Eubel Brady & Suttman Mutual Fund Trust N-CSR Certified annual shareholder report (management investment company)

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-22960

Eubel Brady & Suttman Mutual Fund Trust

(Exact name of registrant as specified in charter)

225 Pictoria Drive, Suite 450	Cincinnati, Ohio 45246
(Address of principal executive offices)	(Zip code)

Carol J. Highsmith

225 Pictoria Drive, Suite 450       Cincinnati, Ohio 45246

(Name and address of agent for service)

Registrant's telephone number, including area code: (513) 587-3400

Date of fiscal year end:	July 31
Date of reporting period:	July 31, 2020

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

Eubel Brady & Suttman
Income and Appreciation Fund

Ticker Symbol: EBSZX

Eubel Brady & Suttman
Income Fund

Ticker Symbol: EBSFX

Each a series of the
Eubel Brady & Suttman Mutual Fund Trust

ANNUAL REPORT

July 31, 2020

Beginning on January 1, 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of the Funds’ shareholder reports like this one may no longer be sent by mail, unless you specifically request paper copies of the reports from the Funds or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports may be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you have already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Funds electronically by contacting the Funds at 1-800-391-1223 or, if you own these shares through a financial intermediary, by contacting your financial intermediary.

You may elect to receive all future reports in paper free of charge. You can inform the Funds that you wish to continue receiving paper copies of your shareholder reports by contacting the Funds at 1-800-391-1223. If you own shares through a financial intermediary, you may contact your financial intermediary to elect to continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to both series of the Eubel Brady & Suttman Mutual Fund Trust.

EUBEL BRADY & SUTTMAN MUTUAL FUND TRUST
LETTER TO OUR SHAREHOLDERS	July 31, 2020

Dear Shareholders:

The fiscal year ended July 31, 2020 was interesting, challenging and thought provoking. Saber-rattling between the U.S. and China contributed to slowing economic growth, the global value of negative yielding debt reached an estimated $17T in August 2019 and the Federal Reserve (the “Fed”) served as lender of last resort when the U.S. economy essentially shutdown in March due to COVID-19. This confluence of events led to significant volatility over the course of the fiscal year, bouts of illiquidity and ultimately lower yields and tighter credit spreads.

The large gains enjoyed by fixed-income investors in the declining yield environment of the last 39 years are likely nearing an end. Accordingly, we believe that fixed-income is poised to take on its more traditional role of preserving capital in the coming decade.

We discuss the year in more detail, review our investment philosophy and results, and share our perspective below. We welcome your questions, comments or both. Feel free to give us a call anytime (800-391-1223).

A Review of the 2020 Fiscal Year – The fiscal year can be summarized by Negative Yields and the Fed.

Negative Yields – The concept of negative yielding debt is bizarre and was rarely heard of before early 2015, yet the global balance grew swiftly from 2015 until peaking at an estimated $17T in August 2019. This phenomenon made the U.S.’s ultra-low yields very attractive to foreign buyers. Increased buying generally boosted prices and lowered yields further. Fortunately, negative nominal yields have not washed ashore in the U.S. to date.

The Fed – The Fed was extremely busy and influential during the fiscal year. After raising rates in 2018, it changed course and lowered rates by 0.25% in August, September and October of 2019. This was an attempt to extend the economic cycle in the midst of bitter trade negotiations between the U.S. and China which contributed to slowing economic growth and an inverted yield curve at different points during the year.

Furthermore, after short-term funding rates spiked to around 10% in September, it committed to purchasing $60B per month of Treasury Bills until at least the second quarter of 2020 – boosting liquidity in the banking system. These efforts quickly brought short-term rates back down around the 2% level.

Then, with the onset of COVID-19 – it reduced rates 1.5% in March 2020 to a range of 0% - 0.25%. With those rate reductions, it again achieved a normal sloping yield curve- where short-term rates are lower than longer term rates.

Lastly, when fixed-income and equity markets became dislocated in mid-March, the Fed stepped in as lender of last resort and provided a backstop. This caused rising yields to decline and widening credit spreads to narrow, quickly. With yields and credit spreads under control, corporations issued a gargantuan amount of debt to fortify their balance sheets in the face of

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rapidly deteriorating economic conditions due to the COVID-19 induced shutdown of the U.S. economy.

Investment Philosophy – Managing risks so that investors are being adequately compensated for them is an important element of our bottom-up investment philosophy. Flexibility in portfolio management can support long-term success, in our view. As such, each Fund has latitude with respect to maturity, duration (price sensitivity to a change in interest rates) and credit quality (among other factors). Essentially, we can invest where we find the most value.

Importantly, since we are not managing to a specific maturity or duration target, we can and often do hold bonds to maturity. We believe this provides our Funds an advantage over those which are more constrained and are constantly repositioning their portfolio to remain within a mandate.

Furthermore, with the Funds’ investor base being comprised of EBS clients, fund flows are considerably more stable than those of funds open to the general public. This, too, can provide the Funds advantages relative to those which may have assets under management fluctuate wildly at the whims of unknown investors’ emotions. For example, when investors exit a fund en masse during a time of panic (like mid-March), it can result in forced selling at an inopportune time. However, this same event can provide investment opportunities for investors with capital available (e.g., the Funds).

Each Fund held around 50 securities at fiscal year-end but maintained good diversification in our view. We are inclined to generally hold fewer rather than more securities. We believe this allows us to be more selective and provide closer oversight.

The composition of the EBS Funds will often be materially different than their benchmarks. You should expect their returns to diverge from the benchmarks – at times significantly. Lastly, neither Fund uses leverage (borrows money) to make investments.

Results For Various Periods Ended July 31, 2020 – Since inception (September 30, 2014) through July 31, 2020, the EBS Income and Appreciation Fund (“EBSZX”) posted a total annualized return of 2.74%, while its primary benchmark, the ICE BofA U.S. Yield Alternatives Index, returned 3.92%. On a five-year basis, the Fund returned 3.12% and the benchmark 5.24%. On a three-year basis, the Fund returned 2.49% and the benchmark 5.57%. On a one-year basis, the Fund returned 3.04% and the benchmark returned 6.27%. Lastly, on a six-month basis, the Fund returned 1.64% and the benchmark returned 0.81%.

The primary factors contributing to EBSZX’s outperformance, relative to its benchmark, during the six-month period and underperformance in other periods are described below:

● EBSZX’s investment in non-convertible securities contributed to its relative outperformance on a six-month basis, as those securities held up better than the index during the March market meltdown. Those same securities contributed to EBSZX’s relative underperformance in all other periods, as those assets do not display the same equity sensitivity as ones comprising the benchmark.

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● Equities appreciated in each period boosting the more equity sensitive benchmark more than the Fund.

We believe EBSZX is positioned well to capitalize on convertible investments in the future, as it did in March, should they become available at compelling prices.

Since inception (September 30, 2014) through July 31, 2020, the EBS Income Fund (“EBSFX”) logged a total annualized return of 2.52%, while its primary benchmark, the ICE BofA U.S. Corporate & Government Master Index was up 4.72%. On a five-year basis, the Fund returned 2.90% and the benchmark 5.01%. On a three-year basis, the Fund returned 2.73% and the benchmark 6.46%. On a one-year basis, the Fund returned 3.49% and the benchmark 11.96%. Lastly, on a six-month basis, the Fund returned 2.07% and the benchmark 6.67%.

The primary factors contributing to EBSFX’s underperformance, relative to its benchmark, are described below:

● EBSFX has a much shorter duration and less Government & Agency debt exposure than its benchmark. As such, the Fund did not benefit as much as the benchmark from declining yields.

● Fixed-income prices generally move inversely to yields and instruments with longer maturities are more sensitive to movements in yield. Yields of securities with the largest impact on the benchmark declined on average, positively impacting prices and the benchmark’s performance more than the Fund.

Our Perspective – With COVID-19 still present, unemployment elevated and the economy fragile, the Fed will likely keep short-term rates near zero for the foreseeable future and continue its asset purchases.

Furthermore, it will likely continue backstopping markets through various programs, as needed. On the one hand, its programs should help markets function in an orderly manner during times of stress. This is important. On the other hand, the Fed’s support has squeezed nearly all the compensation for default risk out of the equation as evidenced by tight credit spreads. The combination of low yields and tight credit spreads makes finding investments that adequately compensate investors for the risk taken more difficult than usual. We sift through numerous issues on a weekly basis, but only a few meet our criteria.

Given the current structure of the yield curve, we remain focused on shorter maturities and continue to be more comfortable selectively taking credit risk to enhance yield rather than extending maturities. We believe that shorter maturities provide navigational flexibility.

Convertible exposure within EBSZX remains lower than we prefer. The continued modest allocation is largely due to the low yield environment and stock prices that seem generally high relative to underlying values.

We continue to have a defensive bias and believe both Funds are well positioned to capitalize on opportunities as they arise.

We appreciate your trust and confidence in our firm.

Sincerely,

The EBS Research Group

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Important Disclosures – Performance data quoted in this letter or the report itself represents past performance. Past performance does not guarantee future results. The value of an investor’s shares will fluctuate, and may be worth more or less than the original cost when redeemed. Current performance may be higher or lower than performance quoted herein. Performance data, current to the most recent month end, is available by calling 1-800-391-1223.

The information in this “Letter To Our Shareholders” represents the opinion of the author and is not intended to be a forecast or investment advice. This publication does not constitute an offer or solicitation of any transaction in any securities. Information contained in this publication has been obtained from sources believed to be reliable, but has not been independently verified by EBS. Please note that any discussion of fund holdings, fund performance and views expressed are as of July 31, 2020 (except if otherwise stated) and are subject to change without notice.

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EUBEL BRADY & SUTTMAN INCOME AND APPRECIATION FUND
PERFORMANCE INFORMATION
July 31, 2020 (Unaudited)

Comparison of the Change in Value of a $10,000 Investment in
Eubel Brady & Suttman Income and Appreciation Fund versus the
ICE BofA U.S. Yield Alternatives Index, the ICE BofA U.S. Total Return Alternatives Index and the ICE BofA 1-10 Year Corporate Index

Average Annual Total Returns(a) For the periods ended July 31, 2020
	1 Year	5 Years	Since Inception(b)
Eubel Brady & Suttman Income and Appreciation Fund	3.04%	3.12%	2.74%
ICE BofA U.S. Yield Alternatives Index*	6.27%	5.24%	3.92%
ICE BofA U.S. Total Return Alternatives Index*	19.13%	11.25%	10.62%
ICE BofA 1-10 Year Corporate Index*	8.55%	4.71%	4.36%

(a)	Total return is a measure of the change in value of an investment in the Fund over the periods covered, which assumes dividends or distributions, if any, are reinvested in shares of the Fund.
(b)	Represents the period from the commencement of operations (September 30, 2014) through July 31, 2020.
*	The ICE BofA U.S. Yield Alternatives Index tracks the performance of U.S. dollar denominated convertible debt. The ICE BofA U.S. Total Return Alternatives Index tracks the performance of U.S. dollar denominated convertible debt with more equity sensitivity than typically found in the Yield Alternatives Index, on average. The ICE BofA 1-10 Year Corporate Index tracks the performance of U.S. dollar denominated investment grade corporate debt publicly issued in the U.S. domestic market with a remaining term to final maturity less than 10 years. The Fund does not invest solely in securities included in these indices and may invest in other types of securities.

The performance in the chart represents past performance. Performance shown above does not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of shares. Current performance may be higher or lower than the performance data presented above. Investment return and principal value will fluctuate; shares, when redeemed, may be worth more or less than their original cost. As presented in the Fund’s prospectus dated December 1, 2019, the Fund’s total operating expense ratio was 0.27% of the Fund’s average daily net assets. Each Index is unmanaged and does not reflect the deduction of fees associated with a mutual fund. The Fund’s performance reflects the deduction of these fees. Investors cannot invest directly in an index.

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EUBEL BRADY & SUTTMAN INCOME FUND
PERFORMANCE INFORMATION
July 31, 2020 (Unaudited)

Comparison of the Change in Value of a $10,000 Investment in
Eubel Brady & Suttman Income Fund versus
the ICE BofA U.S. Corporate & Government Master Index and
the ICE BofA U.S. Corporate & Government 1-10 Yrs Index

Average Annual Total Returns(a) For the periods ended July 31, 2020
	1 Year	5 Years	Since Inception(b)
Eubel Brady & Suttman Income Fund	3.49%	2.90%	2.52%
ICE BofA U.S. Corporate & Government Master Index*	11.96%	5.01%	4.72%
ICE BofA U.S. Corporate & Government 1-10 Yrs Index*	7.77%	3.54%	3.41%

(a)	Total return is a measure of the change in value of an investment in the Fund over the periods covered, which assumes dividends or distributions, if any, are reinvested in shares of the Fund.
(b)	Represents the period from the commencement of operations (September 30, 2014) through July 31, 2020.
*	The ICE BofA U.S. Corporate & Government Master Index tracks the performance of U.S. dollar denominated investment grade debt publicly issued in the U.S. domestic market, including U.S. Treasury, U.S. agency, foreign government, supranational and corporate securities. The ICE BofA U.S. Corporate & Government 1-10 Yrs Index tracks the performance of U.S. dollar denominated investment grade debt publicly issued in the U.S. domestic market, including U.S. Treasury, U.S. agency, foreign government, supranational and corporate securities with a remaining term to final maturity less than 10 years. The Fund does not invest solely in securities included in these indices and may invest in other types of securities.

The performance in the chart represents past performance. Performance shown above does not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of shares. Current performance may be higher or lower than the performance data presented above. Investment return and principal value will fluctuate; shares, when redeemed, may be worth more or less than their original cost. As presented in the Fund’s prospectus dated December 1, 2019, the Fund’s total operating expense ratio was 0.20% of the Fund’s average daily net assets. Each Index is unmanaged and does not reflect the deduction of fees associated with a mutual fund. The Fund’s performance reflects the deduction of these fees. Investors cannot invest directly in an index.

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EUBEL BRADY & SUTTMAN MUTUAL FUND TRUST
PORTFOLIO INFORMATION
July 31, 2020 (Unaudited)

Eubel Brady & Suttman Income and Appreciation Fund
Asset Allocation (% of Net Assets)

Eubel Brady & Suttman Income Fund
Asset Allocation (% of Net Assets)

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EUBEL BRADY & SUTTMAN INCOME AND APPRECIATION FUND SCHEDULE OF INVESTMENTS July 31, 2020
CORPORATE BONDS — 60.1%	Coupon			Maturity		Par Value		Value
Communications — 5.3%
Discovery Communications, LLC		2.950	%		03/20/23	$	900,000	$	947,141
Discovery Communications, LLC		3.800	%		03/13/24		2,085,000		2,284,931
Verizon Communications, Inc. (3MO LIBOR + 100) (a)		1.321	%		03/16/22		2,100,000		2,130,554
									5,362,626
Consumer Discretionary — 6.4%
AutoZone, Inc.		3.700	%		04/15/22		2,250,000		2,350,274
Lennar Corporation		2.950	%		11/29/20		2,600,000		2,589,236
Silversea Cruise Finance Ltd., 144A		7.250	%		02/01/25		1,600,000		1,544,000
									6,483,510
Consumer Staples — 4.9%
Kroger Company (The)		3.850	%		08/01/23		1,000,000		1,089,054
Mead Johnson Nutrition Company		3.000	%		11/15/20		1,596,000		1,607,609
Mondelēz International, Inc., 144A		2.000	%		10/28/21		2,290,000		2,329,641
									5,026,304
Energy — 2.1%
CNX Resources Corporation		5.875	%		04/15/22		1,318,000		1,304,820
CONSOL Energy, Inc., 144A		11.000	%		11/15/25		2,000,000		830,000
									2,134,820
Financials — 16.4%
American International Group, Inc.		3.300	%		03/01/21		1,700,000		1,725,657
CNG Holdings, Inc., 144A		12.500	%		06/15/24		2,700,000		2,416,500
Goldman Sachs Group, Inc. (The) (3MO LIBOR + 75) (a)		1.109	%		02/23/23		500,000		500,896
Goldman Sachs Group, Inc. (The) (3MO LIBOR + 100) (a)		1.263	%		07/24/23		2,500,000		2,515,004
JPMorgan Chase & Company		2.400	%		06/07/21		2,500,000		2,539,447
Pershing Square Holdings Ltd., 144A		5.500	%		07/15/22		2,500,000		2,636,625
Round Up Ventures, L.P. (b)(c)(d)		15.000	%		03/06/25		2,227,973		2,311,310
Wells Fargo & Company		3.750	%		01/24/24		1,895,000		2,076,752
									16,722,191

See accompanying notes to financial statements.

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EUBEL BRADY & SUTTMAN INCOME AND APPRECIATION FUND SCHEDULE OF INVESTMENTS (Continued)
CORPORATE BONDS — 60.1% (Continued)	Coupon			Maturity		Par Value		Value
Health Care — 4.0%
Anthem, Inc.		4.350	%		08/15/20	$	605,000	$	605,755
Becton, Dickinson and Company (3MO LIBOR + 103) (a)		1.348	%		06/06/22		2,615,000		2,625,884
Becton, Dickinson and Company		2.894	%		06/06/22		775,000		804,535
									4,036,174
Industrials — 4.9%
General Electric Company (3MO LIBOR + 100) (a)		1.313	%		03/15/23		1,000,000		991,608
Penske Truck Leasing Company, L.P., 144A		4.125	%		08/01/23		1,130,000		1,222,965
Roper Technologies, Inc.		2.800	%		12/15/21		2,700,000		2,781,172
									4,995,745
Materials — 10.5%
Avnet, Inc.		3.750	%		12/01/21		2,600,000		2,680,707
Ball Corporation		5.000	%		03/15/22		1,672,000		1,751,420
DowDuPont, Inc.		3.766	%		11/15/20		945,000		953,869
DowDuPont, Inc.		4.493	%		11/15/25		1,345,000		1,571,829
Methanex Corporation		5.250	%		03/01/22		1,641,000		1,641,000
Steel Dynamics, Inc.		2.800	%		12/15/24		2,000,000		2,126,849
									10,725,674
Technology — 3.1%
FLIR Systems, Inc.		3.125	%		06/15/21		3,071,000		3,128,138
Utilities — 2.5%
Southern Company (The)		2.350	%		07/01/21		2,495,000		2,534,897
Total Corporate Bonds (Cost $60,722,800)								$	61,150,079

CONVERTIBLE BONDS — 16.0%	Coupon			Maturity		Par Value		Value
Communications — 2.9%
Twitter, Inc.		1.000	%		09/15/21	$	3,000,000	$	2,955,000
Consumer Discretionary — 2.0%
Patrick Industries, Inc.		1.000	%		02/01/23		2,000,000		2,009,539

See accompanying notes to financial statements.

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EUBEL BRADY & SUTTMAN INCOME AND APPRECIATION FUND SCHEDULE OF INVESTMENTS (Continued)
CONVERTIBLE BONDS — 16.0% (Continued)	Coupon			Maturity		Par Value		Value
Financials — 4.3%
Ares Capital Corporation		3.750	%		02/01/22	$	2,000,000	$	2,004,744
Redwood Trust, Inc.		4.750	%		08/15/23		2,700,000		2,393,897
									4,398,641
Technology — 6.8%
Palo Alto Networks, Inc.		0.750	%		07/01/23		3,000,000		3,460,805
Zillow Group, Inc.		1.500	%		07/01/23		3,000,000		3,435,619
									6,896,424
Total Convertible Bonds (Cost $14,798,662)								$	16,259,604

BANK DEBT — 1.3%	Coupon			Maturity		Par Value		Value
Financials — 0.8%
NCP Finance Ltd. Partnership Sr. Term Loan (1MO LIBOR + 400) (a)(b)(d)		4.171	%		12/21/20	$	830,769	$	833,528
Materials — 0.5%
Ball Metalpack, LLC (3MO LIBOR + 450) (a)		4.863	%		07/26/25		490,000		459,375
Total Bank Debt (Cost $1,318,320)								$	1,292,903

COMMON STOCKS — 3.3%	Shares		Value
Financials — 2.9%
Capital One Financial Corporation		9,904	$	631,875
Hartford Financial Services Group, Inc. (The)		41,269		1,746,504
Lincoln National Corporation		15,673		584,133
				2,962,512
Industrials — 0.4%
Air Industries Group (e)		327,171		386,062
Total Common Stocks (Cost $1,788,524)			$	3,348,574

See accompanying notes to financial statements.

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EUBEL BRADY & SUTTMAN INCOME AND APPRECIATION FUND SCHEDULE OF INVESTMENTS (Continued)
WARRANTS — 0.0% (f)	Shares		Value
Financials — 0.0% (f)
American International Group, Inc., $42.4734, expires 01/19/21 (e)		26,500	$	27,560
Materials — 0.0% (f)
American Zinc Recycling, LLC, $630.227, expires 09/30/22 (b)(d)(e)		965		10
Total Warrants (Cost $1,803,660)			$	27,570

COMMERCIAL PAPER — 11.8% (g)	Par Value		Value
Consolidated Edison, Inc., 0.15%, due 08/03/20	$	3,000,000	$	2,999,975
Dow Chemical Company (The), 0.21%, due 08/19/20		3,000,000		2,999,685
L’Oreal USA, Inc., 0.12%, due 08/19/20		3,000,000		2,999,820
Prudential plc, 0.12%, due 08/20/20		3,000,000		2,999,810
Total Commercial Paper (Cost $11,999,290)			$	11,999,290

See accompanying notes to financial statements.

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EUBEL BRADY & SUTTMAN INCOME AND APPRECIATION FUND SCHEDULE OF INVESTMENTS (Continued)
MONEY MARKET FUNDS — 6.8%	Shares		Value
Invesco Short-Term Investments Trust - Treasury Portfolio - Institutional Class, 0.07% (h) (Cost $6,866,431)		6,866,431	$	6,866,431
Total Investments at Value — 99.3% (Cost $99,297,687)			$	100,944,451
Other Assets in Excess of Liabilities — 0.7%				689,955
Net Assets — 100.0%			$	101,634,406

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 $10,979,731 as of July 31, 2020, representing 10.8% 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 July 31, 2020. For securities based on a published reference rate and spread, the reference rate and spread (in basis points) are indicated parenthetically.
(b)	Illiquid security. The total fair value of these securities as of July 31, 2020 was $3,144,848, representing 3.1% of net assets.
(c)	Payment-in-kind bond. The rate shown is the coupon rate of 11.0% and the payment in kind rate of 4.0%.
(d)	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 $3,144,848 as of July 31, 2020, representing 3.1% of net assets.
(e)	Non-income producing security.
(f)	Percentage rounds to less than 0.1%.
(g)	The rate shown is the annualized yield at the time of purchase, not a coupon rate.
(h)	The rate shown is the 7-day effective yield as of July 31, 2020.

See accompanying notes to financial statements.

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EUBEL BRADY & SUTTMAN INCOME FUND SCHEDULE OF INVESTMENTS July 31,2020
CORPORATE BONDS — 72.4%	Coupon			Maturity		Par Value		Value
Communications — 3.1%
Discovery Communications, LLC		3.300	%		05/15/22	$	1,161,000	$	1,200,262
Verizon Communications, Inc. (3MO LIBOR + 100) (a)		1.321	%		03/16/22		5,000,000		5,072,746
									6,273,008
Consumer Discretionary — 8.3%
AutoZone, Inc.		4.000	%		11/15/20		3,000,000		3,003,035
AutoZone, Inc.		2.500	%		04/15/21		1,609,000		1,629,013
Lennar Corporation		2.950	%		11/29/20		6,000,000		5,975,160
Marriott International, Inc.		2.300	%		01/15/22		2,000,000		2,009,197
Silversea Cruise Finance Ltd., 144A		7.250	%		02/01/25		4,500,000		4,342,500
									16,958,905
Consumer Staples — 8.2%
Keurig Dr Pepper, Inc.		3.551	%		05/25/21		5,000,000		5,125,252
Kroger Company (The)		2.950	%		11/01/21		5,206,000		5,357,198
Mondelēz International, Inc., 144A		2.000	%		10/28/21		5,995,000		6,098,778
									16,581,228
Energy — 2.1%
CNX Resources Corporation		5.875	%		04/15/22		2,746,000		2,718,540
CONSOL Energy, Inc., 144A		11.000	%		11/15/25		3,700,000		1,535,500
									4,254,040
Financials — 19.8%
American International Group, Inc.		6.400	%		12/15/20		3,232,000		3,303,402
American International Group, Inc.		3.300	%		03/01/21		1,000,000		1,015,092
Bank of the Ozarks, Inc. (U.S. Treasury Note, 1.625%, 05/26 + 393.5) (a)		5.500	%		07/01/26		4,792,000		4,795,833
Barclays Bank plc (3MO LIBOR + 211) (a)		2.558	%		08/10/21		2,684,000		2,729,840
CNG Holdings, Inc., 144A		12.500	%		06/15/24		6,300,000		5,638,500
Goldman Sachs Group, Inc. (The) (3MO LIBOR + 75) (a)		1.109	%		02/23/23		500,000		500,896
Goldman Sachs Group, Inc. (The) (3MO LIBOR + 100) (a)		1.263	%		07/24/23		5,500,000		5,533,010
JPMorgan Chase & Company		2.700	%		05/15/23		3,000,000		3,173,106
Morgan Stanley		4.875	%		11/01/22		3,100,000		3,374,123

See accompanying notes to financial statements.

13

EUBEL BRADY & SUTTMAN INCOME FUND SCHEDULE OF INVESTMENTS (Continued)
CORPORATE BONDS — 72.4% (Continued)	Coupon			Maturity		Par Value		Value
Financials — 19.8% (Continued)
Pershing Square Holdings Ltd., 144A		5.500	%		07/15/22	$	5,000,000	$	5,273,250
Round Up Ventures, L.P. (b)(c)(d)		15.000	%		03/06/25		4,861,032		5,042,859
									40,379,911
Health Care — 3.4%
Anthem, Inc.		4.350	%		08/15/20		1,000,000		1,001,248
Becton, Dickinson and Company (3MO LIBOR + 103) (a)		1.348	%		06/06/22		5,825,000		5,849,243
									6,850,491
Industrials — 9.4%
Caterpillar, Inc.		2.600	%		06/26/22		2,691,000		2,786,907
General Electric Company (3MO LIBOR + 100) (a)		1.313	%		03/15/23		5,000,000		4,958,042
Penske Truck Leasing Company, L.P., 144A		2.700	%		03/14/23		5,000,000		5,183,681
Penske Truck Leasing Company, L.P., 144A		4.125	%		08/01/23		1,000,000		1,082,270
Roper Technologies, Inc.		2.800	%		12/15/21		4,903,000		5,050,403
									19,061,303
Materials — 12.3%
Ball Corporation		5.000	%		03/15/22		1,997,000		2,091,857
Cabot Corporation		3.700	%		07/15/22		3,980,000		4,157,332
DowDuPont, Inc.		3.766	%		11/15/20		6,000,000		6,056,307
Methanex Corporation		5.250	%		03/01/22		5,680,000		5,680,000
Sherwin-Williams Company (The)		4.200	%		01/15/22		5,250,000		5,462,499
Steel Dynamics, Inc.		2.800	%		12/15/24		1,575,000		1,674,894
									25,122,889
Technology — 3.3%
Dell, Inc., 144A		4.420	%		06/15/21		718,000		737,804
FLIR Systems, Inc.		3.125	%		06/15/21		5,900,000		6,009,774
									6,747,578
Utilities — 2.5%
Duke Energy Corporation (3MO LIBOR + 25) (a)		0.610	%		11/26/21		3,000,000		3,001,108
Southern Company (The)		2.350	%		07/01/21		2,000,000		2,031,982
									5,033,090
Total Corporate Bonds (Cost $147,002,003)								$	147,262,443

See accompanying notes to financial statements.

14

EUBEL BRADY & SUTTMAN INCOME FUND SCHEDULE OF INVESTMENTS (Continued)
BANK DEBT — 0.7%	Coupon			Maturity		Par Value		Value
Financials — 0.7%
NCP Finance Ltd. Partnership Sr. Term Loan (1MO LIBOR + 400) (Cost $1,384,615) (a)(b)(d)		4.171	%		12/21/20	$	1,384,615	$	1,389,214

COMMERCIAL PAPER — 17.2% (e)	Par Value		Value
Chevron Corporation, 0.11%, due 08/17/20	$	6,000,000	$	5,999,707
Consolidated Edison, Inc., 0.15%, due 08/03/20		6,000,000		5,999,950
Dow Chemical Company (The), 0.21%, due 08/19/20		6,000,000		5,999,370
L’Oreal USA, Inc., 0.12%, due 08/19/20		6,000,000		5,999,640
Prudential plc, 0.12%, due 08/20/20		6,000,000		5,999,620
Unilever Capital Corporation, 0.11%, due 08/17/20		5,000,000		4,999,765
Total Commercial Paper (Cost $34,998,052)			$	34,998,052

See accompanying notes to financial statements.

15

EUBEL BRADY & SUTTMAN INCOME FUND SCHEDULE OF INVESTMENTS (Continued)
MONEY MARKET FUNDS — 9.1%	Shares		Value
Invesco Short-Term Investments Trust - Treasury Portfolio - Institutional Class, 0.08% (f) (Cost $18,568,098)		18,568,098	$	18,568,098
Total Investments at Value — 99.4% (Cost $201,952,768)			$	202,217,807
Other Assets in Excess of Liabilities — 0.6%				1,277,684
Net Assets — 100.0%			$	203,495,491

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 $29,892,283 as of July 31, 2020, representing 14.7% 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 July 31, 2020. For securities based on a published reference rate and spread, the reference rate and spread (in basis points) are indicated parenthetically.
(b)	Illiquid security. The total fair value of these securities as of July 31, 2020 was $6,432,073, representing 3.2% of net assets.
(c)	Payment-in-kind bond. The rate shown is the coupon rate of 11.0% and the payment in kind rate of 4.0%.
(d)	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 $6,432,073 as of July 31, 2020, representing 3.2% of net assets.
(e)	The rate shown is the annualized yield at the time of purchase, not a coupon rate.
(f)	The rate shown is the 7-day effective yield as of July 31, 2020.
See accompanying notes to financial statements.

16

EUBEL BRADY & SUTTMAN MUTUAL FUND TRUST STATEMENTS OF ASSETS AND LIABILITIES July 31, 2020
	Eubel Brady & Suttman Income and Appreciation Fund		Eubel Brady & Suttman Income Fund
ASSETS
Investments in securities:
At cost	$	99,297,687	$	201,952,768
At value (Note 2)	$	100,944,451	$	202,217,807
Receivable for capital shares sold		18,317		94,288
Dividends and interest receivable		685,432		1,215,587
Other assets		10,395		19,694
Total assets		101,658,595		203,547,376
LIABILITIES
Payable for capital shares redeemed		1,396		17,780
Payable to administrator (Note 4)		8,540		16,900
Other accrued expenses		14,253		17,205
Total liabilities		24,189		51,885
CONTINGENCIES AND COMMITMENTS (Note 7)		—		—
NET ASSETS	$	101,634,406	$	203,495,491
NET ASSETS CONSIST OF:
Paid-in capital	$	101,515,613	$	206,463,741
Accumulated earnings (deficit)		118,793		(2,968,250	)
NET ASSETS	$	101,634,406	$	203,495,491
Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value)		10,408,603		20,668,972
Net asset value, offering price and redemption price per share (Note 2)	$	9.76	$	9.85

See accompanying notes to financial statements.

17

EUBEL BRADY & SUTTMAN MUTUAL FUND TRUST STATEMENTS OF OPERATIONS For the Year Ended July 31, 2020
	Eubel Brady & Suttman Income and Appreciation Fund			Eubel Brady & Suttman Income Fund
INVESTMENT INCOME
Dividends	$	145,657		$	108,930
Interest		3,391,334			7,314,296
Total investment income		3,536,991			7,423,226
EXPENSES
Administration fees (Note 4)		91,081			192,835
Shareholder servicing fees (Note 6)		37,744			79,869
Registration and filing fees		27,778			26,570
Legal fees		22,671			22,671
Custody and bank service fees		15,891			24,832
Audit and tax services fees		17,750			17,750
Trustees’ fees (Note 4)		16,250			16,250
Insurance expense		7,377			14,670
Postage and supplies		5,351			5,867
Pricing fees		5,185			5,570
Printing of shareholder reports		2,117			2,359
Other expenses		9,676			9,942
Total expenses		258,871			419,185
NET INVESTMENT INCOME		3,278,120			7,004,041
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains (losses) from investment transactions		101,915			(2,507,765	)
Net change in unrealized appreciation (depreciation) on investments		(303,607	)		1,334,621
NET REALIZED AND UNREALIZED LOSSES ON INVESTMENTS		(201,692	)		(1,173,144	)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	3,076,428		$	5,830,897

See accompanying notes to financial statements.

18

EUBEL BRADY & SUTTMAN INCOME AND APPRECIATION FUND STATEMENTS OF CHANGES IN NET ASSETS
	Year Ended July 31, 2020			Year Ended July 31, 2019
FROM OPERATIONS
Net investment income	$	3,278,120		$	2,839,055
Net realized gains (losses) from investment transactions		101,915			(1,359,240	)
Net change in unrealized appreciation (depreciation) on investments		(303,607	)		861,516
Net increase in net assets resulting from operations		3,076,428			2,341,331
DISTRIBUTIONS TO SHAREHOLDERS (Note 2)		(3,315,245	)		(2,872,948	)
CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold		18,544,836			8,785,208
Net asset value of shares issued in reinvestment of distributions to shareholders		3,313,598			2,869,462
Payments for shares redeemed		(8,781,072	)		(10,645,575	)
Net increase in net assets from captial share transactions		13,077,362			1,009,095
TOTAL INCREASE IN NET ASSETS		12,838,545			477,478
NET ASSETS
Beginning of year		88,795,861			88,318,383
End of year	$	101,634,406		$	88,795,861
CAPITAL SHARES ACTIVITY
Shares sold		1,918,266			902,768
Shares reinvested		343,372			295,344
Shares redeemed		(905,005	)		(1,100,004	)
Net increase in shares outstanding		1,356,633			98,108
Shares outstanding at beginning of year		9,051,970			8,953,862
Shares outstanding at end of year		10,408,603			9,051,970

See accompanying notes to financial statements.

19

EUBEL BRADY & SUTTMAN INCOME FUND STATEMENTS OF CHANGES IN NET ASSETS
	Year Ended July 31, 2020			Year Ended July 31, 2019
FROM OPERATIONS
Net investment income	$	7,004,041		$	6,703,267
Net realized losses from investment transactions		(2,507,765	)		(60,927	)
Net change in unrealized appreciation (depreciation) on investments		1,334,621			800,875
Net increase in net assets resulting from operations		5,830,897			7,443,215
DISTRIBUTIONS TO SHAREHOLDERS (Note 2)		(7,003,977	)		(6,717,506	)
CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold		56,707,791			33,771,307
Net asset value of shares issued in reinvestment of distributions to shareholders		6,994,245			6,698,963
Payments for shares redeemed		(59,749,154	)		(39,382,888	)
Net increase in net assets from captial share transactions		3,952,882			1,087,382
TOTAL INCREASE IN NET ASSETS		2,779,802			1,813,091
NET ASSETS
Beginning of year		200,715,689			198,902,598
End of year	$	203,495,491		$	200,715,689
CAPITAL SHARES ACTIVITY
Shares sold		5,791,136			3,449,122
Shares reinvested		715,082			683,725
Shares redeemed		(6,201,262	)		(4,032,376	)
Net increase in shares outstanding		304,956			100,471
Shares outstanding at beginning of year		20,364,016			20,263,545
Shares outstanding at end of year		20,668,972			20,364,016

See accompanying notes to financial statements.

20

EUBEL BRADY & SUTTMAN INCOME AND APPRECIATION FUND FINANCIAL HIGHLIGHTS
Per Share Data for a Share Outstanding Throughout Each Year
	Year Ended July 31, 2020			Year Ended July 31, 2019			Year Ended July 31, 2018			Year Ended July 31, 2017			Year Ended July 31, 2016
Net asset value at beginning of year	$	9.81		$	9.86		$	9.97		$	9.71		$	9.85
Income (loss) from investment operations:
Net investment income		0.34			0.32			0.27			0.27			0.28
Net realized and unrealized gains (losses) on investments		(0.05	)		(0.05	)		(0.11	)		0.27			(0.05	)
Total from investment operations		0.29			0.27			0.16			0.54			0.23
Less distributions from:
Net investment income		(0.34	)		(0.32	)		(0.27	)		(0.28	)		(0.28	)
Net realized gains on investments		—			—			—			—			(0.09	)
Total distributions		(0.34	)		(0.32	)		(0.27	)		(0.28	)		(0.37	)
Net asset value at end of year	$	9.76		$	9.81		$	9.86		$	9.97		$	9.71
Total return (a)		3.04	%		2.82	%		1.61	%		5.65	%		2.55	%
Net assets at end of year (000’s)	$	101,634		$	88,796		$	88,318		$	84,969		$	79,253
Ratios/supplementary data:
Ratio of total expenses to average net assets		0.27	%		0.27	%		0.25	%		0.26	%		0.25	%
Ratio of net investment income to average net assets		3.48	%		3.24	%		2.71	%		2.72	%		2.94	%
Portfolio turnover rate		45	%		16	%		60	%		42	%		33	%

(a)	Total return is a measure of the change in value of an investment in the Fund over the periods covered, which assumes any dividends or capital gains distributions are reinvested in shares of the Fund. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.
See accompanying notes to financial statements.

21

EUBEL BRADY & SUTTMAN INCOME FUND FINANCIAL HIGHLIGHTS
Per Share Data for a Share Outstanding Throughout Each Year
	Year Ended July 31, 2020			Year Ended July 31, 2019			Year Ended July 31, 2018			Year Ended July 31, 2017			Year Ended July 31, 2016
Net asset value at beginning of year	$	9.86		$	9.82		$	10.00		$	9.97		$	9.89
Income (loss) from investment operations:
Net investment income		0.35			0.33			0.27			0.24			0.25
Net realized and unrealized gains (losses) on investments		(0.01	)		0.04			(0.19	)		0.04			0.10
Total from investment operations		0.34			0.37			0.08			0.28			0.35
Less distributions from:
Net investment income		(0.35	)		(0.33	)		(0.26	)		(0.24	)		(0.25	)
Net realized gains on investments		—			—			—			(0.01	)		(0.02	)
Total distributions		(0.35	)		(0.33	)		(0.26	)		(0.25	)		(0.27	)
Net asset value at end of year	$	9.85		$	9.86		$	9.82		$	10.00		$	9.97
Total return (a)		3.49	%		3.86	%		0.86	%		2.75	%		3.58	%
Net assets at end of year (000’s)	$	203,495		$	200,716		$	198,903		$	185,957		$	160,540
Ratios/supplementary data:
Ratio of total expenses to average net assets		0.21	%		0.20	%		0.20	%		0.20	%		0.20	%
Ratio of net investment income to average net assets		3.51	%		3.37	%		2.69	%		2.36	%		2.54	%
Portfolio turnover rate		27	%		19	%		65	%		40	%		35	%

(a)	Total return is a measure of the change in value of an investment in the Fund over the periods covered, which assumes any dividends or capital gains distributions are reinvested in shares of the Fund. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.
See accompanying notes to financial statements.

22

EUBEL BRADY & SUTTMAN MUTUAL FUND TRUST
NOTES TO FINANCIAL STATEMENTS
July 31, 2020

1. Organization

Eubel Brady & Suttman Income and Appreciation Fund (“EBS Income and Appreciation Fund”) and Eubel Brady & Suttman Income Fund (“EBS Income Fund”) (individually, a “Fund” and collectively, the “Funds”) are each a no-load diversified series of Eubel Brady & Suttman Mutual Fund Trust (the “Trust”), an open-end management investment company organized as an Ohio business trust on April 22, 2014.

The investment objective of EBS Income and Appreciation Fund is to provide total return through a combination of current income and capital appreciation.

The investment objective of EBS Income Fund is to preserve capital, produce income and maximize total return.

2. Significant Accounting Policies

The Funds follow accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, “Financial Services – Investment Companies,” including Accounting Standards Update 2013-08. The following is a summary of significant accounting policies followed by the Funds. These policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”).

New Accounting Pronouncement — In March 2017, 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 continues to accrete 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 to be material to the Funds.

Securities Valuation — Securities 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

23

EUBEL BRADY & SUTTMAN MUTUAL FUND TRUST
NOTES TO FINANCIAL STATEMENTS (Continued)

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 of the Trust (the “Board”).

GAAP establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and requires additional disclosures about fair value measurements.

Various inputs are used in determining the value of each Fund’s 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) and warrants 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.

24

EUBEL BRADY & SUTTMAN MUTUAL FUND TRUST
NOTES TO FINANCIAL STATEMENTS (Continued)

The following is a summary of the inputs used to value each Fund’s investments as of July 31, 2020 by security type:

EBS Income and Appreciation Fund:
	Level 1		Level 2		Level 3		Total
Corporate Bonds	$	—	$	58,838,769	$	2,311,310	$	61,150,079
Convertible Corporate Bonds		—		16,259,604		—		16,259,604
Bank Debt		—		459,375		833,528		1,292,903
Common Stocks		3,348,574		—		—		3,348,574
Warrants		27,560		—		10		27,570
Commercial Paper		—		11,999,290		—		11,999,290
Money Market Funds		6,866,431		—		—		6,866,431
Total	$	10,242,565	$	87,557,038	$	3,144,848	$	100,944,451

EBS Income Fund:
	Level 1		Level 2		Level 3		Total
Corporate Bonds	$	—	$	142,219,584	$	5,042,859	$	147,262,443
Bank Debt		—		—		1,389,214		1,389,214
Commercial Paper		—		34,998,052		—		34,998,052
Money Market Funds		18,568,098		—		—		18,568,098
Total	$	18,568,098	$	177,217,636	$	6,432,073	$	202,217,807

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 year ended July 31, 2020:

EBS Income and Appreciation Fund
Investments in Securities	Value as of July 31, 2019		Purchases		Sales/ maturities			Realized gain (loss)		Net change in unrealized appreciation (depreciation)			Value as of July 31, 2020
Corporate Bonds	$	—	$	2,227,973	$	—		$	—	$	83,337		$	2,311,310
Bank Debt		2,366,378		266,664		(1,751,416	)		—		(48,098	)		833,528
Warrants		10		—		—			—		—			10
Total	$	2,366,388	$	2,494,637	$	(1,751,416	)	$	—	$	35,239		$	3,144,848

25

EUBEL BRADY & SUTTMAN MUTUAL FUND TRUST
NOTES TO FINANCIAL STATEMENTS (Continued)

EBS Income Fund
Investments in Securities	Value as of July 31, 2019		Purchases		Sales/ maturities			Realized gain (loss)		Net change in unrealized appreciation (depreciation)			Value as of July 31, 2020
Corporate Bond	$	—	$	4,861,032	$	—		$	—	$	181,827		$	5,042,859
Bank Debt		3,943,963		444,400		(2,919,027	)		—		(80,122	)		1,389,214
Total	$	3,943,963	$	5,305,432	$	(2,919,027	)	$	—	$	101,705		$	6,432,073

The total change in unrealized appreciation (depreciation) included on the Statements of Operations attributable to Level 3 investments still held at July 31, 2020 is $35,239 and $101,705 for EBS Income and Appreciation Fund and EBS Income Fund, respectively.

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 and Appreciation Fund
	Fair Value at July 31, 2020		Valuation Technique		Unobservable Input1		Value/ Range	Weighted Average of Unobservable Inputs
Corporate Bond	$	2,311,310		Management’s Estimate of Future Cash Flows		Discount Rate2	14.18%	N/A
Bank Debt	$	833,528		DCF Model		Discount Rate2	3.12%	N/A
Warrants	$	10		Management’s Estimate of Future Cash Flows		N/A	N/A	N/A

EBS Income Fund
	Fair Value at July 31, 2020		Valuation Technique		Unobservable Input1		Value/ Range	Weighted Average of Unobservable Inputs
Corporate Bond	$	5,042,859		Management’s Estimate of Future Cash Flows		Discount Rate2	14.18%	N/A
Bank Debt	$	1,389,214		DCF Model		Discount Rate2	3.12%	N/A

26

EUBEL BRADY & SUTTMAN MUTUAL FUND TRUST
NOTES TO FINANCIAL STATEMENTS (Continued)

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 year ended July 31, 2020.

Share Valuation — The NAV per share of each Fund is calculated daily by dividing the total value of its assets, less liabilities, by the number of shares outstanding. The offering price and redemption price per share of each Fund is equal to its NAV per share.

Estimates — The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

Investment Income, Investment Transactions and Realized Capital Gains and Losses — Dividend income is recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the security received. Interest income is recorded as earned. Discounts and premiums on fixed income securities are amortized using the effective interest method. Investment transactions are accounted for on trade date. Realized capital gains and losses on investments sold are determined on a specific identification basis.

Expenses — Expenses of the Trust that are directly identifiable to a specific Fund are charged to that Fund. Expenses which are not readily identifiable to a specific Fund are allocated in such a manner as deemed equitable.

Distributions to Shareholders — Distributions to shareholders of net investment income, if any, are paid monthly. Capital gain distributions, if any, are distributed to shareholders annually. Distributions are based on amounts calculated in accordance with applicable federal income tax regulations, which may differ from GAAP. These differences are due primarily to differing treatments of income and realized capital gains on various investment securities held by the Funds, timing differences and differing characterizations of distributions made by the Funds. Dividends and distributions are recorded on the ex-dividend date. The tax character of distributions paid by each Fund during the year ended July 31, 2020 and 2019 was ordinary income.

27

EUBEL BRADY & SUTTMAN MUTUAL FUND TRUST
NOTES TO FINANCIAL STATEMENTS (Continued)

Federal Income Tax — Each Fund has qualified and intends to continue to qualify each year as a “regulated investment company” under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). Qualification generally will relieve the Funds of liability for federal income taxes to the extent 100% of their net investment income and net realized capital gains are distributed in accordance with the Code.

In order to avoid imposition of the excise tax applicable to regulated investment companies, it is also each Fund’s intention to declare as dividends in each calendar year at least 98% of its net investment income (earned during the calendar year) and 98.2% of its net realized capital gains (earned during the twelve months ended October 31) plus undistributed amounts from prior years.

The following information is computed on a tax basis for each item as of July 31, 2020:

	EBS Income and Appreciation Fund			EBS Income Fund
Tax cost of portfolio investments	$	99,424,129		$	201,963,403
Gross unrealized appreciation	$	5,474,783		$	3,568,755
Gross unrealized depreciation		(3,954,461	)		(3,314,351	)
Net unrealized appreciation on investments		1,520,322			254,404
Undistributed ordinary income		26,956			14,382
Accumulated capital and other losses		(1,428,485	)		(3,237,036	)
Accumulated earnings (deficit)	$	118,793		$	(2,968,250	)

The difference between the 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 regulations 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.

During the year ended July 31, 2020, EBS Income and Appreciation Fund utilized capital loss carryforwards (“CLCFs”) of $51,532 to offset current year gains.

28

EUBEL BRADY & SUTTMAN MUTUAL FUND TRUST
NOTES TO FINANCIAL STATEMENTS (Continued)

As of July 31, 2020, the Funds had the following CLCFs for federal income tax purposes:

	EBS Income and Appreciation Fund		EBS Income Fund
Short-term	$	443,806	$	395,444
Long-term		984,679		2,841,592
	$	1,428,485	$	3,237,036

These CLCFs, which do not expire, may be utilized in future years to offset net realized capital gains, if any, prior to distributing such gains to shareholders.

The Funds recognize the tax benefits or expenses of uncertain tax positions only when the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has reviewed each Fund’s tax positions for all open tax years (generally, three years) and has concluded that no provision for unrecognized tax benefits or expenses is required in these financial statements. Each Fund identifies its major tax jurisdiction as U.S. federal.

3. Unfunded Loan Commitment

At July 31, 2020, unfunded loan commitments for the Funds were as follows:

Fund	Borrower	Unfunded Commitment
EBS Income and Appreciation Fund	NCP Finance Limited Partnership	$	1,153,846
EBS Income Fund	NCP Finance Limited Partnership	$	1,923,077

Pursuant to an Asset-Based Lending Credit Agreement between the Funds and NCP Finance Limited Partnership (the “Borrower”), the Borrower has agreed to pay the Funds a commitment fee equal to 0.25% of the average daily unfunded commitment balance, which is included within interest income on the Statements of Operations.

4. Transactions with Related Parties

Certain officers of the Trust are also officers of the Adviser, of Ultimus Fund Solutions, LLC (“Ultimus”), the administrative services agent, shareholder servicing and transfer agent, and accounting services agent for the Funds, or of Ultimus Fund Distributors, LLC (the “Distributor”), the principal underwriter and exclusive agent for the distribution of shares of the Funds.

Investment Adviser — Under the terms of the Management Agreement between the Trust and the Adviser, the Adviser manages each Fund’s investments subject to oversight by the Board. The Funds do not pay the Adviser investment advisory

29

EUBEL BRADY & SUTTMAN MUTUAL FUND TRUST
NOTES TO FINANCIAL STATEMENTS (Continued)

fees under the Management Agreement. However, prior to investing in a Fund, a prospective shareholder must enter into an investment advisory agreement with the Adviser that calls for the payment of an advisory fee based upon a percentage of all assets (including shares of the Funds) managed by the Adviser on behalf of the prospective shareholder. The fee schedule may be negotiable at the time the account is opened and is generally based upon the value of assets held in the client’s account and the style of management.

The Adviser has entered into an agreement with the Funds under which it has agreed to reimburse Fund expenses to the extent necessary to limit total annual operating expenses (excluding brokerage costs, taxes, interest, acquired fund fees and expenses, expenses incurred pursuant to the Funds’ Shareholder Servicing Plan and extraordinary expenses) to an amount not exceeding 0.35% of each Fund’s average daily net assets. Any payments by the Adviser of expenses which are a Fund’s obligation are subject to repayment by the Fund for a period of three years following the date on which such expenses were paid, provided that the repayment does not cause the Fund’s total annual operating expenses to exceed the lesser of: (i) the expense limitation in effect at the time such expenses were reimbursed; and (ii) the expense limitation in effect at the time the Adviser seeks reimbursement of such expenses. This agreement is currently in effect until December 1, 2021. No expense reimbursements were required during the year ended July 31, 2020.

Administrator — Ultimus provides administration, fund accounting and transfer agency services to each Fund. The Funds pay Ultimus fees in accordance with the agreements for such services. In addition, the Funds pay out-of-pocket expenses including, but not limited to, postage, supplies and certain costs related to the pricing of the Funds’ portfolio securities.

Compensation of Trustees — Trustees and officers affiliated with the Adviser or Ultimus are not compensated by the Funds for their services. Each Trustee who is not an interested person of the Trust receives from the Funds a fee of $2,625 for attendance at each meeting of the Board, in addition to reimbursement of travel and other expenses incurred in attending the meetings. The Chairman of the Audit and Governance Committee receives an additional annual fee of $1,000, paid quarterly.

5. Securities Transactions

During the year ended July 31, 2020, cost of purchases and proceeds from sales and maturities of investment securities, other than short-term investments and U.S. government securities, were as follows:

30

EUBEL BRADY & SUTTMAN MUTUAL FUND TRUST
NOTES TO FINANCIAL STATEMENTS (Continued)

	EBS Income and Appreciation Fund		EBS Income Fund
Purchases of investment securities	$	35,297,902	$	42,169,620
Proceeds from sales and maturities of investment securities	$	41,099,979	$	83,598,270

During the year ended July 31, 2020, there were no purchases or sales and maturities from U.S. government long-term securities for the Funds.

6. Shareholder Servicing Plan

The Funds have adopted a Shareholder Servicing Plan (the “Plan”) which allows each Fund to make payments to financial organizations (including payments directly to the Adviser and the Distributor) for providing account administration and account maintenance services to Fund shareholders. The annual fees paid under the Plan may not exceed an amount equal to 0.25% of each Fund’s average daily net assets. During the year ended July 31, 2020, EBS Income and Appreciation Fund and EBS Income Fund incurred $37,744 and $79,869, respectively, of shareholder servicing fees pursuant to the Plan. No payments were made to the Adviser or the Distributor during the year ended July 31, 2020.

7. Contingencies and Commitments

The Funds indemnify the Trust’s officers and Trustees for certain liabilities that might arise from the performance of their duties to the Funds. Additionally, in the normal course of business the Funds enter into contracts that contain a variety of representations and warranties and which provide general indemnifications. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

8. Subsequent Events

The Funds are required to recognize in the financial statements the effects of all subsequent events that provide additional evidence about conditions that existed as of the date of the Statements of Assets and Liabilities. For non-recognized subsequent events that must be disclosed to keep the financial statements from being misleading, the Funds are required to disclose the nature of the event as well as an estimate of its financial effect, or a statement that such an estimate cannot be made. Management has evaluated subsequent events through the issuance of these financial statements and has noted no such events.

31

EUBEL BRADY & SUTTMAN MUTUAL FUND TRUST
REPORT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of Trustees of
Eubel Brady & Suttman Mutual Fund Trust

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Eubel Brady & Suttman Mutual Fund Trust, comprising Eubel Brady & Suttman Income and Appreciation Fund and Eubel Brady & Suttman Income Fund (the “Funds”), as of July 31, 2020, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, including the related notes, and the financial highlights for each of the five years in the period then ended (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds as of July 31, 2020, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of July 31, 2020, by correspondence with the custodian and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Funds’ auditor since 2014.

COHEN & COMPANY, LTD.
Cleveland, Ohio
September 25, 2020

32

EUBEL BRADY & SUTTMAN MUTUAL FUND TRUST
ABOUT YOUR FUNDS’ EXPENSES (Unaudited)

We believe it is important for you to understand the impact of costs on your investment. All mutual funds have operating expenses. As a shareholder of the Funds, you incur ongoing costs, including shareholder servicing fees and other operating expenses. These ongoing costs, which are deducted from each Fund’s gross income, directly reduce the investment return of the Funds.

A mutual fund’s ongoing costs are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The following examples are intended to help you understand the ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. The examples below are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period (February 1, 2020 through July 31, 2020).

The table below illustrates each Fund’s ongoing costs in two ways:

Actual fund return – This section helps you to estimate the actual expenses that you paid over the period. The “Ending Account Value” shown is based on each Fund’s actual return, and the fourth column shows the dollar amount of operating expenses that would have been paid by an investor who started with $1,000 in each Fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period.

To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for the Funds under the heading “Expenses Paid During Period.”

Hypothetical 5% return – This section is intended to help you compare the Funds’ ongoing costs with those of other mutual funds. It assumes that each Fund had an annual return of 5% before expenses during the period shown, but that the expense ratio is unchanged. In this case, because the returns used are not the Funds’ actual returns, the results do not apply to your investment. The example is useful in making comparisons because the U.S. Securities and Exchange Commission (the “SEC”) requires all mutual funds to calculate expenses based on a 5% return. You can assess each Fund’s ongoing costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.

Note that expenses shown in the table are meant to highlight and help you compare ongoing costs only. They will not help you determine the relative total costs of owning different funds. The Funds do not charge transaction fees, such as purchase or redemption fees, nor do they impose any sales loads.

The calculations assume no shares were bought or sold during the period. Your actual costs may have been higher or lower, depending on the amount of your investment and the timing of any purchases or redemptions.

33

EUBEL BRADY & SUTTMAN MUTUAL FUND TRUST
ABOUT YOUR FUNDS’ EXPENSES (Unaudited) (Continued)

More information about the Funds’ expenses can be found in this report. For additional information on operating expenses and other shareholder costs, please refer to the Funds’ prospectus.

	Beginning Account Value February 1, 2020	Ending Account Value July 31, 2020	Expense Ratio(a)	Expenses Paid During Period(b)
EBS Income and Appreciation Fund
Based on Actual Fund Return	$ 1,000.00	$ 1,016.40	0.28%	$1.40
Based on Hypothetical 5% Fund Return (before expenses)	$ 1,000.00	$ 1,023.47	0.28%	$1.41
EBS Income Fund
Based on Actual Fund Return	$ 1,000.00	$ 1,020.70	0.21%	$1.06
Based on Hypothetical 5% Fund Return (before expenses)	$ 1,000.00	$ 1,023.82	0.21%	$1.06

(a)	Annualized, based on each Fund’s most recent one-half year expenses.
(b)	Expenses are equal to each Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

34

EUBEL BRADY & SUTTMAN MUTUAL FUND TRUST
OTHER INFORMATION (Unaudited)

The Trust files a complete listing of portfolio holdings for the Funds with the SEC as of the end of the first and third quarters of each fiscal year as an exhibit on Form N-PORT. These filings are available upon request by calling 1-800-391-1223. Furthermore, you may obtain a copy of the filings on the SEC’s website at www.sec.gov.

A description of the policies and procedures that the Funds use to vote proxies relating to portfolio securities is available without charge upon request by calling toll-free 1-800-391-1223, or on the SEC’s website at www.sec.gov. Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is also available without charge upon request by calling toll-free 1-800-391-1223, or on the SEC’s website at www.sec.gov.

FEDERAL TAX INFORMATION (Unaudited)

For the fiscal year ended July 31, 2020, certain dividends paid by the Funds may be treated as qualified dividends subject to a reduced tax rate. EBS Income and Appreciation Fund and EBS Income Fund intend to designate up to a maximum amount of $3,515,245 and $7,003,977, respectively, as qualified dividend income. Complete information will be computed and reported in conjunction with your 2020 Form 1099-DIV.

35

EUBEL BRADY & SUTTMAN MUTUAL FUND TRUST
BOARD OF TRUSTEES AND EXECUTIVE OFFICERS
(Unaudited)

The Board has overall responsibility for management of the Trust’s affairs. The Trustees serve during the lifetime of the Trust and until its termination, or until death, resignation, retirement, or removal. The Trustees, in turn, elect the officers of the Trust to actively supervise its day-to-day operations. The officers have been elected for an annual term. The following are the Trustees and executive officers of the Trust:

Name, Address and Date of Birth	Length of Time Served	Position(s) Held with Trust	Principal Occupation(s) During Past 5 Years and Directorships of Public Companies Within Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee
Interested Trustees:
Scott E. Lundy, CFP* c/o Eubel Brady & Suttman 10100 Innovation Drive, Ste. 410 Dayton, OH 45342 Year of birth: 1976	Since July 2014	President and Trustee	Executive Vice President and Principal of Eubel Brady & Suttman Asset Management, Inc., the Funds’ investment adviser, since 2003; Chief Compliance Officer of Eubel Brady & Suttman Asset Management, Inc. from March 2016 to March 2019	2
Independent Trustees:
Robert A. Goering c/o Eubel Brady & Suttman 10100 Innovation Drive, Ste. 410 Dayton, OH 45342 Year of birth: 1960	Since July 2014	Trustee	Partner of Goering & Goering, LLC (law firm) from November 1986 to present; Hamilton County Ohio Treasurer from February 1991 to present; Adjunct Professor at Salmon P. Chase College of Law from August 2005 to present	2
Christopher C. Young c/o Eubel Brady & Suttman 10100 Innovation Drive, Ste. 410 Dayton, OH 45342 Year of birth: 1962	Since July 2014/July 2016	Trustee and Chairman	Vice President, Sales of New Day Aluminum (aluminum manufacturer) from October 2016 to present (purchaser of Noranda Aluminum where he worked as Vice President, Sales from January 2014 until October 2016 and as a director from 2010 to 2013)	2

36

EUBEL BRADY & SUTTMAN MUTUAL FUND TRUST
BOARD OF TRUSTEES AND EXECUTIVE OFFICERS
(Unaudited) (Continued)

Name, Address and Date of Birth	Length of Time Served	Position(s) Held with Trust	Principal Occupation(s) During Past 5 Years and Directorships of Public Companies Within Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee
Virginia A. Boeckman c/o Eubel Brady & Suttman 10100 Innovation Drive, Suite 410 Dayton, OH 45342 Year of birth: 1960	Since March 2017	Trustee	Manager, SAP Finance Application Development & Support for CareSource Ohio (non-profit managed healthcare provider) from January 2017 to present; Senior Project Manager, Finance at LexisNexis (an information service provider) from 2008 to 2017	2

Name, Address and Date of Birth	Length of Time Served	Position(s) Held with Trust	Principal Occupation(s) During Past 5 Years
Executive Officers:
Terri L. King, IACCP® Eubel Brady & Suttman 10100 Innovation Drive, Ste. 410 Dayton, OH 45342 Year of Birth: 1961	Since July 2014	Chief Compliance Officer	Chief Compliance Officer of Eubel Brady & Suttman Asset Management, Inc., the Funds’ investment adviser from March 2019 to present; Compliance Manager from February 2016 to March 2019
Theresa M. Bridge Ultimus Fund Solutions, LLC 225 Pictoria Drive Suite 450 Cincinnati, OH 45246 Year of Birth: 1969	Since July 2014	Treasurer	Vice President-Director of Financial Administration of Ultimus Fund Solutions, LLC
Ronald L. Eubel Eubel Brady & Suttman 10100 Innovation Drive, Ste. 410 Dayton, OH 45342 Year of Birth: 1960	Since July 2014	Secretary	Co-Chief Investment Officer and Principal of Eubel Brady & Suttman Asset Management, Inc., the Funds’ investment adviser

* Scott E. Lundy, as an affiliated person of Eubel Brady & Suttman Asset Management, Inc, the Funds’ investment adviser, is considered an “interested person” of the Trust within the meaning of Section 2(a)(19) of the Investment Company Act of 1940.

Additional information about members of the Board and executive officers is available in the Funds’ Statement of Additional Information (“SAI”). To obtain a free copy of the SAI, please call 1-800-391-1223.

37

EUBEL BRADY & SUTTMAN MUTUAL FUND TRUST
APPROVAL OF INVESTMENT ADVISORY AGREEMENT
(Unaudited)

The Board of Trustees, including all of the Independent Trustees voting separately, has reviewed and approved the continuance of the Investment Advisory Agreement between the Trust, on behalf of the Eubel Brady & Suttman Income and Appreciation Fund (the “Appreciation Fund”) and the Eubel Brady & Suttman Income Fund (the “Income Fund”) (the Income and Appreciation Fund and the Income Fund are referred to collectively as the “Funds”), and the Adviser. Approval took place at an in-person meeting held on July 10, 2020, at which all Trustees were present, including all of the Independent Trustees.

In the course of their consideration of the continuation of the Investment Advisory Agreement, the Independent Trustees were advised by independent legal counsel and received materials from such counsel discussing the legal standards for their consideration of the proposed approval of the continuation of the Investment Advisory Agreement on behalf of the Funds. The Independent Trustees received and reviewed a substantial amount of information provided by the Adviser in response to requests from independent legal counsel. Prior to voting, the Independent Trustees met with and asked questions of representatives of the Adviser and also met separately with their independent legal counsel.

In considering the Investment Advisory Agreement and reaching their conclusions with respect to the continuation of the Investment Advisory Agreement, the Trustees reviewed and analyzed various factors that they determined were relevant, including the factors described below.

Nature, Extent and Quality of Services

The Trustees received and considered various data and information regarding the nature, extent and quality of services provided to the Funds by the Adviser. The Trustees specifically considered the depth and quality of the investment management process utilized for the Funds and noted the process for identifying investment opportunities is made collaboratively by a team of portfolio managers. The Trustees considered the experience and responsibilities of the members of the Adviser’s portfolio management team who oversee the daily investment management and operations of the Funds. The Trustees further considered that the Adviser’s value-oriented investment process for the Funds emphasizes a long-term investment horizon and that the Adviser keeps the Board informed on a quarterly basis about developments affecting the performance of the Funds and the factors that have influenced the economy and the financial markets. The Trustees considered the various services in addition to portfolio management that the Adviser provides the Funds relating to risk management and portfolio trading. After further discussion, the Board concluded that it was satisfied with the nature, extent and quality of the investment advisory services provided to the Funds by the Adviser.

38

EUBEL BRADY & SUTTMAN MUTUAL FUND TRUST
APPROVAL OF INVESTMENT ADVISORY AGREEMENT
(Unaudited) (Continued)

Expenses and Performance

The Trustees next considered information regarding each Fund’s expense ratio and also considered comparisons of the Funds’ fees to the fee information for each Fund’s peer group, as presented by management. The Appreciation Fund’s overall expense ratio was compared to funds within the Morningstar category of “Convertible Bond Funds” (no load). The Trustees noted that the overall expense ratio of the Appreciation Fund, which does not include a charge for advisory fees paid at the client account level, is lower than the average expense ratio for Convertible Bond Funds. The Trustees also considered the range of advisory fees charged by the Adviser at the client account level and applied that range to the overall expense ratio of the Appreciation Fund to estimate total costs to underlying shareholders. The Income Fund’s overall expense ratio was compared to funds within the Morningstar category of “Multisector Bond Funds” (no load). The Trustees noted that the overall expense ratio of the Income Fund, which did not include a charge for advisory fees at the client account level, is lower than the average expense ratio for Multisector Bond Funds. The Trustees also considered the range of advisory fees charged by the Adviser at the client account level and applied that range to the overall expense ratio of the Income Fund to estimate total costs to underlying shareholders. The Trustees also observed that the Adviser has committed to extending the expense cap arrangement with each Fund for an additional annual period. The Trustees found that the expense ratio for each Fund, which included an estimated advisory fee charged at the client account level, was within the range of the average expense ratios for the peer groups presented and concluded that each Fund’s expense ratio was reasonable, especially when the additional services provided to clients are considered.

The Trustees next discussed each Fund’s performance record over short and longer-term periods and the Adviser’s explanations for each Fund’s relative performance results. They compared each Fund’s performance with the performance of its benchmark indices and Morningstar category for periods ended March 31, 2020, and the Adviser had discussed the reasons for the underperformance of the Appreciation Fund and the outperformance of the Income Fund during this period. The Trustees noted that the Appreciation Fund exceeded the performance of its benchmark index for the one-year period ended March 31, 2020 and the period since its inception, but slightly trailed the performance of its benchmark index for the five-year period. The Trustees noted that the Income Fund trailed the performance of its benchmark for the one- and five-year periods ended March 31, 2020 and the period since its inception. The Independent Trustees noted that the relative outperformance of the Appreciation Fund for the one-year period ended March 31, 2020 is attributable to its underweighting to equity sensitivity and shorter durations on average. They recognized the ability of the Adviser to take advantage of opportunities to increase the Appreciation Fund’s equity sensitivity during the periods of market dislocation that occurred in March 2020. The

39

EUBEL BRADY & SUTTMAN MUTUAL FUND TRUST
APPROVAL OF INVESTMENT ADVISORY AGREEMENT
(Unaudited) (Continued)

Independent Trustees further noted that the relative underperformance of the Income Fund for periods ended March 31, 2020 is largely attributable to its shorter duration and lower government security exposure than its benchmark index. The Trustees noted that because of the Adviser’s preference for selectively taking on credit risk at the short end of the yield curve, rather than extending maturities to increase each Fund’s yield, the Funds have a tendency to lag the performance of their peers in certain market environments. The Trustees acknowledged that the investment processes for the Funds are not identical to those of the other funds in their Morningstar category. The Trustees then discussed the performance of the Adviser’s SMA strategies that hold shares of the Funds and noted that the Funds require significantly more services than the SMA strategies operationally, due to higher tax, regulatory and compliance obligations. The Trustees noted that the Adviser does not sub-advise any accounts with similar investment objectives as the Funds. The Trustees concluded that the Adviser has demonstrated a satisfactory performance record for each Fund.

Investment Advisory Fee Rates

The Trustees considered that the Adviser is being compensated by each client under the terms described in their respective SMA client agreements and the Adviser does not charge an investment advisory fee at the Fund level. The Trustees reviewed and considered the range of advisory fees payable to the Adviser for SMA services and compared such information with the fees charged by the other funds in the relevant Morningstar peer group for each Fund. The Trustees concluded that the advisory fee ranges charged at the SMA account level were reasonable in relation to the average rates for the peer groups presented, and the clients generally received more services for their fees.

Profitability

The Trustees reviewed information regarding the Adviser’s cost of providing services to the Funds and the methods that were used to determine profitability. They discussed the profits of the Adviser and the other ancillary benefits that the Adviser receives with regard to providing advisory services to the Funds and concluded that these profits are not excessive.

Economies of Scale

The Trustees discussed economies of scale, noting that the Funds do not pay a direct advisory fee, and that each Fund is operating below the agreed upon expense cap. The Trustees noted that the Adviser has generally provided for breakpoints in its advisory fees charged at the client account level, thus allowing its clients to recognize economies of scale as their accounts grow.

40

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Item 2. Code of Ethics.

As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. Pursuant to Item 12(a)(1), a copy of registrant’s code of ethics is filed as an exhibit to this Form N-CSR. During the period covered by this report, the code of ethics has not been amended, and the registrant has not granted any waivers, including implicit waivers, from the provisions of the code of ethics.

Item 3. Audit Committee Financial Expert.

The registrant’s board of trustees has determined that the registrant has at least one audit committee financial expert serving on its audit committee. The name of the audit committee financial expert is Virginia A. Boeckman. Ms. Boeckman is “independent” for purposes of this item.

Item 4. Principal Accountant Fees and Services.

(a) Audit Fees. The aggregate fees billed for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or for services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements were $29,000 and $29,600 with respect to the registrant’s fiscal years ended July 31, 2020 and July 31, 2019, respectively.

(b) Audit-Related Fees. No fees were billed in the last fiscal year for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item.

(c) Tax Fees. The aggregate fees billed for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning were $6,000 and $6,000 with respect to the registrant’s fiscal years ended July 31, 2020, and July 31, 2019, respectively. The services comprising these fees are the preparation of the registrant’s federal income and excise tax returns.

(d) All Other Fees. No fees were billed in the last fiscal year for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item.

(e)(1) The audit committee has not adopted pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

(e)(2) None of the services described in paragraph (b) through (d) of this Item were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Less than 50% of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.

(g) During the fiscal years ended July 31, 2020 and July 31, 2019, aggregate non-audit fees of $6,000 and $6,000, respectively, were billed by the registrant’s principal accountant for services rendered to the registrant. No non-audit fees were billed in the last fiscal year by the registrant’s principal accountant for services rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.

(h) The principal accountant has not provided any non-audit services to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant.

Item 5. Audit Committee of Listed Registrants.

Not applicable

Item 6. Schedule of Investments.

(a) Not applicable [schedule filed with Item 1]

(b) Not applicable

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable

Item 10. Submission of Matters to a Vote of Security Holders.

The registrant has not adopted procedures by which shareholders may recommend nominees to the registrant’s board of trustees.

Item 11. Controls and Procedures.

(a) Based on their evaluation of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) as of a date within 90 days of the filing date of this report, the registrant’s principal executive officer and principal financial officer have concluded that such disclosure controls and procedures are reasonably designed and are operating effectively to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to them by others within those entities, particularly during the period in which this report is being prepared, and that the information required in filings on Form N-CSR is recorded, processed, summarized, and reported on a timely basis.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.

(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Attached hereto

(a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)): Attached hereto

(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons: Not applicable

(a)(4) Change in the registrant’s independent public accountants: Not applicable.

(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): Attached hereto

Exhibit 99.CODE ETH	Code of Ethics
Exhibit 99.CERT	Certifications required by Rule 30a-2(a) under the Act
Exhibit 99.906CERT	Certifications required by Rule 30a-2(b) under the Act

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)	Eubel Brady & Suttman Mutual Fund Trust
By (Signature and Title)*		/s/ Scott E. Lundy
		Scott E. Lundy, President
Date	October 2, 2020
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title)*		/s/ Scott E. Lundy
		Scott E. Lundy, President
Date	October 2, 2020
By (Signature and Title)*		/s/ Theresa M. Bridge
		Theresa M. Bridge, Treasurer
Date	October 2, 2020

^* Print the name and title of each signing officer under his or her signature.