EUBEL BRADY & SUTTMAN INCOME AND APPRECIATION FUND
SCHEDULE OF INVESTMENTS
April 30, 2020 (Unaudited)
| CORPORATE BONDS - 69.0% | Coupon | Maturity | Par Value | Value | ||||||||
| Communication Services - 5.4% | ||||||||||||
| Discovery Communications, LLC | 2.950% | 03/20/23 | $ | 900,000 | $ | 926,074 | ||||||
| Discovery Communications, LLC | 3.800% | 03/13/24 | 2,085,000 | 2,185,014 | ||||||||
| Verizon Communications, Inc. (3MO LIBOR + 100) (a) | 1.740% | 03/16/22 | 2,100,000 | 2,102,688 | ||||||||
| 5,213,776 | ||||||||||||
| Consumer Discretionary - 8.9% | ||||||||||||
| AutoZone, Inc. | 3.700% | 04/15/22 | 2,250,000 | 2,321,110 | ||||||||
| Lennar Corporation | 2.950% | 11/29/20 | 2,600,000 | 2,590,250 | ||||||||
| Marriott International, Inc. | 3.375% | 10/15/20 | 2,220,000 | 2,215,676 | ||||||||
| Silversea Cruise Finance Ltd., 144A | 7.250% | 02/01/25 | 1,600,000 | 1,444,000 | ||||||||
| 8,571,036 | ||||||||||||
| Consumer Staples - 5.2% | ||||||||||||
| Kroger Company (The) | 3.850% | 08/01/23 | 1,000,000 | 1,072,710 | ||||||||
| Mead Johnson Nutrition Company | 3.000% | 11/15/20 | 1,596,000 | 1,609,948 | ||||||||
| Mondelēz International, Inc., 144A | 2.000% | 10/28/21 | 2,290,000 | 2,310,308 | ||||||||
| 4,992,966 | ||||||||||||
| Energy - 3.5% | ||||||||||||
| CNX Resources Corporation | 5.875% | 04/15/22 | 2,600,000 | 2,557,750 | ||||||||
| CONSOL Energy, Inc., 144A | 11.000% | 11/15/25 | 2,000,000 | 860,000 | ||||||||
| 3,417,750 | ||||||||||||
| Financials - 16.5% | ||||||||||||
| American International Group, Inc. | 3.300% | 03/01/21 | 1,700,000 | 1,724,731 | ||||||||
| CNG Holdings, Inc., 144A | 12.500% | 06/15/24 | 2,700,000 | 2,308,500 | ||||||||
| Goldman Sachs Group, Inc. (The) (3MO LIBOR + 75) (a) | 2.433% | 02/23/23 | 500,000 | 489,840 | ||||||||
| Goldman Sachs Group, Inc. (The) (3MO LIBOR + 100) (a) | 2.020% | 07/24/23 | 2,500,000 | 2,454,786 | ||||||||
| JPMorgan Chase & Company | 2.400% | 06/07/21 | 2,500,000 | 2,528,992 | ||||||||
| Pershing Square Holdings Ltd., 144A | 5.500% | 07/15/22 | 2,500,000 | 2,556,250 | ||||||||
| Round Up Venture, L.P. (b) (c) (d) | 15.000% | 03/06/25 | 2,205,914 | 1,941,593 | ||||||||
| Wells Fargo & Company | 3.750% | 01/24/24 | 1,895,000 | 2,022,557 | ||||||||
| 16,027,249 | ||||||||||||
| Health Care - 6.1% | ||||||||||||
| Anthem, Inc. | 4.350% | 08/15/20 | 605,000 | 610,100 | ||||||||
| Becton, Dickinson and Company (3MO LIBOR + 103) (a) | 2.031% | 06/06/22 | 2,615,000 | 2,557,381 | ||||||||
| Becton, Dickinson and Company | 2.894% | 06/06/22 | 775,000 | 794,652 | ||||||||
| CVS Health Corporation | 2.800% | 07/20/20 | 1,900,000 | 1,899,772 | ||||||||
| 5,861,905 | ||||||||||||
EUBEL BRADY & SUTTMAN INCOME AND APPRECIATION FUND
SCHEDULE OF INVESTMENTS (Continued)
| CORPORATE BONDS - 69.0% (Continued) | Coupon | Maturity | Par Value | Value | ||||||||
| Industrials - 5.0% | ||||||||||||
| General Electric Company (3MO LIBOR + 100) (a) | 1.740% | 03/15/23 | $ | 1,000,000 | $ | 951,676 | ||||||
| Penske Truck Leasing Company, L.P., 144A | 4.125% | 08/01/23 | 1,130,000 | 1,172,699 | ||||||||
| Roper Technologies, Inc. | 2.800% | 12/15/21 | 2,700,000 | 2,754,270 | ||||||||
| 4,878,645 | ||||||||||||
| Information Technology - 2.1% | ||||||||||||
| FLIR Systems, Inc. | 3.125% | 06/15/21 | 2,034,000 | 2,041,424 | ||||||||
| Materials - 13.7% | ||||||||||||
| Avnet, Inc. | 3.750% | 12/01/21 | 2,600,000 | 2,636,029 | ||||||||
| Ball Corporation | 5.000% | 03/15/22 | 1,188,000 | 1,244,430 | ||||||||
| DowDuPont, Inc. | 3.766% | 11/15/20 | 945,000 | 954,536 | ||||||||
| DowDuPont, Inc. | 4.493% | 11/15/25 | 1,345,000 | 1,481,237 | ||||||||
| Methanex Corporation | 5.250% | 03/01/22 | 1,641,000 | 1,597,590 | ||||||||
| Sherwin-Williams Company (The) | 2.250% | 05/15/20 | 2,665,000 | 2,665,107 | ||||||||
| Steel Dynamics, Inc. | 5.250% | 04/15/23 | 750,000 | 753,868 | ||||||||
| Steel Dynamics, Inc. | 2.800% | 12/15/24 | 2,000,000 | 1,956,307 | ||||||||
| 13,289,104 | ||||||||||||
| Utilities - 2.6% | ||||||||||||
| Southern Company (The) | 2.350% | 07/01/21 | 2,495,000 | 2,524,637 | ||||||||
| Total Corporate Bonds (Cost $67,727,180) | $ | 66,818,492 | ||||||||||
| CONVERTIBLE CORPORATE BONDS - 11.7% | Coupon | Maturity | Par Value | Value | ||||||||
| Communication Services - 2.9% | ||||||||||||
| Zillow Group, Inc. | 1.500% | 07/01/23 | $ | 3,000,000 | $ | 2,803,200 | ||||||
| Consumer Discretionary - 1.7% | ||||||||||||
| Patrick Industries, Inc. | 1.000% | 02/01/23 | 2,000,000 | 1,693,618 | ||||||||
| Financials - 2.0% | ||||||||||||
| Ares Capital Corporation | 3.750% | 02/01/22 | 2,000,000 | 1,918,000 | ||||||||
| Real Estate - 1.9% | ||||||||||||
| Redwood Trust, Inc. | 4.750% | 08/15/23 | 2,700,000 | 1,873,125 | ||||||||
EUBEL BRADY & SUTTMAN INCOME AND APPRECIATION FUND
SCHEDULE OF INVESTMENTS (Continued)
| CONVERTIBLE CORPORATE BONDS - 11.7% (Continued) | Coupon | Maturity | Par Value | Value | ||||||||
| Technology - 3.2% | ||||||||||||
| Palo Alto Networks, Inc. | 0.750% | 07/01/23 | $ | 3,000,000 | $ | 3,073,500 | ||||||
| Total Convertible Corporate Bonds (Cost $11,798,386) | $ | 11,361,443 | ||||||||||
| BANK DEBT - 2.3% | Coupon | Maturity | Par Value | Value | ||||||||
| Financials - 1.9% | ||||||||||||
| NCP Finance Ltd. Partnership Sr. Term Loan (1MO LIBOR + 400) (a) (c) (d) | 4.984% | 12/21/20 | $ | 1,846,154 | $ | 1,806,240 | ||||||
| Materials - 0.4% | ||||||||||||
| Ball Metalpack, LLC (1MO LIBOR + 450) (a) | 6.113% | 07/26/25 | 491,250 | 412,650 | ||||||||
| Total Bank Debt (Cost $2,334,948) | $ | 2,218,890 | ||||||||||
| COMMON STOCKS - 3.3% | Shares | Value | ||||||
| Financials - 2.9% | ||||||||
| Capital One Financial Corporation | 9,904 | $ | 641,383 | |||||
| Hartford Financial Services Group, Inc. (The) | 41,269 | 1,567,809 | ||||||
| Lincoln National Corporation | 15,673 | 555,922 | ||||||
| 2,765,114 | ||||||||
| Industrials - 0.4% | ||||||||
| Air Industries Group (e) | 327,171 | 386,062 | ||||||
| Total Common Stocks (Cost $1,788,524) | $ | 3,151,176 | ||||||
| WARRANTS - 0.0% (f) | Shares | Value | ||||||
| Financials - 0.0% (f) | ||||||||
| American International Group, Inc., $42.7176, expires 01/19/21 | 26,500 | $ | 19,875 | |||||
EUBEL BRADY & SUTTMAN INCOME AND APPRECIATION FUND
SCHEDULE OF INVESTMENTS (Continued)
| WARRANTS - 0.0% (f) (Continued) | Shares | Value | ||||||
| Industrials - 0.0% (f) | ||||||||
| American Zinc Recycling, LLC, $630.227, expires 09/30/22 (c) (d) | 965 | $ | 10 | |||||
| Total Warrants (Cost $1,803,660) | $ | 19,885 | ||||||
| MONEY MARKET FUNDS - 12.8% | Shares | Value | ||||||
| Invesco Short-Term Investments Trust - Treasury Portfolio - Institutional Class, 0.11% (g) (Cost $12,427,371) | 12,427,371 | $ | 12,427,371 | |||||
| Total Investments at Value - 99.1% (Cost $97,880,069) | $ | 95,997,257 | ||||||
| Other Assets in Excess of Liabilities - 0.9% | 915,042 | |||||||
| Net Assets - 100.0% | $ | 96,912,299 | ||||||
| 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 $10,651,757 as of April 30, 2020, representing 11.0% of net assets. |
| LIBOR - | London Interbank Offered Rate. |
| (a) | Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of April 30, 2020. For securities based on a published reference rate and spread, the reference rate and spread (in basis points) are indicated parenthetically. |
| (b) | Payment-in-kind bond. The rate shown is the coupon rate of 11.0% and the payment-in-kind rate of 4.0%. |
| (c) | 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 such securities is $3,747,843 as of April 30, 2020, representing 3.9% of net assets. |
| (d) | Illiquid security. The total fair value of these securities as of April 30, 2020 was $3,747,843, representing 3.9% of net assets. |
| (e) | Non-income producing security. |
| (f) | Percentage rounds to less than 0.1%. |
| (g) | The rate shown is the 7-day effective yield as of April 30, 2020. |
See accompanying notes to Schedules of Investments.
EUBEL BRADY & SUTTMAN INCOME FUND
SCHEDULE OF INVESTMENTS
April 30, 2020 (Unaudited)
| CORPORATE BONDS - 86.7% | Coupon | Maturity | Par Value | Value | ||||||||
| Communication Services - 3.4% | ||||||||||||
| Discovery Communications, LLC | 3.300% | 05/15/22 | $ | 1,161,000 | $ | 1,170,532 | ||||||
| Verizon Communications, Inc. (3MO LIBOR + 100) (a) | 1.740% | 03/16/22 | 5,000,000 | 5,006,400 | ||||||||
| 6,176,932 | ||||||||||||
| Consumer Discretionary - 10.8% | ||||||||||||
| AutoZone, Inc. | 4.000% | 11/15/20 | 3,000,000 | 3,026,058 | ||||||||
| AutoZone, Inc. | 2.500% | 04/15/21 | 1,609,000 | 1,621,008 | ||||||||
| Lennar Corporation | 2.950% | 11/29/20 | 6,000,000 | 5,977,500 | ||||||||
| Marriott International, Inc. | 3.375% | 10/15/20 | 3,250,000 | 3,243,669 | ||||||||
| Marriott International, Inc. | 2.300% | 01/15/22 | 2,000,000 | 1,937,197 | ||||||||
| Silversea Cruise Finance Ltd., 144A | 7.250% | 02/01/25 | 4,500,000 | 4,061,250 | ||||||||
| 19,866,682 | ||||||||||||
| Consumer Staples - 9.0% | ||||||||||||
| Keurig Dr Pepper, Inc. | 3.551% | 05/25/21 | 5,000,000 | 5,102,292 | ||||||||
| Kroger Company (The) | 2.950% | 11/01/21 | 5,206,000 | 5,332,593 | ||||||||
| Mondelēz International, Inc., 144A | 2.000% | 10/28/21 | 5,995,000 | 6,048,165 | ||||||||
| 16,483,050 | ||||||||||||
| Energy - 3.8% | ||||||||||||
| CNX Resources Corporation | 5.875% | 04/15/22 | 5,400,000 | 5,312,250 | ||||||||
| CONSOL Energy, Inc., 144A | 11.000% | 11/15/25 | 3,700,000 | 1,591,000 | ||||||||
| 6,903,250 | ||||||||||||
| Financials - 21.2% | ||||||||||||
| American International Group, Inc. | 6.400% | 12/15/20 | 3,232,000 | 3,331,549 | ||||||||
| American International Group, Inc. | 3.300% | 03/01/21 | 1,000,000 | 1,014,548 | ||||||||
| Bank of the Ozarks, Inc. (a) | 5.500% | 07/01/26 | 4,792,000 | 4,751,983 | ||||||||
| Barclays Bank plc (3MO LIBOR + 211) (a) | 3.844% | 08/10/21 | 2,684,000 | 2,688,231 | ||||||||
| CNG Holdings, Inc., 144A | 12.500% | 06/15/24 | 6,300,000 | 5,386,500 | ||||||||
| Goldman Sachs Group, Inc. (The) (3MO LIBOR + 75) (a) | 2.433% | 02/23/23 | 500,000 | 489,840 | ||||||||
| Goldman Sachs Group, Inc. (The) (3MO LIBOR + 100) (a) | 2.020% | 07/24/23 | 5,500,000 | 5,400,530 | ||||||||
| JPMorgan Chase & Company | 2.700% | 05/18/23 | 3,000,000 | 3,105,442 | ||||||||
| Morgan Stanley | 4.875% | 11/01/22 | 3,100,000 | 3,304,067 | ||||||||
| Pershing Square Holdings Ltd., 144A | 5.500% | 07/15/22 | 5,000,000 | 5,112,500 | ||||||||
| Round Up Venture, L.P. (b) (c) (d) | 15.000% | 03/06/25 | 4,812,903 | 4,236,201 | ||||||||
| 38,821,391 | ||||||||||||
| Health Care - 7.6% | ||||||||||||
| Amgen, Inc. (3MO LIBOR + 45) (a) | 2.181% | 05/11/20 | 3,078,000 | 3,078,839 | ||||||||
| Anthem, Inc. | 4.350% | 08/15/20 | 1,000,000 | 1,008,429 | ||||||||
EUBEL BRADY & SUTTMAN INCOME FUND
SCHEDULE OF INVESTMENTS (Continued)
| CORPORATE BONDS - 86.7% (Continued) | Coupon | Maturity | Par Value | Value | ||||||||
| Health Care - 7.6% (Continued) | ||||||||||||
| Becton Dickinson and Company (3MO LIBOR + 103) (a) | 2.031% | 06/06/22 | $ | 5,825,000 | $ | 5,696,653 | ||||||
| CVS Health Corporation | 2.800% | 07/20/20 | 4,200,000 | 4,199,496 | ||||||||
| 13,983,417 | ||||||||||||
| Industrials - 10.1% | ||||||||||||
| Caterpillar, Inc. | 2.600% | 06/26/22 | 2,691,000 | 2,773,829 | ||||||||
| General Electric Company (3MO LIBOR + 100) (a) | 1.740% | 03/15/23 | 5,000,000 | 4,758,383 | ||||||||
| Penske Truck Leasing Company, L.P., 144A | 2.700% | 03/14/23 | 5,000,000 | 5,021,555 | ||||||||
| Penske Truck Leasing Company, L.P., 144A | 4.125% | 08/01/23 | 1,000,000 | 1,037,787 | ||||||||
| Roper Technologies, Inc. | 2.800% | 12/15/21 | 4,903,000 | 5,001,550 | ||||||||
| 18,593,104 | ||||||||||||
| Information Technology - 2.3% | ||||||||||||
| Dell, Inc., 144A | 4.420% | 06/15/21 | 1,000,000 | 1,016,239 | ||||||||
| FLIR Systems, Inc. | 3.125% | 06/15/21 | 3,210,000 | 3,221,716 | ||||||||
| 4,237,955 | ||||||||||||
| Materials - 15.8% | ||||||||||||
| Ball Corporation | 5.000% | 03/15/22 | 1,997,000 | 2,091,858 | ||||||||
| Cabot Corporation | 3.700% | 07/15/22 | 3,980,000 | 4,064,656 | ||||||||
| DowDuPont, Inc. | 3.766% | 11/15/20 | 6,000,000 | 6,060,544 | ||||||||
| Methanex Corporation | 5.250% | 03/01/22 | 5,680,000 | 5,529,745 | ||||||||
| Sherwin-Williams Company (The) | 4.200% | 01/15/22 | 5,250,000 | 5,440,099 | ||||||||
| Steel Dynamics, Inc. | 5.500% | 10/01/24 | 4,170,000 | 4,261,938 | ||||||||
| Steel Dynamics, Inc. | 2.800% | 12/15/24 | 1,575,000 | 1,540,592 | ||||||||
| 28,989,432 | ||||||||||||
| Utilities - 2.7% | ||||||||||||
| Duke Energy Corporation (3MO LIBOR + 25) (a) | 1.897% | 11/26/21 | 3,000,000 | 2,969,372 | ||||||||
| Southern Company (The) | 2.350% | 07/01/21 | 2,000,000 | 2,023,757 | ||||||||
| 4,993,129 | ||||||||||||
| Total Corporate Bonds (Cost $161,486,385) | $ | 159,048,342 | ||||||||||
| BANK DEBT - 1.7% | Coupon | Maturity | Par Value | Value | ||||||||
| Financials - 1.7% | ||||||||||||
| NCP Finance Ltd. Partnership Sr. Term Loan (1MO LIBOR + 400) (a) (c) (d) | 4.984% | 12/21/20 | $ | 3,076,923 | $ | 3,010,400 | ||||||
EUBEL BRADY & SUTTMAN INCOME FUND
SCHEDULE OF INVESTMENTS (Continued)
| MONEY MARKET FUNDS - 10.4% | Shares | Value | ||||||
| Invesco Short-Term Investments Trust - Treasury Portfolio - Institutional Class, 0.11% (e) (Cost $19,156,968) | 19,156,968 | $ | 19,156,968 | |||||
| Total Investments at Value - 98.8% (Cost $183,720,276) | $ | 181,215,710 | ||||||
| Other Assets in Excess of Liabilities - 1.2% | 2,150,562 | |||||||
| Net Assets - 100.0% | $ | 183,366,272 | ||||||
| 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 $29,274,996 as of April 30, 2020, representing 16.0% of net assets. |
| LIBOR - | London Interbank Offered Rate. |
| (a) | Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of April 30, 2020. For securities based on a published reference rate and spread, the reference rate and spread (in basis points) are indicated parenthetically. Certain variable rate securities are not based on a published reference rate and spread but adjust at predetermined dates to stated coupon rates set forth in the offering documents. These securities, therefore, do not indicate a reference rate and spread. |
| (b) | Payment-in-kind bond. The rate shown is the coupon rate of 11.0% and the payment-in-kind rate of 4.0% |
| (c) | 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 such securities is $7,246,601 as of April 30, 2020, representing 4.0% of net assets. |
| (d) | Illiquid security. The total fair value of these securities as of April 30, 2020 was $7,246,601, representing 4.0% of net assets. |
| (e) | The rate shown is the 7-day effective yield as of April 30, 2020. |
See accompanying notes to Schedules of Investments.
EUBEL BRADY & SUTTMAN MUTUAL FUND TRUST
NOTES TO SCHEDULES OF INVESTMENTS
April 30, 2020 (Unaudited)
1. Securities Valuation
Securities held by Eubel Brady & Suttman Income and Appreciation Fund and Eubel Brady & Suttman Income Fund (individually, a “Fund” and collectively, the “Funds”) that are traded on any stock exchange are generally valued at the last quoted sale price. Lacking a last sale price, an exchange traded security is generally valued at its last bid price. Securities traded on NASDAQ are generally valued at the NASDAQ Official Closing Price. Investments representing shares of other open-end investment companies, including money market funds, are valued at their net asset value (“NAV”) as reported by such companies. The Funds typically use an independent pricing service to determine the value of their fixed income securities. The pricing service utilizes electronic data processing techniques based on yield spreads relating to securities with similar characteristics to determine prices for normal institutional-size trading units of fixed income securities without regard to sale or bid prices. Commercial paper may be valued at amortized cost, which under normal circumstances approximates market value.
If Eubel Brady & Suttman Asset Management, Inc. (the “Adviser”), the investment adviser to the Funds, determines that a price provided by the pricing service does not accurately reflect the market value of the securities, when prices are not readily available from the pricing service or when restricted or illiquid securities are being valued, securities are valued at fair value as determined in good faith by the Adviser in conformity with guidelines adopted by and subject to review by the Board of Trustees (the “Board”) of Eubel Brady & Suttman Mutual Fund Trust.
In March 2017, Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2017-08 (“ASU 2017-08”), “Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities.” ASU 2017-08 shortens the amortization period for certain callable debt securities, held at a premium, to be amortized to the earliest call date. ASU 2017-08 does not require an accounting change for securities held at a discount, which continue to amortize to maturity. ASU 2017-08 is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2018. The Funds are complying with ASU 2017-08 and the impact is not deemed material to the Funds.
Accounting principles generally accepted in the United States (“GAAP”) establish a single authoritative definition of fair value, set out a framework for measuring fair value and require additional disclosures about fair value measurements.
Various inputs are used in determining the value of the Funds’ investments. These inputs are summarized in the three broad levels listed below:
Level 1 – quoted prices in active markets for identical securities
Level 2 – other significant observable inputs
Level 3 – significant unobservable inputs
Certain fixed income securities held by the Funds are classified as Level 2 since the values are typically provided by an independent pricing service that utilizes various “other significant observable inputs” as discussed above. Other fixed income securities, including certain corporate bonds and bank debt held by the Funds, are classified as Level 3 since the values for these securities are based on prices derived from one or more significant inputs that are unobservable. The inputs or methodology used are not necessarily an indication of the risks associated with investing in those securities. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is based on the lowest level input that is significant to the fair value measurement.
EUBEL BRADY & SUTTMAN MUTUAL FUND TRUST
NOTES TO SCHEDULES OF INVESTMENTS (Continued)
The following is a summary of the inputs used to value each Fund’s investments as of April 30, 2020 by security type:
| Eubel Brady & Suttman Income and Appreciation Fund: | ||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Corporate Bonds | $ | - | $ | 64,876,899 | $ | 1,941,593 | $ | 66,818,492 | ||||||||
| Convertible Corporate Bonds | - | 11,361,443 | - | 11,361,443 | ||||||||||||
| Bank Debt | - | 412,650 | 1,806,240 | 2,218,890 | ||||||||||||
| Common Stocks | 3,151,176 | - | - | 3,151,176 | ||||||||||||
| Warrants | 19,875 | - | 10 | 19,885 | ||||||||||||
| Money Market Funds | 12,427,371 | - | - | 12,427,371 | ||||||||||||
| Total | $ | 15,598,422 | $ | 76,650,992 | $ | 3,747,843 | $ | 95,997,257 | ||||||||
| Eubel Brady & Suttman Income Fund: | ||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Corporate Bonds | $ | - | $ | 154,812,141 | $ | 4,236,201 | $ | 159,048,342 | ||||||||
| Bank Debt | - | - | 3,010,400 | 3,010,400 | ||||||||||||
| Money Market Funds | 19,156,968 | - | - | 19,156,968 | ||||||||||||
| Total | $ | 19,156,968 | $ | 154,812,141 | $ | 7,246,601 | $ | 181,215,710 | ||||||||
The following is a reconciliation of Level 3 investments of the Funds for which significant unobservable inputs were used to determine fair value for the period ended April 30, 2020:
| EBS Income and Appreciation Fund | ||||||||||||||||||||||||
| Investments in Securities | Value as of July 31, 2019 | Purchases | Sales | Realized gain (loss) | Net change in unrealized appreciation (depreciation) | Value as of April 30, 2020 | ||||||||||||||||||
| Corporate Bond | $ | - | $ | 2,205,914 | $ | - | $ | - | $ | (264,321 | ) | $ | 1,941,593 | |||||||||||
| Bank Debt | 2,366,378 | 266,664 | (736,032 | ) | - | (90,770 | ) | 1,806,240 | ||||||||||||||||
| Warrants | 10 | - | - | - | - | 10 | ||||||||||||||||||
| Total | $ | 2,366,388 | $ | 2,472,578 | $ | (736,032 | ) | $ | - | $ | (355,091 | ) | $ | 3,747,843 | ||||||||||
| EBS Income Fund | ||||||||||||||||||||||||
| Investments in Securities | Value as of July 31, 2019 | Purchases | Sales | Realized gain (loss) | Net change in unrealized appreciation (depreciation) | Value as of April 30, 2020 | ||||||||||||||||||
| Corporate Bond | $ | - | $ | 4,812,903 | $ | - | $ | - | $ | (576,702 | ) | $ | 4,236,201 | |||||||||||
| Bank Debt | 3,943,963 | 444,400 | (1,226,720 | ) | - | (151,243 | ) | 3,010,400 | ||||||||||||||||
| Total | $ | 3,943,963 | $ | 5,257,303 | $ | (1,226,720 | ) | $ | - | $ | (727,945 | ) | $ | 7,246,601 | ||||||||||
EUBEL BRADY & SUTTMAN MUTUAL FUND TRUST
NOTES TO SCHEDULES OF INVESTMENTS (Continued)
The following table summarizes the valuation techniques used and unobservable inputs developed by the Adviser in conformity with guidelines adopted by and subject to review by the Board to determine the fair value of the Level 3 investments.
| EBS Income & Appreciation Fund | ||||||||||||||
| Fair Value at April 30, 2020 | Valuation Technique | Unobservable Input1 | Value/Range | Weighted Average of Unobservable Inputs | ||||||||||
| Corporate Bond | $ | 1,941,593 | Management's Estimate of Future Cash Flows | Discount Rate2 | 17.35% | N/A | ||||||||
| Bank Debt | $ | 1,806,240 | DCF Model | Discount Rate2 | 8.15% | N/A | ||||||||
| Warrants | $ | 10 | Management's Estimate of Future Cash Flows | N/A | N/A | N/A | ||||||||
| EBS Income Fund | ||||||||||||||
| Fair Value at April 30, 2020 | Valuation Technique | Unobservable Input1 | Value/Range | Weighted Average of Unobservable Inputs | ||||||||||
| Corporate Bond | $ | 4,236,201 | Management's Estimate of Future Cash Flows | Discount Rate2 | 17.35 | % | N/A | |||||||
| Bank Debt | $ | 3,010,400 | DCF Model | Discount Rate2 | 8.15 | % | N/A | |||||||
DCF - Discounted Cash Flow
| 1 | Significant increases and decreases in the unobservable inputs used to determine fair value of Level 3 assets could result in significantly higher or lower fair value measurements. An increase to the unobservable input would result in a decrease to the fair value. A decrease to the unobservable input would have the opposite effect. |
| 2 | The Discount Rate used is determined by the Adviser by employing a reference benchmark, adjusted by a credit spread. |
There were no derivative instruments held by the Funds as of or during the period ended April 30, 2020.
2. Investment Transactions
Investment transactions are accounted for on trade date. Realized gains and losses on investments sold are determined on a specific identification basis.
EUBEL BRADY & SUTTMAN MUTUAL FUND TRUST
NOTES TO SCHEDULES OF INVESTMENTS (Continued)
3. Federal Income Tax Information
The following information is computed on a tax basis for each item as of April 30, 2020:
| EBS Income and Appreciation Fund | EBS Income Fund | |||||||
| Tax cost of portfolio investments | $ | 97,928,988 | $ | 183,720,276 | ||||
| Gross unrealized appreciation | $ | 3,397,623 | $ | 2,784,098 | ||||
| Gross unrealized depreciation | (5,329,354 | ) | (5,288,664 | ) | ||||
| Net unrealized depreciation | $ | (1,931,731 | ) | $ | (2,504,566 | ) | ||
The difference between federal income tax cost of portfolio investments and the Schedule of Investments cost for EBS Income and Appreciation Fund is due to certain timing differences in the recognition of capital gains or losses under income tax regulation and GAAP. These “book/tax” differences are temporary in nature and are primarily due to basis adjustments related to the Fund’s holdings in convertible bonds.