-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Na41zGtsp3ptD6AB0C0YRDHHlA8dVR9uR+Y2FTs2AhqxK1SgdzlZMFsGghO3Nr8P sIEky/xgJwGx1eJN7jQ+6g== 0000894189-08-003103.txt : 20080924 0000894189-08-003103.hdr.sgml : 20080924 20080924165330 ACCESSION NUMBER: 0000894189-08-003103 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20080731 FILED AS OF DATE: 20080924 DATE AS OF CHANGE: 20080924 EFFECTIVENESS DATE: 20080924 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ADVISORS SERIES TRUST CENTRAL INDEX KEY: 0001027596 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-07959 FILM NUMBER: 081086878 BUSINESS ADDRESS: STREET 1: U.S BANCORP FUND SERVICES, LLC STREET 2: 615 E MICHIGAN STREET CITY: MILWAUKEE STATE: WI ZIP: 53202 BUSINESS PHONE: 414-765-5340 MAIL ADDRESS: STREET 1: 615 E MICHIGAN STREET STREET 2: MK-WI-LC2 CITY: MILWAUKEE STATE: WI ZIP: 53202 0001027596 S000020408 ActivePassive Large Cap Growth Fund C000057239 ActivePassive Large Cap Growth Fund, Class A APLGX 0001027596 S000020409 ActivePassive Intermediate Municipal Bond Fund C000057241 ActivePassive Intermediate Municipal Bond Fund, Class A APMUX 0001027596 S000020410 ActivePassive Large Cap Value Fund C000057243 ActivePassive Large Cap Value Fund, Class A APLVX 0001027596 S000020411 ActivePassive Small/Mid Cap Growth Fund C000057245 ActivePassive Small/Mid Cap Growth Fund, Class A APMGX 0001027596 S000020412 ActivePassive Small/Mid Cap Value Fund C000057247 ActivePassive Small/Mid Cap Value Fund, Class A APMVX 0001027596 S000020413 ActivePassive International Equity Fund C000057250 ActivePassive International Equity Fund, Class A APIEX 0001027596 S000020414 ActivePassive Emerging Markets Equity Fund C000057251 ActivePassive Emerging Markets Equity Fund, Class A APERX 0001027596 S000020415 ActivePassive Global Bond Fund C000057253 ActivePassive Global Bond Fund, Class A APGLX 0001027596 S000020416 ActivePassive Intermediate Taxable Bond Fund C000057255 ActivePassive Intermediate Taxable Bond Fund, Class A APTAX N-Q 1 fqap_nq.htm QUARTERLY NOTICE OF PORTFOLIO HOLDINGS fqap_nq.htm
As filed with the Securities and Exchange Commission on September 24, 2008



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549


 
FORM N-Q
 
 
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY
 




Investment Company Act file number  811-07959



Advisors Series Trust
(Exact name of registrant as specified in charter)



615 East Michigan Street
Milwaukee, WI 53202
(Address of principal executive offices) (Zip code)



Jeanine M. Bajczyk
Advisors Series Trust
615 East Michigan Street
Milwaukee, WI 53202
(Name and address of agent for service)



(414) 765-6609
(Registrant's telephone number, including area code)



Date of fiscal year end: October 31, 2008



Date of reporting period: July 31, 2008
 
Item 1. Schedules of Investments.
 
ActivePassive Large Cap Growth Fund
            
Schedule of Investments
            
July 31, 2008 (Unaudited)
            
             
   
Shares
    
Value
  
COMMON STOCKS - 34.37%
            
Consumer Discretionary - 4.09%
            
Auto Components - 1.70%
            
BorgWarner, Inc.
     395     $ 15,926  
Johnson Controls, Inc.
     953       28,743  
              44,669  
Automobiles - 0.89%
                
Daimler AG (b)
     406       23,422  
                 
Internet & Catalog Retail - 0.82%
                
Amazon.com, Inc. (a)
     284       21,680  
                 
Multiline Retail - 0.68%
                
Nordstrom, Inc.
     624       17,934  
Total Consumer Discretionary (Cost $128,476)
             107,705  
                 
Energy - 1.24%
                
Energy Equipment & Services - 0.76%
                
Schlumberger Ltd. (b)
     197       20,015  
                 
Oil & Gas - 0.48%
                
Petroleo Brasileiro SA - ADR (b)
     225       12,580  
Total Energy (Cost $34,814)
             32,595  
                 
Financials - 2.87%
                
Capital Markets - 1.32%
                
State Street Corp.
     155       11,104  
T. Rowe Price Group, Inc.
     396       23,701  
              34,805  
Consumer Finance - 0.84%
                
American Express Co.
     594       22,049  
                 
Diversified Financial Services - 0.71%
                
CME Group Co., Inc.
     52       18,727  
Total Financials (Cost $83,403)
             75,581  
                 
Health Care - 4.21%
                
Biotechnology - 1.41%
                
Gilead Sciences, Inc. (a)
     686       37,030  
                 
Health Care Equipment & Supplies - 2.09%
                
Becton, Dickinson & Co.
     310       26,322  
Varian Medical Systems, Inc. (a)
     480       28,800  
              55,122  
Pharmaceuticals - 0.71%
                
Allergan, Inc.
     362       18,799  
Total Health Care (Cost $101,941)
             110,951  
                 
Industrials - 8.74%
                
Aerospace & Defense - 1.96%
                
The Boeing Co.
     339       20,716  
Raytheon Co.
     542       30,856  
              51,572  
                 
 
 
   
Shares
    
Value
  
Air Freight & Logistics - 0.74%
                
Expeditors International of Washington, Inc.
     546     $ 19,388  
                 
Construction & Engineering - 1.51%
                
Jacobs Engineering Group Inc. (a)
     516       39,907  
                 
Industrial Conglomerates - 1.05%
                
General Electric Co.
     981       27,753  
                 
Machinery - 2.28%
                
Caterpillar Inc.
     461       32,049  
PACCAR Inc.
     665       27,970  
              60,019  
Road & Rail - 1.20%
                
Union Pacific Corp.
     382       31,492  
Total Industrials (Cost $252,482)
             230,131  
                 
Information Technology - 8.72%
                
Communications Equipment - 3.11%
                
QUALCOMM Inc.
     616       34,089  
Research In Motion Ltd. (a)(b)
     390       47,900  
              81,989  
Computers & Peripherals - 1.84%
                
Apple Inc. (a)
     305       48,480  
                 
Electronic Equipment & Instruments - 1.13%
                
Tyco Electronics Ltd. (b)
     894       29,627  
                 
Internet Software & Services - 1.31%
                
Google Inc. (a)
     73       34,584  
                 
Software - 1.33%
                
Electronic Arts Inc. (a)
     810       34,976  
Total Information Technology (Cost $224,331)
             229,656  
                 
Materials - 3.53%
                
Chemicals - 3.53%
                
Ecolab Inc.
     427       19,087  
Praxair, Inc.
     515       48,271  
Sigma-Aldrich Corp.
     422       25,632  
Total Materials (Cost $92,410)
             92,990  
                 
Telecommunication Services - 0.97%
                
Diversified Telecommunication Services - 0.97%
                
AT&T, Inc.
     830       25,572  
Total Telecommunication Services (Cost $31,107)
             25,572  
TOTAL COMMON STOCKS (Cost $948,964)
             905,181  
                 
EXCHANGE-TRADED FUNDS - 62.12%
                
Vanguard Growth ETF
     28,119       1,636,245  
TOTAL EXCHANGE-TRADED FUNDS (Cost $1,701,116)
             1,636,245  
                 
 
 
   
Shares
    
Value
  
SHORT TERM INVESTMENTS - 3.99%
                
Investment Companies - 3.99%
                
Fidelity Institutional Money Market Portfolio
     105,114     $ 105,114  
TOTAL SHORT TERM INVESTMENTS (Cost $105,114)
             105,114  
Total Investments  (Cost $2,755,194) - 100.48%
             2,646,540  
Liabilities in Excess of Other Assets - (0.48)%
             (12,691 )
TOTAL NET ASSETS - 100.00%
           $ 2,633,849  
                 
 
Footnotes
 
Percentages are stated as a percent of net assets.
   
ADR
American Depository Receipt
(a)
Non Income Producing
(b)
Foreign Issued Security
 
The cost basis of investments for federal income tax purposes at July 31, 2008 was as follows*:
           
 
Cost of investments
$
2,755,194
    
 
Gross unrealized appreciation
  
34,833
    
 
Gross unrealized depreciation
  
(143,487
 )  
 
Net unrealized depreciation
$
(108,654
 )  
           
 
*Because tax adjustments are calculated annually and the fund has not yet completed a fiscal year end,
the above table does not reflect tax adjustments.
 
FAS 157 - Summary of Fair Value Exposure at July 31, 2008 (Unaudited)
      
Various inputs are used in determining the value of the Fund's investments.  These inputs are summarized in the three broad levels listed below:
  
               
Level 1 -
Quoted prices in active markets for identical securities.
        
Level 2 -
Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
  
Level 3 -
Significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)
  
               
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
  
               
The following is a summary of the inputs used to value the Fund's net assets as of July 31, 2008 (Unaudited):
    
               
Description
      
Investments in Securities
Other Financial
Instruments
 
  
Level 1 - Quoted prices
  
 $     2,646,540
 $                   —
    
Level 2 - Other significant observable inputs
  
                       —
                      —
    
Level 3 - Significant unobservable inputs
  
                       —
                      —
    
Total
  
 $     2,646,540
 $                   —
    
           
 
* Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, forwards
and swap contracts, which are valued at the unrealized appreciation / depreciation on the instrument.
 
 
 
 
 
ActivePassive Large Cap Value Fund
            
Schedule of Investments
            
July 31, 2008 (Unaudited)
            
             
   
Shares
    
Value
  
COMMON STOCKS - 34.04%
            
Consumer Discretionary - 3.08%
            
Hotels Restaurants & Leisure - 0.98%
            
McDonald's Corp.
     457     $ 27,324  
                 
Household Durables - 0.64%
                
Fortune Brands, Inc.
     309       17,709  
                 
Specialty Retail - 1.46%
                
AutoZone, Inc. (a)
     149       19,413  
Best Buy Co., Inc.
     380       15,094  
The Gap, Inc.
     388       6,255  
              40,762  
Total Consumer Discretionary (Cost $88,951)
             85,795  
                 
Consumer Staples - 4.09%
                
Food & Staples Retailing - 1.31%
                
Wal-Mart Stores, Inc.
     625       36,638  
                 
Food Products - 0.54%
                
General Mills, Inc.
     234       15,067  
                 
Household Products - 1.21%
                
The Procter & Gamble Co.
     513       33,591  
                 
Tobacco - 1.03%
                
Altria Group, Inc.
     735       14,957  
Philip Morris International Inc. (a)
     267       13,791  
              28,748  
Total Consumer Staples (Cost $112,923)
             114,044  
                 
Energy - 7.78%
                
Energy Equipment & Services - 0.55%
                
Transocean Inc. (a)(b)
     113       15,371  
                 
Oil & Gas - 7.23%
                
Apache Corp.
     449       50,364  
Chevron Corp.
     611       51,666  
ConocoPhillips
     597       48,727  
Marathon Oil Corp.
     1,026       50,756  
              201,513  
Total Energy (Cost $231,740)
             216,884  
                 
Financials - 5.93%
                
Capital Markets - 1.16%
                
Legg Mason, Inc.
     495       19,973  
Merrill Lynch & Co., Inc.
     465       12,392  
              32,365  
Commercial Banks - 1.95%
                
Bank of America Corp.
     667       21,944  
SunTrust Banks, Inc.
     256       10,511  
UnionBanCal Corp.
     409       21,971  
              54,426  
                 
 
 
   
Shares
    
Value
  
Diversified Financial Services - 1.08%
                
Citigroup, Inc.
     467     $ 8,728  
JPMorgan Chase & Co.
     525       21,331  
              30,059  
Insurance - 1.74%
                
The Allstate Corp.
     202       9,336  
American International Group, Inc.
     656       17,089  
The Hartford Financial Services Group, Inc.
     348       22,060  
              48,485  
Total Financials (Cost $192,510)
             165,335  
                 
Health Care - 2.56%
                
Health Care Providers & Services - 1.89%
                
AmerisourceBergen Corp.
     399       16,706  
Humana Inc. (a)
     241       10,582  
Laboratory Corp. of America Holdings (a)
     210       14,192  
Quest Diagnostics, Inc.
     213       11,323  
              52,803  
Pharmaceuticals - 0.67%
                
Johnson & Johnson
     152       10,407  
Pfizer, Inc.
     443       8,271  
              18,678  
Total Health Care (Cost $71,767)
             71,481  
                 
Industrials - 5.00%
                
Aerospace & Defense - 1.16%
                
Honeywell International, Inc.
     415       21,099  
United Technologies Corp.
     177       11,324  
              32,423  
Air Freight & Logistics - 0.27%
                
FedEx Corp.
     96       7,569  
                 
Building Products - 0.16%
                
Masco Corp.
     269       4,436  
                 
Electrical Equipment - 0.71%
                
Emerson Electric Co.
     405       19,724  
                 
Industrial Conglomerates - 0.39%
                
General Electric Co.
     379       10,722  
                 
Machinery - 1.26%
                
Dover Corp.
     484       24,021  
Ingersoll-Rand Co., Ltd. (b)
     305       10,980  
              35,001  
Road & Rail - 1.05%
                
Burlington Northern Santa Fe Corp.
     282       29,365  
Total Industrials (Cost $147,426)
             139,240  
                 
Information Technology - 1.83%
                
Computers & Peripherals - 0.78%
                
Dell Inc. (a)
     884       21,720  
                 
Semiconductor & Semiconductor Equipment - 1.05%
                
Intel Corp.
     1,319       29,269  
Total Information Technology (Cost $46,472)
             50,989  
                 
 
 
   
Shares
    
Value
  
Materials - 1.43%
                
Metals & Mining - 1.43%
                
Alcoa, Inc.
     720     $ 24,300  
Freeport-McMoRan Copper & Gold, Inc.
     161       15,577  
Total Materials (Cost $43,286)
             39,877  
                 
Telecommunication Services - 0.77%
                
Diversified Telecommunication Services - 0.77%
                
AT&T, Inc.
     696       21,444  
Total Telecommunication Services (Cost $25,831)
             21,444  
                 
Utilities - 1.57%
                
Electric Utilities - 0.47%
                
FPL Group, Inc.
     203       13,100  
                 
Multi-Utilities & Unregulated Power - 1.10%
                
Public Service Enterprise Group, Inc.
     734       30,681  
Total Utilities (Cost $46,154)
             43,781  
TOTAL COMMON STOCKS (Cost $1,007,059)
             948,870  
                 
CLOSED-END FUNDS - 0.28%
                
John Hancock Bank and Thrift Opportunity Fund
     1,580       7,821  
TOTAL CLOSED-ENDED FUNDS (Cost $9,162)
             7,821  
                 
EXCHANGE-TRADED FUNDS - 63.80%
                
Vanguard Value ETF
     31,871       1,778,083  
TOTAL EXCHANGE-TRADED FUNDS (Cost $1,969,355)
             1,778,083  
                 
SHORT TERM INVESTMENTS - 2.10%
                
Investment Companies - 2.10%
                
Fidelity Institutional Money Market Portfolio
     58,411       58,411  
TOTAL SHORT TERM INVESTMENTS (Cost $58,411)
             58,411  
Total Investments  (Cost $3,043,987) - 100.22%
           $ 2,793,185  
Liabilities in Excess of Other Assets - (0.22)%
             (6,059 )
TOTAL NET ASSETS - 100.00%
           $ 2,787,126  
                 
 
Footnotes
 
Percentages are stated as a percent of net assets.
   
(a)
Non Income Producing
(b)
Foreign Issued Security
 
The cost basis of investments for federal income tax purposes at July 31, 2008 was as follows*:
           
 
Cost of investments
$
3,043,987
    
 
Gross unrealized appreciation
  
23,071
    
 
Gross unrealized depreciation
  
(273,873
 )  
 
Net unrealized depreciation
$
(250,802
 )  
           
 
*Because tax adjustments are calculated annually and the fund has not yet completed a fiscal year end,
the above table does not reflect tax adjustments.
 
 
FAS 157 - Summary of Fair Value Exposure at July 31, 2008 (Unaudited)
        
Various inputs are used in determining the value of the Fund's investments.  These inputs are summarized in the three broad levels listed below:
  
               
Level 1 -
Quoted prices in active markets for identical securities.
        
Level 2 -
Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
  
Level 3 -
Significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)
    
               
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
    
               
The following is a summary of the inputs used to value the Fund's net assets as of July 31, 2008 (Unaudited):
      
               
Description
      
Investments in Securities
Other Financial Instruments
    
Level 1 - Quoted prices
  
 $     2,793,185
 $                   —
    
Level 2 - Other significant observable inputs
  
                      —
                      —
    
Level 3 - Significant unobservable inputs
  
                      —
                      —
    
Total
  
 $     2,793,185
 $                   —
    
           
 
* Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, forwards
and swap contracts, which are valued at the unrealized appreciation / depreciation on the instrument.
 
 
 
 
 
 
 
 
 
 
 
 
ActivePassive Small/Mid Cap Growth Fund
            
Schedule of Investments
            
July 31, 2008 (Unaudited)
            
             
   
Shares
    
Value
  
COMMON STOCKS - 48.17%
            
Consumer Discretionary - 8.99%
            
Commercial Services & Supplies - 0.75%
            
DeVry, Inc.
     765     $ 43,460  
                 
Diversified Consumer Services - 0.50%
                
Capella Education Co. (a)
     555       28,971  
                 
Hotels Restaurants & Leisure - 0.58%
                
Bally Technologies, Inc. (a)
     1,060       33,697  
                 
Household Durables - 0.55%
                
Tupperware Brands Corp.
     825       32,175  
                 
Internet & Catalog Retail - 1.80%
                
Netflix Inc. (a)
     1,415       43,709  
Priceline.com, Inc. (a)
     305       35,060  
VistaPrint Ltd. (a)(b)
     990       25,512  
              104,281  
Media - 0.54%
                
Focus Media Holding Ltd. - ADR (a)(b)
     1,049       31,166  
                 
Multiline Retail - 0.87%
                
Big Lots, Inc. (a)
     1,655       50,411  
                 
Specialty Retail - 1.56%
                
GameStop Corp. (a)
     781       31,638  
Guess?, Inc.
     885       28,028  
Tiffany & Co.
     810       30,610  
              90,276  
Textiles, Apparel & Luxury Goods - 1.84%
                
Deckers Outdoor Corp. (a)
     290       32,773  
Skechers U.SA, Inc. (a)
     1,555       29,389  
The Warnaco Group, Inc. (a)
     1,070       44,886  
              107,048  
Total Consumer Discretionary (Cost $568,209)
             521,485  
                 
Energy - 6.07%
                
Energy Equipment & Services - 4.36%
                
Cameron International Corp. (a)
     671       32,047  
Core Laboratories N.V. (b)
     290       37,587  
Dawson Geophysical Co. (a)
     540       35,440  
Dril-Quip, Inc. (a)
     640       34,650  
FMC Technologies, Inc. (a)
     630       38,921  
Oil States International, Inc. (a)
     700       38,416  
Superior Energy Services, Inc. (a)
     760       36,047  
              253,108  
Oil & Gas - 1.71%
                
Carrizo Oil & Gas, Inc. (a)
     502       25,271  
Parallel Petroleum Corp. (a)
     1,665       27,273  
Petroleum Development Corp. (a)
     460       25,443  
Quicksilver Resources Inc. (a)
     805       21,059  
              99,046  
Total Energy (Cost $403,391)
             352,154  
 
 
   
Shares
    
Value
  
Financials - 1.29%
                
Capital Markets - 0.52%
                
Knight Capital Group, Inc. - Class A (a)
     1,825     $ 29,912  
                 
Consumer Finance - 0.40%
                
Dollar Financial Corp. (a)
     1,205       23,305  
                 
Diversified Financial Services - 0.37%
                
The Nasdaq OMX Group, Inc. (a)
     775       21,522  
Total Financials (Cost $92,814)
             74,739  
                 
Health Care - 9.07%
                
Biotechnology - 3.52%
                
Cubist Pharmaceuticals, Inc. (a)
     1,760       39,882  
Invitrogen Corp. (a)
     764       33,883  
Martek Biosciences Corp. (a)
     1,020       38,362  
OSI Pharmaceuticals, Inc. (a)
     885       46,578  
United Therapeutics Corp. (a)
     400       45,356  
              204,061  
Health Care Equipment & Supplies - 2.18%
                
ArthroCare Corp. (a)
     765       16,172  
Conmed Corp. (a)
     1,365       41,482  
Cynosure, Inc. (a)
     1,360       33,619  
Mindray Medical International Ltd. - ADR (b)
     880       35,156  
              126,429  
Health Care Providers & Services - 1.57%
                
Amedisys, Inc. (a)
     686       43,986  
Icon plc - ADR (a)(b)
     585       46,999  
              90,985  
Life Sciences Tools & Services - 0.69%
                
PAREXEL International Corp. (a)
     1,380       40,337  
                 
Medical Devices - 0.51%
                
Intuitive Surgical, Inc. (a)
     95       29,572  
                 
Pharmaceuticals - 0.60%
                
Perrigo Co.
     995       35,054  
Total Health Care (Cost $458,222)
             526,438  
                 
Industrials - 8.73%
                
Aerospace & Defense - 1.05%
                
Esterline Technologies Corp. (a)
     695       33,902  
Rockwell Collins, Inc.
     540       26,833  
              60,735  
Commercial Services & Supplies - 1.50%
                
Clean Harbors, Inc. (a)
     600       46,824  
FTI Consulting Inc. (a)
     570       40,561  
              87,385  
Construction & Engineering - 2.15%
                
Chicago Bridge & Iron Co. N.V. (b)
     775       25,397  
EMCOR Group, Inc. (a)
     1,490       44,879  
Foster Wheeler Ltd. (a)(b)
     440       24,979  
McDermott International, Inc. (a)(b)
     620       29,555  
              124,810  
                 
 
 
   
Shares
    
Value
  
Machinery - 3.09%
                
AGCO Corp. (a)
     545     $ 32,618  
Barnes Group Inc.
     1,489       33,636  
Bucyrus International, Inc.
     770       53,908  
Gardner Denver Inc. (a)
     769       35,066  
The Manitowoc Co., Inc.
     910       23,988  
              179,216  
Marine - 0.59%
                
Eagle Bulk Shipping Inc. (b)
     1,183       34,354  
                 
Metal Heat Treating - 0.35%
                
Dynamic Materials Corp.
     610       20,087  
Total Industrials (Cost $539,491)
             506,587  
                 
Information Technology - 12.07%
                
Communications Equipment - 1.79%
                
CommScope, Inc. (a)
     770       34,334  
Comtech Telecommunications Corp. (a)
     685       33,654  
InterDigital, Inc. (a)
     1,540       35,743  
              103,731  
Electronic Equipment & Instruments - 3.35%
                
Amphenol Corp.
     795       37,898  
Dolby Laboratories Inc. (a)
     813       33,081  
FLIR Systems, Inc. (a)
     1,120       45,629  
Plexus Corp. (a)
     1,295       36,907  
SunPower Corp. (a)
     522       41,118  
              194,633  
Information Retrieval Services - 0.53%
                
Shanda Interactive Entertainment Ltd. - ADR (a)(b)
     1,185       30,609  
                 
Internet Software & Services - 1.54%
                
Baidu.com, Inc. - ADR (a)(b)
     125       43,394  
Sohu.com, Inc. (a)
     610       46,043  
              89,437  
IT Services - 1.28%
                
Hewitt Associates, Inc. (a)
     890       32,796  
ManTech International Corp. (a)
     740       41,322  
              74,118  
Semiconductor & Semiconductor Equipment - 0.42%
                
JA Solar Holdings Co., Ltd. - ADR (a)(b)
     1,615       24,500  
                 
Software - 2.78%
                
ANSYS, Inc. (a)
     890       40,833  
JDA Software Group, Inc. (a)
     1,860       31,750  
MICROS Systems, Inc. (a)
     995       31,522  
Perfect World Co., Ltd. - ADR (a)(b)
     1,110       29,371  
SPSS, Inc. (a)
     835       27,597  
              161,073  
Wireless Equipment - 0.38%
                
Sierra Wireless, Inc. (a)(b)
     1,785       22,134  
Total Information Technology (Cost $710,872)
             700,235  
                 
Materials - 1.41%
                
Metals & Mining - 1.41%
                
Massey Energy Co.
     630       46,778  
Worthington Industries, Inc.
     1,984       35,196  
              81,974  
Total Materials (Cost $72,273)
             81,974  
 
 
   
Shares
    
Value
  
Telecommunication Services - 0.54%
                
Diversified Telecommunication Services - 0.54%
                
Tele Norte Leste Participacoes SA - ADR (b)
     1,315     $ 31,047  
Total Telecommunication Services (Cost $33,972)
             31,047  
TOTAL COMMON STOCKS (Cost $2,879,244)
             2,794,659  
                 
EXCHANGE-TRADED FUNDS - 49.20%
                
Vanguard Mid-Cap Growth Index Fund
     24,876       1,415,693  
Vanguard Small-Cap Growth ETF
     21,724       1,438,563  
TOTAL EXCHANGE-TRADED FUNDS (Cost $2,914,258)
             2,854,256  
                 
SHORT TERM INVESTMENTS - 2.92%
                
Investment Companies - 2.92%
                
Aim Liquid Assets
     146,847       146,846  
Fidelity Institutional Money Market Portfolio
     22,618       22,618  
TOTAL SHORT TERM INVESTMENTS (Cost $169,464)
             169,464  
Total Investments  (Cost $5,962,966) - 100.29%
             5,818,379  
Liabilities in Excess of Other Assets - (0.29)%
             (16,687 )
TOTAL NET ASSETS - 100.00%
           $ 5,801,692  
                 
 
Footnotes
  
   
Percentages are stated as a percent of net assets.
   
ADR
American Depository Receipt
(a)
Non Income Producing
(b)
Foreign Issued Security
   
 
The cost basis of investments for federal income tax purposes at July 31, 2008 was as follows*:
    
           
 
Cost of investments
$
5,962,966
    
 
Gross unrealized appreciation
  
220,331
    
 
Gross unrealized depreciation
  
(364,918
 )  
 
Net unrealized depreciation
$
(144,587
 )  
           
 
*Because tax adjustments are calculated annually and the fund has not yet completed a fiscal year end,
the above table does not reflect tax adjustments.
 
FAS 157 - Summary of Fair Value Exposure at July 31, 2008 (Unaudited)
            
Various inputs are used in determining the value of the Fund's investments.  These inputs are summarized in the three broad levels listed below:
  
                     
Level 1 -
Quoted prices in active markets for identical securities.
              
Level 2 -
Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
    
Level 3 -
Significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)
      
                     
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
      
                     
The following is a summary of the inputs used to value the Fund's net assets as of July 31, 2008 (Unaudited):
          
                     
Description
      
Investments in Securities
Other Financial Instruments
  
 
      
Level 1 - Quoted prices
    
 $     5,818,379
 $                   —
          
Level 2 - Other significant observable inputs
  
                      —
                      —
          
Level 3 - Significant unobservable inputs
  
                      —
                      —
          
Total
      
 $     5,818,379
 $                  —
          
                     
* Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, forwards
      
and swap contracts, which are valued at the unrealized appreciation / depreciation on the instrument.
            
 
 
 
 
ActivePassive Small/Mid Cap Value Fund
            
Schedule of Investments
            
July 31, 2008 (Unaudited)
            
             
   
Shares
    
Value
  
COMMON STOCKS - 50.00%
            
Consumer Discretionary - 1.90%
            
Apparel - 1.06%
            
Hanesbrands, Inc. (a)
     2,700     $ 57,888  
                 
Household Durables - 0.84%
                
Jarden Corp. (a)
     1,900       45,657  
Total Consumer Discretionary (Cost $132,696)
             103,545  
                 
Consumer Staples - 1.21%
                
Food Products - 1.21%
                
Dean Foods Co. (a)
     3,100       66,030  
Total Consumer Staples (Cost $65,782)
             66,030  
                 
Energy - 10.37%
                
Energy Equipment & Services - 5.49%
                
Global Industries, Ltd. (a)
     3,755       44,835  
Helix Energy Solutions Group, Inc. (a)
     1,500       47,895  
Hercules Offshore, Inc. (a)
     2,200       54,934  
Superior Energy Services, Inc. (a)
     3,200       151,776  
              299,440  
Oil & Gas - 4.88%
                
Cabot Oil & Gas Corp.
     1,580       69,536  
Comstock Resources, Inc. (a)
     1,025       62,535  
Holly Corp.
     1,200       34,296  
Petrohawk Energy Corp. (a)
     3,000       99,960  
              266,327  
Total Energy (Cost $605,990)
             565,767  
                 
Financials - 9.41%
                
Accident And Health Insurance - 1.03%
                
PartnerRe Ltd. (b)
     800       56,256  
                 
Fire, Marine, And Casualty Insurance - 0.87%
                
American Safety Insurance Holdings, Ltd. (a)(b)
     3,200       47,360  
                 
Insurance - 1.08%
                
HCC Insurance Holdings, Inc.
     2,600       58,890  
                 
Real Estate - 6.43%
                
Annaly Capital Management, Inc.
     6,900       103,983  
Capstead Mortgage Corp.
     3,400       37,128  
LTC Properties, Inc.
     3,000       87,690  
OMEGA Healthcare Investors, Inc.
     4,200       72,534  
Parkway Properties, Inc.
     1,400       49,406  
              350,741  
Total Financials (Cost $549,197)
             513,247  
                 
Health Care - 1.66%
                
Health Care Equipment & Supplies - 0.48%
                
Orthofix International N.V. (a)(b)
     1,100       26,169  
                 
 
 
   
Shares
    
Value
  
Health Care Providers & Services - 1.18%
                
Chemed Corp.
     1,500     $ 64,200  
Total Health Care (Cost $94,201)
             90,369  
                 
Industrials - 16.32%
                
Commercial Services & Supplies - 4.48%
                
FTI Consulting Inc. (a)
     1,600       113,856  
Navigant Consulting, Inc. (a)
     3,200       59,136  
Republic Services, Inc.
     2,200       71,500  
              244,492  
Construction & Engineering - 2.17%
                
McDermott International, Inc. (a)(b)
     2,480       118,222  
                 
Marine - 6.52%
                
Dryships, Inc. (b)
     1,779       137,214  
Genco Shipping & Trading Ltd. (b)
     2,400       163,632  
Omega Navigation Enterprises, Inc. (b)
     3,500       54,775  
              355,621  
Transportation Infrastructure - 3.15%
                
Aegean Marine Petroleum Network Inc. (b)
     3,300       119,460  
StealthGas, Inc. (b)
     3,500       52,500  
              171,960  
Total Industrials (Cost $915,464)
             890,295  
                 
Information Technology - 2.49%
                
Computers & Peripherals - 0.89%
                
Hypercom Corp. (a)
     10,000       48,600  
                 
Electronic Equipment & Instruments - 0.91%
                
Cogent Inc. (a)
     4,900       49,686  
                 
Software - 0.69%
                
Fair Isaac Corp.
     1,700       37,842  
Total Information Technology (Cost $134,051)
             136,128  
                 
Materials - 1.37%
                
Chemicals - 1.37%
                
Terra Industries Inc.
     1,386       74,844  
Total Materials (Cost $59,262)
             74,844  
                 
Services - 0.83%
                
Truck Rental And Leasing, Without Drivers - 0.83%
                
Wright Express Corp. (a)
     1,700       45,135  
Total Services (Cost $57,358)
             45,135  
                 
Telecommunication Services - 1.19%
                
Diversified Telecommunication Services - 1.19%
                
Frontier Communications Corp.
     5,600       64,736  
Total Telecommunication Services (Cost $57,568)
             64,736  
                 
Utilities - 3.25%
                
Electric Utilities - 2.06%
                
ALLETE, Inc.
     1,400       59,584  
UIL Holdings Corp.
     1,700       53,176  
              112,760  
                 
 
 
   
Shares
    
Value
  
Multi-Utilities & Unregulated Power - 1.19%
                
CMS Energy Corp.
     4,800     $ 64,800  
Total Utilities (Cost $179,799)
             177,560  
TOTAL COMMON STOCKS (Cost $2,851,368)
             2,727,656  
                 
EXCHANGE-TRADED FUNDS - 46.16%
                
Vanguard Mid-Cap Value Index Fund
     25,482       1,204,534  
Vanguard Small-Cap Value ETF
     21,697       1,313,753  
TOTAL EXCHANGE-TRADED FUNDS (Cost $2,654,407)
             2,518,287  
                 
SHORT TERM INVESTMENTS - 4.10%
                
Investment Companies - 4.10%
                
Fidelity Institutional Money Market Portfolio
     223,581       223,581  
TOTAL SHORT TERM INVESTMENTS (Cost $223,581)
             223,581  
Total Investments  (Cost $5,729,356) - 100.26%
             5,469,524  
Liabilities in Excess of Other Assets - (0.26)%
             (14,397 )
TOTAL NET ASSETS - 100.00%
           $ 5,455,127  
                 
 
Footnotes
 
Percentages are stated as a percent of net assets.
   
(a)
Non Income Producing
(b)
Foreign Issued Security
   
 
The cost basis of investments for federal income tax purposes at July 31, 2008 was as follows*:
    
           
 
Cost of investments
$
5,729,356
    
 
Gross unrealized appreciation
  
118,668
    
 
Gross unrealized depreciation
  
(378,500
 )  
 
Net unrealized depreciation
$
(259,832
 )  
           
 
*Because tax adjustments are calculated annually and the fund has not yet completed a fiscal year end,
the above table does not reflect tax adjustments.
 
FAS 157 - Summary of Fair Value Exposure at July 31, 2008 (Unaudited)
      
Various inputs are used in determining the value of the Fund's investments.  These inputs are summarized in the three broad levels listed below:
  
               
Level 1 -
Quoted prices in active markets for identical securities.
        
Level 2 -
Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
  
Level 3 -
Significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)
    
               
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
    
               
The following is a summary of the inputs used to value the Fund's net assets as of July 31, 2008 (Unaudited):
    
               
Description
      
Investments in Securities
Other Financial Instruments
    
Level 1 - Quoted prices
  
 $     5,469,524
 $                   —
    
Level 2 - Other significant observable inputs
  
                      —
                      —
    
Level 3 - Significant unobservable inputs
  
                      —
                      —
    
Total
  
 $     5,469,524
 $                   —
    
           
 
* Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, forwards
and swap contracts, which are valued at the unrealized appreciation / depreciation on the instrument.
 
 
 
 
ActivePassive International Equity Fund
            
Schedule of Investments
            
July 31, 2008 (Unaudited)
            
             
   
Shares
    
Value
  
COMMON STOCKS - 41.57%
            
Australia - 1.19%
            
BHP Billiton Ltd. (b)
     2,228     $ 83,307  
Cochlear Ltd. (b)
     782       32,546  
              115,853  
Belgium - 1.00%
                
InBev NV (b)
     955       64,427  
KBC Groep NV (b)
     318       32,520  
              96,947  
Bermuda - 1.10%
                
Esprit Holdings Ltd. (b)
     6,800       73,085  
Li & Fung Ltd. (b)
     10,000       34,160  
              107,245  
Brazil - 0.45%
                
Petroleo Brasileiro SA - ADR (b)
     967       44,327  
                 
Canada - 1.75%
                
Canadian Natural Resources Ltd. (b)
     600       46,883  
Canadian National Railway Co. (b)
     700       36,909  
Manulife Financial Corp. (b)
     587       21,624  
Suncor Energy, Inc. (b)
     1,200       65,230  
              170,646  
Denmark - 0.64%
                
Novo Nordisk A/S (b)
     975       62,275  
                 
Finland - 0.30%
                
Nokia Oyj (b)
     1,064       29,293  
                 
France - 1.82%
                
Axa (b)
     1,666       49,336  
Cap Gemini SA (b)
     745       47,936  
Total SA (b)
     1,032       79,522  
              176,794  
Germany - 5.08%
                
Bayer AG (b)
     1,307       112,986  
Daimler AG (b)
     460       26,785  
Deutsche Boerse AG (b)
     221       25,341  
Henkel AG & Co. KGaA (b)
     1,289       51,573  
Merck KGaA (b)
     450       54,484  
Porsche Automobil Holdings SE (b)
     660       99,655  
Puma AG Rudolf Dassler Sport (b)
     178       57,629  
Siemens AG (b)
     538       66,095  
              494,548  
Greece - 0.39%
                
OPAP SA (b)
     1,066       38,244  
                 
Hong Kong - 1.18%
                
China Mobile Ltd. (b)
     4,368       58,732  
Hutchison Whampoa Ltd. (b)
     6,000       56,488  
              115,220  
India - 0.89%
                
Infosys Technologies Ltd. - ADR (b)
     2,189       86,225  
                 
 
 
   
Shares
    
Value
  
Indonesia - 0.84%
                
PT Astra International Tbk (b)
     10,000     $ 24,794  
PT Telekomunikasi Indonesia (b)
     67,500       57,147  
              81,941  
Ireland - 0.31%
                
CRH PLC (b)
     1,182       30,422  
                 
Israel - 0.96%
                
Teva Pharmaceutical Industries Ltd. - ADR (b)
     2,079       93,222  
                 
Italy - 1.23%
                
Eni SpA (b)
     2,060       69,857  
Finmeccanica SpA (b)
     1,668       49,487  
              119,344  
Japan - 3.54%
                
DENSO Corp. (b)
     1,000       26,094  
FANUC Ltd. (b)
     600       47,940  
Keyence Corp. (b)
     200       43,843  
Komatsu Ltd. (b)
     1,700       42,545  
NIDEC Corp. (b)
     700       50,025  
Nintendo Co., Ltd. (b)
     100       47,537  
Suzuki Motor Corp. (b)
     1,600       35,149  
Toyota Motor Corp. (b)
     1,200       51,833  
              344,966  
Mexico - 1.75%
                
America Movil SAB de C.V. - ADR (b)
     1,484       74,927  
Desarrolladora Homex SA de C.V. - ADR (a)(b)
     830       46,397  
Grupo Televisa SA - ADR (b)
     1,402       31,531  
Urbi, Desarrollos Urbanos, SA de C.V. (a)(b)
     5,100       17,044  
              169,899  
Netherlands - 1.13%
                
Heineken Holdings NV (b)
     1,065       45,717  
TNT NV (b)
     1,814       63,835  
              109,552  
Norway - 0.48%
                
Petroleum Geo-Services ASA (a)(b)
     1,996       46,748  
                 
Singapore - 1.37%
                
Keppel Corp. Ltd. (b)
     8,000       62,367  
United Overseas Bank Ltd. (b)
     5,000       71,230  
              133,597  
South Africa - 0.35%
                
Standard Bank Group Ltd. (b)
     2,715       33,640  
                 
South Korea - 0.37%
                
Hana Financial Group Inc. (b)
     940       35,713  
                 
Spain - 1.26%
                
Banco Santander SA (b)
     1,707       33,230  
Telefonica SA (b)
     3,411       89,014  
              122,244  
Switzerland - 4.48%
                
Compagnie Financiere Richemont SA (b)
     967       58,210  
Nestle SA (b)
     2,338       102,859  
Roche Holding AG (b)
     713       132,266  
Sonova Holding AG (b)
     565       41,320  
Syngenta AG (b)
     346       101,498  
              436,153  
                 
 
 
   
Shares
    
Value
  
Taiwan - 0.33%
                
Taiwan Semiconductor Manufacturing Co., Ltd. - ADR (b)
     3,399     $ 32,291  
                 
Turkey - 0.33%
                
Akbank TAS (b)
     5,786       32,373  
                 
United Kingdom - 7.05%
                
Aviva PLC (b)
     3,162       31,620  
Capita Group PLC (b)
     3,187       43,462  
Compass Group PLC (b)
     6,363       46,162  
Imperial Tobacco Group PLC (b)
     2,916       109,242  
Informa PLC (b)
     5,051       43,727  
International Power PLC (b)
     6,756       55,273  
Reckitt Benckiser Group PLC (b)
     1,306       71,500  
Reed Elsevier PLC (b)
     3,668       41,915  
Shire Ltd. (b)
     3,261       53,747  
Tesco PLC (b)
     10,184       72,751  
Vodafone Group PLC (b)
     19,030       51,319  
WPP Group PLC (b)
     6,908       66,239  
              686,957  
TOTAL COMMON STOCKS (Cost $4,417,104)
             4,046,679  
                 
CLOSED-END FUNDS - 0.33%
                
India Fund, Inc.
     851       31,742  
TOTAL CLOSED-END FUNDS (Cost $38,624)
             31,742  
                 
EXCHANGE-TRADED FUNDS - 53.43%
                
iShares MSCI EAFE Index Fund
     77,372       5,136,727  
iShares MSCI Taiwan Index Fund
     4,942       64,888  
TOTAL EXCHANGE-TRADED FUNDS (Cost $5,852,644)
             5,201,615  
                 
SHORT TERM INVESTMENTS - 4.68%
                
Investment Companies - 4.68%
                
Fidelity Institutional Money Market Portfolio
     455,600       455,600  
TOTAL SHORT TERM INVESTMENTS (Cost $455,600)
             455,600  
Total Investments  (Cost $10,763,972) - 100.01%
             9,735,636  
Liabilities in Excess of Other Assets - (0.01)%
             (780 )
TOTAL NET ASSETS - 100.00%
           $ 9,734,856  
                 
 
Footnotes
 
Percentages are stated as a percent of net assets.
   
ADR
American Depository Receipt
(a)
Non Income Producing
(b)
Foreign Issued Security
 
The cost basis of investments for federal income tax purposes at July 31, 2008 was as follows*:
    
           
 
Cost of investments
$
10,763,972
    
 
Gross unrealized appreciation
  
56,881
    
 
Gross unrealized depreciation
  
(1,085,217
 )  
 
Net unrealized depreciation
$
(1,028,336
 )  
         
 
 
*Because tax adjustments are calculated annually and the fund has not yet completed a fiscal year end,
the above table does not reflect tax adjustments.
 
 
FAS 157 - Summary of Fair Value Exposure at July 31, 2008 (Unaudited)
        
Various inputs are used in determining the value of the Fund's investments.  These inputs are summarized in the three broad levels listed below:
  
             
Level 1 -
Quoted prices in active markets for identical securities.
        
Level 2 -
Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
    
Level 3 -
Significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)
    
             
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
    
             
The following is a summary of the inputs used to value the Fund's net assets as of July 31, 2008 (Unaudited):
    
             
Description
    
Investments in Securities
Other Financial Instruments
    
Level 1 - Quoted prices
 $    9,453,001
 $                   —
    
Level 2 - Other significant observable inputs
          282,635
                      —
    
Level 3 - Significant unobservable inputs
                     —
                      —
    
Total
 $    9,735,636
 $                   —
    
         
 
* Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, forwards
and swap contracts, which are valued at the unrealized appreciation / depreciation on the instrument.
 
 
 
 
 
 
 
 
 
ActivePassive Emerging Markets Equity Fund
            
Schedule of Investments
            
July 31, 2008 (Unaudited)
            
             
   
Shares
    
Value
  
COMMON STOCKS - 91.37%
            
Bahamas - 1.31%
            
Ultrapetrol Bahamas Ltd. (a)(b)
     6,477     $ 72,154  
                 
Bermuda - 2.37%
                
Credicorp Ltd. (b)
     1,093       80,893  
Peace Mark Holdings Ltd. (b)
     80,000       50,144  
              131,037  
Brazil - 16.41%
                
Banco Bradesco SA - ADR (b)
     4,686       99,484  
Companhia Energetica de Minas Gerais - ADR (b)
     3,361       79,824  
Companhia Siderurgica Nacional SA - ADR (b)
     1,647       64,546  
Companhia de Bebidas das Americas - ADR (b)
     1,325       78,466  
Companhia Vale do Rio Doce - ADR (b)
     7,206       188,581  
Net Servicos de Comunicacao SA - ADR (b)
     4,081       51,257  
Petroleo Brasileiro SA - ADR (b)
     3,806       212,793  
Tele Norte Leste Participacoes SA - ADR (b)
     2,253       53,193  
Usinas Siderurgicas de Minas Gerais SA - ADR (b)(c)
     1,802       77,979  
              906,123  
Cayman Islands - 0.96%
                
China Medical Technologies, Inc. - ADR (b)
     1,107       53,047  
                 
China - 8.90%
                
China Communications Construction Co., Ltd. (b)
     29,000       54,717  
China Construction Bank Corp. (b)
     79,000       69,668  
China Railway Group Ltd. (a)(b)
     75,000       61,526  
China Shenhua Energy Co., Ltd. (b)
     10,500       39,300  
Industrial & Commercial Bank of China Ltd. (b)
     107,000       80,919  
PetroChina Co. Ltd. - ADR (b)
     371       49,514  
Ping An Insurance Co., of China Ltd. (b)
     10,000       69,922  
Weichai Power Co., Ltd. (b)
     13,000       65,820  
              491,386  
Colombia - 1.36%
                
Bancolombia SA - ADR (b)
     2,221       74,914  
                 
Hong Kong - 6.13%
                
China Mobile Ltd. - ADR (b)
     2,622       175,281  
China Overseas Land & Investment Ltd. (b)
     16,000       28,671  
CNOOC Ltd. (b)
     51,000       76,746  
Denway Motors Ltd. (b)
     160,000       57,219  
              337,917  
India - 5.25%
                
Dr Reddy's Laboratories Ltd. - ADR (b)
     5,408       72,846  
HDFC Bank Ltd. - ADR (b)
     1,259       98,429  
Infosys Technologies Ltd. - ADR (b)
     2,064       81,301  
Larsen & Toubro Ltd. - ADR (a)(b)(c)
     607       37,148  
              289,724  
Indonesia - 2.24%
                
PT Bumi Resources Tbk (b)
     40,500       30,058  
PT Indosat Tbk - ADR (b)
     2,600       93,730  
              123,788  
Israel - 1.26%
                
Teva Pharmaceutical Industries Ltd. - ADR (b)
     1,552       69,592  
                 
 
 
   
Shares
    
Value
  
Luxembourg - 2.50%
                
Evraz Group SA - ADR (b)(c)(d)
     696     $ 66,816  
Tenaris SA - ADR (b)
     1,183       71,276  
              138,092  
Malaysia - 2.37%
                
Bumiputra-Commerce Holdings Bhd (b)
     18,300       49,178  
IOI Corp. Bhd (b)
     46,100       81,411  
              130,589  
Mexico - 8.52%
                
America Movil SAB de CV - ADR (b)
     2,548       128,649  
Cemex SAB de CV - ADR (a)(b)
     2,084       44,306  
Corporacion GEO SAB de CV (a)(b)
     15,323       55,850  
Fomento Economico Mexicano, SAB de CV - ADR (b)
     1,598       73,284  
Grupo Financiero Banorte SAB de CV (b)
     13,057       56,527  
Grupo Mexico SAB de CV (b)
     30,020       53,229  
Wal-Mart de Mexico SAB de CV - ADR (b)
     1,443       58,738  
              470,583  
Russia - 9.51%
                
Gazprom - ADR (a)(b)
     3,913       186,650  
LUKOIL - ADR (b)
     1,179       98,447  
Mining and Metallurgical Co. Norilsk Nickel - ADR (b)
     3,197       67,457  
Mobile Telesystems - ADR (a)(b)
     1,635       116,739  
Uralkali - ADR (a)(b)(c)
     1,000       55,750  
              525,043  
South Africa - 6.73%
                
Impala Platinum Holdings Ltd. - ADR (b)
     1,707       57,452  
Massmart Holdings Ltd. (b)
     6,410       65,531  
MTN Group Ltd. (b)
     3,292       56,899  
Naspers Ltd. - ADR (b)
     2,800       68,734  
Sasol - ADR (b)
     1,176       62,257  
Standard Bank Group Ltd. (b)
     4,917       60,924  
              371,797  
South Korea - 8.90%
                
Hyundai Motor Co. - ADR (a)(b)(c)
     1,966       69,448  
Kookmin Bank - ADR (a)(b)
     1,613       92,489  
POSCO - ADR (a)(b)
     885       117,395  
Samsung Electronics Co., Ltd. - ADR (a)(b)(c)
     571       159,105  
SK Telecom Co., Ltd. - ADR (a)(b)
     2,482       52,916  
              491,353  
Taiwan - 3.75%
                
Hon Hai Precision Industry Co., Ltd. - ADR (b)(c)
     6,708       65,479  
Taiwan Semiconductor Manufacturing Co., Ltd. - ADR (b)
     14,887       141,423  
              206,902  
Thailand - 0.89%
                
PTT Exploration & Production Public Co., Ltd. (b)
     11,000       49,268  
                 
United Kingdom - 0.84%
                
Eurasian Natural Resources Corp. (a)(b)
     2,219       46,403  
                 
United States - 1.17%
                
NII Holdings Inc. (a)
     1,183       64,663  
TOTAL COMMON STOCKS (Cost $5,540,453)
             5,044,375  
                 
 
 
   
Shares
    
Value
  
EXCHANGE-TRADED FUNDS  - 4.02%
                
Vanguard Emerging Markets ETF
     4,974     $ 221,791  
Total Exchange-Traded Funds (Cost $252,829)
             221,791  
                 
SHORT TERM INVESTMENTS - 4.35%
                
Investment Companies - 4.35%
                
Aim Liquid Assets
     229,217       229,217  
Fidelity Institutional Money Market Portfolio
     10,693       10,693  
TOTAL SHORT TERM INVESTMENTS (Cost $239,910)
             239,910  
Total Investments  (Cost $6,033,192) - 99.74%
             5,506,076  
Other Assets in Excess of Liabilities - 0.26%
             14,312  
TOTAL NET ASSETS - 100.00%
           $ 5,520,388  
                 
 
Footnotes
  
   
Percentages are stated as a percent of net assets.
   
ADR
American Depository Receipt
(a)
Non Income Producing
(b)
Foreign Issued Security
(c)
Restricted security under Rule 144A of the Securities Act of 1933
(d)
Securities for which market quotations are not readily available are valued at fair value determined by the
 
Advisor and compared to independent third party sources.  Such values are approved on a quarterly
 
basis by the Board of Trustees.  The total fair value of such securities at July 31, 2008 is $66,816
 
which represents 1.21% of total net assets.
   
 
The cost basis of investments for federal income tax purposes at July 31, 2008 was as follows*:
    
           
 
Cost of investments
$
6,033,192
    
 
Gross unrealized appreciation
  
95,102
    
 
Gross unrealized depreciation
  
(622,218
 )  
 
Net unrealized depreciation
$
(527,116
 )  
           
 
*Because tax adjustments are calculated annually and the fund has not yet completed a fiscal year end,
the above table does not reflect tax adjustments.
 
FAS 157 - Summary of Fair Value Exposure at July 31, 2008 (Unaudited)
      
Various inputs are used in determining the value of the Fund's investments.  These inputs are summarized in the three broad levels listed below:
  
               
Level 1 -
Quoted prices in active markets for identical securities.
        
Level 2 -
Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
  
Level 3 -
Significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)
  
               
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
  
               
The following is a summary of the inputs used to value the Fund's net assets as of July 31, 2008 (Unaudited):
    
               
Description
      
Investments in Securities
Other Financial Instruments
    
Level 1 - Quoted prices
  
 $     4,930,146
 $                   —
    
Level 2 - Other significant observable inputs
  
           575,931
                      —
    
Level 3 - Significant unobservable inputs
  
                      —
                      —
    
Total
  
 $     5,506,076
 $                   —
    
           
 
* Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, forwards
and swap contracts, which are valued at the unrealized appreciation / depreciation on the instrument.
 
 
 
ActivePassive Global Bond Fund
            
Schedule of Investments
            
July 31, 2008 (Unaudited)
            
             
   
Shares
    
Value
  
EXCHANGE-TRADED FUNDS - 32.48%
            
SPDR Lehman International Treasury Bond ETF
     17,529     $ 977,417  
TOTAL EXCHANGE-TRADED FUNDS (Cost $992,665)
             977,417  
                 
OPEN-END FUNDS - 67.32%
                
Loomis Sayles Global Bond Fund
     96,015       1,516,079  
Oppenheimer International Bond Fund
     78,644       509,613  
TOTAL OPEN-END FUNDS (Cost $2,095,747)
             2,025,692  
                 
SHORT TERM INVESTMENTS - 0.34%
                
Investment Companies - 0.34%
                
Fidelity Institutional Money Market Portfolio
     10,099       10,099  
TOTAL SHORT TERM INVESTMENTS (Cost $10,099)
             10,099  
Total Investments  (Cost $3,098,511) - 100.14%
             3,013,208  
Liabilities in Excess of Other Assets - (0.14)%
             (4,220 )
TOTAL NET ASSETS - 100.00%
           $ 3,008,988  
                 
 
Footnotes
          
           
Percentages are stated as a percent of net assets.
        
           
The cost basis of investments for federal income tax purposes at July 31, 2008 was as follows*:
    
           
 
Cost of investments
$
3,098,511
    
 
Gross unrealized appreciation
  
0
    
 
Gross unrealized depreciation
  
(85,303
 )  
 
Net unrealized depreciation
$
(85,303
 )  
           
 
*Because tax adjustments are calculated annually and the fund has not yet completed a fiscal year end,
the above table does not reflect tax adjustments.
 
FAS 157 - Summary of Fair Value Exposure at July 31, 2008 (Unaudited)
        
Various inputs are used in determining the value of the Fund's investments.  These inputs are summarized in the three broad levels listed below:
  
               
Level 1 -
Quoted prices in active markets for identical securities.
        
Level 2 -
Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
    
Level 3 -
Significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)
    
               
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
    
               
The following is a summary of the inputs used to value the Fund's net assets as of July 31, 2008 (Unaudited):
      
               
Description
      
Investments in Securities
Other Financial Instruments
    
Level 1 - Quoted prices
  
 $       3,013,208
 $                   —
    
Level 2 - Other significant observable inputs
  
                        —
                      —
    
Level 3 - Significant unobservable inputs
  
                        —
                      —
    
Total
  
 $       3,013,208
 $                   —
    
           
 
* Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, forwards
and swap contracts, which are valued at the unrealized appreciation / depreciation on the instrument.
 
 
 
ActivePassive Intermediate Taxable Bond Fund
            
Schedule of Investments
            
July 31, 2008 (Unaudited)
            
             
   
Principal
        
   
Amount
    
Value
  
ASSET BACKED SECURITIES - 1.71%
            
Daimler Chrysler Auto Trust, 5.02%, 07/08/2010
   $ 47,414     $ 47,745  
Discover Card Master Trust, 2.66%, 09/15/2012
     30,000       29,361  
Household Credit Card Master Note Trust, 5.10%, 06/15/2012
     25,000       25,247  
TOTAL ASSET BACKED SECURITIES (Cost $102,451)
             102,353  
                 
CORPORATE BONDS - 12.67%
                
Consumer Discretionary - 0.34%
                
Food Services and Drinking Places - 0.34%
                
McDonald's Corp., 5.80%, 10/15/2017
     20,000       20,347  
Total Consumer Discretionary (Cost $20,305)
             20,347  
                 
Consumer Staples - 0.41%
                
Food & Staples Retailing - 0.41%
                
CVS Caremark Corp., 5.75%, 06/01/2017
     25,000       24,482  
Total Consumer Staples (Cost $25,257)
             24,482  
                 
Energy - 0.58%
                
Oil, Gas & Consumable Fuels - 0.58%
                
ConocoPhillips, 5.625%, 10/15/2016 (a)
     20,000       20,353  
Valero Energy Corp., 6.125%, 06/15/2017
     15,000       14,432  
Total Energy (Cost $35,152)
             34,785  
                 
Financials - 6.18%
                
Diversified Financial Services - 5.08%
                
Bank of America Corp., 4.90%, 05/01/2013
     30,000       29,086  
Bank of America Corp., 5.75%, 08/15/2016
     30,000       28,059  
Bank of America Corp., 8.125%, 12/29/2049
     30,000       27,944  
Citigroup, Inc., 5.625%, 08/27/2012
     35,000       34,147  
General Electric Capital Corp., 5.25%, 10/19/2012
     25,000       25,150  
General Electric Capital Corp., 6.00%, 6/15/2012
     30,000       31,368  
JPMorgan Chase & Co., 5.75%, 01/02/2013
     30,000       30,149  
National Rural Utilities Cooperative Finance Corp., 7.25%, 03/01/2012
     20,000       21,268  
PNC Financial Services Group, Inc., 6.00%, 12/07/2017
     35,000       32,561  
Santander Central Hispano Issuances Ltd., 7.625%, 09/14/2010 (a)
     20,000       21,073  
Wells Fargo & Co., 4.375%, 01/31/2013
     25,000       23,808  
              304,613  
Insurance - 1.10%
                
American International Group, Inc., 5.85%, 01/16/2018
     20,000       17,971  
MetLife, Inc., 5.00%, 06/15/2015
     30,000       28,668  
Prudential Financial, Inc., 5.15%, 01/15/2013
     20,000       19,541  
              66,180  
Total Financials (Cost $381,094)
             370,793  
                 
Health Care - 1.24%
                
Biotechnology - 0.50%
                
Amgen, Inc., 4.00%, 11/18/2009
     30,000       30,005  
                 
 
 
   
Principal
          
   
Amount
    
Value
  
Chemical Manufacturing - 0.34%
                
GlaxoSmithKline Capital Inc., 5.65%, 05/15/2018
     20,000     $ 20,035  
                 
Health Care Providers & Services - 0.40%
                
UnitedHealth Group Inc., 4.875%, 04/01/2013
     25,000       24,071  
Total Health Care (Cost $74,371)
             74,111  
                 
Industrials - 0.58%
                
Machinery - 0.34%
                
Caterpillar Financial Services Corporation, 4.85%, 12/07/2012
     20,000       20,226  
                 
Road & Rail - 0.24%
                
Burlington Northern Santa Fe Corp., 5.75%, 03/15/2018
     15,000       14,669  
Total Industrials (Cost $34,604)
             34,895  
                 
Information Technology - 0.68%
                
Computers & Peripherals - 0.25%
                
Hewlett-Packard Co., 4.50%, 03/01/2013
     15,000       14,880  
                 
Software - 0.43%
                
Oracle Corp., 5.00%, 01/15/2011
     25,000       25,554  
Total Information Technology (Cost $40,414)
             40,434  
                 
Materials - 0.47%
                
Precious Metals - 0.47%
                
Barrick Gold Finance Co., 4.875%, 11/15/2014
     30,000       28,240  
Total Materials (Cost $28,643)
             28,240  
                 
Telecommunication Services - 1.86%
                
Diversified Telecommunication Services - 1.44%
                
AT&T Inc., 5.50%, 02/01/2018
     40,000       39,116  
Verizon Communications Inc., 5.25%, 04/15/2013
     15,000       15,031  
Verizon Communications Inc., 7.375%, 09/01/2012
     30,000       32,333  
              86,480  
Wireless Telecommunication Services - 0.42%
                
Vodafone Group Plc, 5.50%, 06/15/2011 (a)
     25,000       25,263  
Total Telecommunication Services (Cost $112,663)
             111,743  
                 
Utilities - 0.33%
                
Electric Utilities - 0.33%
                
Peco Energy Co., 4.75%, 10/01/2012
     20,000       19,815  
Total Utilities (Cost $20,247)
             19,815  
TOTAL CORPORATE BONDS (Cost $772,750)
             759,645  
                 
   
Shares
          
EXCHANGE-TRADED FUNDS - 48.55%
                
Vanguard Total Bond Market ETF
     38,344       2,910,693  
TOTAL EXCHANGE-TRADED FUNDS (Cost $2,945,875)
             2,910,693  
                 
 
 
   
Principal
          
   
Amount
    
Value
  
U.S. GOVERNMENT AGENCY ISSUES - 14.65%
                
FAMCA, 6.71%, 07/28/2014
   $ 20,000     $ 22,687  
FHLB, 4.00%, 09/06/2013
     250,000       249,085  
FHLB, 5.00%, 11/17/2017
     230,000       236,515  
FHLMC, 5.389%, 02/01/2036
     28,303       28,698  
FNCL, 5.50%, 08/15/2038
     60,000       58,716  
FNMA, 4.805%, 01/01/2033
     21,555       21,761  
FNMA, 4.887%, 04/01/2035
     136,365       137,662  
FNMA, 6.00%, 07/01/2037
     98,821       99,400  
GNMA, 6.50%, 07/15/2032
     11,853       12,277  
GNMA, 7.50%, 04/15/2030
     7,692       8,264  
GNMA, 7.50%, 11/15/2030
     480       515  
GNMA, 8.00%, 06/15/2030
     2,537       2,775  
TOTAL U.S. GOVERNMENT AGENCY ISSUES (Cost $883,781)
             878,355  
                 
U.S. TREASURY OBLIGATIONS - 18.13%
                
U.S. Treasury Inflation Index - 1.82%
                
2.00%, 01/15/2014
     105,035       109,277  
              109,277  
U.S. Treasury Note - 16.31%
                
2.00%, 02/28/2010
     255,000       253,665  
2.625%, 07/15/2017
     130,056       141,071  
2.75%, 02/28/2013
     85,000       83,386  
4.625%, 08/31/2011
     475,000       499,567  
              977,689  
TOTAL U.S. TREASURY OBLIGATIONS (Cost $1,096,600)
             1,086,966  
                 
   
Shares
          
SHORT TERM INVESTMENTS - 5.08%
                
Investment Companies - 5.08%
                
Fidelity Institutional Money Market Portfolio
     304,618       304,618  
TOTAL SHORT TERM INVESTMENTS (Cost $304,618)
             304,618  
Total Investments  (Cost $6,106,075) - 100.79%
             6,042,630  
Liabilities in Excess of Other Assets - (0.79)%
             (47,536 )
TOTAL NET ASSETS - 100.00%
           $ 5,995,094  
                 
 
Footnotes
  
   
Percentages are stated as a percent of net assets.
FAMCA
Federal Agricultural Mortgage Corp.
FHLB
Federal Home Loan Bank
FHLMC
Federal Home Loan Mortgage Corp.
FNMA
Federal National Mortgage Assoc.
GNMA
Government National Mortgage Assoc.
   
(a)
Foreign Issued Security
 
The cost basis of investments for federal income tax purposes at July 31, 2008 was as follows*:
    
           
 
Cost of investments
$
6,106,075
    
 
Gross unrealized appreciation
  
5,477
    
 
Gross unrealized depreciation
  
(68,922
 )  
 
Net unrealized depreciation
$
(63,445
 )  
         
 
 
*Because tax adjustments are calculated annually and the fund has not yet completed a fiscal year end,
the above table does not reflect tax adjustments.
 
 
FAS 157 - Summary of Fair Value Exposure at July 31, 2008 (Unaudited)
      
Various inputs are used in determining the value of the Fund's investments.  These inputs are summarized in the three broad levels listed below:
  
               
Level 1 -
Quoted prices in active markets for identical securities.
        
Level 2 -
Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
    
Level 3 -
Significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)
    
               
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
    
               
The following is a summary of the inputs used to value the Fund's net assets as of July 31, 2008 (Unaudited):
      
               
Description
      
Investments in
Securities
Other Financial
Instruments
    
Level 1 - Quoted prices
  
$                   3,215,311
 $                             —
    
Level 2 - Other significant observable inputs
  
2,827,319
                                 —
    
Level 3 - Significant unobservable inputs
  
  —
                                 —
    
Total
  
$                    6,042,630
 $                             —
    
           
 
* Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, forwards
and swap contracts, which are valued at the unrealized appreciation / depreciation on the instrument.
 
 
 
 
 
 
 
 
ActivePassive Intermediate Municipal Bond Fund
            
Schedule of Investments
            
July 31, 2008 (Unaudited)
            
   
Principal
        
   
Amount
    
Value
  
MUNICIPAL BONDS - 39.86%
            
California - 6.70%
            
California Health Facilities Financing Authority, 5.50%, 07/01/2025
   $ 75,000     $ 74,914  
State of California Department of Water Resources, 5.00%, 05/01/2018
     100,000       107,078  
State of California Department of Water Resources, 5.00%, 12/01/2021
     150,000       158,701  
The Regents of the University of California Limited Project, 5.00%, 05/15/2021
     150,000       155,711  
              496,404  
Florida - 6.05%
                
Florida State Turnpike Authority, 5.00%, 07/01/2020
     150,000       154,315  
State of Florida Department of Transportation, 5.25%, 07/01/2015
     150,000       164,691  
State of Florida Full Faith and Credit State Board of Education, 5.00%, 06/01/2022
     125,000       129,492  
              448,498  
Georgia - 1.82%
                
Metropolitan Atlanta Rapid Transit Authority, 5.00%, 07/01/2017
     125,000       134,866  
                 
Illinois - 1.88%
                
University of Illinois, 5.50%, 04/01/2019
     125,000       139,178  
                 
Massachusetts - 2.82%
                
Massachusetts Health and Educational Facilities Authority, 5.25%, 12/01/2024
     75,000       76,918  
Massachusetts Water Pollution Abatement Trust, 5.00%, 08/01/2018
     125,000       131,987  
              208,905  
Michigan - 2.13%
                
State of Michigan State Trunk Line Fund, 5.00%, 09/01/2019
     150,000       158,117  
                 
New Jersey - 2.16%
                
New Jersey Economic Development Authority, 5.00%, 03/01/2017
     150,000       159,782  
                 
New York - 5.35%
                
New York City Transitional Finance Authority, 5.00%, 08/01/2020
     125,000       131,900  
New York State Thruway Authority, 5.00%, 04/01/2017
     100,000       106,999  
New York State Thruway Authority, 5.00%, 03/15/2021
     150,000       157,145  
              396,044  
North Carolina - 0.67%
                
North Carolina Eastern Municipal Power Agency, 5.25%, 01/01/2020
     50,000       49,955  
                 
Tennessee - 1.29%
                
The Tennessee Energy Acquisition Corp., 5.25%, 09/01/2020
     100,000       95,876  
                 
Texas - 5.07%
                
City of Houston Texas Combined Utility System, 5.25%, 05/15/2015
     150,000       160,296  
City of Houston Texas Combined Utility System, 5.25%, 05/15/2017
     100,000       108,093  
Texas Transportation Commission State Highway, 5.00%, 04/01/2018
     100,000       106,942  
              375,331  
Utah - 2.10%
                
Intermountain Power Agency of Utah, 5.25%, 07/01/2020
     150,000       155,230  
                 
Washington - 1.82%
                
Energy Northwest, 5.00%, 07/01/2016
     125,000       134,801  
TOTAL MUNICIPAL BONDS (Cost $2,984,225)
             2,952,987  
                 
 
 
   
Shares
    
Value
  
EXCHANGE-TRADED FUNDS - 58.94%
                
iShares S&P National Municipal Bond Fund
     29,168     $ 2,910,675  
Market Vectors Lehman Brothers AMT-Free Intermediate Municipal ETF
     14,263       1,455,396  
TOTAL EXCHANGE-TRADED FUNDS (Cost $4,452,912)
             4,366,071  
                 
SHORT TERM INVESTMENTS - 1.08%
                
Investment Companies - 1.08%
                
Fidelity Institutional Tax-Exempt Portfolio
     75,953     $ 75,953  
TOTAL SHORT TERM INVESTMENTS (Cost $75,953)
             75,953  
Total Investments  (Cost $7,513,090) - 99.88%
             7,395,011  
Other Assets in Excess of Liabilities - 0.12%
             12,991  
TOTAL NET ASSETS - 100.00%
           $ 7,408,002  
                 
 
Footnotes
          
           
Percentages are stated as a percent of net assets.
        
           
The cost basis of investments for federal income tax purposes at July 31, 2008 was as follows*:
  
           
 
Cost of investments
$
7,513,090
    
 
Gross unrealized appreciation
  
1,862
    
 
Gross unrealized depreciation
  
(119,941
 )  
 
Net unrealized depreciation
$
(118,079
 )  
           
 
*Because tax adjustments are calculated annually and the fund has not yet completed a fiscal year end,
the above table does not reflect tax adjustments.
 
FAS 157 - Summary of Fair Value Exposure at July 31, 2008 (Unaudited)
      
Various inputs are used in determining the value of the Fund's investments.  These inputs are summarized in the three broad levels listed below:
               
Level 1 -
Quoted prices in active markets for identical securities.
        
Level 2 -
Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
  
Level 3 -
Significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)
    
               
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
    
               
The following is a summary of the inputs used to value the Fund's net assets as of July 31, 2008 (Unaudited):
    
               
Description
      
Investments in Securities
Other Financial Instruments
    
Level 1 - Quoted prices
  
 $     4,442,024
 $                   —
    
Level 2 - Other significant observable inputs
  
        2,952,987
                      —
    
Level 3 - Significant unobservable inputs
  
                      —
                      —
    
Total
  
 $     7,395,011
 $                   —
    
           
 
* Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, forwards
and swap contracts, which are valued at the unrealized appreciation / depreciation on the instrument.
 
 
 
 
 
 
 
 
 
Item 2. Controls and Procedures.
 
(a)  
The Registrant’s President/Principal Executive Officer and Treasurer/Principal Financial Officer have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “1940 Act”)) are effective as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b)  
There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the Registrant's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.


 
Item 3. Exhibits.
 
Separate certifications for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)).  Filed herewith.













SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


(Registrant)   Advisors Series Trust                               

By (Signature and Title)* /s/Douglas G. Hess              
Douglas G. Hess, President

Date     9/19/2008                                                                

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)*   /s/Douglas G. Hess            
Douglas G. Hess, President

Date     9/19/2008                                                                

By (Signature and Title)*   /s/Cheryl L. King                    
Cheryl L. King, Treasurer

Date     9/18/2008                                                                

* Print the name and title of each signing officer under his or her signature.






 EX-99.CERT 2 certs.htm OFFICER CERTIFICATIONS Unassociated Document

 
CERTIFICATION
 
I, Douglas G. Hess, certify that:

1.  
I have reviewed this report on Form N-Q of Advisors Series Trust;

2.  
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.  
Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4.  
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)  
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)  
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)  
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d)  
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.  
The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)  
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b)  
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.


Date:     9/19/2008      
/s/Douglas G. Hess              
 
Douglas G. Hess, President
 
 
 
 
 
 
CERTIFICATION
 
I, Cheryl L. King, certify that:

1.  
I have reviewed this report on Form N-Q of Advisors Series Trust;

2.  
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.  
Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4.  
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)  
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)  
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)  
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d)  
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.  
The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)  
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b)  
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.


Date:      9/18/2008       
/s/Cheryl L. King                 
 
Cheryl L. King, Treasurer
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