NPORT-EX 2 smallcapvaluefund.htm

Huber Small Cap Value Fund
  
Schedule of Investments
  
July 31, 2025 (Unaudited)
  
   
COMMON STOCKS - 95.3%
  
Shares
    
Value
 
Asset Management - 2.0%
        
Virtus Investment Partners, Inc.
    
8,081
    
$
1,562,138
  
                 
Automotive - 2.6%
          
Goodyear Tire & Rubber Co. (a)
    
120,000
      
1,233,600
  
Miller Industries, Inc.
    
19,091
      
777,958
  
             
2,011,558
  
                 
Banking - 21.1%
          
C&F Financial Corp.
    
39,394
      
2,515,307
  
Carter Bankshares, Inc. (a)
    
134,813
      
2,343,050
  
First Citizens BancShares, Inc. - Class A
    
683
      
1,362,421
  
First Horizon Corp.
    
131,679
      
2,871,919
  
First Northwest Bancorp     52,383
      400,730
 
First United Corp.
    
78,008
      
2,564,123
  
Northrim BanCorp, Inc.
    
34,052
      
2,844,364
  
Old National Bancorp/IN
    
26,029
      
549,472
  
South State Corp.
    
9,241
      
870,225
  
             
16,321,611
  
                 
Biotech & Pharmaceuticals - 2.5%
          
Cipher Pharmaceuticals, Inc. (a)
    
224,700
      
1,954,125
  
                 
Chemicals - 2.1%
          
Innospec, Inc.
    
10,440
      
834,156
  
Olin Corp.
    
42,200
      
799,268
  
             
1,633,424
  
                 
Commercial Support Services - 1.4%
          
H&R Block, Inc.
    
20,100
      
1,092,234
  
                 
Consumer Services - 5.0%
          
Upbound Group, Inc.
    
188,024
      
3,879,875
  
                 
Entertainment - 3.0%
          
Lionsgate Studios Corp. (a)
    
241,106
      
1,427,348
  
Starz Entertainment Corp. (a)
    
63,944
      
930,385
  
             
2,357,733
  
                 
Food - 3.4%
          
Herbalife Ltd. (a)
    
284,400
      
2,616,480
  
                 
Health Care Facilities & Services - 1.2%
          
Medical Facilities Corp.
    
2,900
      
30,641
  
Tenet Healthcare Corp. (a)
    
5,801
      
935,585
  
             
966,226
  
                 
Healthcare-Products - 2.6%
          
Utah Medical Products, Inc.
    
36,525
      
2,030,790
  
                 
Home Construction - 0.4%
          
Taylor Morrison Home Corp. (a)
    
5,000
      
296,400
  
                 
Insurance - 3.2%
          
CNO Financial Group, Inc.
    
67,244
      
2,477,269
  
                 
Internet - 1.6%
          
F5 Networks, Inc. (a)
    
4,000
      
1,253,680
  
                 
Internet Media & Services - 3.1%
          
Lyft, Inc. - Class A (a)
    
169,100
      
2,377,546
  
                 
Leisure Facilities & Services - 1.9%
          
Boston Pizza Royalties Income Fund
    
101,654
      
1,432,077
  
                 
Oil & Gas Producers - 14.2%
          
Golar LNG Ltd.
    
181,238
      
7,459,756
  
Gulfport Energy Corp. (a)
    
800
      
139,304
  
W&T Offshore, Inc.
    
1,897,122
      
3,357,906
  
             
10,956,966
  
                 
Oil & Gas Services & Equipment - 3.7%
          
TETRA Technologies, Inc. (a)
    
690,298
      
2,830,222
  
                 
Packaging & Containers - 4.3%
          
O-I Glass, Inc. (a)
    
254,112
      
3,305,997
  
                 
Software - 1.6%
          
Weave Communications, Inc. (a)
    
167,203
      
1,220,582
  
                 
Specialty Finance - 4.1%
          
Enova International, Inc. (a)
    
30,702
      
3,210,201
  
                 
Technology Hardware - 1.1%
          
Xperi, Inc. (a)
    
143,447
      
863,551
  
                 
Technology Services - 7.5%
          
KBR, Inc.
    
88,675
      
4,144,669
  
Science Applications International Corp.
    
15,110
      
1,684,463
  
             
5,829,132
  
                 
Transportation Equipment - 1.7%
          
Commercial Vehicle Group, Inc. (a)
    
794,752
      
1,343,131
  
TOTAL COMMON STOCKS (Cost $43,145,348)
      
73,822,948
  
                 
REAL ESTATE INVESTMENT TRUSTS - COMMON - 3.3%
  
Shares
    
Value
 
REITS - 3.3%
          
Granite Real Estate Investment Trust
    
16,937
      
893,935
  
Sila Realty Trust, Inc.
    
66,488
      
1,624,966
  
TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON (Cost $2,208,600)
      
2,518,901
  
                 
SHORT-TERM INVESTMENTS - 2.4%
  
Shares
    
Value
 
Money Market Funds - 2.4%
                
First American Government Obligations Fund - Class X, 4.23% (b)
    
933,386
      
933,386
  
First American Treasury Obligations Fund - Class X, 4.26% (b)
    
933,385
      
933,385
  
TOTAL SHORT-TERM INVESTMENTS (Cost $1,866,771)
      
1,866,771
  
                 
TOTAL INVESTMENTS - 101.0% (Cost $47,220,719)
      
78,208,620
  
Liabilities in Excess of Other Assets - (1.0)%
      
(766,059
)
TOTAL NET ASSETS - 100.0%
          
$
77,442,561
  
two
      
–
%
Percentages are stated as a percent of net assets.
      
–
%

REIT - Real Estate Investment Trust

(a)
Non-income producing security.
(b)
The rate shown represents the 7-day annualized effective yield as of July 31, 2025.
Summary of Fair Value Disclosure as of July 31, 2025 (Unaudited)
 
Huber Small Cap Value Fund (the "Fund") has adopted fair value accounting standards which establish a 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 of 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. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
 
Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has 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 the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, 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 based on the best information available.
 
The following is a summary of the fair valuation hierarchy of the Fund’s securities as of July 31, 2025:
 

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Investments:
                        
  Common Stocks
  
$
73,822,948
    
$
–
    
$
–
    
$
73,822,948
  
  Real Estate Investment Trusts - Common
    
2,518,901
      
–
      
–
      
2,518,901
  
  Money Market Funds
    
1,866,771
      
–
      
–
      
1,866,771
  
Total Investments
  
$
78,208,620
    
$
–
    
$
–
    
$
78,208,620