UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-07959
Advisors Series Trust
(Exact name of registrant as specified in charter)
615 East Michigan Street
Milwaukee, WI 53202
(Address of principal executive offices) (Zip code)
Jeffrey T. Rauman, President/Chief Executive Officer
Advisors Series Trust
c/o U.S. Bancorp Fund Services, LLC
777 East Wisconsin Avenue, 4th Floor
Milwaukee, WI 53202
(Name and address of agent for service)
(626) 914-7235
Registrant’s telephone number, including area code
Date of fiscal year end: October 31, 2024
Date of reporting period: October 31, 2024
Item 1. Reports to Stockholders.
(a)
| | |
| Huber Select Large Cap Value Fund | |
| Investor Class | HULIX |
| Annual Shareholder Report | October 31, 2024 |
This annual shareholder report contains important information about the Huber Select Large Cap Value Fund for the period of November 1, 2023, to October 31, 2024. 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 | $153 | 1.34% |
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the 12-month period ended October 31, 2024, the Fund underperformed the S&P 500 Index and the Bloomberg U.S. 1000 Value Index.
WHAT FACTORS INFLUENCED PERFORMANCE
The Fund was negatively impacted by sector allocation. An overweight in energy and an underweight in utilities both detracted from performance.
The Fund was positively impacted by stock selection within the health care and financial sectors.
During the period the Fund reduced its exposure to energy and increased its exposure to consumer staples.
| |
Top Contributors |
| | Eli Lilly & Co. |
| | United Rentals Inc. |
| |
Top Detractors |
| | KBR Inc. |
| | New Fortress Energy Inc. |
The Fund underperformed in the period, as market enthusiasm for AI and expectations for rate cuts created an unfavorable environment 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)
ANNUAL AVERAGE TOTAL RETURN (%)
| | | |
| | 1 Year | 5 Year | 10 Year |
Investor Class | 28.58 | 14.00 | 9.81 |
S&P 500 TR | 38.02 | 15.27 | 13.00 |
Bloomberg US 1000 Value Total Return | 29.59 | 10.92 | 9.50 |
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, 2024)
| |
Net Assets | $280,134,580 |
Number of Holdings | 41 |
Net Advisory Fee | $1,583,288 |
Portfolio Turnover | 33% |
Visit https://hubercap.com/mutual-funds/download-centerfund-materials/ for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of October 31, 2024)*
| |
Top 10 Issuers | (%) |
Upbound Group, Inc. | 6.5% |
Eli Lilly & Co. | 6.1% |
KBR, Inc. | 5.6% |
Citigroup, Inc. | 4.9% |
Philip Morris International, Inc. | 4.8% |
Northrop Grumman Corp. | 4.6% |
AT&T, Inc. | 4.5% |
Bank of America Corp. | 4.3% |
BP PLC | 4.1% |
Microsoft Corp. | 4.1% |
Sector Breakdown (% of net assets)
| * | 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 |
100009427938311607118151323612353188161876619818254831000010520109941359314591166811830126155223342459933950100001013410763129471337414758132001952119314191182477425.223.613.813.07.46.34.50.70.64.9
| | |
| Huber Select Large Cap Value Fund | |
| Institutional Class | HULEX |
| Annual Shareholder Report | October 31, 2024 |
This annual shareholder report contains important information about the Huber Select Large Cap Value Fund for the period of November 1, 2023, to October 31, 2024. 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 | $113 | 0.99% |
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the 12-month period ended October 31, 2024, the Fund underperformed the S&P 500 Index and the Bloomberg U.S. 1000 Value Index.
WHAT FACTORS INFLUENCED PERFORMANCE
The Fund was negatively impacted by sector allocation. An overweight in energy and an underweight in utilities both detracted from performance.
The Fund was positively impacted by stock selection within the health care and financial sectors.
During the period the Fund reduced its exposure to energy and increased its exposure to consumer staples.
| |
Top Contributors |
| | Eli Lilly & Co. |
| | United Rentals Inc. |
| |
Top Detractors |
| | KBR Inc. |
| | New Fortress Energy Inc. |
The Fund underperformed in the period, as market enthusiasm for AI and expectations for rate cuts created an unfavorable environment 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)
ANNUAL AVERAGE TOTAL RETURN (%)
| | | |
| | 1 Year | 5 Year | 10 Year |
Institutional Class | 29.03 | 14.37 | 10.18 |
S&P 500 TR | 38.02 | 15.27 | 13.00 |
Bloomberg US 1000 Value Total Return | 29.59 | 10.92 | 9.50 |
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, 2024)
| |
Net Assets | $280,134,580 |
Number of Holdings | 41 |
Net Advisory Fee | $1,583,288 |
Portfolio Turnover | 33% |
Visit https://hubercap.com/mutual-funds/download-centerfund-materials/ for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of October 31, 2024)*
| |
Top 10 Issuers | (%) |
Upbound Group, Inc. | 6.5% |
Eli Lilly & Co. | 6.1% |
KBR, Inc. | 5.6% |
Citigroup, Inc. | 4.9% |
Philip Morris International, Inc. | 4.8% |
Northrop Grumman Corp. | 4.6% |
AT&T, Inc. | 4.5% |
Bank of America Corp. | 4.3% |
BP PLC | 4.1% |
Microsoft Corp. | 4.1% |
Sector Breakdown (% of net assets)
| * | 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 |
100000094690494629511743331198625134763412616851926715192814820439972637333100000010519951099431135925214591061668140183012526155042233351245987633950491000000101336010762581294680133740314758271320005195207419313531911758247735625.223.613.813.07.46.34.50.70.64.9
| | |
| Huber Small Cap Value Fund | |
| Investor Class | HUSIX |
| Annual Shareholder Report | October 31, 2024 |
This annual shareholder report contains important information about the Huber Small Cap Value Fund for the period of November 1, 2023, to October 31, 2024. 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 | $173 | 1.56% |
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the 12-month period ended October 31, 2024, the Fund underperformed the Bloomberg U.S. 2000 Total Return Index and the Bloomberg U.S. 2000 Value Index.
WHAT FACTORS INFLUENCED PERFORMANCE
The Fund was negatively impacted by sector allocation. An overweight in energy and an underweight in real estate both detracted from performance.
The Fund was positively impacted by stock selection within the health care and financial sectors.
During the period, the Fund reduced its exposure to information technology and increased its exposure to health care.
| |
Top Contributors |
| | Golar LNG Ltd. |
| | Miller Industries Inc. |
| |
Top Detractors |
| | Commercial Vehicle Group Inc. |
| | Comtech Telecommunications |
The Fund underperformed in the period, as market enthusiasm for AI and a more favorable rate environment led to a poor environment 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)
ANNUAL AVERAGE TOTAL RETURN (%)
| | | |
| | 1 Year | 5 Year | 10 Year |
Investor Class | 22.10 | 9.24 | 5.47 |
Bloomberg US 2000 Total Return Index | 34.80 | 9.78 | 8.41 |
Bloomberg US 2000 Value Total Return Index | 31.98 | 11.69 | 8.25 |
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, 2024)
| |
Net Assets | $78,730,220 |
Number of Holdings | 40 |
Net Advisory Fee | $617,632 |
Portfolio Turnover | 31% |
Visit https://hubercap.com/mutual-funds/download-centerfund-materials/ for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of October 31, 2024)*
| |
Top 10 Issuers | (%) |
Golar LNG Ltd. | 8.3% |
KBR, Inc. | 7.2% |
Miller Industries, Inc. | 7.1% |
First Citizens BancShares, Inc. | 6.6% |
Upbound Group, Inc. | 5.4% |
Xperi, Inc. | 3.7% |
Enova International, Inc. | 3.4% |
W&T Offshore, Inc. | 3.3% |
Carter Bankshares, Inc. | 3.2% |
First United Corp. | 3.1% |
Sector Breakdown (% of net assets)
| * | 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 |
1000089538494103151014610955843214181144681395617040100001003510499132671362514060141732227218144166282241510000979610582130341284412712113071954117887167382209133.117.817.411.810.05.82.02.1
| | |
| Huber Small Cap Value Fund | |
| Institutional Class | HUSEX |
| Annual Shareholder Report | October 31, 2024 |
This annual shareholder report contains important information about the Huber Small Cap Value Fund for the period of November 1, 2023, to October 31, 2024. 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 | $142 | 1.28% |
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the 12-month period ended October 31, 2024, the Fund underperformed the Bloomberg U.S. 2000 Total Return Index and the Bloomberg U.S. 2000 Value Index.
WHAT FACTORS INFLUENCED PERFORMANCE
The Fund was negatively impacted by sector allocation. An overweight in energy and an underweight in real estate both detracted from performance.
The Fund was positively impacted by stock selection within the health care and financial sectors.
During the period, the Fund reduced its exposure to information technology and increased its exposure to health care.
| |
Top Contributors |
| | Golar LNG Ltd. |
| | Miller Industries Inc. |
| |
Top Detractors |
| | Commercial Vehicle Group Inc. |
| | Comtech Telecommunications |
The Fund underperformed in the period, as market enthusiasm for AI and a more favorable rate environment led to a poor environment 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)
ANNUAL AVERAGE TOTAL RETURN (%)
| | | |
| | 1 Year | 5 Year | 10 Year |
Institutional Class | 22.41 | 9.48 | 5.73 |
Bloomberg US 2000 Total Return Index | 34.80 | 9.78 | 8.41 |
Bloomberg US 2000 Value Total Return Index | 31.98 | 11.69 | 8.25 |
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, 2024)
| |
Net Assets | $78,730,220 |
Number of Holdings | 40 |
Net Advisory Fee | $617,632 |
Portfolio Turnover | 31% |
Visit https://hubercap.com/mutual-funds/download-centerfund-materials/ for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of October 31, 2024)*
| |
Top 10 Issuers | (%) |
Golar LNG Ltd. | 8.3% |
KBR, Inc. | 7.2% |
Miller Industries, Inc. | 7.1% |
First Citizens BancShares, Inc. | 6.6% |
Upbound Group, Inc. | 5.4% |
Xperi, Inc. | 3.7% |
Enova International, Inc. | 3.4% |
W&T Offshore, Inc. | 3.3% |
Carter Bankshares, Inc. | 3.2% |
First United Corp. | 3.1% |
Sector Breakdown (% of net assets)
| * | 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 |
1000000899266854808104063410264441110241857060144386514763131426543174628110000001003500104991913266791362488140595314172882227198181436616628222241486100000097964710581891303388128442012712301130692195414017886541673762220910433.117.817.411.810.05.82.02.1
| | |
| Huber Large Cap Value Fund | |
| Investor Class | HUDIX |
| Annual Shareholder Report | October 31, 2024 |
This annual shareholder report contains important information about the Huber Large Cap Value Fund for the period of November 1, 2023, to October 31, 2024. 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 | $115 | 1.00% |
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the 12-month period ended October 31, 2024, the Fund underperformed the S&P 500 Index, but outperformed the Bloomberg U.S. 1000 Value Index.
WHAT FACTORS INFLUENCED PERFORMANCE
The Fund was negatively impacted by sector allocation. An overweight in energy and an underweight in financials both detracted from performance.
The Fund was positively impacted by stock selection within the health care and energy sectors.
During the period, the Fund reduced its exposure to energy and increased its exposure to financials.
| |
Top Contributors |
| | Eli Lilly & Co. |
| | Golar LNG Ltd. |
| |
Top Detractors |
| | KBR Inc. |
| | New Fortress Energy Inc. |
The period experienced an unfavorable environment for deep value stocks owing to market enthusiasm for AI and expectations for a more favorable rate environment.
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)
ANNUAL AVERAGE TOTAL RETURN (%)
| | | |
| | 1 Year | 5 Year | 10 Year |
Investor Class | 30.32 | 9.94 | 8.04 |
S&P 500 TR | 38.02 | 15.27 | 13.00 |
Bloomberg US 1000 Value Total Return | 29.59 | 10.92 | 9.50 |
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, 2024)
| |
Net Assets | $14,572,045 |
Number of Holdings | 53 |
Net Advisory Fee | $0 |
Portfolio Turnover | 27% |
Visit https://hubercap.com/mutual-funds/download-centerfund-materials/ for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of October 31, 2024)*
| |
Top 10 Issuers | (%) |
Eli Lilly & Co. | 11.4% |
KBR, Inc. | 8.2% |
Golar LNG Ltd. | 7.9% |
Microsoft Corp. | 7.3% |
Citigroup, Inc. | 5.6% |
Upbound Group, Inc. | 4.6% |
Shell PLC | 4.3% |
First Horizon Corp. | 3.0% |
BP PLC | 3.0% |
FedEx Corp. | 2.8% |
Sector Breakdown (% of net assets)
| * | 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 |
100009444965512105123651349911474166971661416634216781000010520109941359314591166811830126155223342459933950100001013410763129471337414758132001952119314191182477421.320.118.116.77.55.65.12.61.91.1
| | |
| Huber Large Cap Value Fund | |
| Institutional Class | HUDEX |
| Annual Shareholder Report | October 31, 2024 |
This annual shareholder report contains important information about the Huber Large Cap Value Fund for the period of November 1, 2023, to October 31, 2024. 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 | $86 | 0.75% |
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the 12-month period ended October 31, 2024, the Fund underperformed the S&P 500 Index, but outperformed the Bloomberg U.S. 1000 Value Index.
WHAT FACTORS INFLUENCED PERFORMANCE
The Fund was negatively impacted by sector allocation. An overweight in energy and an underweight in financials both detracted from performance.
The Fund was positively impacted by stock selection within the health care and energy sectors.
During the period, the Fund reduced its exposure to energy and increased its exposure to financials.
| |
Top Contributors |
| | Eli Lilly & Co. |
| | Golar LNG Ltd. |
| |
Top Detractors |
| | KBR Inc. |
| | New Fortress Energy Inc. |
The period experienced an unfavorable environment for deep value stocks owing to market enthusiasm for AI and expectations for a more favorable rate environment.
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)
ANNUAL AVERAGE TOTAL RETURN (%)
| | | |
| | 1 Year | 5 Year | 10 Year |
Institutional Class | 30.61 | 10.18 | 8.28 |
S&P 500 TR | 38.02 | 15.27 | 13.00 |
Bloomberg US 1000 Value Total Return | 29.59 | 10.92 | 9.50 |
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, 2024)
| |
Net Assets | $14,572,045 |
Number of Holdings | 53 |
Net Advisory Fee | $0 |
Portfolio Turnover | 27% |
Visit https://hubercap.com/mutual-funds/download-centerfund-materials/ for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of October 31, 2024)*
| |
Top 10 Issuers | (%) |
Eli Lilly & Co. | 11.4% |
KBR, Inc. | 8.2% |
Golar LNG Ltd. | 7.9% |
Microsoft Corp. | 7.3% |
Citigroup, Inc. | 5.6% |
Upbound Group, Inc. | 4.6% |
Shell PLC | 4.3% |
First Horizon Corp. | 3.0% |
BP PLC | 3.0% |
FedEx Corp. | 2.8% |
Sector Breakdown (% of net assets)
| * | 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 |
100000094864497205812201831249074136462211636671694947168967216965532215855100000010519951099431135925214591061668140183012526155042233351245987633950491000000101336010762581294680133740314758271320005195207419313531911758247735621.320.118.116.77.55.65.12.61.91.1
| | |
| Huber Mid Cap Value Fund | |
| Investor Class | HUMDX |
| Annual Shareholder Report | October 31, 2024 |
This annual shareholder report contains important information about the Huber Mid Cap Value Fund for the period of November 1, 2023, to October 31, 2024. 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 | $128 | 1.15% |
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the 12-month period ended October 31, 2024, the Fund underperformed the Bloomberg U.S. 2500 Total Return Index and the Bloomberg U.S. 2500 Value Index.
WHAT FACTORS INFLUENCED PERFORMANCE
The Fund was negatively impacted by sector allocation. An overweight in energy and an underweight in financials both detracted from performance.
The Fund was positively impacted by stock selection within the financial and health care sectors.
During the period, the Fund reduced its exposure to information technology and increased its exposure to financials.
| |
Top Contributors |
| | Golar LNG Ltd. |
| | Tenet Healthcare Corp. |
| |
Top Detractors |
| | Commercial Vehicle Group Inc. |
| | Comtech Telecommunications CP |
The Fund underperformed in the period, as market enthusiasm for AI and a more favorable rate environment led to a poor environment 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)
ANNUAL AVERAGE TOTAL RETURN (%)
| | | |
| | 1 Year | 5 Year | Since Inception
(12/31/2015) |
Investor Class | 21.76 | 6.75 | 6.72 |
Bloomberg US 2500 Total Return Index | 33.77 | 9.81 | 10.20 |
Bloomberg US 2500 Value Total Return | 30.95 | 10.39 | 9.55 |
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, 2024)
| |
Net Assets | $11,379,315 |
Number of Holdings | 35 |
Net Advisory Fee | $0 |
Portfolio Turnover | 63% |
Visit https://hubercap.com/mutual-funds/download-centerfund-materials/ for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of October 31, 2024)*
| |
Top 10 Issuers | (%) |
KBR, Inc. | 9.4% |
Golar LNG Ltd. | 8.7% |
First Citizens BancShares, Inc. | 6.0% |
Upbound Group, Inc. | 5.1% |
Enova International, Inc. | 4.5% |
TETRA Technologies, Inc. | 4.2% |
Truist Financial Corp. | 3.8% |
F5 Networks, Inc. | 3.7% |
United Rentals, Inc. | 3.6% |
Citigroup, Inc. | 3.6% |
Sector Breakdown (% of net assets)
| * | 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 |
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| | |
| Huber Mid Cap Value Fund | |
| Institutional Class | HUMEX |
| Annual Shareholder Report | October 31, 2024 |
This annual shareholder report contains important information about the Huber Mid Cap Value Fund for the period of November 1, 2023, to October 31, 2024. 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 | $111 | 1.00% |
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the 12-month period ended October 31, 2024, the Fund underperformed the Bloomberg U.S. 2500 Total Return Index and the Bloomberg U.S. 2500 Value Index.
WHAT FACTORS INFLUENCED PERFORMANCE
The Fund was negatively impacted by sector allocation. An overweight in energy and an underweight in financials both detracted from performance.
The Fund was positively impacted by stock selection within the financial and health care sectors.
During the period, the Fund reduced its exposure to information technology and increased its exposure to financials.
| |
Top Contributors |
| | Golar LNG Ltd. |
| | Tenet Healthcare Corp. |
| |
Top Detractors |
| | Commercial Vehicle Group Inc. |
| | Comtech Telecommunications CP |
The Fund underperformed in the period, as market enthusiasm for AI and a more favorable rate environment led to a poor environment 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)
ANNUAL AVERAGE TOTAL RETURN (%)
| | | |
| | 1 Year | 5 Year | Since Inception
(12/31/2015) |
Institutional Class | 21.94 | 6.86 | 6.88 |
Bloomberg US 2500 Total Return Index | 33.77 | 9.81 | 10.20 |
Bloomberg US 2500 Value Total Return | 30.95 | 10.39 | 9.55 |
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, 2024)
| |
Net Assets | $11,379,315 |
Number of Holdings | 35 |
Net Advisory Fee | $0 |
Portfolio Turnover | 63% |
Visit https://hubercap.com/mutual-funds/download-centerfund-materials/ for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of October 31, 2024)*
| |
Top 10 Issuers | (%) |
KBR, Inc. | 9.4% |
Golar LNG Ltd. | 8.7% |
First Citizens BancShares, Inc. | 6.0% |
Upbound Group, Inc. | 5.1% |
Enova International, Inc. | 4.5% |
TETRA Technologies, Inc. | 4.2% |
Truist Financial Corp. | 3.8% |
F5 Networks, Inc. | 3.7% |
United Rentals, Inc. | 3.6% |
Citigroup, Inc. | 3.6% |
Sector Breakdown (% of net assets)
| * | 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 |
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(b) Not applicable.
Item 2. Code of Ethics.
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.
Item 3. Audit Committee Financial Expert.
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.
Item 4. Principal Accountant Fees and Services.
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 10/31/2024 | FYE 10/31/2023 |
| (a) Audit Fees | $76,000 | $75,600 |
| (b) Audit-Related Fees | N/A | N/A |
| (c) Tax Fees | $14,400 | $14,400 |
| (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 10/31/2024 | FYE 10/31/2023 |
| 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.
| Non-Audit Related Fees | FYE 10/31/2024 | FYE 10/31/2023 |
| Registrant | N/A | N/A |
| Registrant’s Investment Adviser | N/A | N/A |
(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.
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.
The registrant is not a foreign issuer.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
| (a) | Schedule of Investments is included as part of the report to shareholders filed under Item 7 of this Form. |
Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.
Huber Funds
Huber Select Large Cap Value Fund
Huber Small Cap Value Fund
Huber Large Cap Value Fund
Huber Mid Cap Value Fund
Core Financial Statements
October 31, 2024
TABLE OF CONTENTS
Huber Select Large Cap Value Fund
Schedule of Investments
October 31, 2024
| | | | | | | |
COMMON STOCKS - 95.1%
| | | | | | |
Aerospace & Defense - 4.6%
| | | | | | |
Northrop Grumman Corp. | | | 25,093 | | | $12,772,839 |
Banking - 17.9%
| | | | | | |
Bank of America Corp. | | | 287,546 | | | 12,025,174 |
Citigroup, Inc. | | | 214,268 | | | 13,749,577 |
First Citizens BancShares, Inc. - Class A | | | 1,800 | | | 3,487,230 |
First Horizon Corp. | | | 417,126 | | | 7,228,794 |
JPMorgan Chase & Co. | | | 18,233 | | | 4,046,267 |
Regions Financial Corp. | | | 197,500 | | | 4,714,325 |
Truist Financial Corp. | | | 114,700 | | | 4,937,835 |
| | | | | | 50,189,202 |
Beverages - 0.8%
| | | | | | |
Anheuser-Busch InBev SA/NV - ADR | | | 37,900 | | | 2,250,123 |
Biotech & Pharmaceuticals - 9.1%
| | | | | | |
Eli Lilly & Co. | | | 20,437 | | | 16,957,396 |
Merck & Co., Inc. | | | 14,193 | | | 1,452,228 |
Pfizer, Inc. | | | 249,530 | | | 7,061,699 |
| | | | | | 25,471,323 |
Chemicals - 0.7%
| | | | | | |
Innospec, Inc. | | | 17,352 | | | 1,870,199 |
Consumer Services - 6.5%
| | | | | | |
Upbound Group, Inc. | | | 627,017 | | | 18,333,977 |
Cosmetics/Personal Care - 1.2%
| | | | | | |
Kenvue, Inc. | | | 143,400 | | | 3,288,162 |
Electric Utilities - 0.6%
| | | | | | |
Constellation Energy Corp. | | | 6,977 | | | 1,834,672 |
Electrical Equipment - 0.2%
| | | | | | |
TE Connectivity PLC | | | 3,357 | | | 494,889 |
Food - 0.2%
| | | | | | |
Tyson Foods, Inc. - Class A | | | 11,458 | | | 671,324 |
Health Care Facilities & Services - 0.8%
| | | | | | |
Select Medical Holdings Corp. | | | 70,796 | | | 2,271,136 |
Home Construction - 0.3%
| | | | | | |
Lennar Corp. - Class B | | | 5,560 | | | 891,379 |
Industrial Support Services - 1.8%
| | | | | | |
United Rentals, Inc. | | | 6,400 | | | 5,201,920 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Huber Select Large Cap Value Fund
Schedule of Investments
October 31, 2024(Continued)
| | | | | | | |
COMMON STOCKS - (Continued)
| | | | | | |
Insurance - 1.2%
| | | | | | |
CNO Financial Group, Inc. | | | 100,821 | | | $3,468,242 |
Internet Media & Services - 1.8%
| | | | | | |
Lyft, Inc. - Class A(a) | | | 380,200 | | | 4,931,194 |
Oil & Gas Producers - 13.0%
| | | | | | |
BP PLC - ADR | | | 392,700 | | | 11,529,672 |
Cheniere Energy, Inc. | | | 26,400 | | | 5,052,432 |
Golar LNG Ltd. | | | 154,685 | | | 5,608,878 |
New Fortress Energy, Inc. | | | 468,323 | | | 3,938,597 |
Shell PLC - ADR | | | 151,300 | | | 10,220,315 |
| | | | | | 36,349,894 |
Retail - Discretionary - 0.8%
| | | | | | |
Home Depot, Inc. | | | 5,398 | | | 2,125,462 |
Software - 6.6%
| | | | | | |
Microsoft Corp. | | | 27,928 | | | 11,348,543 |
Oracle Corp. | | | 43,300 | | | 7,267,472 |
| | | | | | 18,616,015 |
Specialty Finance - 1.9%
| | | | | | |
Enova International, Inc.(a) | | | 60,709 | | | 5,276,219 |
Technology Services - 9.8%
| | | | | | |
KBR, Inc. | | | 234,477 | | | 15,712,304 |
Mastercard, Inc. - Class A | | | 14,859 | | | 7,423,408 |
Science Applications International Corp. | | | 30,832 | | | 4,448,749 |
| | | | | | 27,584,461 |
Telecommunications - 4.5%
| | | | | | |
AT&T, Inc. | | | 555,380 | | | 12,518,265 |
Tobacco & Cannabis - 4.8%
| | | | | | |
Philip Morris International, Inc. | | | 102,259 | | | 13,569,769 |
Transportation & Logistics - 2.6%
| | | | | | |
FedEx Corp. | | | 26,400 | | | 7,229,640 |
Transportation Equipment - 3.4%
| | | | | | |
General Motors Co. | | | 185,300 | | | 9,405,828 |
TOTAL COMMON STOCKS
(Cost $187,764,413) | | | | | | 266,616,134 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Huber Select Large Cap Value Fund
Schedule of Investments
October 31, 2024(Continued)
| | | | | | | |
SHORT-TERM INVESTMENTS - 4.5%
| | | | | | |
Money Market Funds - 4.5%
| | | | | | |
First American Government Obligations Fund - Class X, 4.78%(b) | | | 6,263,603 | | | $6,263,603 |
First American Treasury Obligations Fund - Class X, 4.74%(b) | | | 6,263,604 | | | 6,263,604 |
TOTAL SHORT-TERM INVESTMENTS
(Cost $12,527,207) | | | | | | 12,527,207 |
TOTAL INVESTMENTS - 99.6%
(Cost $200,291,620) | | | | | | $279,143,341 |
Other Assets in Excess of Liabilities - 0.4% | | | | | | 991,239 |
TOTAL NET ASSETS - 100.0% | | | | | | $280,134,580 |
| | | | | | | |
Percentages are stated as a percent of net assets.
ADR - American Depositary Receipt
PLC - Public Limited Company
SA/NV - Societe Anonime/Naamloze Vennootschap
(a)
| Non-income producing security.
|
(b)
| The rate shown represents the 7-day annualized effective yield as of October 31, 2024. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Huber Small Cap Value Fund
Schedule of Investments
October 31, 2024
| | | | | | | |
COMMON STOCKS - 96.8%
| | | | | | |
Advertising - 0.4%
| | | | | | |
Stagwell, Inc.(a) | | | 52,605 | | | $326,677 |
Asset Management - 2.0%
| | | | | | |
Virtus Investment Partners, Inc. | | | 7,381 | | | 1,597,027 |
Automotive - 7.1%
| | | | | | |
Miller Industries, Inc. | | | 84,878 | | | 5,571,392 |
Banking - 23.6%
| | | | | | |
C&F Financial Corp. | | | 39,394 | | | 2,462,913 |
Carter Bankshares, Inc.(a) | | | 134,813 | | | 2,480,559 |
First Citizens BancShares, Inc. - Class A | | | 2,683 | | | 5,197,910 |
First Horizon Corp. | | | 131,679 | | | 2,281,997 |
First United Corp. | | | 78,008 | | | 2,475,974 |
Northrim BanCorp, Inc. | | | 34,831 | | | 2,273,419 |
Old National Bancorp/IN | | | 26,029 | | | 501,319 |
South State Corp. | | | 9,241 | | | 901,275 |
| | | | | | 18,575,366 |
Biotech & Pharmaceuticals - 3.1%
| | | | | | |
Cipher Pharmaceuticals, Inc.(a) | | | 224,700 | | | 2,427,183 |
Chemicals - 2.0%
| | | | | | |
Innospec, Inc. | | | 14,387 | | | 1,550,631 |
Commercial Support Services - 1.5%
| | | | | | |
H&R Block, Inc. | | | 20,100 | | | 1,200,573 |
Consumer Services - 5.4%
| | | | | | |
Upbound Group, Inc. | | | 144,448 | | | 4,223,659 |
Entertainment Content - 2.0%
| | | | | | |
Lions Gate Entertainment Corp. - Class B(a) | | | 226,106 | | | 1,594,047 |
Health Care Facilities & Services - 1.8%
| | | | | | |
Medical Facilities Corp. | | | 2,900 | | | 30,201 |
Select Medical Holdings Corp. | | | 16,500 | | | 529,320 |
Tenet Healthcare Corp.(a) | | | 5,801 | | | 899,271 |
| | | | | | 1,458,792 |
Home Construction - 0.4%
| | | | | | |
Taylor Morrison Home Corp.(a) | | | 5,000 | | | 342,500 |
Insurance - 3.0%
| | | | | | |
CNO Financial Group, Inc. | | | 67,244 | | | 2,313,193 |
Global Indemnity Group LLC - Class A | | | 700 | | | 23,786 |
| | | | | | 2,336,979 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Huber Small Cap Value Fund
Schedule of Investments
October 31, 2024(Continued)
| | | | | | | |
COMMON STOCKS - (Continued)
| | | | | | |
Internet - 2.3%
| | | | | | |
F5 Networks, Inc.(a) | | | 4,000 | | | $935,520 |
Vivid Seats, Inc. - Class A(a) | | | 221,081 | | | 899,800 |
| | | | | | 1,835,320 |
Internet Media & Services - 3.1%
| | | | | | |
Lyft, Inc. - Class A(a) | | | 186,400 | | | 2,417,608 |
Leisure Facilities & Services - 1.8%
| | | | | | |
Boston Pizza Royalties Income Fund | | | 111,054 | | | 1,382,243 |
Oil & Gas Producers - 13.3%
| | | | | | |
Golar LNG Ltd. | | | 181,238 | | | 6,571,690 |
Gulfport Energy Corp.(a) | | | 800 | | | 110,752 |
New Fortress Energy, Inc. | | | 138,200 | | | 1,162,262 |
W&T Offshore, Inc. | | | 1,225,653 | | | 2,610,641 |
| | | | | | 10,455,345 |
Oil & Gas Services & Equipment - 4.5%
| | | | | | |
Kodiak Gas Services, Inc. | | | 39,195 | | | 1,249,537 |
TETRA Technologies, Inc.(a) | | | 690,298 | | | 2,312,498 |
| | | | | | 3,562,035 |
Specialty Finance - 3.4%
| | | | | | |
Enova International, Inc.(a) | | | 30,702 | | | 2,668,311 |
Technology Hardware - 3.7%
| | | | | | |
Xperi, Inc.(a) | | | 319,147 | | | 2,913,812 |
Technology Services - 10.0%
| | | | | | |
KBR, Inc. | | | 84,475 | | | 5,660,670 |
Science Applications International Corp. | | | 15,110 | | | 2,180,222 |
| | | | | | 7,840,892 |
Transportation Equipment - 2.4%
| | | | | | |
Commercial Vehicle Group, Inc.(a) | | | 659,227 | | | 1,918,350 |
TOTAL COMMON STOCKS
(Cost $41,535,860) | | | | | | 76,198,742 |
REAL ESTATE INVESTMENT TRUSTS - 1.1%
| | | | | | |
Granite Real Estate Investment Trust | | | 16,937 | | | 856,335 |
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $521,813) | | | | | | 856,335 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Huber Small Cap Value Fund
Schedule of Investments
October 31, 2024(Continued)
| | | | | | | |
SHORT-TERM INVESTMENTS - 2.6%
| | | | | | |
Money Market Funds - 2.6%
| | | | | | |
First American Government Obligations Fund - Class X, 4.78%(b) | | | 1,036,904 | | | $1,036,904 |
First American Treasury Obligations Fund - Class X, 4.79%(b) | | | 1,036,905 | | | 1,036,905 |
TOTAL SHORT-TERM INVESTMENTS
(Cost $2,073,809) | | | | | | 2,073,809 |
TOTAL INVESTMENTS - 100.5%
(Cost $44,131,482) | | | | | | $79,128,886 |
Liabilities in Excess of Other Assets - (0.5)% | | | | | | (398,666) |
TOTAL NET ASSETS - 100.0% | | | | | | $78,730,220 |
| | | | | | | |
Percentages are stated as a percent of net assets.
(a)
| Non-income producing security.
|
(b)
| The rate shown represents the 7-day annualized effective yield as of October 31, 2024. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Huber Large Cap Value Fund
Schedule of Investments
October 31, 2024
| | | | | | | |
COMMON STOCKS - 98.9%
| | | | | | |
Aerospace & Defense - 2.5%
| | | | | | |
Northrop Grumman Corp. | | | 700 | | | $356,314 |
Automotive - 0.4%
| | | | | | |
Goodyear Tire & Rubber Co.(a) | | | 6,300 | | | 50,463 |
Banking - 15.1%
| | | | | | |
Bank of America Corp. | | | 5,300 | | | 221,646 |
Citigroup, Inc. | | | 12,800 | | | 821,376 |
First Citizens BancShares, Inc. - Class A | | | 50 | | | 96,868 |
First Horizon Corp. | | | 25,292 | | | 438,310 |
JPMorgan Chase & Co. | | | 1,100 | | | 244,112 |
Regions Financial Corp. | | | 5,000 | | | 119,350 |
Truist Financial Corp. | | | 6,000 | | | 258,300 |
| | | | | | 2,199,962 |
Beverages - 0.4%
| | | | | | |
Anheuser-Busch InBev SA/NV - ADR | | | 1,000 | | | 59,370 |
Biotech & Pharmaceuticals - 12.5%
| | | | | | |
Eli Lilly & Co. | | | 2,000 | | | 1,659,480 |
Merck & Co., Inc. | | | 1,100 | | | 112,552 |
Pfizer, Inc. | | | 1,600 | | | 45,280 |
| | | | | | 1,817,312 |
Chemicals - 1.9%
| | | | | | |
Innospec, Inc. | | | 800 | | | 86,224 |
Olin Corp. | | | 4,800 | | | 196,944 |
| | | | | | 283,168 |
Consumer Services - 4.6%
| | | | | | |
Upbound Group, Inc. | | | 23,132 | | | 676,380 |
Electric Utilities - 2.6%
| | | | | | |
American Electric Power Co., Inc. | | | 300 | | | 29,625 |
Constellation Energy Corp. | | | 533 | | | 140,157 |
Entergy Corp. | | | 900 | | | 139,302 |
NextEra Energy, Inc. | | | 800 | | | 63,400 |
| | | | | | 372,484 |
Electrical Equipment - 0.3%
| | | | | | |
TE Connectivity PLC | | | 300 | | | 44,226 |
Entertainment Content - 1.2%
| | | | | | |
Lions Gate Entertainment Corp. - Class B(a) | | | 10,200 | | | 71,910 |
Walt Disney Co. | | | 1,000 | | | 96,200 |
| | | | | | 168,110 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Huber Large Cap Value Fund
Schedule of Investments
October 31, 2024(Continued)
| | | | | | | |
COMMON STOCKS - (Continued)
| | | | | | |
Food - 0.7%
| | | | | | |
Lamb Weston Holdings, Inc. | | | 500 | | | $38,845 |
Tyson Foods, Inc. - Class A | | | 1,100 | | | 64,449 |
| | | | | | 103,294 |
Health Care Facilities & Services - 0.2%
| | | | | | |
Select Medical Holdings Corp. | | | 1,100 | | | 35,288 |
Industrial Support Services - 1.1%
| | | | | | |
United Rentals, Inc. | | | 200 | | | 162,560 |
Institutional Financial Services - 0.7%
| | | | | | |
Goldman Sachs Group, Inc. | | | 200 | | | 103,558 |
Insurance - 1.9%
| | | | | | |
CNO Financial Group, Inc. | | | 8,073 | | | 277,711 |
Internet - 0.5%
| | | | | | |
VeriSign, Inc.(a) | | | 400 | | | 70,736 |
Internet Media & Services - 2.2%
| | | | | | |
Lyft, Inc. - Class A(a) | | | 25,094 | | | 325,469 |
Oil & Gas Producers - 16.7%
| | | | | | |
BP PLC - ADR | | | 14,900 | | | 437,464 |
Cheniere Energy, Inc. | | | 400 | | | 76,552 |
Chesapeake Energy Corp. | | | 1,000 | | | 84,720 |
Golar LNG Ltd. | | | 31,803 | | | 1,153,177 |
New Fortress Energy, Inc. | | | 7,000 | | | 58,870 |
Shell PLC - ADR | | | 9,300 | | | 628,215 |
| | | | | | 2,438,998 |
Retail - Consumer Staples - 2.5%
| | | | | | |
Walmart, Inc. | | | 4,500 | | | 368,775 |
Retail - Discretionary - 1.6%
| | | | | | |
Home Depot, Inc. | | | 600 | | | 236,250 |
Software - 9.4%
| | | | | | |
Microsoft Corp. | | | 2,600 | | | 1,056,510 |
Oracle Corp. | | | 1,900 | | | 318,896 |
| | | | | | 1,375,406 |
Specialty Finance - 1.5%
| | | | | | |
Enova International, Inc.(a) | | | 2,510 | | | 218,144 |
Technology Services - 10.8%
| | | | | | |
KBR, Inc. | | | 17,930 | | | 1,201,489 |
Mastercard, Inc. - Class A | | | 550 | | | 274,775 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Huber Large Cap Value Fund
Schedule of Investments
October 31, 2024(Continued)
| | | | | | | |
COMMON STOCKS - (Continued)
| | | | | | |
Technology Services - (Continued)
| | | | | | |
Science Applications International Corp. | | | 500 | | | $72,145 |
Visa, Inc. - Class A | | | 100 | | | 28,985 |
| | | | | | 1,577,394 |
Telecommunications - 1.7%
| | | | | | |
AT&T, Inc. | | | 6,900 | | | 155,526 |
Verizon Communications, Inc. | | | 2,000 | | | 84,260 |
| | | | | | 239,786 |
Tobacco & Cannabis - 0.6%
| | | | | | |
Philip Morris International, Inc. | | | 600 | | | 79,620 |
Transportation & Logistics - 2.8%
| | | | | | |
FedEx Corp. | | | 1,500 | | | 410,775 |
Transportation Equipment - 2.5%
| | | | | | |
General Motors Co. | | | 7,300 | | | 370,548 |
TOTAL COMMON STOCKS
(Cost $6,867,912) | | | | | | 14,422,101 |
SHORT-TERM INVESTMENTS - 1.4%
| | | | | | |
Money Market Funds - 1.4%
| | | | | | |
First American Government Obligations Fund - Class X, 4.78%(b) | | | 98,795 | | | 98,795 |
First American Treasury Obligations Fund - Class X, 4.79%(b) | | | 98,795 | | | 98,795 |
TOTAL SHORT-TERM INVESTMENTS
(Cost $197,590) | | | | | | 197,590 |
TOTAL INVESTMENTS - 100.3%
(Cost $7,065,502) | | | | | | $14,619,691 |
Liabilities in Excess of Other Assets - (0.3)% | | | | | | (47,646) |
TOTAL NET ASSETS - 100.0% | | | | | | $14,572,045 |
| | | | | | | |
Percentages are stated as a percent of net assets.
ADR - American Depositary Receipt
PLC - Public Limited Company
SA/NV - Societe Anonime/Naamloze Vennootschap
(a)
| Non-income producing security.
|
(b)
| The rate shown represents the 7-day annualized effective yield as of October 31, 2024. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Huber Mid Cap Value Fund
Schedule of Investments
October 31, 2024
| | | | | | | |
COMMON STOCKS - 92.2%
| | | | | | |
Aerospace & Defense - 1.8%
| | | | | | |
Northrop Grumman Corp. | | | 400 | | | $203,608 |
Asset Management - 0.2%
| | | | | | |
Virtus Investment Partners, Inc. | | | 109 | | | 23,584 |
Automotive - 3.0%
| | | | | | |
Miller Industries, Inc. | | | 5,205 | | | 341,656 |
Banking - 19.9%
| | | | | | |
Citigroup, Inc. | | | 6,300 | | | 404,271 |
First Citizens BancShares, Inc. - Class A | | | 350 | | | 678,072 |
First Horizon Corp. | | | 21,417 | | | 371,157 |
Regions Financial Corp. | | | 7,600 | | | 181,412 |
South State Corp. | | | 2,052 | | | 200,132 |
Truist Financial Corp. | | | 10,000 | | | 430,500 |
| | | | | | 2,265,544 |
Biotech & Pharmaceuticals - 0.9%
| | | | | | |
GSK PLC - ADR | | | 2,800 | | | 102,928 |
Chemicals - 4.4%
| | | | | | |
Innospec, Inc. | | | 2,788 | | | 300,491 |
Olin Corp. | | | 4,800 | | | 196,944 |
| | | | | | 497,435 |
Consumer Services - 5.1%
| | | | | | |
Upbound Group, Inc. | | | 20,000 | | | 584,800 |
Electric Utilities - 0.6%
| | | | | | |
Entergy Corp. | | | 400 | | | 61,912 |
Food - 0.4%
| | | | | | |
Conagra Brands, Inc. | | | 700 | | | 20,258 |
Lamb Weston Holdings, Inc. | | | 266 | | | 20,666 |
| | | | | | 40,924 |
Health Care Facilities & Services - 4.0%
| | | | | | |
Select Medical Holdings Corp. | | | 2,200 | | | 70,576 |
Tenet Healthcare Corp.(a) | | | 2,500 | | | 387,550 |
| | | | | | 458,126 |
Industrial Support Services - 3.6%
| | | | | | |
United Rentals, Inc. | | | 500 | | | 406,400 |
Insurance - 1.4%
| | | | | | |
CNO Financial Group, Inc. | | | 4,510 | | | 155,144 |
Internet - 5.3%
| | | | | | |
F5 Networks, Inc.(a) | | | 1,800 | | | 420,984 |
VeriSign, Inc.(a) | | | 1,000 | | | 176,840 |
| | | | | | 597,824 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Huber Mid Cap Value Fund
Schedule of Investments
October 31, 2024(Continued)
| | | | | | | |
COMMON STOCKS - (Continued)
| | | | | | |
Internet Media & Services - 2.9%
| | | | | | |
Lyft, Inc. - Class A(a) | | | 25,793 | | | $334,535 |
Oil & Gas Producers - 15.3%
| | | | | | |
Cheniere Energy, Inc. | | | 700 | | | 133,966 |
Golar LNG Ltd. | | | 27,339 | | | 991,312 |
New Fortress Energy, Inc. | | | 25,500 | | | 214,455 |
W&T Offshore, Inc. | | | 189,200 | | | 402,996 |
| | | | | | 1,742,729 |
Oil & Gas Services & Equipment - 4.2%
| | | | | | |
TETRA Technologies, Inc.(a) | | | 142,924 | | | 478,795 |
Specialty Finance - 4.5%
| | | | | | |
Enova International, Inc.(a) | | | 5,904 | | | 513,117 |
Technology Services - 11.6%
| | | | | | |
KBR, Inc. | | | 15,894 | | | 1,065,057 |
Science Applications International Corp. | | | 1,800 | | | 259,722 |
| | | | | | 1,324,779 |
Transportation & Logistics - 3.1%
| | | | | | |
FedEx Corp. | | | 1,300 | | | 356,005 |
TOTAL COMMON STOCKS
(Cost $6,203,475) | | | | | | 10,489,845 |
REAL ESTATE INVESTMENT TRUSTS - 0.5%
| | | | | | |
Granite Real Estate Investment Trust | | | 1,100 | | | 55,616 |
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $29,536) | | | | | | 55,616 |
SHORT-TERM INVESTMENTS - 7.0%
| | | | | | |
Money Market Funds - 7.0%
| | | | | | |
First American Government Obligations Fund - Class X, 4.78%(b) | | | 397,454 | | | 397,454 |
First American Treasury Obligations Fund - Class X, 4.79%(b) | | | 397,454 | | | 397,454 |
TOTAL SHORT-TERM INVESTMENTS
(Cost $794,908) | | | | | | 794,908 |
TOTAL INVESTMENTS - 99.7%
(Cost $7,027,919) | | | | | | $11,340,369 |
Other Assets in Excess of Liabilities - 0.3% | | | | | | 38,946 |
TOTAL NET ASSETS - 100.0% | | | | | | $11,379,315 |
| | | | | | | |
Percentages are stated as a percent of net assets.
ADR - American Depositary Receipt
PLC - Public Limited Company
(a)
| Non-income producing security.
|
(b)
| The rate shown represents the 7-day annualized effective yield as of October 31, 2024. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Huber Funds
STATEMENTS OF ASSETS AND LIABILITIES
at October 31, 2024
| | | | | | | |
ASSETS
| | | | | | |
Investments in securities, at value
(identified cost $200,291,620 and $44,131,482, respectively) | | | $279,143,341 | | | $79,128,886 |
Cash | | | — | | | 7,323 |
Receivables
| | | | | | |
Fund shares issued | | | 200,891 | | | 116 |
Investment securities sold | | | 974,816 | | | — |
Dividends and interest | | | 201,206 | | | 43,926 |
Dividend tax reclaim | | | 11,054 | | | 11,061 |
Prepaid expenses | | | 34,488 | | | 23,388 |
Total assets | | | 280,565,796 | | | 79,214,700 |
LIABILITIES
| | | | | | |
Payables
| | | | | | |
Fund shares redeemed | | | 43,748 | | | — |
Investment securities purchased | | | — | | | 225,523 |
Advisory fees | | | 225,945 | | | 86,441 |
12b-1 distribution fees | | | 48,252 | | | 84,036 |
Administration fees | | | 26,434 | | | 9,637 |
Audit fees | | | 22,500 | | | 22,500 |
Chief Compliance Officer fee | | | 1,723 | | | 1,723 |
Custody fees | | | 3,278 | | | 2,198 |
Fund accounting fees | | | 871 | | | 909 |
Shareholder servicing fees | | | 41,450 | | | 33,666 |
Transfer agent fees and expenses | | | 7,349 | | | 4,916 |
Trustee fees and expenses | | | 6,555 | | | 6,556 |
Accrued expenses | | | 3,111 | | | 6,375 |
Total liabilities | | | 431,216 | | | 484,480 |
NET ASSETS | | | $280,134,580 | | | $78,730,220 |
CALCULATION OF NET ASSET VALUE PER SHARE
| | | | | | |
Investor Class
| | | | | | |
Net assets applicable to shares outstanding | | | $34,622,434 | | | $27,169,527 |
Shares issued and outstanding [unlimited number of shares (par value $0.01) authorized] | | | 1,064,008 | | | 987,339 |
Net asset value, offering and redemption price per share (Note 1)^ | | | $32.54 | | | $27.52 |
Institutional Class
| | | | | | |
Net assets applicable to shares outstanding | | | $245,512,146 | | | $51,560,693 |
Shares issued and outstanding [unlimited number of shares (par value $0.01) authorized] | | | 7,541,454 | | | 1,846,104 |
Net asset value, offering and redemption price per share (Note 1)^ | | | $32.56 | | | $27.93 |
COMPONENTS OF NET ASSETS
| | | | | | |
Paid-in capital | | | $209,581,501 | | | $59,895,352 |
Total distributable earnings | | | 70,553,079 | | | 18,834,868 |
Net assets | | | $280,134,580 | | | $78,730,220 |
| | | | | | | |
^
| 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.
TABLE OF CONTENTS
Huber Funds
STATEMENTS OF ASSETS AND LIABILITIES
at October 31, 2024(Continued)
| | | | | | | |
ASSETS
| | | | | | |
Investments in securities, at value
(identified cost $7,065,502 and $7,027,919, respectively) | | | $14,619,691 | | | $11,340,369 |
Receivables
| | | | | | |
Fund shares sold | | | — | | | 5 |
Investment securities sold | | | — | | | 74,866 |
Dividends and interest | | | 4,985 | | | 4,325 |
Dividend tax reclaim | | | 742 | | | 22 |
Prepaid expenses | | | 14,917 | | | 16,842 |
Total assets | | | 14,640,335 | | | 11,436,429 |
LIABILITIES
| | | | | | |
Payables
| | | | | | |
Advisory fees | | | 11,798 | | | 11,858 |
12b-1 distribution fees | | | 10,226 | | | 867 |
Administration fees | | | 4,999 | | | 4,520 |
Audit fees | | | 22,500 | | | 22,501 |
Chief Compliance Officer fee | | | 1,723 | | | 1,723 |
Custody fees | | | 944 | | | 1,029 |
Fund accounting fees | | | 908 | | | 723 |
Shareholder servicing fees | | | 1,802 | | | 805 |
Transfer agent fees and expenses | | | 2,943 | | | 2,895 |
Trustee fees and expenses | | | 6,556 | | | 6,556 |
Accrued expenses | | | 3,891 | | | 3,637 |
Total liabilities | | | 68,290 | | | 57,114 |
NET ASSETS | | | $14,572,045 | | | $11,379,315 |
CALCULATION OF NET ASSET VALUE PER SHARE
| | | | | | |
Investor Class
| | | | | | |
Net assets applicable to shares outstanding | | | $2,181,620 | | | $445,620 |
Shares issued and outstanding [unlimited number of shares (par value $0.01) authorized] | | | 92,657 | | | 27,366 |
Net asset value, offering and redemption price per share (Note 1)^ | | | $23.55 | | | $16.28 |
Institutional Class
| | | | | | |
Net assets applicable to shares outstanding | | | $12,390,425 | | | $10,933,695 |
Shares issued and outstanding [unlimited number of shares (par value $0.01) authorized] | | | 522,967 | | | 669,881 |
Net asset value, offering and redemption price per share (Note 1)^ | | | $23.69 | | | $16.32 |
COMPONENTS OF NET ASSETS
| | | | | | |
Paid-in capital | | | $8,434,173 | | | $8,269,336 |
Total distributable earnings | | | 6,137,872 | | | 3,109,979 |
Net assets | | | $14,572,045 | | | $11,379,315 |
| | | | | | | |
^
| 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.
TABLE OF CONTENTS
Huber Funds
Statements of Operations
For the Year Ended October 31, 2024
| | | | | | | |
INVESTMENT INCOME
| | | | | | |
Dividends (net of foreign taxes and issuance fees withheld of $11,143 and $21,280, respectively) | | | $4,661,196 | | | $1,208,046 |
Interest | | | 508,621 | | | 77,134 |
Total investment income | | | 5,169,817 | | | 1,285,180 |
EXPENSES:
| | | | | | |
Advisory fees (Note 4) | | | 1,533,262 | | | 689,870 |
Administration fees (Note 4) | | | 183,872 | | | 83,908 |
12b-1 distribution fees - Investor Class (Note 6) | | | 74,502 | | | 53,340 |
Transfer agent fees and expenses (Note 4) | | | 73,937 | | | 45,810 |
Fund accounting fees (Note 4) | | | 47,889 | | | 25,250 |
Registration fees | | | 39,491 | | | 31,659 |
Shareholder servicing fees - Investor Class (Note 5) | | | 29,801 | | | 18,168 |
Audit fees | | | 22,500 | | | 22,500 |
Trustee fees and expenses | | | 19,308 | | | 19,308 |
Custody fees (Note 4) | | | 13,975 | | | 13,953 |
Chief Compliance Officer fee (Note 4) | | | 10,889 | | | 10,890 |
Reports to shareholders | | | 10,639 | | | 6,615 |
Legal fees | | | 7,562 | | | 7,547 |
Miscellaneous expense | | | 5,760 | | | 5,628 |
Insurance expense | | | 4,795 | | | 4,128 |
Total expenses | | | 2,078,182 | | | 1,038,574 |
Less: advisory fee waiver/recoupment (Note 4) | | | 50,026 | | | (72,238) |
Net expenses | | | 2,128,208 | | | 966,336 |
Net investment income | | | 3,041,609 | | | 318,844 |
REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS AND FOREIGN CURRENCY
| | | | | | |
Net realized loss on:
| | | | | | |
Investments | | | (4,117,375) | | | (2,062,338) |
Foreign currency | | | — | | | (754) |
Net change in unrealized appreciation/(depreciation) on:
| | | | | | |
Investments | | | 41,114,492 | | | 15,226,110 |
Foreign currency | | | — | | | (13) |
Net realized and unrealized gain on investments and foreign currency | | | 36,997,117 | | | 13,163,005 |
Net Increase in Net Assets Resulting from Operations | | | $40,038,726 | | | $13,481,849 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Huber Funds
Statements of Operations
For the Year Ended October 31, 2024 (Continued)
| | | | | | | |
INVESTMENT INCOME
| | | | | | |
Dividends (net of foreign taxes and issuance fees withheld of $298 and
$808, respectively) | | | $267,706 | | | $188,665 |
Interest | | | 11,026 | | | 32,346 |
Total investment income | | | 278,732 | | | 221,011 |
EXPENSES:
| | | | | | |
Administration fees (Note 4) | | | 48,633 | | | 47,616 |
Transfer agent fees and expenses (Note 4) | | | 28,181 | | | 28,215 |
Fund accounting fees (Note 4) | | | 22,049 | | | 21,618 |
Registration fees | | | 26,593 | | | 29,568 |
Audit fees | | | 22,500 | | | 22,500 |
Trustee fees and expenses | | | 19,308 | | | 19,308 |
Chief Compliance Officer fee (Note 4) | | | 10,889 | | | 10,889 |
Legal fees | | | 7,562 | | | 7,562 |
Miscellaneous expense | | | 5,268 | | | 5,402 |
Custody fees (Note 4) | | | 5,162 | | | 5,932 |
12b-1 distribution fees - Investor Class (Note 6) | | | 4,884 | | | 628 |
Reports to shareholders | | | — | | | 2,990 |
Insurance expense | | | 3,312 | | | 3,275 |
Other expenses | | | 2,899 | | | — |
Total expenses | | | 207,240 | | | 205,503 |
Less: advisory fee waiver and expenses reimbursed (Note 4) | | | (109,277) | | | (99,608) |
Net expenses | | | 97,963 | | | 105,895 |
Net investment income | | | 180,769 | | | 115,116 |
REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS AND FOREIGN CURRENCY
| | | | | | |
Net realized gain/(loss) on:
| | | | | | |
Investments | | | 127,502 | | | (13,069) |
Foreign currency | | | — | | | 17 |
Net change in unrealized appreciation/(depreciation) on:
| | | | | | |
Investments | | | 2,816,727 | | | 1,974,811 |
Net realized and unrealized gain on investments and foreign currency | | | 2,944,229 | | | 1,961,759 |
Net Increase in Net Assets Resulting from Operations | | | $3,124,998 | | | $2,076,875 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Huber Select Large Cap Value Fund
STATEMENTS OF CHANGES IN NET ASSETS
| | | | |
INCREASE/(DECREASE) IN NET ASSETS FROM:
| | | | | | |
OPERATIONS
| | | | | | |
Net investment income | | | $3,041,609 | | | $1,195,605 |
Net realized loss on investments | | | (4,117,375) | | | (3,950,623) |
Net change in unrealized appreciation/(depreciation) on investments | | | 41,114,492 | | | 7,201,923 |
Net increase in net assets resulting from operations | | | 40,038,726 | | | 4,446,905 |
DISTRIBUTIONS TO SHAREHOLDERS
| | | | | | |
Net dividends and distributions to shareholders - Investor Class shares | | | (145,815) | | | (109,488) |
Net dividends and distributions to shareholders - Institutional Class shares | | | (1,234,306) | | | (461,084) |
Total distributions to shareholders | | | (1,380,121) | | | (570,572) |
CAPITAL SHARE TRANSACTIONS
| | | | | | |
Net increase in net assets derived from net change in outstanding shares(a) | | | 150,960,736 | | | 18,654,983 |
Total increase in net assets | | | 189,619,341 | | | 22,531,316 |
NET ASSETS
| | | | | | |
Beginning of year | | | 90,515,239 | | | 67,983,923 |
End of year | | | $280,134,580 | | | $90,515,239 |
| | | | | | | |
(a)
| A summary of share transactions is as follows:
|
| | | | |
Shares sold | | | 700,721 | | | $21,344,918 | | | 136,916 | | | $3,403,244 |
Shares issued on reinvestments of distributions | | | 5,053 | | | 139,770 | | | 4,356 | | | 105,894 |
Shares redeemed** | | | (329,437) | | | (10,329,896) | | | (138,843) | | | (3,491,346) |
Net increase | | | 376,337 | | | $11,154,792 | | | 2,429 | | | $17,792 |
** Net of redemption fees of | | | | | | $1,181 | | | | | | $— |
| | | | | | | | | | | | | |
| | | | |
Shares sold | | | 5,018,258 | | | $150,333,289 | | | 971,313 | | | $24,203,655 |
Shares issued on reinvestments of distributions | | | 41,747 | | | 1,151,392 | | | 18,687 | | | 452,975 |
Shares redeemed** | | | (379,293) | | | (11,678,737) | | | (244,527) | | | (6,019,439) |
Net increase | | | 4,680,712 | | | $139,805,944 | | | 745,473 | | | $18,637,191 |
** Net of redemption fees of | | | | | | $6,944 | | | | | | $281 |
| | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Huber Small Cap Value Fund
STATEMENTS OF CHANGES IN NET ASSETS
| | | | |
INCREASE/(DECREASE) IN NET ASSETS FROM:
| | | | | | |
OPERATIONS
| | | | | | |
Net investment income | | | $318,844 | | | $164,317 |
Net realized loss on:
| | | | | | |
Investments | | | (2,062,338) | | | (1,423,395) |
Foreign currency | | | (754) | | | (1,761) |
Net change in unrealized appreciation/(depreciation) on:
| | | | | | |
Investments | | | 15,226,110 | | | (851,384) |
Foreign currency | | | (13) | | | 604 |
Net increase/(decrease) in net assets resulting from operations | | | 13,481,849 | | | (2,111,619) |
DISTRIBUTIONS TO SHAREHOLDERS
| | | | | | |
Net dividends and distributions to shareholders - Investor Class shares | | | (90,752) | | | — |
Net dividends and distributions to shareholders - Institutional Class shares | | | (184,962) | | | — |
Total distributions to shareholders | | | (275,714) | | | — |
CAPITAL SHARE TRANSACTIONS
| | | | | | |
Net increase in net assets derived from net change in outstanding shares(a) | | | 7,200,195 | | | 2,501,083 |
Total increase in net assets | | | 20,406,330 | | | 389,464 |
NET ASSETS
| | | | | | |
Beginning of year | | | 58,323,890 | | | 57,934,426 |
End of year | | | $78,730,220 | | | $58,323,890 |
| | | | | | | |
(a)
| A summary of share transactions is as follows:
|
| | | | |
Shares sold | | | 27,240 | | | $695,788 | | | 63,999 | | | $1,460,859 |
Shares issued on reinvestments of distributions | | | 3,644 | | | 89,231 | | | — | | | — |
Shares redeemed** | | | (101,100) | | | (2,536,919) | | | (77,086) | | | (1,764,826) |
Net decrease | | | (70,216) | | | $(1,751,900) | | | (13,087) | | | $(303,967) |
**Net of redemption fees of | | | | | | $31 | | | | | | $— |
| | | | | | | | | | | | | |
| | | | |
Shares sold | | | 375,926 | | | $9,697,702 | | | 190,305 | | | $4,541,447 |
Shares issued on reinvestments of distributions | | | 3,230 | | | 80,084 | | | — | | | — |
Shares redeemed** | | | (33,041) | | | (825,691) | | | (73,844) | | | (1,736,397) |
Net increase | | | 346,115 | | | $8,952,095 | | | 116,461 | | | $2,805,050 |
**Net of redemption fees of | | | | | | $53 | | | | | | $272 |
| | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Huber Large Cap Value Fund
STATEMENTS OF CHANGES IN NET ASSETS
| | | | |
INCREASE/(DECREASE) IN NET ASSETS FROM:
| | | | | | |
OPERATIONS
| | | | | | |
Net investment income | | | $180,769 | | | $182,484 |
Net realized gain/(loss) on investments | | | 127,502 | | | (441,278) |
Net change in unrealized appreciation/(depreciation) on investments | | | 2,816,727 | | | 295,766 |
Net increase in net assets resulting from operations | | | 3,124,998 | | | 36,972 |
DISTRIBUTIONS TO SHAREHOLDERS
| | | | | | |
Net dividends and distributions to shareholders - Investor Class shares | | | (25,612) | | | (20,900) |
Net dividends and distributions to shareholders - Institutional Class shares | | | (159,544) | | | (136,174) |
Total distributions to shareholders | | | (185,156) | | | (157,074) |
CAPITAL SHARE TRANSACTIONS
| | | | | | |
Net increase in net assets derived from net change in outstanding shares(a) | | | 1,459,993 | | | 190,710 |
Total increase in net assets | | | 4,399,835 | | | 70,608 |
NET ASSETS
| | | | | | |
Beginning of year | | | 10,172,210 | | | 10,101,602 |
End of year | | | $14,572,045 | | | $10,172,210 |
| | | | | | | |
(a)
| A summary of share transactions is as follows:
|
| | | | |
Shares sold | | | 5,760 | | | $123,879 | | | 2,840 | | | $53,039 |
Shares issued on reinvestments of distributions | | | 1,332 | | | 25,612 | | | 1,135 | | | 20,898 |
Shares redeemed** | | | (380) | | | (8,435) | | | (6) | | | (112) |
Net increase | | | 6,712 | | | $141,056 | | | 3,969 | | | $73,825 |
**Net of redemption fees of | | | | | | $3 | | | | | | $— |
| | | | | | | | | | | | | |
| | | | |
Shares sold | | | 53,935 | | | $1,251,000 | | | 265 | | | $5,000 |
Shares issued on reinvestments of distributions | | | 3,518 | | | 67,924 | | | 7,365 | | | 136,174 |
Shares redeemed** | | | — | | | 13 | | | (1,306) | | | (24,289) |
Net increase | | | 57,453 | | | $1,318,937 | | | 6,324 | | | $116,885 |
**Net of redemption fees of | | | | | | $13 | | | | | | $— |
| | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
HUBER MID CAP VALUE FUND
STATEMENTS OF CHANGES IN NET ASSETS
| | | | |
INCREASE IN NET ASSETS FROM:
| | | | | | |
OPERATIONS
| | | | | | |
Net investment income | | | $115,116 | | | $111,406 |
Net realized gain/(loss) on:
| | | | | | |
Investments | | | (13,069) | | | (514,111) |
Foreign currency | | | 17 | | | 5 |
Net change in unrealized appreciation/(depreciation) on:
| | | | | | |
Investments | | | 1,974,811 | | | (335,967) |
Foreign currency | | | — | | | 6 |
Net increase/(decrease) in net assets resulting from operations | | | 2,076,875 | | | (738,661) |
DISTRIBUTIONS TO SHAREHOLDERS
| | | | | | |
Net dividends and distributions to shareholders - Investor Class shares | | | (4,608) | | | (9,347) |
Net dividends and distributions to shareholders - Institutional Class shares | | | (121,758) | | | (157,585) |
Total distributions to shareholders | | | (126,366) | | | (166,932) |
CAPITAL SHARE TRANSACTIONS
| | | | | | |
Net increase/(decrease) in net assets derived from net change in outstanding shares(a) | | | (305,672) | | | 1,632,344 |
Total increase in net assets | | | 1,644,837 | | | 726,751 |
NET ASSETS
| | | | | | |
Beginning of year | | | 9,734,478 | | | 9,007,727 |
End of year | | | $11,379,315 | | | $9,734,478 |
| | | | | | | |
(a)
| A summary of share transactions is as follows:
|
| | | | |
Shares issued on reinvestments of distributions | | | 326 | | | $4,608 | | | 665 | | | $9,162 |
Shares redeemed | | | (341) | | | (4,839) | | | (7,750) | | | (111,089) |
Net decrease | | | (15) | | | $(231) | | | (7,085) | | | $(101,927) |
| | | | | | | | | | | | | |
| | | | |
Shares sold | | | 15,214 | | | $236,254 | | | 139,105 | | | $1,960,879 |
Shares issued on reinvestments of distributions | | | 4,177 | | | 59,144 | | | 11,436 | | | 157,585 |
Shares redeemed | | | (40,400) | | | (600,839) | | | (26,774) | | | (384,193) |
Net increase/(decrease) | | | (21,009) | | | $(305,441) | | | 123,767 | | | $1,734,271 |
| | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Huber Select Large Cap Value Fund
FINANCIAL HIGHLIGHTS
Investor Class
For a share outstanding throughout each year
| | | | |
Net asset value, beginning of year | | | $25.50 | | | $24.30 | | | $24.44 | | | $16.33 | | | $17.63 |
Income from investment operations:
| | | | | | | | | | | | | | | |
Net investment income^ | | | 0.38 | | | 0.31 | | | 0.13 | | | 0.11 | | | 0.10 |
Net realized and unrealized gain/(loss) on investments and foreign currency related transactions | | | 6.87 | | | 1.05 | | | (0.19) | | | 8.33 | | | (1.26) |
Total from investment operations | | | 7.25 | | | 1.36 | | | (0.06) | | | 8.44 | | | (1.16) |
Less distributions:
| | | | | | | | | | | | | | | |
From net investment income | | | (0.21) | | | (0.16) | | | (0.08) | | | (0.33) | | | (0.14) |
Redemption fees retained | | | 0.00^+ | | | — | | | 0.00^+ | | | 0.00^+ | | | 0.00^+ |
Net asset value, end of year | | | $32.54 | | | $25.50 | | | $24.30 | | | $24.44 | | | $16.33 |
Total return | | | 28.58% | | | 5.61% | | | −0.26% | | | 52.32% | | | −6.68% |
Ratios/supplemental data:
| | | | | | | | | | | | | | | |
Net assets, end of year (thousands) | | | $34,622 | | | $ 17,538 | | | $ 16,648 | | | $ 6,251 | | | $5,043 |
Ratio of expenses to average net assets:
| | | | | | | | | | | | | | | |
Before advisory fee waiver and expense recoupment | | | 1.32% | | | 1.48% | | | 1.59% | | | 1.67% | | | 1.66% |
After advisory fee waiver and expense recoupment | | | 1.34% | | | 1.34% | | | 1.33% | | | 1.26% | | | 1.35% |
Ratio of net investment income to average net assets:
| | | | | | | | | | | | | | | |
Before advisory fee waiver and expense recoupment | | | 1.24% | | | 1.09% | | | 0.28% | | | 0.09% | | | 0.30% |
After advisory fee waiver and expense recoupment | | | 1.22% | | | 1.23% | | | 0.54% | | | 0.50% | | | 0.61% |
Portfolio turnover rate | | | 33.40% | | | 30.78% | | | 35.89% | | | 48.63% | | | 19.50% |
| | | | | | | | | | | | | | | | |
+
| Less than $0.005 per share.
|
^
| Based on average shares outstanding. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Huber Select Large Cap Value Fund
FINANCIAL HIGHLIGHTS
Institutional Class
For a share outstanding throughout each year
| | | | |
Net asset value, beginning of year | | | $25.51 | | | $24.27 | | | $24.39 | | | $16.32 | | | $17.62 |
Income from investment operations:
| | | | | | | | | | | | | | | |
Net investment income^ | | | 0.47 | | | 0.39 | | | 0.21 | | | 0.16 | | | 0.17 |
Net realized and unrealized gain/(loss) on investments and foreign currency related transactions | | | 6.88 | | | 1.06 | | | (0.19) | | | 8.31 | | | (1.28) |
Total from investment operations | | | 7.35 | | | 1.45 | | | 0.02 | | | 8.47 | | | (1.11) |
Less distributions:
| | | | | | | | | | | | | | | |
From net investment income | | | (0.30) | | | (0.21) | | | (0.14) | | | (0.40) | | | (0.19) |
Redemption fees retained^+ | | | 0.00 | | | 0.00 | | | 0.00 | | | 0.00 | | | 0.00 |
Net asset value, end of year | | | $32.56 | | | $25.51 | | | $24.27 | | | $24.39 | | | $16.32 |
Total return | | | 29.03% | | | 6.01% | | | 0.07% | | | 52.71% | | | −6.38% |
Ratios/supplemental data:
| | | | | | | | | | | | | | | |
Net assets, end of year (thousands) | | | $ 245,512 | | | $ 72,977 | | | $ 51,336 | | | $ 40,792 | | | $ 41,902 |
Ratio of expenses to average net assets:
| | | | | | | | | | | | | | | |
Before advisory fee waiver and expense recoupment | | | 0.97% | | | 1.13% | | | 1.25% | | | 1.40% | | | 1.30% |
After advisory fee waiver and expense recoupment | | | 0.99% | | | 0.99% | | | 0.99% | | | 0.99% | | | 0.99% |
Ratio of net investment income to average net assets:
| | | | | | | | | | | | | | | |
Before advisory fee waiver and expense recoupment | | | 1.55% | | | 1.41% | | | 0.61% | | | 0.36% | | | 0.66% |
After advisory fee waiver and expense recoupment | | | 1.53% | | | 1.55% | | | 0.87% | | | 0.77% | | | 0.97% |
Portfolio turnover rate | | | 33.40% | | | 30.78% | | | 35.89% | | | 48.63% | | | 19.50% |
| | | | | | | | | | | | | | | | |
+
| Less than $0.005 per share. |
^
| Based on average shares outstanding. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Huber Small Cap Value Fund
FINANCIAL HIGHLIGHTS
Investor Class
For a share outstanding throughout each year
| | | | |
Net asset value, beginning of year | | | $22.62 | | | $23.45 | | | $23.21 | | | $13.86 | | | $18.02 |
Income from investment operations:
| | | | | | | | | | | | | | | |
Net investment income/(loss)^ | | | 0.07 | | | 0.04 | | | (0.02) | | | (0.04) | | | 0.00+ |
Net realized and unrealized gain/(loss) on investments and foreign currency related transactions | | | 4.92 | | | (0.87) | | | 0.48 | | | 9.47 | | | (4.15) |
Total from investment operations | | | 4.99 | | | (0.83) | | | 0.46 | | | 9.43 | | | (4.15) |
Less distributions:
| | | | | | | | | | | | | | | |
From net investment income | | | (0.09) | | | — | | | (0.22) | | | (0.08) | | | (0.01) |
Redemption fees retained | | | 0.00^+ | | | — | | | 0.00^+ | | | 0.00^+ | | | 0.00^+ |
Net asset value, end of year | | | $27.52 | | | $22.62 | | | $23.45 | | | $23.21 | | | $13.86 |
Total return | | | 22.10% | | | −3.54% | | | 2.02% | | | 68.19% | | | −23.03% |
Ratios/supplemental data:
| | | | | | | | | | | | | | | |
Net assets, end of year (thousands) | | | $ 27,169 | | | $ 23,926 | | | $ 25,107 | | | $ 24,753 | | | $14,937 |
Ratio of expenses to average net assets:
| | | | | | | | | | | | | | | |
Before advisory fee waiver | | | 1.67% | | | 1.66% | | | 1.71% | | | 1.86% | | | 2.03% |
After advisory fee waiver | | | 1.56% | | | 1.53% | | | 1.53% | | | 1.56% | | | 1.65% |
Ratio of net investment income/(loss) to average net assets:
| | | | | | | | | | | | | | | |
Before advisory fee waiver | | | 0.18% | | | 0.05% | | | (0.27)% | | | (0.48)% | | | (0.35)% |
After advisory fee waiver | | | 0.29% | | | 0.18% | | | (0.09)% | | | (0.18)% | | | 0.03% |
Portfolio turnover rate | | | 30.55% | | | 43.63% | | | 41.12% | | | 75.60% | | | 71.53% |
| | | | | | | | | | | | | | | | |
+
| Less than $0.005 per share. |
^
| Based on average shares outstanding. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Huber Small Cap Value Fund
FINANCIAL HIGHLIGHTS
INSTITUTIONAL CLASS
For a share outstanding throughout each year
| | | | |
Net asset value, beginning of year | | | $22.93 | | | $23.73 | | | $23.48 | | | $14.04 | | | $18.23 |
Income from investment operations:
| | | | | | | | | | | | | | | |
Net investment income^ | | | 0.15 | | | 0.08 | | | 0.03 | | | 0.01 | | | 0.05 |
Net realized and unrealized gain/(loss) on investments and foreign currency related transactions | | | 4.97 | | | (0.88) | | | 0.49 | | | 9.56 | | | (4.20) |
Total from investment operations | | | 5.12 | | | (0.80) | | | 0.52 | | | 9.57 | | | (4.15) |
Less distributions:
| | | | | | | | | | | | | | | |
From net investment income | | | (0.12) | | | — | | | (0.27) | | | (0.13) | | | (0.04) |
Redemption fees retained^+ | | | 0.00 | | | 0.00 | | | 0.00 | | | 0.00 | | | 0.00 |
Net asset value, end of year | | | $27.93 | | | $22.93 | | | $23.73 | | | $23.48 | | | $14.04 |
Total return | | | 22.41% | | | −3.37% | | | 2.25% | | | 68.47% | | | −22.80% |
Ratios/supplemental data:
| | | | | | | | | | | | | | | |
Net assets, end of year (thousands) | | | $ 51,561 | | | $ 34,398 | | | $ 32,827 | | | $ 26,662 | | | $18,188 |
Ratio of expenses to average net assets:
| | | | | | | | | | | | | | | |
Before advisory fee waiver | | | 1.39% | | | 1.48% | | | 1.53% | | | 1.65% | | | 1.73% |
After advisory fee waiver | | | 1.28% | | | 1.35% | | | 1.35% | | | 1.35% | | | 1.35% |
Ratio of net investment income/(loss) to average net assets:
| | | | | | | | | | | | | | | |
Before advisory fee waiver | | | 0.45% | | | 0.23% | | | (0.07)% | | | (0.27)% | | | (0.05)% |
After advisory fee waiver | | | 0.56% | | | 0.36% | | | 0.11% | | | 0.03% | | | 0.33% |
Portfolio turnover rate | | | 30.55% | | | 43.63% | | | 41.12% | | | 75.60% | | | 71.53% |
| | | | | | | | | | | | | | | | |
+
| Less than $0.005 per share. |
^
| Based on average shares outstanding. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Huber Large Cap Value Fund
FINANCIAL HIGHLIGHTS
Investor Class
For a share outstanding throughout each year
| | | | |
Net asset value, beginning of year | | | $18.35 | | | $18.58 | | | $18.89 | | | $13.18 | | | $15.69 |
Income from investment operations:
| | | | | | | | | | | | | | | |
Net investment income^ | | | 0.27 | | | 0.29 | | | 0.21 | | | 0.20 | | | 0.20 |
Net realized and unrealized gain/(loss) on investments and foreign currency related transactions | | | 5.23 | | | (0.27) | | | (0.31) | | | 5.74 | | | (2.52) |
Total from investment operations | | | 5.50 | | | 0.02 | | | (0.10) | | | 5.94 | | | (2.32) |
Less distributions:
| | | | | | | | | | | | | | | |
From net investment income | | | (0.30) | | | (0.25) | | | (0.21) | | | (0.23) | | | (0.19) |
Redemption fees retained | | | 0.00^+ | | | — | | | — | | | — | | | — |
Net asset value, end of year | | | $23.55 | | | $18.35 | | | $18.58 | | | $18.89 | | | $13.18 |
Total return | | | 30.32% | | | 0.12% | | | −0.50% | | | 45.52% | | | −15.00% |
Ratios/supplemental data:
| | | | | | | | | | | | | | | |
Net assets, end of year (thousands) | | | $ 2,182 | | | $ 1,577 | | | $1,523 | | | $ 1,646 | | | $1,074 |
Ratio of expenses to average net assets:
| | | | | | | | | | | | | | | |
Before advisory fee waiver and expense reimbursement | | | 1.88% | | | 2.44% | | | 2.32% | | | 2.74% | | | 4.94% |
After advisory fee waiver and expense
reimbursement | | | 1.00% | | | 1.00% | | | 0.97% | | | 0.89% | | | 1.00% |
Ratio of net investment income/(loss) to average net assets:
| | | | | | | | | | | | | | | |
Before advisory fee waiver and expense reimbursement | | | 0.36% | | | 0.12% | | | (0.19)% | | | (0.66)% | | | (2.58)% |
After advisory fee waiver and expense
reimbursement | | | 1.24% | | | 1.56% | | | 1.16% | | | 1.19% | | | 1.36% |
Portfolio turnover rate | | | 27.16% | | | 33.77% | | | 44.34% | | | 26.45% | | | 36.17% |
| | | | | | | | | | | | | | | | |
+
| Less than $0.005 per share. |
^
| Based on average shares outstanding. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Huber Large Cap Value Fund
FINANCIAL HIGHLIGHTS
Institutional Class
For a share outstanding throughout each year
| | | | |
Net asset value, beginning of year | | | $18.46 | | | $18.68 | | | $18.98 | | | $13.26 | | | $15.75 |
Income from investment operations:
| | | | | | | | | | | | | | | |
Net investment income^ | | | 0.33 | | | 0.34 | | | 0.26 | | | 0.23 | | | 0.23 |
Net realized and unrealized gain/(loss) on investments and foreign currency related transactions | | | 5.24 | | | (0.26) | | | (0.32) | | | 5.76 | | | (2.51) |
Total from investment operations | | | 5.57 | | | 0.08 | | | (0.06) | | | 5.99 | | | (2.28) |
Less distributions:
| | | | | | | | | | | | | | | |
From net investment income | | | (0.34) | | | (0.30) | | | (0.24) | | | (0.27) | | | (0.21) |
Redemption fees retained | | | 0.00^+ | | | — | | | 0.00^+ | | | — | | | — |
Net asset value, end of year | | | $23.69 | | | $18.46 | | | $18.68 | | | $18.98 | | | $13.26 |
Total return | | | 30.61% | | | 0.41% | | | −0.31% | | | 45.66% | | | −14.73% |
Ratios/supplemental data:
| | | | | | | | | | | | | | | |
Net assets, end of year (thousands) | | | $ 12,390 | | | $ 8,595 | | | $8,579 | | | $ 8,808 | | | $2,788 |
Ratio of expenses to average net assets:
| | | | | | | | | | | | | | | |
Before advisory fee waiver and expense reimbursement | | | 1.63% | | | 2.19% | | | 2.10% | | | 2.60% | | | 4.69% |
After advisory fee waiver and expense
reimbursement | | | 0.75% | | | 0.75% | | | 0.75% | | | 0.75% | | | 0.75% |
Ratio of net investment income/(loss) to average net assets:
| | | | | | | | | | | | | | | |
Before advisory fee waiver and expense reimbursement | | | 0.61% | | | 0.38% | | | 0.04% | | | (0.52)% | | | (2.33)% |
After advisory fee waiver and expense
reimbursement | | | 1.49% | | | 1.82% | | | 1.39% | | | 1.33% | | | 1.61% |
Portfolio turnover rate | | | 27.16% | | | 33.77% | | | 44.34% | | | 26.45% | | | 36.17% |
| | | | | | | | | | | | | | | | |
+
| Less than $0.005 per share. |
^
| Based on average shares outstanding. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Huber Mid Cap Value Fund
FINANCIAL HIGHLIGHTS
Investor Class
For a share outstanding throughout each year
| | | | |
Net asset value, beginning of year | | | $13.53 | | | $14.95 | | | $14.80 | | | $9.53 | | | $12.32 |
Income from investment operations:
| | | | | | | | | | | | | | | |
Net investment income^ | | | 0.14 | | | 0.18 | | | 0.13 | | | 0.05 | | | 0.04 |
Net realized and unrealized gain/(loss) on investments and foreign currency related transactions | | | 2.78 | | | (1.33) | | | 0.16 | | | 5.30 | | | (2.83) |
Total from investment operations | | | 2.92 | | | (1.15) | | | 0.29 | | | 5.35 | | | (2.79) |
Less distributions:
| | | | | | | | | | | | | | | |
From net investment income | | | (0.17) | | | (0.27) | | | (0.14) | | | (0.08) | | | (0.00)+ |
Redemption fees retained | | | 0.00^+ | | | — | | | 0.00^+ | | | — | | | — |
Net asset value, end of year | | | $16.28 | | | $13.53 | | | $14.95 | | | $14.80 | | | $9.53 |
Total return | | | 21.76% | | | −7.72% | | | 1.99% | | | 56.34% | | | −22.65% |
Ratios/supplemental data:
| | | | | | | | | | | | | | | |
Net assets, end of year (thousands) | | | $445 | | | $370 | | | $516 | | | $510 | | | $256 |
Ratio of expenses to average net assets:
| | | | | | | | | | | | | | | |
Before advisory fee waiver and expense reimbursement | | | 2.09% | | | 2.64% | | | 2.76% | | | 3.71% | | | 13.99% |
After advisory fee waiver and expense
reimbursement | | | 1.15% | | | 1.05% | | | 1.05% | | | 1.14% | | | 1.30% |
Ratio of net investment income/(loss) to average net assets:
| | | | | | | | | | | | | | | |
Before advisory fee waiver and expense
reimbursement | | | 0.00% | | | (0.33)% | | | (0.86)% | | | (2.18)% | | | (12.29)% |
After advisory fee waiver and expense
reimbursement | | | 0.94% | | | 1.26% | | | 0.85% | | | 0.39% | | | 0.40% |
Portfolio turnover rate | | | 63.23% | | | 66.66% | | | 73.00% | | | 59.38% | | | 118.94% |
| | | | | | | | | | | | | | | | |
^
| Based on average shares outstanding. |
+
| Less than $.005 per share. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Huber Mid Cap Value Fund
FINANCIAL HIGHLIGHTS
INSTITUTIONAL CLASS
For a share outstanding throughout each year
| | | | |
Net asset value, beginning of year | | | $13.55 | | | $14.97 | | | $14.83 | | | $9.55 | | | $12.33 |
Income from investment operations:
| | | | | | | | | | | | | | | |
Net investment income^ | | | 0.17 | | | 0.18 | | | 0.13 | | | 0.08 | | | 0.07 |
Net realized and unrealized gain/(loss) on investments and foreign currency related transactions | | | 2.78 | | | (1.32) | | | 0.17 | | | 5.30 | | | (2.85) |
Total from investment operations | | | 2.95 | | | (1.14) | | | 0.30 | | | 5.38 | | | (2.78) |
Less distributions:
| | | | | | | | | | | | | | | |
From net investment income | | | (0.18) | | | (0.28) | | | (0.16) | | | (0.10) | | | (0.00)+ |
Redemption fees retained | | | 0.00 | | | — | | | 0.00^+ | | | — | | | — |
Net asset value, end of year | | | $16.32 | | | $13.55 | | | $14.97 | | | $14.83 | | | $9.55 |
Total return | | | 21.94% | | | −7.66% | | | 2.02% | | | 56.61% | | | −22.55% |
Ratios/supplemental data:
| | | | | | | | | | | | | | | |
Net assets, end of year (thousands) | | | $ 10,934 | | | $9,364 | | | $ 8,492 | | | $ 6,958 | | | $1,310 |
Ratio of expenses to average net assets:
| | | | | | | | | | | | | | | |
Before advisory fee waiver and expense reimbursement | | | 1.94% | | | 2.59% | | | 2.71% | | | 3.57% | | | 13.69% |
After advisory fee waiver and expense
reimbursement | | | 1.00% | | | 1.00% | | | 1.00% | | | 1.00% | | | 1.00% |
Ratio of net investment income/(loss) to average net assets:
| | | | | | | | | | | | | | | |
Before advisory fee waiver and expense reimbursement | | | 0.16% | | | (0.30)% | | | (0.81)% | | | (2.05)% | | | (11.99)% |
After advisory fee waiver and expense
reimbursement | | | 1.10% | | | 1.29% | | | 0.90% | | | 0.52% | | | 0.70% |
Portfolio turnover rate | | | 63.23% | | | 66.66% | | | 73.00% | | | 59.38% | | | 118.94% |
| | | | | | | | | | | | | | | | |
^
| Based on average shares outstanding. |
+
| Less than $.005 per share.
|
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
THE HUBER FUNDS
NOTES TO FINANCIAL STATEMENTS
at October 31, 2024
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.
A.
| Security Valuation: All investments in securities are recorded at their estimated fair value, as described in Note 3. |
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.
C.
| Securities Transactions, Income and Distributions: Security transactions are accounted for on the trade date. Realized gains and losses on securities sold are calculated on the basis of specified cost. Interest income is recorded on an accrual basis. Dividend income and distributions to shareholders are recorded on the ex-dividend date. Withholding taxes on foreign dividends have been provided for in accordance with the Funds’ understanding of the applicable country’s tax rules and rates. |
Investment income, expenses (other than those specific to the class of shares), and realized and unrealized gains and losses on investments are allocated to the separate classes of each Fund based upon their relative net assets on the date income is earned or expensed and realized and unrealized gains and losses are incurred.
Each Fund is charged for those expenses that are directly attributable to the Fund, such as investment advisory, custody and transfer agent fees. Expenses that are not attributable to a Fund are typically allocated among the Funds in proportion to their respective net assets. Common expenses of the Trust are typically allocated among funds in the Trust based on a fund’s respective net assets, or by other equitable means.
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THE HUBER FUNDS
NOTES TO FINANCIAL STATEMENTS
at October 31, 2024(Continued)
The Funds distribute substantially all net investment income, if any, annually and net realized capital gains, if any, annually. Distributions from net realized gains for book purposes may include short-term capital gains. All short-term capital gains are included in ordinary income for tax purposes.
The amount and character of income and net realized gains to be distributed are determined in accordance with Federal income tax rules and regulations which may differ from accounting principles generally accepted in the United States of America. To the extent these book/tax differences are permanent, such amounts are reclassified within the capital accounts based on their Federal tax treatment.
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, 2024, the Funds made the following permanent tax adjustments on the statements of assets and liabilities:
| | | | | | | |
Huber Select Large Cap Value Fund | | | $— | | | $— |
Huber Small Cap Value Fund | | | 1,949 | | | (1,949) |
Huber Large Cap Value Fund | | | — | | | — |
Huber Mid Cap Value Fund | | | — | | | — |
| | | | | | | |
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. |
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. |
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. |
H.
| Foreign Currency: Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated to U.S. dollar amounts on the respective dates of such transactions. |
The Funds do not isolate those portions of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments.
Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period-end, resulting from changes in exchange rates.
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THE HUBER FUNDS
NOTES TO FINANCIAL STATEMENTS
at October 31, 2024(Continued)
I.
| Events Subsequent to the Fiscal Year End: In preparing the financial statements as of October 31, 2024, 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 instrument on an inactive market, prices for similar instruments, interest rates, prepayment speed, credit risk, yield curves, default rates, and similar data.
Level 3 –
Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.
Following is a description of the valuation techniques applied to the Funds’ major categories of assets and liabilities measured at fair value on a recurring basis.
Each Fund determines the fair value of its investments and computes its net asset value per share as of the close of regular trading on the New York Stock Exchange (4:00 EST).
Equity Securities – The Funds’ investments are carried at fair value. Securities that are primarily traded on a national securities exchange shall be valued at the last sale price on the exchange on which they are primarily traded on the day of valuation or, if there has been no sale on such day, at the mean between the bid and asked prices. Securities primarily traded in the NASDAQ Global Market System for which market quotations are readily available shall be valued using the NASDAQ Official Closing Price (“NOCP”). If the NOCP is not available, such securities shall be valued at the last sale price on the day of valuation, or if there has been no sale on such day, at the mean between the bid and asked prices. Over-the-counter securities which are not traded in the NASDAQ Global Market System shall be valued at the most recent sales price. The values for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates. Exchange rates are provided daily by a recognized independent pricing agent. To the extent, these securities are actively traded, and valuation adjustments are not applied, they are categorized in level 1 of the fair value hierarchy.
Investment Companies: Investments in open-end mutual funds, including money market funds, are generally priced at their net asset value per share provided by the service agent of the funds and will be classified in level 1 of the fair value hierarchy.
Short-Term Securities – Short-term debt securities, including those securities having a maturity of 60 days or less, are valued at the evaluated mean between the bid and asked prices. To the extent the inputs are observable and timely, these securities would be classified in level 2 of the fair value hierarchy.
The Board of Trustees (the “Board”) has adopted a valuation policy for use by the Funds and their Valuation Designee (as defined below) in calculating each Fund’s net asset value (“NAV”). Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated the Fund’s investment adviser, Huber Capital Management, LLC (“Adviser”), as the “Valuation Designee” to perform all of the fair value determinations as well as to perform all of the responsibilities that may be performed by the Valuation Designee in accordance with Rule 2a-5, subject to the Board’s oversight. The Adviser, as Valuation Designee is, authorized to make all necessary determinations of the fair values of portfolio
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THE HUBER FUNDS
NOTES TO FINANCIAL STATEMENTS
at October 31, 2024(Continued)
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, 2024:
Huber Select Large Cap Value Fund
| | | | | | | | | | | | | |
Assets:
| | | | | | | | | | | | |
Common Stocks | | | $266,616,134 | | | $ — | | | $ — | | | $266,616,134 |
Money Market Funds | | | 12,527,207 | | | — | | | — | | | 12,527,207 |
Total Assets | | | $279,143,341 | | | $— | | | $— | | | $279,143,341 |
| | | | | | | | | | | | | |
Huber Small Cap Value Fund
| | | | | | | | | | | | | |
Assets:
| | | | | | | | | | | | |
Common Stocks | | | $76,198,742 | | | $ — | | | $ — | | | $76,198,742 |
Real Estate Investment Trusts | | | 856,335 | | | — | | | — | | | 856,335 |
Money Market Funds | | | 2,073,809 | | | — | | | — | | | 2,073,809 |
Total Assets | | | $79,128,886 | | | $— | | | $— | | | $79,128,886 |
| | | | | | | | | | | | | |
Huber Large Cap Value Fund
| | | | | | | | | | | | | |
Assets:
| | | | | | | | | | | | |
Common Stocks | | | $14,422,101 | | | $ — | | | $ — | | | $14,422,101 |
Money Market Funds | | | 197,590 | | | — | | | — | | | 197,590 |
Total Assets | | | $14,619,691 | | | $— | | | $— | | | $14,619,691 |
| | | | | | | | | | | | | |
Huber Mid Cap Value Fund
| | | | | | | | | | | | | |
Assets:
| | | | | | | | | | | | |
Common Stocks | | | $10,489,845 | | | $ — | | | $ — | | | $10,489,845 |
Real Estate Investment Trusts | | | 55,616 | | | — | | | — | | | 55,616 |
Money Market Funds | | | 794,908 | | | — | | | — | | | 794,908 |
Total Assets | | | $11,340,369 | | | $— | | | $— | | | $11,340,369 |
| | | | | | | | | | | | | |
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 is currently evaluating the impact of these amendments on the Funds’ financial statements.
In October 2022, the Securities and Exchange Commission (the “SEC”) adopted a final rule relating to Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements. The rule and form amendments will, among other things, require the Funds to transmit concise and
TABLE OF CONTENTS
THE HUBER FUNDS
NOTES TO FINANCIAL STATEMENTS
at October 31, 2024(Continued)
visually engaging shareholder reports that highlight key information. The amendments will require that funds tag information in a structured data format and that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective January 24, 2023. The Funds have implemented these requirements as of the compliance date of July 24, 2024.
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. The Adviser has agreed to voluntarily reduce the Select Large Cap Value Fund’s contractual management fee from 0.99% to 0.75% through February 28, 2025. 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, 2025. The Large Cap Value Fund pays fees calculated at an annual rate of 0.75% based upon the Fund’s average daily net assets for the first $10 billion and 0.50% based upon the Fund’s average daily net assets in excess of $10 billion. The Adviser has agreed to voluntarily reduce the Large Cap Value Fund’s contractual management fee from 0.75% to 0.00% through February 28, 2025. The Mid Cap Value Fund pays fees calculated at an annual rate of 1.00% based upon the Fund’s average daily net assets. The Adviser has agreed to voluntarily reduce the Mid Cap Value Fund’s contractual management fee from 1.00% to 0.00% through February 28, 2025. For the year ended October 31, 2024, the advisory fees incurred by the Funds are disclosed in the statements of operations.
The Funds are responsible for their own operating expenses. The Adviser has contractually agreed to reduce fees payable to it by the Funds and to pay Fund operating expenses (excluding class specific expenses such as the 0.25% 12b-1 fees applied to the Investor Class, 0.15% shareholder servicing fees applied to the Investor Class and 0.10% applied to the Institutional Class of the Mid Cap Value Fund, acquired fund fees and expenses, interest expense, taxes and extraordinary expenses) to the extent necessary to limit the Funds’ aggregate annual operating expenses as follows:
| | | | |
Select Large Cap Value Fund | | | 0.99% |
Small Cap Value Fund | | | 1.28%(a) |
Large Cap Value Fund | | | 0.75% |
Mid Cap Value Fund | | | 1.00% |
| | | | |
Percent of average daily net assets of the Funds.
(a)
| Effective December 1, 2023, the Advisor has contractually agreed to waive a portion or all of its management fees and pay Huber Small Cap Value Fund expenses in order to limit total annual fund operating expenses (excluding, if applicable, acquired fund fees and expenses, interest, taxes, extraordinary expenses and class specific expenses, such as distribution (12b-1) fees or shareholder servicing plan fees) to 1.28% of average daily net assets of the Fund. Prior to December 1, 2023, the expense cap for the Huber Small Cap Value Fund was 1.35%. |
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, 2024, the Adviser reduced its fees and absorbed Fund expenses in the amount of $11,491 for the Select Large Cap Value Fund, $92,286 for the Small Cap Value Fund, $121,075 for the Large Cap Value Fund, and $111,466 for the Mid Cap Value Fund.
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THE HUBER FUNDS
NOTES TO FINANCIAL STATEMENTS
at October 31, 2024(Continued)
During the year ended October 31, 2024, the Adviser recouped management fees in the amount of $61,517 from the Select Large Cap Value Fund, $20,048 from the Small Cap Value Fund, $11,798 from the Large Cap Value Fund, and $11,858 from the Mid Cap Value Fund. The Adviser may recapture portions of the amounts shown below no later than the corresponding dates:
| | | | | | | | | | | | | |
10/31/2025 | | | $85,385 | | | $80,166 | | | $136,091 | | | $135,635 |
10/31/2026 | | | 109,964 | | | 77,007 | | | 147,839 | | | 137,835 |
10/31/2027 | | | 11,491 | | | 92,286 | | | 121,075 | | | 111,466 |
| | | $206,840 | | | $249,459 | | | $405,005 | | | $384,936 |
| | | | | | | | | | | | | |
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, 2024, are disclosed in the statements of operations.
Quasar Distributors, LLC (“Quasar”) acts as the Fund’s principal underwriter in a continuous public offering of the Fund’s shares. Quasar is a wholly-owned subsidiary of Foreside Financial Group, LLC, doing business as ACA Group.
NOTE 5 – SHAREHOLDER SERVICING FEE
The Funds have entered into a shareholder servicing agreement (the “Agreement”) with the Adviser, under which the Investor Class of the Funds may pay servicing fees at an annual rate of up to 0.15% of the average daily net assets of each Investor Class and at an annual rate of up to 0.10% of the average daily net assets of the Institutional Class of the Mid Cap Value Fund. Payments to the Adviser under the Agreement may reimburse the Adviser for payments it makes to selected brokers, dealers and administrators which have entered into service agreements with the Adviser for services provided to shareholders of the Funds. The services provided by such intermediaries are primarily designed to assist shareholders of the Funds and include the furnishing of office space and equipment, telephone facilities, personnel and assistance to the Funds in servicing such shareholders. Services provided by such intermediaries also include the provision of support services to the Funds and include establishing and maintaining shareholders’ accounts and record processing, purchase and redemption transactions, answering routine client inquiries regarding the Funds, and providing such other personal services to shareholders as the Funds may reasonably request. For the year ended October 31, 2024, the shareholder servicing fees accrued by each Fund’s Investor Class are disclosed in the statements of operations. The Large Cap Value Fund and the Mid Cap Value Fund did not accrue shareholder servicing fees during the year ended October 31, 2024.
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, 2024, the 12b-1 fees accrued by each Fund’s Investor Class are disclosed in the statements of operations.
TABLE OF CONTENTS
THE HUBER FUNDS
NOTES TO FINANCIAL STATEMENTS
at October 31, 2024(Continued)
NOTE 7 – PURCHASES AND SALES OF SECURITIES
For the year ended October 31, 2024, the cost of purchases and the proceeds from sales of securities (excluding short-term securities) were as follows:
| | | | | | | | | | | | | |
Purchases | | | $207,303,225 | | | $26,741,426 | | | $4,942,313 | | | $6,326,257 |
Sales | | | 65,225,274 | | | 21,050,481 | | | 3,320,647 | | | 7,145,310 |
| | | | | | | | | | | | | |
During the year ended October 31, 2024, 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, 2024, and the year ended October 31, 2023, was as follows:
| | | | |
Ordinary income | | | $1,380,121 | | | $570,572 |
| | | | | | | |
| | | | |
Ordinary income | | | $275,714 | | | $— |
| | | | | | | |
| | | | |
Ordinary income | | | $185,156 | | | $ 157,074 |
| | | | | | | |
| | | | |
Ordinary income | | | $126,366 | | | $ 166,932 |
| | | | | | | |
As of October 31, 2024, the components of accumulated earnings/(losses) on a tax basis were as follows:
| | | | | | | |
Cost of investments for tax purposes(a) | | | $200,808,304 | | | $45,050,257 |
Gross tax unrealized appreciation | | | 86,139,635 | | | 37,905,996 |
Gross tax unrealized depreciation | | | (7,804,598) | | | (3,827,367) |
Net tax unrealized appreciation | | | 78,335,037 | | | 34,078,629 |
Net unrealized depreciation on foreign currency | | | — | | | (193) |
Undistributed ordinary income | | | 2,614,187 | | | 195,424 |
Undistributed long-term capital gain | | | — | | | — |
Total distributable earnings | | | 2,614,187 | | | 195,424 |
Other accumulated losses | | | (10,396,145) | | | (15,438,992) |
Total accumulated earnings/(losses) | | | $70,553,079 | | | $18,834,868 |
| | | | | | | |
TABLE OF CONTENTS
THE HUBER FUNDS
NOTES TO FINANCIAL STATEMENTS
at October 31, 2024(Continued)
| | | | | | | |
Cost of investments for tax purposes(a) | | | $7,119,248 | | | $7,059,834 |
Gross tax unrealized appreciation | | | 7,696,084 | | | 4,416,418 |
Gross tax unrealized depreciation | | | (195,641) | | | (135,883) |
Net tax unrealized appreciation | | | 7,500,443 | | | 4,280,535 |
Undistributed ordinary income | | | 133,547 | | | 106,831 |
Undistributed long-term capital gain | | | — | | | — |
Total distributable earnings | | | 133,547 | | | 106,831 |
Other accumulated losses | | | (1,496,118) | | | (1,277,387) |
Total accumulated earnings/(losses) | | | $6,137,872 | | | $3,109,979 |
| | | | | | | |
(a)
| The difference between book-basis and tax-basis net unrealized appreciation and cost is attributable primarily to the tax deferral of losses on wash sales, PFICs and partnerships. |
At October 31, 2024, the Funds had capital loss carryforwards as follows:
| | | | |
Select Large Cap Value Fund | | | $10,381,509 | | | $14,636 |
Small Cap Value Fund | | | 12,587,741 | | | 2,851,251 |
Large Cap Value Fund | | | 1,183,287 | | | 312,831 |
Mid Cap Value Fund | | | 1,058,978 | | | 218,409 |
| | | | | | | |
These capital losses may be carried forward indefinitely to offset future gains.
NOTE 9 – CONTROL OWNERSHIP
A beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of the fund, under Section 2(a)(9) of the 1940 Act. As of October 31, 2024, each Fund’s percentage of control ownership positions greater than 25% are as follows:
| | | | | | | |
LPL Financial | | | — | | | 29.78% |
Pershing LLC | | | 51.64% | | | — |
| | | | | | | |
| | | | | | | |
National Financial Services LLC | | | — | | | 36.91% |
Shadowlawn Investments LP | | | 52.72% | | | — |
| | | | | | | |
| | | | | | | |
Lizanne Falsetto Living Trust | | | — | | | 51.12% |
Morgan Stanley Smith Barney LLC | | | 68.54% | | | 25.00% |
National Financial Services LLC | | | 31.35% | | | — |
| | | | | | | |
| | | | | | | |
Lizanne Falsetto Living Trust | | | — | | | 52.98% |
Hilton Family Trust | | | 88.51% | | | — |
| | | | | | | |
TABLE OF CONTENTS
THE HUBER FUNDS
NOTES TO FINANCIAL STATEMENTS
at October 31, 2024(Continued)
NOTE 10 – PRINCIPAL RISKS
Below is a summary of some, but not all, of the principal risks of investing in the Funds, each of which may adversely affect a Fund’s net asset value and total return. The Funds’ most recent prospectus provides further descriptions of each Fund’s investment objective, principal investment strategies and principal risks.
| • | 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); interest rates; global demand for particular products or resources; natural disasters or events; pandemic diseases; terrorism; regulatory events; and government controls. U.S. and international markets have experienced significant periods of volatility in recent years and months due to a number of economic, political and global macro factors, which has resulted in disruptions to business operations and supply chains, stress on the global healthcare system, growth concerns in the U.S. and overseas, staffing shortages and the inability to meet consumer demand, and widespread concern and uncertainty. Continuing uncertainties regarding interest rates, rising inflation, political events, rising government debt in the U.S. and trade tensions also contribute to market volatility. 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. |
| • | Foreign Securities and Emerging Markets Risk – Investments in foreign currencies and foreign issuers are subject to additional risks, including political and economic risks, greater volatility, civil conflicts and war, sanctions or other measures by the United States or other governments, liquidity risks, currency fluctuations, higher transaction costs, delayed settlement, possible foreign controls on investment, expropriation and nationalization risks, and less stringent investor protection and disclosure standards of foreign markets. Events and evolving conditions in certain economies or markets may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable becoming riskier and more volatile. These risks are magnified in countries in “emerging markets.” Emerging market countries typically have less-established market economies than developed countries and may face greater social, economic, regulatory and political uncertainties. In addition, emerging markets typically present greater illiquidity and price volatility concerns due to smaller or limited local capital markets and greater difficulty in determining market valuations of securities due to limited public information on issuers. |
| • | 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. |
| • | Value Style Investing Risk – Certain equity securities (generally referred to as value securities) are purchased primarily because they are selling at prices below what an Adviser believes to be their fundamental value and not necessarily because the issuing companies are expected to experience significant earnings growth. The Funds bear the risk that the companies that issued these securities may not overcome the adverse business developments or other factors causing their securities to be perceived by the Adviser to be under-priced or that the market may never come to recognize their fundamental value. A value stock may not |
TABLE OF CONTENTS
THE HUBER FUNDS
NOTES TO FINANCIAL STATEMENTS
at October 31, 2024(Continued)
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.
| • | 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. |
| • | 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. |
| • | 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. |
| • | Large-Sized Company Risk (Select Large Cap Value Fund) – The stocks of larger companies may underperform relative to those of small and mid-sized companies. Larger, more established companies may be unable to respond quickly to new competitive challenges like changes in consumer tastes or innovative smaller competitors. In addition, large-cap companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion. |
NOTE 11 – REPORT OF THE FUNDS’ SPECIAL SHAREHOLDER MEETING (Unaudited)
At the board meeting held on June 27, 2024, the Board of Trustees (the “Board”) nominated two new Independent Trustees, Anne Kritzmire and Craig Wainscott, as well as one current Independent Trustee, Michele Rackey for election and appointment by shareholders of the Trust. At a special shareholder meeting held on August 27, 2024, shareholders voted to elect and appoint the three nominees as Independent Trustees to the Board. The vote results were as follows:
| | | | |
610,254,146.13 | | | 422,548,104.53 | | | 69.24% |
| | | | | | | |
(1)
| To approve the election of three Trustees to serve until his or her successor is elected and qualified. |
| | | | | | | |
(01)Craig Wainscott | | | 420,753,222.93 | | | 99.58% | | | 68.95% | | | 1,794,881.60 | | | 0.42% | | | 0.29% |
(02)Anne Kritzmire | | | 420,814,806.36 | | | 99.59% | | | 68.96% | | | 1,733,298.17 | | | 0.41% | | | 0.28% |
(03)Michele Rackey | | | 419,476,647.18 | | | 99.27% | | | 68.74% | | | 3,071,457.36 | | | 0.73% | | | 0.50% |
| | | | | | | | | | | | | | | | | | | |
Forty percent of the shares of the Trust entitled to vote, present in person or represented by proxy, constitutes a quorum.
The nominees will be elected as Trustees of the Trust if they receive a plurality of the votes cast by all shares of the Trust to be voted in the aggregate.
TABLE OF CONTENTS
THE HUBER FUNDS
NOTES TO FINANCIAL STATEMENTS
at October 31, 2024(Continued)
NOTE 12 – OTHER TAX INFORMATION
The Funds declared an income distribution to be paid on December 17, 2024, to shareholders of record on December 16, 2024, as follows:
| | | | |
Select Large Cap Value Fund
| | | |
Investor Class | | | $0.30364445 |
Institutional Class | | | $0.40821853 |
Small Cap Value Fund
| | | |
Investor Class | | | $0.03142593 |
Institutional Class | | | $0.11244808 |
Large Cap Value Fund
| | | |
Investor Class | | | $0.26039495 |
Institutional Class | | | $0.31648858 |
Mid Cap Value Fund
| | | |
Investor Class | | | $0.16869726 |
Institutional Class | | | $0.19754299 |
| | | | |
TABLE OF CONTENTS
THE 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, 2024, 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, 2024, 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, 2024 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.
TAIT, WELLER & BAKER LLP
Philadelphia, Pennsylvania
December 30, 2024
| (b) | Financial Highlights are included within the financial statements filed under Item 7 of this Form. |
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.
See Item 7(a).
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.
See Item 7(a).
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Not applicable.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to open-end investment companies.
Item 15. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.
Item 16. Controls and Procedures.
| (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, as amended, (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. |
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.
Item 19. Exhibits.
(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.
(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.
(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.
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 | |
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 | |
| | By (Signature and Title)* | /s/ Kevin J. Hayden | |
| | | Kevin J. Hayden, Vice President/Treasurer/Principal Financial Officer | |
* Print the name and title of each signing officer under his or her signature.
