N-Q 1 ap_nq13109.htm QUARTERLY NOTICE OF PORTFOLIO HOLDINGS ap_nq13109.htm
As filed with the Securities and Exchange Commission on March 27, 2009



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, 2009



Date of reporting period:  January 31, 2009
 
Item 1. Schedule of Investments.
 
ActivePassive Large Cap Growth Fund
            
Schedule of Investments
            
January 31, 2009 (Unaudited)
            
             
   
Shares
    
Value
  
COMMON STOCKS - 26.53%
            
Consumer Discretionary - 3.37%
            
Auto Components - 0.98%
            
BorgWarner, Inc.
     675     $ 11,394  
Johnson Controls, Inc.
     1,208       15,112  
              26,506  
Automobiles - 0.21%
                
Daimler AG (b)
     206       5,766  
                 
Internet & Catalog Retail - 1.42%
                
Amazon.com, Inc. (a)
     649       38,174  
                 
Media - 0.76%
                
The Walt Disney Co.
     990       20,473  
Total Consumer Discretionary (Cost $146,499)
             90,919  
                 
Financials - 2.71%
                
Capital Markets - 1.41%
                
The Charles Schwab Corp.
     1,295       17,599  
T. Rowe Price Group, Inc.
     741       20,437  
              38,036  
Commercial Banks - 0.71%
                
Wells Fargo & Co.
     1,010       19,089  
                 
Consumer Finance - 0.32%
                
American Express Co.
     514       8,599  
                 
Diversified Financial Services - 0.27%
                
CME Group Co., Inc.
     42       7,304  
Total Financials (Cost $119,304)
             73,028  
                 
Health Care - 3.86%
                
Biotechnology - 1.40%
                
Gilead Sciences, Inc. (a)
     741       37,621  
                 
Health Care Equipment & Supplies - 1.82%
                
Becton, Dickinson & Co.
     420       30,521  
Varian Medical Systems, Inc. (a)
     505       18,751  
              49,272  
Pharmaceuticals - 0.64%
                
Allergan, Inc.
     457       17,421  
Total Health Care (Cost $116,459)
             104,314  
                 
Industrials - 7.48%
                
Aerospace & Defense - 1.97%
                
The Boeing Co.
     389       16,459  
Raytheon Co.
     722       36,548  
              53,007  
Air Freight & Logistics - 0.76%
                
Expeditors International of Washington, Inc.
     741       20,607  
                 
 
 
   
Shares
    
Value
  
Construction & Engineering - 0.89%
            
Jacobs Engineering Group Inc. (a)
     621     $ 24,014  
                 
Electrical Equipment - 0.70%
                
Emerson Electric Co.
     575       18,802  
                 
Industrial Conglomerates - 0.66%
                
General Electric Co.
     1,461       17,722  
                 
Machinery - 1.40%
                
Caterpillar Inc.
     471       14,530  
PACCAR Inc.
     880       23,223  
              37,753  
Road & Rail - 1.10%
                
Union Pacific Corp.
     677       29,646  
Total Industrials (Cost $311,418)
             201,551  
                 
Information Technology - 5.23%
                
Communications Equipment - 2.00%
                
Cisco Systems Inc. (a)
     1,210       18,114  
QUALCOMM Inc.
     1,036       35,794  
              53,908  
Computers & Peripherals - 1.24%
                
Apple Inc. (a)
     370       33,348  
                 
Electronic Equipment, Instruments & Components - 0.82%
                
Tyco Electronics Ltd. (b)
     1,554       22,005  
                 
Internet Software & Services - 1.17%
                
Google Inc. (a)
     93       31,483  
Total Information Technology (Cost $196,944)
             140,744  
                 
Materials - 3.20%
                
Chemicals - 3.20%
                
Ecolab Inc.
     587       19,935  
Praxair, Inc.
     675       42,025  
Sigma-Aldrich Corp.
     677       24,426  
Total Materials (Cost $117,962)
             86,386  
                 
Telecommunication Services - 0.68%
                
Diversified Telecommunication Services - 0.68%
                
AT&T, Inc.
     740       18,219  
Total Telecommunication Services (Cost $27,474)
             18,219  
TOTAL COMMON STOCKS (Cost $1,036,060)
             715,161  
                 
EXCHANGE-TRADED FUNDS - 61.38%
                
Vanguard Growth ETF
     44,018       1,654,196  
TOTAL EXCHANGE-TRADED FUNDS (Cost $2,299,119)
             1,654,196  
                 
SHORT TERM INVESTMENTS - 13.29%
                
Investment Companies - 13.29%
                
Fidelity Institutional Money Market Portfolio
           $ 358,080  
TOTAL SHORT TERM INVESTMENTS (Cost $358,080)
             358,080  
Total Investments  (Cost $3,693,259) - 101.20%
             2,727,437  
Liabilities in Excess of Other Assets - (1.20)%
             (32,330 )
TOTAL NET ASSETS - 100.00%
           $ 2,695,107  
                 
 
 
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 January 31, 2009 was as follows*:
    
             
 
Cost of investments
  
$
3,693,259
    
 
Gross unrealized appreciation
  
635
    
 
Gross unrealized depreciation
  
(968,713
 )  
 
Net unrealized depreciation
$
(968,078
 )  
             
*Because tax adjustments are calculated annually, the above table reflects the tax adjustments outstanding at the
    
 Fund's previous fiscal year end.  For the previous fiscal year's federal income tax information, please refer to the
 Notes to Financial Statements section in the Fund's most recent annual report.
      
             
             
FAS 157 - Summary of Fair Value Exposure at January 31, 2009 (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 January 31, 2009:
      
             
Description
  
Investments in Securities 
Other Financial Instruments* 
    
Level 1 - Quoted prices
  
 $                 2,727,437
 $                                —
    
Level 2 - Other significant observable inputs
  
                           —
                           —
    
Level 3 - Significant unobservable inputs
  
                           —
                           —
    
Total
    
 $                 2,727,437
 $                                —
    
             
* Other financial instruments are derivative instruments not reflected in the Schedule 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
            
January 31, 2009 (Unaudited)
            
             
   
Shares
    
Value
  
COMMON STOCKS - 36.59%
            
Consumer Discretionary - 2.86%
            
Household Durables - 0.63%
            
Fortune Brands, Inc.
     517     $ 16,544  
                 
Specialty Retail - 1.58%
                
AutoZone, Inc. (a)
     202       26,844  
Best Buy Co., Inc.
     513       14,374  
              41,218  
Textiles, Apparel & Luxury Goods - 0.65%
                
NIKE, Inc.
     375       16,969  
Total Consumer Discretionary (Cost $90,385)
             74,731  
                 
Consumer Staples - 3.88%
                
Food Products - 0.76%
                
General Mills, Inc.
     336       19,874  
                 
Household Products - 1.47%
                
The Procter & Gamble Co.
     702       38,259  
                 
Tobacco - 1.65%
                
Altria Group, Inc.
     1,743       28,829  
Philip Morris International Inc.
     383       14,229  
              43,058  
Total Consumer Staples (Cost $115,551)
             101,191  
                 
Energy - 8.04%
                
Energy Equipment & Services - 1.23%
                
Transocean Inc. (a)(b)
     587       32,062  
                 
Oil & Gas - 6.81%
                
Apache Corp.
     649       48,675  
Chevron Corp.
     778       54,865  
ConocoPhillips
     807       38,357  
Marathon Oil Corp.
     1,318       35,889  
              177,786  
Total Energy (Cost $288,687)
             209,848  
                 
Financials - 6.24%
                
Capital Markets - 2.41%
                
Bank of New York Mellon Corp.
     1,726       44,427  
Legg Mason, Inc.
     1,140       18,308  
              62,735  
Commercial Banks - 1.99%
                
Bank of America Corp.
     2,940       19,345  
PNC Financial Services Group, Inc.
     437       14,211  
SunTrust Banks, Inc.
     1,506       18,464  
              52,020  
Diversified Financial Services - 1.03%
                
JPMorgan Chase & Co.
     1,058       26,990  
                 
 
 
 
   
Shares
    
Value
  
Insurance - 0.81%
            
The Allstate Corp.
     969     $ 20,998  
Total Financials (Cost $236,938)
             162,743  
                 
Health Care - 4.50%
                
Health Care Providers & Services - 2.95%
                
AmerisourceBergen Corp.
     540       19,613  
Humana Inc. (a)
     658       24,958  
Laboratory Corp. of America Holdings (a)
     290       17,168  
Quest Diagnostics, Inc.
     306       15,101  
              76,840  
Life Science Tools & Services - 0.55%
                
Covance Inc. (a)
     374       14,436  
                 
Pharmaceuticals - 1.00%
                
Pfizer, Inc.
     691       10,075  
Watson Pharmaceuticals, Inc. (a)
     589       16,068  
              26,143  
Total Health Care (Cost $122,073)
             117,419  
                 
Industrials - 5.15%
                
Aerospace & Defense - 1.56%
                
Honeywell International, Inc.
     564       18,505  
United Technologies Corp.
     460       22,075  
              40,580  
Air Freight & Logistics - 0.30%
                
FedEx Corp.
     155       7,896  
                 
Electrical Equipment - 0.73%
                
Emerson Electric Co.
     583       19,064  
                 
Industrial Conglomerates - 0.31%
                
General Electric Co.
     663       8,042  
                 
Machinery - 1.16%
                
Dover Corp.
     793       22,426  
Ingersoll-Rand Co., Ltd. (b)
     478       7,748  
              30,174  
Road & Rail - 1.09%
                
Burlington Northern Santa Fe Corp.
     429       28,421  
Total Industrials (Cost $198,116)
             134,177  
                 
Information Technology - 2.14%
                
Computers & Peripherals - 0.55%
                
Dell Inc. (a)
     1,502       14,269  
                 
Semiconductor & Semiconductor Equipment - 0.94%
                
Intel Corp.
     1,910       24,639  
                 
Software - 0.65%
                
Microsoft Corp.
     991       16,946  
Total Information Technology (Cost $79,909)
             55,854  
                 
Materials - 1.03%
                
Metals & Mining - 1.03%
                
Alcoa, Inc.
     1,301       10,135  
Freeport-McMoRan Copper & Gold, Inc.
     665       16,718  
              26,853  
Total Materials (Cost $52,518)
             26,853  
 
 
 
   
Shares
    
Value
  
Telecommunication Services - 0.90%
            
Diversified Telecommunication Services - 0.90%
            
AT&T, Inc.
     953     $ 23,463  
Total Telecommunication Services (Cost $31,844)
             23,463  
                 
Utilities - 1.85%
                
Electric Utilities - 0.57%
                
FPL Group, Inc.
     290       14,950  
                 
Multi-Utilities & Unregulated Power - 1.28%
                
Public Service Enterprise Group, Inc.
     1,058       33,401  
Total Utilities (Cost $58,910)
             48,351  
TOTAL COMMON STOCKS (Cost $1,274,931)
             954,630  
                 
CLOSED-END FUNDS - 0.26%
                
John Hancock Bank and Thrift Opportunity Fund
     632       6,901  
TOTAL CLOSED-END FUNDS (Cost $11,885)
             6,901  
                 
EXCHANGE-TRADED FUNDS - 61.81%
                
Vanguard Value ETF
     44,068       1,612,448  
TOTAL EXCHANGE-TRADED FUNDS (Cost $2,450,719)
             1,612,448  
                 
SHORT TERM INVESTMENTS - 3.20%
                
Investment Companies - 3.20%
                
Fidelity Institutional Money Market Portfolio
             83,582  
TOTAL SHORT TERM INVESTMENTS (Cost $83,582)
             83,582  
Total Investments  (Cost $3,821,117) - 101.86%
           $ 2,657,561  
Liabilities in Excess of Other Assets - (1.86)%
             (48,645 )
TOTAL NET ASSETS - 100.00%
           $ 2,608,916  
                 
 
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 January 31, 2009 was as follows*:
           
 
Cost of investments
$
3,821,117
    
 
Gross unrealized appreciation
  
6,148
    
 
Gross unrealized depreciation
  
(1,205,575
 )  
 
Net unrealized depreciation
$
(1,199,427
 )  
           
*Because tax adjustments are calculated annually, the above table reflects the tax adjustments outstanding at the
 Fund's previous fiscal year end.  For the previous fiscal year's federal income tax information, please refer to the
 Notes to Financial Statements section in the Fund's most recent annual report.
           
           
FAS 157 - Summary of Fair Value Exposure at January 31, 2009 (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 January 31, 2009 (Unaudited):
    
               
 
Description
    
Investments in Securities 
Other
Financial Instruments* 
    
Level 1 - Quoted prices
    
 $                  2,657,561
 $                            —
    
Level 2 - Other significant observable inputs
  
                        —
                      —
    
Level 3 - Significant unobservable inputs
  
                        —
                      —
    
Total
      
 $                  2,657,561
 $                            —
    
               
* Other financial instruments are derivative instruments not reflected in the Schedule 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
            
January 31, 2009 (Unaudited)
            
             
COMMON STOCKS - 46.47%
  
Shares
    
Value
  
Consumer Discretionary - 5.94%
            
Commercial Services & Supplies - 0.57%
            
DeVry, Inc.
     405     $ 21,700  
                 
Diversified Consumer Services - 0.81%
                
Capella Education Co. (a)
     555       30,708  
                 
Hotels Restaurants & Leisure - 0.57%
                
Bally Technologies, Inc. (a)
     1,060       21,401  
                 
Household Durables - 0.45%
                
Tupperware Brands Corp.
     825       16,962  
                 
Internet & Catalog Retail - 2.63%
                
Netflix Inc. (a)
     764       27,611  
PetMed Express, Inc. (a)
     1,180       17,039  
Priceline.com Inc. (a)
     424       28,446  
VistaPrint Ltd. (a)(b)
     1,150       26,335  
              99,431  
Specialty Retail - 0.51%
                
GameStop Corp. (a)
     781       19,353  
                 
Textiles, Apparel & Luxury Goods - 0.40%
                
Deckers Outdoor Corp. (a)
     290       15,150  
Total Consumer Discretionary (Cost $322,953)
             224,705  
                 
Consumer Staples - 1.37%
                
Beverages - 0.69%
                
Fomento Economico Mexicano SA de CV - ADR (b)
     937       26,377  
                 
Food Products - 0.68%
                
Green Mountain Coffee Roasters, Inc. (a)
     670       25,634  
Total Consumer Staples (Cost $43,988)
             52,011  
                 
Energy - 3.66%
                
Energy Equipment & Services - 3.17%
                
Bristow Group, Inc. (a)
     790       19,110  
Cameron International Corp. (a)
     671       15,540  
CARBO Ceramics Inc.
     620       22,289  
Core Laboratories N.V. (b)
     290       19,485  
FMC Technologies, Inc. (a)
     630       18,642  
Oil States International, Inc. (a)
     700       12,817  
Superior Energy Services, Inc. (a)
     760       11,841  
              119,724  
Oil & Gas - 0.49%
                
Carrizo Oil & Gas, Inc. (a)
     682       9,453  
Quicksilver Resources Inc. (a)
     1,320       9,148  
              18,601  
Total Energy (Cost $318,700)
             138,325  
 
 
 
   
Shares
    
Value
  
Financials - 1.61%
            
Capital Markets - 0.95%
            
Knight Capital Group, Inc. - Class A (a)
     1,983     $ 35,753  
                 
Diversified Financial Services - 0.66%
                
The Nasdaq OMX Group, Inc. (a)
     1,151       25,115  
Total Financials (Cost $77,723)
             60,868  
                 
Health Care - 11.63%
                
Biotechnology - 2.25%
                
Cubist Pharmaceuticals, Inc. (a)
     839       17,963  
Martek Biosciences Corp.
     1,020       26,979  
OSI Pharmaceuticals, Inc. (a)
     533       18,975  
United Therapeutics Corp. (a)
     310       21,064  
              84,981  
Health Care Equipment & Supplies - 1.48%
                
Conmed Corp. (a)
     831       13,005  
Mindray Medical International Ltd. - ADR (b)
     880       18,181  
Resmed, Inc. (a)
     622       24,818  
              56,004  
Health Care Providers & Services - 5.45%
                
Almost Family, Inc. (a)
     690       21,280  
Amedisys, Inc. (a)
     730       30,098  
Athenahealth Inc. (a)
     509       18,365  
Chemed Corp.
     601       24,118  
Gentiva Health Services, Inc. (a)
     1,127       28,491  
Icon PLC - ADR (a)(b)
     785       15,778  
Omnicare, Inc.
     898       25,108  
Owens & Minor, Inc.
     571       22,709  
PSS World Medical, Inc. (a)
     1,263       20,056  
              206,003  
Life Sciences Tools & Services - 0.87%
                
Life Technologies Corp. (a)
     764       19,451  
PAREXEL International Corp. (a)
     1,380       13,648  
              33,099  
Medical Devices - 0.26%
                
Intuitive Surgical, Inc. (a)
     95       9,807  
                 
Pharmaceutical Preparations - 0.55%
                
ViroPharma Inc. (a)
     1,728       20,736  
                 
Pharmaceuticals - 0.77%
                
Perrigo Co.
     995       29,203  
Total Health Care (Cost $554,149)
             439,833  
                 
Industrials - 9.54%
                
Aerospace & Defense - 1.20%
                
Esterline Technologies Corp. (a)
     695       25,083  
Rockwell Collins, Inc.
     540       20,347  
              45,430  
Airlines - 1.14%
                
Allegiant Travel Co. (a)
     624       22,314  
Copa Holdings SA (b)
     798       20,940  
              43,254  
 
 
 
   
Shares
    
Value
  
Commercial Services & Supplies - 2.08%
            
Clean Harbors, Inc. (a)
     465     $ 24,882  
Corinthian Colleges, Inc. (a)
     1,617       30,206  
FTI Consulting Inc. (a)
     570       23,376  
              78,464  
Commercial Supplies & Services - 0.61%
                
Huron Consulting Group Inc. (a)
     463       23,141  
                 
Construction & Engineering - 2.20%
                
Aecom Technology Corp. (a)
     1,067       27,006  
Chicago Bridge & Iron Co. N.V. (b)
     775       8,727  
EMCOR Group, Inc. (a)
     1,490       30,679  
Foster Wheeler Ltd. (a)(b)
     832       16,615  
              83,027  
Electrical Equipment - 0.46%
                
Energy Conversion Devices, Inc. (a)
     694       17,468  
                 
Machinery - 1.53%
                
AGCO Corp. (a)
     545       11,598  
Axsys Technologies, Inc. (a)
     369       15,756  
Bucyrus International, Inc.
     970       15,035  
CIRCOR International, Inc.
     694       15,441  
              57,830  
Road & Rail - 0.32%
                
Kansas City Southern (a)
     675       12,258  
Total Industrials (Cost $592,114)
             360,872  
                 
Information Technology - 11.90%
                
Communications Equipment - 2.01%
                
CommScope, Inc. (a)
     770       11,103  
Comtech Telecommunications Corp. (a)
     685       26,578  
InterDigital, Inc. (a)
     1,184       38,279  
              75,960  
Computers & Peripherals - 0.94%
                
Data Domain, Inc. (a)
     1,226       15,963  
Diebold, Inc.
     786       19,477  
              35,440  
Electronic Equipment & Instruments - 2.34%
                
Amphenol Corp.
     795       20,789  
Dolby Laboratories Inc. (a)
     876       22,391  
FLIR Systems, Inc. (a)
     1,120       27,966  
SunPower Corp. (a)
     522       17,518  
              88,664  
Information Retrieval Services - 1.36%
                
Bankrate, Inc. (a)
     762       25,420  
Shanda Interactive Entertainment Ltd. - ADR (a)(b)
     900       26,190  
              51,610  
Internet Software & Services - 1.06%
                
Baidu.com, Inc. - ADR (a)(b)
     125       16,096  
Sohu.com, Inc. (a)
     610       24,126  
              40,222  
IT Services - 1.42%
                
Hewitt Associates, Inc. (a)
     890       25,258  
ManTech International Corp. (a)
     527       28,263  
              53,521  
 
 
 
   
Shares
    
Value
  
Software - 2.77%
            
ANSYS, Inc. (a)
     959     $ 23,841  
JDA Software Group, Inc. (a)
     1,860       20,832  
Perfect World Co., Ltd. - ADR (a)(b)
     1,110       16,439  
Solera Holdings Inc. (a)
     914       22,018  
SPSS, Inc. (a)
     835       21,443  
              104,573  
Total Information Technology (Cost $639,065)
             449,990  
                 
Materials - 0.25%
                
Metals & Mining - 0.25%
                
Massey Energy Co.
     630       9,563  
Total Materials (Cost $36,607)
             9,563  
                 
Telecommunication Services - 0.57%
                
Diversified Telecommunication Services - 0.57%
                
Tele Norte Leste Participacoes SA - ADR (b)
     1,746       21,476  
Total Telecommunication Services (Cost $38,782)
             21,476  
TOTAL COMMON STOCKS (Cost $2,624,081)
             1,757,643  
                 
EXCHANGE-TRADED FUNDS - 49.29%
                
Vanguard Mid-Cap Growth Index Fund
     29,206       951,531  
Vanguard Small-Cap Growth ETF
     23,285       912,772  
TOTAL EXCHANGE-TRADED FUNDS (Cost $3,085,546)
             1,864,303  
                 
SHORT TERM INVESTMENTS - 6.12%
                
Investment Companies - 6.12%
                
AIM Liquid Assets
     197,283       197,283  
Fidelity Institutional Money Market Portfolio
     34,304       34,304  
TOTAL SHORT TERM INVESTMENTS (Cost $231,587)
             231,587  
Total Investments  (Cost $5,941,214) - 101.88%
           $ 3,853,533  
Liabilities in Excess of Other Assets - (1.88)%
             (71,287 )
TOTAL NET ASSETS - 100.00%
           $ 3,782,246  
                 
 
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 January 31, 2009 was as follows*:
           
 
Cost of investments
$
5,941,214
    
 
Gross unrealized appreciation
  
42,188
    
 
Gross unrealized depreciation
  
(2,129,869
 )  
 
Net unrealized depreciation
$
(2,087,681
 )  
           
*Because tax adjustments are calculated annually, the above table reflects the tax adjustments outstanding at the
 Fund's previous fiscal year end.  For the previous fiscal year's federal income tax information, please refer to the
 Notes to Financial Statements section in the Fund's most recent annual report.
           
           
FAS 157 - Summary of Fair Value Exposure at January 31, 2009 (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 January 31, 2009 (Unaudited):
    
               
Description
  
Investments in Securities 
Other
Financial Instruments* 
    
Level 1 - Quoted prices
    
 $           3,853,533
 $                            —
    
Level 2 - Other significant observable inputs
  
                         —
                      —
    
Level 3 - Significant unobservable inputs
  
                         —
                      —
    
Total
      
 $           3,853,533
 $                            —
    
               
* Other financial instruments are derivative instruments not reflected in the Schedule 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
            
January 31, 2009 (Unaudited)
            
             
   
Shares
    
Value
  
COMMON STOCKS - 49.50%
            
Consumer Discretionary - 2.32%
            
Household Durables - 0.55%
            
Jarden Corp. (a)
     2,010     $ 20,964  
                 
Media - 1.05%
                
John Wiley & Sons, Inc.
     1,128       39,965  
                 
Textiles, Apparel & Luxury Goods - 0.72%
                
Hanesbrands, Inc. (a)
     3,060       27,509  
Total Consumer Discretionary (Cost $180,464)
             88,438  
                 
Consumer Staples - 3.02%
                
Food Products - 1.82%
                
Dean Foods Co. (a)
     3,585       69,334  
                 
Personal Products - 1.20%
                
Chattem, Inc. (a)
     673       45,495  
Total Consumer Staples (Cost $121,239)
             114,829  
                 
Energy - 7.98%
                
Energy Equipment & Services - 2.73%
                
Global Industries, Ltd. (a)
     4,405       15,197  
Pride International, Inc. (a)
     2,279       36,737  
Superior Energy Services, Inc. (a)
     3,350       52,193  
              104,127  
Oil & Gas - 5.25%
                
Cabot Oil & Gas Corp.
     1,931       53,083  
Comstock Resources, Inc. (a)
     1,237       47,167  
Holly Corp.
     1,345       31,433  
Petrohawk Energy Corp. (a)
     3,450       67,999  
              199,682  
Total Energy (Cost $484,636)
             303,809  
                 
Financials - 13.98%
                
Accident And Health Insurance - 1.43%
                
PartnerRe Ltd. (b)
     830       54,390  
                 
Consumer Finance - 1.24%
                
EZCORP, Inc. (a)
     3,472       47,115  
                 
Insurance - 2.79%
                
Fidelity National Financial, Inc.
     2,530       36,989  
HCC Insurance Holdings, Inc.
     2,951       69,083  
              106,072  
Real Estate - 7.91%
                
Annaly Capital Management, Inc.
     7,639       115,654  
Capstead Mortgage Corp.
     4,405       47,001  
LTC Properties, Inc.
     3,385       70,036  
OMEGA Healthcare Investors, Inc.
     4,666       68,264  
              300,955  
 
 
 
 
   
Shares
    
Value
  
Real Estate Investment Trusts - 0.61%
            
Parkway Properties, Inc.
     1,562     $ 23,305  
Total Financials (Cost $604,774)
             531,837  
                 
Health Care - 0.50%
                
Health Care Equipment & Supplies - 0.50%
                
Orthofix International N.V. (a)(b)
     1,194       19,056  
Total Health Care (Cost $18,773)
             19,056  
                 
Industrials - 10.12%
                
Commercial Services & Supplies - 4.78%
                
FTI Consulting Inc. (a)
     1,736       71,193  
Navigant Consulting, Inc. (a)
     3,450       49,439  
Republic Services, Inc.
     2,365       61,159  
              181,791  
Construction & Engineering - 0.81%
                
McDermott International, Inc. (a)(b)
     2,973       30,830  
                 
Marine - 1.84%
                
Genco Shipping & Trading Ltd. (b)
     2,734       42,514  
Omega Navigation Enterprises, Inc. (b)
     3,971       27,479  
              69,993  
Oil, Gas & Consumable Fuels - 0.51%
                
StealthGas, Inc. (b)
     4,015       19,633  
                 
Transportation Infrastructure - 2.18%
                
Aegean Marine Petroleum Network Inc. (b)
     4,839       82,795  
Total Industrials (Cost $482,194)
             385,042  
                 
Information Technology - 3.54%
                
Computers & Peripherals - 0.46%
                
Hypercom Corp. (a)
     11,480       17,450  
                 
Electronic Equipment & Instruments - 2.41%
                
Cogent Inc. (a)
     7,877       91,688  
                 
Software - 0.67%
                
Fair Isaac Corp.
     2,018       25,629  
Total Information Technology (Cost $172,173)
             134,767  
                 
Materials - 1.64%
                
Chemicals - 1.64%
                
Terra Industries Inc.
     1,714       35,103  
Zep, Inc.
     2,474       27,189  
              62,292  
Total Materials (Cost $111,672)
             62,292  
                 
Services - 0.61%
                
Truck Rental And Leasing, Without Drivers - 0.61%
                
Wright Express Corp. (a)
     1,975       23,028  
Total Services (Cost $61,011)
             23,028  
 
 
 
 
   
Shares
    
Value
  
Telecommunication Services - 1.38%
            
Diversified Telecommunication Services - 1.38%
            
Frontier Communications Corp.
     6,488     $ 52,618  
Total Telecommunication Services (Cost $56,635)
             52,618  
                 
Utilities - 4.41%
                
Electric Utilities - 2.71%
                
ALLETE, Inc.
     1,649       51,284  
UIL Holdings Corp.
     1,953       51,618  
              102,902  
Multi-Utilities & Unregulated Power - 1.70%
                
CMS Energy Corp.
     5,512       64,766  
Total Utilities (Cost $171,367)
             167,668  
TOTAL COMMON STOCKS (Cost $2,464,938)
             1,883,384  
                 
EXCHANGE-TRADED FUNDS - 45.42%
                
Vanguard Mid-Cap Value Index Fund
     28,417       845,122  
Vanguard Small-Cap Value ETF
     23,755       883,211  
TOTAL EXCHANGE-TRADED FUNDS (Cost $2,806,669)
             1,728,333  
                 
SHORT TERM INVESTMENTS - 4.66%
                
Investment Companies - 4.66%
                
Fidelity Institutional Money Market Portfolio
     177,167       177,167  
TOTAL SHORT TERM INVESTMENTS (Cost $177,167)
             177,167  
Total Investments  (Cost $5,448,774) - 99.58%
           $ 3,788,884  
Other Assets in Excess of Liabilities - 0.42%
             16,130  
TOTAL NET ASSETS - 100.00%
           $ 3,805,014  
                 
 
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 January 31, 2009 was as follows*:
  
           
 
Cost of investments
$
5,448,774
    
 
Gross unrealized appreciation
  
15,347
    
 
Gross unrealized depreciation
  
(1,675,237
 )  
 
Net unrealized depreciation
$
(1,659,890
 )  
           
*Because tax adjustments are calculated annually, the above table reflects the tax adjustments outstanding at the
 Fund's previous fiscal year end.  For the previous fiscal year's federal income tax information, please refer to the
 Notes to Financial Statements section in the Fund's most recent annual report.
           
           
FAS 157 - Summary of Fair Value Exposure at January 31, 2009 (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 January 31, 2009 (Unaudited):
    
           
Description
  
Investments
in Securities 
Other
Financial Instruments* 
    
Level 1 - Quoted prices
  
 $             3,788,884
 $                           —
    
Level 2 - Other significant observable inputs
  
                      —
                      —
    
Level 3 - Significant unobservable inputs
  
                      —
                      —
    
Total
  
 $             3,788,884
 $                           —
    
           
* Other financial instruments are derivative instruments not reflected in the Schedule 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
            
January 31, 2009 (Unaudited)
            
             
             
   
Shares
    
Value
  
COMMON STOCKS - 41.10%
            
Australia - 1.54%
            
BHP Billiton Ltd. (b)
     2,603     $ 50,445  
Cochlear Ltd. (b)
     1,103       41,336  
QBE Insurance Group Ltd. (b)
     907       13,831  
              105,612  
Belgium - 1.09%
                
Anheuser-Busch InBev NV (b)
     2,925       74,566  
                 
Bermuda - 0.84%
                
Esprit Holdings Ltd. (b)
     6,100       32,883  
Li & Fung Ltd. (b)
     12,000       24,327  
              57,210  
Brazil - 0.36%
                
Petroleo Brasileiro SA - ADR (b)
     1,136       24,606  
                 
Canada - 1.12%
                
Canadian National Railway Co. (b)
     723       25,335  
Canadian Natural Resources Ltd. (b)
     634       22,692  
Suncor Energy, Inc. (b)
     1,476       28,298  
              76,325  
Denmark - 0.90%
                
Novo Nordisk A/S (b)
     1,153       61,889  
                 
Finland - 0.29%
                
Nokia Oyj (b)
     1,620       19,892  
                 
France - 1.72%
                
Axa (b)
     1,945       30,420  
Cap Gemini SA (b)
     681       23,586  
Total SA (b)
     1,272       63,803  
              117,809  
Germany - 2.98%
                
Bayer AG (b)
     1,237       65,904  
Deutsche Boerse AG (b)
     256       12,947  
Merck KGaA (b)
     617       52,353  
Porsche Automobil Holdings SE (b)
     597       35,162  
Puma AG Rudolf Dassler Sport (b)
     208       37,631  
              203,997  
Greece - 0.33%
                
OPAP SA (b)
     783       22,858  
                 
Hong Kong - 0.68%
                
Hutchison Whampoa Ltd. (b)
     9,000       46,426  
                 
India - 1.08%
                
Infosys Technologies Ltd. - ADR (b)
     2,786       73,996  
                 
Indonesia - 0.32%
                
PT Telekomunikasi Indonesia (b)
     40,000       22,144  
                 
 
 
   
Shares
    
Value
  
Ireland - 0.41%
            
CRH PLC (b)
     1,202     $ 28,010  
                 
Israel - 1.48%
                
Teva Pharmaceutical Industries Ltd. - ADR (b)
     2,444       101,304  
                 
Italy - 1.79%
                
Eni SpA (b)
     2,687       57,249  
Finmeccanica SpA (b)
     4,142       65,073  
              122,322  
Japan - 4.11%
                
DENSO Corp. (b)
     1,100       20,400  
FANUC Ltd. (b)
     500       30,389  
HOYA (b)
     2,000       36,289  
Keyence Corp. (b)
     300       55,468  
NIDEC Corp. (b)
     1,200       58,107  
Nintendo Co., Ltd. (b)
     100       31,502  
Toyota Motor Corp. (b)
     1,500       48,840  
              280,995  
Mexico - 1.75%
                
America Movil SAB de C.V. - ADR (b)
     1,995       56,877  
Desarrolladora Homex SA de C.V. - ADR (a)(b)
     946       18,040  
Grupo Televisa SA - ADR (b)
     2,717       38,011  
Urbi, Desarrollos Urbanos, SA de C.V. (a)(b)
     6,700       6,878  
              119,806  
Netherlands - 0.96%
                
Heineken Holdings NV (b)
     1,264       33,890  
TNT NV (b)
     1,822       31,855  
              65,745  
Norway - 0.12%
                
Petroleum Geo-Services ASA (a)(b)
     2,396       7,871  
                 
Philippines - 0.52%
                
Philippine Long Distance Telephone Co. (b)
     810       35,567  
                 
Singapore - 1.25%
                
Keppel Corp. Ltd. (b)
     7,000       18,780  
Singapore Technologies Engineering Ltd. (b)
     13,000       19,634  
United Overseas Bank Ltd. (b)
     6,000       47,218  
              85,632  
Spain - 1.37%
                
Banco Santander SA (b)
     2,504       20,263  
Telefonica SA (b)
     4,103       73,181  
              93,444  
Switzerland - 4.54%
                
Nestle SA (b)
     2,737       94,812  
Roche Holding AG (b)
     836       117,771  
Sonova Holding AG (b)
     772       37,272  
Syngenta AG (b)
     311       60,463  
              310,318  
Taiwan - 0.57%
                
Taiwan Semiconductor Manufacturing Co., Ltd. - ADR (b)
     5,205       39,246  
                 
Turkey - 0.25%
                
Akbank TAS (b)
     5,777       16,805  
                 
 
 
 
   
Shares
    
Value
  
United Kingdom - 8.73%
            
Aviva PLC (b)
     2,830     $ 12,796  
British American Tobacco PLC (b)
     571       15,722  
Capita Group PLC (b)
     3,078       31,135  
Compass Group PLC (b)
     11,083       55,131  
Imperial Tobacco Group PLC (b)
     3,867       106,084  
Informa PLC (b)
     5,900       20,499  
International Power PLC (b)
     10,610       41,784  
Reckitt Benckiser Group PLC (b)
     1,573       60,979  
Reed Elsevier PLC (b)
     4,750       35,726  
Shire Ltd. (b)
     4,354       63,792  
Tesco PLC (b)
     12,188       63,268  
Vodafone Group PLC (b)
     33,203       62,408  
WPP Group PLC (b)
     4,987       28,222  
              597,546  
TOTAL COMMON STOCKS (Cost $4,254,620)
             2,811,941  
                 
CLOSED-END FUNDS - 0.48%
                
India Fund, Inc.
     1,951       33,108  
TOTAL CLOSED-END FUNDS (Cost $59,645)
                
                 
EXHANGE-TRADED FUNDS - 49.45%
                
iShares MSCI EAFE Index Fund
     86,911       3,363,456  
iShares MSCI Taiwan Index Fund
     2,942       20,035  
TOTAL EXCHANGE-TRADED FUNDS (Cost $6,211,814)
             3,383,491  
                 
SHORT TERM INVESTMENTS - 8.48%
                
Investment Companies - 8.48%
                
Fidelity Institutional Money Market Portfolio
     579,887       579,887  
TOTAL SHORT TERM INVESTMENTS (Cost $579,887)
             579,887  
Total Investments  (Cost $11,105,966) - 99.51%
           $ 6,808,427  
Other Assets in Excess of Liabilities - 0.49%
             33,506  
TOTAL NET ASSETS - 100.00%
           $ 6,841,933  
                 
 
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 January 31, 2009 was as follows*:
           
 
Cost of investments
 $
11,105,966
    
 
Gross unrealized appreciation
  
3,625
    
 
Gross unrealized depreciation
  
(4,332,806
 )  
 
Net unrealized depreciation
 $
(4,329,181
 )  
           
*Because tax adjustments are calculated annually, the above table reflects the tax adjustments outstanding at the
 Fund's previous fiscal year end.  For the previous fiscal year's federal income tax information, please refer to the
 Notes to Financial Statements section in the Fund's most recent annual report.
 
FAS 157 - Summary of Fair Value Exposure at January 31, 2009 (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 January 31, 2009 (Unaudited):
    
             
Description
    
Investments in Securities
Other Financial Instruments*
    
Level 1 - Quoted prices
  
 $          6,715,845
 $                           —
    
Level 2 - Other significant observable inputs
  
                   92,582
                               —
    
Level 3 - Significant unobservable inputs
  
                               —
                               —
    
Total
    
 $         6,808,427
 $                           —
    
             
* Other financial instruments are derivative instruments not reflected in the Schedule 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
            
January 31, 2009 (Unaudited)
            
             
   
Shares
    
Value
  
COMMON STOCKS - 91.73%
            
Bermuda - 1.16%
            
Credicorp Ltd. (b)
     888     $ 36,674  
                 
Brazil - 16.24%
                
Banco Bradesco SA - ADR (b)
     6,085       54,461  
Bco Do Brasil SA (b)
     2,600       15,914  
BM&F Bovespa SA (b)
     6,563       18,925  
Companhia de Bebidas das Americas - ADR (b)
     620       25,290  
Companhia Energetica de Minas Gerais - ADR (b)
     3,361       45,676  
Companhia Vale do Rio Doce - ADR (b)
     9,078       110,207  
GVT Holding SA Com NPV (a)(b)
     3,200       34,248  
Hypermarcas SA (a)(b)
     3,276       15,787  
Natura Cosmeticos SA (b)
     1,548       13,278  
Petroleo Brasileiro SA - ADR (b)
     5,232       137,078  
Tele Norte Leste Participacoes SA - ADR (b)
     2,253       27,712  
Telemig Celular Participacoes SA - ADR (b)
     493       15,875  
              514,451  
Chile - 2.23%
                
Empresa Nacional de Telecomunicaciones SA (b)
     2,750       30,312  
Enersis SA - ADR (b)
     2,820       40,467  
              70,779  
China - 13.53%
                
China CITIC Bank (b)
     84,000       31,848  
China Communications Construction Co., Ltd. (b)
     40,000       39,823  
China Construction Bank Corp. (b)
     79,000       39,224  
China National Building Material Co., Ltd. (b)
     28,000       31,234  
China Railway Group Ltd. (a)(b)
     75,000       43,138  
China Shenhua Energy Co., Ltd. (b)
     22,000       48,232  
Huaneng Power International, Inc. - ADR (b)
     1,161       33,112  
PetroChina Co. Ltd. - ADR (b)
     557       41,090  
Ping An Insurance Co., of China Ltd. (b)
     10,000       44,234  
Sinopec Corp. (b)
     66,000       36,174  
Weichai Power Co., Ltd. (b)
     20,800       40,612  
              428,721  
Colombia - 1.68%
                
Bancolombia SA - ADR (b)
     1,241       25,974  
Ecopetrol SA - ADR (b)
     1,615       27,164  
              53,138  
Hong Kong - 7.94%
                
China Mobile Ltd. - ADR (b)
     2,622       117,911  
China Overseas Land & Investment Ltd. (b)
     29,120       38,981  
Denway Motors Ltd. (b)
     160,000       48,490  
Industrial & Commercial Bank of China Ltd. (b)
     107,000       46,226  
              251,608  
Hungary - 0.39%
                
Richter Gedeon Nyrt. (b)
     109       12,455  
                 
India - 6.07%
                
Dr Reddy's Laboratories Ltd. - ADR (b)
     5,408       48,942  
HDFC Bank Ltd. - ADR (b)
     1,049       60,485  
Infosys Technologies Ltd. - ADR (b)
     2,064       54,820  
Larsen & Toubro Ltd. - ADR (a)(b)(c)
     1,984       28,017  
              192,264  
 
 
   
Shares
    
Value
  
Israel - 3.80%
            
Check Point Software Technologies Ltd. (a)(b)
     1,495     $ 33,892  
Teva Pharmaceutical Industries Ltd. - ADR (b)
     2,088       86,548  
              120,440  
Luxembourg - 0.95%
                
Tenaris SA - ADR (b)
     1,524       30,160  
                 
Malaysia - 3.52%
                
Bumiputra-Commerce Holdings Bhd (b)
     18,300       32,466  
Digi.com Bhd. (b)
     5,100       28,981  
IOI Corp. Bhd (b)
     46,100       50,093  
              111,540  
Mexico - 5.45%
                
America Movil SAB de CV - ADR (b)
     2,548       72,643  
Cemex SAB de CV - ADR (a)(b)
     1,610       12,542  
Fomento Economico Mexicano, SAB de CV - ADR (b)
     979       27,559  
Grupo Carso SA de CV - ADR (b)
     3,217       14,698  
Grupo Televisa SA de CV - ADR (b)
     1,093       15,291  
Wal-Mart de Mexico SAB de CV - ADR (b)
     1,443       30,113  
              172,846  
Russia - 4.90%
                
Gazprom - ADR (a)(b)
     6,481       84,966  
LUKOIL - ADR (b)
     827       28,366  
Mining and Metallurgical Co. Norilsk Nickel - ADR (b)
     3,152       13,554  
Mobile Telesystems - ADR (a)(b)
     1,325       28,222  
              155,108  
Singapore - 0.88%
                
DBS Group Holdings Ltd. - ADR (b)
     1,199       27,999  
                 
South Africa - 7.33%
                
Impala Platinum Holdings Ltd. - ADR (b)
     2,245       26,168  
Massmart Holdings Ltd. (b)
     6,410       50,865  
Mr. Price Group Ltd. (b)
     5,894       15,013  
MTN Group Ltd. (b)
     3,292       31,606  
Naspers Ltd. - ADR (b)
     2,800       43,101  
Sasol - ADR (b)
     1,176       31,223  
Standard Bank Group Ltd. (b)
     4,917       34,153  
              232,129  
South Korea - 11.26%
                
Hite Brewery Co., Ltd. (b)
     187       20,332  
Hyundai Motor Co. - ADR (a)(b)(c)
     1,966       33,845  
KB Financial Group, Inc. - ADR (a)(b)
     1,613       41,712  
LG Household & Health Care Ltd. (b)
     249       30,141  
POSCO - ADR (a)(b)
     692       43,956  
Samsung Electronics Co., Ltd. - ADR (a)(b)(c)
     723       127,872  
Samsung Fire & Marine Insurance Co., Ltd. (b)
     249       29,780  
Woongjin Thinkbig Co., Ltd. (b)
     2,350       29,213  
              356,851  
Taiwan - 4.40%
                
Hon Hai Precision Industry Co., Ltd. - ADR (b)(c)
     7,714       27,101  
Taiwan Semiconductor Manufacturing Co., Ltd. - ADR (b)
     14,886       112,240  
              139,341  
TOTAL COMMON STOCKS (Cost $4,900,975)
             2,906,504  
                 
EXCHANGE-TRADED FUNDS - 2.10%
                
Vanguard Emerging Markets ETF
     3,079       66,445  
TOTAL EXCHANGE-TRADED FUNDS (Cost $133,212)
             66,445  
 
 
   
Shares
    
Value
  
SHORT-TERM INVESTMENTS - 11.19%
            
Investment Companies - 11.19%
            
AIM Liquid Assets
     121,680     $ 121,680  
AIM Stit-Stic Prime Portfolio
     93,893       93,893  
Fidelity Institutional Money Market Portfolio
     138,928       138,928  
TOTAL SHORT-TERM INVESTMENTS (Cost $354,501)
             354,501  
Total Investments  (Cost $5,388,688) - 105.02%
           $ 3,327,450  
Liabilities in Excess of Other Assets - (5.02)%
             (158,965 )
TOTAL NET ASSETS - 100.00%
           $ 3,168,485  
                 
 
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
           
The cost basis of investments for federal income tax purposes at January 31, 2009 was as follows*:
           
 
Cost of investments
$
5,388,688
    
 
Gross unrealized appreciation
  
23,039
    
 
Gross unrealized depreciation
  
(2,084,277
 )  
 
Net unrealized depreciation
$
(2,061,238
 )  
           
*Because tax adjustments are calculated annually, the above table reflects the tax adjustments outstanding at the
 Fund's previous fiscal year end.  For the previous fiscal year's federal income tax information, please refer to the
 Notes to Financial Statements section in the Fund's most recent annual report.
 
FAS 157 - Summary of Fair Value Exposure at January 31, 2009 (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 January 31, 2009 (Unaudited):
           
Description
  
Investments in Securities
Other Financial Instruments*
  
 
Level 1 - Quoted prices
 $     3,209,275
 $                   —
    
Level 2 - Other significant observable inputs
           118,175
                      —
    
Level 3 - Significant unobservable inputs
                       —
                      —
    
Total
  
 $     3,327,450
 $                   —
    
           
* Other financial instruments are derivative instruments not reflected in the Schedule 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
            
January 31, 2009 (Unaudited)
            
             
   
Shares
    
Value
  
EXCHANGE-TRADED FUNDS - 31.83%
            
SPDR Lehman International Treasury Bond ETF
     19,223     $ 975,567  
TOTAL EXCHANGE-TRADED FUNDS (Cost $1,078,873)
             975,567  
                 
OPEN-END FUNDS - 66.57%
                
Loomis Sayles Global Bond Fund
     115,401       1,532,526  
Oppenheimer International Bond Fund
     89,063       507,660  
TOTAL OPEN-END FUNDS (Cost $2,414,056)
             2,040,186  
                 
SHORT TERM INVESTMENTS - 1.87%
                
Investment Companies - 1.87%
                
Fidelity Institutional Money Market Portfolio
     57,425       57,425  
TOTAL SHORT TERM INVESTMENTS (Cost $57,425)
             57,425  
Total Investments  (Cost $3,550,354) - 100.27%
             3,073,178  
Liabilities in Excess of Other Assets - (0.27)%
             (8,165 )
TOTAL NET ASSETS - 100.00%
           $ 3,065,013  
                 
 
Footnotes
        
         
Percentages are stated as a percent of net assets.
      
         
The cost basis of investments for federal income tax purposes at January 31, 2009 was as follows*:
         
 
Cost of investments
$
3,550,354
  
 
Gross unrealized appreciation
  
0
  
 
Gross unrealized depreciation
  
(477,176
 )
 
Net unrealized depreciation
$
(477,176
 )
         
*Because tax adjustments are calculated annually, the above table reflects the tax adjustments outstanding at the
 Fund's previous fiscal year end.  For the previous fiscal year's federal income tax information, please refer to the
 Notes to Financial Statements section in the Fund's most recent annual report.
 
FAS 157 - Summary of Fair Value Exposure at January 31, 2009 (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 January 31, 2009 (Unaudited):
    
               
Description
      
Investments in Securities
Other Financial Instruments*
 
Level 1 - Quoted prices
    
 $     3,073,178
 $                   —
    
Level 2 - Other significant observable inputs
  
                       —
                      —
    
Level 3 - Significant unobservable inputs
  
                       —
                      —
    
Total
      
 $     3,073,178
 $                   —
    
               
* Other financial instruments are derivative instruments not reflected in the Schedule 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
            
January 31, 2009 (Unaudited)
            
             
   
Principal
        
   
Amount
    
Value
  
ASSET BACKED SECURITIES - 1.25%
            
Daimler Chrysler Auto Trust, 5.02%, 07/08/2010
   $ 19,536     $ 19,444  
Discover Card Master Trust, 0.533%, 09/15/2012
     30,000       28,499  
Household Credit Card Master Note Trust, 5.10%, 06/15/2012
     25,000       24,734  
MBNA Master Credit Card Trust, 7.00%, 02/15/2012
     15,000       15,221  
TOTAL ASSET BACKED SECURITIES (Cost $89,530)
             87,898  
                 
CORPORATE BONDS - 14.34%
                
Consumer Discretionary - 0.31%
                
Food Services and Drinking Places - 0.31%
                
McDonald's Corp., 5.80%, 10/15/2017
     20,000       21,830  
Total Consumer Discretionary (Cost $20,293)
             21,830  
                 
Consumer Staples - 1.15%
                
Food & Staples Retailing - 0.64%
                
CVS Caremark Corp., 5.75%, 06/01/2017
     30,000       30,066  
Kroger Co. 5.00%, 04/15/2013
     15,000       15,007  
              45,073  
Food Products - 0.51%
                
Campbell Soup Co., 4.875%, 10/01/2013
     15,000       15,319  
General Mills Inc., 5.70%, 02/15/2017
     20,000       20,432  
              35,751  
Total Consumer Staples (Cost $76,721)
             80,824  
                 
Energy - 0.85%
                
Oil, Gas & Consumable Fuels - 0.85%
                
ConocoPhillips, 5.625%, 10/15/2016 (a)
     30,000       30,489  
Occidental Petroleum Corp., 7.00%, 11/01/2013
     15,000       16,460  
Valero Energy Corp., 6.125%, 06/15/2017
     15,000       13,217  
Total Energy (Cost $59,041)
             60,166  
                 
Financials - 5.82%
                
Diversified Financial Services - 4.96%
                
Bank of America Corp., 4.90%, 05/01/2013
     30,000       28,670  
Bank of America Corp., 5.75%, 08/15/2016
     30,000       25,575  
Bank of America Corp., 8.125%, 12/29/2049
     30,000       15,604  
Citigroup, Inc., 5.625%, 08/27/2012
     50,000       44,564  
General Electric Capital Corp., 5.25%, 10/19/2012
     25,000       24,874  
General Electric Capital Corp., 6.00%, 6/15/2012
     30,000       30,554  
HSBC Finance Corp., 6.375%, 10/15/2011
     30,000       30,889  
JPMorgan Chase & Co., 5.75%, 01/02/2013
     50,000       50,487  
National Rural Utilities Cooperative Finance Corp., 7.25%, 03/01/2012
     20,000       21,129  
PNC Financial Services Group, Inc., 6.00%, 12/07/2017
     35,000       33,125  
Santander Central Hispano Issuances Ltd., 7.625%, 09/14/2010 (a)
     20,000       19,531  
Wells Fargo & Co., 4.375%, 01/31/2013
     25,000       24,357  
              349,359  
 
 
   
Principal
        
   
Amount
    
Value
  
Insurance - 0.86%
            
American International Group, Inc., 5.85%, 01/16/2018
   $ 20,000     $ 14,277  
MetLife, Inc., 5.00%, 06/15/2015
     30,000       28,493  
Prudential Financial, Inc., 5.15%, 01/15/2013
     20,000       18,163  
              60,933  
Total Financials (Cost $445,113)
             410,292  
                 
Health Care - 1.29%
                
Biotechnology - 0.43%
                
Amgen, Inc., 4.00%, 11/18/2009
     30,000       30,074  
                 
Chemical Manufacturing - 0.30%
                
GlaxoSmithKline Capital Inc., 5.65%, 05/15/2018
     20,000       21,469  
                 
Health Care Providers & Services - 0.34%
                
UnitedHealth Group Inc., 4.875%, 04/01/2013
     25,000       23,725  
                 
Pharmaceuticals - 0.22%
                
Wyeth, 5.50%, 02/01/2014
     15,000       15,660  
Total Health Care (Cost $89,214)
             90,928  
                 
Industrials - 0.63%
                
Machinery - 0.29%
                
Caterpillar Financial Services Corporation, 4.85%, 12/07/2012
     20,000       20,119  
                 
Road & Rail - 0.34%
                
Burlington Northern Santa Fe Corp., 5.75%, 03/15/2018
     15,000       14,775  
Canadian National Railway, 5.55%, 05/15/2018 (a)
     10,000       9,499  
              24,274  
Total Industrials (Cost $44,615)
             44,393  
                 
Information Technology - 0.66%
                
Computers & Peripherals - 0.22%
                
Hewlett-Packard Co., 4.50%, 03/01/2013
     15,000       15,631  
                 
Software - 0.44%
                
Oracle Corp., 5.00%, 01/15/2011
     30,000       31,322  
Total Information Technology (Cost $45,471)
             46,953  
                 
Materials - 0.90%
                
Chemicals - 0.52%
                
E.I. Du Pont De Nemours & Co., 5.875%, 01/15/2014
     20,000       21,402  
Monsanto Co., 5.125%, 04/15/2018
     15,000       15,064  
              36,466  
Precious Metals - 0.38%
                
Barrick Gold Finance Co., 4.875%, 11/15/2014
     30,000       26,813  
Total Materials (Cost $62,328)
             63,279  
                 
Telecommunication Services - 1.67%
                
Diversified Telecommunication Services - 1.31%
                
AT&T Inc., 5.50%, 02/01/2018
     45,000       44,782  
Verizon Communications Inc., 5.25%, 04/15/2013
     15,000       15,289  
Verizon Communications Inc., 7.375%, 09/01/2012
     30,000       32,471  
              92,542  
Wireless Telecommunication Services - 0.36%
                
Vodafone Group Plc, 5.50%, 06/15/2011 (a)
     25,000       25,392  
Total Telecommunication Services (Cost $116,254)
             117,934  
                 
 
 
   
Principal
        
   
Amount
    
Value
  
Utilities - 1.06%
            
Electric Utilities - 0.64%
            
Columbus Southern Power Co., 5.50%, 03/01/2013
   $ 25,000     $ 24,966  
Peco Energy Co., 4.75%, 10/01/2012
     20,000       19,974  
              44,940  
Multi-Utilities - 0.42%
                
Dominion Resources Inc., 5.00%, 03/15/2013
     15,000       14,842  
Midamerican Energy Holdings, 5.75%, 04/01/2018
     15,000       14,926  
              29,768  
Total Utilities (Cost $75,754)
             74,708  
TOTAL CORPORATE BONDS (Cost $1,034,804)
             1,011,307  
                 
U.S. GOVERNMENT AGENCY ISSUES - 17.04%
                
FAMCA, 6.71%, 07/28/2014
     20,000       24,017  
FHLB, 3.625%, 09/16/2011
     200,000       208,726  
FHLB, 4.00%, 09/06/2013
     165,000       175,360  
FHLB, 5.00%, 11/17/2017
     215,000       234,540  
FHLMC, 5.39%, 02/01/2036
     26,635       27,437  
FNMA, 4.806%, 01/01/2033
     18,196       18,445  
FNMA, 4.882%, 04/01/2035
     130,870       133,244  
FNMA, 6.00%, 07/01/2037
     96,396       99,467  
FNMA, 5.50%, 01/01/2038
     59,475       60,938  
FNMA, 6.00%, 06/01/2038
     48,352       49,889  
FNMA, 5.50%, 09/01/2038
     58,431       59,869  
GNMA, 7.50%, 04/15/2030
     7,227       7,702  
GNMA, 8.00%, 06/15/2030
     2,186       2,331  
GNMA, 7.50%, 11/15/2030
     468       499  
GNMA, 6.50%, 07/15/2032
     10,982       11,533  
GNMA, 6.00%, 10/15/2038
     84,103       86,687  
TOTAL U.S. GOVERNMENT AGENCY ISSUES (Cost $1,168,041)
             1,200,684  
                 
U.S. TREASURY OBLIGATIONS - 13.78%
                
U.S. Treasury Inflation Index - 2.02%
                
2.00%, 01/15/2014
     46,015       45,799  
2.625%, 07/15/2017
     92,302       96,456  
              142,255  
U.S. Treasury Note - 11.76%
                
1.25%, 11/30/2010
     255,000       256,924  
2.00%, 11/30/2013
     10,000       10,098  
4.00%, 08/15/2018
     15,000       16,472  
4.625%, 08/31/2011
     475,000       516,563  
4.75%, 08/15/2017
     25,000       28,672  
              828,729  
TOTAL U.S. TREASURY OBLIGATIONS (Cost $960,023)
             970,984  
                 
   
Shares
          
EXCHANGE-TRADED FUNDS - 47.91%
                
Vanguard Total Bond Market ETF
     43,662       3,376,382  
TOTAL EXCHANGE-TRADED FUNDS (Cost $3,356,556)
             3,376,382  
                 
SHORT TERM INVESTMENTS - 5.84%
                
Investment Companies - 5.84%
                
Fidelity Institutional Money Market Portfolio
     411,781       411,781  
TOTAL SHORT TERM INVESTMENTS (Cost $411,781)
             411,781  
Total Investments  (Cost $7,020,735) - 100.16%
             7,059,036  
Liabilities in Excess of Other Assets - (0.16)%
             (11,042 )
TOTAL NET ASSETS - 100.00%
           $ 7,047,994  
                 
 
 
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 January 31, 2009 was as follows*:
           
 
Cost of investments
$
7,020,735
    
 
Gross unrealized appreciation
  
91,540
    
 
Gross unrealized depreciation
  
(53,239
 )  
 
Net unrealized depreciation
$
38,301
    
           
*Because tax adjustments are calculated annually, the above table reflects the tax adjustments outstanding at the
 Fund's previous fiscal year end.  For the previous fiscal year's federal income tax information, please refer to the
 Notes to Financial Statements section in the Fund's most recent annual report.
 
FAS 157 - Summary of Fair Value Exposure at January 31, 2009 (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 January 31, 2009 (Unaudited):
    
           
Description
Investments in Securities
Other Financial Instruments*
  
 
Level 1 - Quoted prices
 $     3,788,163
 $                   —
    
Level 2 - Other significant observable inputs
        3,270,873
                      —
    
Level 3 - Significant unobservable inputs
                      —
                      —
    
Total
  
 $     7,059,036
 $                   —
    
           
* Other financial instruments are derivative instruments not reflected in the Schedule 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
            
January 31, 2009 (Unaudited)
            
             
   
Principal
        
   
Amount
    
Value
  
MUNICIPAL BONDS - 39.84%
            
Arizona - 1.87%
            
City of Phoenix Civic Improvement Corporation, 5.50%, 07/01/2018
   $ 125,000     $ 150,108  
                 
California - 4.17%
                
California Health Facilities Financing Authority, 5.50%, 07/01/2025
     75,000       66,061  
State of California Department of Water Resources, 5.00%, 05/01/2018
     100,000       110,174  
The Regents of the University of California Limited Project, 5.00%, 05/15/2021
     150,000       158,957  
              335,192  
Florida - 5.76%
                
Florida State Turnpike Authority, 5.00%, 07/01/2020
     150,000       158,320  
State of Florida Department of Transportation, 5.25%, 07/01/2015
     150,000       172,135  
State of Florida Full Faith and Credit State Board of Education, 5.00%, 06/01/2022
     125,000       131,806  
              462,261  
Georgia - 1.81%
                
Metropolitan Atlanta Rapid Transit Authority, 5.00%, 07/01/2017
     125,000       144,965  
                 
Illinois - 1.85%
                
University of Illinois, 5.50%, 04/01/2019
     125,000       148,804  
                 
Iowa - 1.34%
                
Iowa Finance Authority, 5.50%, 08/01/2026
     100,000       107,576  
                 
Massachusetts - 1.71%
                
Massachusetts Water Pollution Abatement Trust, 5.00%, 08/01/2018
     125,000       137,117  
                 
Michigan - 2.04%
                
State of Michigan State Trunk Line Fund, 5.00%, 09/01/2019
     150,000       163,385  
                 
New Jersey - 2.06%
                
New Jersey Economic Development Authority, 5.00%, 03/01/2017
     150,000       165,261  
                 
New York - 7.03%
                
New York City Sales Tax Asset Receivable Corp., 5.00%, 10/15/2022
     150,000       158,820  
New York City Transitional Finance Authority, 5.00%, 08/01/2020
     125,000       135,718  
New York State Thruway Authority, 5.00%, 04/01/2017
     100,000       109,770  
New York State Thruway Authority, 5.00%, 03/15/2021
     150,000       160,254  
              564,562  
North Carolina - 0.59%
                
North Carolina Eastern Municipal Power Agency, 5.25%, 01/01/2020
     50,000       47,621  
                 
Tennessee - 0.98%
                
The Tennessee Energy Acquisition Corp., 5.25%, 09/01/2020
     100,000       78,791  
                 
Texas - 4.91%
                
City of Houston Texas Combined Utility System, 5.25%, 05/15/2015
     150,000       167,292  
City of Houston Texas Combined Utility System, 5.25%, 05/15/2017
     100,000       113,403  
Texas Transportation Commission State Highway, 5.00%, 04/01/2018
     100,000       113,760  
              394,455  
Utah - 1.93%
                
Intermountain Power Agency of Utah, 5.25%, 07/01/2020
     150,000       154,749  
                 
Washington - 1.79%
                
Energy Northwest, 5.00%, 07/01/2016
     125,000       143,912  
TOTAL MUNICIPAL BONDS (Cost $3,118,873)
           $ 3,198,759  
                 
 
 
   
Shares
    
Value
  
EXCHANGE-TRADED FUNDS - 57.76%
            
iShares S&P National Municipal Bond Fund
     30,745     $ 3,060,050  
Market Vectors Lehman Brothers AMT-Free Intermediate Municipal ETF
     75,147       1,578,087  
TOTAL EXCHANGE-TRADED FUNDS (Cost $4,675,154)
             4,638,137  
                 
SHORT TERM INVESTMENTS - 1.85%
                
Investment Companies - 1.85%
                
Fidelity Institutional Tax-Exempt Portfolio
     148,766       148,766  
TOTAL SHORT TERM INVESTMENTS (Cost $148,766)
             148,766  
Total Investments  (Cost $7,942,793) - 99.45%
           $ 7,985,662  
Other Assets in Excess of Liabilities - 0.55%
             44,193  
TOTAL NET ASSETS - 100.00%
           $ 8,029,855  
                 
 
Footnotes
          
           
Percentages are stated as a percent of net assets.
        
           
The cost basis of investments for federal income tax purposes at January 31, 2009 was as follows*:
           
 
Cost of investments
$
7,942,793
    
 
Gross unrealized appreciation
  
136,170
    
 
Gross unrealized depreciation
  
(93,301
 )  
 
Net unrealized depreciation
$
42,869
    
           
*Because tax adjustments are calculated annually, the above table reflects the tax adjustments outstanding at the
 Fund's previous fiscal year end.  For the previous fiscal year's federal income tax information, please refer to the
 Notes to Financial Statements section in the Fund's most recent annual report.
 
FAS 157 - Summary of Fair Value Exposure at January 31, 2009 (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 January 31, 2009:
        
               
Description
    
Investments in Securities
Other Financial Instruments*
  
 
  
Level 1 - Quoted prices
  
 $                     4,786,903
 $                               —
      
Level 2 - Other significant observable inputs
  
                          3,198,759
                                   —
      
Level 3 - Significant unobservable inputs
  
                                           —
                                   —
      
Total
    
 $                     7,985,662
 $                               —
      
               
* Other financial instruments are derivative instruments not reflected in the Schedule 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 and Treasurer 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 13a-15(b) or 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 have materially affected, or are 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 1940 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   3/23/2009                                                                        



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   3/23/2009                                                                           

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

Date   3/24/2009                                                                            

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