Eubel Brady & Suttman Mutual Fund Trust 两只基金公布截至2026年7月31日的年度报告

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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Carol J. Highsmith

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.

Eubel Brady & Suttman Income and Appreciation Fund 

(EBSZX)

Annual Shareholder Report - July 31, 2026

Fund Overview

This annual shareholder report contains important information about Eubel Brady & Suttman Income and Appreciation Fund (the "Fund") for the period of August 1, 2025 to July 31, 2026. You can find additional information about the Fund at  https://funddocs.filepoint.com/ebs/. You can also request this information by contacting us at (800) 391-1223.

What were the Fund’s annualized costs for the last year?

(based on a hypothetical $10,000 investment)

How did the Fund perform during the reporting period? 

     The Fund finished its fiscal year ended July 31, 2026 with solid investment results, in our view, while navigating two very different fixed-income market environments.

     During the first half of the fiscal year, a broad-based decline in yields extended across most maturities and credit sectors. The Federal Reserve (“Fed”) supported this environment by enacting three consecutive 25-basis-point rate cuts, reducing the fed funds target rate from 4.50% to 3.75%. Yields fell most sharply across five-year and shorter maturities, benefiting the Fund. Concurrently, credit spreads (difference in yield between a corporate bond and Treasury of equal maturity) continued to compress during the period. Declining yields and narrowing credit spreads provided a tailwind to performance during the period.

     The market dynamic shifted during the second half of the fiscal year as markets digested heightened economic and geopolitical risks igniting inflation concerns. Consequently, the market’s inflation fears triggered an upward shift along the entire yield curve.

     The fiscal year closed under upward yield pressure and elevated volatility. Yields on Treasurys and corporate bonds with maturities beyond one year ended the period higher, with the 10-year Treasury yield touching an 18-month high in late July.

     The Fund’s positioning, overweight convertible and non-convertible corporate issues relative to U.S. Treasurys and maintaining a shorter duration than its benchmark, were primary drivers contributing to its outperformance.

How has the Fund performed over the last ten years? 

For the one-year, five-year and ten-year periods ended July 31, 2026, the Fund outperformed its regulatory benchmark, the Bloomberg U.S. Aggregate Bond Index. The outperformance can be attributed to our active, bottom-up portfolio management process that is focused on individual selection of convertible and non-convertible securities.

Total Return Based on $10,000 Investment

Average Annual Total Returns 

Fund Statistics 

• Net Assets$160,688,574
• Number of Portfolio Holdings35
• Advisory Fee $0
• Portfolio Turnover48%

The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call (800) 391-1223.

What did the Fund invest in? 

The Fund primarily invested in a diversified portfolio of convertible securities and non-convertible fixed income securities.

Sector Weighting (% of net assets)

Top 10 Holdings (% of net assets)

Asset Weighting (% of total investments)

Material Fund Changes 

No material changes occurred during the year ended July 31, 2026. 

Change In Or Disagreements With Accountants

During the year ended July 31, 2026, there were no changes in or disagreements with accountants.

Householding 

To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder report will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at (800) 391-1223. Householding will be stopped within 30 days after we receive your request.

Where can I find additional information about the Fund? 

Additional information is available on the Fund's website ( https://funddocs.filepoint.com/ebs/), including its:

• Financial information

• Holdings

• Proxy voting information

TSR-AR 073126-EBSZX

Eubel Brady & Suttman Income and Appreciation Fund (EBSZX)

Annual Shareholder Report - July 31, 2026

Eubel Brady & Suttman Income Fund 

(EBSFX)

Annual Shareholder Report - July 31, 2026

Fund Overview

This annual shareholder report contains important information about Eubel Brady & Suttman Income Fund (the "Fund") for the period of August 1, 2025 to July 31, 2026. You can find additional information about the Fund at  https://funddocs.filepoint.com/ebs/. You can also request this information by contacting us at (800) 391-1223.

What were the Fund’s annualized costs for the last year?

(based on a hypothetical $10,000 investment)

How did the Fund perform during the reporting period? 

     The Fund finished its fiscal year ended July 31, 2026 with solid investment results, in our view, while navigating two very different fixed-income market environments.

     During the first half of the fiscal year, a broad-based decline in yields extended across most maturities and credit sectors. The Federal Reserve (“Fed”) supported this environment by enacting three consecutive 25-basis-point rate cuts, reducing the fed funds target rate from 4.50% to 3.75%. Yields fell most sharply across five-year and shorter maturities, benefiting the Fund. Concurrently, credit spreads (difference in yield between a corporate bond and Treasury of equal maturity) continued to compress during the period. Declining yields and narrowing credit spreads provided a tailwind to performance during the period.

     The market dynamic shifted during the second half of the fiscal year as markets digested heightened economic and geopolitical risks, igniting inflation concerns. Consequently, the market’s inflation fears triggered an upward shift along the entire yield curve.

     The fiscal year closed under upward yield pressure and elevated volatility. Yields on Treasurys and corporate bonds with maturities beyond one year ended the period higher, with the 10-year Treasury yield touching an 18-month high in late July.

     The Fund’s positioning—specifically its shorter duration, overweight to corporate bonds relative to U.S. Treasurys, and security selection—served as the primary driver of outperformance against the benchmark.

How has the Fund performed over the last ten years? 

For the one-year, five-year and ten-year periods ended July 31, 2026, the Fund outperformed its regulatory benchmark, the Bloomberg U.S. Aggregate Bond Index. The outperformance can be attributed to our active, bottom-up portfolio management process that is focused on individual security selection.

Total Return Based on $10,000 Investment

Average Annual Total Returns 

Fund Statistics 

• Net Assets$431,532,383
• Number of Portfolio Holdings51
• Advisory Fee $0
• Portfolio Turnover19%

The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call (800) 391-1223.

What did the Fund invest in? 

The Fund primarily invested in a diversified portfolio of income producing securities.

Sector Weighting (% of net assets)

Top 10 Holdings (% of net assets)

Asset Weighting (% of total investments)

Material Fund Changes

No material changes occurred during the year ended July 31, 2026. 

Change In Or Disagreements With Accountants

During the year ended July 31, 2026, there were no changes in or disagreements with accountants.

Householding 

To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder report will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at (800) 391-1223. Householding will be stopped within 30 days after we receive your request.

Where can I find additional information about the Fund? 

Additional information is available on the Fund's website ( https://funddocs.filepoint.com/ebs/), including its:

• Financial information

• Holdings

• Proxy voting information

TSR-AR 073126-EBSFX

Eubel Brady & Suttman Income Fund (EBSFX)

Annual Shareholder Report - July 31, 2026

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.

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.

Not applicable

(a) The Registrant(s) schedule(s) of investments is included in the Financial Statements under Item 7 of this form.

(b) Not applicable

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 Financial Statements

and Additional Information

July 31, 2026

See accompanying notes to financial statements.

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See accompanying notes to financial statements.

2

See accompanying notes to financial statements.

3

See accompanying notes to financial statements.

4

See accompanying notes to financial statements.

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See accompanying notes to financial statements.

6

See accompanying notes to financial statements.

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See accompanying notes to financial statements.

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See accompanying notes to financial statements.

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See accompanying notes to financial statements.

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See accompanying notes to financial statements.

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Per Share Data for a Share Outstanding Throughout Each Year

See accompanying notes to financial statements.

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Per Share Data for a Share Outstanding Throughout Each Year

See accompanying notes to financial statements.

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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.

The Funds follow accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, “Financial Services – Investment Companies.” 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”).

Segment Reporting — The Research Group of Eubel Brady & Suttman Asset Management, Inc. (the “Adviser”) acts as each Fund’s chief operating decision maker (“CODM”). The CODM has determined that each Fund has a single operating segment as the CODM monitors the operating results of the Fund as a whole and each Fund’s long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Adviser. The CODM allocates resources and assesses performance based on the operating results of each Fund, which is consistent with the results presented in the Funds’ Schedules of Investments, Statements of Changes in Net Assets and Financial Highlights.

Securities Valuation — Each Fund values its portfolio securities at fair value as of the close of regular trading on the New York Stock Exchange (the “NYSE”) (normally 4:00 p.m. Eastern time) on each day the NYSE is open for business. 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

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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 the Adviser (the “Valuation Designee”), determines that a price provided by the pricing service does not accurately reflect the market value of the securities or, when prices are not readily available from the pricing service, securities are valued at fair value as determined in good faith by the Valuation Designee 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:

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.

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The following is a summary of each Fund’s investments and the inputs used to value the investments as of July 31, 2026 by security type:

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, 2026:

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The total change in unrealized appreciation (depreciation) included on the Statements of Operations attributable to Level 3 investments still held at July 31, 2026 is ($120,723) and ($132,597) for EBS Income and Appreciation Fund and EBS Income Fund, respectively.

There were no transfers into or out of Level 3 during the year ended July 31, 2026.

The following table summarizes the valuation techniques used and unobservable inputs developed by the Valuation Designee in conformity with guidelines adopted by and subject to review by the Board to determine the fair value of the Level 3 investments.

DCF - Discounted Cash Flow

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There were no derivative instruments held by the Funds as of or during the year ended July 31, 2026.

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 and are included in interest income. 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.

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The tax character of distributions paid during the years ended July 31, 2026 and 2025 was as follows:

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, 2026:

The difference between the federal income tax cost of investments and the Schedule of Investments cost for each Fund is due to certain timing differences in the recognition of capital gains or losses under income tax regulations and GAAP.

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These “book/tax” differences are temporary in nature and are primarily due to basis adjustments related to each Fund’s holdings in convertible bonds and publicly traded partnerships.

As of July 31, 2026, the Funds had the following capital loss carryforwards (“CLCFs”) for federal income tax purposes:

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

During the year ended July 31, 2026, the Funds utilized prior year CLCFs against current year gains as summarized below:

For the year ended July 31, 2026, EBS Income and Appreciation Fund and EBS Income Fund reclassified $992 and $28,196, respectively, of paid-in capital against distributable earnings (accumulated deficit) on the Statements of Assets and Liabilities. Such reclassification, the result of permanent differences between the financial statement and income tax reporting requirements, had no effect on each Fund’s net assets or NAV per share.

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.

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The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expenses on the Statements of Operations. During the year ended July 31, 2026, the Funds did not incur any interest or penalties and no federal, state or local income taxes or any income taxes in foreign jurisdictions were paid by the Funds.

At July 31, 2026, unfunded loan commitments for the Funds were as follows:

Pursuant to an Asset-Based Lending Credit Agreement between the Funds and NCP SPV Texas, L.P. (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.

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 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

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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, 2027. No expense reimbursements were required during the year ended July 31, 2026.

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 $3,281 for attendance at each meeting of the Board, in addition to reimbursement of travel and other expenses incurred in attending the meetings. The Chairperson of the Audit and Governance Committee receives an additional annual fee of $1,250, paid quarterly.

During the year ended July 31, 2026, 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:

During the year ended July 31, 2026, cost of purchases and proceeds from sales and maturities of long-term U.S. government securities were as follows:

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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, 2026, EBS Income and Appreciation Fund and EBS Income Fund incurred $60,880 and $169,267, 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, 2026.

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.

If a Fund has significant investments in the securities of issuers in industries within a particular sector, any development affecting that sector will have a greater impact on the value of the net assets of the Fund than would be the case if the Fund did not have significant investments in that sector. In addition, this may increase the risk of loss of an investment in the Fund and increase the volatility of the Fund’s NAV per share. From time to time, circumstances may affect a particular sector and the companies within such sector. For instance, economic or market factors, regulation or deregulation, and technological or other developments may negatively impact all companies in a particular sector and therefore the value of the Fund’s portfolio will be adversely affected.

The Funds may invest in illiquid or thinly traded fixed income securities and those that are privately placed but eligible for purchase and sale by certain qualified institutional buyers, as defined under Rule 144A of the Securities Act of 1933. Illiquid securities are investments that cannot reasonably be expected to be sold or disposed of within seven calendar days in current market conditions without impacting the market value of the investment. Each Fund will not invest more than

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15% of the value of its net assets in securities or other investments that are illiquid. Rule 144A securities may be considered liquid if they are actively traded among qualified institutional buyers. As of July 31, 2026, the EBS Income and Appreciation Fund and EBS Income Fund had 25.3% and 16.9%, respectively, of their net assets invested in Rule 144A securities.

The Funds may also purchase indebtedness and participations in commercial loans that may be secured or unsecured. Indebtedness from a specific commercial loan to a borrower may not be a security and is different than a traditional public debt security. Loan participation typically represents direct participation, together with other parties, in a loan to a corporate borrower, and generally are offered by banks or other financial institutions or lending syndicates. The Funds may participate in such syndications, or can buy part of a loan, becoming a part lender. In addition, the Funds, or an agent of the Funds, may act as agent for the loan and be responsible for the collection of principal and interest payments from the corporate borrower. If the Funds enter into a lending arrangement, this type of investment may be considered an illiquid investment and may be difficult to sell or unwind in a timely manner. The Funds may also invest in loans used to finance the costs of construction, acquisition, development and or rehabilitation of a property, including single-family homes, multi-family rentals, and commercial facilities. The Funds’ investments in indebtedness involve the risk of loss in case of default or insolvency of the borrower and the possibility of less legal protection in the event of fraud or misrepresentation. The Funds’ investments in indebtedness, loan participation and assignments may subject the Funds to losses from casualty or condemnation, and changes in local and general economic conditions, supply and demand, interest rates, zoning laws, regulatory limitations on rents, property taxes and operating expenses. A loan used to finance the costs of construction may expose the Funds to an increased risk of non-payment because the loan is not backed by a finished project.

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.

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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 Income and Appreciation Fund and Eubel Brady & Suttman Income Fund (the “Funds”), each a series of Eubel Brady & Suttman Mutual Fund Trust, as of July 31, 2026, 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, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of July 31, 2026, the results of their operations for the year then ended, the changes in 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, 2026, by correspondence with the custodian and agent bank. Our audits also included evaluating

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