# EDGAR Filing Document

**Accession Number:** 0001606378
**File Stem:** 0001580642-26-002141
**Filing Date:** 2026-4
**Character Count:** 86585
**Document Hash:** 1df3474cd59dd4ea70b5653cebb9e225
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-26-002141.hdr.sgml**: 20260401

**ACCESSION NUMBER**: 0001580642-26-002141

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 23

**CONFORMED PERIOD OF REPORT**: 20260131

**FILED AS OF DATE**: 20260401

**DATE AS OF CHANGE**: 20260401

**EFFECTIVENESS DATE**: 20260401

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Eubel Brady & Suttman Mutual Fund Trust
- **CENTRAL INDEX KEY:** 0001606378

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0731

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22960
- **FILM NUMBER:** 26825368

**BUSINESS ADDRESS:**
- **STREET 1:** 10100 INNOVATION DRIVE
- **STREET 2:** SUITE 410
- **CITY:** DAYTON
- **STATE:** OH
- **ZIP:** 45342
- **BUSINESS PHONE:** 937-291-1223

**MAIL ADDRESS:**
- **STREET 1:** 10100 INNOVATION DRIVE
- **STREET 2:** SUITE 410
- **CITY:** DAYTON
- **STATE:** OH
- **ZIP:** 45342

## Series and Classes Contracts Data

### Eubel Brady & Suttman Income and Appreciation Fund (Series ID: S000045948)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000143294 | Eubel Brady & Suttman Income and Appreciation Fund | EBSZX           |

### Eubel Brady & Suttman Income Fund (Series ID: S000045949)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000143295 | Eubel Brady & Suttman Income Fund | EBSFX           |

?xml version='1.0' encoding='ASCII'?

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 <u>811-22960</u>

<u>**Eubel Brady & Suttman Mutual Fund Trust**</u>

(Exact name of registrant as specified in charter)

<u>225 Pictoria Drive, Suite 450</u> <u>Cincinnati, Ohio&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45246</u> <br> (Address of principal executive offices) (Zip code)

Carol J. Highsmith, Esq.

<u>225 Pictoria Drive, Suite 450 Cincinnati, Ohio&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45246</u>

(Name and address of agent for service)

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

Date of fiscal year end: <u>July 31</u> <br>Date of reporting period: <u>January 31, 2026</u>

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 the 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.**

(a) # Eubel Brady & Suttman Income and Appreciation Fund
![Image](ie014ac35430707832668be90.jpg)

(EBSZX)

## Semi-Annual Shareholder Report - January 31, 2026

## Fund Overview
This semi-annual shareholder report contains important information about Eubel Brady & Suttman Income and Appreciation Fund (the "Fund") for the period of August 1, 2025 to January 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Eubel Brady & Suttman Income and Appreciation Fund | $14 | 0.27% |

---

## How did the Fund perform during the reporting period?
&nbsp;&nbsp;&nbsp;&nbsp; The Fund posted solid investment results, in our view, for the semi-annual period ended January 31, 2026, as we experienced a broad-based decline in yields, spanning most maturities and credit qualities. Yields fell most sharply across the five-year and shorter maturities. There is an inverse relationship between bond yields and bond prices, and the Fund benefited from declining yields along the shorter segment of the yield curve. Credit spreads (difference in yield between a corporate bond and Treasury of equal maturity) continued to compress during the period, reaching levels not seen since the 1990s. Declining yields and narrowing credit spreads provided a tailwind to performance during the period.

&nbsp;&nbsp;&nbsp;&nbsp; During the period, the Federal Reserve (the "Fed"), enacted three consecutive 0.25% (25 basis points) rate cuts, lowering the federal funds target range to 3.50% – 3.75%. The Fed cited a shift in the "balance of risks" as inflation concerns moderated. While inflation had been the Fed's primary focus for years, officials began citing "downside risks to employment," the Fed's other mandate. Slowing job gains reports and an unemployment rate that had drifted upward to 4.4%, up from 3.4% two years prior, raised concerns of labor market deterioration.

&nbsp;&nbsp;&nbsp;&nbsp; The Fund was overweight in convertible and non-convertible corporate issues relative to U.S. Treasurys and maintained a shorter duration than its benchmark during the period. Short-term corporate yields experienced the most pronounced decline, moving in lockstep with the federal funds rate decline throughout the period. Those factors contributed to the Fund's outperformance.

&nbsp;&nbsp;&nbsp;&nbsp; Given the Fund's flexible investment mandate, its strategy can adjust as needed to address shifting yields, credit spreads and convertible conditions while pursuing its investment objective of maximizing total return by producing income and capital appreciation.

## How has the Fund performed over the last ten years?
For the one-year, five-year and ten-year periods ending January 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
![Growth of 10K Chart](i2f915f37d93b5f19d2168b6d.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Eubel Brady & Suttman Income and Appreciation Fund** | **Bloomberg U.S. Aggregate Bond Index** | **ICE BofA 1-10 Year Corp. Index** | **ICE BofA Yield Alternative US Convertible Index** |
| **Jan-2016** | $10000 | $10000 | $9999 | $10000 |
| **Jan-2017** | $11246 | $10145 | $10401 | $11663 |
| **Jan-2018** | $11762 | $10363 | $10702 | $12612 |
| **Jan-2019** | $11662 | $10597 | $10940 | $12975 |
| **Jan-2020** | $12173 | $11619 | $12039 | $14650 |
| **Jan-2021** | $13039 | $12167 | $12729 | $16519 |
| **Jan-2022** | $13562 | $11806 | $12434 | $16163 |
| **Jan-2023** | $13448 | $10819 | $11733 | $15355 |
| **Jan-2024** | $14195 | $11046 | $12336 | $16284 |
| **Jan-2025** | $15351 | $11274 | $12936 | $18611 |
| **Jan-2026** | $16508 | $12047 | $13917 | $20560 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Eubel Brady & Suttman Income and Appreciation Fund | 7.53% | 4.83% | 5.14% |
| Bloomberg U.S. Aggregate Bond Index | 6.85% | -0.20% | 1.88% |
| ICE BofA 1-10 Year Corp. Index | 7.58% | 1.80% | 3.36% |
| ICE BofA Yield Alternative US Convertible Index | 10.47% | 4.47% | 7.47% |

---

## **Fund Statistics** 
* Net Assets$153,699,795

* Number of Portfolio Holdings33

* Advisory Fee $0

* Portfolio Turnover13%

***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 non-convertible fixed income securities and convertible securities.

## **Sector Weighting (% of net assets)**![Sector Weightings](ife5c0a1e769b9f0b995d1700.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.6% |
| Consumer Staples | 3.1% |
| Health Care | 3.2% |
| Energy | 3.3% |
| Materials | 3.6% |
| Technology | 7.6% |
| Communications | 7.8% |
| Industrials | 8.2% |
| Financials | 17.9% |
| Money Market Funds | 20.0% |
| Consumer Discretionary | 24.7% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Patrick Industries, Inc., 1.750%, due 12/01/28 | 5.0% |
| Lyft, Inc., 0.625%, due 03/01/29 | 4.4% |
| Airbnb, Inc., 0.000%, due 03/15/26 | 3.9% |
| TripAdvisor, Inc., 0.250%, due 04/01/26 | 3.9% |
| Winnebago Industries, Inc., 3.250%, due 01/15/30 | 3.8% |
| Natural Resource Partners, L.P. | 3.5% |
| Avnet, Inc., 1.750%, due 09/01/30, 144A | 3.5% |
| Global Payments, Inc., 1.500%, due 03/01/31 | 3.5% |
| Garrett Motion Holdings, 7.750%, due 05/31/32, 144A | 3.4% |
| Ford Motor Company, 0.000%, due 03/15/26 | 3.4% |

---

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i8ce7ed27b44367915be45a21.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Bank Debt | 1.6% |
| Common Stocks | 4.0% |
| Convertible Bonds | 49.5% |
| Corporate Bonds | 24.8% |
| Money Market Funds | 20.1% |

---

## Material Fund Changes
No material changes occurred during the period ended January 31, 2026.

## Change In Or Disagreements With Accountants
During the period ended January 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-SAR 013126-EBSZX

![Image](ie014ac35430707832668be90.jpg)

Eubel Brady & Suttman Income and Appreciation Fund (EBSZX)

Semi-Annual Shareholder Report - January 31, 2026

# Eubel Brady & Suttman Income Fund
![Image](ie014ac35430707832668be90.jpg)

(EBSFX)

## Semi-Annual Shareholder Report - January 31, 2026

## Fund Overview
This semi-annual shareholder report contains important information about Eubel Brady & Suttman Income Fund (the "Fund") for the period of August 1, 2025 to January 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Eubel Brady & Suttman Income Fund | $11 | 0.21% |

---

## How did the Fund perform during the reporting period?
&nbsp;&nbsp;&nbsp;&nbsp; The Fund posted solid investment results, in our view, for the semi-annual period ended January 31, 2026, as we experienced a broad-based decline in yields, spanning most maturities and credit qualities. Yields fell most sharply across the five-year and shorter maturities. There is an inverse relationship between bond yields and bond prices, and the Fund benefited from declining yields along the shorter segment of the yield curve. Credit spreads (difference in yield between a corporate bond and Treasury of equal maturity) continued to compress during the period, reaching levels not seen since the 1990s. Declining yields and narrowing credit spreads provided a tailwind to performance during the period.

&nbsp;&nbsp;&nbsp;&nbsp; During the period, the Federal Reserve (the "Fed"), enacted three consecutive 0.25% (25 basis points) rate cuts, lowering the federal funds target range to 3.50% – 3.75%. The Fed cited a shift in the "balance of risks" as inflation concerns moderated. While inflation had been the Fed's primary focus for years, officials began citing "downside risks to employment," the Fed's other mandate. Slowing job gains reports and an unemployment rate that had drifted upward to 4.4%, up from 3.4% two years prior, raised concerns of labor market deterioration.

&nbsp;&nbsp;&nbsp;&nbsp; The Fund was overweight in corporate issues relative to U.S. Treasurys and maintained a shorter duration than its benchmark during the period. Short-term corporate yields experienced the most pronounced decline, moving in lockstep with the federal funds rate decline throughout the period. Those factors contributed to the Fund's outperformance.

&nbsp;&nbsp;&nbsp;&nbsp; Given the Fund's flexible investment mandate, its strategy can adjust as needed to address shifting yields and credit spreads while pursuing its investment objective of preserving capital, producing income, and maximizing total return.

## How has the Fund performed over the last ten years?
For the one-year, five-year and ten-year periods ending January 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
![Growth of 10K Chart](ic82af833374d67fede49b583.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Eubel Brady & Suttman Income Fund** | **Bloomberg U.S. Aggregate Bond Index** | **ICE BofA U.S. Corporate & Government 1-10 Yrs Index** |
| **Jan-2016** | $10000 | $10000 | $10000 |
| **Jan-2017** | $10686 | $10145 | $10119 |
| **Jan-2018** | $10889 | $10363 | $10224 |
| **Jan-2019** | $11057 | $10597 | $10491 |
| **Jan-2020** | $11504 | $11619 | $11277 |
| **Jan-2021** | $12010 | $12167 | $11788 |
| **Jan-2022** | $12081 | $11806 | $11498 |
| **Jan-2023** | $11913 | $10819 | $10892 |
| **Jan-2024** | $12570 | $11046 | $11291 |
| **Jan-2025** | $13335 | $11274 | $11687 |
| **Jan-2026** | $14268 | $12047 | $12445 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Eubel Brady & Suttman Income Fund | 7.00% | 3.51% | 3.62% |
| Bloomberg U.S. Aggregate Bond Index | 6.85% | -0.20% | 1.88% |
| ICE BofA U.S. Corporate & Government 1-10 Yrs Index | 6.49% | 1.09% | 2.21% |

---

## **Fund Statistics** 
* Net Assets$431,550,815

* Number of Portfolio Holdings52

* Advisory Fee $0

* Portfolio Turnover12%

***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)**![Sector Weightings](i8a0d5bcc9ae5592402c7f09c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.2% |
| Communications | 1.4% |
| Consumer Staples | 3.1% |
| Health Care | 5.4% |
| Materials | 6.0% |
| Technology | 6.5% |
| Money Market Funds | 7.2% |
| Consumer Discretionary | 10.4% |
| Industrials | 11.9% |
| U.S. Treasury Obligations | 23.1% |
| Financials | 23.8% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| U.S. Treasury Notes, 3.500%, due 11/15/28 | 4.9% |
| U.S. Treasury Notes, 3.625%, due 10/31/30 | 4.8% |
| U.S. Treasury Notes, 4.375%, due 12/31/29 | 3.0% |
| Timken Company (The), 4.500%, due 12/15/28 | 2.9% |
| U.S. Treasury Notes, 4.625%, due 04/30/29 | 2.9% |
| U.S. Treasury Notes, 4.500%, due 05/15/27 | 2.8% |
| Bank OZK, 2.750%, due 10/01/31 | 2.7% |
| Mohawk Industries, Inc., 5.850%, due 09/18/28 | 2.7% |
| Penske Truck Leasing Company, L.P., 5.700%, due 02/01/28, 144A | 2.6% |
| LKQ Corporation, 5.750%, due 06/15/28 | 2.6% |

---

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i4f59c7e23cbd8b7d6f781764.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Bank Debt | 1.4% |
| Common Stocks | 1.8% |
| Corporate Bonds | 66.1% |
| Money Market Funds | 7.3% |
| U.S. Treasury Obligations | 23.4% |

---

## Material Fund Changes
No material changes occurred during the period ended January 31, 2026.

## Change In Or Disagreements With Accountants
During the period ended January 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-SAR 013126-EBSFX

![Image](ie014ac35430707832668be90.jpg)

Eubel Brady & Suttman Income Fund (EBSFX)

Semi-Annual Shareholder Report - January 31, 2026

(b) Not applicable

**Item 2.** **Code of Ethics.**

Not required

**Item 3.** **Audit Committee Financial Expert.**

Not required

**Item 4.** **Principal Accountant Fees and Services.**

Not required

**Item 5.** **Audit Committee of Listed Registrants.**

Not applicable

**Item 6.** **Schedule of Investments.**

(a) The Registrant schedules of investments
 are included in the Financial Statements under Item 7 of this form.

(b) Not applicable

**Item 7.** **Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

(a) ![](img_001.jpg)

**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** 

**Semi-Annual Financial Statements**

**and Additional Information**

**January 31, 2026**

**(Unaudited)**

**EUBEL BRADY & SUTTMAN INCOME AND APPRECIATION FUND**

**SCHEDULE OF INVESTMENTS**

**January 31, 2026 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **CORPORATE BONDS — 24.7%** |  |  |  |  |
| **Consumer Discretionary — 5.4%** |  |  |  |  |
| Garrett Motion Holdings, 144A | 7.750% | 05/31/32 | $5000000 | $5293485 |
| Marriott International, Inc., Series KK | 4.900% | 04/15/29 | 3000000 | 3067074 |
|  |  |  |  | 8360559 |
| **Energy — 3.3%** |  |  |  |  |
| CNX Resources Corporation, 144A | 6.000% | 01/15/29 | 5000000 | 5028730 |
| **Financials — 16.0%** |  |  |  |  |
| Bank OZK (TSFR3M + 209, effective 10/01/26) <sup>(a)</sup> | 2.750% | 10/01/31 | 4130000 | 3933618 |
| Churchill LBC, LLC, 144A <sup>(b)</sup> | 9.250% | 01/01/31 | 1000000 | 1014600 |
| CNG Holdings, Inc., 144A <sup>(b)(c)</sup> | 16.500% | 06/30/31 | 2602046 | 2352302 |
| First Maryland Capital I (TSFR3M + 126.16) <sup>(a)</sup> | 4.934% | 01/15/27 | 2000000 | 1980651 |
| First National Bank of Nebraska, Inc., 144A (TSFR3M + 361) <sup>(a)</sup> | 7.250% | 06/15/35 | 2000000 | 2089754 |
| GitSit Solutions, LLC, 144A <sup>(b)(c)</sup> | 8.000% | 11/15/29 | 3500000 | 3577297 |
| NCP SNIP <sup>(b)(c)</sup> | 13.500% | 12/31/27 | 1800000 | 1824026 |
| Ponder Farms LBC, LLC, Series 2025, 144A <sup>(b)</sup> | 8.500% | 01/01/29 | 1755608 | 1774750 |
| Reese Farms Development, LLC, 144A <sup>(b)(c)</sup> | 8.500% | 07/15/29 | 1990000 | 2013311 |
| Southern Bancshares (N.C.), Inc., 144A (TSFR3M + 241, effective 06/30/26) <sup>(a)</sup> | 3.125% | 06/30/31 | 2200000 | 2039851 |
| Truist Financial Corporation (TSFR3M + 93.16) <sup>(a)</sup> | 4.783% | 05/15/27 | 2000000 | 1985002 |
|  |  |  |  | 24585162 |
| **Total Corporate Bonds** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $37,583,673) |  |  |  | $37974451 |

---

See accompanying notes to financial statements.

**EUBEL BRADY & SUTTMAN INCOME AND APPRECIATION FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **CONVERTIBLE BONDS — 49.2%** |  |  |  |  |
| **Communications — 7.8%** |  |  |  |  |
| Airbnb, Inc. | 0.000% | 03/15/26 | $6000000 | $5961000 |
| TripAdvisor, Inc. | 0.250% | 04/01/26 | 6000000 | 5940000 |
|  |  |  |  | 11901000 |
| **Consumer Discretionary — 19.3%** |  |  |  |  |
| Cheesecake Factory, Inc. (The), 144A | 2.000% | 03/15/30 | 5000000 | 5265000 |
| Etsy, Inc. | 0.125% | 09/01/27 | 3000000 | 2790000 |
| Etsy, Inc. | 0.250% | 06/15/28 | 4000000 | 3579200 |
| Ford Motor Company | 0.000% | 03/15/26 | 5000000 | 5290000 |
| Guess, Inc. | 3.750% | 04/15/28 | 5000000 | 4997500 |
| Patrick Industries, Inc. | 1.750% | 12/01/28 | 4000000 | 7758000 |
|  |  |  |  | 29679700 |
| **Consumer Staples — 3.1%** |  |  |  |  |
| Spectrum Brands, Inc. | 3.375% | 06/01/29 | 5000000 | 4825000 |
| **Health Care — 3.2%** |  |  |  |  |
| Haemonetics Corporation | 2.500% | 06/01/29 | 5000000 | 4927500 |
| **Industrials — 8.2%** |  |  |  |  |
| Lyft, Inc. | 0.625% | 03/01/29 | 6000000 | 6758400 |
| Winnebago Industries, Inc. | 3.250% | 01/15/30 | 6000000 | 5805000 |
|  |  |  |  | 12563400 |
| **Technology — 7.6%** |  |  |  |  |
| Avnet, Inc., 144A | 1.750% | 09/01/30 | 5000000 | 5417500 |
| Bentley Systems, Inc. | 0.375% | 07/01/27 | 1000000 | 954500 |
| Global Payments, Inc. | 1.500% | 03/01/31 | 6000000 | 5307000 |
|  |  |  |  | 11679000 |
| **Total Convertible Bonds** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $71,221,529) |  |  |  | $75575600 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **BANK DEBT — 1.5%** |  |  |  |  |
| **Financials — 1.5%** |  |  |  |  |
| NCP SPV Texas, L.P. Revolving Loan (Prime + 187) <sup>(a)(b)(c)</sup> (Cost $2,431,156) | 8.620% | 09/19/26 | $2431156 | $2409563 |

---

See accompanying notes to financial statements.

**EUBEL BRADY & SUTTMAN INCOME AND APPRECIATION FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS — 4.0%** |  |  |
| **Financials — 0.4%** |  |  |
| Lincoln National Corporation | 15673 | $652153 |
| **Materials — 3.6%** |  |  |
| Natural Resource Partners, L.P. | 48000 | 5448000 |
| **Total Common Stocks**<br> (Cost $4,456,029) |  | $6100153 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **MONEY MARKET FUNDS — 20.0%** |  |  |
| Invesco Short-Term Investments Trust - Treasury Portfolio - Institutional Class, 3.57% <sup>(d)</sup> (Cost $30,693,620) | 30693620 | $30693620 |
| **Total Investments at Value — 99.4%<br> (Cost $146,386,007)** |  | $152753387 |
| **Other Assets in Excess of Liabilities — 0.6%** |  | 946408 |
| **Net Assets — 100.0%** |  | $153699795 |

---

---

| | |
|:---|:---|
| 144A - | Security was purchased in a transaction exempt from registration in compliance with Rule 144A of the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. The total value of such securities is $35,866,580 as of January 31, 2026, representing 23.3% of net assets. |
| TSFR - | CME Term Secured Overnight Financing Rate (SOFR) |

---

<sup>(a)</sup> Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of January 31, 2026. For securities based on a published reference rate and spread, the reference rate and spread (in basis points) are indicated parenthetically.

<sup>(b)</sup> Illiquid security. The total fair value of these securities as of January 31, 2026 was $14,965,849, representing 9.7% of net assets.

<sup>(c)</sup> Security has been valued using significant unobservable inputs in good faith by the Adviser in conformity with guidelines adopted by and subject to review by the Board of Trustees. The total value of such securities is $12,176,499 as of January 31, 2026, representing 7.9% of net assets.

<sup>(d)</sup> The rate shown is the 7-day effective yield as of January 31, 2026.

See accompanying notes to financial statements.

**EUBEL BRADY & SUTTMAN INCOME FUND**

**SCHEDULE OF INVESTMENTS**

**January 31, 2026 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **CORPORATE BONDS — 65.3%** |  |  |  |  |
| **Communications — 1.4%** |  |  |  |  |
| VeriSign, Inc. | 4.750% | 07/15/27 | $6000000 | $6000795 |
| **Consumer Discretionary — 10.4%** |  |  |  |  |
| Garrett Motion Holdings, 144A | 7.750% | 05/31/32 | 8000000 | 8469576 |
| LKQ Corporation | 5.750% | 06/15/28 | 11000000 | 11301122 |
| Magna International, Inc. | 5.050% | 03/14/29 | 5000000 | 5130522 |
| Mohawk Industries, Inc. | 5.850% | 09/18/28 | 11000000 | 11470478 |
| Polaris, Inc. | 6.950% | 03/15/29 | 8000000 | 8504820 |
|  |  |  |  | 44876518 |
| **Consumer Staples — 3.1%** |  |  |  |  |
| J.M. Smucker Company (The) | 3.375% | 12/15/27 | 8500000 | 8422242 |
| Kroger Company (The) | 2.650% | 10/15/26 | 5098000 | 5052767 |
|  |  |  |  | 13475009 |
| **Financials — 22.4%** |  |  |  |  |
| Bank of America Corporation <sup>(a)</sup> | 4.375% | 12/31/99 | 5500000 | 5471455 |
| Bank OZK (TSFR3M + 209, effective 10/01/26) <sup>(b)</sup> | 2.750% | 10/01/31 | 12250000 | 11667513 |
| Churchill LBC, LLC, 144A <sup>(c)</sup> | 9.250% | 01/01/31 | 4500000 | 4565700 |
| CNG Holdings, Inc., 144A <sup>(c)(d)</sup> | 16.500% | 06/30/31 | 4144271 | 3746504 |
| First Maryland Capital I (TSFR3M + 126.16) <sup>(b)</sup> | 4.934% | 01/15/27 | 5000000 | 4951627 |
| First National Bank of Nebraska, Inc., 144A (TSFR3M + 361) <sup>(b)</sup> | 7.250% | 06/15/35 | 6000000 | 6269261 |
| FNB Corporation (SOFR + 193, effective 12/11/29) <sup>(b)</sup> | 5.722% | 12/11/30 | 8000000 | 8180446 |
| Loews Corporation | 3.750% | 04/01/26 | 6000000 | 5998358 |
| MSCI, Inc., 144A | 4.000% | 11/15/29 | 9000000 | 8818293 |
| NCP SNIP <sup>(c)(d)</sup> | 13.500% | 12/31/27 | 5725000 | 5801417 |
| Ponder Farms LBC, LLC, Series 2025, 144A <sup>(c)</sup> | 8.500% | 01/01/29 | 4131913 | 4176964 |
| Princeton 151 LBC, LLC, 144A <sup>(c)(d)</sup> | 9.000% | 12/15/30 | 2600000 | 2598120 |
| Reese Farms Development, LLC, 144A <sup>(c)(d)</sup> | 8.500% | 07/15/29 | 3310000 | 3348773 |
| Southern Bancshares (N.C.), Inc., 144A (TSFR3M + 241, effective 06/30/26) <sup>(b)</sup> | 3.125% | 06/30/31 | 5800000 | 5377789 |
| Truist Financial Corporation (TSFR3M + 93.16) <sup>(b)</sup> | 4.783% | 05/15/27 | 5788000 | 5744596 |
| Truist Financial Corporation, Series N (H15T5Y + 300.3, effective 09/01/29) <sup>(a)(b)</sup> | 6.669% | 12/31/99 | 5000000 | 5007860 |

---

See accompanying notes to financial statements.

**EUBEL BRADY & SUTTMAN INCOME FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **CORPORATE BONDS — 65.3% (Continued)** |  |  |  |  |
| **Financials — 22.4% (Continued)** |  |  |  |  |
| Zions Bancorporation | 3.250% | 10/29/29 | $5000000 | $4721554 |
|  |  |  |  | 96446230 |
| **Health Care — 5.4%** |  |  |  |  |
| Cencora, Inc. | 4.625% | 12/15/27 | 5500000 | 5569766 |
| Edwards Lifesciences Corporation | 4.300% | 06/15/28 | 5000000 | 5033949 |
| Humana, Inc. | 3.950% | 03/15/27 | 4500000 | 4490171 |
| Humana, Inc. | 5.375% | 04/15/31 | 8000000 | 8195790 |
|  |  |  |  | 23289676 |
| **Industrials — 11.9%** |  |  |  |  |
| HEICO Corporation | 5.250% | 08/01/28 | 10900000 | 11194098 |
| Jacobs Energy Group, Inc. | 6.350% | 08/18/28 | 9000000 | 9468275 |
| Penske Truck Leasing Company, L.P., 144A | 5.700% | 02/01/28 | 11000000 | 11307420 |
| Textron, Inc. | 3.900% | 09/17/29 | 7000000 | 6930159 |
| Timken Company (The) | 4.500% | 12/15/28 | 12433000 | 12534412 |
|  |  |  |  | 51434364 |
| **Materials — 4.2%** |  |  |  |  |
| Ball Corporation | 6.000% | 06/15/29 | 9000000 | 9281925 |
| Kennametal, Inc. | 4.625% | 06/15/28 | 3600000 | 3633606 |
| Sherwin-Williams Company (The) | 3.450% | 06/01/27 | 5000000 | 4969200 |
|  |  |  |  | 17884731 |
| **Technology — 6.5%** |  |  |  |  |
| Arrow Electronics, Inc. | 5.150% | 08/21/29 | 5000000 | 5116181 |
| Fidelity National Information Services, Inc. | 4.700% | 07/15/27 | 5000000 | 5016929 |
| Fiserv, Inc. | 4.550% | 02/15/31 | 8000000 | 7952957 |
| Keysight Technologies, Inc. | 4.600% | 04/06/27 | 8614000 | 8659942 |
| Western Digital Corporation | 4.750% | 02/15/26 | 1488000 | 1487171 |
|  |  |  |  | 28233180 |
| **Total Corporate Bonds** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $277,087,085) |  |  |  | $281640503 |

---

See accompanying notes to financial statements.

**EUBEL BRADY & SUTTMAN INCOME FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **U.S. TREASURY OBLIGATIONS — 23.1%** |  |  |  |  |
| U.S. Treasury Notes | 4.500% | 05/15/27 | $12000000 | $12143437 |
| U.S. Treasury Notes | 4.250% | 01/15/28 | 10500000 | 10639043 |
| U.S. Treasury Notes | 4.250% | 02/15/28 | 10000000 | 10137891 |
| U.S. Treasury Notes | 3.500% | 11/15/28 | 21000000 | 20947500 |
| U.S. Treasury Notes | 4.625% | 04/30/29 | 12000000 | 12360000 |
| U.S. Treasury Notes | 4.375% | 12/31/29 | 12500000 | 12800781 |
| U.S. Treasury Notes | 3.625% | 10/31/30 | 21000000 | 20857266 |
| **Total U.S. Treasury Obligations** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $98,935,879) |  |  |  | $99885918 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **BANK DEBT — 1.4%** |  |  |  |  |
| **Financials — 1.4%** |  |  |  |  |
| NCP SPV Texas, L.P. Revolving Loan (Prime + 187) <sup>(b)(c)(d)</sup> (Cost $6,077,891) | 8.620% | 09/19/26 | $6077890 | $6023907 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS — 1.8%** |  |  |
| **Materials — 1.8%** |  |  |
| Natural Resource Partners, L.P.<br> (Cost $6,196,936) | 69000 | $7831500 |

---

See accompanying notes to financial statements.

**EUBEL BRADY & SUTTMAN INCOME FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **MONEY MARKET FUNDS — 7.2%** |  |  |
| Invesco Short-Term Investments Trust - Treasury Portfolio - Institutional Class, 3.57% <sup>(e)</sup> (Cost $30,980,194) | 30980194 | $30980194 |
| **Total Investments at Value — 98.8%<br> (Cost $419,277,985)** |  | $426362022 |
| **Other Assets in Excess of Liabilities — 1.2%** |  | 5188793 |
| **Net Assets — 100.0%** |  | $431550815 |

---

---

| | |
|:---|:---|
| 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 $58,678,400 as of January 31, 2026, representing 13.6% of net assets. |
| H15T5Y - | U.S. Treasury yield curve rate for U.S. Treasury note with a constant maturity of 5 years. |
| SOFR - | Secured Overnight Financing Rate |
| TSFR - | CME Term Secured Overnight Financing Rate (SOFR) |

---

<sup>(a)</sup> Security has a perpetual maturity.

<sup>(b)</sup> Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of January 31, 2026. For securities based on a published reference rate and spread, the reference rate and spread (in basis points) are indicated parenthetically.

<sup>(c)</sup> Illiquid security. The total fair value of these securities as of January 31, 2026 was $30,261,385, representing 7.0% of net assets.

<sup>(d)</sup> Security has been valued using significant unobservable inputs in good faith by the Adviser in conformity with guidelines adopted by and subject to review by the Board of Trustees. The total value of such securities is $21,518,721 as of January 31, 2026, representing 5.0% of net assets.

<sup>(e)</sup> The rate shown is the 7-day effective yield as of January 31, 2026.

See accompanying notes to financial statements.

**EUBEL BRADY & SUTTMAN MUTUAL FUND TRUST**

**STATEMENTS OF ASSETS AND LIABILITIES**

**January 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Eubel Brady<br> & Suttman<br> Income and<br> Appreciation<br> Fund** | **Eubel Brady**<br> **& Suttman**<br> **Income Fund** |
| **ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Investments in securities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At cost | $146386007 | $419277985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At value (Note 2) | $152753387 | $426362022 |
| &nbsp;&nbsp;&nbsp;Receivable for capital shares sold | 201991 | 707040 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 750634 | 4596909 |
| &nbsp;&nbsp;&nbsp;Other assets | 21540 | 22610 |
| Total assets | 153727552 | 431688581 |
| **LIABILITIES** |  |  |
| &nbsp;&nbsp;&nbsp;Distributions payable | 102 | 1437 |
| &nbsp;&nbsp;&nbsp;Payable for capital shares redeemed | 2724 | 77658 |
| &nbsp;&nbsp;&nbsp;Payable to administrator (Note 4) | 10750 | 29870 |
| &nbsp;&nbsp;&nbsp;Accrued shareholder servicing fees (Note 6) | 5130 | 14490 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | 9051 | 14311 |
| Total liabilities | 27757 | 137766 |
| **Contingencies and Commitments (Note 7)** |  |  |
| **NET ASSETS** | $153699795 | $431550815 |
| **NET ASSETS CONSIST OF:** |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $151727647 | $434626952 |
| &nbsp;&nbsp;&nbsp;Accumulated earnings (deficit) | 1972148 | (3076137) |
| **NET ASSETS** | $153699795 | $431550815 |
| Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value) | 15510368 | 43976275 |
| Net asset value, offering price and redemption price per share (Note 2) | $9.91 | $9.81 |

---

See accompanying notes to financial statements.

**EUBEL BRADY & SUTTMAN MUTUAL FUND TRUST**

**STATEMENTS OF OPERATIONS**

**For the Six Months Ended January 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Eubel Brady <br> & Suttman<br> Income and<br> Appreciation<br> Fund** | **Eubel Brady <br> & Suttman<br> Income Fund** |
| **INVESTMENT INCOME** |  |  |
| &nbsp;&nbsp;&nbsp;Dividends | $542864 | $902353 |
| &nbsp;&nbsp;&nbsp;Interest | 2746545 | 10006993 |
| Total investment income | 3289409 | 10909346 |
| **EXPENSES** |  |  |
| &nbsp;&nbsp;&nbsp;Administration fees (Note 4) | 65226 | 177219 |
| &nbsp;&nbsp;&nbsp;Shareholder servicing fees (Note 6) | 29961 | 84328 |
| &nbsp;&nbsp;&nbsp;Legal fees | 17862 | 17862 |
| &nbsp;&nbsp;&nbsp;Registration and filing fees | 15234 | 16954 |
| &nbsp;&nbsp;&nbsp;Audit and tax services fees | 12507 | 12507 |
| &nbsp;&nbsp;&nbsp;Custody and bank service fees | 6297 | 15774 |
| &nbsp;&nbsp;&nbsp;Trustees' fees (Note 4) | 10156 | 10156 |
| &nbsp;&nbsp;&nbsp;Insurance expense | 3508 | 7917 |
| &nbsp;&nbsp;&nbsp;Shareholder reporting expenses | 4118 | 4037 |
| &nbsp;&nbsp;&nbsp;Pricing fees | 1997 | 3351 |
| &nbsp;&nbsp;&nbsp;Postage and supplies | 1322 | 1314 |
| &nbsp;&nbsp;&nbsp;Other expenses | 4579 | 5066 |
| Total expenses | 172767 | 356485 |
| **NET INVESTMENT INCOME** | 3116642 | 10552861 |
| **REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS** |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains (losses) from investment transactions | (2688832) | 428888 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | 6935704 | 3650152 |
| **NET REALIZED AND UNREALIZED GAINS ON INVESTMENTS** | 4246872 | 4079040 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $7363514 | $14631901 |

---

See accompanying notes to financial statements.

**EUBEL BRADY & SUTTMAN INCOME AND APPRECIATION FUND**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
| | **Six Months Ended<br> January 31,<br> 2026<br> (Unaudited)** | **Year Ended<br> July 31,<br> 2025** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $3116642 | $6739474 |
| &nbsp;&nbsp;&nbsp;Net realized gains (losses) from investment transactions | (2688832) | 4893049 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | 6935704 | (1944086) |
| Net increase in net assets resulting from operations | 7363514 | 9688437 |
| **DISTRIBUTIONS TO SHAREHOLDERS (Note 2)** | (6740042) | (8419188) |
| **CAPITAL SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 7594995 | 10946584 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions to shareholders | 6737146 | 8415592 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed | (7760939) | (48618682) |
| Net increase (decrease) in net assets from capital share transactions | 6571202 | (29256506) |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 7194674 | (27987257) |
| **NET ASSETS** |  |  |
| Beginning of period | 146505121 | 174492378 |
| End of period | $153699795 | $146505121 |
| **CAPITAL SHARES ACTIVITY** |  |  |
| Shares sold | 761627 | 1114176 |
| Shares reinvested | 683731 | 858088 |
| Shares redeemed | (776041) | (5000953) |
| Net increase (decrease) in shares outstanding | 669317 | (3028689) |
| Shares outstanding at beginning of period | 14841051 | 17869740 |
| Shares outstanding at end of period | 15510368 | 14841051 |

---

See accompanying notes to financial statements.

**EUBEL BRADY & SUTTMAN INCOME FUND**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
| | **Six Months Ended<br> January 31,<br> 2026<br> (Unaudited)** | **Year Ended<br> July 31,<br> 2025** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $10552861 | $19381475 |
| &nbsp;&nbsp;&nbsp;Net realized gains (losses) from investment transactions | 428888 | (1072084) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | 3650152 | 8016917 |
| Net increase in net assets resulting from operations | 14631901 | 26326308 |
| **DISTRIBUTIONS TO SHAREHOLDERS (Note 2)** | (10567796) | (19385293) |
| **CAPITAL SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 23464389 | 91268412 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions to shareholders | 10557981 | 19366164 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed | (18931309) | (134102123) |
| Net increase (decrease) in net assets from capital share transactions | 15091061 | (23467547) |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 19155166 | (16526532) |
| **NET ASSETS** |  |  |
| Beginning of period | 412395649 | 428922181 |
| End of period | $431550815 | $412395649 |
| **CAPITAL SHARES ACTIVITY** |  |  |
| Shares sold | 2391348 | 9451924 |
| Shares reinvested | 1078495 | 2004382 |
| Shares redeemed | (1931725) | (13920544) |
| Net increase (decrease) in shares outstanding | 1538118 | (2464238) |
| Shares outstanding at beginning of period | 42438157 | 44902395 |
| Shares outstanding at end of period | 43976275 | 42438157 |

---

See accompanying notes to financial statements.

**EUBEL BRADY & SUTTMAN INCOME AND APPRECIATION FUND**

**FINANCIAL HIGHLIGHTS**

**Per Share Data for a Share Outstanding Throughout Each Period**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Six Months Ended<br> January 31,<br> 2026<br> (Unaudited)** | **Year Ended<br> July 31,<br> 2025** | **Year Ended<br> July 31,<br> 2024** | **Year Ended<br> July 31,<br> 2023** | **Year Ended<br> July 31,<br> 2022** | **Year Ended<br> July 31,<br> 2021** |
| Net asset value at beginning of period | $9.87 | $9.76 | $9.52 | $9.65 | $10.32 | $9.76 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.22 | 0.45 | 0.43 | 0.37 | 0.25 | 0.26 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 0.28 | 0.22 | 0.29 | (0.07) | (0.49) | 0.63 |
| Total from investment operations | 0.50 | 0.67 | 0.72 | 0.30 | (0.24) | 0.89 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.23) | (0.51) | (0.45) | (0.37) | (0.25) | (0.27) |
| &nbsp;&nbsp;&nbsp;Net realized gains on investments | (0.23) | (0.05) | (0.03) | (0.06) | (0.18) | (0.06) |
| Total distributions | (0.46) | (0.56) | (0.48) | (0.43) | (0.43) | (0.33) |
| Net asset value at end of period | $9.91 | $9.87 | $9.76 | $9.52 | $9.65 | $10.32 |
| Total return <sup>(a)</sup> | 5.10 %<sup>(b)</sup> | 7.09% | 7.74% | 3.24% | (2.39%) | 9.20% |
| Net assets at end of period (000's) | $153700 | $146505 | $174492 | $152617 | $120882 | $118185 |
| Ratios/supplementary data: |  |  |  |  |  |  |
| Ratio of total expenses to average net assets | 0.23 %<sup>(c)</sup> | 0.22% | 0.21% | 0.22% | 0.25% | 0.26% |
| Ratio of net investment income to average net assets | 4.16 %<sup>(c)</sup> | 4.55% | 4.43% | 3.91% | 2.47% | 2.59% |
| Portfolio turnover rate | 13 %<sup>(b)</sup> | 20% | 22% | 23% | 33% | 50% |

---

<sup>(a)</sup> 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.

<sup>(b)</sup> Not annualized.

<sup>(c)</sup> Annualized.

See accompanying notes to financial statements.

**EUBEL BRADY & SUTTMAN INCOME FUND**

**FINANCIAL HIGHLIGHTS**

**Per Share Data for a Share Outstanding Throughout Each Period**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Six Months Ended<br> January 31,<br> 2026<br> (Unaudited)** | **Year Ended<br> July 31,<br> 2025** | **Year Ended<br> July 31,<br> 2024** | **Year Ended<br> July 31,<br> 2023** | **Year Ended<br> July 31,<br> 2022** | **Year Ended<br> July 31,<br> 2021** |
| Net asset value at beginning of period | $9.72 | $9.55 | $9.33 | $9.54 | $9.97 | $9.85 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.25 | 0.48 | 0.43 | 0.34 | 0.19 | 0.21 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 0.09 | 0.17 | 0.22 | (0.21) | (0.43) | 0.12 |
| Total from investment operations | 0.34 | 0.65 | 0.65 | 0.13 | (0.24) | 0.33 |
| Less distributions from net investment income | (0.25) | (0.48) | (0.43) | (0.34) | (0.19) | (0.21) |
| Net asset value at end of period | $9.81 | $9.72 | $9.55 | $9.33 | $9.54 | $9.97 |
| Total return <sup>(a)</sup> | 3.50 %<sup>(b)</sup> | 6.97% | 7.15% | 1.46% | (2.40%) | 3.43% |
| Net assets at end of period (000's) | $431551 | $412396 | $428922 | $380852 | $350756 | $311539 |
| Ratios/supplementary data: |  |  |  |  |  |  |
| Ratio of total expenses to average net assets | 0.17 %<sup>(c)</sup> | 0.17% | 0.17% | 0.17% | 0.18% | 0.20% |
| Ratio of net investment income to average net assets | 5.00 %<sup>(c)</sup> | 4.98% | 4.58% | 3.69% | 2.01% | 2.13% |
| Portfolio turnover rate | 12 %<sup>(b)</sup> | 38% | 19% | 40% | 50% | 33% |

---

<sup>(a)</sup> 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.

<sup>(b)</sup> Not annualized.

<sup>(c)</sup> Annualized.

See accompanying notes to financial statements.

**EUBEL BRADY & SUTTMAN MUTUAL FUND TRUST**

**NOTES TO FINANCIAL STATEMENTS**

**January 31, 2026 (Unaudited)**

**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." 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.

**Accounting Pronouncement** — In December 2023, the FASB issued Accounting Standards Update 2023-09 ("ASU 2023-09"), Income Taxes ("Topic 740") Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 became effective for annual periods beginning after December 15, 2024, and early adoption was permitted. Fund Management concludes there is no impact on the Funds' financial statements.

**EUBEL BRADY & SUTTMAN MUTUAL FUND TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**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 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:

● Level 1 – quoted prices in active markets for identical securities

● Level 2 – other significant observable inputs

● Level 3 – significant unobservable inputs

Certain fixed income securities held by the Funds are classified as Level 2 since the values are typically provided by an independent pricing service that utilizes various "other significant observable inputs" as discussed above. Other fixed income securities (including certain corporate bonds and bank debt) held by the Funds, are classified as Level 3 since the values for these securities are based on prices derived from one or more significant inputs that are unobservable. The inputs or methodology used are not necessarily an indication of the risks associated with investing in those securities. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes,

**EUBEL BRADY & SUTTMAN MUTUAL FUND TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

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.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **EBS Income and Appreciation Fund:** | **EBS Income and Appreciation Fund:** | **EBS Income and Appreciation Fund:** | **EBS Income and Appreciation Fund:** | **EBS Income and Appreciation Fund:** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Corporate Bonds | $— | $28207515 | $9766936 | $37974451 |
| Convertible Bonds |  | 75575600 |  | 75575600 |
| Bank Debt |  |  | 2409563 | 2409563 |
| Common Stocks | 6100153 |  |  | 6100153 |
| Money Market Funds | 30693620 |  |  | 30693620 |
| Total | $36793773 | $103783115 | $12176499 | $152753387 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **EBS Income Fund:** | **EBS Income Fund:** | **EBS Income Fund:** | **EBS Income Fund:** | **EBS Income Fund:** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Corporate Bonds | $— | $266145689 | $15494814 | $281640503 |
| U.S. Treasury Obligations |  | 99885918 |  | 99885918 |
| Bank Debt |  |  | 6023907 | 6023907 |
| Common Stocks | 7831500 |  |  | 7831500 |
| Money Market Funds | 30980194 |  |  | 30980194 |
| Total | $38811694 | $366031607 | $21518721 | $426362022 |

---

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 six months ended January 31, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **EBS Income and Appreciation Fund** | **EBS Income and Appreciation Fund** | **EBS Income and Appreciation Fund** | **EBS Income and Appreciation Fund** | **EBS Income and Appreciation Fund** | **EBS Income and Appreciation Fund** | **EBS Income and Appreciation Fund** |
| **Investments<br> in Securities** | **Value<br> as of<br> July 31,<br> 2025** | **Transfers into<br> Level 3** | **Purchases** | **Sales/<br> maturities** | **Net change<br> in unrealized<br> appreciation<br> (depreciation)** | **Value <br> as of<br> January 31,<br> 2026** |
| Corporate Bonds | $8413696 | $2498911 | $— | $(1010000) | $(135671) | $9766936 |
| Bank Debt | 2093423 |  | 78078 | (234234) | 472296 | 2409563 |
| Total | $10507119 | $2498911 | $78078 | $(1244234) | $336625 | $12176499 |

---

**EUBEL BRADY & SUTTMAN MUTUAL FUND TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **EBS Income Fund** | **EBS Income Fund** | **EBS Income Fund** | **EBS Income Fund** | **EBS Income Fund** | **EBS Income Fund** | **EBS Income Fund** |
| **Investments <br> in Securities** | **Value<br> as of<br> July 31,**<br> **2025** | **Transfers into<br> Level 3** | **Purchases** | **Sales/**<br> **maturities** | **Net change<br> in unrealized <br> appreciation<br> (depreciation)** | **Value <br> as of**<br> **January 31,**<br> **2026** |
| Corporate Bonds | $10828398 | $3980007 | $3500000 | $(2590000) | $(223591) | $15494814 |
| Bank Debt | 5233558 |  | 195195 | (585586) | 1180740 | 6023907 |
| Total | $16061956 | $3980007 | $3695195 | $(3175586) | $957149 | $21518721 |

---

The total change in unrealized appreciation (depreciation) included on the Statements of Operations attributable to Level 3 investments still held at January 31, 2026 is ($156,943) and ($274,476) 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 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.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **EBS Income and Appreciation Fund** | **EBS Income and Appreciation Fund** | **EBS Income and Appreciation Fund** | **EBS Income and Appreciation Fund** | **EBS Income and Appreciation Fund** |
|  | **Fair Value at<br> January 31,<br> 2026** | **Valuation<br> Technique** | **<br> Value/Range** | **Weighted<br> Average of<br> Unobservable<br> Inputs** |
| Corporate Bonds | $9766936 | DCF Model Discount Rate<sup>2</sup> | 7.44% - 19.61% | 11.43% |
| Bank Debt | $2409563 | DCF Model Discount Rate<sup>2</sup> | 9.82% | N/A |
| **EBS Income Fund** | **EBS Income Fund** | **EBS Income Fund** | **EBS Income Fund** | **EBS Income Fund** |
|  | **Fair Value at<br> January 31,<br> 2026** | **Valuation<br> Technique** **Unobservable<br> Input<sup>1</sup>** | **Value/Range** | **Weighted<br> Average of<br> Unobservable<br> Inputs** |
| Corporate Bonds | $15494814 | DCF Model Discount Rate<sup>2</sup> | 7.76% - 19.61% | 12.74% |
| Bank Debt | $6023907 | DCF Model Discount Rate<sup>2</sup> | 9.82% | N/A |

---

DCF - Discounted Cash Flow

<sup>1</sup> Significant increases and decreases on 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.

<sup>2</sup> The Discount Rate used is determined by the Adviser by employing a reference benchmark, adjusted by a credit spread.

**EUBEL BRADY & SUTTMAN MUTUAL FUND TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

There were no derivative instruments held by the Funds as of or during the six months ended January 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 is 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.

**EUBEL BRADY & SUTTMAN MUTUAL FUND TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Periods<br> Ended** | **Ordinary<br> Income** | **Long-Term<br> Capital Gains** | **Total<br> Distributions** |
| EBS Income and Appreciation Fund | 1/31/2026 | $3393677 | $3346365 | $6740042 |
|  | 7/31/2025 | $7624147 | $795041 | $8419188 |
| EBS Income Fund | 1/31/2026 | $10567796 | $— | $10567796 |
|  | 7/31/2025 | $19385293 | $— | $19385293 |

---

**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, 2025:

---

| | | |
|:---|:---|:---|
|  | **EBS<br> Income and<br> Appreciation<br> Fund** | **EBS**<br> **Income**<br> **Fund** |
| Tax cost of investments | $147944273 | $404928658 |
| Gross unrealized appreciation | $3603165 | $5631910 |
| Gross unrealized depreciation | (5829779) | (2452969) |
| Net unrealized appreciation (depreciation) on investments | (2226614) | 3178941 |
| Undistributed ordinary income | 229741 |  |
| Undistributed long-term gains | 3345549 |  |
| Accumulated capital and other losses |  | (10319183) |
| Distributable earnings (accumulated deficit) | $1348676 | $(7140242) |

---

**EUBEL BRADY & SUTTMAN MUTUAL FUND TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

The federal tax cost, unrealized appreciation (depreciation) as of January 31, 2026 is as follows:

---

| | | |
|:---|:---|:---|
|  | **EBS<br> Income and<br> Appreciation<br> Fund** | **<br> EBS<br> Income<br> Fund** |
| Tax cost of investments | $148044297 | $419532929 |
| Gross unrealized appreciation | $6584859 | $8301336 |
| Gross unrealized depreciation | (1875769) | (1472243) |
| Net unrealized appreciation on investments | $4709090 | $6829093 |

---

The difference between the federal income tax cost of 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 and publicly traded partnerships.

As of July 31, 2025, the Funds had the following capital loss carryforwards ("CLCFs") for federal income tax purposes:

---

| | | |
|:---|:---|:---|
|  | **EBS<br> Income and<br> Appreciation<br> Fund** | **EBS<br> Income<br> Fund** |
| Short-term | $— | $1909769 |
| Long-term |  | 8409414 |
|  | $— | $10319183 |

---

These CLCFs, which do not expire, may be utilized in the current and future years to offset net realized 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 the current and 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.

The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expenses on the Statements of Operations.

**EUBEL BRADY & SUTTMAN MUTUAL FUND TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**3.** **Unfunded Loan Commitment** 

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Borrower** | **Unfunded<br> Commitment** |
| EBS Income and Appreciation Fund | NCP Finance Limited Partnership | $1568844 |
| EBS Income Fund | NCP Finance Limited Partnership | $3922110 |

---

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.

**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 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

**EUBEL BRADY & SUTTMAN MUTUAL FUND TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

of such expenses. This agreement is currently in effect until December 1, 2026. No expense reimbursements were required during the six months ended January 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.

**5.** **Securities Transactions** 

During the six months ended January 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:

---

| | | |
|:---|:---|:---|
|  | **EBS<br> Income and<br> Appreciation<br> Fund** | **EBS<br> Income**<br> **Fund** |
| Purchases of investment securities | $16238078 | $23730895 |
| Proceeds from sales and maturities of investment securities | $21592959 | $29447636 |

---

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

---

| | | |
|:---|:---|:---|
|  | **EBS <br> Income and<br> Appreciation<br> Fund** | **EBS<br> Income<br> Fund** |
| Purchases of investment securities | $— | $42982319 |
| Proceeds from sales and maturities of investment securities | $— | $15492946 |

---

**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

**EUBEL BRADY & SUTTMAN MUTUAL FUND TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

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 six months ended January 31, 2026, EBS Income and Appreciation Fund and EBS Income Fund incurred $29,961 and $84,328, respectively, of shareholder servicing fees pursuant to the Plan. No payments were made to the Adviser or the Distributor under the Plan during the six months ended January 31, 2026.

**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.** **Sector Risk** 

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.

**9.** **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.

**EUBEL BRADY & SUTTMAN MUTUAL FUND TRUST**

**ADDITIONAL INFORMATION (Unaudited)**

**Changes in and/or Disagreements with Accountants**

There were no changes in/or disagreements with accountants during the period covered by this report.

**Proxy Disclosures**

Not applicable.

**Remuneration Paid to Directors, Officers and Others**

Not applicable.

**Statement Regarding Basis for Approval of Investment Advisory Agreement**

Not applicable.

(b) Included with (a)

**Item 8.** **Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable

**Item 9.** **Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable

**Item 10.** **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Filed under Item 7

**Item 11.** **Statement Regarding Basis for Approval of Investment Advisory Contract.**

Not applicable

**Item 12.** **Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable

**Item 13.** **Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable

**Item 14.** **Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable

**Item 15.** **Submission of Matters to a Vote of Security Holders.**

The registrant's Audit and Governance Committee shall review shareholder recommendations for nominations to fill vacancies on the registrant's board of trustees if such recommendations are submitted in writing and addressed to the Committee at the registrant's offices. The Committee may adopt, by resolution, a policy regarding its procedures for considering candidates for the board of trustees, including any recommended by shareholders.

**Item 16.** **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 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 17.** **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable

**Item 18.** **Recovery of Erroneously Awarded Compensation.**

(a) Not applicable

(b) Not applicable

**Item 19.** **Exhibits.**

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

(a)(1) Not required

(a)(2) Not applicable

(a)(3) 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](ebs_ex99cert.htm)

(a)(4) Not applicable

(a)(5) Not applicable

(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): [Attached hereto](ebs_ex99-906cert.htm)

**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, Principal Executive Officer |
| Date | April 1, 2026 |
| 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. | 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, Principal Executive Officer |
| Date | April 1, 2026 |
| By (Signature and Title)\* | /s/ Angela A. Simmons |
|  | Angela A. Simmons, Principal Financial Officer |
| Date | April 1, 2026 |

---

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

## Ex-99.Cert

**EX-99.CERT**

**<u>CERTIFICATIONS</u>**

I, Scott E. Lundy, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Eubel Brady & Suttman Mutual Fund Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: April 1, 2026 | /s/ Scott E. Lundy |
|  | Scott E. Lundy, Principal Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, Angela A. Simmons, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Eubel Brady & Suttman Mutual Fund Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: April 1, 2026 | /s/ Angela A. Simmons |
|  | Angela A. Simmons, Principal Financial Officer |

---

## Exhibit 99.906

**EX-99.906CERT**

**<u>CERTIFICATIONS</u>**

Scott E. Lundy, Principal Executive Officer, and Angela A. Simmons, Principal Financial Officer, of Eubel Brady & Suttman Mutual Fund Trust (the "Registrant"), each certify to the best of his or her knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The
 Registrant's periodic report on Form N-CSR for the period ended January 31, 2026 (the "Form N-CSR") fully
 complies with the requirements of section 13(a) or section 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The
 information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations
 of the Registrant.

---

| | |
|:---|:---|
| PRINCIPAL EXECUTIVE OFFICER | PRINCIPAL FINANCIAL OFFICER |
| Eubel Brady & Suttman Mutual Fund Trust | Eubel Brady & Suttman Mutual Fund Trust |
| /s/ Scott E. Lundy | /s/ Angela A. Simmons |
| Scott E. Lundy, Principal Executive Officer | Angela A. Simmons, Principal Financial Officer |
| Date: April 1, 2026 | Date: April 1, 2026 |

---

***A signed original of this written statement required by Section 906, or other document authenticating, acknowledging or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to Eubel Brady & Suttman Mutual Fund Trust and will be retained by Eubel Brady & Suttman Mutual Fund Trust and furnished to the Securities and Exchange Commission or its staff upon request.***

This certification is being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. 1350 and is not being filed as part of the Form N-CSR filed with the Commission.