# EDGAR Filing Document

**Accession Number:** 0001027596
**File Stem:** 0001133228-26-000201
**Filing Date:** 2026-1
**Character Count:** 173344
**Document Hash:** 3e211d6c62da4ab3158e1038a20faf22
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-000201.hdr.sgml**: 20260108

**ACCESSION NUMBER**: 0001133228-26-000201

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 60

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20260108

**DATE AS OF CHANGE**: 20260108

**EFFECTIVENESS DATE**: 20260108

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07959
- **FILM NUMBER:** 26518828

**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'? 2025-08-07193291_HuberSelectLargeCapValueFund_InvestorClass_TSRAnnual

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>**

**<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/Principal Executive Officer**

**Advisors Series Trust**

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

**777 East Wisconsin Avenue**

**<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>October 31, 2025</u>**

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

(a) ---

| | | |
|:---|:---|:---|
| ![image](img216407_202410291404629.jpg) | **Huber Select Large Cap Value Fund**  | ![image](img295237_202412241839489.jpg) |
| ![image](img216407_202410291404629.jpg) | Investor Class \| HULIX  | ![image](img295237_202412241839489.jpg) |
| ![image](img216407_202410291404629.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img295237_202412241839489.jpg) |

---

This annual shareholder report contains important information about the Huber Select Large Cap Value Fund for the period of November 1, 2024, to October 31, 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 PAST YEAR?** (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 | $135 | 1.30% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12-month period ended October 31, 2025, the Fund underperformed the S&P 500 Index and the Bloomberg U.S. 1000 Value Index.

**WHAT FACTORS INFLUENCED PERFORMANCE**

Although the Fund was negatively impacted by stock selection, it was in part positively offset by sector allocation, particularly to information technology and real estate.

The Fund benefited from stock selection within communication services and financials.

**POSITIONING**

During this period, the Fund reduced its exposure to consumer discretionary and energy while increasing its exposure to information technology and utilities.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
|  | Citigroup Inc. |
|  | Lyft Inc. |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
|  | New Fortress Energy Inc. |
|  | KBR Inc. |

---

**PERFORMANCE**

The Fund underperformed in the period, as market enthusiasm for AI, a volatile economic environment due to tariffs, and inconsistent government policy led to a poor set up for deep value stocks.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

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

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5714img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Investor Class**  | 8.02 | 17.38 | 11.31 |
| **S&P 500 TR**  | 21.45 | 17.64 | 14.64 |
| **Bloomberg US 1000 Value Total Return**  | 9.99 | 15.60 | 10.40 |

---

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

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** *The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $418760296 |
| **Number of Holdings** | 42 |
| **Net Advisory Fee** | $3133115 |
| **Portfolio Turnover** | 46% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Oracle Corp.  | 6.1% |
|  Citigroup, Inc.  | 6.0% |
|  KBR, Inc.  | 5.8% |
|  Golar LNG Ltd.  | 5.4% |
|  Bank of America Corp.  | 4.9% |
|  Pfizer, Inc.  | 4.7% |
|  AT&T, Inc.  | 4.6% |
|  Upbound Group, Inc.  | 4.6% |
|  Philip Morris International, Inc.  | 4.5% |
|  Microsoft Corp.  | 4.4% |

---

**Sector Breakdown**

![image](ts5714img004.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 2 TSR-AR-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 3 TSR-AR-007989387

1000099531231212533140411310319959199062102327031292001000010451129211387015857173972486221230233833227239196100001062112776131981456413026192631905918866244472689025.224.316.99.57.05.93.12.55.6 ------

---

| | | |
|:---|:---|:---|
| ![image](img216407_202410291404629.jpg) | **Huber Select Large Cap Value Fund**  | ![image](img295237_202412241839489.jpg) |
| ![image](img216407_202410291404629.jpg) | Institutional Class \| HULEX  | ![image](img295237_202412241839489.jpg) |
| ![image](img216407_202410291404629.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img295237_202412241839489.jpg) |

---

This annual shareholder report contains important information about the Huber Select Large Cap Value Fund for the period of November 1, 2024, to October 31, 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 PAST YEAR?** (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 | $99 | 0.95% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12-month period ended October 31, 2025, the Fund underperformed the S&P 500 Index and the Bloomberg U.S. 1000 Value Index.

**WHAT FACTORS INFLUENCED PERFORMANCE**

Although the Fund was negatively impacted by stock selection, it was in part positively offset by sector allocation, particularly to information technology and real estate.

The Fund benefited from stock selection within communication services and financials.

**POSITIONING**

During this period, the Fund reduced its exposure to consumer discretionary and energy while increasing its exposure to information technology and utilities.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
|  | Citigroup Inc. |
|  | Lyft Inc. |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
|  | New Fortress Energy Inc. |
|  | KBR Inc. |

---

**PERFORMANCE**

The Fund underperformed in the period, as market enthusiasm for AI, a volatile economic environment due to tariffs, and inconsistent government policy led to a poor set up for deep value stocks.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $1,000,000 chart reflects a hypothetical $1,000,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

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

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $1,000,000)

![image](ts5713img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Institutional Class**  | 8.39 | 17.77 | 11.68 |
| **S&P 500 TR**  | 21.45 | 17.64 | 14.64 |
| **Bloomberg US 1000 Value Total Return**  | 9.99 | 15.60 | 10.40 |

---

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

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** *The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $418760296 |
| **Number of Holdings** | 42 |
| **Net Advisory Fee** | $3133115 |
| **Portfolio Turnover** | 46% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Oracle Corp.  | 6.1% |
|  Citigroup, Inc.  | 6.0% |
|  KBR, Inc.  | 5.8% |
|  Golar LNG Ltd.  | 5.4% |
|  Bank of America Corp.  | 4.9% |
|  Pfizer, Inc.  | 4.7% |
|  AT&T, Inc.  | 4.6% |
|  Upbound Group, Inc.  | 4.6% |
|  Philip Morris International, Inc.  | 4.5% |
|  Microsoft Corp.  | 4.4% |

---

**Sector Breakdown**

![image](ts5713img004.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 2 TSR-AR-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 3 TSR-AR-00768D418

1000000999357124018112658361423200133243220347512036265215861027852163018938100000010450911292070138698915856911739670248623121229672338295322724739195701000000106206912776111319771145637013026021926338190589018865542444695268901325.224.316.99.57.05.93.12.55.6 ------

---

| | | |
|:---|:---|:---|
| ![image](img216407_202410291404629.jpg) | **Huber Small Cap Value Fund**  | ![image](img295237_202412241839489.jpg) |
| ![image](img216407_202410291404629.jpg) | Investor Class \| HUSIX  | ![image](img295237_202412241839489.jpg) |
| ![image](img216407_202410291404629.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img295237_202412241839489.jpg) |

---

This annual shareholder report contains important information about the Huber Small Cap Value Fund for the period of November 1, 2024, to October 31, 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 PAST YEAR?** (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 | $159 | 1.60% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12-month period ended October 31, 2025, the Fund underperformed the Bloomberg U.S. 2000 Total Return Index and the Bloomberg U.S. 2000 Value Index.

**WHAT FACTORS INFLUENCED PERFORMANCE**

Although the Fund was negatively impacted by stock selection, it was in part positively offset by sector allocation, particularly to industrials and real estate.

The Fund benefited from stock selection within energy and financials.

**POSITIONING**

During this period, the Fund reduced its exposure to industrials and increased its exposure to materials and consumer staples.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
|  | TETRA Technologies Inc. |
|  | Lyft Inc. |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
|  | KBR Inc. |
|  | Miller Industries Inc. |

---

**PERFORMANCE**

The Fund underperformed in the period, as market enthusiasm for AI, a volatile economic environment due to tariffs, and inconsistent government policy led to a poor set up for deep value stocks.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

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

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5716img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Investor Class**  | -1.02 | 14.87 | 6.54 |
| **Bloomberg US 2000 Total Return Index**  | 12.02 | 12.12 | 9.60 |
| **Bloomberg US 2000 Value Total Return Index**  | 6.16 | 15.71 | 9.12 |

---

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

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** *The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $79747563 |
| **Number of Holdings** | 42 |
| **Net Advisory Fee** | $811660 |
| **Portfolio Turnover** | 35% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Golar LNG Ltd.  | 9.3% |
|  Upbound Group, Inc.  | 7.2% |
|  TETRA Technologies, Inc.  | 6.1% |
|  KBR, Inc.  | 5.1% |
|  Weave Communications, Inc.  | 4.9% |
|  Enova International, Inc.  | 4.6% |
|  Lyft, Inc.  | 4.3% |
|  O-I Glass, Inc.  | 3.9% |
|  Northrim BanCorp, Inc.  | 3.8% |
|  First Horizon Corp.  | 3.5% |

---

**Sector Breakdown**

![image](ts5716img004.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 Small Cap Value Fund PAGE 2 TSR-AR-007989379

------

**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 3 TSR-AR-007989379

100009487115211133212235941715839161601558819032188381000010463132211357714010141232219418080165702233725021100001080213305131111297611542199471825817085225502394032.518.517.312.37.95.63.81.70.4 ------

---

| | | |
|:---|:---|:---|
| ![image](img216407_202410291404629.jpg) | **Huber Small Cap Value Fund**  | ![image](img295237_202412241839489.jpg) |
| ![image](img216407_202410291404629.jpg) | Institutional Class \| HUSEX  | ![image](img295237_202412241839489.jpg) |
| ![image](img216407_202410291404629.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img295237_202412241839489.jpg) |

---

This annual shareholder report contains important information about the Huber Small Cap Value Fund for the period of November 1, 2024, to October 31, 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 PAST YEAR?** (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 | $128 | 1.28% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12-month period ended October 31, 2025, the Fund underperformed the Bloomberg U.S. 2000 Total Return Index and the Bloomberg U.S. 2000 Value Index.

**WHAT FACTORS INFLUENCED PERFORMANCE**

Although the Fund was negatively impacted by stock selection, it was in part positively offset by sector allocation, particularly to industrials and real estate.

The Fund benefited from stock selection within energy and financials.

**POSITIONING**

During this period, the Fund reduced its exposure to industrials and increased its exposure to materials and consumer staples.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
|  | TETRA Technologies Inc. |
|  | Lyft Inc. |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
|  | KBR Inc. |
|  | Miller Industries Inc. |

---

**PERFORMANCE**

The Fund underperformed in the period, as market enthusiasm for AI, a volatile economic environment due to tariffs, and inconsistent government policy led to a poor set up for deep value stocks.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $1,000,000 chart reflects a hypothetical $1,000,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

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

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $1,000,000)

![image](ts5715img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Institutional Class**  | -0.69 | 15.14 | 6.79 |
| **Bloomberg US 2000 Total Return Index**  | 12.02 | 12.12 | 9.60 |
| **Bloomberg US 2000 Value Total Return Index**  | 6.16 | 15.71 | 9.12 |

---

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

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** *The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $79747563 |
| **Number of Holdings** | 42 |
| **Net Advisory Fee** | $811660 |
| **Portfolio Turnover** | 35% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Golar LNG Ltd.  | 9.3% |
|  Upbound Group, Inc.  | 7.2% |
|  TETRA Technologies, Inc.  | 6.1% |
|  KBR, Inc.  | 5.1% |
|  Weave Communications, Inc.  | 4.9% |
|  Enova International, Inc.  | 4.6% |
|  Lyft, Inc.  | 4.3% |
|  O-I Glass, Inc.  | 3.9% |
|  Northrim BanCorp, Inc.  | 3.8% |
|  First Horizon Corp.  | 3.5% |

---

**Sector Breakdown**

![image](ts5715img004.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 Small Cap Value Fund PAGE 2 TSR-AR-00768D392

------

**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 3 TSR-AR-00768D392

100000095056211572041141424123460895306616056041641686158634119418951928460100000010462571322052135773614010491412344221942918080381657022223366825020551000000108017413304671311105129764111541831994739182581517085362255000239398632.518.517.312.37.95.63.81.70.4 ------

---

| | | |
|:---|:---|:---|
| ![image](img216407_202410291404629.jpg) | **Huber Large Cap Value Fund**  | ![image](img295237_202412241839489.jpg) |
| ![image](img216407_202410291404629.jpg) | Investor Class \| HUDIX  | ![image](img295237_202412241839489.jpg) |
| ![image](img216407_202410291404629.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img295237_202412241839489.jpg) |

---

This annual shareholder report contains important information about the Huber Large Cap Value Fund for the period of November 1, 2024, to October 31, 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 PAST YEAR?** (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 | $106 | 1.01% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12-month period ended October 31, 2025, the Fund underperformed the S&P 500 Index, but outperformed the Bloomberg U.S. 1000 Value Index.

**WHAT FACTORS INFLUENCED PERFORMANCE**

Although the Fund was negatively impacted by stock selection, it was in part positively offset by sector allocation, particularly to information technology and materials.

The Fund benefited from stock selection within health care and financials.

**POSITIONING**

During this period, the Fund reduced its exposure to consumer discretionary and energy while increasing its exposure to information technology and health care.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
|  | Citigroup Inc. |
|  | Golar LNG Ltd. |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
|  | KBR Inc. |
|  | Microsoft Corp. |

---

**PERFORMANCE**

The Fund underperformed the S&P 500 Index in the period, as market enthusiasm for AI, a volatile economic environment due to tariffs, and inconsistent government policy led to a poor set up for deep value stocks.

The Fund outperformed the Bloomberg US 1000 Value Index on the basis of good relative stock selection within Financials.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

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

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5718img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Investor Class**  | 10.09 | 15.77 | 9.71 |
| **S&P 500 TR**  | 21.45 | 17.64 | 14.64 |
| **Bloomberg US 1000 Value Total Return**  | 9.99 | 15.60 | 10.40 |

---

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

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** *The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $19091895 |
| **Number of Holdings** | 51 |
| **Net Advisory Fee** | $0 |
| **Portfolio Turnover** | 34% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Eli Lilly & Co.  | 9.0% |
|  Microsoft Corp.  | 7.1% |
|  Golar LNG Ltd.  | 6.8% |
|  Citigroup, Inc.  | 6.8% |
|  Oracle Corp.  | 5.6% |
|  KBR, Inc.  | 5.0% |
|  Shell PLC  | 3.6% |
|  FedEx Corp.  | 3.5% |
|  Weave Communications, Inc.  | 3.4% |
|  Upbound Group, Inc.  | 3.0% |

---

**Sector Breakdown**

![image](ts5718img004.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 2 TSR-AR-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 3 TSR-AR-00770X881

10000102231281713093142931215017680175911761322954252701000010451129211387015857173972486221230233833227239196100001062112776131981456413026192631905918866244472689022.521.821.113.26.05.94.72.91.9 ------

---

| | | |
|:---|:---|:---|
| ![image](img216407_202410291404629.jpg) | **Huber Large Cap Value Fund**  | ![image](img295237_202412241839489.jpg) |
| ![image](img216407_202410291404629.jpg) | Institutional Class \| HUDEX  | ![image](img295237_202412241839489.jpg) |
| ![image](img216407_202410291404629.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img295237_202412241839489.jpg) |

---

This annual shareholder report contains important information about the Huber Large Cap Value Fund for the period of November 1, 2024, to October 31, 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 PAST YEAR?** (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 | $79 | 0.75% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12-month period ended October 31, 2025, the Fund underperformed the S&P 500 Index, but outperformed the Bloomberg U.S. 1000 Value Index.

**WHAT FACTORS INFLUENCED PERFORMANCE**

Although the Fund was negatively impacted by stock selection, it was in part positively offset by sector allocation, particularly to information technology and materials.

The Fund benefited from stock selection within health care and financials.

**POSITIONING**

During this period, the Fund reduced its exposure to consumer discretionary and energy while increasing its exposure to information technology and health care.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
|  | Citigroup Inc. |
|  | Golar LNG Ltd. |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
|  | KBR Inc. |
|  | Microsoft Corp. |

---

**PERFORMANCE**

The Fund underperformed the S&P 500 Index in the period, as market enthusiasm for AI, a volatile economic environment due to tariffs, and inconsistent government policy led to a poor set up for deep value stocks.

The Fund outperformed the Bloomberg US 1000 Value Index on the basis of good relative stock selection within Financials.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $1,000,000 chart reflects a hypothetical $1,000,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

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

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $1,000,000)

![image](ts5717img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Institutional Class**  | 10.42 | 16.02 | 9.94 |
| **S&P 500 TR**  | 21.45 | 17.64 | 14.64 |
| **Bloomberg US 1000 Value Total Return**  | 9.99 | 15.60 | 10.40 |

---

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

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** *The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $19091895 |
| **Number of Holdings** | 51 |
| **Net Advisory Fee** | $0 |
| **Portfolio Turnover** | 34% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Eli Lilly & Co.  | 9.0% |
|  Microsoft Corp.  | 7.1% |
|  Golar LNG Ltd.  | 6.8% |
|  Citigroup, Inc.  | 6.8% |
|  Oracle Corp.  | 5.6% |
|  KBR, Inc.  | 5.0% |
|  Shell PLC  | 3.6% |
|  FedEx Corp.  | 3.5% |
|  Weave Communications, Inc.  | 3.4% |
|  Upbound Group, Inc.  | 3.0% |

---

**Sector Breakdown**

![image](ts5717img004.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 2 TSR-AR-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 3 TSR-AR-00770X873

10000001024682128623913166941438497122666417867051781145178839823358132579110100000010450911292070138698915856911739670248623121229672338295322724739195701000000106206912776111319771145637013026021926338190589018865542444695268901322.521.821.113.26.05.94.72.91.9 ------

---

| | | |
|:---|:---|:---|
| ![image](img216407_202410291404629.jpg) | **Huber Mid Cap Value Fund**  | ![image](img295237_202412241839489.jpg) |
| ![image](img216407_202410291404629.jpg) | Investor Class \| HUMDX  | ![image](img295237_202412241839489.jpg) |
| ![image](img216407_202410291404629.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img295237_202412241839489.jpg) |

---

This annual shareholder report contains important information about the Huber Mid Cap Value Fund for the period of November 1, 2024, to October 31, 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 PAST YEAR?** (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 | $127 | 1.25% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12-month period ended October 31, 2025, the Fund underperformed the Bloomberg U.S. 2500 Total Return Index and the Bloomberg U.S. 2500 Value Index.

**WHAT FACTORS INFLUENCED PERFORMANCE**

Although the Fund was negatively impacted by stock selection, it was in part offset by sector allocation, particularly to real estate and consumer discretionary.

The Fund benefited from stock selection within energy and financials.

**POSITIONING**

During this period, the Fund reduced its exposure to industrials while increasing its exposure to information technology and health care.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
|  | TETRA Technologies Inc. |
|  | Citigroup Inc. |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
|  | KBR Inc. |
|  | F5 Inc. |

---

**PERFORMANCE**

The Fund underperformed in the period, as market enthusiasm for AI, a volatile economic environment due to tariffs, and inconsistent government policy led to a poor set up for deep value stocks.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

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

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5720img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(12/31/2015)** |
| **Investor Class**  | 2.75 | 12.98 | 6.31 |
| **Bloomberg US 2500 Total Return Index**  | 11.14 | 11.74 | 10.29 |
| **Bloomberg US 2500 Value Total Return**  | 6.68 | 15.17 | 9.25 |

---

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

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** *The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $11838479 |
| **Number of Holdings** | 33 |
| **Net Advisory Fee** | $0 |
| **Portfolio Turnover** | 65% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Golar LNG Ltd.  | 9.5% |
|  TETRA Technologies, Inc.  | 8.5% |
|  Enova International, Inc.  | 6.0% |
|  KBR, Inc.  | 5.8% |
|  First Citizens BancShares, Inc.  | 5.4% |
|  Citigroup, Inc.  | 5.4% |
|  FedEx Corp.  | 4.7% |
|  Tenet Healthcare Corp.  | 4.4% |
|  Upbound Group, Inc.  | 4.0% |
|  Weave Communications, Inc.  | 4.0% |

---

**Sector Breakdown**

![image](ts5720img004.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 2 TSR-AR-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 3 TSR-AR-00768D178

1000010410124391265012817991415500158091459017764182521000010670133011373614774150492261618479176332358826216100001107513277132131365611785192801782017096223862388130.519.216.710.38.47.73.32.31.6 ------

---

| | | |
|:---|:---|:---|
| ![image](img216407_202410291404629.jpg) | **Huber Mid Cap Value Fund**  | ![image](img295237_202412241839489.jpg) |
| ![image](img216407_202410291404629.jpg) | Institutional Class \| HUMEX  | ![image](img295237_202412241839489.jpg) |
| ![image](img216407_202410291404629.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img295237_202412241839489.jpg) |

---

This annual shareholder report contains important information about the Huber Mid Cap Value Fund for the period of November 1, 2024, to October 31, 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 PAST YEAR?** (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 | $102 | 1.00% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12-month period ended October 31, 2025, the Fund underperformed the Bloomberg U.S. 2500 Total Return Index and the Bloomberg U.S. 2500 Value Index.

**WHAT FACTORS INFLUENCED PERFORMANCE**

Although the Fund was negatively impacted by stock selection, it was in part offset by sector allocation, particularly to real estate and consumer discretionary.

The Fund benefited from stock selection within energy and financials.

**POSITIONING**

During this period, the Fund reduced its exposure to industrials while increasing its exposure to information technology and health care.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
|  | TETRA Technologies Inc. |
|  | Citigroup Inc. |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
|  | KBR Inc. |
|  | F5 Inc. |

---

**PERFORMANCE**

The Fund underperformed in the period, as market enthusiasm for AI, a volatile economic environment due to tariffs, and inconsistent government policy led to a poor set up for deep value stocks.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $1,000,000 chart reflects a hypothetical $1,000,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

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

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $1,000,000)

![image](ts5719img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(12/31/2015)** |
| **Institutional Class**  | 3.04 | 13.14 | 6.49 |
| **Bloomberg US 2500 Total Return Index**  | 11.14 | 11.74 | 10.29 |
| **Bloomberg US 2500 Value Total Return**  | 6.68 | 15.17 | 9.25 |

---

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

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** *The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $11838479 |
| **Number of Holdings** | 33 |
| **Net Advisory Fee** | $0 |
| **Portfolio Turnover** | 65% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Golar LNG Ltd.  | 9.5% |
|  TETRA Technologies, Inc.  | 8.5% |
|  Enova International, Inc.  | 6.0% |
|  KBR, Inc.  | 5.8% |
|  First Citizens BancShares, Inc.  | 5.4% |
|  Citigroup, Inc.  | 5.4% |
|  FedEx Corp.  | 4.7% |
|  Tenet Healthcare Corp.  | 4.4% |
|  Upbound Group, Inc.  | 4.0% |
|  Weave Communications, Inc.  | 4.0% |

---

**Sector Breakdown**

![image](ts5719img004.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 2 TSR-AR-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 3 TSR-AR-00768D160

10000001044000125053212748821292065100074815673201599033147662118006401855445100000010669501330129137355514774481504863226157218478881763339235881926215671000000110753313276571321256136560011785071927973178201717095592238600238805730.519.216.710.38.47.73.32.31.6 ------

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

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

The registrant has adopted a code of ethics that applies to the registrant's principal executive officer and principal financial officer. The registrant has not made any substantive amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.

*A copy of the registrant's Code of Ethics is filed herewith.*

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

The registrant's Board of Trustees has determined that there is at least one audit committee financial expert serving on its audit committee. Mr. Joe D. Redwine, Ms. Michele Rackey, Ms. Anne Kritzmire and Mr. Craig Wainscott are the "audit committee financial experts" and are considered to be "independent" as each term is defined in Item 3 of Form N-CSR.

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

The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. "Audit services" refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. "Audit-related services" refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. "Tax services" refer to professional services rendered by the principal accountant including the review of federal income tax returns, review of federal excise tax returns, review of state tax returns, if any, and assistance with calculation of required income, capital gain and excise distributions. There were no "other services" provided by the principal accountant. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.

---

| | | |
|:---|:---|:---|
| | FYE 10/31/2025 | FYE 10/31/2024 |
| (a) Audit Fees | $76000 | $76000 |
| (b) Audit-Related Fees | N/A | N/A |
| (c) Tax Fees | $14400 | $14400 |
| (d) All Other Fees | N/A | N/A |

---

(e)(1) The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.

(e)(2) The percentage of fees billed by Tait, Weller, & Baker LLP applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

---

| | | |
|:---|:---|:---|
| | FYE 10/31/2025 | FYE 10/31/2024 |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |

---

(f) During the audit of the registrant's financial statements, 100 percent of the hours were attributed to work performed by persons other than full-time permanent employees of the principal accountant.

(g) The following table indicates the non-audit fees billed or expected to be billed by the registrant's accountant for services to the registrant and to the registrant's investment adviser (and any other controlling entity, etc.—not sub-adviser) for the last two years.

 

<u>Non-Audit Related Fees</u> <u>FYE 10/31/2025</u> <u>FYE 10/31/2024</u> <br> Registrant N/A N/A <br> <u>Registrant's Investment Adviser</u> <u>N/A</u> <u>N/A</u>

(h) The audit committee of the board of trustees/directors has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser is compatible with maintaining the principal accountant's independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant's independence.

(i) The registrant has not been identified by the U.S. Securities and Exchange Commission as having filed an annual report issued by a registered public accounting firm branch or office that is located in a foreign jurisdiction where the Public Company Accounting Oversight Board is unable to inspect or completely investigate because of a position taken by an authority in that jurisdiction.

(j) The registrant is not a foreign issuer.

**<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 as part of the report to shareholders filed under Item 7 of this Form.

(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**

Core Financial Statements

October 31, 2025

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page** |
| [Schedule of Investments](#a_0101)<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) | [14](#tsop) |
| [Statements of Changes in Net Assets](#tscna) | [15](#tscna) |
| [Financial Highlights](#tfihi) | [17](#tfihi) |
| [Notes to Financial Statements](#tnotes) | [25](#tnotes) |
| [Report of Independent Registered Public Accounting Firm](#report) | [36](#report) |
| [Additional Information](#taddinf) | [37](#taddinf) |

---

------

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

**Huber Select Large Cap Value Fund** 

**Schedule of Investments** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 94.4%**<br>|  |  |
| **Aerospace & Defense - 1.6%**<br>|  |  |
| Northrop Grumman Corp. | 11593 | $6763936  |
| **Banking - 20.0%**<br>|  |  |
| Bank of America Corp. | 382546 | 20447084  |
| Citigroup, Inc. | 249268 | 25233400  |
| First Citizens BancShares, Inc. - Class A | 3831 | 6990885  |
| First Horizon Corp. | 487126 | 10405011  |
| JPMorgan Chase & Co. | 18233 | 5672651  |
| Regions Financial Corp. | 277500 | 6715500  |
| Truist Financial Corp. | 184700 | 8243161  |
|  |  | 83707692  |
| **Biotech & Pharmaceuticals - 9.2%**<br>|  |  |
| Eli Lilly & Co. | 20437 | 17634270  |
| Merck & Co., Inc. | 14193 | 1220314  |
| Pfizer, Inc. | 794530 | 19585164  |
|  |  | 38439748  |
| **Consumer Services - 4.6%**<br>|  |  |
| Upbound Group, Inc. | 986447 | 19117343  |
| **Cosmetics/Personal Care - 0.4%**<br>|  |  |
| Kenvue, Inc. | 121894 | 1751617  |
| **Electric - 0.9%**<br>|  |  |
| Vistra Corp. | 21000 | 3954300  |
| **Electric Utilities - 1.3%**<br>|  |  |
| Constellation Energy Corp. | 13977 | 5269329  |
| **Electrical Equipment - 0.2%**<br>|  |  |
| TE Connectivity PLC | 3357 | 829213  |
| **Food - 2.4%**<br>|  |  |
| J M Smucker Co. | 93000 | 9630150  |
| Tyson Foods, Inc. - Class A | 11458 | 589056  |
|  |  | 10219206  |
| **Gas & Water Utilities - 0.9%**<br>|  |  |
| National Fuel Gas Co. | 48900 | 3858699  |
| **Health Care Facilities & Services - 2.0%**<br>|  |  |
| Tenet Healthcare Corp.<sup>(a)</sup> | 39800 | 8218302  |
| **Home Construction - 0.2%**<br>|  |  |
| Lennar Corp. - Class B | 5560 | 656358  |
| **Industrial Support Services - 1.3%**<br>|  |  |
| United Rentals, Inc. | 6400 | 5575552  |

---

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** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**<br>|  |  |
| **Insurance - 1.1%**<br>|  |  |
| CNO Financial Group, Inc. | 110821 | $4435056  |
| **Internet Media & Services - 2.4%**<br>|  |  |
| Lyft, Inc. - Class A<sup>(a)</sup> | 490200 | 10029492  |
| **Oil & Gas Producers - 9.5%**<br>|  |  |
| BP PLC - ADR | 294283 | 10338162  |
| Cheniere Energy, Inc. | 22300 | 4727600  |
| Golar LNG Ltd. | 549085 | 22539939  |
| Shell PLC - ADR | 31300 | 2344996  |
|  |  | 39950697  |
| **Retail - 0.2%**<br>|  |  |
| Dollar General Corp. | 7480 | 737977  |
| **Retail - Discretionary - 0.5%**<br>|  |  |
| Home Depot, Inc. | 5398 | 2049027  |
| **Software - 11.2%**<br>|  |  |
| Microsoft Corp. | 35928 | 18603878  |
| Oracle Corp. | 97100 | 25499431  |
| Weave Communications, Inc.<sup>(a)</sup> | 387505 | 2871412  |
|  |  | 46974721  |
| **Specialty Finance - 1.7%**<br>|  |  |
| Enova International, Inc.<sup>(a)</sup> | 60709 | 7258975  |
| **Technology Services - 8.1%**<br>|  |  |
| KBR, Inc. | 562255 | 24087004  |
| Mastercard, Inc. - Class A | 17859 | 9857990  |
|  |  | 33944994  |
| **Telecommunications - 4.6%**<br>|  |  |
| AT&T, Inc. | 782180 | 19358955  |
| **Tobacco & Cannabis - 4.4%**<br>|  |  |
| Philip Morris International, Inc. | 129259 | 18655951  |
| **Transportation & Logistics - 4.1%**<br>|  |  |
| FedEx Corp. | 67200 | 17056704  |
| **Transportation Equipment - 1.6%**<br>|  |  |
| General Motors Co. | 95300 | 6584277  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $274,319,988)** |  | 395398121  |

---

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** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **SHORT-TERM INVESTMENTS - 4.6%**<br>|  |  |
| **Money Market Funds - 4.6%**<br>|  |  |
| First American Government Obligations Fund - Class X, 4.03%<sup>(b)</sup> | 9632178 | $9632178  |
| First American Treasury Obligations Fund - Class X, 3.98%<sup>(b)</sup> | 9632178 | 9632178  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $19,264,356)** |  | 19264356  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.0%** <br>**(Cost $293,584,344)** |  | $414662477  |
| Other Assets in Excess of Liabilities - 1.0% |  | 4097819  |
| **TOTAL NET ASSETS - 100.0%** |  | $418760296 |

---

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 yield as of October 31, 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** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 97.3%**<br>|  |  |
| **Asset Management - 1.4%**<br>|  |  |
| Virtus Investment Partners, Inc. | 7081 | $1152928  |
| **Automotive - 1.0%**<br>|  |  |
| Miller Industries, Inc. | 19091 | 766313  |
| **Banking - 19.2%**<br>|  |  |
| C&F Financial Corp. | 39394 | 2694944  |
| Carter Bankshares, Inc.<sup>(a)</sup> | 134813 | 2302606  |
| First Citizens BancShares, Inc. - Class A | 683 | 1246352  |
| First Horizon Corp. | 131679 | 2812663  |
| First United Corp. | 78008 | 2693616  |
| Northrim BanCorp, Inc. | 136208 | 2993852  |
| Old National Bancorp | 26029 | 531773  |
|  |  | 15275806  |
| **Banks - 1.6%**<br>|  |  |
| First Northwest Bancorp | 52383 | 475114  |
| SOUTHSTATE BANK CORP | 9241 | 819214  |
|  |  | 1294328  |
| **Biotech & Pharmaceuticals - 3.0%**<br>|  |  |
| Cipher Pharmaceuticals, Inc.<sup>(a)</sup> | 224700 | 2371081  |
| **Chemicals - 1.7%**<br>|  |  |
| Innospec, Inc. | 9440 | 694595  |
| Olin Corp. | 31800 | 658260  |
|  |  | 1352855  |
| **Commercial Support Services - 1.3%**<br>|  |  |
| H&R Block, Inc. | 20100 | 999774  |
| **Consumer Services - 7.2%**<br>|  |  |
| Upbound Group, Inc. | 295124 | 5719503  |
| **Entertainment - 3.1%**<br>|  |  |
| Lionsgate Studios Corp.<sup>(a)</sup> | 211106 | 1357411  |
| Starz Entertainment Corp.<sup>(a)</sup> | 103321 | 1085904  |
|  |  | 2443315  |
| **Food - 2.8%**<br>|  |  |
| Herbalife Ltd.<sup>(a)</sup> | 284400 | 2275200  |
| **Health Care Facilities & Services - 1.5%**<br>|  |  |
| Medical Facilities Corp. | 2900 | 29878  |
| Tenet Healthcare Corp.<sup>(a)</sup> | 5801 | 1197848  |
|  |  | 1227726  |
| **Healthcare-Products - 1.5%**<br>|  |  |
| Utah Medical Products, Inc. | 21182 | 1230674  |

---

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** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**<br>|  |  |
| **Home Construction - 0.4%**<br>|  |  |
| Taylor Morrison Home Corp.<sup>(a)</sup> | 5000 | $296350  |
| **Insurance - 3.4%**<br>|  |  |
| CNO Financial Group, Inc. | 67244 | 2691105  |
| **Internet - 1.3%**<br>|  |  |
| F5 Networks, Inc.<sup>(a)</sup> | 4000 | 1012200  |
| **Internet Media & Services - 4.3%**<br>|  |  |
| Lyft, Inc. - Class A<sup>(a)</sup> | 169100 | 3459786  |
| **Leisure Facilities & Services - 1.9%**<br>|  |  |
| Boston Pizza Royalties Income Fund | 101654 | 1493047  |
| **Oil & Gas Producers - 12.4%**<br>|  |  |
| Golar LNG Ltd. | 181238 | 7439820  |
| Gulfport Energy Corp.<sup>(a)</sup> | 800 | 148808  |
| W&T Offshore, Inc. | 1092098 | 2293406  |
|  |  | 9882034  |
| **Oil & Gas Services & Equipment - 6.1%**<br>|  |  |
| TETRA Technologies, Inc.<sup>(a)</sup> | 690298 | 4873504  |
| **Packaging & Containers - 3.8%**<br>|  |  |
| O-I Glass, Inc.<sup>(a)</sup> | 272112 | 3072145  |
| **Software - 5.5%**<br>|  |  |
| 8x8, Inc.<sup>(a)</sup> | 258971 | 476507  |
| Weave Communications, Inc.<sup>(a)</sup> | 524147 | 3883929  |
|  |  | 4360436  |
| **Specialty Finance - 4.6%**<br>|  |  |
| Enova International, Inc.<sup>(a)</sup> | 30702 | 3671038  |
| **Technology Services - 6.8%**<br>|  |  |
| KBR, Inc. | 94075 | 4030173  |
| Science Applications International Corp. | 15110 | 1415958  |
|  |  | 5446131  |
| **Transportation Equipment - 1.5%**<br>|  |  |
| Commercial Vehicle Group, Inc.<sup>(a)</sup> | 794752 | 1208023  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $43,691,246)** |  | 77575302  |

---

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** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **REAL ESTATE INVESTMENT TRUSTS - COMMON - 2.3%**<br>|  |  |
| **REITS - 2.3%**<br>|  |  |
| Granite Real Estate Investment Trust | 16937 | $948557  |
| Sila Realty Trust, Inc. | 36595 | 867301  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** <br>**(Cost $1,431,048)** |  | 1815858  |
| **SHORT-TERM INVESTMENTS - 0.4%**<br>|  |  |
| **Money Market Funds - 0.4%**<br>|  |  |
| First American Government Obligations Fund - Class X, 4.03%<sup>(b)</sup> | 177340 | 177340  |
| First American Treasury Obligations Fund - Class X, 3.98%<sup>(b)</sup> | 177340 | 177340  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $354,680)** |  | 354680  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.0%** <br>**(Cost $45,476,974)** |  | $79745840  |
| Other Assets in Excess of Liabilities - 0.0%<sup>(c)</sup> |  | 1723  |
| **TOTAL NET ASSETS - 100.0%** |  | $79747563 |

---

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 yield as of October 31, 2025.

<sup>(c)</sup> Represents less than 0.05% of net assets. 

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** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 98.1%**<br>|  |  |
| **Aerospace & Defense - 2.1%**<br>|  |  |
| Northrop Grumman Corp. | 700 | $408415  |
| **Banking - 15.7%**<br>|  |  |
| Bank of America Corp. | 5300 | 283285  |
| Citigroup, Inc. | 12800 | 1295744  |
| First Citizens BancShares, Inc. - Class A | 150 | 273723  |
| First Horizon Corp. | 25292 | 540237  |
| JPMorgan Chase & Co. | 1100 | 342232  |
| Truist Financial Corp. | 6000 | 267780  |
|  |  | 3003001  |
| **Beverages - 0.3%**<br>|  |  |
| Anheuser-Busch InBev SA/NV - ADR | 1000 | 60900  |
| **Biotech & Pharmaceuticals - 12.6%**<br>|  |  |
| Eli Lilly & Co. | 2000 | 1725720  |
| GSK PLC - ADR | 2400 | 112464  |
| Merck & Co., Inc. | 1100 | 94578  |
| Pfizer, Inc. | 19600 | 483140  |
|  |  | 2415902  |
| **Consumer Services - 3.0%**<br>|  |  |
| Upbound Group, Inc. | 29875 | 578978  |
| **Electric Utilities - 2.5%**<br>|  |  |
| American Electric Power Co., Inc. | 300 | 36078  |
| Constellation Energy Corp. | 533 | 200941  |
| Entergy Corp. | 1800 | 172962  |
| NextEra Energy, Inc. | 800 | 65120  |
|  |  | 475101  |
| **Electrical Equipment - 0.4%**<br>|  |  |
| TE Connectivity PLC | 300 | 74103  |
| **Entertainment Content - 0.6%**<br>|  |  |
| Walt Disney Co. | 1000 | 112620  |
| **Food - 1.5%**<br>|  |  |
| J M Smucker Co. | 1900 | 196745  |
| Lamb Weston Holdings, Inc. | 500 | 30865  |
| Tyson Foods, Inc. - Class A | 1100 | 56551  |
|  |  | 284161  |
| **Gas & Water Utilities - 0.4%**<br>|  |  |
| National Fuel Gas Co. | 1000 | 78910  |
| **Health Care Facilities & Services - 2.2%**<br>|  |  |
| Tenet Healthcare Corp.<sup>(a)</sup> | 2000 | 412980  |

---

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** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**<br>|  |  |
| **Healthcare-Services - 0.1%**<br>|  |  |
| Concentra Group Holdings Parent, Inc. | 887 | $17669  |
| **Industrial Support Services - 0.9%**<br>|  |  |
| United Rentals, Inc. | 200 | 174236  |
| **Institutional Financial Services - 1.2%**<br>|  |  |
| Goldman Sachs Group, Inc. | 300 | 236811  |
| **Insurance - 1.7%**<br>|  |  |
| CNO Financial Group, Inc. | 8073 | 323081  |
| **Internet - 0.5%**<br>|  |  |
| VeriSign, Inc. | 400 | 95920  |
| **Internet Media & Services - 1.0%**<br>|  |  |
| Lyft, Inc. - Class A<sup>(a)</sup> | 9694 | 198339  |
| **Oil & Gas Producers - 13.2%**<br>|  |  |
| BP PLC - ADR | 6200 | 217806  |
| Cheniere Energy, Inc. | 900 | 190800  |
| Expand Energy Corp. | 1000 | 103310  |
| Golar LNG Ltd. | 31803 | 1305513  |
| Shell PLC - ADR | 9300 | 696756  |
|  |  | 2514185  |
| **Retail - Consumer Staples - 2.4%**<br>|  |  |
| Walmart, Inc. | 4500 | 455310  |
| **Retail - Discretionary - 1.2%**<br>|  |  |
| Home Depot, Inc. | 600 | 227754  |
| **Software - 16.1%**<br>|  |  |
| Microsoft Corp. | 2600 | 1346306  |
| Oracle Corp. | 4100 | 1076701  |
| Weave Communications, Inc.<sup>(a)</sup> | 88200 | 653562  |
|  |  | 3076569  |
| **Specialty Finance - 1.6%**<br>|  |  |
| Enova International, Inc.<sup>(a)</sup> | 2510 | 300121  |
| **Technology Services - 7.3%**<br>|  |  |
| KBR, Inc. | 22230 | 952333  |
| Mastercard, Inc. - Class A | 550 | 303595  |
| Visa, Inc. - Class A | 400 | 136296  |
|  |  | 1392224  |
| **Telecommunications - 2.6%**<br>|  |  |
| AT&T, Inc. | 16900 | 418275  |
| Verizon Communications, Inc. | 2000 | 79480  |
|  |  | 497755  |

---

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** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**<br>|  |  |
| **Tobacco & Cannabis - 1.2%**<br>|  |  |
| Philip Morris International, Inc. | 1600 | $230928  |
| **Transportation & Logistics - 3.5%**<br>|  |  |
| FedEx Corp. | 2600 | 659932  |
| **Transportation Equipment - 2.3%**<br>|  |  |
| General Motors Co. | 6300 | 435267  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $9,003,727)** |  | 18741172  |
| **SHORT-TERM INVESTMENTS - 1.9%**<br>|  |  |
| **Money Market Funds - 1.9%**<br>|  |  |
| First American Government Obligations Fund - Class X, 4.03%<sup>(b)</sup> | 179646 | 179646  |
| First American Treasury Obligations Fund - Class X, 3.98%<sup>(b)</sup> | 179645 | 179645  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $359,291)** |  | 359291  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.0%** <br>**(Cost $9,363,018)** |  | $19100463  |
| Liabilities in Excess of Other Assets - (0.0)%<sup>(c)</sup> |  | (8568)  |
| **TOTAL NET ASSETS - 100.0%** |  | $19091895 |

---

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 yield as of October 31, 2025.

<sup>(c)</sup> Represents less than 0.05% of net assets. 

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** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 97.9%**<br>|  |  |
| **Asset Management - 2.6%**<br>|  |  |
| Virtus Investment Partners, Inc. | 1909 | $310823  |
| **Banking - 18.4%**<br>|  |  |
| Citigroup, Inc. | 6300 | 637749  |
| First Citizens BancShares, Inc. - Class A | 350 | 638687  |
| First Horizon Corp. | 21417 | 457467  |
| Truist Financial Corp. | 10000 | 446300  |
|  |  | 2180203  |
| **Banks - 1.5%**<br>|  |  |
| SOUTHSTATE BANK CORP | 2052 | 181910  |
| **Biotech & Pharmaceuticals - 3.7%**<br>|  |  |
| GSK PLC - ADR | 9300 | 435798  |
| **Consumer Services - 4.0%**<br>|  |  |
| Upbound Group, Inc. | 24639 | 477504  |
| **Electric - 2.1%**<br>|  |  |
| Vistra Corp. | 1300 | 244790  |
| **Electric Utilities - 0.7%**<br>|  |  |
| Entergy Corp. | 800 | 76872  |
| **Food - 0.6%**<br>|  |  |
| J M Smucker Co. | 500 | 51775  |
| Lamb Weston Holdings, Inc. | 266 | 16420  |
|  |  | 68195  |
| **Gas & Water Utilities - 0.5%**<br>|  |  |
| National Fuel Gas Co. | 700 | 55237  |
| **Health Care Facilities & Services - 4.4%**<br>|  |  |
| Tenet Healthcare Corp.<sup>(a)</sup> | 2500 | 516225  |
| **Healthcare-Services - 0.3%**<br>|  |  |
| Concentra Group Holdings Parent, Inc. | 1775 | 35358  |
| **Industrial Support Services - 3.7%**<br>|  |  |
| United Rentals, Inc. | 500 | 435590  |
| **Insurance - 1.5%**<br>|  |  |
| CNO Financial Group, Inc. | 4510 | 180490  |
| **Internet - 5.9%**<br>|  |  |
| F5 Networks, Inc.<sup>(a)</sup> | 1800 | 455490  |
| VeriSign, Inc. | 1000 | 239800  |
|  |  | 695290  |
| **Internet Media & Services - 1.8%**<br>|  |  |
| Lyft, Inc. - Class A<sup>(a)</sup> | 10193 | 208549  |

---

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** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**<br>|  |  |
| **Oil & Gas Producers - 10.7%**<br>|  |  |
| Cheniere Energy, Inc. | 700 | $148400  |
| Golar LNG Ltd. | 27339 | 1122266  |
|  |  | 1270666  |
| **Oil & Gas Services & Equipment - 8.5%**<br>|  |  |
| TETRA Technologies, Inc.<sup>(a)</sup> | 142924 | 1009044  |
| **Packaging & Containers - 3.7%**<br>|  |  |
| O-I Glass, Inc.<sup>(a)</sup> | 38600 | 435794  |
| **Software - 4.0%**<br>|  |  |
| Weave Communications, Inc.<sup>(a)</sup> | 64409 | 477271  |
| **Specialty Finance - 6.0%**<br>|  |  |
| Enova International, Inc.<sup>(a)</sup> | 5904 | 705941  |
| **Technology Services - 6.3%**<br>|  |  |
| KBR, Inc. | 15894 | 680899  |
| Science Applications International Corp. | 700 | 65597  |
|  |  | 746496  |
| **Transportation & Logistics - 4.7%**<br>|  |  |
| FedEx Corp. | 2200 | 558404  |
| **Transportation Equipment - 2.3%**<br>|  |  |
| General Motors Co. | 4000 | 276360  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $6,350,432)** |  | 11582810  |
| **REAL ESTATE INVESTMENT TRUSTS - COMMON - 0.5%**<br>|  |  |
| **REITS - 0.5%**<br>|  |  |
| Granite Real Estate Investment Trust | 1100 | 61605  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** <br>**(Cost $29,536)** |  | 61605  |

---

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** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **SHORT-TERM INVESTMENTS - 1.8%**<br>|  |  |
| **Money Market Funds - 1.8%**<br>|  |  |
| First American Government Obligations Fund - Class X, 4.03%<sup>(b)</sup> | 109225 | $109225  |
| First American Treasury Obligations Fund - Class X, 3.98%<sup>(b)</sup> | 109225 | 109225  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $218,450)** |  | 218450  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.2%** <br>**(Cost $6,598,418)** |  | $11862865  |
| Liabilities in Excess of Other Assets - (0.2)% |  | (24386)  |
| **TOTAL NET ASSETS - 100.0%** |  | $11838479 |

---

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

REIT - Real Estate Investment Trust

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

<sup>(b)</sup> The rate shown represents the 7-day annualized yield as of October 31, 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** 

**October 31, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Huber Select Large** <br>**Cap Value Fund** | **Huber Small Cap** <br>**Value Fund**  | **Huber Large Cap** <br>**Value Fund** | **Huber Mid Cap** <br>**Value Fund** |
| **ASSETS:**<br>|  |  |  |  |
| Investments, at value | &nbsp;&nbsp; $414662477 | &nbsp;&nbsp; $79745840  | &nbsp;&nbsp; $19100463 | $11862865  |
| Receivable for investments sold | &nbsp;&nbsp; 5598326 | &nbsp;&nbsp; 145551  | &nbsp;&nbsp; — | —  |
| Dividends receivable | &nbsp;&nbsp; 289776 | &nbsp;&nbsp; 43559  | &nbsp;&nbsp; 6392 | 6773  |
| Receivable for fund shares sold | &nbsp;&nbsp; 72314 | &nbsp;&nbsp; —  | &nbsp;&nbsp; — | 50  |
| Dividend tax reclaims receivable | &nbsp;&nbsp; 11054 | &nbsp;&nbsp; 15215  | &nbsp;&nbsp; 742 | 22  |
| Receivable from Adviser | &nbsp;&nbsp; — | &nbsp;&nbsp; —  | &nbsp;&nbsp; 4062 | 5389  |
| Prepaid expenses and other assets | &nbsp;&nbsp; 80415 | &nbsp;&nbsp; 22859  | &nbsp;&nbsp; 24021 | 20470 |
| &nbsp;&nbsp;&nbsp; **Total assets** | &nbsp;&nbsp; 420714362 | &nbsp;&nbsp; 79973024  | &nbsp;&nbsp; 19135680 | 11895569 |
| **LIABILITIES:**<br>|  |  |  |  |
| Payable for investments purchased | &nbsp;&nbsp; 1453620 | &nbsp;&nbsp; —  | &nbsp;&nbsp; — | 18674  |
| Payable to adviser | &nbsp;&nbsp; 288363 | &nbsp;&nbsp; 69021  | &nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Payable for distribution and shareholder <br>servicing fees | &nbsp;&nbsp; 95374 | &nbsp;&nbsp; 99791  | &nbsp;&nbsp; 6900 | 1739  |
| Payable for capital shares redeemed | &nbsp;&nbsp; 79798 | &nbsp;&nbsp; 13605  | &nbsp;&nbsp; — | —  |
| Payable for audit fees | &nbsp;&nbsp; 22961 | &nbsp;&nbsp; 22962  | &nbsp;&nbsp; 22961 | 22961  |
| Payable for directors fees | &nbsp;&nbsp; 5866 | &nbsp;&nbsp; 5807  | &nbsp;&nbsp; 5846 | 5845  |
| Payable for custodian fees | &nbsp;&nbsp; 3646 | &nbsp;&nbsp; 2135  | &nbsp;&nbsp; 864 | 885  |
| Payable for legal fees | &nbsp;&nbsp; 2667 | &nbsp;&nbsp; 2666  | &nbsp;&nbsp; 2666 | 2667  |
| Payable for transfer agent fees and expenses | &nbsp;&nbsp; 849 | &nbsp;&nbsp; 1763  | &nbsp;&nbsp; 894 | 894  |
| Payable for compliance fees | &nbsp;&nbsp; 781 | &nbsp;&nbsp; 780  | &nbsp;&nbsp; 780 | 780  |
| &nbsp;&nbsp;&nbsp; Payable for fund administration and <br>accounting fees | &nbsp;&nbsp; 141 | &nbsp;&nbsp; 5129  | &nbsp;&nbsp; 2869 | 2526 |
| Payable for printing and mailing | &nbsp;&nbsp; — | &nbsp;&nbsp; 1802  | &nbsp;&nbsp; — | —  |
| Payable for expenses and other liabilities | &nbsp;&nbsp; — | &nbsp;&nbsp; —  | &nbsp;&nbsp; 5 | 119 |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | &nbsp;&nbsp; 1954066 | &nbsp;&nbsp; 225461  | &nbsp;&nbsp; 43785 | 57090 |
| **NET ASSETS** | &nbsp;&nbsp; $418760296 | &nbsp;&nbsp; $79747563  | &nbsp;&nbsp; $19091895 | $11838479 |
| **NET ASSETS CONSISTS OF:**<br>|  |  |  |  |
| Paid-in capital | &nbsp;&nbsp; $323254947 | &nbsp;&nbsp; $62005787  | &nbsp;&nbsp; $11295552 | $8303158 |
| Total distributable earnings | &nbsp;&nbsp; 95505349 | &nbsp;&nbsp; 17741776  | &nbsp;&nbsp; 7796343 | 3535321 |
| **Total net assets** | &nbsp;&nbsp; $418760296 | &nbsp;&nbsp; $79747563  | &nbsp;&nbsp; $19091895 | $11838479 |
| **Institutional Class**<br>|  |  |  |  |
| Net assets | &nbsp;&nbsp; $374245752 | &nbsp;&nbsp; $54642962  | &nbsp;&nbsp; $15902359 | $11380590 |
| Shares issued and outstanding<sup>(a)</sup> | &nbsp;&nbsp; 10736039 | &nbsp;&nbsp; 1977908  | &nbsp;&nbsp; 615900 | 684946 |
| **Net asset value per share<sup>(b)</sup>** | &nbsp;&nbsp; $34.86 | &nbsp;&nbsp; $27.63  | &nbsp;&nbsp; $25.82 | $16.62 |
| **Investor Class**<br>|  |  |  |  |
| Net assets | &nbsp;&nbsp; $44514544 | &nbsp;&nbsp; $25104601  | &nbsp;&nbsp; $3189536 | $457889 |
| Shares issued and outstanding<sup>(a)</sup> | &nbsp;&nbsp; 1278040 | &nbsp;&nbsp; 922705  | &nbsp;&nbsp; 124348 | 27646 |
| **Net asset value per share<sup>(b)</sup>** | &nbsp;&nbsp; $34.83 | &nbsp;&nbsp; $27.21  | &nbsp;&nbsp; $25.65 | $16.56 |
| **Cost:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | &nbsp;&nbsp; $293584344 | &nbsp;&nbsp; $45476974 | &nbsp;&nbsp; $9363018 | $6598418 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

<sup>(b)</sup> 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 OPERATIONS** 

**For the Year Ended October 31, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Huber Select Large** <br>**Cap Value Fund** | **Huber Small Cap** <br>**Value Fund**  | **Huber Large Cap** <br>**Value Fund** | **Huber Mid Cap** <br>**Value Fund** |
| **INVESTMENT INCOME:**<br>|  |  |  |  |
| Dividend income | &nbsp;&nbsp; $10059728 | &nbsp;&nbsp; $1454111  | &nbsp;&nbsp;&nbsp; $376378 | &nbsp;&nbsp; $232336 |
| Less: Dividend withholding taxes | &nbsp;&nbsp; — | &nbsp;&nbsp; (22363)  | &nbsp;&nbsp;&nbsp;&nbsp;(169) | &nbsp;&nbsp;&nbsp;&nbsp;(665) |
| Less: Issuance fees | &nbsp;&nbsp; (9355) | &nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;(382) | &nbsp;&nbsp;&nbsp;&nbsp;(198) |
| Interest income | &nbsp;&nbsp; 78 | &nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | &nbsp;&nbsp; 10050451 | &nbsp;&nbsp; 1431748  | &nbsp;&nbsp;&nbsp; 375827 | &nbsp;&nbsp; 231473 |
| **EXPENSES:**<br>|  |  |  |  |
| Investment advisory fee (Note 4)  | &nbsp;&nbsp; 2926276  | &nbsp;&nbsp; 798058  | &nbsp;&nbsp;&nbsp; 5994  | &nbsp;&nbsp; 3982  |
| &nbsp;&nbsp;&nbsp; Fund administration and accounting <br>fees (Note 4) | &nbsp;&nbsp; 193829 | &nbsp;&nbsp; 67473  | &nbsp;&nbsp;&nbsp; 35684 | &nbsp;&nbsp; 32025  |
| Distribution expenses - Investor Class (Note 6) | &nbsp;&nbsp; 106798 | &nbsp;&nbsp; 65410  | &nbsp;&nbsp;&nbsp; 7067 | &nbsp;&nbsp; 1113  |
| Transfer agent fees (Note 4)  | &nbsp;&nbsp; 57813  | &nbsp;&nbsp; 23199  | &nbsp;&nbsp;&nbsp; 10466  | &nbsp;&nbsp; 10512  |
| Federal and state registration fees | &nbsp;&nbsp; 54915 | &nbsp;&nbsp; 32593  | &nbsp;&nbsp;&nbsp; 25559 | &nbsp;&nbsp; 29431 |
|  Shareholder service costs - Investor Class (Note 5)  | &nbsp;&nbsp; 42719  | &nbsp;&nbsp; 18315  | &nbsp;&nbsp;&nbsp; 394  | &nbsp;&nbsp; —  |
| Trustees' fees | &nbsp;&nbsp; 23695 | &nbsp;&nbsp; 23637  | &nbsp;&nbsp;&nbsp; 23675 | &nbsp;&nbsp; 23675 |
| Audit fees | &nbsp;&nbsp; 23561 | &nbsp;&nbsp; 23562  | &nbsp;&nbsp;&nbsp; 23561 | &nbsp;&nbsp; 23561 |
| Custodian fees (Note 4)  | &nbsp;&nbsp; 19836  | &nbsp;&nbsp; 12726  | &nbsp;&nbsp;&nbsp; 5271  | &nbsp;&nbsp; 5264  |
| Compliance fees (Note 4) | &nbsp;&nbsp; 9892 | &nbsp;&nbsp; 9891  | &nbsp;&nbsp;&nbsp; 9891 | &nbsp;&nbsp; 9891  |
| Reports to shareholders  | &nbsp;&nbsp; 9576  | &nbsp;&nbsp; 6873  | &nbsp;&nbsp;&nbsp; 4935  | &nbsp;&nbsp; 5527  |
| Legal fees | &nbsp;&nbsp; 6274 | &nbsp;&nbsp; 6273  | &nbsp;&nbsp;&nbsp; 6273 | &nbsp;&nbsp; 6273 |
| Other expenses and fees | &nbsp;&nbsp; 12317 | &nbsp;&nbsp; 13949  | &nbsp;&nbsp;&nbsp; 9964 | &nbsp;&nbsp; 9988 |
| &nbsp;&nbsp;&nbsp; Total expenses | &nbsp;&nbsp; 3487501 | &nbsp;&nbsp; 1101959  | &nbsp;&nbsp;&nbsp; 168734 | &nbsp;&nbsp; 161242 |
| &nbsp;&nbsp;&nbsp; Expense (reimbursement) recoupment by Adviser (Note 4) | &nbsp;&nbsp; 206839 | &nbsp;&nbsp; 13602  | &nbsp;&nbsp;&nbsp; (32611) | &nbsp;&nbsp; (41684) |
| &nbsp;&nbsp;&nbsp; Net expenses | &nbsp;&nbsp; 3694340 | &nbsp;&nbsp; 1115561  | &nbsp;&nbsp;&nbsp; 136123 | &nbsp;&nbsp; 119558 |
| **Net investment income** | &nbsp;&nbsp; 6356111 | &nbsp;&nbsp; 316187  | &nbsp;&nbsp;&nbsp; 239704 | &nbsp;&nbsp; 111915 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| Net realized loss from:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp; (19846438) | &nbsp;&nbsp; (448129)  | &nbsp;&nbsp;&nbsp; (575177) | &nbsp;&nbsp; (501652) |
| &nbsp;&nbsp;&nbsp; Foreign currency translation | &nbsp;&nbsp; — | &nbsp;&nbsp; (772)  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net realized loss | &nbsp;&nbsp; (19846438) | &nbsp;&nbsp; (448901)  | &nbsp;&nbsp;&nbsp; (575177) | &nbsp;&nbsp; (501652) |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp; 42226412 | &nbsp;&nbsp; (728538)  | &nbsp;&nbsp;&nbsp; 2183256 | &nbsp;&nbsp; 951997 |
| &nbsp;&nbsp;&nbsp; Foreign currency translation | &nbsp;&nbsp; — | &nbsp;&nbsp; (23)  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 42226412 | &nbsp;&nbsp; (728561)  | &nbsp;&nbsp;&nbsp; 2183256 | &nbsp;&nbsp; 951997 |
| **Net realized and unrealized gain (loss)** | &nbsp;&nbsp; 22379974 | &nbsp;&nbsp; (1177462)  | &nbsp;&nbsp;&nbsp; 1608079 | &nbsp;&nbsp; 450345 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp; $28736085 | &nbsp;&nbsp; $(861275) | &nbsp;&nbsp;&nbsp; $1847783 | &nbsp;&nbsp; $562260 |

---

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

14<br>

------

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

**Huber Funds** 

**Statements of Changes in Net Assets** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Huber Select Large Cap** <br>**Value Fund** | **Huber Select Large Cap** <br>**Value Fund** | **Huber Small Cap** <br>**Value Fund**  | **Huber Small Cap** <br>**Value Fund**  |
|  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $6356111 | $3041609 | $316187 | $318844  |
| &nbsp;&nbsp;&nbsp; Net realized loss | (19846438) | (4117375) | (448901) | (2063092)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) | 42226412 | 41114492 | (728561) | 15226097  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from** <br>**operations** | 28736085 | 40038726 | (861275) | 13481849  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings - Institutional Class | (3451263) | (1234306) | (212264) | (184962)  |
| &nbsp;&nbsp;&nbsp; From earnings - Investor Class | (332552) | (145815) | (30720) | (90752)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (3783815) | (1380121) | (242984) | (275714)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Institutional Class | 184975837 | 150333289 | 7207937 | 9697702  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Institutional Class | 3271962 | 1151392 | 113581 | 80084  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Institutional Class | (81857226) | (11685681) | (3479971) | (825744)  |
| &nbsp;&nbsp;&nbsp; Redemption fees - Institutional Class | 26833 | 6944 | 89 | 53  |
| &nbsp;&nbsp;&nbsp; Shares sold - Investor Class | 16606990 | 21344918 | 313692 | 695788  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Investor Class | 314299 | 139770 | 30261 | 89231  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Investor Class | (9668663) | (10331077) | (2064028) | (2536950)  |
| &nbsp;&nbsp;&nbsp; Redemption fees - Investor Class | 3414 | 1181 | 41 | 31  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase in net assets from capital** <br>**transactions** | 113673446 | 150960736 | 2121602 | 7200195  |
| **NET INCREASE IN NET ASSETS** | 138625716 | 189619341 | 1017343 | 20406330  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 280134580 | 90515239 | 78730220 | 58323890  |
| &nbsp;&nbsp;&nbsp; End of the year | $418760296 | $280134580 | $79747563 | $78730220  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Institutional Class | 5572933 | 5018258 | 259482 | 375926  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Institutional Class | 99391 | 41747 | 3903 | 3230  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Institutional Class | (2477739) | (379293) | (131582) | (33041)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Investor Class | 500778 | 700721 | 12227 | 27240  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Investor Class | 9527 | 5053 | 1053 | 3644  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Investor Class | (296273) | (329437) | (77914) | (101100)  |
| &nbsp;&nbsp;&nbsp; **Total increase in shares outstanding** | 3408617 | 5057049 | 67169 | 275899 |

---

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

15<br>

------

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

**Huber Funds** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Huber Large Cap** <br>**Value Fund** | **Huber Large Cap** <br>**Value Fund** | **Huber Mid Cap** <br>**Value Fund**  | **Huber Mid Cap** <br>**Value Fund**  |
|  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $239704 | $180769 | $111915 | $115116  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (575177) | 127502 | (501652) | (13052)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) | 2183256 | 2816727 | 951997 | 1974811  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets from operations** | 1847783 | 3124998 | 562260 | 2076875  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings - Institutional Class | (165513) | (25612) | (132301) | (121758)  |
| &nbsp;&nbsp;&nbsp; From earnings - Investor Class | (23799) | (159544) | (4617) | (4608)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (189312) | (185156) | (136918) | (126366)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Institutional Class | 2000000 | 1251000 | 1002669 | 236254  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Institutional Class | 80907 | 67924 | 62187 | 59144  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Institutional Class | (600) |  | (1035701) | (600839)  |
| &nbsp;&nbsp;&nbsp; Redemption fees - Institutional Class |  | 13 |  | —  |
| &nbsp;&nbsp;&nbsp; Shares sold - Investor Class | 954362 | 123879 | 50 | 4608  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Investor Class | 23799 | 25612 | 4617 | —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Investor Class | (197089) | (8438) |  | (4839)  |
| &nbsp;&nbsp;&nbsp; Redemption fees - Investor Class |  | 3 |  | —  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 2861379 | 1459993 | 33822 | (305672)  |
| **NET INCREASE IN NET ASSETS** | 4519850 | 4399835 | 459164 | 1644837  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 14572045 | 10172210 | 11379315 | 9734478  |
| &nbsp;&nbsp;&nbsp; End of the year | $19091895 | $14572045 | $11838479 | $11379315  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Institutional Class | 89614 | 53935 | 74515 | 15214  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Institutional Class | 3342 | 3518 | 3726 | 4177  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Institutional Class | (23) |  | (63176) | (40400)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Investor Class | 38774 | 5760 | 3 | 326  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Investor Class | 987 | 1332 | 277 | —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Investor Class | (8071) | (380) |  | (341)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares** <br>**outstanding** | 124623 | 64165 | 15345 | (21024) |

---

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

16<br>

------

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

**Huber Select Large Cap Value Fund** 

**Financial Highlights** 

**Institutional Class** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $32.56 | $25.51 | $24.27 | $24.39 | $16.32  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.59 | 0.47 | 0.39 | 0.21 | 0.16  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 2.12 | 6.88 | 1.06 | (0.19) | 8.31  |
| **Total from investment operations** | 2.71 | 7.35 | 1.45 | 0.02 | 8.47  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.41) | (0.30) | (0.21) | (0.14) | (0.40)  |
| Redemption fee per share<sup>(c)</sup> | 0.00 | 0.00 | 0.00 | 0.00 | 0.00  |
| **Net asset value, end of year** | $34.86 | $32.56 | $25.51 | $24.27 | $24.39  |
| Total return | 8.39% | 29.03% | 6.01% | 0.07% | 52.71%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $374246 | $245512 | $72977 | $51336 | $40792  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment | 0.90% | 0.97% | 1.13% | 1.25% | 1.40%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment | 0.95% | 0.99% | 0.99% | 0.99% | 0.99%  |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income to average <br>net assets | 1.75% | 1.53% | 1.55% | 0.87% | 0.77%  |
| Portfolio turnover rate | 46% | 33% | 31% | 36% | 49% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years.

<sup>(c)</sup> Amount represents less than $0.005 per share. 

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

17<br>

------

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

**Huber Select Large Cap Value Fund** 

**Financial Highlights** 

**Investor Class** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $32.54 | $25.50 | $24.30 | $24.44 | $16.33  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.47 | 0.38 | 0.31 | 0.13 | 0.11  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 2.12 | 6.87 | 1.05 | (0.19) | 8.33  |
| **Total from investment operations** | 2.59 | 7.25 | 1.36 | (0.06) | 8.44  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.30) | (0.21) | (0.16) | (0.08) | (0.33)  |
| Redemption fee per share | 0.00<sup>(c)</sup> | 0.00<sup>(c)</sup> |  | 0.00<sup>(c)</sup> | 0.00<sup>(c)</sup>  |
| **Net asset value, end of year** | $34.83 | $32.54 | $25.50 | $24.30 | $24.44  |
| Total return | 8.02% | 28.58% | 5.61% | -0.26% | 52.32%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $44515 | $34622 | $17538 | $16648 | $6251  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment | 1.25% | 1.32% | 1.48% | 1.59% | 1.67%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment | 1.30% | 1.34% | 1.34% | 1.33% | 1.26%  |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income to average <br>net assets | 1.40% | 1.22% | 1.23% | 0.54% | 0.50%  |
| Portfolio turnover rate | 46% | 33% | 31% | 36% | 49% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years.

<sup>(c)</sup> Amount represents less than $0.005 per share.

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

18<br>

------

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

**Huber Small Cap Value Fund** 

**Financial Highlights** 

**Institutional Class** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **PER SHARE DATA:** <br>|  |  |  |  |  |
| Net asset value, beginning of year  | $27.93  | $22.93  | $23.73  | $23.48  | $14.04  |
| **INVESTMENT OPERATIONS:** <br>|  |  |  |  |  |
| Net investment income<sup>(a)</sup>  | 0.14  | 0.15  | 0.08  | 0.03  | 0.01  |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on <br>investments<sup>(b)</sup>  | (0.33)  | 4.97  | (0.88)  | 0.49  | 9.56  |
| **Total from investment operations**  | (0.19)  | 5.12  | (0.80)  | 0.52  | 9.57  |
| **LESS DISTRIBUTIONS FROM:** <br>|  |  |  |  |  |
| Net investment income  | (0.11)  | (0.12)  | —  | (0.27)  | (0.13)  |
| Redemption fee per share<sup>(c)</sup> | 0.00  | 0.00  | 0.00  | 0.00  | 0.00  |
| **Net asset value, end of year**  | $27.63  | $27.93  | $22.93  | $23.73  | $23.48  |
| Total return  | -0.69%  | 22.41%  | -3.37%  | 2.25%  | 68.47%  |
| **SUPPLEMENTAL DATA AND RATIOS:** <br>|  |  |  |  |  |
| Net assets, end of year (in thousands)  | $54643  | $51561  | $34398  | $32827  | $26662  |
| Ratio of expenses to average net assets: <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment  | 1.26%  | 1.39%  | 1.48%  | 1.53%  | 1.65%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment  | 1.28%  | 1.28%  | 1.35%  | 1.35%  | 1.35%  |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income to average <br>net assets  | 0.50%  | 0.56%  | 0.36%  | 0.11%  | 0.03%  |
| Portfolio turnover rate  | 35%  | 31%  | 44%  | 41%  | 76% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years. 

<sup>(c)</sup> Amount represents less than $0.005 per share.

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

19<br>

------

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

**Huber Small Cap Value Fund** 

**Financial Highlights** 

**Investor Class** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **PER SHARE DATA:** <br>|  |  |  |  |  |
| Net asset value, beginning of year  | $27.52  | $22.62  | $23.45  | $23.21  | $13.86  |
| **INVESTMENT OPERATIONS:** <br>|  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup>  | 0.05  | 0.07  | 0.04  | (0.02)  | (0.04)  |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on <br>investments<sup>(b)</sup>  | (0.33)  | 4.92  | (0.87)  | 0.48  | 9.47  |
| **Total from investment operations**  | (0.28)  | 4.99  | (0.83)  | 0.46  | 9.43  |
| **LESS DISTRIBUTIONS FROM:** <br>|  |  |  |  |  |
| Net investment income  | (0.03)  | (0.09)  | —  | (0.22)  | (0.08)  |
| **Total distributions**  | (0.03)  | (0.09)  | —  | (0.22)  | (0.08)  |
| Redemption fee per share  | 0.00<sup>(c)</sup>  | 0.00<sup>(c)</sup>  | —  | 0.00<sup>(c)</sup>  | 0.00<sup>(c)</sup>  |
| **Net asset value, end of year**  | $27.21  | $27.52  | $22.62  | $23.45  | $23.21  |
| Total return  | -1.02%  | 22.10%  | -3.54%  | 2.02%  | 68.19%  |
| **SUPPLEMENTAL DATA AND RATIOS:** <br>|  |  |  |  |  |
| Net assets, end of year (in thousands)  | $25105  | $27169  | $23926  | $25107  | $24753  |
| Ratio of expenses to average net assets: <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment  | 1.58%  | 1.67%  | 1.66%  | 1.71%  | 1.86%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment  | 1.60%  | 1.56%  | 1.53%  | 1.53%  | 1.56%  |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average <br>net assets  | 0.17%  | 0.29%  | 0.18%  | (0.09)%  | (0.18)%  |
| Portfolio turnover rate  | 35%  | 31%  | 44%  | 41%  | 76% |

---

<sup>(a)</sup> Net investment income (loss) per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years. 

<sup>(c)</sup> Amount represents less than $0.005 per share. 

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

20<br>

------

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

**Huber Large Cap Value Fund** 

**Financial Highlights** 

**Institutional Class** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $23.69 | $18.46 | $18.68 | $18.98 | $13.26  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.35 | 0.33 | 0.34 | 0.26 | 0.23  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 2.10 | 5.24 | (0.26) | (0.32) | 5.76  |
| **Total from investment operations** | 2.45 | 5.57 | 0.08 | (0.06) | 5.99  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.32) | (0.34) | (0.30) | (0.24) | (0.27)  |
| Redemption fee per share |  | 0.00<sup>(c)</sup> |  | 0.00<sup>(c)</sup> | —  |
| **Net asset value, end of year** | $25.82 | $23.69 | $18.46 | $18.68 | $18.98  |
| Total return | 10.42% | 30.61% | 0.41% | -0.31% | 45.66%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $15902 | $12390 | $8595 | $8579 | $8808  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment | 0.94% | 1.63% | 2.19% | 2.10% | 2.60%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment | 0.75% | 0.75% | 0.75% | 0.75% | 0.75%  |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income to average net <br>assets | 1.44% | 1.49% | 1.82% | 1.39% | 1.33%  |
| Portfolio turnover rate | 34% | 27% | 34% | 44% | 26% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years.

<sup>(c)</sup> Amount represents less than $0.005 per share. 

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

21<br>

------

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

**Huber Large Cap Value Fund** 

**Financial Highlights** 

**Investor Class** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $23.55 | $18.35 | $18.58 | $18.69 | $13.18  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.29 | 0.27 | 0.29 | 0.21 | 0.20  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 2.07 | 5.23 | (0.27) | (0.31) | 5.74  |
| **Total from investment operations** | 2.36 | 5.50 | 0.02 | (0.10) | 5.94  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.26) | (0.30) | (0.25) | (0.21) | (0.23)  |
| Redemption fee per share |  | 0.00<sup>(c)</sup> |  |  | —  |
| **Net asset value, end of year** | $25.65 | $23.55 | $18.35 | $18.58 | $18.89  |
| Total return | 10.09% | 30.32% | 0.12% | -0.50% | 45.52%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $3190 | $2182 | $1577 | $1523 | $1646  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment | 1.20% | 1.88% | 2.44% | 2.32% | 2.74%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment | 1.01% | 1.00% | 1.00% | 0.97% | 0.89%  |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income to average net <br>assets | 1.19% | 1.24% | 1.56% | 1.16% | 1.19%  |
| Portfolio turnover rate | 34% | 27% | 34% | 44% | 26% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years.

<sup>(c)</sup> Amount represents less than $0.005 per share. 

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

22<br>

------

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

**Huber Mid Cap Value Fund** 

**Financial Highlights** 

**Institutional Class** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $16.32 | $13.55 | $14.97 | $14.83 | $9.55  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.15 | 0.17 | 0.18 | 0.13 | 0.08  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 0.35 | 2.78 | (1.32) | 0.17 | 5.30  |
| **Total from investment operations** | 0.50 | 2.95 | (1.14) | 0.30 | 5.38  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.20) | (0.18) | (0.28) | (0.16) | (0.10)  |
| Redemption fee per share |  |  |  | 0.00<sup>(c)</sup> | —  |
| **Net asset value, end of year** | $16.62 | $16.32 | $13.55 | $14.97 | $14.83  |
| Total return | 3.04% | 21.94% | -7.66% | 2.02% | 56.61%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $11380 | $10934 | $9364 | $8492 | $6958  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment | 1.35% | 1.94% | 2.59% | 2.71% | 3.57%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment | 1.00% | 1.00% | 1.00% | 1.00% | 1.00%  |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average net <br>assets | 0.95% | 0.16% | (0.30)% | (0.81)% | (2.05)%  |
| Portfolio turnover rate | 65% | 63% | 67% | 73% | 59% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years.

<sup>(c)</sup> Amount represents less than $0.005 per share. 

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

23<br>

------

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

**Huber Mid Cap Value Fund** 

**Financial Highlights** 

**Investor Class** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $16.28 | $13.53 | $14.95 | $14.80 | $9.53  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.11 | 0.14 | 0.18 | 0.13 | 0.05  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 0.34 | 2.78 | (1.33) | 0.16 | 5.30  |
| **Total from investment operations** | 0.45 | 2.92 | (1.15) | 0.29 | 5.35  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.17) | (0.17) | (0.27) | (0.14) | (0.08)  |
| Redemption fee per share |  | 0.00<sup>(c)</sup> |  | 0.00<sup>(c)</sup> | —  |
| **Net asset value, end of year** | $16.56 | $16.28 | $13.53 | $14.95 | $14.80  |
| Total return | 2.75% | 21.76% | -7.72% | 1.99% | 56.34%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $458 | $445 | $370 | $516 | $510  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment | 1.60% | 2.09% | 2.64% | 2.76% | 3.71%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment | 1.25% | 1.15% | 1.05% | 1.05% | 1.14%  |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income to average net <br>assets | 0.70% | 0.94% | 1.26% | 0.85% | 0.39%  |
| Portfolio turnover rate | 65% | 63% | 67% | 73% | 59% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years.

<sup>(c)</sup> Amount represents less than $0.005 per share.

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

24<br>

------

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

**HUBER FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**at October 31, 2025** 

**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.

25<br>

------

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

**HUBER FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**at October 31, 2025(Continued)** 

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.

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.

For the year ended October 31, 2025, the Funds made the following permanent tax adjustments on the statement of assets and liabilities:

---

| | | |
|:---|:---|:---|
|  | **Distributable** <br>**Earnings**  | **Paid-in** <br>**Capital**  |
| Huber Select Large Cap Value Fund  | &nbsp;&nbsp; $— | $— |
| Huber Small Cap Value Fund  | &nbsp;&nbsp; 11167  | (11167)  |
| Huber Large Cap Value Fund  | &nbsp;&nbsp; — |  |
| Huber Mid Cap Value Fund  | &nbsp;&nbsp; — |  |

---

&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.

26<br>

------

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

**HUBER FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**at October 31, 2025(Continued)** 

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 Year End:* In preparing the financial statements as of October 31, 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 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 instruments 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.

27<br>

------

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

**HUBER FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**at October 31, 2025(Continued)** 

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.

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 October 31, 2025:

**Huber Select Large Cap Value Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Investments:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $395398121 | $— | $— | $395398121  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 19264356 |  |  | 19264356  |
| **Total Investments** | $414662477 | $— | $— | $414662477 |

---

**Huber Small Cap Value Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Investments:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $77575302 | $— | $— | $77575302  |
| &nbsp;&nbsp;&nbsp; Real Estate Investment Trusts | 1815858 |  |  | 1815858  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 354680 |  |  | 354680  |
| **Total Investments** | $79745840 | $— | $— | $79745840 |

---

**Huber Large Cap Value Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Investments:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $18741172 | $— | $— | $18741172  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 359291 |  |  | 359291  |
| **Total Investments** | $19100463 | $— | $— | $19100463 |

---

**Huber Mid Cap Value Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Investments:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $11582810 | $— | $— | $11582810  |
| &nbsp;&nbsp;&nbsp; Real Estate Investment Trusts | 61605 |  |  | 61605  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 218450 |  |  | 218450  |
| **Total Investments** | $11862865 | $— | $— | $11862865 |

---

Refer to the Fund's schedule of investments for a detailed break-out of investments by industry classification.

28<br>

------

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

**HUBER FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**at October 31, 2025(Continued)** 

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 financial 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 enhanced interim disclosures and providing new disclosure requirements for entities with a single reportable segment, among other new disclosure requirements. Management has evaluated the impact of adopting ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures 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 Funds' income, expenses, assets, and performance are regularly monitored and assessed by the Advisor's Management Committee, consisting of the firm's Chief Executive Office and Chief Investment Officer, using the information presented in the financial statements and financial highlights.

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

**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 year ended October 31, 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%

29<br>

------

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

**HUBER FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**at October 31, 2025(Continued)** 

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 | &nbsp;&nbsp;&nbsp;&nbsp; 0.99%  |
| Small Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 1.28%  |
| Large Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.75%  |
| Mid Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 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 expenses. For the year ended October 31, 2025, the Adviser reduced its fees and absorbed Fund expenses in the amount of $1,858 for the Small Cap Value Fund, $32,611 for the Large Cap Value Fund, and $41,684 for the Mid Cap Value Fund. The Select Large Cap Value Fund did not reduce its fees or absorb Fund expenses during the year.

During the year ended October 31, 2025, the Adviser recouped management fees in the amount of $206,839 from the Select Large Cap Value Fund and $15,460 from the Small Cap Value Fund. The Large Cap Value Fund and Mid Cap Value Fund did not recoup management fees during the year. The Adviser may recapture portions of the amounts shown below no later than the corresponding dates:

---

| | | | |
|:---|:---|:---|:---|
| **Date** | **Small Cap** <br>**Value Fund** | **Large Cap** <br>**Value Fund** | **Mid Cap** <br>**Value Fund**  |
| 10/31/2026 | $77007 | $147839 | $137835  |
| 10/31/2027 | 92286 | 121075 | 111466  |
| 10/31/2028 | 1858 | 32611 | 41684  |
|  | $171151 | $301525 | $290985 |

---

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 year ended October 31, 2025, are disclosed in the statements of operations.

Quasar Distributors, LLC ("Quasar") acts as the Funds' principal underwriter in a continuous public offering of the Funds' 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

30<br>

------

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

**HUBER FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**at October 31, 2025(Continued)** 

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 year ended October 31, 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 year ended October 31, 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 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 year ended October 31, 2025, the 12b-1 fees accrued by each Fund's Investor Class are disclosed in the statements of operations.

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

For the year ended October 31, 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 | $265490143 | $30968497 | $8389472 | $7872028  |
| Sales | 159075812 | 27407800 | 5677712 | 7223389 |

---

During the year ended October 31, 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 year ended October 31, 2025, and the year ended October 31, 2024, was as follows:

---

| | | |
|:---|:---|:---|
|  | **Select Large Cap Value Fund**  | **Select Large Cap Value Fund**  |
|  | **October 31,**  | **October 31,**  |
|  | **2025** | **2024**  |
| Ordinary income | $3783815 | $1380121 |

---

---

| | | |
|:---|:---|:---|
|  | **Small Cap Value Fund**  | **Small Cap Value Fund**  |
|  | **October 31,**  | **October 31,**  |
|  | **2025** | **2024**  |
| Ordinary income | $242984 | $275714 |

---

---

| | | |
|:---|:---|:---|
|  | **Large Cap Value Fund**  | **Large Cap Value Fund**  |
|  | **October 31,**  | **October 31,**  |
|  | **2025** | **2024**  |
| Ordinary income | $189312 | $185156 |

---

---

| | | |
|:---|:---|:---|
|  | **Mid Cap Value Fund** | **Mid Cap Value Fund** |
|  | **October 31,**  | **October 31,**  |
|  | **2025** | **2024**  |
| Ordinary income | $136918 | $126366 |

---

31<br>

------

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

**HUBER FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**at October 31, 2025(Continued)** 

As of October 31, 2025, 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> | $294560583 | $46327456  |
| Gross tax unrealized appreciation | 131098108 | 37593794  |
| Gross tax unrealized depreciation | (10996214) | (4175410)  |
| Net tax unrealized appreciation | 120101894 | 33418384  |
| Net unrealized depreciation on foreign currency |  | (216)  |
| Undistributed ordinary income | 5186483 | 970149  |
| Undistributed long-term capital gain |  | —  |
| Total distributable earnings | 5186483 | 970149  |
| Other accumulated losses | (29783028) | (16646541)  |
| Total accumulated earnings/(losses) | $95505349 | $17741776 |

---

---

| | | |
|:---|:---|:---|
|  | **Large Cap** <br>**Value Fund** | **Mid Cap** <br>**Value Fund**  |
| Cost of investments for tax purposes<sup>(a)</sup> | $9464440 | $6628610  |
| Gross tax unrealized appreciation | 9881321 | 5457075  |
| Gross tax unrealized depreciation | (245298) | (222820)  |
| Net tax unrealized appreciation | 9636023 | 5234255  |
| Undistributed ordinary income | 183939 | 80504  |
| Undistributed long-term capital gain |  | —  |
| Total distributable earnings | 183939 | 80504  |
| Other accumulated losses | (2023619) | (1779438)  |
| Total accumulated earnings/(losses) | $7796343 | $3535321 |

---

<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, 2025, the Funds had capital loss carryforwards as follows:

---

| | | |
|:---|:---|:---|
|  | **Capital Loss Carryforwards**  | **Capital Loss Carryforwards**  |
|  | **Short-Term** | **Long-Term**  |
| Select Large Cap Value Fund | $25897722 | $3885306  |
| Small Cap Value Fund | 14716895 | 1929646  |
| Large Cap Value Fund | 1683546 | 340073  |
| Mid Cap Value Fund | 1515309 | 264129 |

---

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

32<br>

------

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

**HUBER FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**at October 31, 2025(Continued)** 

**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 October 31, 2025, each Fund's percentage of control ownership positions greater than 25% are as follows:

---

| | | |
|:---|:---|:---|
| **Select Large Cap Value Fund** | **Investor Class** | **Institutional Class**  |
| Charles Schwab AB & Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 36.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| LPL Financial | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31.43%  |
| Pershing LLC | &nbsp;&nbsp;&nbsp;&nbsp; 45.02% | &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; 31.05%  |
| Shadowlawn Investments LP | &nbsp;&nbsp;&nbsp;&nbsp; 56.47% | &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; 51.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| National Financial Services LLC | &nbsp;&nbsp;&nbsp;&nbsp; 47.27% | &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; 47.72%  |
| 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; 31.68% |

---

**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

33<br>

------

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

**HUBER FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**at October 31, 2025(Continued)** 

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 underpriced 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.

&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.

34<br>

------

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

**HUBER FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**at October 31, 2025(Continued)** 

**NOTE 11 – OTHER TAX INFORMATION** 

The Funds declared an income distribution to be paid on December 16, 2025, to shareholders of record on December 15, 2025, as follows:

---

| | |
|:---|:---|
|  | **Distribution rate** <br>**per share**  |
| **Select Large Cap Value Fund**<br>|  |
| Investor Class | $0.41237720  |
| Institutional Class | $0.53466423  |
| **Small Cap Value Fund**<br>|  |
| Investor Class | $0.31501114  |
| Institutional Class | $0.40680227  |
| **Large Cap Value Fund**<br>|  |
| Investor Class | $0.28634956  |
| Institutional Class | $0.35480311  |
| **Mid Cap Value Fund**<br>|  |
| Investor Class | $0.13488579  |
| Institutional Class | $0.17514063 |

---

35<br>

------

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

**HUBER FUNDS** 

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

**To the Board of Trustees** 

**Advisors Series Trust and** 

**Shareholders of** 

**Huber Select Large Cap Value Fund** 

**Huber Small Cap Value Fund** 

**Huber Large Cap Value Fund** 

**Huber Mid Cap Value Fund**

**Opinion on the Financial Statements** 

We have audited the accompanying statements of assets and liabilities of Huber Select Large Cap Value Fund, Huber Small Cap Value Fund, Huber Large Cap Value Fund, and Huber Mid Cap Value Fund (the "Funds"), each a series of Advisors Series Trust (the "Trust"), including the schedules of investments, as of October 31, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds as of October 31, 2025, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and their financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the auditor of one or more of the funds in the Trust since 2003.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of the Funds' internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

![](huber_sign20671.jpg)

**TAIT, WELLER & BAKER LLP** 

**Philadelphia, Pennsylvania** 

**December 29, 2025**

36<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.** 

Not applicable as the investment advisory agreement was not approved during the past six months.

37<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>**

Not applicable as the investment advisory agreement was not approved during the past six months.

**<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.

(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>**

---

| | |
|:---|:---|
| (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.* Filed herewith.](huber-efp20671_ex99code.htm) |
|  | (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. |
|  | [(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.](huber-efp20671_ex99cert.htm) |
|  | (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. |
|  | (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. |
| (b) | [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Furnished herewith.](huber-efp20671_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>01/07/2026</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>01/07/2026</u>

---

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

---

Date <u>01/07/2026</u>

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

## Ex-99.Code

**EX.99.CODE ETH**

**Exhibit A**

**ADVISORS SERIES TRUST**

**Code of Ethics**

**For Principal Executive Officer & Principal Financial Officer**

This Code of Ethics is designed to comply with Section 406 of the Sarbanes-Oxley Act of 2002 and the rules promulgated by the Securities and Exchange Commission (the "SEC") thereunder. This Code of Ethics is in addition to, not in replacement of, the Advisors Series Trust (the "Trust") Code of Ethics for access persons (the "Investment Company Code of Ethics"), adopted pursuant to Rule 17j-1 under the Investment Company Act of 1940, as amended (the "Investment Company Act"). The persons covered by this Code of Ethics may also be subject to the Investment Company Code of Ethics.

The Trust requires its Principal Executive Officer, Principal Financial Officer, or other Trust officers performing similar functions (the "Principal Officers"), to maintain the highest ethical and legal standards while performing their duties and responsibilities to the Trust and each of its series (each a "Fund," collectively the "Funds"), with particular emphasis on those duties that relate to the preparation and reporting of the financial information of the Funds. The following principles and responsibilities shall govern the professional conduct of the Principal Officers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. HONEST AND ETHICAL CONDUCT

The Principal Officers shall act with honesty and integrity, avoiding actual or apparent conflicts of interest in personal and professional relationships, and shall report any material transaction or relationship that reasonably could be expected to give rise to such conflict between their interests and those of a Fund to the Audit Committee, the full Board of Trustees of the Trust, and, in addition, to any other appropriate person or entity that may reasonably be expected to deal with any conflict of interest in timely and expeditious manner.

The Principal Officers shall act in good faith, responsibly, with due care, competence and diligence, without misrepresenting material facts or allowing their independent judgment to be subordinated or compromised.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. FINANCIAL RECORDS AND REPORTING

The Principal Officers shall provide full, fair, accurate, timely and understandable disclosure in the reports and/or other documents to be filed with or submitted to the SEC or other applicable body by a Fund, or that is otherwise publicly disclosed or communicated. The Principal Officers shall comply with applicable rules and regulations of federal, state, and local governments, and other appropriate private and public regulatory agencies.

The Principal Officers shall respect the confidentiality of information acquired in the course of their work and shall not disclose such information except when authorized or legally obligated to disclose. The Principal Officers will not use confidential information acquired in the course of their duties as Principal Officers.

The Principal Officers shall share knowledge and maintain skills important and relevant to the Trust's needs; shall proactively promote ethical behavior of the Trust's employees and as a partner with industry peers and associates; and shall maintain control over and responsibly manage assets and resources employed or entrusted to them by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. COMPLIANCE WITH LAWS, RULES AND REGULATIONS

The Principal Officers shall establish and maintain mechanisms to oversee the compliance of the Funds with applicable federal, state or local law, regulation or administrative rule, and to identify, report and correct in a swift and certain manner, any detected deviations from applicable federal, state or local law regulation or rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. COMPLIANCE WITH THIS CODE OF ETHICS

The Principal Officers shall promptly report any violations of this Code of Ethics to the Audit Committee as well as the full Board of Trustees of the Trust and shall be held accountable for strict adherence to this Code of Ethics. A proven failure to uphold the standards stated herein shall be grounds for such sanctions as shall be reasonably imposed by the Board of Trustees of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AMENDMENT AND WAIVER

This Code of Ethics may only be amended or modified by approval of the Board of Trustees. Any substantive amendment that is not technical or administrative in nature or any material waiver, implicit or otherwise, of any provision of this Code of Ethics, shall be communicated publicly in accordance with Item 2 of Form N-CSR under the Investment Company Act.

**Adopted by the Board of Trustees on March 18, 2010**

## 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;

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;

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;

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;

(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;

(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

(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

(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: | 01/07/2026 | /s/ Jeffrey T. Rauman |
|  |  | Jeffrey T. Rauman |
|  |  | President/Chief Executive Officer/Principal Executive Officer |
|  |  | 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;

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;

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;

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;

(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;

(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

(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

(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: | 01/07/2026 | /s/ Kevin J. Hayden |
|  |  | Kevin J. Hayden |
|  |  | Vice President/Treasurer/Principal Financial Officer |
|  |  | Advisors Series Trust |

---

## Exhibit 99.906

**EX.99.906CERT**

**<u>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act</u>**

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 year ended October 31, 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>01/07/2026</u> Dated: <u>01/07/2026</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.