Form N-CSRS ADVISORS SERIES TRUST For: Apr 30

 

 

 

 

 

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HUBER CAPITAL EQUITY INCOME FUND

 

HUBER CAPITAL SMALL CAP VALUE FUND

 

HUBER CAPITAL DIVERSIFIED

 

LARGE CAP VALUE FUND

 

HUBER CAPITAL MID CAP VALUE FUND

 

Investor Class

Institutional Class

 

 

 

 

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SEMI-ANNUAL REPORT

April 30, 2018

Huber Funds

TABLE OF CONTENTS

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Letter to Shareholders	1
Expense Example	7
Sector Allocation of Portfolio Assets	10
Schedule of Investments	12
Statements of Assets And Liabilities	26
Statements of Operations	30
Statements of Changes in Net Assets	32
Financial Highlights	40
Notes to Financial Statements	48
Notice to Shareholders	62
Approval of Investment Advisory Agreement	63
Householding	71
Privacy Notice	72

May 31, 2018

 

Dear Shareholder:

 

The fiscal six-month period ended April 30, 2018, was dominated by large cap growth companies, as seen in outperformance of the Russell 1000^® Growth Index.  This is similar to 2017, however the last six months saw a rebound in commodity prices, making energy the strongest performing sector in both the Russell 1000^® Value and Russell 2000^® Value Indices, while technology led the Russell 1000^® Growth Index. Despite growth outperforming, we continue to believe value will return to favor should commodity prices and equity valuations continue normalizing.

 

During the six-months ended April 30, 2018, the Huber Capital Equity Income Fund (“Equity Income Fund”) and Huber Capital Diversified Large Cap Value Fund (“Diversified Large Cap Value Fund”) both underperformed the Russell 1000^® Value Index, their primary benchmark.  The Huber Capital Small Cap Value Fund (“Small Cap Value Fund”) outperformed the Russell 2000^® Value Index, the Fund’s primary benchmark.  The Huber Capital Mid Cap Value Fund (“Mid Cap Value Fund”) outperformed the Russell Midcap^® Value Index, its primary benchmark.

 

Equity Income Fund Review

 

For the fiscal six-month period ended April 30, 2018, the Equity Income Fund Investor Class and Institutional Class returned -0.19% and -0.05%, respectively, underperforming the 1.94% total return of the Russell 1000^® Value Index and the 3.82% total return of the S&P 500^® Index.  The sectors that contributed most positively to the Fund’s performance relative to the benchmark Russell 1000^® Value Index were technology, utilities and health care, while energy, producer durables and consumer discretionary were the largest detractors. On an individual stock basis, our best relative performers were Microsoft Corp. (“Microsoft”), Regal Entertainment Group – Class A (“Regal Entertainment”) and Voya Financial, Inc. (“Voya”), while our worst performers were KBR, Inc. (“KBR”), Philip Morris International, Inc. (“Philip Morris”) and Tupperware Brands Corporation (“Tupperware Brands”).

 

The Equity Income Fund was most positively impacted by its ownership of Microsoft, a company engaged in developing, licensing and supporting software products and services.  Microsoft’s cloud service business executed well. In general, the company continued to transition from lower growth legacy desktop and Windows products into the high growth Intelligent Cloud segment, specifically their Azure product offering, which continued to grow rapidly and capture market share.  The share price of Regal Entertainment, a position we initiated in the Fund during the latter half of 2017, benefitted from the company’s merger with Cineworld.  We have since exited the position following its strong performance.  Voya, a financial planning and insurance company,

 

 

demonstrated strong cash flow generation, which was deployed towards a new share repurchase program, a move viewed favorably by investors.

 

The Equity Income Fund was most negatively impacted by its ownership in KBR, a construction and engineering company.  The share price declined despite strong earnings, as the company was required to contribute cash to a joint venture in order to fund completion of a power plant project.  Its stock price also reacted negatively when the company announced they may issue equity to finance an acquisition.  Philip Morris, a holding company engaged in tobacco and cigarette manufacturing, reported disappointing 1Q18 results that showed slowing growth of its key IQOS product in Japan.  This caused investors to downgrade their assessment of the company’s future growth rate and therefore its valuation.  We view the investor reaction as overly severe and view the shares attractively.  Tupperware Brands, a global producer and marketer of kitchen storage containers, experienced share price weakness due to lower than expected organic growth rates.

 

Small Cap Value Fund Review

 

For the fiscal six-month period ended April 30, 2018, the Small Cap Value Fund Investor Class and Institutional Class returned 6.71% and 6.90%, respectively.  The Fund outperformed the 0.94% total return of the Russell 2000^® Value Index benchmark and the 3.27% total return of the Russell 2000^® Index.  Sectors that contributed most positively to the Fund’s performance relative to the benchmark Russell 2000^® Value Index were technology, financial services and materials & processing, while the most notable detractors were consumer discretionary and producer durables. The most notable contributors to relative performance were Comtech Telecommunications Corp. (“Comtech”), Enova International Inc. (“Enova”) and Golar LNG Ltd. (“GLNG”).  The Fund’s most notable detractors from relative performance were KBR, Tupperware Brands  and Government Properties Income Trust.

 

The Fund was most positively impacted by its ownership of Comtech Telecommunications, a communications solutions provider for military and civilian applications. Comtech Telecommunications reported strong operating results and increased guidance after securing large contracts with the U.S. Army and a large domestic wireless carrier (Wireless E911).  We believe the company’s outlook for future revenue and earnings growth remains positive on the heels of these new contract wins.  The share price of Enova, a leading provider of online financial services to consumers and small businesses, increased after the company announced better than expected cost containment and loan originations.  In addition to stronger business fundamentals, the regulatory environment appears to be improving, as certain aspects of Dodd-Frank appear likely to be overturned by Senate Bill 2155, creating a potential tailwind for Enova.  Golar LNG Ltd., a master limited partnership that owns and operates Floating Storage Regasification Units (FSRU’s), LNG Carriers

 

(LNGC’s), and Floating Liquefaction Units (FLNG’s), had favorable performance due to their multiyear contracted backlog and soon to be completed dropdown of the Hilli Episeyo, an FLNG vessel.

 

The Fund was negatively impacted the most by its ownership in KBR and Tupperware Brands, both discussed earlier in this letter.  Government Income Properties Trust, a real estate investment trust (“REIT”) which invests primarily in properties on long-term lease to government tenants, was impacted by rising rates which cause some REITs to underperform.  The company generated an attractive dividend yield above 10%.

 

Diversified Large Cap Value Fund Review

 

For the fiscal six-month period ended April 30, 2018, the Diversified Large Cap Value Fund Investor Class and Institutional Class returned 0.40% and 0.55%, respectively, underperforming the 1.94% total return of the Russell 1000^® Value Index, and underperforming the 3.82% total return of the  broader S&P 500^® Index.  Sectors that contributed most positively to the Fund’s performance relative to the benchmark Russell 1000^® Value Index were utilities, health care and technology, while energy, producer durables and consumer discretionary were the most notable detractors. Stocks that were most accretive to relative performance were Microsoft, JPMorgan Chase & Co. (“JPMorgan Chase”) and Bank of America Corp. (“Bank of America”). The most notable detractors were KBR, Phillip Morris and Arconic, Inc. (“Arconic”).

 

The Fund’s strongest positive contributor, Microsoft, was discussed earlier in this letter.  JPMorgan Chase and Bank of America, multinational financial services companies, posted strong performance due to an improving regulatory environment and rising interest rates.

 

The Fund’s largest detractors, KBR and Phillip Morris, were discussed earlier in this letter.  Arconic, a spin-off from Alcoa that is engaged in lightweight metals engineering and manufacturing, declined as operational issues at several facilities impacted profitability despite generally strong end-market demand. Although recent quarterly results were better than expected, the company lowered full-year guidance for earnings and free cash flow.

 

Mid Cap Value Fund Review

 

For the fiscal six-month period ended April 30, 2018, the Mid Cap Value Fund Investor Class and Institutional Class returned 7.66% and 7.82%, respectively, versus the 2.55% total return of the Russell Midcap^® Value Index.  The sectors that contributed most positively to the Fund’s performance relative to the benchmark Russell Midcap^® Value Index were technology, materials & processing and financial services, while the sectors that detracted the most from relative performance were producer durables and consumer discretionary.  Stocks that were most additive to relative performance were Comtech Telecommunications,

 

Enova International and HighPoint Resources Corp. (“HighPoint Resources”). Stocks that detracted the most from relative performance were KBR, Tupperware Brands and Government Properties Income Trust.

 

The Fund’s largest positive contributors, Comtech Telecommunications and Enova, were discussed earlier in this letter.  HighPoint Resources, an exploration and production company focused on developing oil and natural gas assets in the U.S., benefited from completing the acquisition of Fifth Creek Energy during the period, which led to increased guidance for the year.

 

The Fund was negatively impacted the most by its ownership in KBR, Tupperware Brands and Government Properties Income Trust, all discussed earlier in this letter.

 

Outlook

 

Following a strong 2017, equities continued advancing in 2018, despite some downside volatility in February and March.  In terms of style, growth outpaced value, yet we remain steadfast in the long-term outlook of our deep value philosophy.  Though equity valuations appear stretched due to improving macroeconomic trends and earnings growth, we believe tailwinds for equities will continue in the near-term.  Huber Capital Management is of the opinion that the end of the complacency cycle is near.  It remains to be seen what the rest of the year will bring, as the anticipated rate hikes and trade-war discussions continue.

 

Huber Capital Management is optimistic with respect to its Funds.  Despite a generally upward market over the past three years, which created a headwind for active managers, the team remains committed to Huber Capital’s philosophy and process, populating its Funds with companies we believe embody meaningful upside potential and tangible valuation support.  It continues to be our view that a company’s valuation ultimately reverts to reflect its normalized cash generation capabilities and that investing in companies trading at a discount to normalized earnings should produce superior risk-adjusted returns over time.

 

Consistent with our value philosophy, we strive to generate outperformance through fundamental bottom-up investing, rather than betting on macroeconomic factors.  In our view, benchmarks have become price momentum strategies, a trend exacerbated by the shift to passive investing, and index sector weights often fail to reflect factor weights in the broader economy.  Furthermore, frequently used classification schema (i.e., GICS) may assign companies to sectors which, we believe, do not accurately reflect the company’s primary exposure.  For this reason, although we maintain macroeconomic factor neutrality, we may at certain times appear over- or under-weight relative to the sector weights of the Funds’ corresponding benchmarks.

 

Currently, relative to the Russell 1000^® Value Index, the Equity Income Fund is overweight producer durables and technology and underweight utilities, health

 

 

care, material & processing, financial services, energy, consumer discretionary and consumer staples. Relative to the Russell 2000^® Value Index, the Small Cap Value Fund is overweight materials & processing, technology and energy and underweight consumer discretionary, health care, financial services, utilities and producer durables.  Relative to the Russell 1000^® Value Index, the Diversified Large Cap Value Fund is overweight producer durables, technology and consumer staples and underweight health care, financial services, utilities, materials & processing, energy and consumer discretionary.  Relative to the Russell Midcap^® Value Index, the Mid Cap Value Fund is overweight technology, energy, materials & processing, producer durables and financial services and underweight consumer discretionary, utilities, health care and consumer staples.

 

Thank you for your support and for entrusting us with your investment dollars.  We continue to work hard to earn your trust and aim to meet your investment needs in the years to come.

 

Sincerely,

 

The Huber Capital Management Team

 

 

Past performance is not a guarantee of future results.

 

Mutual fund investing involves risk.  Principal loss is possible.  The Funds may invest in foreign securities which involve greater volatility and political, economic and currency risks and differences in accounting methods.  The risks are greater for investments in emerging markets.  Additionally, the Funds are subject to sector emphasis risk meaning that companies in the same or related businesses may comprise a significant portion of a Fund’s portfolio and adversely affect the value of the portfolio to a greater extent than if such business comprised a lesser portion of a portfolio.  Investments in initial public offerings (“IPOs”) carry additional risk such as market and liquidity risk and can fluctuate considerably.  When a Fund’s asset base is small, the impact of IPOs on the Fund’s performance could be magnified.  Investments in smaller companies involve additional risks such as limited liquidity and greater volatility. Small- and medium-capitalization companies tend to have limited liquidity and greater price volatility than large-capitalization companies.  Value stocks have a lower expected growth rate in earnings and sales, versus growth stocks.

 

Fund holdings and sector allocations are subject to change at any time and should not be considered a recommendation to buy or sell any security.  Please see the schedule of investments in this report for complete Fund holdings.

 

Current and future portfolio holdings are subject to risk.

 

The information provided herein represents the opinion of Huber Capital Management, LLC and is not intended to be a forecast of future events, a guarantee of future results, nor investment advice.

 

The Russell 1000^® Growth Index is an unmanaged market capitalization-weighted index of growth-oriented stocks of the largest U.S. domiciled companies that are included in the Russell 1000 Index. Growth-oriented stocks tend to have higher price-to-book ratios and higher forecasted growth values.

 

 

The S&P 500^® Index, an unmanaged index, consists of 500 stocks chosen for market size, liquidity, and industry group representation.  It is a market-value weighted index (stock price times number of shares outstanding), with each stock’s weight in the Index proportionate to its market value.

 

The Russell 1000^® Value Index measures the performance of those Russell 1000^® companies with lower price-to-book ratios and lower forecasted growth values.

 

The Russell 2000^® Index, an unmanaged index, is comprised of the 2,000 smallest companies in the Russell 3000^® Index.

 

The Russell 2000^® Value Index measures the performance of those Russell 2000^® companies with lower price-to-book ratios and lower forecasted growth values.

 

The Russell Midcap^® Value Index, an unmanaged index, measures the performance of the mid-cap value segment of the U.S. equity universe. It is a market capitalization weighted index representing the smallest 800 companies of the Russell 1000^® Index.  It includes those Russell Midcap companies with lower price-to-book ratios and lower expected growth values.

 

The indexes do not reflect the payment of transaction costs, fees and expenses associated with an investment in the Funds.  The Funds’ value disciplines may prevent or restrict investment in major stocks in the benchmark indices.  It is not possible to invest directly in an index.  The Funds’ returns may not correlate with the returns of their benchmark indexes.

 

Cash flow measures the cash generating capability of a company by adding non-cash charges (e.g., depreciation) and interest expense to pretax income.

 

Free cash flow is the cash that a company generates after paying its expenses and maintaining its current asset base, the remainder of which is then available to pursue further opportunities that enhance shareholder value. Free cash flow is calculated by adding non-cash charges (e.g. depreciation) to net income and subtracting maintenance capital expenditures.

 

Diversification does not assure a profit, nor does it protect against a loss in a declining market.

 

Huber Funds

EXPENSE EXAMPLE – April 30, 2018 (Unaudited)

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As a shareholder of a mutual fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, redemption fees, and exchange fees, and (2) ongoing costs, including management fees, distribution and/or service fees, and other Fund expenses. These Examples are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.  The Huber Capital Equity Income Fund (“Equity Income Fund”), Huber Capital Small Cap Value Fund (“Small Cap Value Fund”), Huber Capital Diversified Large Cap Value Fund (“Diversified Large Cap Value Fund”), and Huber Capital Mid Cap Value Fund (“Mid Cap Value Fund”) Examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period (11/1/17 – 4/30/18).

 

Actual Expenses

For each class of the Equity Income Fund, the Small Cap Value Fund, the Diversified Large Cap Value Fund and the Mid Cap Value Fund two lines are presented in the tables below – the first line for each class provides information about actual account values and actual expenses.  Actual net expenses are limited to 1.39% for Investor Class shares and 0.99% for Institutional Class shares of the Equity Income Fund, 1.75% for Investor Class shares and 1.35% for Institutional Class shares of the Small Cap Value Fund, 1.15% for Investor Class shares and 0.75% for Institutional Class shares of the Diversified Large Cap Value Fund, and 1.40% for Investor Class shares and 1.10% for Institutional Class shares of the Mid Cap Value Fund per the operating expenses limitation agreement.  In addition, you may be assessed a fee for outgoing wire transfers, returned checks, and stop payment orders at prevailing rates charged by U.S. Bancorp Fund Services, LLC, the Funds’ transfer agent.  The Examples below include, but are not limited to, management fees, fund accounting, custody and transfer agent fees. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” for your Fund and class to estimate the expenses you paid on your account during this period.

 

 

Huber Funds

 

EXPENSE EXAMPLE – April 30, 2018 (Unaudited), Continued

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Hypothetical Example for Comparison Purposes

For each class of each Fund, the second line for each class provides information about hypothetical account values and hypothetical expenses based on the respective Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.  The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.  Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

 

Equity Income Fund

	Beginning	Ending	Expenses Paid	Annualized
	Account Value	Account Value	During Period	Expense
	11/1/17	4/30/18	11/1/17 – 4/30/18	Ratio*
Investor Class
Actual	$1,000.00	$   998.10	$6.74	1.36%
Hypothetical (5% return
before expenses)	$1,000.00	$1,018.05	$6.81	1.36%
Institutional Class
Actual	$1,000.00	$   999.50	$4.91	0.99%
Hypothetical (5% return
before expenses)	$1,000.00	$1,019.89	$4.96	0.99%

Small Cap Value Fund

	Beginning	Ending	Expenses Paid	Annualized
	Account Value	Account Value	During Period	Expense
	11/1/17	4/30/18	11/1/17 – 4/30/18	Ratio*
Investor Class
Actual	$1,000.00	$1,067.10	$8.71	1.70%
Hypothetical (5% return
before expenses)	$1,000.00	$1,016.36	$8.50	1.70%
Institutional Class
Actual	$1,000.00	$1,069.00	$6.93	1.35%
Hypothetical (5% return
before expenses)	$1,000.00	$1,018.10	$6.76	1.35%

 

Huber Funds

 

EXPENSE EXAMPLE – April 30, 2018 (Unaudited), Continued

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Diversified Large Cap Value Fund

	Beginning	Ending	Expenses Paid	Annualized
	Account Value	Account Value	During Period	Expense
	11/1/17	4/30/18	11/1/17 – 4/30/18	Ratio*
Investor Class
Actual	$1,000.00	$1,004.00	$4.97	1.00%
Hypothetical (5% return
before expenses)	$1,000.00	$1,019.84	$5.01	1.00%
Institutional Class
Actual	$1,000.00	$1,005.50	$3.73	0.75%
Hypothetical (5% return
before expenses)	$1,000.00	$1,021.08	$3.76	0.75%

Mid Cap Value Fund

	Beginning	Ending	Expenses Paid	Annualized
	Account Value	Account Value	During Period	Expense
	11/1/17	4/30/18	11/1/17 – 4/30/18	Ratio*
Investor Class
Actual	$1,000.00	$1,076.60	$6.69	1.30%
Hypothetical (5% return
before expenses)	$1,000.00	$1,018.35	$6.51	1.30%
Institutional Class
Actual	$1,000.00	$1,078.20	$5.10	0.99%
Hypothetical (5% return
before expenses)	$1,000.00	$1,019.89	$4.96	0.99%

 

*	Expenses are equal to the annualized expense ratio of each class, multiplied by the average account value over the period, multiplied by 181 (days in most recent fiscal half-year) / 365 days to reflect the one-half year expense.

Huber Funds

SECTOR ALLOCATION OF PORTFOLIO ASSETS – April 30, 2018 (Unaudited)

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HUBER CAPITAL EQUITY INCOME FUND

 

 

 

HUBER CAPITAL SMALL CAP VALUE FUND

 

Percentages represent market value as a percentage of total investments.

 

Huber Funds

SECTOR ALLOCATION OF PORTFOLIO ASSETS – April 30, 2018 (Unaudited)

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HUBER CAPITAL DIVERSIFIED LARGE CAP VALUE FUND

 

HUBER CAPITAL MID CAP VALUE FUND

 

Percentages represent market value as a percentage of total investments.

 

Huber Capital Equity Income Fund

SCHEDULE OF INVESTMENTS at April 30, 2018 (Unaudited)

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Shares			COMMON STOCKS - 97.97%		Value
			Aerospace & Defense - 7.86%
	60,335		Arconic, Inc.		$	1,074,566
	15,800		Northrop Grumman Corp.			5,088,232
						6,162,798
			Air Transport - 2.68%
	8,500		FedEx Corp.			2,101,200
			Banks: Diversified - 4.47%
	39,600		SunTrust Banks, Inc.			2,645,280
	16,500		Wells Fargo & Co.			857,340
						3,502,620
			Chemicals: Diversified - 0.85%
	25,600		BASF SE - ADR			666,880
			Computer Services, Software
			& Systems - 8.77%
	48,300		CA, Inc.			1,680,840
	50,700		Microsoft Corp.			4,741,464
	10,000		Oracle Corp.			456,700
						6,879,004
			Computer Technology - 1.48%
	37,500		Hewlett Packard Enterprise Co.			639,375
	24,300		HP, Inc.			522,207
						1,161,582
			Diversified Financial Services - 14.68%
	113,600		Bank of America Corp.			3,398,912
	56,000		Citigroup, Inc.			3,823,120
	39,400		JPMorgan Chase & Co.			4,285,932
						11,507,964
			Diversified Retail - 2.09%
	18,500		Wal-Mart Stores, Inc.			1,636,510
			Electronic Components - 0.71%
	6,095		TE Connectivity Ltd.			559,216
			Engineering & Contracting Services - 5.81%
	273,241		KBR, Inc.			4,560,392
			Financial Data & Systems - 1.27%
	5,600		Mastercard, Inc. - Class A			998,312

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

Huber Capital Equity Income Fund

SCHEDULE OF INVESTMENTS at April 30, 2018 (Unaudited), Continued

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Shares					Value
			Foods - 2.90%
	22,100		ConAgra Foods, Inc.		$	819,247
	20,800		Tyson Foods, Inc. - Class A			1,458,080
						2,277,327
			Homebuilding - 1.66%
	30,468		Lennar Corp. - Class B			1,300,679
			Insurance Carriers - 1.29%
	11,900		Brighthouse Financial, Inc. (b)			604,282
	7,400		XL Group Ltd. (a)			411,366
						1,015,648
			Insurance: Life - 4.57%
	167,000		CNO Financial Group, Inc.			3,580,480
			Insurance: Multi-Line - 3.13%
	14,200		American International Group, Inc.			795,200
	31,704		Voya Financial, Inc.			1,659,705
						2,454,905
			Media - 1.14%
	9,400		Time Warner, Inc.			891,120
			Oil: Crude Producers - 0.87%
	229,300		Chesapeake Energy Corp. (b)			681,021
			Oil: Integrated - 3.84%
	30,200		BP plc - ADR			1,346,618
	23,834		Royal Dutch Shell plc - Class A - ADR			1,665,997
						3,012,615
			Oil Well Equipment & Services - 1.30%
	180,000		Ensco plc - Class A			1,017,000
			Pharmaceuticals - 11.05%
	2,900		Allergan plc (a)			445,585
	39,000		Eli Lilly & Co.			3,161,730
	41,700		Merck & Co., Inc.			2,454,879
	71,100		Pfizer, Inc.			2,602,971
						8,665,165
			Shipping - 4.59%
	153,980		Euronav SA (a)			1,254,937
	116,912		Golar LNG Partners LP (a)			2,345,255
						3,600,192

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

Huber Capital Equity Income Fund

SCHEDULE OF INVESTMENTS at April 30, 2018 (Unaudited), Continued

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Shares					Value
			Specialty Retail - 2.45%
	10,400		Home Depot, Inc.		$	1,921,920
			Steel - 0.31%
	4,615		Carpenter Technology Corp.			245,795
			Tobacco - 3.33%
	31,800		Philip Morris International, Inc.			2,607,600
			Utilities: Electrical - 4.87%
	17,000		Entergy Corp.			1,387,030
	61,300		Exelon Corp.			2,432,384
						3,819,414
			TOTAL COMMON STOCKS
			(Cost $47,436,462)			76,827,359
			SHORT-TERM INVESTMENTS - 2.38%
	933,015		Morgan Stanley Institutional Liquidity
			Funds - Government Portfolio, 1.61% (c)			933,015
	933,014		Morgan Stanley Institutional Liquidity
			Funds - Treasury Portfolio, 1.59% (c)			933,014
			TOTAL SHORT TERM INVESTMENTS
			(Cost $1,866,029)			1,866,029
			TOTAL INVESTMENTS IN SECURITIES
			(Cost $49,302,491) - 100.35%			78,693,388
			Liabilities in Excess of
			Other Assets - (0.35)%			(275,825	)
			NET ASSETS - 100.00%		$	78,417,563

ADR – American Depository Receipt

(a)	Foreign issued security.
(b)	Non-income producing security.
(c)	Rate shown is the 7-day annualized yield as of April 30, 2018.

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

Huber Capital Small Cap Value Fund

SCHEDULE OF INVESTMENTS at April 30, 2018 (Unaudited)

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Shares			COMMON STOCKS - 95.95%		Value
			Aluminum - 2.17%
	16,646		Kaiser Aluminum Corp.		$	1,640,297
			Asset Management & Custodian - 9.35%
	77,700		BrightSphere Investment Group plc (a)			1,178,709
	743,583		Uranium Participation Corp. (a) (b)			2,247,052
	31,486		Virtus Investment Partners, Inc.			3,631,910
						7,057,671
			Banks: Diversified - 12.49%
	55,236		Atlantic Capital Bancshares, Inc. (b)			1,066,055
	1,527		C&F Financial Corp.			88,413
	14,057		Capstar Financial Holdings, Inc. (b)			268,348
	10,195		Carter Bank & Trust (b)			178,617
	19,691		First Bancorp			751,212
	8,477		First Citizens BancShares, Inc. - Class A			3,664,522
	186,131		First Horizon National Corp.			3,406,197
						9,423,364
			Chemicals: Specialty - 5.28%
	54,795		Innospec, Inc.			3,983,596
			Commercial Vehicles & Parts - 0.94%
	28,552		Miller Industries, Inc.			706,662
			Communications Equipment - 9.83%
	242,387		Comtech Telecommunications Corp.			7,414,618
			Computer Services, Software
			& Systems - 3.23%
	28,400		Science Applications International Corp.			2,436,436
			Consumer Lending - 6.66%
	90,207		Enova International, Inc. (b)			2,643,065
	128,971		EZCORP, Inc. - Class A (b)			1,766,903
	11,655		Nelnet, Inc. - Class A			615,500
						5,025,468
			Containers & Packaging - 0.52%
	11,883		UFP Technologies, Inc. (b)			395,110
			Diversified Manufacturing Operations - 1.42%
	52,358		Harsco Corp. (b)			1,070,721
			Engineering & Contracting Services - 5.13%
	231,805		KBR, Inc.			3,868,826

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

Huber Capital Small Cap Value Fund

SCHEDULE OF INVESTMENTS at April 30, 2018 (Unaudited), Continued

---

Shares					Value
			Equity REIT - Timber - 1.11%
	64,197		CatchMark Timber Trust, Inc. - Class A		$	837,129
			Health Care Equipment & Surplus - 1.37%
	15,951		CONMED Corp.			1,037,294
			Health Care Facilities - 1.10%
	34,677		Tenet Healthcare Corp. (b)			830,167
			Health Care Providers & Services - 0.04%
	1,800		Hanger, Inc. (b)			32,940
			Homebuilding - 2.51%
	70,475		William Lyon Homes - Class A (b)			1,892,958
			Insurance: Life - 3.84%
	135,287		CNO Financial Group, Inc.			2,900,554
			Oil: Crude Producers - 4.17%
	126,100		Chesapeake Energy Corp. (b)			374,517
	400,700		HighPoint Resources Corp. (b)			2,768,837
						3,143,354
			Oil, Gas & Consumable Fuels - 2.05%
	86,594		Hoegh LNG Partners LP (a)			1,545,703
			Oil Well Equipment & Services - 3.27%
	134,277		Ensco plc - Class A			758,665
	83,700		Superior Energy Services, Inc. (b)			898,101
	206,507		TETRA Technologies, Inc. (b)			811,573
						2,468,339
			Paper - 1.40%
	30,662		Kapstone Paper and Packaging Corp.			1,055,386
			Real Estate Investment
			Trusts (REITs) - 5.42%
	125,443		Government Properties Income Trust			1,566,783
	63,908		Granite Real Estate Investment Trust (a)			2,525,005
						4,091,788
			Restaurants - 1.45%
	31,642		Boston Pizza Royalties Income Fund (a)			494,857
	55,574		Pizza Pizza Royalty Corp. (a)			598,612
						1,093,469

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

Huber Capital Small Cap Value Fund

SCHEDULE OF INVESTMENTS at April 30, 2018 (Unaudited), Continued

---

Shares					Value
			Shipping - 4.73%
	68,986		Golar LNG Ltd. (a)		$	2,217,900
	1,173,569		Teekay Tankers Ltd. - Class A			1,349,604
						3,567,504
			Steel - 1.23%
	17,446		Carpenter Technology Corp.			929,174
			Telecommunications Equipment - 1.54%
	43,014		ARRIS International plc (a) (b)			1,161,378
			Transportation Infrastructure - 0.23%
	17,501		Wesco Aircraft Holdings, Inc. (b)			176,760
			Utilities: Electrical - 3.47%
	41,419		Great Plains Energy, Inc.			1,355,644
	29,645		Portland General Electric Co.			1,259,319
						2,614,963
			TOTAL COMMON STOCKS
			(Cost $52,401,337)			72,401,629
			SHORT-TERM INVESTMENTS - 4.13%
	1,558,692		Morgan Stanley Institutional Liquidity
			Funds - Government Portfolio, 1.61% (c)			1,558,692
	1,558,692		Morgan Stanley Institutional Liquidity
			Funds - Treasury Portfolio, 1.59% (c)			1,558,692
			TOTAL SHORT-TERM INVESTMENTS
			(Cost $3,117,384)			3,117,384
			TOTAL INVESTMENTS IN SECURITIES
			(Cost $55,518,721) - 100.08%			75,519,013
			Liabilities in Excess of
			Other Assets - (0.08)%			(62,639	)
			NET ASSETS - 100.00%		$	75,456,374

(a)	Foreign issued security.
(b)	Non-income producing security.
(c)	Rate shown is the 7-day annualized yield as of April 30, 2018.

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

Huber Capital Diversified Large Cap Value Fund

SCHEDULE OF INVESTMENTS at April 30, 2018 (Unaudited)

---

Shares			COMMON STOCKS - 93.39%		Value
			Aerospace & Defense - 5.96%
	4,100		Arconic, Inc.		$	73,021
	700		Northrop Grumman Corp.			225,428
						298,449
			Air Transport - 1.97%
	400		FedEx Corp.			98,880
			Banks: Diversified - 4.14%
	2,200		Regions Financial Corp.			41,140
	1,400		SunTrust Banks, Inc.			93,520
	1,400		Wells Fargo & Co.			72,744
						207,404
			Capital Markets - 0.48%
	100		Goldman Sachs Group Inc.			23,833
			Chemicals: Diversified - 1.04%
	2,000		BASF SE - ADR			52,100
			Computer Services, Software
			& Systems - 9.83%
	3,626		CA, Inc.			126,185
	2,600		Microsoft Corp.			243,152
	2,700		Oracle Corp.			123,309
						492,646
			Computer Technology - 1.74%
	3,600		Hewlett Packard Enterprise Co.			61,380
	1,200		HP, Inc.			25,788
						87,168
			Consumer Lending - 0.52%
	1,000		Ally Financial, Inc.			26,100
			Diversified Financial Services - 13.24%
	7,100		Bank of America Corp.			212,432
	3,100		Citigroup, Inc.			211,637
	2,200		JPMorgan Chase & Co.			239,316
						663,385
			Diversified Retail - 2.65%
	1,500		Wal-Mart Stores, Inc.			132,690
			Electronic Components - 0.55%
	300		TE Connectivity Ltd.			27,525

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

Huber Capital Diversified Large Cap Value Fund

SCHEDULE OF INVESTMENTS at April 30, 2018 (Unaudited), Continued

---

Shares					Value
			Engineering & Contracting Services - 6.28%
	600		Fluor Corp.		$	35,370
	16,730		KBR, Inc.			279,224
						314,594
			Financial Data & Systems - 1.96%
	550		Mastercard, Inc. - Class A			98,049
			Foods - 3.23%
	1,400		ConAgra Foods, Inc.			51,898
	500		Lamb Weston Holdings, Inc.			32,660
	1,100		Tyson Foods, Inc. - Class A			77,110
						161,668
			Homebuilding - 0.78%
	918		Lennar Corp. - Class B			39,189
			Insurance Carriers - 1.87%
	600		Brighthouse Financial, Inc. (b)			30,468
	1,135		XL Group Ltd. (a)			63,095
						93,563
			Insurance: Life - 3.11%
	7,273		CNO Financial Group, Inc.			155,933
			Insurance: Multi-Line - 1.82%
	600		American International Group, Inc.			33,600
	1,100		Voya Financial, Inc.			57,585
						91,185
			IT Services - 0.35%
	171		DXC Technology Co.			17,623
			Media - 1.70%
	900		Time Warner, Inc.			85,320
			Oil: Crude Producers - 0.59%
	10,000		Chesapeake Energy Corp. (b)			29,700
			Oil, Gas & Consumable Fuels - 0.52%
	400		ConocoPhillips			26,200
			Oil: Integrated - 4.06%
	1,900		BP plc - ADR			84,721
	1,700		Royal Dutch Shell plc - Class A - ADR			118,830
						203,551

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

Huber Capital Diversified Large Cap Value Fund

SCHEDULE OF INVESTMENTS at April 30, 2018 (Unaudited), Continued

---

Shares					Value
			Oil Well Equipment & Services - 1.49%
	13,185		Ensco plc - Class A		$	74,495
			Pharmaceuticals - 7.98%
	100		Allergan plc (a)			15,365
	2,000		Eli Lilly & Co.			162,140
	1,100		Merck & Co., Inc.			64,757
	4,300		Pfizer, Inc.			157,423
						399,685
			Scientific Instruments:
			Control & Filter - 0.53%
	600		Flowserve Corp.			26,646
			Shipping - 3.09%
	6,200		Euronav SA (a)			50,530
	5,200		Golar LNG Partners LP (a)			104,312
						154,842
			Specialty Retail - 2.21%
	600		Home Depot, Inc.			110,880
			Telecommunications Equipment - 0.43%
	800		ARRIS International plc (a) (b)			21,600
			Tobacco - 3.11%
	1,900		Philip Morris International, Inc.			155,800
			Utilities: Electrical - 5.29%
	400		American Electric Power Co., Inc.			27,992
	900		Entergy Corp.			73,431
	3,300		Exelon Corp.			130,944
	200		NextEra Energy, Inc.			32,782
						265,149
			Utilities: Telecommunications - 0.87%
	400		Verizon Communications, Inc.			19,740
	800		Vodafone Group plc - ADR			23,528
						43,268
			TOTAL COMMON STOCKS
			(Cost $3,331,821)			4,679,120

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

Huber Capital Diversified Large Cap Value Fund

SCHEDULE OF INVESTMENTS at April 30, 2018 (Unaudited), Continued

---

Shares			SHORT-TERM INVESTMENTS - 6.66%		Value
	166,926		Morgan Stanley Institutional Liquidity
			Funds - Government Portfolio, 1.61% (c)		$	166,926
	166,927		Morgan Stanley Institutional Liquidity
			Funds - Treasury Portfolio, 1.59% (c)			166,927
			TOTAL SHORT TERM INVESTMENTS
			(Cost $333,853)			333,853
			TOTAL INVESTMENTS IN SECURITIES
			(Cost $3,665,674) - 100.05%			5,012,973
			Liabilities in Excess of
			Other Assets - (0.05)%			(2,371	)
			NET ASSETS - 100.00%		$	5,010,602

ADR – American Depository Receipt

(a)	Foreign issued security.
(b)	Non-income producing security.
(c)	Rate shown is the 7-day annualized yield as of April 30, 2018.

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

Huber Capital Mid Cap Value Fund

SCHEDULE OF INVESTMENTS at April 30, 2018 (Unaudited)

---

Shares			COMMON STOCKS - 91.40%		Value
			Aerospace & Defense - 1.31%
	1,400		Arconic, Inc.		$	24,934
			Aluminum - 1.55%
	300		Kaiser Aluminum Corp.			29,562
			Asset Management & Custodian - 7.61%
	900		BrightSphere Investment Group plc (a)			13,653
	16,800		Uranium Participation Corp. (a) (b)			50,768
	700		Virtus Investment Partners, Inc.			80,745
						145,166
			Banks: Diversified - 13.41%
	2,700		Atlantic Capital Bancshares, Inc. (b)			52,110
	100		First Citizens BancShares, Inc. - Class A			43,229
	3,900		First Horizon National Corp.			71,370
	1,200		Regions Financial Corp.			22,440
	1,000		SunTrust Banks, Inc.			66,800
						255,949
			Chemicals: Specialty - 5.71%
	1,500		Innospec, Inc.			109,050
			Communications Equipment - 8.52%
	5,316		Comtech Telecommunications Corp.			162,617
			Computer Services, Software
			& Systems - 3.62%
	1,000		CA, Inc.			34,800
	400		Science Applications International Corp.			34,316
						69,116
			Computer Technology - 0.89%
	1,000		Hewlett Packard Enterprise Co.			17,050
			Consumer Lending - 5.33%
	2,300		Enova International, Inc. (b)			67,390
	2,500		EZCORP, Inc. - Class A (b)			34,250
						101,640
			Diversified Manufacturing Operations - 1.29%
	1,200		Harsco Corp. (b)			24,540
			Engineering & Contracting Services - 5.68%
	6,501		KBR, Inc.			108,502

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

Huber Capital Mid Cap Value Fund

SCHEDULE OF INVESTMENTS at April 30, 2018 (Unaudited), Continued

---

Shares					Value
			Foods - 2.72%
	200		ConAgra Foods, Inc.		$	7,414
	466		Lamb Weston Holdings, Inc.			30,439
	200		Tyson Foods, Inc. - Class A			14,020
						51,873
			Health Care Equipment & Surplus - 1.02%
	300		CONMED Corp.			19,509
			Health Care Facilities - 1.50%
	1,200		Tenet Healthcare Corp. (b)			28,728
			Health Care Providers & Services - 0.04%
	38		Hanger, Inc. (b)			695
			Homebuilding - 1.84%
	377		Lennar Corp. - Class B			16,094
	710		William Lyon Homes - Class A (b)			19,071
						35,165
			Insurance Carriers - 1.91%
	398		Brighthouse Financial, Inc. (b)			20,210
	293		XL Group Ltd. (a)			16,288
						36,498
			Insurance: Life - 2.20%
	1,960		CNO Financial Group, Inc.			42,022
			Oil: Crude Producers - 5.02%
	7,100		Chesapeake Energy Corp. (b)			21,087
	10,809		HighPoint Resources Corp. (b)			74,690
						95,777
			Oil Well Equipment & Services - 3.92%
	5,200		Ensco plc - Class A			29,380
	5,819		TETRA Technologies, Inc. (b)			22,869
	2,100		Superior Energy Services, Inc. (b)			22,533
						74,782
			Paper - 1.08%
	600		Kapstone Paper and Packaging Corp.			20,652
			Real Estate Investment Trusts (REITs) - 4.65%
	3,000		Government Properties Income Trust			37,470
	1,300		Granite Real Estate Investment Trust (a)			51,363
						88,833

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

Huber Capital Mid Cap Value Fund

SCHEDULE OF INVESTMENTS at April 30, 2018 (Unaudited), Continued

---

Shares					Value
			Shipping - 7.17%
	1,000		Golar LNG Ltd. (a)		$	32,150
	3,000		Golar LNG Partners LP (a)			60,180
	38,678		Teekay Tankers Ltd. - Class A			44,480
						136,810
			Utilities: Electrical - 3.41%
	400		Entergy Corp.			32,636
	600		Great Plains Energy, Inc.			19,638
	300		Portland General Electric Co.			12,744
						65,018
			TOTAL COMMON STOCKS
			(Cost $1,312,889)			1,744,488
			SHORT-TERM INVESTMENTS - 8.43%
	80,430		Morgan Stanley Institutional Liquidity
			Funds - Government Portfolio, 1.61% (c)			80,430
	80,430		Morgan Stanley Institutional Liquidity
			Funds - Treasury Portfolio, 1.59% (c)			80,430
			TOTAL SHORT-TERM INVESTMENTS
			(Cost $160,860)			160,860
			TOTAL INVESTMENTS IN SECURITIES
			(Cost $1,473,749) - 99.83%			1,905,348
			Other Assets in Excess
			of Liabilities - 0.17%			3,253
			NET ASSETS - 100.00%		$	1,908,601

(a)	Foreign issued security.
(b)	Non-income producing security.
(c)	Rate shown is the 7-day annualized yield as of April 30, 2018.

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

(This Page Intentionally Left Blank.)

 

 

Huber Funds

STATEMENTS OF ASSETS AND LIABILITIES at April 30, 2018 (Unaudited)

---

		Huber Capital				Huber Capital
		Equity				Small Cap
		Income Fund				Value Fund
ASSETS
Investments in securities, at value
(identified cost $49,302,491 and
$55,518,721, respectively)		$	78,693,388			$	75,519,013
Cash			—				2,410
Receivables
Fund shares issued			—				317
Investment securities sold			—				70,931
Dividends and interest			15,187				117,255
Dividend tax reclaim			8,384				2,583
Prepaid expenses			22,687				24,046
Total assets			78,739,646				75,736,555
LIABILITIES
Payables
Investment securities purchased			199,624				69,248
Advisory fees			41,247				57,584
12b-1 distribution fees			17,039				54,329
Administration fees			12,389				17,335
Audit fees			10,617				10,617
Chief Compliance Officer fee			1,463				1,463
Custody fees			—				4,666
Fund accounting fees			8,844				9,284
Shareholder servicing fees			12,730				33,121
Transfer agent fees and expenses			11,783				14,824
Trustee fees and expenses			933				917
Accrued expenses			5,414				6,793
Total liabilities			322,083				280,181
NET ASSETS		$	78,417,563			$	75,456,374

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

Huber Funds

STATEMENTS OF ASSETS AND LIABILITIES at April 30, 2018 (Unaudited), Continued

---

		Huber Capital				Huber Capital
		Equity				Small Cap
		Income Fund				Value Fund
CALCULATION OF NET ASSET VALUE PER SHARE
Investor Class
Net assets applicable to shares outstanding		$	6,341,274			$	24,583,105
Shares issued and outstanding [unlimited number
of shares (par value $0.01) authorized]			405,804				1,355,164
Net asset value, offering and redemption
price per share (Note 1)		$	15.63			$	18.14
Institutional Class
Net assets applicable to shares outstanding		$	72,076,289			$	50,873,269
Shares issued and outstanding [unlimited number
of shares (par value $0.01) authorized]			4,622,139				2,771,015
Net asset value, offering and redemption
price per share (Note 1)		$	15.59			$	18.36
COMPONENTS OF NET ASSETS
Paid-in capital		$	54,199,970			$	60,524,381
Undistributed net investment income			274,171				163,616
Accumulated net realized loss on investments
and foreign currency			(5,447,475	)			(5,231,923	)
Net unrealized appreciation on:
Investments			29,390,897				20,000,292
Foreign currency			—				8
Net assets		$	78,417,563			$	75,456,374

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

Huber Funds

STATEMENTS OF ASSETS AND LIABILITIES at April 30, 2018 (Unaudited)

---

		Huber Capital
		Diversified				Huber Capital
		Large Cap				Mid Cap
		Value Fund				Value Fund
ASSETS
Investments in securities, at value
(identified cost $3,665,674 and
$1,473,749, respectively)		$	5,012,973			$	1,905,348
Receivables
Investment securities sold			—				2,394
Dividends and interest			2,125				2,567
Dividend tax reclaim			2,861				23
Due from Adviser (Note 4)			13,031				15,041
Prepaid expenses			23,194				25,323
Total assets			5,054,184				1,950,696
LIABILITIES
Payables
Investment securities purchased			—				3,559
12b-1 distribution fees			3,334				637
Administration fees			7,786				7,885
Audit fees			10,617				10,616
Chief Compliance Officer fee			1,463				1,463
Custody fees			1,623				3,148
Fund accounting fees			5,679				5,863
Shareholder servicing fees			4,375				774
Transfer agent fees and expenses			5,627				5,323
Trustee fees and expenses			863				873
Accrued expenses			2,215				1,954
Total liabilities			43,582				42,095
NET ASSETS		$	5,010,602			$	1,908,601