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HUBER SELECT LARGE CAP VALUE FUND

HUBER SMALL CAP VALUE FUND

HUBER LARGE CAP VALUE FUND

HUBER MID CAP VALUE FUND

TABLE OF CONTENTS


SUMMARY SECTION ...............................................................................................................	1

Huber Select Large Cap Value Fund ......................................................................................	1

Huber Small Cap Value Fund ..................................................................................................	7

Huber Large Cap Value Fund ..................................................................................................	13

Huber Mid Cap Value Fund ...................................................................................................	19

PRINCIPAL INVESTMENT STRATEGIES, RELATED RISKS, AND DISCLOSURE OF PORTFOLIO HOLDINGS ..........................................................................................................	25

MANAGEMENT OF THE FUNDS ...........................................................................................	31

SHAREHOLDER INFORMATION ...........................................................................................	33

TOOLS TO COMBAT FREQUENT TRANSACTIONS ...........................................................	43

DISTRIBUTION OF FUND SHARES .......................................................................................	45

DISTRIBUTIONS AND TAXES ...............................................................................................	47

INDEX DESCRIPTIONS ............................................................................................................	48

FINANCIAL HIGHLIGHTS ......................................................................................................	50

PRIVACY NOTICE ....................................................................................................................	58

SUMMARY SECTION

Huber Select Large Cap Value Fund

Investment Objective

The Huber Select Large Cap Value Fund (the “Select Large Cap Value Fund”) seeks to achieve current

income and capital appreciation.

Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy, hold, and sell Investor Class shares

and Institutional Class shares of the Select Large Cap Value Fund. You may pay other fees, such as brokerage

commissions and other fees to financial intermediaries, which are not reflected in the tables and examples

below.


	Investor Class	Institutional Class
SHAREHOLDER FEES (fees paid directly from your investment)
Redemption Fee (as a percentage of amount redeemed on shares held 60 days or less)	1.00%	1.00%


ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
Management Fees1	0.99%	0.99%
Distribution and Service (Rule 12b-1) Fees2	0.25%	0.00%
Other Expenses (includes Shareholder Servicing Plan Fee) 3	0.26%	0.11%
Shareholder Servicing Plan Fee2	0.15%	0.00%
Total Annual Fund Operating Expenses	1.50%	1.10%
Less: Fee Waiver and/or Expense Reimbursement (Voluntary)	-0.19%	-0.19%
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement	1.31%	0.91%

1Huber Capital Management, LLC (the “Adviser”) has voluntarily agreed to reduce the Fund’s management fee, from 0.99% to

0.80%, through at least February 28, 2027. The Adviser cannot recoup these amounts. The current year expense ratio in the

Financial Highlights reflects a management fee of 0.79%.

2Each class of the Select Large Cap Value Fund may accrue up to 0.25% in “Distribution and Service (Rule 12b-1) Fees” of the

average daily net assets and may accrue up to 0.15% in “Shareholder Servicing Plan Fee” of the average daily net assets. However,

accrual for the Fund’s Institutional Class shares is currently set at 0.00% through at least February 28, 2027 for both Distribution

and Service (Rule 12b-1) Fees and Shareholder Servicing Plan Fee, and any accrual increase must first be approved by the Board of

Trustees (the “Board”). Total Annual Fund Operating Expenses above reflect the maximum Rule 12b-1 fee and/or Shareholder

Servicing Plan fee for the Investor Class shares allowed while the Expense Ratios in the Financial Highlights reflect actual

expenses.

3Total Annual Fund Operating Expenses do not correlate to the Expense Ratios provided in the Financial Highlights section of the

statutory prospectus, which reflect the actual operating expenses of the Select Large Cap Value Fund and do not include 0.01% that

is attributed to acquired fund fees and expenses (“AFFE”).

Example. This Example is intended to help you compare the cost of investing in the Select Large Cap Value

Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the

Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The

Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses

remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs

would be:


	1 Year	3 Years	5 Years	10 Years
Investor Class	$133	$455	$800	$1,774
Institutional Class	$93	$331	$588	$1,323

Portfolio Turnover. The Select Large Cap Value Fund pays transaction costs, such as commissions, when it

buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher

transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs,

which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance.

During the most recent fiscal year, the Fund’s portfolio turnover rate was 46% of the average value of its

portfolio.

Principal Investment Strategies

The Select Large Cap Value Fund invests primarily in a diversified portfolio of common stocks, normally

investing at least 80% of its net assets (plus borrowings for investment purposes) in large capitalization U.S.

companies (“large cap companies”) whose stocks are considered by the Adviser to be undervalued. The

Adviser currently considers large cap companies to be those with market capitalizations in the range of those

found in the Bloomberg US 1000 Value Index, although the portfolio will generally consist of stocks with a

market capitalization of $1 billion or above at time of initial purchase. The market capitalization range of the

Bloomberg US 1000 Value Index changes constantly, but as of January 31, 2026, the market capitalization

range was between $1.75 billion and $4.08 trillion. Market capitalization is measured at the time of initial

purchase. The Fund also normally invests in stocks with high cash dividends or payout yields relative to the

market. Payout yield refers to dividend yield (the yield from dividends paid) plus buyback yield (the yield

associated with a company buying back its own shares to reduce the number of shares on the market, thereby

increasing the earnings per share for the remaining shares). While the Select Large Cap Value Fund is

diversified, the Fund may hold a higher concentration on certain issuers.

The Select Large Cap Value Fund may make significant investments in securities of non-U.S. issuers

(“foreign securities”), including issuers in emerging markets. The Fund will invest primarily in domestic U.S.

securities but reserves the right to invest up to 20% of its net assets in American Depositary Receipts

(“ADRs”), dollar-denominated foreign securities, or directly in foreign securities. Should appropriate

investment opportunities be available, the Fund may invest in initial public offerings (“IPOs”) but not in an

amount that exceeds 50% of the Fund’s total assets. Additionally, the Fund may invest in Rule 144A and

other restricted equity securities but not in an amount that exceeds 15% of the Fund’s total assets. From time

to time, the Fund may be invested in securities of companies in the same economic sector. As of October 31,

2025, 25.2% of the Fund’s total investments were invested in the financial sector.

The Adviser employs a value investing style, investing in stocks which, in the Adviser’s opinion, trade at a

significant discount to the present value of future cash flows. The Adviser attempts to identify out-of-favor

stocks that represent solid fundamental value. The Adviser identifies these investment opportunities by

employing a disciplined, bottom-up investment process that emphasizes internally generated fundamental

research. The process includes an initial review, in-depth analysis, and employment of the Adviser’s

proprietary valuation methodology. The Fund strives for tax efficiency which may include tax loss harvesting

(i.e., periodically selling positions that have depreciated in value to realize capital losses that can be used to

offset capital gains realized by the Fund) and other tools at the Adviser’s disposal.

Principal Risks

Losing all or a portion of your investment is a risk of investing in the Select Large Cap Value Fund. The

following additional risks could affect the value of your investment:

•Economic and Market Risk. Economies and financial markets throughout the world are becoming

increasingly interconnected, which increases the likelihood that events or conditions in one country or

region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s

portfolio may underperform in comparison to securities in general financial markets, a particular financial

market or other asset classes due to a number of factors, including: inflation (or expectations for

inflation); deflation (or expectations for deflation); interest rates; market instability; financial system

instability; debt crises and downgrades; embargoes; tariffs; sanctions and other trade barriers; regulatory

events; other governmental trade or market control programs and related geopolitical events. In addition,

the value of the Fund’s investments may be negatively affected by the occurrence of global events such as

war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious

disease epidemics or pandemics. The imposition by the U.S. of tariffs on goods imported from foreign

countries and reciprocal tariffs levied on U.S. goods by those countries also may lead to volatility and

instability in domestic and foreign markets.

•Equity Securities Risk. The price of equity securities may rise or fall because of economic or political

changes or changes in a company’s financial condition, sometimes rapidly or unpredictably. These price

movements may result from factors affecting individual companies, sectors or industries selected for the

Select Large Cap Value Fund’s portfolio or the securities market as a whole, such as changes in economic

or political conditions.

•Foreign and Emerging Market Securities 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.

•ADR Risk. Investments in ADRs are subject to many of the same risks that are associated with direct

investments in foreign securities. In addition, ADRs may not track the price of the underlying foreign

securities, and their value may change materially at times when the U.S. markets are not open for trading.

•Large-Sized Company Risk. 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.

•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.

•Management Risk. The Select Large Cap Value Fund is an actively managed investment portfolio and the

Fund relies on the Adviser’s ability to pursue the Fund’s goal. The Adviser will apply its investment

techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee

that its decisions will produce the desired results.

•Value Style Investing Risk. The Select Large Cap Value Fund emphasizes a “value” style of investing,

which targets undervalued companies with characteristics for improved valuations. This style of investing

is subject to the risk that the valuations never improve or that the returns on “value” securities may not

move in tandem with the returns on other styles of investing or the stock market in general.

•Sector Emphasis Risk. Securities of companies in the same or related businesses, if comprising a

significant portion of the Select Large Cap Value Fund’s portfolio, could react in some circumstances

negatively to market conditions, interest rates and economic, regulatory or financial developments and

adversely affect the value of the portfolio to a greater extent than if such business comprised a lesser

portion of the Fund’s portfolio.

•Financial Sector Risk: Performance of companies in the financials sector may be adversely

impacted by many factors, including, among others, government regulations, economic

conditions, credit rating downgrades, changes in interest rates, and decreased liquidity in credit

markets. The impact of more stringent capital requirements, recent or future regulation of any

individual financial company or of the financials sector as a whole cannot be predicted. In recent

years, cyber attacks and technology malfunctions and failures have become increasingly frequent

in this sector and have caused significant losses to companies in this sector, which may negatively

impact the Fund.

•Rule 144A Securities Risk. The market for Rule 144A securities typically is less active than the market for

publicly-traded securities. Rule 144A securities carry the risk that the liquidity of these securities may

become impaired, making it more difficult for the Select Large Cap Value Fund to sell these securities.

•Focus Risk. At such times the Select Large Cap Value Fund holds the securities of a small number of

issuers, it may be more exposed to the risks associated with and developments affecting an individual

issuer or a smaller number of issuers than a fund that invests more widely. This may increase the Select

Large Cap Value Fund’s volatility and cause the performance of a relatively smaller number of issuers to

have a greater impact on the Fund’s performance.

Who May Want to Invest in the Fund?

The Select Large Cap Value Fund may be appropriate for investors who:

•Have a long-term investment horizon;

•Want to add an investment with potential for capital appreciation to diversify their investment portfolio;

and

•Can accept the greater risks of investing in a portfolio with common stock holdings.

Performance

The following performance information indicates some of the risks of investing in the Select Large Cap Value

Fund. The bar chart shows the annual returns for the Fund’s Investor Class shares from year to year. The

table shows how the Fund’s average annual returns for the 1-year, 5-years, 10-years and since inception

periods compare with those of broad measures of market performance and a secondary benchmark that is

more representative of the Fund’s investment strategy. The Fund’s past performance, before and after taxes,

does not necessarily indicate how it will perform in the future. The Fund’s past performance benefited from

IPOs of certain issuers. To the extent the Fund’s historical performance resulted from gains derived from

participation in IPOs and secondary offerings, there is no guarantee that these results can be replicated or that

the Fund will be able to participate to the same degree in IPO and secondary offerings in the future. Updated

performance information is available on the Fund’s website at www.hubercap.com or by calling the Fund toll-

free at 888-HUBERCM (888-482-3726).

Select Large Cap Value Fund, Investor Class

Calendar Year Total Returns as of December 31


Highest and Lowest Return Quarters during the period of time shown in the bar chart
Highest Return Quarter	3/31/2019	14.19%
Lowest Return Quarter	3/31/2020	-21.11%


Average Annual Total Returns (For the periods ended December 31, 2025)				Since Inception (6/29/2007)
	1 Year	5 Years	10 Years	Since Inception (6/29/2007)
Investor Class1
Return Before Taxes	8.99%	14.18%	11.81%	8.28%
Return After Taxes on Distributions	8.69%	13.98%	11.56%	7.98%
Return After Taxes on Distributions and Sale of Fund Shares	5.54%	11.39%	9.79%	6.93%
Institutional Class1
Return Before Taxes	9.33%	14.54%	12.17%	8.57%
S&P 500® Index (reflects no deduction for fees, expenses or taxes)	17.88%	14.42%	14.82%	10.65%
Bloomberg US 1000 Value Index (reflects no deduction for fees, expenses or taxes)	16.53%	12.66%	11.07%	8.09%

1The former Institutional Class shares were re-designated as Investor Class shares on October 25, 2011. The Investor Class incepted

on June 29, 2007, and the current Institutional Class incepted on October 25, 2011. Performance shown prior to the inception of the

current Institutional Class reflects the performance of the Investor Class and includes expenses that are not applicable to and are

higher than those of the Institutional Class.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and

do not reflect the impact of state and local taxes. Actual after-tax returns depend on your situation and may

differ from those shown. Furthermore, the after-tax returns shown are not relevant to those who hold their

shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts (“IRAs”).

After-tax returns are shown only for the Investor Class; after-tax returns for the Institutional Class will vary to

the extent it has different expenses.

Management

Investment Adviser. Huber Capital Management, LLC is the Select Large Cap Value Fund’s investment

adviser.

Portfolio Manager. Joseph Huber, Chief Executive Officer and Chief Investment Officer of the Adviser, is

primarily responsible for the day-to-day management of the Select Large Cap Value Fund’s portfolio. Mr.

Huber has managed the Fund since its inception in 2007.

Purchase and Sale of Fund Shares

You may purchase, exchange or redeem Select Large Cap Value Fund shares on any business day by written

request via mail (Huber Select Large Cap Value Fund, c/o U.S. Bank Global Fund Services, P.O.

Box 219252, Kansas City, MO 64121-9252), by telephone at 888-HUBERCM (888-482-3726), or through a

financial intermediary. You may also purchase or redeem Fund shares by wire transfer. Investors who wish

to purchase, exchange or redeem Fund shares through a financial intermediary should contact the financial

intermediary directly. An investor transacting in Institutional Shares through a broker acting as an agent for

the investor may be required to pay a commission and/or other forms of compensation to the broker. The

minimum initial and subsequent investment amounts are shown below.


Type of Account	To Open Your Account	To Add to Your Account
Investor Class
Regular	$5,000	$100
Retirement Accounts	$2,500	$100
Institutional Class	$1,000,000	$5,000

Tax Information

Select Large Cap Value Fund distributions are taxable, and will be taxed as ordinary income or capital gains,

unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an IRA. Distributions

on investments made through tax-deferred arrangements may be taxed later upon withdrawal of assets from

those accounts.

Payments to Broker-Dealers and Other Financial Intermediaries

If you purchase Select Large Cap Value Fund shares through a broker-dealer or other financial intermediary,

the Fund and/or the Adviser may pay the intermediary for the sale of Fund shares and related services. These

payments may create conflicts of interest by influencing the broker-dealer or other intermediary and your

salesperson to recommend the Fund over another investment. Ask your adviser or visit your financial

intermediary’s website for more information.

SUMMARY SECTION

Huber Small Cap Value Fund

Investment Objective

The Huber Small Cap Value Fund (the “Small Cap Value Fund”) seeks to achieve capital appreciation.

Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy, hold, and sell Investor Class shares

and Institutional Class shares of the Small Cap Value Fund. You may pay other fees, such as brokerage

commissions and other fees to financial intermediaries, which are not reflected in the tables and examples

below.


	Investor Class	Institutional Class
SHAREHOLDER FEES (fees paid directly from your investment)
Redemption Fee (as a percentage of amount redeemed on shares held 60 days or less)	1.00%	1.00%


ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
Management Fees1	1.35%	1.35%
Distribution and Service (Rule 12b-1) Fees2	0.25%	0.00%
Other Expenses (includes Shareholder Servicing Plan Fee)	0.42%	0.27%
Shareholder Servicing Plan Fee2	0.15%	0.00%
Recoupment of Waived Fees and/or Expense Reimbursements3 (Contractual)	0.02%	0.02%
Total Annual Fund Operating Expenses	2.04%	1.64%
Less: Fee Waiver and/or Expense Reimbursement (Voluntary)	-0.36%	-0.36%
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement	1.68%	1.28%

1Huber Capital Management, LLC (the “Adviser”) has voluntarily agreed to reduce the Fund’s management fee, from 1.35% to

0.99%, through at least February 28, 2027. The Adviser cannot recoup these amounts.

2Each class of the Small Cap Value Fund may accrue up to 0.25% in “Distribution and Service (Rule 12b-1) Fees” of the average

daily net assets and may accrue up to 0.15% in “Shareholder Servicing Plan Fee” of the average daily net assets. However, accrual

for the Fund’s Institutional Class shares is currently set at 0.00% through at least February 28, 2027 for both the Distribution and

Service (Rule 12b-1) Fees and Shareholder Servicing Plan Fee, and any accrual increase must first be approved by the Board of

Trustees (the “Board”). Total Annual Fund Operating Expenses above reflect the maximum Rule 12b-1 fee and/or Shareholder

Servicing Plan fee for the Investor Class shares allowed while the Expense Ratios in the Financial Highlights reflect actual

expenses.

3The Adviser has contractually agreed to waive all or a portion of its management fees and pay expenses of the Small Cap Value

Fund to ensure that Total Annual Fund Operating Expenses (excluding AFFE, interest expense, taxes, extraordinary expenses, Rule

12b-1 fees, shareholder servicing fees and any other class-specific expenses) do not exceed 1.28% of the average daily net assets of

the Fund (the “Expense Cap”). The Expense Cap will remain in effect through at least February 28, 2027, and may be terminated

only by the Trust’s Board. The Adviser may request recoupment of previously waived fees and paid expenses pursuant to the

contract from the Fund for 36 months from the date they were waived or paid, subject to the Expense Cap at the time such amounts

were waived or at the time of recoupment, whichever is lower.

Example. This Example is intended to help you compare the cost of investing in the Small Cap Value Fund

with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund

for the time periods indicated and then redeem all of your shares at the end of those periods. The Example

also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain

the same (taking into account the Expense Cap only in the first year). Although your actual costs may be

higher or lower, based on these assumptions your costs would be:


	1 Year	3 Years	5 Years	10 Years
Investor Class	$171	$605	$1,065	$2,340
Institutional Class	$130	$482	$858	$1,913

Portfolio Turnover. The Small Cap Value Fund pays transaction costs, such as commissions, when it buys

and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher

transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs,

which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance.

During the most recent fiscal year, the Fund’s portfolio turnover rate was 35% of the average value of its

portfolio.

Principal Investment Strategies

The Small Cap Value Fund normally invests at least 80% of its net assets (plus borrowings for investment

purposes) in common stocks of small capitalization U.S. companies (“small cap companies”) whose stocks

are considered by the Adviser to be undervalued. The Adviser currently considers small cap companies to be

those with market capitalizations of $3.0 billion or less and/or those with market capitalizations in the range

of those found in the Bloomberg US 2000 Value Index. The market capitalization range of the Bloomberg US

2000 Value Index changes constantly, but as of January 31, 2026, the market capitalization range was

between $12.76 million and $18.74 billion. Market capitalization is measured at the time of initial purchase.

While the Small Cap Value Fund is diversified, the Fund may hold a higher concentration in certain issuers.

The Small Cap Value Fund may also make significant investments in securities of non-U.S. issuers (“foreign