	11,000,000	11,218,383
	Magna International, Inc.	5.050%	03/14/29	5,000,000	5,045,487
	Mohawk Industries, Inc.	5.850%	09/18/28	11,000,000	11,355,001
	Polaris, Inc.	6.950%	03/15/29	8,000,000	8,440,304
					36,059,175
Consumer Staples - 6.3%
	J.M. Smucker Company (The)	3.375%	12/15/27	8,500,000	8,192,801
	Kroger Company (The)	2.650%	10/15/26	5,098,000	4,905,698
	Walgreens Boots Alliance, Inc.	3.800%	11/18/24	4,900,000	4,889,608
	Walgreens Boots Alliance, Inc.	3.450%	06/01/26	4,000,000	3,846,949
					21,835,056
Financials - 25.8%
	American Express Company	2.250%	03/04/25	5,500,000	5,451,411
	Bank of America Corporation (a)	4.375%	12/31/99	5,500,000	5,297,610
	Bank OZK (TSFR3M + 209, effective 10/01/26) (b)	2.750%	10/01/31	12,250,000	9,861,250
	Charles Schwab Corporation (The) (a)	5.375%	12/31/99	5,000,000	4,974,474
	CNG Holdings, Inc., 144A	14.500%	06/30/26	4,969,000	4,223,586
	First Maryland Capital I (TSFR3M + 126.16) (b)	5.918%	01/15/27	5,000,000	4,846,800
	Loews Corporation	3.750%	04/01/26	6,000,000	5,928,389
	Markel Group, Inc. (H15T5Y + 566.2, effective 06/01/25) (a)(b)	6.000%	12/31/99	12,000,000	11,980,539
	Morgan Stanley, Series I (SOFR + 166.9, effective 07/17/25) (b)	4.679%	07/17/26	8,000,000	7,975,194
	MSCI, Inc., 144A	4.000%	11/15/29	9,000,000	8,529,621
	NCP SNIP (c)(d)	13.500%	12/31/25	5,725,000	5,642,468
	Southern Bancshares (N.C.), Inc., 144A (TSFR3M + 241, effective 06/30/26) (b)	3.125%	06/30/31	5,800,000	5,046,000
	Truist Financial Corporation (TSFR3M + 93.16) (b)	6.050%	05/15/27	5,788,000	5,701,180
	Zions Bancorporation	3.250%	10/29/29	5,000,000	4,402,202
					89,860,724
Health Care - 6.2%
	Danaher Corporation	2.200%	11/15/24	858,000	856,962

	EUBEL BRADY & SUTTMAN INCOME FUND
	SCHEDULE OF INVESTMENTS (Continued)
	Corporate Bonds - 86.0% (Continued)	Coupon	Maturity	Par Value	Value
Health Care - 6.2% (Continued)
	Edwards Lifesciences Corporation	4.300%	06/15/28	$ 5,000,000	$  4,912,006
	Humana, Inc.	3.950%	03/15/27	4,500,000	4,403,264
	McKesson Corporation	0.900%	12/03/25	6,065,000	5,831,385
	Zimmer Biomet Holdings, Inc.	1.450%	11/22/24	5,500,000	5,487,582
					21,491,199
Industrials - 17.4%
	HEICO Corporation	5.250%	08/01/28	10,900,000	11,068,837
	Jacobs Energy Group, Inc.	6.350%	08/18/28	9,000,000	9,391,815
	Penske Truck Leasing Company, L.P., 144A	5.700%	02/01/28	11,000,000	11,240,200
	Raytheon Technology Corporation	3.950%	08/16/25	5,000,000	4,970,564
	Reese Farms Development, LLC, 144A (c)(d)	8.500%	07/15/29	5,000,000	5,004,585
	Textron, Inc.	3.900%	09/17/29	7,000,000	6,689,367
	Timken Company (The)	4.500%	12/15/28	12,433,000	12,125,851
					60,491,219
Materials - 7.7%
	Ball Corporation	6.000%	06/15/29	7,000,000	7,108,633
	Kennametal, Inc.	4.625%	06/15/28	3,600,000	3,548,261
	Sherwin-Williams Company (The)	3.450%	06/01/27	5,000,000	4,855,738
	Steel Dynamics, Inc.	2.800%	12/15/24	11,271,000	11,237,855
					26,750,487
Technology - 7.5%
	Fidelity National Information Services, Inc.	4.700%	07/15/27	5,000,000	4,981,900
	Hewlett Packard Enterprise Company	4.900%	10/15/25	5,231,000	5,231,493
	Keysight Technologies, Inc.	4.600%	04/06/27	3,614,000	3,613,266
	Micron Technology, Inc.	6.750%	11/01/29	5,000,000	5,366,448
	Western Digital Corporation	4.750%	02/15/26	7,000,000	6,918,118
					26,111,225
Total Corporate Bonds (Cost $301,521,247)					$ 299,329,020
	U.S. Treasury Obligations - 7.0%	Coupon	Maturity	Par Value	Value
U.S. Treasury Notes - 7.0%
	U.S. Treasury Notes	4.500%	05/15/27	$12,000,000	$ 12,100,781
	U.S. Treasury Notes	4.625%	04/30/29	12,000,000	12,225,469
	Total U.S. Treasury Obligations (Cost $24,058,307)				$ 24,326,250

EUBEL BRADY & SUTTMAN INCOME FUND
SCHEDULE OF INVESTMENTS (Continued)
	Bank Debt - 2.4%	Coupon	Maturity	Par Value	Value
Financials - 2.4%
	NCP SPV Texas, L.P. Revolving Loan (Prime +187) (a)(c)(d) (Cost $8,298,895)	9.870%	09/19/26	$ 8,298,895	$ 8,184,827
Common Stocks - 1.9%				Shares	Value
Materials - 1.9%
	Natural Resource Partners, L.P. (Cost $6,196,936)			69,000	$ 6,540,510
Money Market Funds - 1.7%				Shares	Value
Invesco Short-Term Investments Trust - Treasury Portfolio - Institutional Class, 4.75% (e)        (Cost $5,947,104)				5,947,104	$ 5,947,104
Total Investments at Value - 99.0% (Cost $346,022,489)					$ 344,327,711
Other Assets in Excess of Liabilities - 1.0%					3,608,547
Net Assets - 100.0%					$ 347,936,258

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 $34,043,992 as of October 31, 2024, representing 9.8% 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)	Security has a perpetual maturity.
(b)	Variable rate security.  Interest rate resets periodically.  The rate shown is the effective interest rate as of October 31, 2024.  For securities based on a published reference rate and spread, the reference rate and spread (in basis points) are indicated parenthetically.
(c)	Illiquid security. The total fair value of these securities as of October 31, 2024 was $18,831,880, representing 5.4% 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 $18,831,880 as of October 31, 2024, representing 5.4% of net assets.
(e)	The rate shown is the 7-day effective yield as of October 31, 2024.