SC 13G/A
1
apsgamendfinal.txt
UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C.  20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(AMENDMENT NO. _2_)*

Applied Signal Technology Inc.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

038237103

(Cusip Number)

*Second amendment and final filing for purpose of a decrease
in holdings below 5% since the original 12/31/2008 filing.

The remainder of this cover page shall be filled out for a
reporting person's initial filing on this form with respect to
the subject class of securities, and for any subsequent
amendment containing information which would alter disclosures
provided in a prior cover page.

The information required on the remainder of this cover page
shall not be deemed to be "filed" for the purpose of Section 18
of the Securities Exchange Act of 1934 ("Act") or otherwise
subject to the liabilities of that section of the Act but shall
be subject to all other provisions of the Act (however, see the
Notes).


SCHEDULE 13G

CUSIP No. 038237103	Page 2 of 6 Pages


1.	NAMES OF REPORTING PERSONS
	S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS

	O'Shaughnessy Asset Management, LLC

2.	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
		(a)[ ]
		(b)[ ]

3.	SEC USE ONLY

4.	CITIZENSHIP OR PLACE OF ORGANIZATION
	Delaware

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH:

5.	SOLE VOTING POWER
	594,058

6.	SHARED VOTING POWER
	--

7.	SOLE DISPOSITIVE POWER
	594,058

8.	SHARED DISPOSITIVE POWER
	--

9.	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
	594,058

10.	CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES*


11.	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
	4.57%

12.	TYPE OF REPORTING PERSON*
	IA






CUSIP No. 038237103	Page 3 of 6 Pages

Item 1(a)	Name of Issuer:
		Applied Signal Technology Inc.

	(b) Address of Issuer's Principal Executive Offices
		400 WEST CALIFORNIA AVENUE
		SUNNYVALE, CALIFORNIA 94086

Item 2(a)	Name of Person Filing:

	O'Shaughnessy Asset Management, LLC

	(b) Address of Principal Business Office or, if none,
Residence:

	6 Suburban Avenue
	Stamford, CT 06901

	(c)	Citizenship:

	Delaware

	(d)	Title of Class of Securities:

	Common Stock

	(e)	CUSIP Number:

	038237103

Item 3:	Capacity in Which Person is Filing:

	[x] Investment Adviser registered under Section 203 of the
Investment Advisers Act of 1940.






CUSIP No. 038237103	Page 4 of 6 Pages


Item 4:	Ownership:

	As of December 31, 2008:

	(a)	Amount Beneficially Owned:
		594,058

	(b)	Percent of class:
		4.57%

	(c)	Number of shares to which such person has:

	(i)	Sole power to vote or to direct the vote:
		594,058

	(ii)	Shared power to vote or to direct the vote:


	(iii)	Sole power to dispose or to direct the disposition of:
		594,058

	(iv)	Shared power to dispose or to direct the disposition
of:


Item 5:	Ownership of Five Percent of Less of Class:

	If this statement is being filed to report the fact that as
of the date hereof the reporting person has ceased to be the
beneficial owner of more than five percent of the class of
securities, check the following. [X]






CUSIP No. 038237103	Page 5 of 6 Pages


Item 6:	Ownership of More than Five Percent on Behalf of
Another Person:

	All of the shares of Common Stock set forth in Item 4 are
owned by various investment advisory clients of O'Shaughnessy Asset
Management, LLC, which is deemed to be a beneficial
owner of those shares pursuant to Rule 13d-3 under the
Securities Exchange Act of 1934, due to its discretionary power
to make investment decisions over such shares for its clients
and its ability to vote such shares.  In all cases, persons
other than O'Shaughnessy Asset Management, LLC have the right
to receive, or the power to direct the receipt of, dividends
from, or the proceeds from the sale of the shares.  No
individual client holds more than five percent of the class.

Item 7:	Identification and Classification of the Subsidiary
Which Acquired the Security Being Reported on By the Parent
Holding Company:

	Not applicable.

Item 8:	Identification and Classification of Members of the
Group:

	Not applicable

Item 9:	Notice of Dissolution of Group:

	Not applicable






CUSIP No. 038237103	Page 6 of 6 Pages


Item 10:	Certification:

	By signing below I certify that, to the best of my
knowledge and belief, the securities referred to above were
acquired in the ordinary course of business and were not
acquired for the purpose of and do not have the effect of
changing or influencing the control of the issuer of such
securities and were not acquired in connection with or as a
participant in any transaction having such purposes or effect.

	SIGNATURE

	After reasonable inquiry and to the best of my knowledge
and belief, I certify that the information set forth in this
statement is true, complete and correct.


		O'Shaughnessy Asset Management, LLC
		By:	/s/ Raymond Amoroso, III, Esq.

		Raymond Amoroso, III, Esq.
		Chief Compliance Officer

Date:	6/8/09