NPORT-EX 2 largecapvaluefund.htm

Huber Large Cap Value Fund
  
Schedule of Investments
  
July 31, 2025 (Unaudited)
  
   
COMMON STOCKS - 96.9%
  
Shares
    
Value
 
Aerospace & Defense - 2.2%
        
Northrop Grumman Corp.
    
700
    
$
403,627
  
                 
Automotive - 0.6%
          
Goodyear Tire & Rubber Co. (a)
    
10,000
      
102,800
  
                 
Banking - 17.1%
          
Bank of America Corp.
    
10,300
      
486,881
  
Citigroup, Inc.
    
12,800
      
1,199,360
  
First Citizens BancShares, Inc. - Class A
    
150
      
299,214
  
First Horizon Corp.
    
25,292
      
551,618
  
JPMorgan Chase & Co.
    
1,100
      
325,864
  
Truist Financial Corp.
    
6,000
      
262,260
  
             
3,125,197
  
                 
Beverages - 0.3%
          
Anheuser-Busch InBev SA/NV - ADR
    
1,000
      
57,670
  
                 
Biotech & Pharmaceuticals - 11.4%
          
Eli Lilly & Co.
    
2,000
      
1,480,140
  
GSK PLC - ADR
    
2,400
      
89,160
  
Merck & Co., Inc.
    
1,100
      
85,932
  
Pfizer, Inc.
    
18,600
      
433,194
  
             
2,088,426
  
                 
Consumer Services - 3.2%
          
Upbound Group, Inc.
    
28,359
      
585,188
  
                 
Cosmetics/Personal Care - 0.6%
          
Kenvue, Inc.
    
5,000
      
107,200
  
                 
Electric Utilities - 2.4%
          
American Electric Power Co., Inc.
    
300
      
33,942
  
Constellation Energy Corp.
    
533
      
185,399
  
Entergy Corp.
    
1,800
      
162,774
  
NextEra Energy, Inc.
    
800
      
56,848
  
             
438,963
  
                 
Electrical Equipment - 0.3%
          
TE Connectivity PLC
    
300
      
61,725
  
                 
Entertainment Content - 0.7%
          
Walt Disney Co.
    
1,000
      
119,110
  
                 
Food - 1.6%
          
J M Smucker Co.
    
1,900
      
203,946
  
Lamb Weston Holdings, Inc.
    
500
      
28,535
  
Tyson Foods, Inc. - Class A
    
1,100
      
57,530
  
             
290,011
  
                 
Gas & Water Utilities - 0.5%
          
National Fuel Gas Co.
    
1,000
      
86,790
  
                 
Health Care Facilities & Services - 1.8%
          
Tenet Healthcare Corp. (a)
    
2,000
      
322,560
  
                 
Healthcare-Services - 0.1%
          
Concentra Group Holdings Parent, Inc.
    
887
      
17,713
  
                 
Industrial Support Services - 1.0%
          
United Rentals, Inc.
    
200
      
176,588
  
                 
Institutional Financial Services - 1.2%
          
Goldman Sachs Group, Inc.
    
300
      
217,077
  
                 
Insurance - 1.6%
          
CNO Financial Group, Inc.
    
8,073
      
297,409
  
                 
Internet - 0.6%
          
VeriSign, Inc.
    
400
      
107,548
  
                 
Internet Media & Services - 0.8%
          
Lyft, Inc. - Class A (a)
    
9,694
      
136,298
  
                 
Oil & Gas Producers - 15.0%
          
BP PLC - ADR
    
6,200
      
199,330
  
Cheniere Energy, Inc.
    
1,900
      
448,172
  
Expand Energy Corp.
    
1,000
      
104,780
  
Golar LNG Ltd.
    
31,803
      
1,309,011
  
Shell PLC - ADR
    
9,300
      
671,553
  
             
2,732,846
  
                 
Retail - 2.3%
          
Dollar General Corp.
    
4,000
      
419,600
  
                 
Retail - Consumer Staples - 2.4%
          
Walmart, Inc.
    
4,500
      
440,910
  
                 
Retail - Discretionary - 1.2%
          
Home Depot, Inc.
    
600
      
220,506
  
                 
Software - 11.6%
          
Microsoft Corp.
    
2,600
      
1,387,100
  
Oracle Corp.
    
2,900
      
735,933
  
             
2,123,033
  
                 
Specialty Finance - 1.4%
          
Enova International, Inc. (a)
    
2,510
      
262,446
  
                 
Technology Services - 7.1%
          
KBR, Inc.
    
18,230
      
852,070
  
Mastercard, Inc. - Class A
    
550
      
311,559
  
Visa, Inc. - Class A
    
400
      
138,188
  
             
1,301,817
  
                 
Telecommunications - 1.5%
          
AT&T, Inc.
    
6,900
      
189,129
  
Verizon Communications, Inc.
    
2,000
      
85,520
  
             
274,649
  
                 
Tobacco & Cannabis - 1.4%
          
Philip Morris International, Inc.
    
1,600
      
262,480
  
                 
Transportation & Logistics - 3.2%
          
FedEx Corp.
    
2,600
      
581,074
  
                 
Transportation Equipment - 1.8%
          
General Motors Co.
    
6,300
      
336,042
  
TOTAL COMMON STOCKS (Cost $8,817,299)
      
17,697,303
  
                 
SHORT-TERM INVESTMENTS - 3.1%
  
Shares
    
Value
 
Money Market Funds - 3.1%
                
First American Government Obligations Fund - Class X, 4.23% (b)
    
278,636
      
278,636
  
First American Treasury Obligations Fund - Class X, 4.26% (b)
    
278,635
      
278,635
  
TOTAL SHORT-TERM INVESTMENTS (Cost $557,271)
      
557,271
  
                 
TOTAL INVESTMENTS - 100.0% (Cost $9,374,570)
      
18,254,574
  
Other Assets in Excess of Liabilities - 0.0% (c)
      
8,924
  
TOTAL NET ASSETS - 100.0%
          
$
18,263,498
  
two
      
–
%
Percentages are stated as a percent of net assets.
      
–
%

ADR - American Depositary Receipt

(a)
Non-income producing security.
(b)
The rate shown represents the 7-day annualized effective yield as of July 31, 2025.
(c)
Represents less than 0.05% of net assets.
Summary of Fair Value Disclosure as of July 31, 2025 (Unaudited)
 
Huber Large 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
  
$
17,697,303
    
$
–
    
$
–
    
$
17,697,303
  
  Money Market Funds
    
557,271
      
–
      
–
      
557,271
  
Total Investments
  
$
18,254,574
    
$
–
    
$
–
    
$
18,254,574