# EDGAR Filing Document

**Accession Number:** 0001027596
**File Stem:** 0001133228-25-007166
**Filing Date:** 2025-7
**Character Count:** 171961
**Document Hash:** 63afb4c192a6eb00d9708da8c5b6d0b8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-007166.hdr.sgml**: 20250707

**ACCESSION NUMBER**: 0001133228-25-007166

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 34

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250707

**DATE AS OF CHANGE**: 20250707

**EFFECTIVENESS DATE**: 20250707

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ADVISORS SERIES TRUST
- **CENTRAL INDEX KEY:** 0001027596

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07959
- **FILM NUMBER:** 251108813

**BUSINESS ADDRESS:**
- **STREET 1:** U.S BANCORP FUND SERVICES, LLC
- **STREET 2:** 615 E MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 626-914-7235

**MAIL ADDRESS:**
- **STREET 1:** 615 E MICHIGAN STREET
- **STREET 2:** MK-WI-LC2
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202

## Series and Classes Contracts Data

### Huber Select Large Cap Value Fund (Series ID: S000018427)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000050919 | Investor Class      | HULIX           |
| C000106239 | Institutional Class | HULEX           |

### Huber Small Cap Value Fund (Series ID: S000018428)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000050920 | Investor Class      | HUSIX           |
| C000106240 | Institutional Class | HUSEX           |

### Huber Large Cap Value Fund (Series ID: S000039416)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000121467 | Investor Class      | HUDIX           |
| C000121468 | Institutional Class | HUDEX           |

### Huber Mid Cap Value Fund (Series ID: S000052294)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000164420 | Investor Class      | HUMDX           |
| C000164421 | Institutional Class | HUMEX           |

?xml version='1.0' encoding='ASCII'? 2025-05-07193291_HuberSelectLargeCapValueFund_InvestorClass_TSRSemiAnnual

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>811-07959</u>**

&nbsp;&nbsp;&nbsp;&nbsp;**<u>Advisors Series Trust</u>**

(Exact name of registrant as specified in charter)

**<u>615 East Michigan Street</u>**

**<u>Milwaukee, WI 53202</u>**

(Address of principal executive offices) (Zip code)

**Jeffrey T. Rauman, President/Chief Executive Officer**

**Advisors Series Trust**

**c/o U.S. Bancorp Fund Services, LLC**

**777 East Wisconsin Avenue, 6<sup>th</sup> Floor**

**<u>Milwaukee, WI 53202</u>**

(Name and address of agent for service)

**<u>626-914-7363</u>**

Registrant's telephone number, including area code

Date of fiscal year end: **<u>October 31, 2025</u>**

Date of reporting period: **<u>April 30, 2025</u>**

**<u>Item 1. Reports to Stockholders.</u>**

(a) ---

| | | |
|:---|:---|:---|
| ![image](image001.jpg) | **Huber Select Large Cap Value Fund**  | ![image](image002.jpg) |
| ![image](image001.jpg) | Investor Class \| HULIX  | ![image](image002.jpg) |
| ![image](image001.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](image002.jpg) |

---

This semi-annual shareholder report contains important information about the Huber Select Large Cap Value Fund for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://hubercap.com/mutual-funds/download-centerfund-materials/. You can also request this information by contacting us at 1-888-482-3726.

**Changes to Shareholder Fees (fees paid directly from your investment).**

Effective February 28, 2025, the Adviser has agreed to voluntarily reduce the Select Large Cap Value Fund's contractual management fee from 0.99% to 0.80% through February 28, 2026. Prior to February 28, 2025, the Adviser agreed to voluntarily reduce the Fund's contractual management fee to 0.75%.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Investor Class | $66 | 1.34% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $365512123 |
| **Number of Holdings** | 45 |
| **Portfolio Turnover** | 18% |

---

Visit https://hubercap.com/mutual-funds/download-centerfund-materials/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  KBR, Inc.  | 5.8% |
|  Philip Morris International, Inc.  | 5.5% |
|  Eli Lilly & Co.  | 5.0% |
|  First American Government Obligations Fund  | 5.0% |
|  First American Treasury Obligations Fund  | 5.0% |
|  Citigroup, Inc.  | 4.9% |
|  AT&T, Inc.  | 4.7% |
|  BP PLC  | 4.3% |
|  Pfizer, Inc.  | 4.3% |
|  Golar LNG Ltd.  | 4.1% |

---

**Sector Breakdown (% of net assets)**

![image](ts4317img003.jpg)

\* Expressed as a percentage of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://hubercap.com/mutual-funds/download-centerfund-materials/.

Huber Select Large Cap Value Fund PAGE 1 TSR-SAR-007989387

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Huber Capital Management LLC documents not be householded, please contact Huber Capital Management LLC at 1-888-482-3726, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Huber Capital Management LLC or your financial intermediary.

Huber Select Large Cap Value Fund PAGE 2 TSR-SAR-007989387

24.820.713.911.97.72.72.31.71.412.9 ------

---

| | | |
|:---|:---|:---|
| ![image](image001.jpg) | **Huber Select Large Cap Value Fund**  | ![image](image002.jpg) |
| ![image](image001.jpg) | Institutional Class \| HULEX  | ![image](image002.jpg) |
| ![image](image001.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](image002.jpg) |

---

This semi-annual shareholder report contains important information about the Huber Select Large Cap Value Fund for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://hubercap.com/mutual-funds/download-centerfund-materials/. You can also request this information by contacting us at 1-888-482-3726.

**Changes to Shareholder Fees (fees paid directly from your investment).**

Effective February 28, 2025, the Adviser has agreed to voluntarily reduce the Select Large Cap Value Fund's contractual management fee from 0.99% to 0.80% through February 28, 2026. Prior to February 28, 2025, the Adviser agreed to voluntarily reduce the Fund's contractual management fee to 0.75%.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Institutional Class | $49 | 0.99% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $365512123 |
| **Number of Holdings** | 45 |
| **Portfolio Turnover** | 18% |

---

Visit https://hubercap.com/mutual-funds/download-centerfund-materials/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  KBR, Inc.  | 5.8% |
|  Philip Morris International, Inc.  | 5.5% |
|  Eli Lilly & Co.  | 5.0% |
|  First American Government Obligations Fund  | 5.0% |
|  First American Treasury Obligations Fund  | 5.0% |
|  Citigroup, Inc.  | 4.9% |
|  AT&T, Inc.  | 4.7% |
|  BP PLC  | 4.3% |
|  Pfizer, Inc.  | 4.3% |
|  Golar LNG Ltd.  | 4.1% |

---

**Sector Breakdown (% of net assets)**

![image](ts4316img003.jpg)

\* Expressed as a percentage of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://hubercap.com/mutual-funds/download-centerfund-materials/.

Huber Select Large Cap Value Fund PAGE 1 TSR-SAR-00768D418

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Huber Capital Management LLC documents not be householded, please contact Huber Capital Management LLC at 1-888-482-3726, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Huber Capital Management LLC or your financial intermediary.

Huber Select Large Cap Value Fund PAGE 2 TSR-SAR-00768D418

24.820.713.911.97.72.72.31.71.412.9 ------

---

| | | |
|:---|:---|:---|
| ![image](image001.jpg) | **Huber Small Cap Value Fund**  | ![image](image002.jpg) |
| ![image](image001.jpg) | Investor Class \| HUSIX  | ![image](image002.jpg) |
| ![image](image001.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](image002.jpg) |

---

This semi-annual shareholder report contains important information about the Huber Small Cap Value Fund for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://hubercap.com/mutual-funds/download-centerfund-materials/. You can also request this information by contacting us at 1-888-482-3726.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Investor Class | $75 | 1.60% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $72712358 |
| **Number of Holdings** | 44 |
| **Portfolio Turnover** | 14% |

---

Visit https://hubercap.com/mutual-funds/download-centerfund-materials/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Golar LNG Ltd.  | 10.6% |
|  KBR, Inc.  | 6.1% |
|  Upbound Group, Inc.  | 5.0% |
|  First Citizens BancShares, Inc.  | 4.1% |
|  Enova International, Inc.  | 3.9% |
|  Northrim BanCorp, Inc.  | 3.8% |
|  Miller Industries, Inc.  | 3.7% |
|  C&F Financial Corp.  | 3.5% |
|  CNO Financial Group, Inc.  | 3.5% |
|  First Horizon Corp.  | 3.3% |

---

**Sector Breakdown (% of net assets)**

![image](ts4319img003.jpg)

\* Expressed as a percentage of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://hubercap.com/mutual-funds/download-centerfund-materials/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Huber Capital Management LLC documents not be householded, please contact Huber Capital Management LLC at 1-888-482-3726, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Huber Capital Management LLC or your financial intermediary.

Huber Small Cap Value Fund PAGE 1 TSR-SAR-007989379

33.717.315.413.38.74.92.61.82.3 ------

---

| | | |
|:---|:---|:---|
| ![image](image001.jpg) | **Huber Small Cap Value Fund**  | ![image](image002.jpg) |
| ![image](image001.jpg) | Institutional Class \| HUSEX  | ![image](image002.jpg) |
| ![image](image001.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](image002.jpg) |

---

This semi-annual shareholder report contains important information about the Huber Small Cap Value Fund for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://hubercap.com/mutual-funds/download-centerfund-materials/. You can also request this information by contacting us at 1-888-482-3726.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Institutional Class | $60 | 1.28% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $72712358 |
| **Number of Holdings** | 44 |
| **Portfolio Turnover** | 14% |

---

Visit https://hubercap.com/mutual-funds/download-centerfund-materials/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Golar LNG Ltd.  | 10.6% |
|  KBR, Inc.  | 6.1% |
|  Upbound Group, Inc.  | 5.0% |
|  First Citizens BancShares, Inc.  | 4.1% |
|  Enova International, Inc.  | 3.9% |
|  Northrim BanCorp, Inc.  | 3.8% |
|  Miller Industries, Inc.  | 3.7% |
|  C&F Financial Corp.  | 3.5% |
|  CNO Financial Group, Inc.  | 3.5% |
|  First Horizon Corp.  | 3.3% |

---

**Sector Breakdown (% of net assets)**

![image](ts4318img003.jpg)

\* Expressed as a percentage of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://hubercap.com/mutual-funds/download-centerfund-materials/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Huber Capital Management LLC documents not be householded, please contact Huber Capital Management LLC at 1-888-482-3726, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Huber Capital Management LLC or your financial intermediary.

Huber Small Cap Value Fund PAGE 1 TSR-SAR-00768D392

33.717.315.413.38.74.92.61.82.3 ------

---

| | | |
|:---|:---|:---|
| ![image](image001.jpg) | **Huber Large Cap Value Fund**  | ![image](image002.jpg) |
| ![image](image001.jpg) | Investor Class \| HUDIX  | ![image](image002.jpg) |
| ![image](image001.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](image002.jpg) |

---

This semi-annual shareholder report contains important information about the Huber Large Cap Value Fund for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://hubercap.com/mutual-funds/download-centerfund-materials/. You can also request this information by contacting us at 1-888-482-3726.

**Changes to Shareholder Fees (fees paid directly from your investment).**

Effective February 28, 2025, the Large Cap Value Fund pays fees calculated at an annual rate of 0.75% based upon the Fund's average daily net assets for the first $10 billion and 0.50% based upon the Fund's average daily net assets in excess of $10 billion. The Adviser has agreed to voluntarily reduce the Large Cap Value Fund's contractual management fee from 0.75% to 0.05% through February 28, 2026.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Investor Class | $49 | 1.00% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $16993968 |
| **Number of Holdings** | 57 |
| **Portfolio Turnover** | 9% |

---

Visit https://hubercap.com/mutual-funds/download-centerfund-materials/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Eli Lilly & Co.  | 10.6% |
|  Golar LNG Ltd.  | 8.0% |
|  Microsoft Corp.  | 6.0% |
|  KBR, Inc.  | 5.6% |
|  Citigroup, Inc.  | 5.2% |
|  BP PLC  | 3.8% |
|  Shell PLC  | 3.5% |
|  Upbound Group, Inc.  | 3.5% |
|  First American Treasury Obligations Fund  | 3.3% |
|  First American Government Obligations Fund  | 3.3% |

---

**Sector Breakdown (% of net assets)**

![image](ts4312img003.jpg)

\* Expressed as a percentage of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://hubercap.com/mutual-funds/download-centerfund-materials/.

Huber Large Cap Value Fund PAGE 1 TSR-SAR-00770X881

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Huber Capital Management LLC documents not be householded, please contact Huber Capital Management LLC at 1-888-482-3726, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Huber Capital Management LLC or your financial intermediary.

Huber Large Cap Value Fund PAGE 2 TSR-SAR-00770X881

23.621.218.813.56.23.52.72.51.36.7 ------

---

| | | |
|:---|:---|:---|
| ![image](image001.jpg) | **Huber Large Cap Value Fund**  | ![image](image002.jpg) |
| ![image](image001.jpg) | Institutional Class \| HUDEX  | ![image](image002.jpg) |
| ![image](image001.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](image002.jpg) |

---

This semi-annual shareholder report contains important information about the Huber Large Cap Value Fund for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://hubercap.com/mutual-funds/download-centerfund-materials/. You can also request this information by contacting us at 1-888-482-3726.

**Changes to Shareholder Fees (fees paid directly from your investment).**

Effective February 28, 2025, the Large Cap Value Fund pays fees calculated at an annual rate of 0.75% based upon the Fund's average daily net assets for the first $10 billion and 0.50% based upon the Fund's average daily net assets in excess of $10 billion. The Adviser has agreed to voluntarily reduce the Large Cap Value Fund's contractual management fee from 0.75% to 0.05% through February 28, 2026.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Institutional Class | $37 | 0.75% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $16993968 |
| **Number of Holdings** | 57 |
| **Portfolio Turnover** | 9% |

---

Visit https://hubercap.com/mutual-funds/download-centerfund-materials/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Eli Lilly & Co.  | 10.6% |
|  Golar LNG Ltd.  | 8.0% |
|  Microsoft Corp.  | 6.0% |
|  KBR, Inc.  | 5.6% |
|  Citigroup, Inc.  | 5.2% |
|  BP PLC  | 3.8% |
|  Shell PLC  | 3.5% |
|  Upbound Group, Inc.  | 3.5% |
|  First American Treasury Obligations Fund  | 3.3% |
|  First American Government Obligations Fund  | 3.3% |

---

**Sector Breakdown (% of net assets)**

![image](ts4311img003.jpg)

\* Expressed as a percentage of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://hubercap.com/mutual-funds/download-centerfund-materials/.

Huber Large Cap Value Fund PAGE 1 TSR-SAR-00770X873

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Huber Capital Management LLC documents not be householded, please contact Huber Capital Management LLC at 1-888-482-3726, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Huber Capital Management LLC or your financial intermediary.

Huber Large Cap Value Fund PAGE 2 TSR-SAR-00770X873

23.621.218.813.56.23.52.72.51.36.7 ------

---

| | | |
|:---|:---|:---|
| ![image](image001.jpg) | **Huber Mid Cap Value Fund**  | ![image](image002.jpg) |
| ![image](image001.jpg) | Investor Class \| HUMDX  | ![image](image002.jpg) |
| ![image](image001.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](image002.jpg) |

---

This semi-annual shareholder report contains important information about the Huber Mid Cap Value Fund for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://hubercap.com/mutual-funds/download-centerfund-materials/. You can also request this information by contacting us at 1-888-482-3726.

**Changes to Shareholder Fees (fees paid directly from your investment).**

The Adviser has agreed to voluntarily reduce the Mid Cap Value Fund's contractual management fee from 1.00% to 0.05% through February 28, 2026.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Investor Class | $59 | 1.25% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $11370598 |
| **Number of Holdings** | 38 |
| **Portfolio Turnover** | 19% |

---

Visit https://hubercap.com/mutual-funds/download-centerfund-materials/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Golar LNG Ltd.  | 10.2% |
|  KBR, Inc.  | 7.4% |
|  First Citizens BancShares, Inc.  | 5.5% |
|  First American Government Obligations Fund  | 5.0% |
|  First American Treasury Obligations Fund  | 5.0% |
|  Enova International, Inc.  | 4.8% |
|  F5 Networks, Inc.  | 4.2% |
|  Citigroup, Inc.  | 3.8% |
|  TETRA Technologies, Inc.  | 3.6% |
|  Upbound Group, Inc.  | 3.5% |

---

**Sector Breakdown (% of net assets)**

![image](ts4314img003.jpg)

\* Expressed as a percentage of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://hubercap.com/mutual-funds/download-centerfund-materials/.

Huber Mid Cap Value Fund PAGE 1 TSR-SAR-00768D178

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Huber Capital Management LLC documents not be householded, please contact Huber Capital Management LLC at 1-888-482-3726, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Huber Capital Management LLC or your financial intermediary.

Huber Mid Cap Value Fund PAGE 2 TSR-SAR-00768D178

27.021.413.88.17.84.11.81.11.013.9 ------

---

| | | |
|:---|:---|:---|
| ![image](image001.jpg) | **Huber Mid Cap Value Fund**  | ![image](image002.jpg) |
| ![image](image001.jpg) | Institutional Class \| HUMEX  | ![image](image002.jpg) |
| ![image](image001.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](image002.jpg) |

---

This semi-annual shareholder report contains important information about the Huber Mid Cap Value Fund for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://hubercap.com/mutual-funds/download-centerfund-materials/. You can also request this information by contacting us at 1-888-482-3726.

**Changes to Shareholder Fees (fees paid directly from your investment).**

The Adviser has agreed to voluntarily reduce the Mid Cap Value Fund's contractual management fee from 1.00% to 0.05% through February 28, 2026.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Institutional Class | $47 | 1.00% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $11370598 |
| **Number of Holdings** | 38 |
| **Portfolio Turnover** | 19% |

---

Visit https://hubercap.com/mutual-funds/download-centerfund-materials/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Golar LNG Ltd.  | 10.2% |
|  KBR, Inc.  | 7.4% |
|  First Citizens BancShares, Inc.  | 5.5% |
|  First American Government Obligations Fund  | 5.0% |
|  First American Treasury Obligations Fund  | 5.0% |
|  Enova International, Inc.  | 4.8% |
|  F5 Networks, Inc.  | 4.2% |
|  Citigroup, Inc.  | 3.8% |
|  TETRA Technologies, Inc.  | 3.6% |
|  Upbound Group, Inc.  | 3.5% |

---

**Sector Breakdown (% of net assets)**

![image](ts4313img003.jpg)

\* Expressed as a percentage of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://hubercap.com/mutual-funds/download-centerfund-materials/.

Huber Mid Cap Value Fund PAGE 1 TSR-SAR-00768D160

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Huber Capital Management LLC documents not be householded, please contact Huber Capital Management LLC at 1-888-482-3726, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Huber Capital Management LLC or your financial intermediary.

Huber Mid Cap Value Fund PAGE 2 TSR-SAR-00768D160

27.021.413.88.17.84.11.81.11.013.9 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**<u>Item 2. Code of Ethics.</u>**

Not applicable for semi-annual reports.

**<u>Item 3. Audit Committee Financial Expert.</u>**

Not applicable for semi-annual reports.

**<u>Item 4. Principal Accountant Fees and Services.</u>**

Not applicable for semi-annual reports.

**<u>Item 5. Audit Committee of Listed Registrants.</u>**

Not applicable.

**<u>Item 6. Investments.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments is included within the financial statements filed under Item 7 of this Form.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**<u>Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.</u>**

(a) **Huber Funds** 

**Huber Select Large Cap Value Fund** 

**Huber Small Cap Value Fund** 

**Huber Large Cap Value Fund** 

**Huber Mid Cap Value Fund** 

**Investor Class** 

**Institutional Class**

Semi-Annual Report

April 30, 2025

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page** |
| Schedule of Investments<br>|  |
| &nbsp;&nbsp;&nbsp; [Huber Select Large Cap Value Fund](#tsoi1) | [1](#tsoi1) |
| &nbsp;&nbsp;&nbsp; [Huber Small Cap Value Fund](#tsoi2) | [4](#tsoi2) |
| &nbsp;&nbsp;&nbsp; [Huber Large Cap Value Fund](#tsoi3) | [7](#tsoi3) |
| &nbsp;&nbsp;&nbsp; [Huber Mid Cap Value Fund](#tsoi4) | [10](#tsoi4) |
| [Statements of Assets and Liabilities](#tsal) | [13](#tsal) |
| [Statements of Operations](#tsop) | [15](#tsop) |
| [Statements of Changes in Net Assets](#tscna) | [17](#tscna) |
| [Financial Highlights](#tfihi) | [21](#tfihi) |
| [Notes to Financial Statements](#tnotes) | [29](#tnotes) |
| [Approval of Investment Advisory Agreement](#tapprl) | [39](#tapprl) |
| [Additional Information](#taddinf) | [43](#taddinf) |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**Huber Select Large Cap Value Fund** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 87.1%**<br>|  |  |
| **Aerospace & Defense - 1.3%**<br>|  |  |
| Northrop Grumman Corp. | 9593 | $4666994  |
| **Banking - 15.8%**<br>|  |  |
| Bank of America Corp. | 337546 | 13461335  |
| Citigroup, Inc. | 259268 | 17728746  |
| First Citizens BancShares, Inc. - Class A | 2300 | 4092022  |
| First Horizon Corp. | 417126 | 7541638  |
| JPMorgan Chase & Co. | 18233 | 4460156  |
| Regions Financial Corp. | 248500 | 5071885  |
| Truist Financial Corp. | 144700 | 5547798  |
|  |  | 57903580  |
| **Biotech & Pharmaceuticals - 10.4%**<br>|  |  |
| Eli Lilly & Co. | 20437 | 18371841  |
| Merck & Co., Inc. | 44193 | 3765244  |
| Pfizer, Inc. | 644530 | 15732977  |
|  |  | 37870062  |
| **Chemicals - 2.7%**<br>|  |  |
| Innospec, Inc. | 36352 | 3252777  |
| Olin Corp. | 310994 | 6723690  |
|  |  | 9976467  |
| **Consumer Services - 3.7%**<br>|  |  |
| Upbound Group, Inc. | 674203 | 13416640  |
| **Cosmetics/Personal Care - 1.1%**<br>|  |  |
| Kenvue, Inc. | 173400 | 4092240  |
| **Electric Utilities - 0.4%**<br>|  |  |
| Constellation Energy Corp. | 6977 | 1558941  |
| **Electrical Equipment - 0.1%**<br>|  |  |
| TE Connectivity PLC | 3357 | 491398  |
| **Food - 1.8%**<br>|  |  |
| J M Smucker Co. | 49000 | 5697230  |
| Tyson Foods, Inc. - Class A | 11458 | 701688  |
|  |  | 6398918  |
| **Gas & Water Utilities - 1.0%**<br>|  |  |
| National Fuel Gas Co. | 48900 | 3754542  |
| **Health Care Facilities & Services - 1.2%**<br>|  |  |
| Tenet Healthcare Corp.<sup>(a)</sup> | 29800 | 4259910  |
| **Home Construction - 0.2%**<br>|  |  |
| Lennar Corp. - Class B | 5560 | 574737  |

---

The accompanying notes are an integral part of these financial statements.

1<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Huber Select Large Cap Value Fund** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**<br>|  |  |
| **Industrial Support Services - 1.1%**<br>|  |  |
| United Rentals, Inc. | 6400 | $4041280  |
| **Insurance - 1.2%**<br>|  |  |
| CNO Financial Group, Inc. | 110821 | 4204549  |
| **Internet Media & Services - 2.1%**<br>|  |  |
| Lyft, Inc. - Class A<sup>(a)</sup> | 625200 | 7752480  |
| **Oil & Gas Producers - 11.9%**<br>|  |  |
| BP PLC - ADR | 577200 | 15849912  |
| Cheniere Energy, Inc. | 17300 | 3998203  |
| Golar LNG Ltd. | 352885 | 14999377  |
| New Fortress Energy, Inc. | 826909 | 4490116  |
| Shell PLC - ADR | 40800 | 2630784  |
| W&T Offshore, Inc. | 1173027 | 1348981  |
|  |  | 43317373  |
| **Retail - Discretionary - 0.5%**<br>|  |  |
| Home Depot, Inc. | 5398 | 1945925  |
| **Software - 7.2%**<br>|  |  |
| Microsoft Corp. | 33928 | 13410381  |
| Oracle Corp. | 92100 | 12960312  |
|  |  | 26370693  |
| **Specialty Finance - 1.5%**<br>|  |  |
| Enova International, Inc.<sup>(a)</sup> | 60709 | 5572479  |
| **Technology Services - 8.9%**<br>|  |  |
| KBR, Inc. | 404777 | 21376273  |
| Mastercard, Inc. - Class A | 14859 | 8143624  |
| Science Applications International Corp. | 24832 | 3005417  |
|  |  | 32525314  |
| **Telecommunications - 5.6%**<br>|  |  |
| AT&T, Inc. | 617180 | 17095886  |
| Frontier Communications Parent, Inc.<sup>(a)</sup> | 97741 | 3543111  |
|  |  | 20638997  |
| **Tobacco & Cannabis - 5.5%**<br>|  |  |
| Philip Morris International, Inc. | 117259 | 20093502  |
| **Transportation & Logistics - 0.3%**<br>|  |  |
| FedEx Corp. | 4900 | 1030617  |
| **Transportation Equipment - 1.6%**<br>|  |  |
| General Motors Co. | 125300 | 5668572  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $252,747,734)** |  | 318126210  |

---

The accompanying notes are an integral part of these financial statements.

2<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Huber Select Large Cap Value Fund** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **SHORT-TERM INVESTMENTS - 9.9%**<br>|  |  |
| **Money Market Funds - 9.9%**<br>|  |  |
| First American Government Obligations Fund - Class X, 4.25%<sup>(b)</sup> | 18132224 | $18132224  |
| First American Treasury Obligations Fund - Class X, 4.25%<sup>(b)</sup> | 18132224 | 18132224  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $36,264,448)** |  | 36264448  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 97.0%** <br>**(Cost $289,012,182)** |  | $354390658  |
| Other Assets in Excess of Liabilities - 3.0% |  | 11121465  |
| **TOTAL NET ASSETS - 100.0%** |  | $365512123 |

---

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

PLC - Public Limited Company

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> The rate shown represents the 7-day annualized effective yield as of April 30, 2025.

The accompanying notes are an integral part of these financial statements.

3<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Huber Small Cap Value Fund** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 95.4%**<br>|  |  |
| **Advertising - 0.5%**<br>|  |  |
| Stagwell, Inc.<sup>(a)</sup> | 66655 | $371935  |
| **Asset Management - 1.5%**<br>|  |  |
| Virtus Investment Partners, Inc. | 7081 | 1087571  |
| **Automotive - 5.2%**<br>|  |  |
| Goodyear Tire & Rubber Co.<sup>(a)</sup> | 100000 | 1088000  |
| Miller Industries, Inc. | 65978 | 2692562  |
|  |  | 3780562  |
| **Banking - 22.5%**<br>|  |  |
| C&F Financial Corp. | 39394 | 2551550  |
| Carter Bankshares, Inc.<sup>(a)</sup> | 134813 | 2063987  |
| First Citizens BancShares, Inc. - Class A | 1683 | 2994293  |
| First Horizon Corp. | 131679 | 2380756  |
| First United Corp. | 78008 | 2322298  |
| Northrim BanCorp, Inc. | 34052 | 2734035  |
| Old National Bancorp/IN | 26029 | 535937  |
| South State Corp. | 9241 | 801934  |
|  |  | 16384790  |
| **Biotech & Pharmaceuticals - 3.0%**<br>|  |  |
| Cipher Pharmaceuticals, Inc.<sup>(a)</sup> | 224700 | 2203644  |
| **Chemicals - 1.8%**<br>|  |  |
| Innospec, Inc. | 14387 | 1287349  |
| **Commercial Support Services - 1.7%**<br>|  |  |
| H&R Block, Inc. | 20100 | 1213437  |
| **Consumer Services - 5.0%**<br>|  |  |
| Upbound Group, Inc. | 181924 | 3620288  |
| **Entertainment Content - 2.6%**<br>|  |  |
| Lions Gate Entertainment Corp. - Class B<sup>(a)</sup> | 241106 | 1924026  |
| **Food - 2.5%**<br>|  |  |
| Herbalife Ltd.<sup>(a)</sup> | 255400 | 1838880  |
| **Health Care Facilities & Services - 1.4%**<br>|  |  |
| Medical Facilities Corp. | 2900 | 30607  |
| Select Medical Holdings Corp. | 9600 | 175104  |
| Tenet Healthcare Corp.<sup>(a)</sup> | 5801 | 829253  |
|  |  | 1034964  |
| **Healthcare-Products - 1.4%**<br>|  |  |
| Utah Medical Products, Inc. | 20013 | 1035673  |
| **Healthcare-Services - 0.4%**<br>|  |  |
| Concentra Group Holdings Parent, Inc. | 13315 | 289601  |

---

The accompanying notes are an integral part of these financial statements.

4<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Huber Small Cap Value Fund** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**<br>|  |  |
| **Home Construction - 0.4%**<br>|  |  |
| Taylor Morrison Home Corp.<sup>(a)</sup> | 5000 | $286750  |
| **Insurance - 3.5%**<br>|  |  |
| CNO Financial Group, Inc. | 67244 | 2551237  |
| Global Indemnity Group LLC - Class A | 372 | 10736  |
|  |  | 2561973  |
| **Internet - 1.5%**<br>|  |  |
| F5 Networks, Inc.<sup>(a)</sup> | 4000 | 1058960  |
| **Internet Media & Services - 2.9%**<br>|  |  |
| Lyft, Inc. - Class A<sup>(a)</sup> | 169100 | 2096840  |
| **Leisure Facilities & Services - 1.6%**<br>|  |  |
| Boston Pizza Royalties Income Fund | 91054 | 1163108  |
| **Oil & Gas Producers - 14.6%**<br>|  |  |
| Golar LNG Ltd. | 181238 | 7703521  |
| Gulfport Energy Corp.<sup>(a)</sup> | 800 | 138000  |
| New Fortress Energy, Inc. | 110200 | 598386  |
| W&T Offshore, Inc. | 1885221 | 2168004  |
|  |  | 10607911  |
| **Oil & Gas Services & Equipment - 2.7%**<br>|  |  |
| TETRA Technologies, Inc.<sup>(a)</sup> | 690298 | 1967349  |
| **Packaging & Containers - 2.6%**<br>|  |  |
| O-I Glass, Inc.<sup>(a)</sup> | 149150 | 1888239  |
| **Specialty Finance - 3.9%**<br>|  |  |
| Enova International, Inc.<sup>(a)</sup> | 30702 | 2818137  |
| **Technology Hardware - 1.3%**<br>|  |  |
| Xperi, Inc.<sup>(a)</sup> | 127385 | 941375  |
| **Technology Services - 8.7%**<br>|  |  |
| KBR, Inc. | 84475 | 4461125  |
| Science Applications International Corp. | 15110 | 1828763  |
|  |  | 6289888  |
| **Transportation Equipment - 2.2%**<br>|  |  |
| Commercial Vehicle Group, Inc.<sup>(a)</sup> | 1645232 | 1579916  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $44,603,634)** |  | 69333166  |

---

The accompanying notes are an integral part of these financial statements.

5<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Huber Small Cap Value Fund** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **REAL ESTATE INVESTMENT TRUSTS - COMMON - 2.3%**<br>|  |  |
| **REITS - 2.3%**<br>|  |  |
| Granite Real Estate Investment Trust | 16937 | $778594  |
| Sila Realty Trust, Inc. | 34972 | 900879  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** <br>**(Cost $1,420,237)** |  | 1679473  |
| **SHORT-TERM INVESTMENTS - 2.7%**<br>|  |  |
| **Money Market Funds - 2.7%**<br>|  |  |
| First American Government Obligations Fund - Class X, 4.25%<sup>(b)</sup> | 991451 | 991451  |
| First American Treasury Obligations Fund - Class X, 4.25%<sup>(b)</sup> | 1002584 | 1002584  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $1,994,035)** |  | 1994035  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.4%** <br>**(Cost $48,017,906)** |  | $73006674  |
| Liabilities in Excess of Other Assets - (0.4)% |  | (294316)  |
| **TOTAL NET ASSETS - 100.0%** |  | $72712358 |

---

Percentages are stated as a percent of net assets.

REIT - Real Estate Investment Trust

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> The rate shown represents the 7-day annualized effective yield as of April 30, 2025.

The accompanying notes are an integral part of these financial statements.

6<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Huber Large Cap Value Fund** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 93.3%**<br>|  |  |
| **Aerospace & Defense - 2.0%**<br>|  |  |
| Northrop Grumman Corp. | 700 | $340550  |
| **Automotive - 0.6%**<br>|  |  |
| Goodyear Tire & Rubber Co.<sup>(a)</sup> | 10000 | 108800  |
| **Banking - 14.8%**<br>|  |  |
| Bank of America Corp. | 10300 | 410764  |
| Citigroup, Inc. | 12800 | 875264  |
| First Citizens BancShares, Inc. - Class A | 150 | 266871  |
| First Horizon Corp. | 25292 | 457279  |
| JPMorgan Chase & Co. | 1100 | 269082  |
| Truist Financial Corp. | 6000 | 230040  |
|  |  | 2509300  |
| **Beverages - 0.4%**<br>|  |  |
| Anheuser-Busch InBev SA/NV - ADR | 1000 | 65810  |
| **Biotech & Pharmaceuticals - 14.4%**<br>|  |  |
| Eli Lilly & Co. | 2000 | 1797900  |
| GSK PLC - ADR | 2400 | 95640  |
| Merck & Co., Inc. | 1100 | 93720  |
| Pfizer, Inc. | 18600 | 454026  |
|  |  | 2441286  |
| **Chemicals - 1.3%**<br>|  |  |
| Olin Corp. | 10000 | 216200  |
| **Consumer Services - 3.5%**<br>|  |  |
| Upbound Group, Inc. | 29732 | 591667  |
| **Cosmetics/Personal Care - 0.7%**<br>|  |  |
| Kenvue, Inc. | 5000 | 118000  |
| **Electric Utilities - 2.1%**<br>|  |  |
| American Electric Power Co., Inc. | 300 | 32502  |
| Constellation Energy Corp. | 533 | 119093  |
| Entergy Corp. | 1800 | 149706  |
| NextEra Energy, Inc. | 800 | 53504  |
|  |  | 354805  |
| **Electrical Equipment - 0.3%**<br>|  |  |
| TE Connectivity PLC | 300 | 43914  |
| **Entertainment Content - 0.5%**<br>|  |  |
| Walt Disney Co. | 1000 | 90950  |
| **Food - 1.5%**<br>|  |  |
| J M Smucker Co. | 1400 | 162778  |
| Lamb Weston Holdings, Inc. | 500 | 26405  |
| Tyson Foods, Inc. - Class A | 1100 | 67364  |
|  |  | 256547  |

---

The accompanying notes are an integral part of these financial statements.

7<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Huber Large Cap Value Fund** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**<br>|  |  |
| **Gas & Water Utilities - 0.4%**<br>|  |  |
| National Fuel Gas Co. | 1000 | $76780  |
| **Health Care Facilities & Services - 1.7%**<br>|  |  |
| Select Medical Holdings Corp. | 600 | 10944  |
| Tenet Healthcare Corp.<sup>(a)</sup> | 2000 | 285900  |
|  |  | 296844  |
| **Healthcare-Services - 0.1%**<br>|  |  |
| Concentra Group Holdings Parent, Inc. | 887 | 19292  |
| **Industrial Support Services - 0.7%**<br>|  |  |
| United Rentals, Inc. | 200 | 126290  |
| **Institutional Financial Services - 0.6%**<br>|  |  |
| Goldman Sachs Group, Inc. | 200 | 109510  |
| **Insurance - 1.8%**<br>|  |  |
| CNO Financial Group, Inc. | 8073 | 306290  |
| **Internet - 0.7%**<br>|  |  |
| VeriSign, Inc.<sup>(a)</sup> | 400 | 112848  |
| **Internet Media & Services - 0.7%**<br>|  |  |
| Lyft, Inc. - Class A<sup>(a)</sup> | 9694 | 120206  |
| **Oil & Gas Producers - 18.8%**<br>|  |  |
| BP PLC - ADR | 23600 | 648056  |
| Cheniere Energy, Inc. | 400 | 92444  |
| Expand Energy Corp. | 1000 | 103900  |
| Golar LNG Ltd. | 31803 | 1351787  |
| New Fortress Energy, Inc. | 22000 | 119460  |
| Shell PLC - ADR | 9300 | 599664  |
| W&T Offshore, Inc. | 246500 | 283475  |
|  |  | 3198786  |
| **Retail - Consumer Staples - 2.6%**<br>|  |  |
| Walmart, Inc. | 4500 | 437625  |
| **Retail - Discretionary - 1.3%**<br>|  |  |
| Home Depot, Inc. | 600 | 216294  |
| **Software - 7.6%**<br>|  |  |
| Microsoft Corp. | 2600 | 1027676  |
| Oracle Corp. | 1900 | 267368  |
|  |  | 1295044  |
| **Specialty Finance - 1.4%**<br>|  |  |
| Enova International, Inc.<sup>(a)</sup> | 2510 | 230393  |

---

The accompanying notes are an integral part of these financial statements.

8<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Huber Large Cap Value Fund** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**<br>|  |  |
| **Technology Services - 8.5%**<br>|  |  |
| KBR, Inc. | 17930 | $946883  |
| Mastercard, Inc. - Class A | 550 | 301433  |
| Science Applications International Corp. | 500 | 60515  |
| Visa, Inc. - Class A | 400 | 138200  |
|  |  | 1447031  |
| **Telecommunications - 1.6%**<br>|  |  |
| AT&T, Inc. | 6900 | 191130  |
| Verizon Communications, Inc. | 2000 | 88120  |
|  |  | 279250  |
| **Tobacco & Cannabis - 0.6%**<br>|  |  |
| Philip Morris International, Inc. | 600 | 102816  |
| **Transportation & Logistics - 0.4%**<br>|  |  |
| FedEx Corp. | 300 | 63099  |
| **Transportation Equipment - 1.7%**<br>|  |  |
| General Motors Co. | 6300 | 285012  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $8,670,253)** |  | 15861239  |
| **SHORT-TERM INVESTMENTS - 6.6%**<br>|  |  |
| **Money Market Funds - 6.6%**<br>|  |  |
| First American Government Obligations Fund - Class X, 4.25%<sup>(b)</sup> | 560121 | 560121  |
| First American Treasury Obligations Fund - Class X, 4.25%<sup>(b)</sup> | 560121 | 560121  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $1,120,242)** |  | 1120242  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.9%** <br>**(Cost $9,790,495)** |  | $16981481  |
| Other Assets in Excess of Liabilities - 0.1% |  | 12487  |
| **TOTAL NET ASSETS - 100.0%** |  | $16993968 |

---

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> The rate shown represents the 7-day annualized effective yield as of April 30, 2025.

The accompanying notes are an integral part of these financial statements.

9<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Huber Mid Cap Value Fund** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 85.6%**<br>|  |  |
| **Asset Management - 2.6%**<br>|  |  |
| Virtus Investment Partners, Inc. | 1909 | $293203  |
| **Automotive - 1.0%**<br>|  |  |
| Goodyear Tire & Rubber Co.<sup>(a)</sup> | 10000 | 108800  |
| **Banking - 17.6%**<br>|  |  |
| Citigroup, Inc. | 6300 | 430794  |
| First Citizens BancShares, Inc. - Class A | 350 | 622699  |
| First Horizon Corp. | 21417 | 387219  |
| South State Corp. | 2052 | 178073  |
| Truist Financial Corp. | 10000 | 383400  |
|  |  | 2002185  |
| **Biotech & Pharmaceuticals - 1.3%**<br>|  |  |
| GSK PLC - ADR | 3800 | 151430  |
| **Chemicals - 4.1%**<br>|  |  |
| Innospec, Inc. | 2788 | 249470  |
| Olin Corp. | 10000 | 216200  |
|  |  | 465670  |
| **Consumer Services - 3.5%**<br>|  |  |
| Upbound Group, Inc. | 20000 | 398000  |
| **Cosmetics/Personal Care - 1.1%**<br>|  |  |
| Kenvue, Inc. | 5400 | 127440  |
| **Electric Utilities - 0.6%**<br>|  |  |
| Entergy Corp. | 800 | 66536  |
| **Food - 1.5%**<br>|  |  |
| Conagra Brands, Inc. | 700 | 17297  |
| J M Smucker Co. | 1200 | 139524  |
| Lamb Weston Holdings, Inc. | 266 | 14048  |
|  |  | 170869  |
| **Gas & Water Utilities - 0.5%**<br>|  |  |
| National Fuel Gas Co. | 700 | 53746  |
| **Health Care Facilities & Services - 3.3%**<br>|  |  |
| Select Medical Holdings Corp. | 1300 | 23712  |
| Tenet Healthcare Corp.<sup>(a)</sup> | 2500 | 357375  |
|  |  | 381087  |
| **Healthcare-Services - 0.3%**<br>|  |  |
| Concentra Group Holdings Parent, Inc. | 1775 | 38606  |
| **Industrial Support Services - 2.8%**<br>|  |  |
| United Rentals, Inc. | 500 | 315725  |

---

The accompanying notes are an integral part of these financial statements.

10<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Huber Mid Cap Value Fund** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**<br>|  |  |
| **Insurance - 1.5%**<br>|  |  |
| CNO Financial Group, Inc. | 4510 | $171110  |
| **Internet - 6.7%**<br>|  |  |
| F5 Networks, Inc.<sup>(a)</sup> | 1800 | 476532  |
| VeriSign, Inc.<sup>(a)</sup> | 1000 | 282120  |
|  |  | 758652  |
| **Internet Media & Services - 1.1%**<br>|  |  |
| Lyft, Inc. - Class A<sup>(a)</sup> | 10193 | 126393  |
| **Oil & Gas Producers - 17.8%**<br>|  |  |
| BP PLC - ADR | 10000 | 274600  |
| Cheniere Energy, Inc. | 700 | 161777  |
| Golar LNG Ltd. | 27339 | 1162044  |
| New Fortress Energy, Inc. | 25500 | 138465  |
| W&T Offshore, Inc. | 250500 | 288075  |
|  |  | 2024961  |
| **Oil & Gas Services & Equipment - 3.6%**<br>|  |  |
| TETRA Technologies, Inc.<sup>(a)</sup> | 142924 | 407334  |
| **Specialty Finance - 4.8%**<br>|  |  |
| Enova International, Inc.<sup>(a)</sup> | 5904 | 541928  |
| **Technology Services - 8.1%**<br>|  |  |
| KBR, Inc. | 15894 | 839362  |
| Science Applications International Corp. | 700 | 84721  |
|  |  | 924083  |
| **Transportation & Logistics - 1.8%**<br>|  |  |
| FedEx Corp. | 1000 | 210330  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $6,427,638)** |  | 9738088  |
| **REAL ESTATE INVESTMENT TRUSTS - COMMON - 0.5%**<br>|  |  |
| **REITS - 0.5%**<br>|  |  |
| Granite Real Estate Investment Trust | 1100 | 50567  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** <br>**(Cost $29,536)** |  | 50567  |

---

The accompanying notes are an integral part of these financial statements.

11<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Huber Mid Cap Value Fund** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **SHORT-TERM INVESTMENTS - 10.0%**<br>|  |  |
| **Money Market Funds - 10.0%**<br>|  |  |
| First American Government Obligations Fund - Class X, 4.25%<sup>(b)</sup> | 568707 | $568707  |
| First American Treasury Obligations Fund - Class X, 4.25%<sup>(b)</sup> | 568708 | 568708  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $1,137,415)** |  | 1137415  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 96.1%** <br>**(Cost $7,594,589)** |  | $10926070  |
| Other Assets in Excess of Liabilities - 3.9% |  | 444528  |
| **TOTAL NET ASSETS - 100.0%** |  | $11370598 |

---

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

PLC - Public Limited Company

REIT - Real Estate Investment Trust

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> The rate shown represents the 7-day annualized effective yield as of April 30, 2025.

The accompanying notes are an integral part of these financial statements.

12<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Huber Funds** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**at April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Huber Select Large** <br>**Cap Value Fund** | **Huber Small Cap** <br>**Value Fund**  |
| **ASSETS**<br>|  |  |
|  Investments in securities, at value (identified cost $289,012,182 and $48,017,906, respectively) | &nbsp;&nbsp; $354390658 | &nbsp;&nbsp; $73006674  |
| Cash | &nbsp;&nbsp; 13998805 | &nbsp;&nbsp; 466594  |
| Receivables<br>|  |  |
| &nbsp;&nbsp;&nbsp; Fund shares issued | &nbsp;&nbsp; 797349 | &nbsp;&nbsp; 9633  |
| &nbsp;&nbsp;&nbsp; Dividends and interest | &nbsp;&nbsp; 301277 | &nbsp;&nbsp; 35131  |
| &nbsp;&nbsp;&nbsp; Dividend tax reclaim | &nbsp;&nbsp; 11054 | &nbsp;&nbsp; 13191  |
| Prepaid expenses | &nbsp;&nbsp; 72160 | &nbsp;&nbsp; 22097  |
| &nbsp;&nbsp;&nbsp; **Total assets** | &nbsp;&nbsp; 369571303 | &nbsp;&nbsp; 73553320  |
| **LIABILITIES**<br>|  |  |
| Payables<br>|  |  |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | &nbsp;&nbsp; 171094 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Investment securities purchased | &nbsp;&nbsp; 3541958 | &nbsp;&nbsp; 658601  |
| &nbsp;&nbsp;&nbsp; Advisory fees | &nbsp;&nbsp; 248139 | &nbsp;&nbsp; 55512  |
| &nbsp;&nbsp;&nbsp; 12b-1 distribution fees | &nbsp;&nbsp; 25971 | &nbsp;&nbsp; 71175  |
| &nbsp;&nbsp;&nbsp; Administration fees | &nbsp;&nbsp; 17091 | &nbsp;&nbsp; 8461  |
| &nbsp;&nbsp;&nbsp; Audit fees | &nbsp;&nbsp; 10556 | &nbsp;&nbsp; 10556  |
| &nbsp;&nbsp;&nbsp; Chief Compliance Officer fee | &nbsp;&nbsp; 1678 | &nbsp;&nbsp; 1658  |
| &nbsp;&nbsp;&nbsp; Custody fees | &nbsp;&nbsp; 2246 | &nbsp;&nbsp; 2497  |
| &nbsp;&nbsp;&nbsp; Fund accounting fees | &nbsp;&nbsp; 969 | &nbsp;&nbsp; 984  |
| &nbsp;&nbsp;&nbsp; Shareholder servicing fees | &nbsp;&nbsp; 26382 | &nbsp;&nbsp; 17942  |
| &nbsp;&nbsp;&nbsp; Transfer agent fees and expenses | &nbsp;&nbsp; 6542 | &nbsp;&nbsp; 5899  |
| &nbsp;&nbsp;&nbsp; Trustee fees and expenses | &nbsp;&nbsp; 4795 | &nbsp;&nbsp; 4795  |
| &nbsp;&nbsp;&nbsp; Other accrued expenses | &nbsp;&nbsp; 1759 | &nbsp;&nbsp; 2882  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | &nbsp;&nbsp; 4059180 | &nbsp;&nbsp; 840962  |
| **NET ASSETS** | &nbsp;&nbsp; $365512123 | &nbsp;&nbsp; $72712358  |
| **CALCULATION OF NET ASSET VALUE PER SHARE**<br>|  |  |
| **Investor Class**<br>|  |  |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $41158601 | &nbsp;&nbsp; $23606272  |
|  Shares issued and outstanding [unlimited number of shares (par value $0.01) authorized] | &nbsp;&nbsp; 1308474 | &nbsp;&nbsp; 955817  |
| **Net asset value, offering and redemption price per share (Note 1)^** | &nbsp;&nbsp; $31.46 | &nbsp;&nbsp; $24.70  |
| **Institutional Class**<br>|  |  |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $324353522 | &nbsp;&nbsp; $49106086  |
|  Shares issued and outstanding [unlimited number of shares (par value $0.01) authorized] | &nbsp;&nbsp; 10321295 | &nbsp;&nbsp; 1961298  |
| **Net asset value, offering and redemption price per share (Note 1)^** | &nbsp;&nbsp; $31.43 | &nbsp;&nbsp; $25.04  |
| **COMPONENTS OF NET ASSETS**<br>|  |  |
| Paid-in capital | &nbsp;&nbsp; $310612193 | &nbsp;&nbsp; $62400962  |
| Total distributable earnings | &nbsp;&nbsp; 54899930 | &nbsp;&nbsp; 10311396  |
| &nbsp;&nbsp;&nbsp; **Net assets** | &nbsp;&nbsp; $365512123 | &nbsp;&nbsp; $72712358 |

---

---

| | |
|:---|:---|
| ^<br>| A redemption fee of 1% is assessed against shares redeemed within 60 days of purchase.  |

---

The accompanying notes are an integral part of these financial statements.

13<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Huber Funds** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**at April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Huber Large Cap**<br>**Value Fund** | **Huber Mid Cap** <br>**Value Fund**  |
| **ASSETS**<br>|  |  |
|  Investments in securities, at value (identified cost $9,790,495 and $7,594,589, respectively) | &nbsp;&nbsp; $16981481 | $10926070  |
| Cash | &nbsp;&nbsp; — | 705607  |
| Receivables<br>|  |  |
| &nbsp;&nbsp;&nbsp; Dividends and interest | &nbsp;&nbsp; 6173 | 4157  |
| &nbsp;&nbsp;&nbsp; Dividend tax reclaim | &nbsp;&nbsp; 742 | 22  |
| &nbsp;&nbsp;&nbsp; Due from Adviser (Note 4) | &nbsp;&nbsp; 2561 | 3727  |
| Prepaid expenses | &nbsp;&nbsp; 41287 | 36616  |
| &nbsp;&nbsp;&nbsp; **Total assets** | &nbsp;&nbsp; 17032244 | 11676199  |
| **LIABILITIES**<br>|  |  |
| Payables<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investment securities purchased | &nbsp;&nbsp; — | 275398  |
| &nbsp;&nbsp;&nbsp; 12b-1 distribution fees | &nbsp;&nbsp; 9251 | 1122  |
| &nbsp;&nbsp;&nbsp; Administration fees | &nbsp;&nbsp; 4566 | 3860  |
| &nbsp;&nbsp;&nbsp; Audit fees | &nbsp;&nbsp; 10556 | 10557  |
| &nbsp;&nbsp;&nbsp; Chief Compliance Officer fee | &nbsp;&nbsp; 1657 | 1657  |
| &nbsp;&nbsp;&nbsp; Custody fees | &nbsp;&nbsp; 1198 | 1375  |
| &nbsp;&nbsp;&nbsp; Fund accounting fees | &nbsp;&nbsp; 774 | 938  |
| &nbsp;&nbsp;&nbsp; Shareholder servicing fees | &nbsp;&nbsp; — | 684  |
| &nbsp;&nbsp;&nbsp; Transfer agent fees and expenses | &nbsp;&nbsp; 3721 | 3453  |
| &nbsp;&nbsp;&nbsp; Trustee fees and expenses | &nbsp;&nbsp; 4794 | 4795  |
| &nbsp;&nbsp;&nbsp; Other accrued expenses | &nbsp;&nbsp; 1759 | 1762  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | &nbsp;&nbsp; 38276 | 305601  |
| **NET ASSETS** | &nbsp;&nbsp; $16993968 | $11370598  |
| **CALCULATION OF NET ASSET VALUE PER SHARE**<br>|  |  |
| **Investor Class**<br>|  |  |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $2932801 | $404803  |
|  Shares issued and outstanding [unlimited number of shares (par value $0.01) authorized] | &nbsp;&nbsp; 129135 | 27643  |
| **Net asset value, offering and redemption price per share (Note 1)^** | &nbsp;&nbsp; $22.71 | $14.64  |
| **Institutional Class**<br>|  |  |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $14061167 | $10965795  |
|  Shares issued and outstanding [unlimited number of shares (par value $0.01) authorized] | &nbsp;&nbsp; 615923 | 747391  |
| **Net asset value, offering and redemption price per share (Note 1)^** | &nbsp;&nbsp; $22.83 | $14.67  |
| **COMPONENTS OF NET ASSETS**<br>|  |  |
| Paid-in capital | &nbsp;&nbsp; $11412661 | $9327444  |
| Total distributable earnings | &nbsp;&nbsp; 5581307 | 2043154  |
| &nbsp;&nbsp;&nbsp; **Net assets** | &nbsp;&nbsp; $16993968 | $11370598 |

---

---

| | |
|:---|:---|
| ^<br>| A redemption fee of 1% is assessed against shares redeemed within 60 days of purchase. |

---

The accompanying notes are an integral part of these financial statements.

14<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Huber Funds** 

**STATEMENTS OF OPERATIONS** 

**For the Six Months Ended April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Huber Select Large** <br>**Cap Value Fund** | **Huber Small Cap** <br>**Value Fund**  |
| **INVESTMENT INCOME**<br>|  |  |
|  Dividends (net of foreign taxes and issuance fees withheld of $4,224 and $11,422, respectively) | &nbsp;&nbsp; $3932573 | $622111  |
| Interest | &nbsp;&nbsp; 632483 | 27177  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | &nbsp;&nbsp; 4565056 | 649288  |
| **Expenses**<br>|  |  |
| Advisory fees (Note 4) | &nbsp;&nbsp; 1277009 | 395118  |
| Administration fees (Note 4) | &nbsp;&nbsp; 83632 | 32336  |
| 12b-1 distribution fees - Investor Class (Note 6) | &nbsp;&nbsp; 50515 | 33226  |
| Transfer agent fees and expenses (Note 4) | &nbsp;&nbsp; 26873 | 13199  |
| Registration fees | &nbsp;&nbsp; 23605 | 16183  |
| Shareholder servicing fees - Investor Class (Note 5) | &nbsp;&nbsp; 20206 | 9303  |
| Audit fees | &nbsp;&nbsp; 11156 | 11156  |
| Trustee fees and expenses | &nbsp;&nbsp; 10682 | 10682  |
| Custody fees (Note 4) | &nbsp;&nbsp; 7725 | 6548  |
| Chief Compliance Officer fee (Note 4) | &nbsp;&nbsp; 4956 | 4935  |
| Reports to shareholders | &nbsp;&nbsp; 3794 | 3716  |
| Legal fees | &nbsp;&nbsp; 3502 | 3501  |
| Insurance expense | &nbsp;&nbsp; 2995 | 1634  |
| Miscellaneous expense | &nbsp;&nbsp; 2489 | 2487  |
| Fund accounting fees (Note 4)  | &nbsp;&nbsp; 878  | 878  |
| &nbsp;&nbsp;&nbsp; Total expenses | &nbsp;&nbsp; 1530017 | 544902  |
| &nbsp;&nbsp;&nbsp; Add: advisory fee recoupment (Note 4) | &nbsp;&nbsp; 186641 | 8487  |
| &nbsp;&nbsp;&nbsp; Net expenses | &nbsp;&nbsp; 1716658 | 553389  |
| **Net investment income** | &nbsp;&nbsp; 2848398 | 95899  |
|  **REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS AND FOREIGN CURRENCY**<br>|  |  |
| Net realized gain/(loss) on:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp; (1244487) | 1632920  |
| &nbsp;&nbsp;&nbsp; Foreign currency | &nbsp;&nbsp; — | (702)  |
| Net change in unrealized appreciation/(depreciation) on:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp; (13473245) | (10008636)  |
| &nbsp;&nbsp;&nbsp; Foreign currency | &nbsp;&nbsp; — | 31  |
| **Net realized and unrealized loss on investments and foreign currency** | &nbsp;&nbsp; (14717732) | (8376387)  |
| &nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets Resulting from** <br>**Operations** | &nbsp;&nbsp; $(11869334) | $(8280488) |

---

The accompanying notes are an integral part of these financial statements.

15<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Huber Funds** 

**STATEMENTS OF OPERATIONS** 

**For the Six Months Ended April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Huber Large Cap** <br>**Value Fund** | **Huber Mid Cap** <br>**Value Fund**  |
| **INVESTMENT INCOME**<br>|  |  |
|  Dividends (net of foreign taxes and issuance fees withheld of $125 and $377, respectively) | &nbsp;&nbsp;&nbsp; $162439 | &nbsp;&nbsp; $91134  |
| Interest | &nbsp;&nbsp;&nbsp; 12241 | &nbsp;&nbsp; 17615  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | &nbsp;&nbsp;&nbsp; 174680 | &nbsp;&nbsp; 108749  |
| **Expenses**<br>|  |  |
| Administration fees (Note 4) | &nbsp;&nbsp;&nbsp; 16093 | &nbsp;&nbsp; 14630  |
| Registration fees  | &nbsp;&nbsp;&nbsp; 12089  | &nbsp;&nbsp; 14423  |
| Audit fees  | &nbsp;&nbsp;&nbsp; 11156  | &nbsp;&nbsp; 11156  |
| Trustee fees and expenses  | &nbsp;&nbsp;&nbsp; 10681  | &nbsp;&nbsp; 10682  |
| Transfer agent fees and expenses (Note 4) | &nbsp;&nbsp;&nbsp; 6437 | &nbsp;&nbsp; 6437  |
| Chief Compliance Officer fee (Note 4)  | &nbsp;&nbsp;&nbsp; 4935  | &nbsp;&nbsp; 4935  |
| Legal fees  | &nbsp;&nbsp;&nbsp; 3501  | &nbsp;&nbsp; 3501  |
| 12b-1 distribution fees - Investor Class (Note 6)  | &nbsp;&nbsp;&nbsp; 3156  | &nbsp;&nbsp; 555  |
| Custody fees (Note 4)  | &nbsp;&nbsp;&nbsp; 2950  | &nbsp;&nbsp; 2980  |
| Miscellaneous expense  | &nbsp;&nbsp;&nbsp; 2484  | &nbsp;&nbsp; 2485  |
| Reports to shareholders  | &nbsp;&nbsp;&nbsp; 2069  | &nbsp;&nbsp; 1973  |
| Advisory fees (Note 4) | &nbsp;&nbsp;&nbsp; 1371 | &nbsp;&nbsp; 914  |
| Insurance expense | &nbsp;&nbsp;&nbsp; 1348 | &nbsp;&nbsp; 1342  |
| Fund accounting fees (Note 4) | &nbsp;&nbsp;&nbsp; 878 | &nbsp;&nbsp; 877  |
| &nbsp;&nbsp;&nbsp; Total expenses | &nbsp;&nbsp;&nbsp; 79148 | &nbsp;&nbsp; 76890  |
| &nbsp;&nbsp;&nbsp; Less: advisory fee waiver and expenses reimbursed (Note 4) | &nbsp;&nbsp;&nbsp; (16675) | &nbsp;&nbsp; (19246)  |
| &nbsp;&nbsp;&nbsp; Net expenses | &nbsp;&nbsp;&nbsp; 62473 | &nbsp;&nbsp; 57644  |
| **Net investment income** | &nbsp;&nbsp;&nbsp; 112207 | &nbsp;&nbsp; 51105  |
| **REALIZED AND UNREALIZED LOSS ON INVESTMENTS**<br>|  |  |
| Net realized loss on:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp;&nbsp; (116257) | &nbsp;&nbsp;&nbsp;&nbsp;(43)  |
| Net change in unrealized appreciation/(depreciation) on:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp;&nbsp; (363203) | &nbsp;&nbsp; (980969)  |
| **Net realized and unrealized loss on investments and foreign currency** | &nbsp;&nbsp;&nbsp; (479460) | &nbsp;&nbsp; (981012)  |
| **Net Decrease in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp; $(367253) | &nbsp;&nbsp; $(929907) |

---

The accompanying notes are an integral part of these financial statements.

16<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Huber Select Large Cap Value Fund** 

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended**<br>**October 31, 2024**  |
| **INCREASE/(DECREASE) IN NET ASSETS FROM:**<br>|  |  |
| **OPERATIONS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $2848398 | $3041609  |
| &nbsp;&nbsp;&nbsp; Net realized loss on investments | (1244487) | (4117375)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments | (13473245) | 41114492  |
| &nbsp;&nbsp;&nbsp; **Net increase/(decrease) in net assets resulting from operations** | (11869334) | 40038726  |
| **DISTRIBUTIONS TO SHAREHOLDERS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net dividends and distributions to shareholders - Investor Class shares | (332552) | (145815)  |
| &nbsp;&nbsp;&nbsp; Net dividends and distributions to shareholders - Institutional Class shares | (3451263) | (1234306)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (3783815) | (1380121)  |
| **CAPITAL SHARE TRANSACTIONS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net increase in net assets derived from net change in outstanding shares<sup>(a)</sup> | 101030692 | 150960736  |
| &nbsp;&nbsp;&nbsp; **Total increase in net assets** | 85377543 | 189619341  |
| **NET ASSETS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 280134580 | 90515239  |
| &nbsp;&nbsp;&nbsp; End of period | $365512123 | $280134580 |

---

<sup>(a)</sup> A summary of share transactions is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investor Class**  | **Investor Class**  | **Investor Class**  | **Investor Class**  |
|  | **Six Months Ended** <br>**April 30, 2025** <br>(Unaudited) | **Six Months Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024**  | **Year Ended** <br>**October 31, 2024**  |
|  | **Shares** | **Paid-in Capital** | **Shares** | **Paid-in Capital**  |
| Shares sold | 410585 | $13577068 | 700721 | $21344918  |
| Shares issued on reinvestments of distributions | 9527 | 314299 | 5053 | 139770  |
| Shares redeemed\*\* | (175646) | (5542851) | (329437) | (10329896)  |
| Net increase | 244466 | $8348516 | 376337 | $11154792  |
| \*\* Net of redemption fees of |  | $847 |  | $1181 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Institutional Class**  | **Institutional Class**  | **Institutional Class**  | **Institutional Class**  |
|  | **Six Months Ended** <br>**April 30, 2025** <br>(Unaudited) | **Six Months Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024**  | **Year Ended** <br>**October 31, 2024**  |
|  | **Shares** | **Paid-in Capital** | **Shares** | **Paid-in Capital**  |
| Shares sold | 3708602 | $121753856 | 5018258 | $150333289  |
| Shares issued on reinvestments of distributions | 99391 | 3271962 | 41747 | 1151392  |
| Shares redeemed\*\* | (1028152) | (32343642) | (379293) | (11678737)  |
| Net increase | 2779841 | $92682176 | 4680712 | $139805944  |
| \*\* Net of redemption fees of |  | $6183 |  | $6944 |

---

The accompanying notes are an integral part of these financial statements.

17<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Huber Small Cap Value Fund** 

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024**  |
| **INCREASE/(DECREASE) IN NET ASSETS FROM:**<br>|  |  |
| **OPERATIONS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp; $95899 | $318844  |
| &nbsp;&nbsp;&nbsp; Net realized gain/(loss) on:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp; 1632920 | (2062338)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency | (702) | (754)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp; (10008636) | 15226110  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency | &nbsp;&nbsp; 31 | (13)  |
| &nbsp;&nbsp;&nbsp; **Net increase/(decrease) in net assets resulting from operations** | &nbsp;&nbsp; (8280488) | 13481849  |
| **DISTRIBUTIONS TO SHAREHOLDERS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net dividends and distributions to shareholders - Investor Class shares | &nbsp;&nbsp; (30720) | (90752)  |
| &nbsp;&nbsp;&nbsp; Net dividends and distributions to shareholders - Institutional Class shares | &nbsp;&nbsp; (212264) | (184962)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | &nbsp;&nbsp; (242984) | (275714)  |
| **CAPITAL SHARE TRANSACTIONS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net increase in net assets derived from net change in outstanding shares<sup>(a)</sup> | &nbsp;&nbsp; 2505610 | 7200195  |
| &nbsp;&nbsp;&nbsp; **Total increase/(decrease) in net assets** | &nbsp;&nbsp; (6017862) | 20406330  |
| **NET ASSETS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | &nbsp;&nbsp; 78730220 | 58323890  |
| &nbsp;&nbsp;&nbsp; End of period | &nbsp;&nbsp; $72712358 | $78730220 |

---

<sup>(a)</sup> A summary of share transactions is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investor Class**  | **Investor Class**  | **Investor Class**  | **Investor Class**  |
|  | **Six Months Ended** <br>**April 30, 2025** <br>(Unaudited) | **Six Months Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024**  | **Year Ended** <br>**October 31, 2024**  |
|  | **Shares** | **Paid-in Capital** | **Shares** | **Paid-in Capital**  |
| Shares sold | 9115 | $228922 | 27240 | $695788  |
| Shares issued on reinvestments of distributions | 1053 | 30261 | 3644 | 89231  |
| Shares redeemed\*\* | (41690) | (1102338) | (101100) | (2536919)  |
| Net decrease | (31522) | $(843155) | (70216) | $(1751900)  |
| \*\* Net of redemption fees of |  | $4 |  | $31 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Institutional Class**  | **Institutional Class**  | **Institutional Class**  | **Institutional Class**  |
|  | **Six Months Ended** <br>**April 30, 2025** <br>(Unaudited) | **Six Months Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024**  | **Year Ended** <br>**October 31, 2024**  |
|  | **Shares** | **Paid-in Capital** | **Shares** | **Paid-in Capital**  |
| Shares sold | 147851 | $4105184 | 375926 | $9697702  |
| Shares issued on reinvestments of distributions | 3903 | 113581 | 3230 | 80084  |
| Shares redeemed\*\* | (36560) | (870000) | (33041) | (825691)  |
| Net increase | 115194 | $3348765 | 346115 | $8952095  |
| \*\* Net of redemption fees of |  | $8 |  | $53 |

---

The accompanying notes are an integral part of these financial statements.

18<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Huber Large Cap Value Fund** 

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024**  |
| **INCREASE/(DECREASE) IN NET ASSETS FROM:**<br>|  |  |
| **OPERATIONS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp; $112207 | $180769  |
| &nbsp;&nbsp;&nbsp; Net realized gain/(loss) on investments | &nbsp;&nbsp; (116257) | 127502  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments | &nbsp;&nbsp; (363203) | 2816727  |
| &nbsp;&nbsp;&nbsp; **Net increase/(decrease) in net assets resulting from operations** | &nbsp;&nbsp; (367253) | 3124998  |
| **DISTRIBUTIONS TO SHAREHOLDERS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net dividends and distributions to shareholders - Investor Class shares | &nbsp;&nbsp; (23799) | (25612)  |
| &nbsp;&nbsp;&nbsp; Net dividends and distributions to shareholders - Institutional Class shares | &nbsp;&nbsp; (165513) | (159544)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | &nbsp;&nbsp; (189312) | (185156)  |
| **CAPITAL SHARE TRANSACTIONS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net increase in net assets derived from net change in outstanding shares<sup>(a)</sup> | &nbsp;&nbsp; 2978488 | 1459993  |
| &nbsp;&nbsp;&nbsp; **Total increase in net assets** | &nbsp;&nbsp; 2421923 | 4399835  |
| **NET ASSETS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | &nbsp;&nbsp; 14572045 | 10172210  |
| &nbsp;&nbsp;&nbsp; End of period | &nbsp;&nbsp; $16993968 | $14572045 |

---

<sup>(a)</sup> A summary of share transactions is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investor Class**  | **Investor Class**  | **Investor Class**  | **Investor Class**  |
|  | **Six Months Ended** <br>**April 30, 2025** <br>(Unaudited) | **Six Months Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024**  | **Year Ended** <br>**October 31, 2024**  |
|  | **Shares** | **Paid-in Capital** | **Shares** | **Paid-in Capital**  |
| Shares sold | 38360 | $944192 | 5760 | $123879  |
| Shares issued on reinvestments of distributions | 987 | 23799 | 1332 | 25612  |
| Shares redeemed\*\* | (2869) | (70410) | (380) | (8435)  |
| Net increase | 36478 | $897581 | 6712 | $141056  |
| \*\* Net of redemption fees of |  | $— |  | $3 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Institutional Class**  | **Institutional Class**  | **Institutional Class**  | **Institutional Class**  |
|  | **Six Months Ended** <br>**April 30, 2025** <br>(Unaudited) | **Six Months Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024**  | **Year Ended** <br>**October 31, 2024**  |
|  | **Shares** | **Paid-in Capital** | **Shares** | **Paid-in Capital**  |
| Shares sold | 89614 | $2000000 | 53935 | $1251000  |
| Shares issued on reinvestments of distributions | 3342 | 80907 | 3518 | 67924  |
| Shares redeemed\*\* |  |  |  | 13  |
| Net increase | 92956 | $2080907 | 57453 | $1318937  |
| \*\* Net of redemption fees of |  | $— |  | $13 |

---

The accompanying notes are an integral part of these financial statements.

19<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Huber Mid Cap Value Fund** 

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024**  |
| **INCREASE IN NET ASSETS FROM:**<br>|  |  |
| **OPERATIONS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp; $51105 | $115116  |
| &nbsp;&nbsp;&nbsp; Net realized gain/(loss) on:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp;&nbsp;&nbsp;(43) | (13069)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency | &nbsp;&nbsp; — | 17  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp; (980969) | 1974811  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency | &nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; **Net increase/(decrease) in net assets resulting from operations** | &nbsp;&nbsp; (929907) | 2076875  |
| **DISTRIBUTIONS TO SHAREHOLDERS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net dividends and distributions to shareholders - Investor Class shares | &nbsp;&nbsp; (4617) | (4608)  |
| &nbsp;&nbsp;&nbsp; Net dividends and distributions to shareholders - Institutional Class shares | &nbsp;&nbsp; (132301) | (121758)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | &nbsp;&nbsp; (136918) | (126366)  |
| **CAPITAL SHARE TRANSACTIONS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net increase/(decrease) in net assets derived from net change in outstanding shares<sup>(a)</sup> | &nbsp;&nbsp; 1058108 | (305672)  |
| &nbsp;&nbsp;&nbsp; **Total increase/(decrease) in net assets** | &nbsp;&nbsp; (8717) | 1644837  |
| **NET ASSETS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | &nbsp;&nbsp; 11379315 | 9734478  |
| &nbsp;&nbsp;&nbsp; End of period | &nbsp;&nbsp; $11370598 | $11379315 |

---

<sup>(a)</sup> A summary of share transactions is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investor Class**  | **Investor Class**  | **Investor Class**  | **Investor Class**  |
|  | **Six Months Ended** <br>**April 30, 2025** <br>(Unaudited) | **Six Months Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024**  | **Year Ended** <br>**October 31, 2024**  |
|  | **Shares** | **Paid-in Capital** | **Shares** | **Paid-in Capital**  |
| Shares issued on reinvestments of distributions | 277 | &nbsp;&nbsp; $4617 | 326 | &nbsp;&nbsp; $4608  |
| Shares redeemed |  | &nbsp;&nbsp; — | (341) | &nbsp;&nbsp; (4839)  |
| Net increase/(decrease) | 277 | &nbsp;&nbsp; $4617 | (15) | &nbsp;&nbsp; $(231) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Institutional Class**  | **Institutional Class**  | **Institutional Class**  | **Institutional Class**  |
|  | **Six Months Ended** <br>**April 30, 2025** <br>(Unaudited) | **Six Months Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024**  | **Year Ended** <br>**October 31, 2024**  |
|  | **Shares** | **Paid-in Capital** | **Shares** | **Paid-in Capital**  |
| Shares sold | 74424 | $1001211 | 15214 | &nbsp;&nbsp; $236254  |
| Shares issued on reinvestments of distributions | 3726 | 62187 | 4177 | &nbsp;&nbsp; 59144  |
| Shares redeemed | (640) | (9907) | (40400) | &nbsp;&nbsp; (600839)  |
| Net increase/(decrease) | 77510 | $1053491 | (21009) | &nbsp;&nbsp; $(305441) |

---

The accompanying notes are an integral part of these financial statements.

20<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Huber Select Large Cap Value Fund** 

**FINANCIAL HIGHLIGHTS** 

**Investor Class** 

**For a share outstanding throughout each period** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended**<br>**April 30, 2025**<br>(Unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months** <br>**Ended**<br>**April 30, 2025**<br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $32.54 | $25.50 | $24.30 | $24.44 | $16.33 | $17.63 |
|  **Income from investment operations:**<br>|  |  |  |  |  |  |
| Net investment income^ | &nbsp;&nbsp;&nbsp;&nbsp;0.23  | 0.38  | 0.31  | 0.13  | 0.11  | 0.10  |
|  Net realized and unrealized gain/(loss) on investments and foreign currency related transactions | &nbsp;&nbsp;&nbsp; (1.01) | 6.87  | 1.05  | (0.19) | 8.33  | (1.26) |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp; (0.78) | 7.25  | 1.36  | (0.06) | 8.44  | (1.16) |
| **Less distributions:**<br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp; (0.30) | (0.21) | (0.16) | (0.08) | (0.33) | (0.14) |
| Redemption fees retained | &nbsp;&nbsp;&nbsp;&nbsp;0.00^+ | 0.00^+ |  | 0.00^+ | 0.00^+ | 0.00^+  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $31.46 | $32.54 | $25.50 | $24.30 | $24.44 | $16.33 |
| Total return | &nbsp;&nbsp;&nbsp; -2.43%‡  | 28.58% | 5.61% | -0.26% | 52.32% | -6.68% |
| **Ratios/supplemental data:**<br>|  |  |  |  |  |  |
| Net assets, end of period (thousands) | &nbsp;&nbsp;&nbsp; $41159  | $34623  | $17538  | $16648  | $6251  | $5043  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before advisory fee waiver and expense recoupment | &nbsp;&nbsp;&nbsp; 1.23%† | 1.32% | 1.48% | 1.59% | 1.67% | 1.66% |
| &nbsp;&nbsp;&nbsp; After advisory fee waiver and expense recoupment | &nbsp;&nbsp;&nbsp; 1.34%† | 1.34% | 1.34% | 1.33% | 1.26% | 1.35% |
|  Ratio of net investment income to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before advisory fee waiver and expense recoupment | &nbsp;&nbsp;&nbsp; 1.51%† | 1.24% | 1.09% | 0.28% | 0.09% | 0.30% |
| &nbsp;&nbsp;&nbsp; After advisory fee waiver and expense recoupment | &nbsp;&nbsp;&nbsp; 1.40%† | 1.22% | 1.23% | 0.54% | 0.50% | 0.61% |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 18.28%‡  | 33.40% | 30.78% | 35.89% | 48.63% | 19.50% |

---

---

| | |
|:---|:---|
| +<br>| Less than $0.005 per share. |

---

^ Based on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;† Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;‡ Not annualized.

The accompanying notes are an integral part of these financial statements.

21<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Huber Select Large Cap Value Fund** 

**FINANCIAL HIGHLIGHTS** 

**Institutional Class** 

**For a share outstanding throughout each period** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended**<br>**April 30, 2025**<br>(Unaudited)  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **Six Months** <br>**Ended**<br>**April 30, 2025**<br>(Unaudited)  | **2024** | **2023** | **2022** | **2021** | **2020**  |
| Net asset value, beginning of period | &nbsp;&nbsp; $32.56 | $25.51 | $24.27 | $24.39 | $16.32 | $17.62  |
|  **Income from investment operations:**<br>|  |  |  |  |  |  |
| Net investment income^ | 0.29  | 0.47  | 0.39  | 0.21  | 0.16  | 0.17  |
|  Net realized and unrealized gain/(loss) on investments and foreign currency related transactions | &nbsp;&nbsp; (1.01) | 6.88  | 1.06  | (0.19) | 8.31  | (1.28)  |
| **Total from investment operations** | &nbsp;&nbsp; (0.72) | 7.35  | 1.45  | 0.02  | 8.47  | (1.11)  |
| **Less distributions:**<br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.41) | (0.30) | (0.21) | (0.14) | (0.40) | (0.19)  |
| Redemption fees retained^+ | 0.00 | 0.00  | 0.00  | 0.00  | 0.00  | 0.00  |
| **Net asset value, end of period** | &nbsp;&nbsp; $31.43 | $32.56 | $25.51 | $24.27 | $24.39 | $16.32  |
| Total return | &nbsp;&nbsp; -2.27%‡  | 28.99% | 6.01% | 0.07% | 52.71% | -6.38%  |
| **Ratios/supplemental data:**<br>|  |  |  |  |  |  |
| Net assets, end of period (thousands) | &nbsp;&nbsp; $324354  | $245512  | $72977  | $51336  | $40792  | $41902  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before advisory fee waiver and expense recoupment | &nbsp;&nbsp; 0.88%† | 0.97% | 1.13% | 1.25% | 1.40% | 1.30%  |
| &nbsp;&nbsp;&nbsp; After advisory fee waiver and expense recoupment | &nbsp;&nbsp; 0.99%† | 0.99% | 0.99% | 0.99% | 0.99% | 0.99%  |
|  Ratio of net investment income to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before advisory fee waiver and expense recoupment | &nbsp;&nbsp; 1.87%† | 1.55% | 1.41% | 0.61% | 0.36% | 0.66%  |
| &nbsp;&nbsp;&nbsp; After advisory fee waiver and expense recoupment | &nbsp;&nbsp; 1.76%† | 1.53% | 1.55% | 0.87% | 0.77% | 0.97%  |
| Portfolio turnover rate | &nbsp;&nbsp; 18.28%‡  | 33.40% | 30.78% | 35.89% | 48.63% | 19.50% |

---

---

| | |
|:---|:---|
| +<br>| Less than $0.005 per share. |

---

^ Based on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;† Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;‡ Not annualized.

The accompanying notes are an integral part of these financial statements.

22<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Huber Small Cap Value Fund** 

**FINANCIAL HIGHLIGHTS** 

**Investor Class** 

**For a share outstanding throughout each period** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended**<br>**April 30, 2025**<br>(Unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months** <br>**Ended**<br>**April 30, 2025**<br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $27.52 | $22.62 | $23.45 | $23.21 | $13.86 | $18.02 |
|  **Income from investment operations:**<br>|  |  |  |  |  |  |
| Net investment income/(loss)^ | &nbsp;&nbsp;&nbsp; 0.00+ | 0.07  | 0.04  | (0.02) | (0.04) | 0.00+  |
|  Net realized and unrealized gain/(loss) on investments and foreign currency related transactions | &nbsp;&nbsp;&nbsp; (2.79) | 4.92  | (0.87) | 0.48  | 9.47  | (4.15) |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp; (2.79) | 4.99  | (0.83) | 0.46  | 9.43  | (4.15) |
| **Less distributions:**<br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp; (0.03) | (0.09) |  | (0.22) | (0.08) | (0.01) |
| Redemption fees retained | &nbsp;&nbsp;&nbsp;&nbsp;0.00^+ | 0.00^+ |  | 0.00^+ | 0.00^+ | 0.00^+  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $24.70 | $27.52 | $22.62 | $23.45 | $23.21 | $13.86 |
| Total return | &nbsp;&nbsp;&nbsp; -10.15%‡  | 22.10% | -3.54% | 2.02% | 68.19% | -23.03% |
| **Ratios/supplemental data:**<br>|  |  |  |  |  |  |
| Net assets, end of period (thousands) | &nbsp;&nbsp;&nbsp; $23606  | $27169  | $23926  | $25107  | $24753  | $14937  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before advisory fee waiver and expense recoupment | &nbsp;&nbsp;&nbsp; 1.58%† | 1.67% | 1.66% | 1.71% | 1.86% | 2.03% |
| &nbsp;&nbsp;&nbsp; After advisory fee waiver and expense recoupment | &nbsp;&nbsp;&nbsp; 1.60%† | 1.56% | 1.53% | 1.53% | 1.56% | 1.65% |
|  Ratio of net investment income/(loss) to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before advisory fee waiver and expense recoupment | &nbsp;&nbsp;&nbsp; 0.05%† | 0.18% | 0.05% | (0.27)% | (0.48)% | (0.35)% |
| &nbsp;&nbsp;&nbsp; After advisory fee waiver and expense recoupment | &nbsp;&nbsp;&nbsp; 0.03%† | 0.29% | 0.18% | (0.09)% | (0.18)% | 0.03% |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 14.14%‡  | 30.55% | 43.63% | 41.12% | 75.60% | 71.53% |

---

---

| | |
|:---|:---|
| +<br>| Less than $0.005 per share. |

---

^ Based on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;† Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;‡ Not annualized.

The accompanying notes are an integral part of these financial statements.

23<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Huber Small Cap Value Fund** 

**FINANCIAL HIGHLIGHTS** 

**Institutional Class** 

**For a share outstanding throughout each period** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended**<br>**April 30, 2025**<br>(Unaudited) | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **Six Months** <br>**Ended**<br>**April 30, 2025**<br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020**  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $27.93 | $22.93 | $23.73 | $23.48 | $14.04 | $18.23  |
|  **Income from investment operations:**<br>|  |  |  |  |  |  |
| Net investment income^ | &nbsp;&nbsp;&nbsp;&nbsp;0.05  | 0.15  | 0.08  | 0.03  | 0.01  | 0.05  |
|  Net realized and unrealized gain/(loss) on investments and foreign currency related transactions | &nbsp;&nbsp;&nbsp; (2.83) | 4.97  | (0.88) | 0.49  | 9.56  | (4.20)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp; (2.78) | 5.12  | (0.80) | 0.52  | 9.57  | (4.15)  |
| **Less distributions:**<br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp; (0.11) | (0.12) |  | (0.27) | (0.13) | (0.04)  |
| Redemption fees retained^+ | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | 0.00  | 0.00  | 0.00  | 0.00  | 0.00  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $25.04 | $27.93  | $22.93  | $23.73  | $23.48  | $14.04  |
| Total return | &nbsp;&nbsp;&nbsp; -10.00%‡  | 22.41% | -3.37% | 2.25% | 68.47% | -22.80%  |
| **Ratios/supplemental data:**<br>|  |  |  |  |  |  |
| Net assets, end of period (thousands) | &nbsp;&nbsp;&nbsp; $49106  | $51561  | $34398  | $32827  | $26662  | $18188  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before advisory fee waiver and expense recoupment | &nbsp;&nbsp;&nbsp; 1.26%† | 1.39% | 1.48% | 1.53% | 1.65% | 1.73%  |
| &nbsp;&nbsp;&nbsp; After advisory fee waiver and expense recoupment | &nbsp;&nbsp;&nbsp; 1.28%† | 1.28% | 1.35% | 1.35% | 1.35% | 1.35%  |
|  Ratio of net investment income/(loss) to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before advisory fee waiver and expense recoupment | &nbsp;&nbsp;&nbsp; 0.37%† | 0.45% | 0.23% | (0.07)% | (0.27)% | (0.05)%  |
| &nbsp;&nbsp;&nbsp; After advisory fee waiver and expense recoupment | &nbsp;&nbsp;&nbsp; 0.35%† | 0.56% | 0.36% | 0.11% | 0.03% | 0.33%  |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 14.14%‡  | 30.55% | 43.63% | 41.12% | 75.60% | 71.53% |

---

---

| | |
|:---|:---|
| +<br>| Less than $0.005 per share. |

---

^ Based on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;† Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;‡ Not annualized.

The accompanying notes are an integral part of these financial statements.

24<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Huber Large Cap Value Fund** 

**FINANCIAL HIGHLIGHTS** 

**Investor Class** 

**For a share outstanding throughout each period** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended**<br>**April 30, 2025**<br>(Unaudited) | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **Six Months** <br>**Ended**<br>**April 30, 2025**<br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020**  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $23.55 | $18.35 | $18.58 | $18.89 | $13.18 | $15.69  |
|  **Income from investment operations:**<br>|  |  |  |  |  |  |
| Net investment income^ | &nbsp;&nbsp;&nbsp;&nbsp;0.15  | 0.27  | 0.29  | 0.21  | 0.20  | 0.20  |
|  Net realized and unrealized gain/(loss) on investments and foreign currency related transactions | &nbsp;&nbsp;&nbsp; (0.73) | 5.23  | (0.27) | (0.31) | 5.74  | (2.52)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp; (0.58) | 5.50  | 0.02  | (0.10) | 5.94  | (2.32)  |
| **Less distributions:**<br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp; (0.26) | (0.30) | (0.25) | (0.21) | (0.23) | (0.19)  |
| Redemption fees retained | &nbsp;&nbsp;&nbsp; — | 0.00^+ |  |  |  | —  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $22.71 | $23.55 | $18.35 | $18.58 | $18.89 | $13.18  |
| Total return | &nbsp;&nbsp;&nbsp; -2.53%‡  | 30.32% | 0.12% | -0.50% | 45.52% | -15.00%  |
| **Ratios/supplemental data:**<br>|  |  |  |  |  |  |
| Net assets, end of period (thousands) | &nbsp;&nbsp;&nbsp; $2933  | $2182  | $1577  | $1523  | $1646  | $1074  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before advisory fee waiver and expense reimbursement | &nbsp;&nbsp;&nbsp; 1.21%† | 1.88% | 2.44% | 2.32% | 2.74% | 4.94%  |
| &nbsp;&nbsp;&nbsp; After advisory fee waiver and expense reimbursement | &nbsp;&nbsp;&nbsp; 1.00%† | 1.00% | 1.00% | 0.97% | 0.89% | 1.00%  |
|  Ratio of net investment income/(loss) to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before advisory fee waiver and expense reimbursement | &nbsp;&nbsp;&nbsp; 1.04%† | 0.36% | 0.12% | (0.19)% | (0.66)% | (2.58)%  |
| &nbsp;&nbsp;&nbsp; After advisory fee waiver and expense reimbursement | &nbsp;&nbsp;&nbsp; 1.25%† | 1.24% | 1.56% | 1.16% | 1.19% | 1.36%  |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 9.46%‡  | 27.16% | 33.77% | 44.34% | 26.45% | 36.17% |

---

---

| | |
|:---|:---|
| +<br>| Less than $0.005 per share. |

---

^ Based on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;† Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;‡ Not annualized.

The accompanying notes are an integral part of these financial statements.

25<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Huber Large Cap Value Fund** 

**FINANCIAL HIGHLIGHTS** 

**Institutional Class** 

**For a share outstanding throughout each period** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended**<br>**April 30, 2025**<br>(Unaudited) | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **Six Months** <br>**Ended**<br>**April 30, 2025**<br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020**  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $23.69 | $18.46 | $18.68 | $18.98 | $13.26 | $15.75  |
|  **Income from investment operations:**<br>|  |  |  |  |  |  |
| Net investment income^ | &nbsp;&nbsp;&nbsp;&nbsp;0.17  | 0.33  | 0.34  | 0.26  | 0.23  | 0.23  |
|  Net realized and unrealized gain/(loss) on investments and foreign currency related transactions | &nbsp;&nbsp;&nbsp; (0.71) | 5.24  | (0.26) | (0.32) | 5.76  | (2.51)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp; (0.54) | 5.57  | 0.08  | (0.06) | 5.99  | (2.28)  |
| **Less distributions:**<br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp; (0.32) | (0.34) | (0.30) | (0.24) | (0.27) | (0.21)  |
| Redemption fees retained | &nbsp;&nbsp;&nbsp; — | 0.00^+ |  | 0.00^+ |  | —  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $22.83  | $23.69  | $18.46  | $18.68  | $18.98  | $13.26  |
| Total return | &nbsp;&nbsp;&nbsp; -2.37%‡  | 30.61% | 0.41% | -0.31% | 45.66% | -14.73%  |
| **Ratios/supplemental data:**<br>|  |  |  |  |  |  |
| Net assets, end of period (thousands) | &nbsp;&nbsp;&nbsp; $14061  | $12390  | $8595  | $8579  | $8808  | $2788  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before advisory fee waiver and expense reimbursement | &nbsp;&nbsp;&nbsp; 0.96%† | 1.63% | 2.19% | 2.10% | 2.60% | 4.69%  |
| &nbsp;&nbsp;&nbsp; After advisory fee waiver and expense reimbursement | &nbsp;&nbsp;&nbsp; 0.75%† | 0.75% | 0.75% | 0.75% | 0.75% | 0.75%  |
|  Ratio of net investment income/(loss) to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before advisory fee waiver and expense reimbursement | &nbsp;&nbsp;&nbsp; 1.24%† | 0.61% | 0.38% | 0.04% | (0.52)% | (2.33)%  |
| &nbsp;&nbsp;&nbsp; After advisory fee waiver and expense reimbursement | &nbsp;&nbsp;&nbsp; 1.45%† | 1.49% | 1.82% | 1.39% | 1.33% | 1.61%  |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 9.46%‡  | 27.16% | 33.77% | 44.34% | 26.45% | 36.17% |

---

---

| | |
|:---|:---|
| +<br>| Less than $0.005 per share. |

---

^ Based on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;† Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;‡ Not annualized.

The accompanying notes are an integral part of these financial statements.

26<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Huber Mid Cap Value Fund** 

**FINANCIAL HIGHLIGHTS** 

**Investor Class** 

**For a share outstanding throughout each period** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended**<br>**April 30, 2025**<br>(Unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months** <br>**Ended**<br>**April 30, 2025**<br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $16.28 | $13.53 | $14.95 | $14.80 | $9.53 | $12.32 |
|  **Income from investment operations:**<br>|  |  |  |  |  |  |
| Net investment income^ | &nbsp;&nbsp;&nbsp;&nbsp;0.05  | 0.14  | 0.18  | 0.13  | 0.05  | 0.04  |
|  Net realized and unrealized gain/(loss) on investments and foreign currency related transactions | &nbsp;&nbsp;&nbsp; (1.52) | 2.78  | (1.33) | 0.16  | 5.30  | (2.83) |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp; (1.47) | 2.92  | (1.15) | 0.29  | 5.35  | (2.79) |
| **Less distributions:**<br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp; (0.17) | (0.17) | (0.27) | (0.14) | (0.08) | (0.00)+  |
| Redemption fees retained | &nbsp;&nbsp;&nbsp; — |  |  | 0.00^+ |  |  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $14.64 | $16.28 | $13.53 | $14.95 | $14.80 | $9.53 |
| Total return | &nbsp;&nbsp;&nbsp; -9.16%‡  | 21.76% | -7.72% | 1.99% | 56.34% | -22.65% |
| **Ratios/supplemental data:**<br>|  |  |  |  |  |  |
| Net assets, end of period (thousands) | &nbsp;&nbsp;&nbsp; $405  | $445  | $370  | $516  | $510  | $256  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before advisory fee waiver and expense reimbursement | &nbsp;&nbsp;&nbsp; 1.59%† | 2.09% | 2.64% | 2.76% | 3.71% | 13.99% |
| &nbsp;&nbsp;&nbsp; After advisory fee waiver and expense reimbursement | &nbsp;&nbsp;&nbsp; 1.25%† | 1.15% | 1.05% | 1.05% | 1.14% | 1.30% |
|  Ratio of net investment income/(loss) to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before advisory fee waiver and expense reimbursement | &nbsp;&nbsp;&nbsp; 0.33%† | 0.00% | (0.33)% | (0.86)% | (2.18)% | (12.29)% |
| &nbsp;&nbsp;&nbsp; After advisory fee waiver and expense reimbursement | &nbsp;&nbsp;&nbsp; 0.67%† | 0.94% | 1.26% | 0.85% | 0.39% | 0.40% |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 19.10%‡  | 63.23% | 66.66% | 73.00% | 59.38% | 118.94% |

---

^ Based on average shares outstanding.

---

| | |
|:---|:---|
| +<br>| Less than $.005 per share. |

---

&nbsp;&nbsp;&nbsp;&nbsp;† Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;‡ Not annualized.

The accompanying notes are an integral part of these financial statements.

27<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Huber Mid Cap Value Fund** 

**FINANCIAL HIGHLIGHTS** 

**Institutional Class** 

**For a share outstanding throughout each period** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended**<br>**April 30, 2025**<br>(Unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months** <br>**Ended**<br>**April 30, 2025**<br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $16.32 | $13.55 | $14.97 | $14.83 | $9.55 | $12.33 |
|  **Income from investment operations:**<br>|  |  |  |  |  |  |
| Net investment income^ | &nbsp;&nbsp;&nbsp;&nbsp;0.07  | 0.17  | 0.18  | 0.13  | 0.08  | 0.07  |
|  Net realized and unrealized gain/(loss) on investments and foreign currency related transactions | &nbsp;&nbsp;&nbsp; (1.52) | 2.78  | (1.32) | 0.17  | 5.30  | (2.85) |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp; (1.45) | 2.95  | (1.14) | 0.30  | 5.38  | (2.78) |
| **Less distributions:**<br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp; (0.20) | (0.18) | (0.28) | (0.16) | (0.10) | (0.00)+  |
| Redemption fees retained | &nbsp;&nbsp;&nbsp; — |  |  | 0.00^+ |  |  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $14.67  | $16.32  | $13.55  | $14.97  | $14.83  | $9.55  |
| Total return | &nbsp;&nbsp;&nbsp; -9.05%‡  | 21.94% | -7.66% | 2.02% | 56.61% | -22.55% |
| **Ratios/supplemental data:**<br>|  |  |  |  |  |  |
| Net assets, end of period (thousands) | &nbsp;&nbsp;&nbsp; $10966  | $10934  | $9364  | $8492  | $6958  | $1310  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before advisory fee waiver and expense reimbursement | &nbsp;&nbsp;&nbsp; 1.34%† | 1.94% | 2.59% | 2.71% | 3.57% | 13.69% |
| &nbsp;&nbsp;&nbsp; After advisory fee waiver and expense reimbursement | &nbsp;&nbsp;&nbsp; 1.00%† | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
|  Ratio of net investment income/(loss) to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before advisory fee waiver and expense reimbursement | &nbsp;&nbsp;&nbsp; 0.57%† | 0.16% | (0.30)% | (0.81)% | (2.05)% | (11.99)% |
| &nbsp;&nbsp;&nbsp; After advisory fee waiver and expense reimbursement | &nbsp;&nbsp;&nbsp; 0.91%† | 1.10% | 1.29% | 0.90% | 0.52% | 0.70% |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 19.10%‡  | 63.23% | 66.66% | 73.00% | 59.38% | 118.94% |

---

^ Based on average shares outstanding.

---

| | |
|:---|:---|
| +<br>| Less than $.005 per share. |

---

&nbsp;&nbsp;&nbsp;&nbsp;† Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;‡ Not annualized.

The accompanying notes are an integral part of these financial statements.

28<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**HUBER FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**at April 30, 2025 (Unaudited)** 

**NOTE 1 – ORGANIZATION** 

The Huber Select Large Cap Value Fund, the Huber Small Cap Value Fund, the Huber Large Cap Value Fund, and the Huber Mid Cap Value Fund (each a "Fund" and collectively, the "Funds") are each a diversified series of Advisors Series Trust (the "Trust"), which is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. Each of the Funds has separate assets and liabilities and differing investment objectives. The investment objective of the Huber Select Large Cap Value Fund (the "Select Large Cap Value Fund"), Huber Large Cap Value Fund (the "Large Cap Value Fund"), and the Huber Mid Cap Value Fund (the "Mid Cap Value Fund") is current income and capital appreciation. The investment objective of the Huber Small Cap Value Fund (the "Small Cap Value Fund") is capital appreciation. The Funds follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standard Codification Topic 946 "Financial Services – Investment Companies".

The Investor Class of the Select Large Cap Value Fund and the Small Cap Value Fund commenced operations on June 29, 2007. As of October 25, 2011, the former Institutional shares were re-designated as Investor Class shares. The Select Large Cap Value Fund and the Small Cap Value Institutional Classes subsequently commenced operations on October 25, 2011. The Large Cap Value Fund commenced operations on December 31, 2012. The Mid Cap Value Fund commenced operations on December 31, 2015.

**NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES** 

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America.

&nbsp;&nbsp;&nbsp;&nbsp;A. *Security Valuation*:
 All investments in securities are recorded at their estimated fair value, as described in Note 3.

&nbsp;&nbsp;&nbsp;&nbsp;B. *Federal Income Taxes*: It is the Funds' policy to comply with the requirements of Subchapter M of the Internal Revenue Code applicable to
 regulated investment companies and to distribute substantially all of its taxable income to shareholders. Therefore, no Federal income
 or excise tax provision is required.

The Funds recognize the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The tax returns of the Funds' prior three fiscal years are open for examination. Management has reviewed all open tax years in major jurisdictions and concluded that there is no impact on the Funds' net assets and no tax liability resulting from unrecognized tax events relating to uncertain income tax positions taken or expected to be taken on a tax return. The Funds identify their major tax jurisdictions as U.S. Federal and the state of Wisconsin; however, the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

&nbsp;&nbsp;&nbsp;&nbsp;C. *Securities Transactions, Income and Distributions*: Security transactions are accounted for on the trade date. Realized gains and losses on
 securities sold are calculated on the basis of specified cost. Interest income is recorded on an accrual basis. Dividend income and distributions
 to shareholders are recorded on the ex-dividend date. Withholding taxes on foreign dividends have been provided for in accordance with
 the Funds' understanding of the applicable country's tax rules and rates.

Investment income, expenses (other than those specific to the class of shares), and realized and unrealized gains and losses on investments are allocated to the separate classes of each Fund based upon their relative net assets on the date income is earned or expensed and realized and unrealized gains and losses are incurred.

Each Fund is charged for those expenses that are directly attributable to the Fund, such as investment advisory, custody and transfer agent fees. Expenses that are not attributable to a Fund are typically allocated among the Funds in proportion to their respective net assets. Common expenses of the Trust are typically allocated among funds in the Trust based on a fund's respective net assets, or by other equitable means.

29<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**HUBER FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**at April 30, 2025 (Unaudited)(Continued)** 

The Funds distribute substantially all net investment income, if any, annually and net realized capital gains, if any, annually. Distributions from net realized gains for book purposes may include short-term capital gains. All short-term capital gains are included in ordinary income for tax purposes.

The amount and character of income and net realized gains to be distributed are determined in accordance with Federal income tax rules and regulations which may differ from accounting principles generally accepted in the United States of America. To the extent these book/tax differences are permanent, such amounts are reclassified within the capital accounts based on their Federal tax treatment.

&nbsp;&nbsp;&nbsp;&nbsp;D. *Reclassification of Capital Accounts*: Accounting principles generally accepted in the United States of America require that certain components of
 net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect
 on net assets or net asset value per share.

&nbsp;&nbsp;&nbsp;&nbsp;E. *Use of Estimates*:
 The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires
 management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets
 and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operation
 during the reporting period. Actual results could differ from those estimates.

&nbsp;&nbsp;&nbsp;&nbsp;F. *Redemption Fees*: The Funds charge a 1.00% redemption fee to shareholders who redeem shares held for 60 days or less. Such fees are retained
 by the Funds and accounted for as an addition to paid-in capital. The redemption fees retained by each Fund are disclosed in the statements
 of changes.

&nbsp;&nbsp;&nbsp;&nbsp;G. *REITs*:
 The Funds have made certain investments in real estate investment trusts ("REITs") which pay dividends to their shareholders
 based upon funds available from operations. It is quite common for these dividends to exceed the REIT's taxable earnings and profits
 resulting in the excess portion of such dividends being designated as a return of capital. The Funds intend to include the gross dividends
 from such REITs in their annual distributions to its shareholders and, accordingly, a portion of the Funds' distributions may also
 be designated as a return of capital.

&nbsp;&nbsp;&nbsp;&nbsp;H. *Foreign Currency*:
 Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the
 date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated
 to U.S. dollar amounts on the respective dates of such transactions.

The Funds do not isolate those portions of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments.

Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds' books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period-end, resulting from changes in exchange rates.

&nbsp;&nbsp;&nbsp;&nbsp;I. *Events Subsequent to the Fiscal Period End*: In preparing the financial statements as of April 30, 2025, management considered the impact of
 subsequent events for potential recognition or disclosure in the financial statements. Management has determined there were no subsequent
 events that would need to be disclosed in the Funds' financial statements.

**NOTE 3 – SECURITIES VALUATION** 

The Funds have adopted authoritative fair value accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion in changes in

30<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**HUBER FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**at April 30, 2025 (Unaudited)(Continued)** 

valuation techniques and related inputs during the period and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below:

Level 1 –

Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access.

Level 2 –

Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speed, credit risk, yield curves, default rates, and similar data.

Level 3 –

Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

Following is a description of the valuation techniques applied to the Funds' major categories of assets and liabilities measured at fair value on a recurring basis.

Each Fund determines the fair value of its investments and computes its net asset value per share as of the close of regular trading on the New York Stock Exchange (4:00 EST).

Equity Securities – The Funds' investments are carried at fair value. Securities that are primarily traded on a national securities exchange shall be valued at the last sale price on the exchange on which they are primarily traded on the day of valuation or, if there has been no sale on such day, at the mean between the bid and asked prices. Securities primarily traded in the NASDAQ Global Market System for which market quotations are readily available shall be valued using the NASDAQ Official Closing Price ("NOCP"). If the NOCP is not available, such securities shall be valued at the last sale price on the day of valuation, or if there has been no sale on such day, at the mean between the bid and asked prices. Over-the-counter securities which are not traded in the NASDAQ Global Market System shall be valued at the most recent sales price. The values for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates. Exchange rates are provided daily by a recognized independent pricing agent. To the extent, these securities are actively traded, and valuation adjustments are not applied, they are categorized in level 1 of the fair value hierarchy.

Investment Companies – Investments in open-end mutual funds, including money market funds, are generally priced at their net asset value per share provided by the service agent of the funds and will be classified in level 1 of the fair value hierarchy.

Short-Term Securities – Short-term debt securities, including those securities having a maturity of 60 days or less, are valued at the evaluated mean between the bid and asked prices. To the extent the inputs are observable and timely, these securities would be classified in level 2 of the fair value hierarchy.

The Board of Trustees (the "Board") has adopted a valuation policy for use by the Funds and their Valuation Designee (as defined below) in calculating each Fund's net asset value ("NAV"). Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated the Fund's investment adviser, Huber Capital Management, LLC ("Adviser"), as the "Valuation Designee" to perform all of the fair value determinations as well as to perform all of the responsibilities that may be performed by the Valuation Designee in accordance with Rule 2a-5, subject to the Board's oversight. The Adviser, as Valuation Designee is, authorized to make all necessary determinations of the fair values of portfolio securities and other assets for which market quotations are not readily available or if it is deemed that the prices obtained from brokers and dealers or independent pricing services are unreliable.

Depending on the relative significance of the valuation inputs, fair valued securities may be classified in either level 2 or level 3 of the fair value hierarchy.

31<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**HUBER FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**at April 30, 2025 (Unaudited)(Continued)** 

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the inputs used to value the Funds' securities as of April 30, 2025:

**Huber Select Large Cap Value Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $318126210  | $— | $— | $318126210  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 36264448  |  |  | 36264448  |
| **Total Assets** | $354390658  | $— | $— | $354390658 |

---

**Huber Small Cap Value Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $69333166  | $— | $— | $69333166  |
| &nbsp;&nbsp;&nbsp; Real Estate Investment Trusts  | 1679473  |  |  | 1679473  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 1994035  |  |  | 1994035  |
| **Total Assets** | $73006674  | $— | $— | $73006674 |

---

**Huber Large Cap Value Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $15861239 | $— | $— | $15861239  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 1120242 |  |  | 1120242  |
| **Total Assets** | $16981481 | $— | $— | $16981481 |

---

**Huber Mid Cap Value Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $9738088 | $— | $— | $9738088  |
| &nbsp;&nbsp;&nbsp; Real Estate Investment Trusts | 50567 |  |  | 50567  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 1137415 |  |  | 1137415  |
| **Total Assets** | $10926070 | $— | $— | $10926070 |

---

Accounting Pronouncements – In June 2022, the FASB issued Accounting Standards Update 2022-03, which amends Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions ("ASU 2022-03"). ASU 2022-03 clarifies guidance for fair value measurement of an equity security subject to a contractual sale restriction and establishes new disclosure requirements for such equity securities. ASU 2022-03 is effective for fiscal years beginning after December 15, 2023 and for interim periods within those fiscal years, with early adoption permitted. Management has determined that there was no significant impact of these amendments on the Fund's financials statements.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole. The amendments expand a public entity's segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker, clarifying when an entity may report one or more additional measures to assess segment performance, requiring

32<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**HUBER FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**at April 30, 2025 (Unaudited)(Continued)** 

enhanced interim disclosures and providing new disclosure requirements for entities with a single reportable segment, among other new disclosure requirements. The amendments are effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, and early adoption is permitted. Management has evaluated the impact of adopting this guidance with respect to the financial statements and disclosures and determined there is no material impact for the Funds. Each Fund operates as a single segment entity. Each Fund's income, expenses, assets, and performance are regularly monitored and assessed by the Adviser, who serves as the chief operating decision maker, using the information presented in the financial statements and financial highlights.

**NOTE 4 – INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES** 

The Funds have an investment advisory agreement with the Adviser pursuant to which the Adviser is responsible for providing investment management services to the Funds. The Adviser furnishes all investment advice, office space and facilities, and provides most of the personnel needed by the Funds. As compensation for its services, the Adviser is entitled to a fee, computed daily and payable monthly. The Select Large Cap Value Fund pays fees calculated at an annual rate of 0.99% based upon the Fund's average daily net assets for the first $10 billion, 0.75% based upon the Fund's average daily net assets for the next $10 billion, and 0.50% based upon the Fund's average daily net assets in excess of $20 billion. Effective February 28, 2025, the Adviser has agreed to voluntarily reduce the Select Large Cap Value Fund's contractual management fee from 0.99% to 0.80% through February 28, 2026. Prior to February 28, 2025, the Adviser agreed to voluntarily reduce the Fund's contractual management fee to 0.75%. The Small Cap Value Fund pays fees calculated at an annual rate of 1.35% based upon the Fund's average daily net assets for the first $5 billion and 1.00% based upon the Fund's average daily net assets in excess of $5 billion. The Adviser has agreed to voluntarily reduce the Small Cap Value Fund's contractual management fee from 1.35% to 0.99% through February 28, 2026. The Large Cap Value Fund pays fees calculated at an annual rate of 0.75% based upon the Fund's average daily net assets for the first $10 billion and 0.50% based upon the Fund's average daily net assets in excess of $10 billion. Effective February 28, 2025, the Adviser has agreed to voluntarily reduce the Large Cap Value Fund's contractual management fee from 0.75% to 0.05% through February 28, 2026. Prior to February 28, 2025, the Adviser agreed to voluntarily reduce the Fund's contractual management fee to 0.00%. The Mid Cap Value Fund pays fees calculated at an annual rate of 1.00% based upon the Fund's average daily net assets. Effective February 28, 2025, the Adviser has agreed to voluntarily reduce the Mid Cap Value Fund's contractual management fee from 1.00% to 0.05% through February 28, 2026. Prior to February 28, 2025, the Adviser agreed to voluntarily reduce the Fund's contractual management fee to 0.00%. For the six months ended April 30, 2025, the advisory fees incurred by the Funds are disclosed in the statements of operations.

The Funds are responsible for their own operating expenses. The Adviser has contractually agreed to reduce fees payable to it by the Funds and to pay Fund operating expenses (excluding class specific expenses such as the 0.25% 12b-1 fees applied to the Investor Class, 0.15% shareholder servicing fees applied to the Investor Class and 0.10% applied to the Institutional Class of the Mid Cap Value Fund, acquired fund fees and expenses, interest expense, taxes and extraordinary expenses) to the extent necessary to limit the Funds' aggregate annual operating expenses as follows:

---

| | |
|:---|:---|
|  | **Expense Caps**  |
| Select Large Cap Value Fund | 0.99%  |
| Small Cap Value Fund | 1.28%  |
| Large Cap Value Fund | 0.75%  |
| Mid Cap Value Fund | 1.00% |

---

Percent of average daily net assets of the Funds.

Any such reduction made by the Adviser in its fees or payment of expenses which are the Funds' obligation are subject to reimbursement by the Funds to the Adviser, if so requested by the Adviser, in any subsequent month in the 36-month period from the date of the management fee reduction and expense payment if the aggregate amount actually paid by the Funds toward the operating expenses for such fiscal year (taking into account the reimbursement) will not cause the Fund to exceed the lesser of: (1) the expense limitation in place at the time of the management fee reduction and expense payment; or (2) the expense limitation in place at the time of the reimbursement. Any such reimbursement is also contingent upon Board of Trustees review and approval. Such reimbursement may not be paid prior to the Funds' payment of current ordinary operating

33<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**HUBER FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**at April 30, 2025 (Unaudited)(Continued)** 

expenses. For the six months ended April 30, 2025, the Adviser reduced its fees and absorbed Fund expenses in the amount of $1,251 for the Small Cap Value Fund, $16,675 for the Large Cap Value Fund and $19,246 for the Mid Cap Value Fund.

For the six months ended April 30, 2025, the Adviser recouped management fees in the amount of $186,641 from the Select Large Cap Value Fund and $9,738 from the Small Cap Value Fund. The Adviser did not recoup management fees from the Large Cap Value Fund or the Mid Cap Value Fund. The Adviser may recapture portions of the amounts shown below no later than the corresponding dates:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Date** | **Select Large Cap** <br>**Value Fund** | **Small Cap** <br>**Value Fund** | **Large Cap** <br>**Value Fund** | **Mid Cap** <br>**Value Fund**  |
| 10/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $— | $46998 | $70845 | $69697  |
| 10/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 8707 | 77007 | 147839 | 137835  |
| 10/31/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 11491 | 92286 | 121075 | 111466  |
| 4/30/2028 | &nbsp;&nbsp;&nbsp;&nbsp; — | 1251 | 16675 | 19246  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; $20198 | $217542 | $356434 | $338244 |

---

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services ("Fund Services") serves as the Funds' administrator, fund accountant and transfer agent. U.S. Bank N.A. serves as the Funds' custodian (the "Custodian"). The Custodian is an affiliate of Fund Services. Fund Services maintains the Funds' books and records, calculates the Funds' NAV, prepares various federal and state regulatory filings, coordinates the payment of fund expenses, reviews expense accruals and prepares materials supplied to the Board of Trustees. The officers of the Trust, including the Chief Compliance Officer, are employees of Fund Services. Fees paid by the Funds for administration and accounting, transfer agency, custody and compliance services for the six months ended April 30, 2025, are disclosed in the statements of operations.

Quasar Distributors, LLC ("Quasar") acts as the Fund's principal underwriter in a continuous public offering of the Fund's shares. Quasar is a wholly-owned subsidiary of Foreside Financial Group, LLC, doing business as ACA Group.

**NOTE 5 – SHAREHOLDER SERVICING FEE** 

The Funds have entered into a shareholder servicing agreement (the "Agreement") with the Adviser, under which the Investor Class of the Funds may pay servicing fees at an annual rate of up to 0.15% of the average daily net assets of each Investor Class and at an annual rate of up to 0.10% of the average daily net assets of the Institutional Class of the Mid Cap Value Fund. Payments to the Adviser under the Agreement may reimburse the Adviser for payments it makes to selected brokers, dealers and administrators which have entered into service agreements with the Adviser for services provided to shareholders of the Funds. The services provided by such intermediaries are primarily designed to assist shareholders of the Funds and include the furnishing of office space and equipment, telephone facilities, personnel and assistance to the Funds in servicing such shareholders. Services provided by such intermediaries also include the provision of support services to the Funds and include establishing and maintaining shareholders' accounts and record processing, purchase and redemption transactions, answering routine client inquiries regarding the Funds, and providing such other personal services to shareholders as the Funds may reasonably request. For the six months ended April 30, 2025, the shareholder servicing fees accrued by each Fund's Investor Class are disclosed in the statements of operations. The Mid Cap Value Fund did not accrue shareholder servicing fees during the six months ended April 30, 2025.

**NOTE 6 – 12B-1 DISTRIBUTION AGREEMENT AND PLAN** 

The Funds have adopted a Distribution Plan pursuant to Rule 12b-1 (the "Plan"). The Plan permits the Funds to pay Quasar Distributors, LLC (the "Distributor") for distribution and related expenses at an annual rate of up to 0.25% of each Fund's Investor Class' average daily net assets. The expenses covered by the Plan may include the cost of preparing and distributing prospectuses and other sales material, advertising and public relations expenses, payments to financial intermediaries and compensation of personnel involved in selling shares of the Funds. Payments made pursuant to the Plan will represent reimbursement for specific expenses incurred in connection with the promotion and distribution of shares. For the six months ended April 30, 2025, the 12b-1 fees accrued by each Fund's Investor Class are disclosed in the statements of operations.

34<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**HUBER FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**at April 30, 2025 (Unaudited)(Continued)** 

**NOTE 7 – PURCHASES AND SALES OF SECURITIES** 

For the six months ended April 30, 2025, the cost of purchases and the proceeds from sales of securities (excluding short-term securities) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Select Large Cap** <br>**Value Fund** | **Small Cap** <br>**Value Fund** | **Large Cap** <br>**Value Fund** | **Mid Cap** <br>**Value Fund**  |
| Purchases | $122594622 | $13569080 | $3385882 | $2261252  |
| Sales | 56354512 | 11187860 | 1466516 | 2037017 |

---

During the six months ended April 30, 2025, there were no purchases or sales of U.S. Government securities in any of the Funds.

**NOTE 8 – INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS** 

The tax character of distributions paid during the six months ended April 30, 2025, and the year ended October 31, 2024, was as follows:

---

| | | |
|:---|:---|:---|
|  | **Select Large Cap Value Fund**  | **Select Large Cap Value Fund**  |
|  | **April 30,** <br>**2025** | **October 31,** <br>**2024**  |
| Ordinary income | $3783815 | $1380121 |

---

---

| | | |
|:---|:---|:---|
|  | **Small Cap Value Fund**  | **Small Cap Value Fund**  |
|  | **April 30,** <br>**2025** | **October 31,** <br>**2024**  |
| Ordinary income | $242984 | $275714 |

---

---

| | | |
|:---|:---|:---|
|  | **Large Cap Value Fund**  | **Large Cap Value Fund**  |
|  | **April 30,** <br>**2025** | **October 31,** <br>**2024**  |
| Ordinary income | $189312 | $185156 |

---

---

| | | |
|:---|:---|:---|
|  | **Mid Cap Value Fund**  | **Mid Cap Value Fund**  |
|  | **April 30,** <br>**2025** | **October 31,** <br>**2024**  |
| Ordinary income | $136918 | $126366 |

---

As of October 31, 2024, the Funds' most recently completed fiscal year end, the components of accumulated earnings/(losses) on a tax basis were as follows:

---

| | | |
|:---|:---|:---|
|  | **Select Large Cap** <br>**Value Fund** | **Small Cap** <br>**Value Fund**  |
| Cost of investments for tax purposes<sup>(a)</sup> | $200808304 | $45050257  |
| Gross tax unrealized appreciation | 86139635 | 37905996  |
| Gross tax unrealized depreciation | (7804598) | (3827367)  |
| Net tax unrealized appreciation | 78335037 | 34078629  |
| Net unrealized depreciation on foreign currency |  | (193)  |
| Undistributed ordinary income | 2614187 | 195424  |
| Undistributed long-term capital gain |  | —  |
| Total distributable earnings | 2614187 | 195424  |
| Other accumulated losses | (10396145) | (15438992)  |
| Total accumulated earnings | $70553079 | $18834868 |

---

35<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**HUBER FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**at April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Large Cap** <br>**Value Fund** | **Mid Cap** <br>**Value Fund**  |
| Cost of investments for tax purposes<sup>(a)</sup> | $7119248 | $7059834  |
| Gross tax unrealized appreciation | 7696084 | 4416418  |
| Gross tax unrealized depreciation | (195641) | (135883)  |
| Net tax unrealized appreciation | 7500443 | 4280535  |
| Undistributed ordinary income | 133547 | 106831  |
| Undistributed long-term capital gain |  | —  |
| Total distributable earnings | 133547 | 106831  |
| Other accumulated losses | (1496118) | (1277387)  |
| Total accumulated earnings | $6137872 | $3109979 |

---

<sup>(a)</sup> The difference between book-basis and tax-basis net unrealized appreciation and cost is attributable primarily to the tax deferral of losses on wash sales, PFICs and partnerships.

At October 31, 2024, the Funds had capital loss carryforwards as follows:

---

| | | |
|:---|:---|:---|
|  | **Capital Loss Carryforwards**  | **Capital Loss Carryforwards**  |
|  | **Short-Term** | **Long-Term**  |
| Select Large Cap Value Fund | $10381509 | $14636  |
| Small Cap Value Fund | 12587741 | 2851251  |
| Large Cap Value Fund | 1183287 | 312831  |
| Mid Cap Value Fund | 1058978 | 218409 |

---

These capital losses may be carried forward indefinitely to offset future gains.

**NOTE 9 – CONTROL OWNERSHIP** 

A beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of the fund, under Section 2(a)(9) of the 1940 Act. As of April 30, 2025, each Fund's percentage of control ownership positions greater than 25% are as follows:

---

| | | |
|:---|:---|:---|
| **Select Large Cap Value Fund**  | **Investor Class** | **Institutional Class**  |
| LPL Financial  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34.21%  |
| Pershing LLC  | &nbsp;&nbsp;&nbsp;&nbsp; 44.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |

---

---

| | | |
|:---|:---|:---|
| **Small Cap Value Fund**  | **Investor Class** | **Institutional Class**  |
| National Financial Services LLC | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33.90%  |
| Shadowlawn Investments LP  | &nbsp;&nbsp;&nbsp;&nbsp; 54.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |

---

---

| | | |
|:---|:---|:---|
| **Large Cap Value Fund**  | **Investor Class** | **Institutional Class**  |
| Lizanne Falsetto Living Trust | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43.40%  |
| Morgan Stanley Smith Barney LLC  | &nbsp;&nbsp;&nbsp;&nbsp; 49.78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| National Financial Services LLC | &nbsp;&nbsp;&nbsp;&nbsp; 49.08%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |

---

---

| | | |
|:---|:---|:---|
| **Mid Cap Value Fund**  | **Investor Class** | **Institutional Class**  |
| Lizanne Falsetto Living Trust | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47.49%  |
| Hilton Family Trust  | &nbsp;&nbsp;&nbsp;&nbsp; 88.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Huber Capital Investments LLC | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29.03% |

---

36<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**HUBER FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**at April 30, 2025 (Unaudited)(Continued)** 

**NOTE 10 – PRINCIPAL RISKS** 

Below is a summary of some, but not all, of the principal risks of investing in the Funds, each of which may adversely affect a Fund's net asset value and total return. The Funds' most recent prospectus provides further descriptions of each Fund's investment objective, principal investment strategies and principal risks.

&nbsp;&nbsp;&nbsp;&nbsp;• **General Market Risk** – Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the
 likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions.
 Securities in the Fund's portfolio may underperform in comparison to securities in general financial markets, a particular financial
 market or other asset classes due to a number of factors, including: inflation (or expectations for inflation); deflation (or expectations
 for deflation); interest rates; market instability; financial system instability; debt crises and downgrades; embargoes; tariffs; sanctions
 and other trade barriers; regulatory events; other governmental trade or market control programs and related geopolitical events. In addition,
 the value of the Fund's investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental
 disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics. Conflict, loss of life and
 disaster connected to ongoing armed conflict between Ukraine and Russia in Europe and Israel and Hamas in the Middle East could have severe
 adverse effects on the region, including significant adverse effects on the regional or global economies and the markets for certain securities.
 The U.S. and the European Union imposed sanctions on certain Russian individuals and companies, including certain financial institutions,
 and have limited certain exports and imports to and from Russia. The war has contributed to recent market volatility and may continue
 to do so.

&nbsp;&nbsp;&nbsp;&nbsp;• **Foreign Securities and Emerging Markets Risk** – Investments in foreign currencies and foreign issuers are subject to additional risks, including
 political and economic risks, greater volatility, civil conflicts and war, sanctions or other measures by the United States or other governments,
 liquidity risks, currency fluctuations, higher transaction costs, delayed settlement, possible foreign controls on investment, expropriation
 and nationalization risks, and less stringent investor protection and disclosure standards of foreign markets. Events and evolving conditions
 in certain economies or markets may alter the risks associated with investments tied to countries or regions that historically were perceived
 as comparatively stable becoming riskier and more volatile. These risks are magnified in countries in "emerging markets."
 Emerging market countries typically have less-established market economies than developed countries and may face greater social, economic,
 regulatory and political uncertainties. In addition, emerging markets typically present greater illiquidity and price volatility concerns
 due to smaller or limited local capital markets and greater difficulty in determining market valuations of securities due to limited public
 information on issuers.

&nbsp;&nbsp;&nbsp;&nbsp;• **Initial Public Offering Risk** – The risk exists that the market value of IPO shares will fluctuate considerably due to factors such as the
 absence of a prior public market, unseasoned trading, the small number of shares available for trading and limited information about the
 issuer. The purchase of IPO shares may involve high transaction costs. IPO shares are subject to market risk and liquidity risk. When
 the Select Large Cap Value Fund's asset base is small, a significant portion of the Fund's performance could be attributable
 to investments in IPOs, because such investments would have a magnified impact on the Fund. As the Fund's assets grow, the effect
 of the Fund's investments in IPOs on the Fund's performance probably will decline, which could reduce the Fund's performance.

&nbsp;&nbsp;&nbsp;&nbsp;• **Value Style Investing Risk** – Certain equity securities (generally referred to as value securities) are purchased primarily because they
 are selling at prices below what an Adviser believes to be their fundamental value and not necessarily because the issuing companies are
 expected to experience significant earnings growth. The Funds bear the risk that the companies that issued these securities may not overcome
 the adverse business developments or other factors causing their securities to be perceived by the Adviser to be under-priced or that
 the market may never come to recognize their fundamental value. A value stock may not increase in price, as anticipated by the Adviser
 investing in such securities, if other investors fail to recognize the company's value and bid up the price or invest in markets
 favoring faster growing companies. A Fund's strategy of investing in value stocks also carries the risk that in certain markets
 value stocks will under-perform growth stocks.

37<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**HUBER FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**at April 30, 2025 (Unaudited)(Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;• **Sector Emphasis Risk** – The Adviser's value investment strategy of identifying investment opportunities through a bottom-up process
 emphasizing internally generated fundamental research, may from time to time result in the Funds investing significant amounts of their
 portfolios in securities of issuers principally engaged in the same or related businesses. Market conditions, interest rates and economic,
 regulatory or financial developments could significantly affect a single business or a group of related businesses. Sector emphasis risk
 is the risk that the securities of companies in such business or businesses, if comprising a significant portion of the Funds' portfolios,
 could react in some circumstances negatively to these or other developments and adversely affect the value of the portfolio to a greater
 extent than if such business or businesses comprised a lesser portion of a Fund's portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;• **Small-Cap Companies Risk (Small Cap Value Fund only)** – Investing in securities of small-sized companies may involve greater volatility than investing
 in larger and more established companies because companies with small market capitalizations can be subject to more abrupt or erratic
 share price changes than larger, more established companies.

&nbsp;&nbsp;&nbsp;&nbsp;• **Mid-Sized Companies Risk (Mid Cap Value Fund only)** – Investing in securities of mid cap companies may involve greater risk than investing in
 larger, more established companies because they can be subject to more abrupt or erratic share price changes. Smaller companies may have
 limited product lines, or limited market or financial resources and their management may be dependent on a limited number of key individuals.
 Securities of these companies may have limited market liquidity and their prices may be more volatile. These stocks present greater risks
 than securities of larger, more diversified companies.

&nbsp;&nbsp;&nbsp;&nbsp;• **Large-Sized Company Risk (Select Large Cap Value Fund)** – The stocks of larger companies may underperform relative to those of small and
 mid-sized companies. Larger, more established companies may be unable to respond quickly to new competitive challenges like changes in
 consumer tastes or innovative smaller competitors. In addition, large-cap companies are sometimes unable to attain the high growth rates
 of successful, smaller companies, especially during extended periods of economic expansion.

**NOTE 11 – OFFICERS** 

Ms. Lillian Kabakali resigned as Secretary and Vice President of the Trust effective February 21, 2025. Ms. Elaine Richards was appointed Secretary and Vice President of the Trust effective February 21, 2025. Previously, Ms. Richards served as Assistant Secretary of the Trust. Effective March 20, 2025, Mr. Albert Sosa was appointed Assistant Treasurer of the Trust.

38<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**HUBER FUNDS** 

**Approval of Investment Advisory Agreement (Unaudited)** 

**Huber Select Large Cap Value Fund** 

**Huber Small Cap Value Fund** 

**Huber Large Cap Value Fund** 

**Huber Mid Cap Value Fund** 

At meetings held on October 17, 2024 and December 12-13, 2024, the Board (which is comprised of five persons, all of whom are Independent Trustees as defined under the Investment Company Act of 1940, as amended), considered and approved, for another annual term, the continuance of the investment advisory agreement (the "Advisory Agreement") between Advisors Series Trust (the "Trust") and Huber Capital Management, LLC (the "Adviser") on behalf of the Huber Select Large Cap Value Fund (the "Select Large Cap Value Fund"), Huber Small Cap Value Fund (the "Small Cap Value Fund"), Huber Large Cap Value Fund (the "Large Cap Value Fund) and Huber Mid Cap Value Fund (the "Mid Cap Value Fund") (collectively, the "Funds"). At both meetings, the Board received and reviewed substantial information regarding the Funds, the Adviser and the services provided by the Adviser to the Funds under the Advisory Agreement. This information, together with the information provided to the Board throughout the course of the year, formed the primary (but not exclusive) basis for the Board's determination. Below is a summary of the factors considered by the Board and the conclusions that formed the basis for the Board's approval of the continuance of the Advisory Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;1. The
 nature, extent and quality of the services provided and to be provided by the Adviser under the Advisory Agreement. The Board considered
 the nature, extent and quality of the Adviser's overall services provided to the Funds, as well as its specific responsibilities
 in all aspects of day-to-day investment management of the Funds. The Board considered the qualifications, experience and responsibilities
 of the portfolio manager, as well as the responsibilities of other key personnel of the Adviser involved in the day-to-day activities
 of the Funds. The Board also considered the resources and compliance structure of the Adviser, including information regarding its compliance
 program, its chief compliance officer and the Adviser's compliance record, as well as the Adviser's cybersecurity program,
 liquidity risk management program, business continuity plan, valuation procedures, and risk management process. The Board further considered
 the prior relationship between the Adviser and the Trust, as well as the Board's knowledge of the Adviser's operations, and
 noted that during the course of the prior year they had met with certain personnel of the Adviser to discuss the Funds' performance
 and investment outlook as well as various compliance topics and fund marketing/distribution. The Board concluded that the Adviser had
 the quality and depth of personnel, resources, investment processes and compliance policies and procedures essential to performing its
 duties under the Advisory Agreement and that they were satisfied with the nature, overall quality and extent of such management services.

&nbsp;&nbsp;&nbsp;&nbsp;2. The
 Funds' historical performance and the overall performance of the Adviser. In assessing the quality of the portfolio management
 delivered by the Adviser, the Board reviewed the short-term and long-term performance of each Fund as of June 30, 2024, on both an
 absolute basis and a relative basis in comparison to its peer funds utilizing Morningstar classifications, appropriate securities market
 benchmarks, a cohort that is comprised of similarly managed funds selected by an independent third-party consulting firm engaged by the
 Board to assist it in its 15(c) review (the "Cohort"), and the Adviser's similarly managed accounts, if applicable.
 While the Board considered both short-term and long-term performance, it placed greater emphasis on longer term performance. When reviewing
 performance against the comparative Morningstar peer group universe, the Board took into account that the investment objectives and strategies
 of each Fund, its focus on tax efficiency as well as its level of risk tolerance, may differ significantly from funds in the peer universe.
 When reviewing the Fund's performance against broad market benchmarks, the Board took into account the differences in portfolio
 construction between the Fund and such benchmarks as well as other differences between actively managed funds and passive benchmarks,
 such as objectives and risks. In assessing periods of relative underperformance or outperformance, the Board took into account that relative
 performance can be significantly impacted by performance measurement periods and that some periods of underperformance may be transitory
 in nature while others may reflect more significant underlying issues.

39<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**HUBER FUNDS** 

**Approval of Investment Advisory Agreement (Unaudited)(Continued)** 

**Select Large Cap Value Fund: The Board noted that the Fund outperformed the average of its Morningstar peer group and its Cohort for the one-, three-, five-, and ten-year periods ended June 30, 2024. The Board also reviewed the performance of the Fund against broad-based securities market benchmark, noting that it had outperformed its primary benchmark index for the one-, three-, five-, and ten-year periods, all periods ended June 30, 2024.** 

The Board also considered the Fund's performance compared to the Adviser's similarly managed composite, noting it outperformed for the one-, three-, five- and ten-year periods ended June 30, 2024.

**Small Cap Value Fund: The Board noted that the Fund underperformed the Morningstar peer group average for the one-, three-, five-, and ten-year periods, all periods ended June 30, 2024. During this same time the Fund underperformed its Cohort average for the one-, and ten-year periods, and outperformed for the three-, and five -year periods, all periods ended June 30, 2024. The Board also reviewed the performance of the Fund against a broad-based securities market benchmark, noting that it had underperformed its primary benchmark index for the one-, five-, and ten-year periods, and outperformed for the three-year period, all periods ended June 30, 2024.** 

The Board also considered the Fund's performance compared to the Adviser's similarly managed composite, noting it underperformed the similarly managed composite for the one-, three-, five- and ten-year periods ended June 30, 2024.

**Large Cap Value Fund: The Board noted that the Fund outperformed the average of its Morningstar peer group and its Cohort for the one-, three-, and five-year periods, and underperformed for the ten-year period, all periods ended June 30, 2024. The Board also reviewed the performance of the Fund against a broad-based securities market benchmark, noting that it had outperformed its primary benchmark for the one-, three-, and five-year periods, and underperformed for the ten-year period, all periods ended June 30, 2024.** 

The Board also considered the Fund's performance compared to the Adviser's similarly managed composite, noting it underperformed the similarly managed composite for the one-, three-, five-, and ten-year periods ended June 30, 2024.

**Mid Cap Value Fund: The Board noted that the Fund outperformed its primary benchmark, the Morningstar peer group average, and its Cohort average for the one-year period, and underperformed for the three-, and five-year periods, all periods ended June 30, 2024.** 

The Board noted that the Adviser represented it had no similarly managed accounts.

&nbsp;&nbsp;&nbsp;&nbsp;3. The
 costs of the services to be provided by the Adviser and the structure of the Adviser's fee under the Advisory Agreement. In
 considering the advisory fee and total expenses of the Funds, the Board reviewed comparisons to the applicable Morningstar peer group,
 the Cohort, and the Adviser's similarly managed accounts for other types of clients, as well as all expense waivers and reimbursements,
 if any, for each Fund. When reviewing fees charged to other similarly managed accounts, the Board took into account the type of account
 and the differences in the management of that account that might be germane to the difference, if any, in the fees charged to such accounts.

**Select Large Cap Value Fund: The Board noted that the contractual advisory fee is 0.99%, but the Adviser has voluntarily lowered this to 0.80%. The Board noted that the Adviser had contractually agreed to maintain an annual expense ratio for the Fund of 0.99% (excluding certain operating expenses and class-level expenses, the "Expense Cap"). The Board noted that the Fund's management fee (with the voluntary waiver) and net expense ratio were above the median and average of the Cohort. The Board found that the contractual management fees charged to the Fund were generally above the fees charged to its institutional separate account clients, noting the Adviser represented that there are higher costs associated with managing the Fund and that the minimum investment amount for the separate account clients is much higher than that of the Fund.** 

40<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**HUBER FUNDS** 

**Approval of Investment Advisory Agreement (Unaudited)(Continued)** 

**Small Cap Value Fund: The Board noted that the contractual advisory fee is 1.35%, but the Adviser has voluntarily lowered this to 0.99%. The Board noted that the Adviser had contractually agreed to maintain an annual expense ratio for the Fund of 1.28% (excluding certain operating expenses and class-level expenses, the "Expense Cap"). The Board also noted that the Fund's management fee (with the voluntary waiver) and net expense ratio was above the Cohort average and median. The Board found that the management fees charged to the Fund were generally above the fees charged to its institutional separate account clients, noting the Adviser represented that there are higher costs associated with managing the Fund.** 

**Large Cap Value Fund: The Board noted that the contractual advisory fee is 0.75%, but the Advisor has voluntarily lowered this to 0.05%. The Board noted that the Adviser had contractually agreed to maintain an annual expense ratio for the Fund of 0.75% (excluding certain operating expenses and class-level expenses, the "Expense Cap"). The Board also noted that the Fund's management fee (with the voluntary waiver) was below the Cohort average and median, while the net expense ratio was above the median and average of its Cohort. The Board found that the contractual management fees charged to the Fund were generally above the fees charged to its institutional separate account clients, noting the Adviser represented that there are higher costs associated with managing the Fund.** 

**Mid Cap Value Fund: The Board noted that the contractual advisory fee is 1.00%, but the Advisor has voluntarily lowered this to 0.05%. The Board noted that the Adviser had contractually agreed to maintain an annual expense ratio for the Fund of 1.00% (excluding certain operating expenses and class-level expenses, the "Expense Cap"). The Board noted that the Fund's management fee (with the voluntary waiver) was below the Cohort average and median. The Board also noted that the Fund's net expense ratio was above the median and average of the Cohort. The Board noted that Huber represented it does not manage any other accounts in a similar strategy.** 

&nbsp;&nbsp;&nbsp;&nbsp;4. Economies
 of Scale. The Board also considered whether economies of scale were being realized by the Adviser that should be shared with shareholders,
 noting that the Advisory Agreement provides for breakpoints when the Funds reach certain asset levels (beginning at $10 billion for
 the Select Large Cap Value Fund, $5 billion for the Small Cap Value Fund and $10 billion for the Large Cap Value Fund). The
 Board noted that these breakpoint levels were significantly above each respective Fund's current asset level and that they would
 continue to review economies of scale at asset levels that were below these breakpoint levels. The Board also noted that the Mid Cap Value
 Fund does not have breakpoints in its advisory fee schedule. The Board noted that the Adviser has contractually agreed to reduce its advisory
 fees or reimburse Fund expenses so that the Funds do not exceed the specified Expense Caps. The Board also noted that the Adviser had
 voluntarily reduced each Fund's advisory fee and continued to waive all or a portion of each Fund's advisory fee to maintain
 the Expense Caps, and therefore, at current asset levels, it did not appear that there were additional significant economies of scale
 being realized by the Adviser that should be shared with shareholders. As a result, the Board concluded that it would continue to monitor
 economies of scale in the future as circumstances changed and assuming asset levels increase. The Board noted that the current breakpoint
 schedules in the Advisory Agreement may be adjusted if additional significant economies of scale are realized as Fund assets grow such
 that their economies may be shared with shareholders at lower asset levels than currently provided in the Advisory Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 profits to be realized by the Adviser and its affiliates from their relationship with the Funds. The Board reviewed the Adviser's
 financial information and took into account both the direct benefits and the indirect benefits to the Adviser from advising the Funds.
 The Board considered the profitability to the Adviser from its relationship with the Funds and considered any additional material benefits,
 including benefits received in the form of Rule 12b-1 fees received by the Adviser, "soft dollars" benefits that may
 be received by the Adviser in exchange for Fund brokerage, and shareholder servicing plan fees received by the Adviser. The Board considered
 the financial condition of the parent company of the Adviser. The Board considered the parent company's representations that it
 would financially support the Adviser when necessary. After such review, the Board determined that the profitability to the Adviser with
 respect to the Advisory Agreement for each Fund was negative, and that the Adviser had maintained sufficient resources and profit levels
 to support the services it provides to the Funds.

41<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**HUBER FUNDS** 

**Approval of Investment Advisory Agreement (Unaudited)(Continued)** 

No single factor was determinative of the Board's decision to approve the continuance of the Advisory Agreement for the Select Large Cap Value Fund, Small Cap Value Fund, Large Cap Value Fund and Mid Cap Value Fund, but rather the Trustees based their determination on the total mix of information available to them. Based on a consideration of all the factors in their totality, the Trustees determined that the advisory arrangements with the Adviser, including the advisory fees, were fair and reasonable to the Funds. The Board, including a majority of the Independent Trustees, therefore determined that the continuance of the Advisory Agreement for the Funds would be in the best interests of each Fund and its shareholders.

42<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**HUBER FUNDS** 

**ADDITIONAL INFORMATION** 

**The below information is required disclosure from Form N-CSR**

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

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

**Item 9. Proxy Disclosure for Open-End Investment Companies.** 

There were no matters submitted to a vote of shareholders during the period covered by this report.

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

Refer to information provided within financial statements.

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

Refer to information provided within financial statements.

43<br>

&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial Highlights are included within the financial statements filed under Item 7 of this Form.

**<u>Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.</u>**

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

**<u>Item 9. Proxy Disclosure for Open-End Investment Companies.</u>**

There were no matters submitted to a vote of shareholders during the period covered by this report.

**<u>Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.</u>**

See Item 7(a).

**<u>Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.</u>**

See Item 7(a).

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

Not applicable to open-end investment companies.

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

 

Not applicable to open-end investment companies.

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

Not applicable to open-end investment companies.

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees.

**<u>Item 16. Controls and Procedures.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's Principal Executive Officer and Principal Financial Officer have reviewed the Registrant's disclosure controls
 and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) as of a date within 90 days
 of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange
 Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring
 that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known
 to them by others within the Registrant and by the Registrant's service provider.

&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act)
 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.

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

Not applicable.

**<u>Item 19. Exhibits.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* (1) *Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.* Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed. Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(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 Investment Company Act of 1940 (17 CFR 270.30a-2(a)).* Filed herewith.](hsa-efp16464_ex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) *Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.* Not applicable to open-end investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Change in the registrant's independent public accountant. Provide the information called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308). Unless otherwise specified by Item 4, or related to and necessary for a complete understanding of information not previously disclosed, the information should relate to events occurring during the reporting period. Not applicable to open-end investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Furnished herewith.](hsa-efp16464_ex99906cert.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) Advisors
 Series Trust

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Jeffrey T. Rauman |
|  | Jeffrey T. Rauman, President/Chief Executive Officer/Principal Executive Officer |

---

Date <u>7/07/2025</u>

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/ Jeffrey T. Rauman |
|  | Jeffrey T. Rauman, President/Chief Executive Officer/Principal Executive Officer |

---

Date <u>7/07/2025</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Kevin J. Hayden |
|  | Kevin J. Hayden, Vice President/Treasurer/Principal Financial Officer |

---

Date <u>7/07/2025</u>

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

## Ex-99.Cert

**EX.99.CERT**

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

I, Jeffrey T. Rauman, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Advisors Series Trust;

&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;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;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;(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;(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;(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;(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;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;(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;(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: | 7/07/2025 | /s/ Jeffrey T. Rauman |
|  |  | Jeffrey T. Rauman<br> President/Chief Executive Officer/Principal Executive Officer<br> Advisors Series Trust |

---

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

I, Kevin J. Hayden, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Advisors Series Trust;

&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;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;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;(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;(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;(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;(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;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;(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;(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: | 7/07/2025 | /s/ Kevin J. Hayden |
|  |  | Kevin J. Hayden<br> Vice President/Treasurer/Principal Financial Officer<br> Advisors Series Trust |

---

## Exhibit 99.906

**EX.99.906CERT**

**Certification Pursuant to Section 906 of the Sarbanes-Oxley Act**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the Advisors Series Trust, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of the Advisors Series Trust for the period ended April 30, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Advisors Series Trust for the stated period.

---

| | |
|:---|:---|
| /s/ Jeffrey T. Rauman | /s/ Kevin J. Hayden |
| Jeffrey T. Rauman | Kevin J. Hayden |
| President/Chief Executive Officer/Principal Executive Officer | Vice President/Treasurer/Principal Financial Officer |
| Advisors Series Trust | Advisors Series Trust |

---

Dated: <u>7/07/2025</u> Dated: <u>7/07/2025</u>

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by Advisors Series Trust for purposes of Section 18 of the Securities Exchange Act of 1934.