As filed with the Securities and Exchange Commission on March 26, 2010

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)

Douglas G. Hess, President

Advisors Series Trust

c/o U.S. Bancorp Fund Services, LLC

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, 2010

Date of reporting period:  January 31, 2010

Item 1. Schedule of Investments.

ActivePassive Large Cap Growth Fund
Schedule of Investments
January 31, 2010 (Unaudited)
	Shares		Value
COMMON STOCKS - 42.17%
Accommodation and Food Services - 0.67%
Yum! Brands, Inc.		2,955	$	101,090
Arts, Entertainment, and Recreation - 1.37%
The Walt Disney Co.		6,947		205,284
Educational Services - 0.43%
Strayer Education, Inc.		310		64,412
Finance and Insurance - 5.02%
T. Rowe Price Group, Inc.		4,822		239,268
The Charles Schwab Corp.		11,213		205,086
Wells Fargo & Co.		10,813		307,414
				751,768
Information - 4.32%
Automatic Data Processing, Inc.		2,443		99,650
Google Inc. (a)		598		316,593
Microsoft Corp.		8,235		232,062
				648,305
Manufacturing - 20.76%
Activision Blizzard, Inc. (a)		13,123		133,330
Apple Inc. (a)		1,819		349,466
BorgWarner, Inc.		6,690		234,752
Caterpillar Inc.		3,216		168,004
Cisco Systems Inc. (a)		11,414		256,473
Ecolab Inc.		4,613		202,511
Emerson Electric Co.		5,369		223,028
International Business Machines Corp.		1,823		223,117
Intuitive Surgical, Inc. (a)		450		147,627
Johnson Controls, Inc.		10,439		290,517
Monsanto Co.		1,627		123,457
PACCAR Inc.		5,597		201,660
Palm, Inc. (a)		5,815		60,418
Praxair, Inc.		853		64,248
QUALCOMM Inc.		2,905		113,847
Roche Holding AG - ADR (b)		3,476		147,155
Teva Pharmaceutical Industries Ltd. - ADR (b)		3,024		171,521
				3,111,131
Mining - 2.84%
Anadarko Petroleum Corp.		2,669		170,229
EOG Resources, Inc.		2,041		184,547
Schlumberger Ltd. (b)		1,111		70,504
				425,280
Professional, Scientific, and Technical Services - 1.65%
Jacobs Engineering Group Inc. (a)		3,389		128,070
priceline.com Inc. (a)		613		119,749
				247,819

	Shares		Value
Retail Trade - 3.23%
Amazon.com, Inc. (a)		2,780	$	348,640
Wal-Mart Stores, Inc.		2,526		134,964
				483,604
Transportation and Warehousing - 1.88%
Expeditors International of Washington, Inc.		4,338		147,926
Union Pacific Corp.		2,208		133,584
				281,510
TOTAL COMMON STOCKS (Cost $5,857,742)				6,320,203
EXCHANGE-TRADED FUNDS - 50.99%
Vanguard Growth ETF		150,992		7,643,215
TOTAL EXCHANGE-TRADED FUNDS (Cost $7,326,193)				7,643,215
SHORT-TERM INVESTMENTS - 5.85%
Investment Companies - 5.85%
Fidelity Institutional Money Market Portfolio, 0.19% (c)		877,282		877,282
TOTAL SHORT-TERM INVESTMENTS (Cost $877,282)				877,282
Total Investments  (Cost $14,061,217) - 99.01%				14,840,700
Other Assets in Excess of Liabilities - 0.99%				148,348
TOTAL NET ASSETS - 100.00%			$	14,989,048

Footnotes
Percentages are stated as a percent of net assets.
ADR	American Depository Receipt
(a)	Non Income Producing
(b)	Foreign Issued Security
(c)	Rate shown is the 7-day yield as of January 31, 2010.
The cost basis of investments for federal income tax purposes at January 31, 2010 was as follows*:
	Cost of investments	$	14,152,126
	Gross unrealized appreciation		1,333,206
	Gross unrealized depreciation		(644,632	)
	Net unrealized appreciation	$	688,574
*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.
Summary of Fair Value Measurements at January 31, 2010 (Unaudited)
The Fund has adopted authoritative fair valuation accounting standards which establish an authoritative definition of fair value and set out
a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to
develop the measurements of fair value, a discussion in changes in valuation techniques and related inputs during the period and expanded
disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below:
Level 1 -	Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access.
Level 2 -	Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or
	indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar
	instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
Level 3 -	Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the
	Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be
	based on the best information available.
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, 2010 (Unaudited):
Equity	Level 1		Level 2		Level 3		Total
Accommodation and Food Services	$	101,090	$	—	$	—	$	101,090
Arts, Entertainment, and Recreation		205,284		—		—		205,284
Educational Services		64,412		—		—		64,412
Finance and Insurance		751,768		—		—		751,768
Information		648,305		—		—		648,305
Manufacturing		3,111,131		—		—		3,111,131
Mining		425,280		—		—		425,280
Professional, Scientific, and Technical Services		247,819		—		—		247,819
Retail Trade		483,604		—		—		483,604
Transportation and Warehousing		281,510		—		—		281,510
Total Equity		6,320,203		—		—		6,320,203
Exchange-Traded Funds		7,643,215		—		—		7,643,215
Short-Term Investments		877,282		—		—		877,282
Total Investments in Securities		14,840,700		—		—		14,840,700
Other Financial Instruments*	$	—	$	—	$	—	$	—
* Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards,
swap contracts and written options. Futures, forwards, and swap contracts are valued at the unrealized appreciation (depreciation)
on the instrument while written options are valued at market value.

ActivePassive Large Cap Value Fund
Schedule of Investments
January 31, 2010 (Unaudited)
	Shares		Value
COMMON STOCKS - 39.99%
Finance and Insurance - 6.57%
The Allstate Corp.		3,159	$	94,549
Bank of America Corp.		10,699		162,411
Bank of New York Mellon Corp.		4,884		142,076
Humana Inc. (a)		2,385		115,959
JPMorgan Chase & Co.		4,039		157,279
Legg Mason, Inc.		3,571		92,060
SunTrust Banks, Inc.		3,788		92,162
				856,496
Health Care and Social Assistance - 1.32%
Laboratory Corp. of America Holdings (a)		1,343		95,487
Quest Diagnostics, Inc.		1,384		77,047
				172,534
Information - 1.78%
AT&T, Inc.		4,375		110,950
Microsoft Corp.		4,297		121,089
				232,039
Manufacturing - 16.90%
Altria Group, Inc.		7,282		144,620
Baxter International Inc.		1,591		91,626
Chevron Corp.		3,771		271,964
ConocoPhillips		3,789		181,872
Dell Inc. (a)		6,397		82,521
Dover Corp.		3,029		129,883
Emerson Electric Co.		2,555		106,135
Fortune Brands, Inc.		1,709		71,043
General Electric Co.		10,854		174,532
Honeywell International, Inc.		2,579		99,653
Ingersoll-Rand Co., Ltd. (b)		2,006		65,115
Intel Corp.		8,534		165,560
NIKE, Inc.		1,619		103,211
Philip Morris International Inc.		1,643		74,773
The Procter & Gamble Co.		3,256		200,407
United Technologies Corp.		2,060		139,009
Watson Pharmaceuticals, Inc. (a)		2,643		101,412
				2,203,336
Mining - 6.06%
Apache Corp.		2,501		247,024
Freeport-McMoRan Copper & Gold, Inc.		2,347		156,521
Marathon Oil Corp.		6,373		189,979
Transocean Ltd. (a)(b)		2,312		195,919
				789,443
Professional, Scientific, and Technical Services - 0.68%
Covance Inc. (a)		1,533		89,083
Retail Trade - 2.74%
AutoZone, Inc. (a)		917		142,163
Best Buy Co., Inc.		2,606		95,510
Wal-Mart Stores, Inc.		2,231		119,202
				356,875

	Shares		Value
Transportation and Warehousing - 1.32%
Burlington Northern Santa Fe Corp.		1,720	$	171,536
Utilities - 1.67%
FPL Group, Inc.		1,379		67,240
Public Service Enterprise Group, Inc.		4,930		150,809
				218,049
Wholesale Trade - 0.95%
AmerisourceBergen Corp.		4,536		123,651
TOTAL COMMON STOCKS (Cost $4,773,502)				5,213,042
CLOSED-END FUNDS - 0.26%
John Hancock Bank and Thrift Opportunity Fund		2,325		34,503
TOTAL CLOSED-END FUNDS (Cost $32,531)				34,503
EXCHANGE-TRADED FUNDS - 55.52%
Vanguard Value ETF		155,364		7,236,855
TOTAL EXCHANGE-TRADED FUNDS (Cost $7,301,283)				7,236,855
SHORT-TERM INVESTMENTS - 3.81%
Investment Companies - 3.81%
Fidelity Institutional Money Market Portfolio, 0.19% (c)		496,446		496,446
TOTAL SHORT-TERM INVESTMENTS (Cost $496,446)				496,446
Total Investments  (Cost $12,603,762) - 99.58%				12,980,846
Other Assets in Excess of Liabilities - 0.42%				54,950
TOTAL NET ASSETS - 100.00%			$	13,035,796

Footnotes
Percentages are stated as a percent of net assets.
(a)	Non Income Producing
(b)	Foreign Issued Security
(c)	Rate shown is the 7-day yield as of January 31, 2010.
The cost basis of investments for federal income tax purposes at January 31, 2010 was as follows*:
	Cost of investments	$	12,782,819
	Gross unrealized appreciation		1,097,765
	Gross unrealized depreciation		(899,738	)
	Net unrealized appreciation	$	198,027
*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.

Summary of Fair Value Measurements at January 31, 2010 (Unaudited)
The Fund has adopted authoritative fair valuation accounting standards which establish an authoritative definition of fair value and set out
a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to
develop the measurements of fair value, a discussion in changes in valuation techniques and related inputs during the period and expanded
disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below:
Level 1 -	Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access.
Level 2 -	Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or
	indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar
	instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
Level 3 -	Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the
	Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be
	based on the best information available.
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, 2010 (Unaudited):
Equity		Level 1		Level 2		Level 3		Total
Finance and Insurance		$	856,496	$	—	$	—	$	856,496
Health Care and Social Assistance			172,534		—		—		172,534
Information			232,039		—		—		232,039
Manufacturing			2,203,336		—		—		2,203,336
Mining			789,443		—		—		789,443
Professional, Scientific, and Technical Services			89,083		—		—		89,083
Retail Trade			356,875		—		—		356,875
Transportation and Warehousing			171,536		—		—		171,536
Utilities			218,049		—		—		218,049
Wholesale Trade			123,651		—		—		123,651
Total Equity			5,213,042		—		—		5,213,042
Closed-End Funds			34,503		—		—		34,503
Exchange-Traded Funds			7,236,855		—		—		7,236,855
Short-Term Investments			496,446		—		—		496,446
Total Investments in Securities			12,980,846		—		—		12,980,846
Other Financial Instruments*		$	—	$	—	$	—	$	—
* Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards,
swap contracts and written options. Futures, forwards, and swap contracts are valued at the unrealized appreciation (depreciation)
on the instrument while written options are valued at market value.

ActivePassive Small/Mid Cap Growth Fund
Schedule of Investments
January 31, 2010 (Unaudited)
	Shares		Value
COMMON STOCKS - 60.42%
Accommodation and Food Services - 1.63%
BJ's Restaurants Inc. (a)		5,570	$	117,750
Choice Hotels International, Inc.		1,290		40,945
				158,695
Administrative Support, Waste Management and Remediation Services - 2.08%
The Geo Group Inc. (a)		5,475		101,288
Waste Connections, Inc. (a)		3,160		101,657
				202,945
Arts, Entertainment, and Recreation - 1.47%
Bally Technologies Inc. (a)		3,614		143,367
Construction - 0.22%
MasTec Inc. (a)		1,775		21,815
Finance and Insurance - 4.32%
Broadpoint Gleacher Securities Inc. (a)		7,554		30,594
Cash America International, Inc.		5,349		201,069
Centene Corp. (a)		3,052		58,751
Duff & Phelps Corp.		2,385		38,732
First Commonwealth Financial Corp.		4,790		28,069
optionsXpress Holdings Inc.		2,298		32,976
UMB Financial Corp.		775		30,620
				420,811
Health Care and Social Assistance - 3.47%
Addus HomeCare Corp. (a)		1,235		10,905
Amedisys, Inc. (a)		1,987		109,186
Genoptix, Inc. (a)		2,580		84,005
Lincare Holdings Inc. (a)		1,955		71,983
Psychiatric Solutions, Inc. (a)		2,810		61,960
				338,039
Information - 5.61%
ANSYS, Inc. (a)		2,939		123,027
Informatica Corp. (a)		5,364		127,073
Novell, Inc. (a)		4,260		19,042
Rovi Corp. (a)		4,505		130,059
TIBCO Software Inc. (a)		11,735		105,146
Vital Images, Inc. (a)		2,992		42,546
				546,893

	Shares		Value
Manufacturing - 27.42%
A123 Systems, Inc. (a)		3,226	$	51,551
American Medical Systems Holdings, Inc. (a)		7,627		146,438
BioMarin Pharmaceutical Inc. (a)		4,522		87,862
Coherent, Inc. (a)		3,444		102,218
Coinstar, Inc. (a)		4,005		103,449
Compellent Technologies, Inc. (a)		4,605		91,547
Cutera, Inc. (a)		3,835		33,863
DTS, Inc. (a)		3,539		100,154
EMS Technologies, Inc. (a)		4,087		52,395
FormFactor, Inc. (a)		5,865		90,732
GrafTech International Ltd. (a)		5,792		72,748
Huntsman Corp.		16,585		202,171
Lufkin Industries, Inc.		2,510		159,084
Netezza Corp. (a)		6,270		56,994
Northwest Pipe Co. (a)		2,893		69,201
ON Semiconductor Corp. (a)		13,331		96,117
Onyx Pharmaceuticals, Inc. (a)		2,180		62,697
OYO Geospace Corp. (a)		2,675		100,232
Regal-Beloit Corp.		1,925		91,245
Regeneron Pharmaceuticals, Inc.  (a)		1,495		39,857
Seattle Genetics, Inc. (a)		3,610		37,255
Shuffle Master, Inc. (a)		10,786		95,888
Teradyne, Inc. (a)		8,359		78,073
Terra Industries Inc.		4,480		141,568
Thoratec Corp. (a)		5,845		165,706
Universal Electronics Inc. (a)		5,769		137,129
Varian Semiconductor Equipment Associates, Inc. (a)		4,860		142,544
Veeco Instruments Inc. (a)		913		29,052
VeriFone Holdings, Inc. (a)		160		2,846
VIVUS, Inc. (a)		3,580		30,251
				2,670,867
Mining - 1.41%
Brigham Exploration Company (a)		2,370		30,905
Unit Corp. (a)		621		28,280
Whiting Petroleum Corp. (a)		1,175		78,208
				137,393
Professional, Scientific, and Technical Services - 7.02%
Bio-Rad Laboratories, Inc. (a)		500		46,590
Cubist Pharmaceuticals, Inc. (a)		1,816		37,210
Eclipsys Corp. (a)		6,420		107,086
ICON PLC. - ADR (a)(b)		3,050		75,762
MedAssets Inc. (a)		3,505		70,941
Monster Worldwide, Inc. (a)		4,157		64,808
Quality Systems, Inc.		1,410		72,671
Radiant Systems, Inc. (a)		3,677		42,469
Ritchie Bros. Auctioneers Inc. (b)		5,130		107,833
Riverbed Technology, Inc. (a)		2,625		58,852
				684,222
Retail Trade - 3.02%
Genesco Inc. (a)		6,185		145,842
Sotheby's		3,455		80,294
Vitamin Shoppe, Inc. (a)		3,217		67,557
				293,693

	Shares		Value
Transportation and Warehousing - 1.52%
Genco Shipping & Trading Ltd. (b)		2,780	$	53,265
Landstar System, Inc.		2,600		94,354
				147,619
Wholesale Trade - 1.23%
American Axle & Manufacturing Holdings, Inc. (a)		7,185		67,180
Herbalife Ltd. (b)		1,361		52,875
				120,055
TOTAL COMMON STOCKS (Cost $5,935,328)				5,886,414
EXCHANGE-TRADED FUNDS - 35.97%
iShares Russell 2000 Growth Index Fund		42,468		2,769,763
iShares Russell Midcap Growth Index Fund		16,865		734,133
TOTAL EXCHANGE-TRADED FUNDS (Cost $2,603,659)				3,503,896
TRUSTS - 0.53%
Redwood Trust, Inc.		3,603		51,523
TOTAL TRUSTS (Cost $50,330)				51,523
SHORT-TERM INVESTMENTS - 5.12%
Investment Companies - 5.12%
Fidelity Institutional Money Market Portfolio, 0.19% (c)		498,700		498,700
TOTAL SHORT-TERM INVESTMENTS (Cost $498,700)				498,700
Total Investments  (Cost $9,088,017) - 102.04%				9,940,533
Liabilities in Excess of Other Assets - (2.04)%				(199,155	)
TOTAL NET ASSETS - 100.00%			$	9,741,378

Footnotes
Percentages are stated as a percent of net assets.
ADR	American Depository Receipt
(a)	Non Income Producing
(b)	Foreign Issued Security
(c)	Rate shown is the 7-day yield as of January 31, 2010.
The cost basis of investments for federal income tax purposes at January 31, 2010 was as follows*:
	Cost of investments	$	9,100,810
	Gross unrealized appreciation		1,203,951
	Gross unrealized depreciation		(364,228	)
	Net unrealized appreciation	$	839,723
*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.
Summary of Fair Value Measurements at January 31, 2010 (Unaudited)
The Fund has adopted authoritative fair valuation accounting standards which establish an authoritative definition of fair value and set out
a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to
develop the measurements of fair value, a discussion in changes in valuation techniques and related inputs during the period and expanded
disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below:
Level 1 -	Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access.
Level 2 -	Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or
	indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar
	instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
Level 3 -	Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the
	Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be
	based on the best information available.

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, 2010 (Unaudited):
Equity	Level 1		Level 2		Level 3		Total
Accommodation and Food Services	$	158,695	$	—	$	—	$	158,695
Administrative Support, Waste Management & Remediation Services		202,945		—		—		202,945
Arts, Entertainment, and Recreation		143,367		—		—		143,367
Construction		21,815		—		—		21,815
Finance and Insurance		420,811		—		—		420,811
Health Care and Social Assistance		338,039		—		—		338,039
Information		546,893		—		—		546,893
Manufacturing		2,670,867		—		—		2,670,867
Mining		137,393		—		—		137,393
Professional, Scientific, and Technical Services		684,222		—		—		684,222
Retail Trade		293,693		—		—		293,693
Transportation and Warehousing		147,619		—		—		147,619
Wholesale Trade		120,055		—		—		120,055
Total Equity		5,886,414		—		—		5,886,414
Exchange-Traded Funds		3,503,896		—		—		3,503,896
Trusts		51,523		—		—		51,523
Short-Term Investments		498,700		—		—		498,700
Total Investments in Securities		9,940,533		—		—		9,940,533
Other Financial Instruments*	$	—	$	—	$	—	$	—
* Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards,
swap contracts and written options. Futures, forwards, and swap contracts are valued at the unrealized appreciation (depreciation)
on the instrument while written options are valued at market value.

ActivePassive Small/Mid Cap Value Fund
Schedule of Investments
January 31, 2010 (Unaudited)
	Shares		Value
COMMON STOCKS - 52.66%
Administrative Support, Waste Management and Remediation Services - 3.43%
Lender Processing Services, Inc.		4,362	$	169,071
Republic Services, Inc.		4,755		127,387
				296,458
Construction - 1.15%
KBR, Inc.		5,322		99,681
Finance and Insurance - 7.92%
EZCORP, Inc. (a)		10,207		185,359
Fidelity National Financial, Inc.		6,761		87,217
First Cash Financial Services, Inc. (a)		5,583		127,460
HCC Insurance Holdings, Inc.		5,932		160,757
PartnerRe Ltd. (b)		1,658		123,670
				684,463
Information - 2.89%
Frontier Communications Corp.		13,042		99,250
John Wiley & Sons, Inc.		3,620		151,135
				250,385
Manufacturing - 8.51%
Dean Foods Co. (a)		9,291		163,800
Holly Corp.		3,708		96,779
Hypercom Corp. (a)		23,075		79,147
Jarden Corp.		4,013		122,316
Terra Industries Inc.		3,446		108,894
Warner Chilcott PLC (a)(b)		6,019		164,499
				735,435
Mining - 8.02%
Cabot Oil & Gas Corp.		3,882		148,564
Global Industries, Ltd. (a)		8,855		61,719
Helix Energy Solutions Group Inc. (a)		4,624		49,061
Petrohawk Energy Corp. (a)		6,935		154,859
Superior Energy Services, Inc. (a)		6,674		153,302
Swift Energy Co. (a)		5,016		125,701
				693,206
Professional, Scientific, and Technical Services - 8.96%
Cogent Inc. (a)		9,029		93,270
FTI Consulting Inc. (a)		3,490		144,660
McDermott International, Inc. (a)(b)		9,422		222,548
Navigant Consulting, Inc. (a)		6,935		94,039
VeriSign, Inc. (a)		4,536		103,920
Wright Express Corp. (a)		3,969		116,530
				774,967
Retail Trade - 1.63%
Hanesbrands, Inc. (a)		6,150		141,266
Transportation and Warehousing - 5.77%
Aegean Marine Petroleum Network Inc. (b)		7,284		226,605
Genco Shipping & Trading Ltd. (b)		5,496		105,303
Navios Maritime Holdings, Inc. (b)		18,625		116,593
OMEGA Navigation Enterprises, Inc. (b)		7,982		23,307
StealthGas, Inc. (b)		5,389		26,999
				498,807

	Shares		Value
Utilities - 4.38%
ALLETE, Inc.		3,315	$	103,760
CMS Energy Corp.		11,079		168,068
UIL Holdings Corp.		3,926		106,669
				378,497
TOTAL COMMON STOCKS (Cost $4,304,440)				4,553,165
EXCHANGE-TRADED FUNDS - 38.32%
iShares Russell 2000 Value Index Fund		45,267		2,554,417
iShares Russell Midcap Value Index Fund		21,135		759,380
TOTAL EXCHANGE-TRADED FUNDS (Cost $2,463,694)				3,313,797
TRUSTS - 5.34%
Annaly Capital Management, Inc.		6,543		113,717
LTC Properties, Inc.		6,805		172,711
OMEGA Healthcare Investors, Inc.		9,378		175,462
TOTAL TRUSTS (Cost $429,135)				461,890
SHORT-TERM INVESTMENTS - 4.35%
Investment Companies - 4.35%
Fidelity Institutional Money Market Portfolio, 0.19% (c)		376,226		376,226
TOTAL SHORT-TERM INVESTMENTS (Cost $376,226)				376,226
Total Investments (Cost $7,573,495) - 100.67%				8,705,078
Liabilities in Excess of Other Assets - (0.67)%				(57,650	)
TOTAL NET ASSETS - 100.00%			$	8,647,428

Footnotes
Percentages are stated as a percent of net assets.
(a)	Non Income Producing
(b)	Foreign Issued Security
(c)	Rate shown is the 7-day yield as of January 31, 2010.
The cost basis of investments for federal income tax purposes at January 31, 2010 was as follows*:
	Cost of investments	$	7,598,473
	Gross unrealized appreciation		1,514,781
	Gross unrealized depreciation		(408,176	)
	Net unrealized appreciation	$	1,106,605
*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.

Summary of Fair Value Measurements at January 31, 2010 (Unaudited)
The Fund has adopted authoritative fair valuation accounting standards which establish an authoritative definition of fair value and set out
a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to
develop the measurements of fair value, a discussion in changes in valuation techniques and related inputs during the period and expanded
disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below:
Level 1 -	Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access.
Level 2 -	Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or
	indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar
	instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
Level 3 -	Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the
	Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be
	based on the best information available.
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, 2010 (Unaudited):
Equity		Level 1		Level 2		Level 3		Total
Administrative Support, Waste Management and Remediation Services		$	296,458	$	—	$	—	$	296,458
Construction			99,681		—		—		99,681
Finance and Insurance			684,463		—		—		684,463
Information			250,385		—		—		250,385
Manufacturing			735,435		—		—		735,435
Mining			693,206		—		—		693,206
Professional, Scientific, and Technical Services			774,967		—		—		774,967
Retail Trade			141,266		—		—		141,266
Transportation and Warehousing			498,807		—		—		498,807
Utilities			378,497		—		—		378,497
Total Equity			4,553,165		—		—		4,553,165
Exchange-Traded Funds			3,313,797		—		—		3,313,797
Trusts			461,890		—		—		461,890
Short-Term Investments			376,226		—		—		376,226
Total Investments in Securities			8,705,078		—		—		8,705,078
Other Financial Instruments*		$	—	$	—	$	—	$	—
* Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards,
swap contracts and written options. Futures, forwards, and swap contracts are valued at the unrealized appreciation (depreciation)
on the instrument while written options are valued at market value.

ActivePassive International Equity Fund
Schedule of Investments
January 31, 2010 (Unaudited)
	Shares		Value
COMMON STOCKS - 49.06%
Australia - 3.01%
BHP Billiton Ltd. (b)		4,528	$	157,824
Cochlear Ltd. (b)		1,914		105,488
CSL Ltd. (b)		2,809		77,482
QBE Insurance Group Ltd. (b)		4,271		86,600
Woolworths Ltd. (b)		2,534		57,970
				485,364
Belgium - 1.06%
Anheuser-Busch InBev NV (b)		3,423		171,568
Bermuda - 0.74%
Esprit Holdings Ltd. (b)		9,003		63,890
Li & Fung Ltd. (b)		12,000		55,024
				118,914
Brazil - 0.44%
Petroleo Brasileiro SA - ADR (b)		1,978		71,366
Canada - 2.92%
Bombardier Inc. (b)		14,473		68,220
Canadian National Railway Co. (b)		1,253		62,483
Canadian Natural Resources Ltd. (b)		1,101		70,277
Cenovus Energy Inc. (b)		1,011		23,364
EnCana Corp. (b)		1,011		30,919
Fairfax Financial Holding Ltd. (b)		158		53,611
Suncor Energy, Inc. (b)		2,568		81,081
Talisman Energy Inc. (b)		4,856		80,339
				470,294
China - 0.38%
Industrial & Commercial Bank of China Ltd. (b)		84,000		61,670
Denmark - 1.19%
Novo Nordisk A/S (b)		2,212		150,560
Vestas Wind Systems A/S (a)(b)		766		40,783
				191,343
Finland - 0.44%
Nokia Oyj (b)		5,003		70,338
France - 1.57%
Axa (b)		3,311		68,861
Danone SA (b)		974		55,969
Total SA (b)		2,207		128,673
				253,503
Germany - 3.77%
Adidas AG (b)		1,613		82,546
Bayer AG (b)		2,437		167,171
Bayerische Motoren Werke AG (b)		1,280		54,945
Deutsche Boerse AG (b)		111		7,318
Fresenius Medical Care AG & Co. (b)		1,150		58,414
Merck KGaA (b)		985		88,102
Puma AG Rudolf Dassler Sport (b)		361		110,742
SAP AG (b)		825		37,839
				607,077

	Shares		Value
Hong Kong - 0.68%
Hutchison Whampoa Ltd. (b)		16,000	$	109,532
India - 1.02%
Infosys Technologies Ltd. - ADR (b)		3,173		164,710
Ireland - 0.30%
CRH PLC (b)		1,959		47,587
Israel - 1.60%
Teva Pharmaceutical Industries Ltd. - ADR (b)		4,537		257,339
Italy - 1.44%
Eni SpA (b)		4,901		115,043
Finmeccanica SpA (b)		8,373		116,672
				231,715
Japan - 3.53%
DENSO Corp. (b)		2,500		73,810
FANUC Ltd. (b)		900		86,346
HOYA Corp. (b)		3,400		91,154
Keyence Corp. (b)		330		76,152
Komatsu Ltd. (b)		2,300		46,375
NIDEC Corp. (b)		1,400		137,883
Toyota Motor Corp. (b)		1,500		57,996
				569,716
Jersey - 2.01%
Informa PLC (b)		14,374		75,823
Shire PLC (b)		8,862		175,231
WPP PLC (b)		7,917		73,590
				324,644
Mexico - 1.51%
America Movil SAB de C.V. - ADR (b)		3,471		151,509
Grupo Televisa SA - ADR (b)		4,728		92,385
				243,894
Netherlands - 2.22%
Koninklijke Ahold NV (b)		7,799		98,390
Koninklijke KPN NV (b)		6,584		109,453
TNT NV (b)		3,773		108,889
Unilever NV (b)		1,342		41,317
				358,049
Norway - 0.33%
Petroleum Geo-Services ASA (a)(b)		4,196		52,990
Philippines - 0.82%
Philippine Long Distance Telephone Co. (b)		2,310		132,639
Singapore - 1.98%
Keppel Corp. Ltd. (b)		19,000		113,088
Singapore Technologies Engineering Ltd. (b)		35,000		76,907
United Overseas Bank Ltd. (b)		10,000		129,138
				319,133
South Korea - 0.54%
Hyundai Mobis (b)		679		86,501
Spain - 0.58%
Telefonica SA (b)		3,877		93,345

	Shares		Value
Switzerland - 4.70%
Nestle SA (b)		4,256	$	202,628
Novartis AG (b)		837		44,860
Roche Holding AG (b)		1,449		243,845
Sonova Holding AG (b)		1,026		127,585
Syngenta AG (b)		540		139,493
				758,411
Taiwan - 1.05%
MediaTek Inc. (b)		4,000		65,110
Taiwan Semiconductor Manufacturing Co., Ltd. - ADR (b)		10,331		104,963
				170,073
Turkey - 0.36%
Akbank TAS (b)		9,972		58,629
United Kingdom - 8.87%
BAE Systems PLC (b)		12,752		71,955
BG Group PLC (b)		5,781		107,148
British American Tobacco PLC (b)		2,951		97,669
Capita Group PLC (b)		5,356		61,943
Compass Group PLC (b)		18,623		127,499
Imperial Tobacco Group PLC (b)		6,730		217,954
International Power PLC (b)		25,565		131,505
Reckitt Benckiser Group PLC (b)		3,890		202,462
Reed Elsevier PLC (b)		10,115		80,844
Smith & Nephew PLC (b)		4,332		43,833
Tesco PLC (b)		21,214		144,306
Vodafone Group PLC (b)		66,234		142,454
				1,429,572
TOTAL COMMON STOCKS (Cost $7,390,368)				7,909,916
PREFERRED STOCKS - 0.36%
Brazil - 0.36%
Banco Bradesco SA - ADR (b)		3,546		58,722
TOTAL PREFERRED STOCKS (Cost $60,299)				58,722
CLOSED-END FUNDS - 0.36%
India Fund, Inc.		2,001		57,809
TOTAL CLOSED-END FUNDS (Cost $39,758)				57,809
OPEN-END FUNDS - 42.12%
Fidelity Spartan International Index Fund		213,828		6,791,185
TOTAL OPEN-END FUNDS (Cost $5,212,511)				6,791,185
SHORT-TERM INVESTMENTS - 7.34%
Investment Companies - 7.34%
Fidelity Institutional Money Market Portfolio, 0.19% (c)		1,183,008		1,183,008
TOTAL SHORT-TERM INVESTMENTS (Cost $1,183,008)				1,183,008
Total Investments  (Cost $13,885,944) - 99.24%				16,000,640
Other Assets in Excess of Liabilities - 0.76%				121,692
TOTAL NET ASSETS - 100.00%			$	16,122,332

Footnotes
Percentages are stated as a percent of net assets.
ADR	American Depository Receipt
(a)	Non-income producing security
(b)	Foreign Issued Security
(c)	Rate shown is the 7-day yield as of January 31, 2010.
The cost basis of investments for federal income tax purposes at January 31, 2010 was as follows*:
	Cost of investments			$	14,096,025
	Gross unrealized appreciation				2,685,625
	Gross unrealized depreciation				(781,010	)
	Net unrealized appreciation			$	1,904,615
*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.
Summary of Fair Value Measurements at January 31, 2010 (Unaudited)
The Fund has adopted authoritative fair valuation accounting standards which establish an authoritative definition of fair value and set out
a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to
develop the measurements of fair value, a discussion in changes in valuation techniques and related inputs during the period and expanded
disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below:
Level 1 -	Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access.
Level 2 -	Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or
	indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar
	instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
Level 3 -	Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the
	Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be
	based on the best information available.
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, 2010 (Unaudited):
Equity		Level 1		Level 2			Level 3		Total
Australia		$	485,364	$	—		$	—	$	485,364
Belgium			171,568		—			—		171,568
Bermuda			118,914		—			—		118,914
Brazil			71,366		—			—		71,366
Canada			296,553		173,741			—		470,294
China			61,670		—			—		61,670
Denmark			191,343		—			—		191,343
Finland			70,338		—			—		70,338
France			253,503		—			—		253,503
Germany			607,077		—			—		607,077
Hong Kong			109,532		—			—		109,532
India			164,710		—			—		164,710
Ireland			47,587		—			—		47,587
Israel			257,339		—			—		257,339
Italy			231,715		—			—		231,715
Japan			569,716		—			—		569,716
Jersey			324,644		—			—		324,644
Mexico			243,894		—			—		243,894

Netherlands		358,049		—		—		358,049
Norway		52,990		—		—		52,990
Philippines		132,639		—		—		132,639
Singapore		319,133		—		—		319,133
South Korea		86,501		—		—		86,501
Spain		93,345		—		—		93,345
Switzerland		758,411		—		—		758,411
Taiwan		170,073		—		—		170,073
Turkey		—		58,629		—		58,629
United Kingdom		1,429,572		—		—		1,429,572
Total Equity		7,677,546		232,370		—		7,909,916
Preferred Stocks		58,722		—		—		58,722
Closed-End Funds		57,809		—		—		57,809
Open-End Funds		6,791,185		—		—		6,791,185
Short-Term Investments		1,183,008		—		—		1,183,008
Total Investments in Securities		15,768,270		232,370		—		16,000,640
Other Financial Instruments*	$	—	$	—	$	—	$	—
* Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards,
swap contracts and written options. Futures, forwards, and swap contracts are valued at the unrealized appreciation (depreciation)
on the instrument while written options are valued at market value.

ActivePassive Emerging Markets Equity Fund
Schedule of Investments
January 31, 2010 (Unaudited)
	Shares		Value
COMMON STOCKS - 71.72%
Bermuda - 1.35%
Credicorp Ltd. (b)		888	$	66,271
GOME Electrical Appliances Holdings Ltd. (a)(b)		84,000		29,753
				96,024
Brazil - 11.82%
Bco Do Brasil SA (b)		2,600		38,759
BM&F Bovespa SA (b)		8,925		60,273
Cia Brasileira de Meios de Pagamento (b)		5,767		45,891
Companhia de Bebidas das Americas - ADR (b)		620		57,387
Companhia Energetica de Minas Gerais - ADR (b)		3,710		61,846
Companhia Siderurgica Nacional SA - ADR (b)		978		28,479
Gafisa S.A. (b)		2,954		38,190
Hypermarcas SA (a)(b)		6,552		75,461
Itau Unibanco Holding SA - ADR (b)		3,051		58,457
Natura Cosmeticos SA (b)		1,548		27,872
Petroleo Brasileiro SA - ADR (b)		5,488		222,648
Tele Norte Leste Participacoes SA - ADR (b)		2,253		40,148
Totvs SA (b)		1,394		85,711
				841,122
Cayman Islands - 1.01%
Belle International Holdings Ltd. (b)		27,000		30,707
Tencent Holdings Ltd. (b)		2,200		41,144
				71,851
China - 7.62%
China CITIC Bank (b)		75,000		50,522
China Construction Bank Corp. (b)		80,000		61,618
China National Building Material Co., Ltd. (b)		20,000		33,334
China Petroleum & Chemical Corp. (b)		66,000		51,940
China Railway Group Ltd. (a)(b)		57,000		41,333
China Shenhua Energy Co., Ltd. (b)		18,500		79,586
China Shipping Development Co., Ltd. (b)		36,000		57,033
Industrial & Commercial Bank of China Ltd. (b)		85,000		62,404
Ping An Insurance Co., of China Ltd. (b)		7,000		54,817
Weichai Power Co., Ltd. (b)		6,800		49,266
				541,853
Egypt - 0.46%
Orascom Construction Industries (b)		684		32,970
Hong Kong - 3.16%
China Mobile Ltd. - ADR (b)		2,070		97,187
CNOOC Ltd. (b)		69,000		98,115
Denway Motors Ltd. (b)		52,000		29,804
				225,106
India - 2.81%
Infosys Technologies Ltd. - ADR (b)		2,560		132,890
Larsen & Toubro Ltd. - ADR (b)(c)		2,168		66,860
				199,750
Indonesia - 2.07%
PT Astra International Tbk (b)		17,500		67,286
PT United Tractors Tbk (b)		44,500		80,195
				147,481

	Shares		Value
Israel - 0.41%
Teva Pharmaceutical Industries Ltd. - ADR (b)		512	$	29,041
Luxembourg - 0.94%
Tenaris SA - ADR (b)		1,528		67,232
Malaysia - 0.95%
CIMB Group Holding (b)		18,300		67,921
Mexico - 5.01%
America Movil SAB de CV - ADR (b)		2,822		123,180
Empresas ICA SAB de CV (a)(b)		11,786		28,789
Fomento Economico Mexicano, SAB de CV - ADR (b)		699		29,470
Grupo Financiero Banorte SAB de CV (b)		10,553		34,701
Groupo Mexico SAB de CV (b)		28,994		58,764
Grupo Televisa SA de CV - ADR (b)		1,278		24,972
Wal-Mart de Mexico SAB de CV - ADR (b)		1,289		56,845
				356,721
Russia - 8.67%
Gazprom - ADR (a)(b)		7,759		186,216
LUKOIL - ADR (b)		1,863		102,279
Mining and Metallurgical Company Norilsk Nickel - ADR (a)(b)		4,327		66,203
Mobile Telesystems - ADR (b)		1,325		63,309
Sberbank (b)		41,434		120,615
Uralkali - ADR (a)(b)		1,384		27,680
Wimm-Bill-Dann Foods - ADR (a)(b)		2,460		51,119
				617,421
South Africa - 5.59%
Clicks Group Ltd. (b)		18,438		64,090
Impala Platinum Holdings Ltd. - ADR (b)		4,415		112,627
MTN Group Ltd. (b)		3,292		47,261
Naspers Ltd. - ADR (b)		1,949		69,092
Shoprite Holdings Ltd. (b)		3,548		32,507
Standard Bank Group Ltd. (b)		5,045		72,031
				397,608
South Korea - 10.01%
Amorepacific Corp. (b)		39		27,192
Hyundai Heavy Industries Co., Ltd. (b)		168		27,042
Hyundai Motor Co. - ADR (a)(b)(c)		711		34,579
KB Financial Group, Inc. - ADR (a)(b)		2,489		106,380
LG Chemical Ltd. (b)		196		33,742
Lotte Shopping Co., Ltd. (b)		233		59,967
POSCO - ADR (b)		692		78,161
Samsung Electronics Co., Ltd. - ADR (a)(b)(c)		781		263,527
Samsung Fire & Marine Insurance Co., Ltd. (b)		167		26,665
Shinsegae Co., Ltd. (b)		122		55,132
				712,387
Taiwan - 7.62%
Asustek Computer Inc. (b)		28,056		54,450
Chinatrust Financial Holding Co., Ltd. (b)		111,431		61,042
Formosa Plastics Corp. (b)		19,260		40,153
Hon Hai Precision Industry Co., Ltd. - ADR (b)(c)		17,170		144,581
MediaTek Inc. (b)		2,004		32,620
President Chain Store Corp. (b)		10,224		23,523
Taiwan Semiconductor Manufacturing Co., Ltd. - ADR (b)		18,324		186,172
				542,541

	Shares		Value
Turkey - 0.62%
Turkiye Garanti Bankasi AS (b)		10,413	$	44,177
United Kingdom - 1.60%
Eurasian Natural Resources Corp. (b)		3,895		56,596
Standard Chartered PLC (b)		2,450		57,117
				113,713
TOTAL COMMON STOCKS (Cost $4,627,169)				5,104,919
PREFERRED STOCKS - 5.84%
Brazil - 5.84%
Banco Bradesco SA - ADR (b)		5,679		94,044
Ultrapar Participacoes SA (b)		993		43,671
Usinas Siderurgicas de Minas Gerais SA (b)		1,152		30,313
Vale SA - ADR (b)		10,967		247,635
TOTAL PREFERRED STOCKS (Cost $390,494)				415,663
EXCHANGE-TRADED FUNDS - 15.61%
Vanguard Emerging Markets ETF		29,018		1,110,809
TOTAL EXCHANGE-TRADED FUNDS (Cost $1,026,076)				1,110,809
SHORT-TERM INVESTMENTS - 5.06%
Investment Companies - 5.06%
AIM Liquid Assets, 0.15% (d)		162,646		162,646
Fidelity Institutional Money Market Portfolio, 0.19% (d)		197,825		197,825
TOTAL SHORT-TERM INVESTMENTS (Cost $360,471)				360,471
Total Investments  (Cost $6,404,210) - 98.23%				6,991,862
Other Assets in Excess of Liabilities - 1.77%				125,847
TOTAL NET ASSETS - 100.00%			$	7,117,709

Footnotes
Percentages are stated as a percent of net assets.
ADR	American Depository Receipt
(a)	Non-income producing security
(b)	Foreign Issued Security
(c)	Restricted securitiy under Rule 144A of the Securities Act of 1933
(d)	Rate shown is the 7-day yield as of January 31, 2010.
The cost basis of investments for federal income tax purposes at January 31, 2010 was as follows*:
	Cost of investments	$	6,445,045
	Gross unrealized appreciation		1,187,667
	Gross unrealized depreciation		(640,850	)
	Net unrealized appreciation	$	546,817
*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.

Summary of fair Value Measurements at january 31, 2010 (Unaudited)
The Fund has adopted authoritative fair valuation accounting standards which establish an authoritative definition of fair value and set out
a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to
develop the measurements of fair value, a discussion in changes in valuation techniques and related inputs during the period and expanded
disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below:
Level 1 -	Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access.
Level 2 -	Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or
	indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar
	instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
Level 3 -	Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the
	Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be
	based on the best information available.
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, 2010 (Unaudited):
Equity		Level 1		Level 2		Level 3		Total
Bermuda		$	96,024	$	—	$	—	$	96,024
Brazil			841,122		—		—		841,122
Cayman Islands			71,851		—		—		71,851
China			541,853		—		—		541,853
Egypt			32,970		—		—		32,970
Hong Kong			225,106		—		—		225,106
India			132,890		66,860		—		199,750
Indonesia			147,481		—		—		147,481
Israel			29,041		—		—		29,041
Luxembourg			67,232		—		—		67,232
Malaysia			67,921		—		—		67,921
Mexico			356,721		—		—		356,721
Russia			617,421		—		—		617,421
South Africa			397,608		—		—		397,608
South Korea			677,808		34,579		—		712,387
Taiwan			397,960		144,581		—		542,541
Turkey			—		44,177		—		44,177
United Kingdom			113,713		—		—		113,713
Total Equity			4,814,722		290,197		—		5,104,919
Preferred Stocks			415,663		—		—		415,663
Exchange-Traded Funds			1,110,809		—		—		1,110,809
Short-Term Investments			360,471		—		—		360,471
Total Investments in Securities			6,701,665		290,197		—		6,991,862
Other Financial Instruments*		$	—	$	—	$	—	$	—
* Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards,
swap contracts and written options. Futures, forwards, and swap contracts are valued at the unrealized appreciation (depreciation)
on the instrument while written options are valued at market value.

ActivePassive Global Bond Fund
Schedule of Investments
January 31, 2010 (Unaudited)
	Shares		Value
EXCHANGE-TRADED FUNDS - 40.46%
SPDR Barclays Capital International Treasury Bond ETF		26,067	$	1,459,752
Vanguard Total Bond Market ETF		18,518		1,473,847
TOTAL EXCHANGE-TRADED FUNDS (Cost $2,882,403)				2,933,599
OPEN-END FUNDS - 55.73%
Loomis Sayles Global Bond Fund		189,627		3,032,134
Oppenheimer International Bond Fund		159,151		1,009,018
TOTAL OPEN-END FUNDS (Cost $3,964,088)				4,041,152
SHORT-TERM INVESTMENTS - 1.19%
Investment Companies - 1.19%
Fidelity Institutional Money Market Portfolio, 0.19% (a)		86,645		86,645
TOTAL SHORT-TERM INVESTMENTS (Cost $86,645)				86,645
Total Investments (Cost $6,933,136) - 97.38%				7,061,396
Other Assets in Excess of Liabilities - 2.62%				189,813
TOTAL NET ASSETS - 100.00%			$	7,251,209

Footnotes
Percentages are stated as a percent of net assets.
(a)	Rate shown is the 7-day yield as of January 31, 2010.
The cost basis of investments for federal income tax purposes at January 31, 2010 was as follows*:
	Cost of investments	$	6,962,119
	Gross unrealized appreciation		228,442
	Gross unrealized depreciation		(129,165	)
	Net unrealized appreciation	$	99,277
*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.
Summary of Fair Value Measurements at January 31, 2010 (Unaudited)
The Fund has adopted authoritative fair valuation accounting standards which establish an authoritative definition of fair value and set out
a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to
develop the measurements of fair value, a discussion in changes in valuation techniques and related inputs during the period and expanded
disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below:
Level 1 -	Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access.
Level 2 -	Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or
	indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar
	instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
Level 3 -	Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the
	Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be
	based on the best information available.

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, 2010 (Unaudited):
	Level 1		Level 2		Level 3		Total
Exchange-Traded Funds	$	2,933,599	$	—	$	—	$	2,933,599
Open-End Funds		4,041,152		—		—		4,041,152
Short-Term Investments		86,645		—		—		86,645
Total Investments in Securities		7,061,396		—		—		7,061,396
Other Financial Instruments*	$	—	$	—	$	—	$	—
* Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards,
swap contracts and written options. Futures, forwards, and swap contracts are valued at the unrealized appreciation (depreciation)
on the instrument while written options are valued at market value.

ActivePassive Intermediate Taxable Bond Fund
Schedule of Investments
January 31, 2010 (Unaudited)
	Principal
	Amount		Value
ASSET BACKED SECURITIES - 2.02%
Capital Auto Receivables Asset Trust., 4.68%, 10/15/2012	$	30,000	$	31,020
Capital One Multi-Asset Execution Trust., 4.05%, 03/15/2013		30,000		30,316
Discover Card Master Trust, 0.433%, 09/15/2012		30,000		29,998
Household Automotive Trust, 5.33%, 11/17/2013		45,000		46,859
Hyundai Auto Receivables Trust., 2.03%, 08/15/2013		30,000		30,451
Nissan Auto Lease Trust., 2.07%, 01/15/2015		25,000		25,300
Nissan Auto Lease Trust, 2.92%, 12/15/2011		25,000		25,567
USAA Auto Owner Trust, 1.54%, 02/18/2014		30,000		30,101
World Omni Auto Receivables Trust, 2.21%, 05/15/2015		45,000		44,999
TOTAL ASSET BACKED SECURITIES (Cost $292,646)				294,611
CORPORATE BONDS - 11.82%
Finance and Insurance - 4.34%
American International Group, Inc., 5.85%, 01/16/2018		20,000		16,080
Bank of America Corp., 5.75%, 08/15/2016		30,000		30,603
Bank of America Corp., 7.375%, 05/15/2014		40,000		45,380
Bank of America Corp., 7.625%, 06/01/2019		20,000		22,922
BB&T Corp., 3.10%, 07/28/2011		20,000		20,460
Caterpillar Financial Services Corp., 4.85%, 12/07/2012		20,000		21,712
The Charles Schwab Corp., 4.95%, 06/01/2014		30,000		32,082
General Electric Capital Corp., 5.40%, 02/15/2017		50,000		52,327
General Electric Capital Corp., 5.45%, 01/15/2013		50,000		53,766
Goldman Sachs Group, Inc., 5.15%, 01/15/2014		30,000		31,824
HSBC Finance Corp., 6.375%, 10/15/2011		35,000		37,428
MetLife, Inc., 6.750%, 06/01/2016		25,000		28,659
MetLife, Inc., 6.817%, 08/15/2018		15,000		17,114
National Rural Utilities Cooperative Finance Corp., 7.25%, 03/01/2012		20,000		22,250
PNC Financial Services Group, Inc., 6.00%, 12/07/2017		35,000		37,350
Prudential Financial, Inc., 5.15%, 01/15/2013		25,000		26,651
Santander Central Hispano Issuances Ltd., 7.625%, 09/14/2010 (a)		20,000		20,836
UnitedHealth Group, Inc., 4.875%, 04/01/2013		25,000		26,809
Wachovia Corp. 5.75%, 06/15/2017		25,000		26,495
Wells Fargo & Co., 4.375%, 01/31/2013		60,000		63,159
				633,907
Information - 2.10%
AT&T, Inc., 5.50%, 02/01/2018		45,000		47,579
AT&T, Inc., 5.625%, 06/15/2016		45,000		49,515
Comcast Corp., 5.70%, 07/01/2019		30,000		31,781
Verizon Communications, Inc., 5.55%, 02/15/2016		55,000		60,043
Vodafone Group Plc, 5.00%, 12/16/2013 (a)		50,000		53,922
Vodafone Group Plc, 5.50%, 06/15/2011 (a)		60,000		63,389
				306,229
Management of Companies and Enterprised - 0.53%
BHP Billiton Ltd., 6.50%, 04/01/2019 (a)		20,000		22,969
JPMorgan Chase & Co., 5.75%, 01/02/2013		50,000		54,474
				77,443

	Principal
	Amount		Value
Manufacturing - 2.00%
Agrium, Inc., 6.75%, 01/15/2019 (a)	$	15,000	$	16,893
The Boeing Co., 6.10%, 03/01/2011		20,000		21,112
Coca-Cola Enterprises Inc., 5.00%, 08/15/2013		25,000		27,360
Conagra Foods, Inc., 5.875%, 04/15/2014		20,000		22,140
ConocoPhillips, 5.625%, 10/15/2016 (a)		35,000		38,754
E.I. Du Pont De Nemours & Co., 5.875%, 01/15/2014		20,000		22,405
General Mills Inc., 6.00%, 02/15/2012		35,000		38,425
H.J. Heinz Co., 6.625%, 07/15/2011		20,000		21,537
Kraft Foods Inc., 5.625%, 11/01/2011		35,000		37,326
Valero Energy Corp., 9.375%, 03/15/2019		20,000		24,397
Wyeth, 5.50%, 02/01/2014		20,000		22,183
				292,532
Mining - 0.93%
Barrick Gold Finance Co., 4.875%, 11/15/2014		30,000		32,073
Barrick Gold Finance Co., 6.125%, 09/15/2013		20,000		22,459
Marathon Oil Corp., 6.50%, 02/15/2014		30,000		33,796
Occidental Petroleum Corp., 7.00%, 11/01/2013		20,000		23,338
Rio Tinto Financial USA Ltd., 8.95%, 05/01/2014 (a)		20,000		24,146
				135,812
Professional, Scientific, and Technical Services - 0.19%
Electronic Data Systems Corp., 6.00%, 08/01/2013		25,000		28,213
Retail Trade - 0.53%
CVS Caremark Corp., 6.125%, 08/15/2016		20,000		22,124
Kroger Co., 5.00%, 04/15/2013		15,000		15,994
Kroger Co., 7.50%, 01/15/2014		15,000		17,419
Safeway, Inc., 6.25%, 03/15/2014		20,000		22,368
				77,905
Transportation and Warehousing - 0.11%
CSX Corp., 5.75%, 03/15/2013		15,000		16,374
Utilities - 1.09%
Alabama Power Co., 4.85%, 12/15/2012		20,000		21,746
Columbus Southern Power Co., 5.50%, 03/01/2013		25,000		27,135
Dominion Resources Inc., 5.00%, 03/15/2013		20,000		21,185
Midamerican Energy Holdings, 5.75%, 04/01/2018		30,000		31,937
Peco Energy Co., 4.75%, 10/01/2012		20,000		21,545
Sempra Energy, 6.50%, 06/01/2016		30,000		33,562
				157,110
TOTAL CORPORATE BONDS (Cost $1,648,802)				1,725,525
FOREIGN GOVERNMENT AGENCY ISSUES - 0.30%
European Investment Bank, 4.25%, 07/15/2013 (a)		40,000		43,077
TOTAL FOREIGN GOVERNMENT AGENCY ISSUES (Cost $42,441)				43,077

	Principal
	Amount		Value
U.S. GOVERNMENT AGENCY ISSUES - 11.56%
FAMCA, 6.71%, 07/28/2014	$	20,000	$	23,648
FHLB, 5.00%, 11/17/2017		215,000		238,013
FHLB, 1.625%, 07/27/2011		70,000		70,907
FHLB, 3.625%, 09/16/2011		200,000		209,119
FHLMC, 2.125%, 09/21/2012		450,000		459,337
FHLMC, 5.378%, 02/01/2036		19,490		20,469
FNMA, 2.625%, 11/20/2014		335,000		335,867
FNMA, 5.851%, 03/01/2037		96,098		102,552
FNMA, 5.224%, 10/01/2037		24,449		25,697
FNMA, 5.50%, 01/01/2038		41,472		43,995
FNMA, 5.50%, 04/01/2039		31,788		33,717
FNMA, 6.00%, 06/01/2038		38,629		41,368
FNMA, 6.00%, 02/15/2040		60,000		64,181
GNMA,  6.50%, 07/15/2032		8,352		9,084
GNMA,  7.50%, 04/15/2030		5,925		6,698
GNMA, 7.50%, 11/15/2030		442		501
GNMA, 8.00%, 06/15/2030		1,824		2,101
TOTAL U.S. GOVERNMENT AGENCY ISSUES (Cost $1,653,486)				1,687,254
U.S. TREASURY OBLIGATIONS - 13.41%
U.S. Treasury Inflation Index - 1.86%
2.00%, 01/15/2014		46,831		50,073
2.625%, 07/15/2017		198,318		221,497
				271,570
U.S. Treasury Note - 11.55%
1.125%, 06/30/2011		210,000		211,985
1.75%, 11/15/2011		75,000		76,412
1.875%, 06/15/2012		280,000		285,534
2.25%, 05/31/2014		755,000		762,138
2.75%, 02/15/2019		350,000		329,110
3.25%, 05/31/2016		20,000		20,444
				1,685,623
TOTAL U.S. TREASURY OBLIGATIONS (Cost $1,940,418)				1,957,193
	Shares		Value
EXCHANGE-TRADED FUNDS - 51.32%
Vanguard Total Bond Market ETF		94,105	$	7,489,817
TOTAL EXCHANGE-TRADED FUNDS (Cost $7,287,984)				7,489,817
SHORT-TERM INVESTMENTS  - 6.69%
Investment Companies - 6.69%
Fidelity Institutional Money Market Portfolio, 0.19% (b)		976,164		976,164
TOTAL SHORT-TERM INVESTMENTS (Cost $976,164)				976,164
Total Investments (Cost $13,841,941) - 97.12%				14,173,641
Other Assets in Excess of Liabilities - 2.88%				419,637
TOTAL NET ASSETS - 100.00%			$	14,593,278

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
(b)	Rate shown is the 7-day yield as of January 31, 2010.

The cost basis of investments for federal income tax purposes at January 31, 2010 was as follows*:
	Cost of investments			$	13,845,055
	Gross unrealized appreciation				341,857
	Gross unrealized depreciation				(13,271	)
	Net unrealized appreciation			$	328,586
*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.
Summary of Fair Value Measurements at January 31, 2010 (Unaudited)
The Fund has adopted authoritative fair valuation accounting standards which establish an authoritative definition of fair value and set out
a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to
develop the measurements of fair value, a discussion in changes in valuation techniques and related inputs during the period and expanded
disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below:
Level 1 -	Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access.
Level 2 -	Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or
	indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar
	instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
Level 3 -	Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the
	Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be
	based on the best information available.
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, 2010 (Unaudited):
Fixed Income		Level 1		Level 2			Level 3		Total
Asset Backed Securities		$	—	$	294,611		$	—	$	294,611
Corporate Bonds			—		1,725,525			—		1,725,525
Foreign Government Agency Issues			—		43,077			—		43,077
U.S. Government Agency Issues			—		1,687,254			—		1,687,254
U.S. Treasury Obligations			—		1,957,193			—		1,957,193
Total Fixed Income			—		5,707,660			—		5,707,660
Exchange-Traded Funds			7,489,817		—			—		7,489,817
Short-Term Investments			976,164		—			—		976,164
Total Investments in Securities			8,465,981		5,707,660			—		14,173,641
Other Financial Instruments*		$	—	$	—		$	—	$	—
* Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards,
swap contracts and written options. Futures, forwards, and swap contracts are valued at the unrealized appreciation (depreciation)
on the instrument while written options are valued at market value.

ActivePassive Intermediate Municipal Bond Fund
Schedule of Investments
January 31, 2010 (Unaudited)
	Principal
	Amount		Value
MUNICIPAL BONDS - 50.95%
Arizona - 0.98%
City of Phoenix Civic Improvement Corporation, 5.50%, 07/01/2018	$	125,000	$	143,960
California - 8.86%
California Health Facilities Financing Authority, 5.50%, 07/01/2025		200,000		203,218
San Francisco Bay Area Toll Authority, 5.00%, 04/01/2021		250,000		268,460
State of California Department of Water Resources, 5.00%, 05/01/2018		100,000		113,959
State of California Economic Recovery, 5.00%, 07/01/2020		150,000		161,907
State of California Various Purpose,
5.00%, 03/01/2026		300,000		295,107
5.25%, 04/01/2022		100,000		103,823
The Regents of the University of California Limited Project, 5.00%, 05/15/2021		150,000		159,852
				1,306,326
Connecticut - 2.01%
State of Connecticut General Obligation, 5.50%, 11/01/2016		250,000		296,785
Florida - 3.14%
Florida State Turnpike Authority, 5.00%, 07/01/2020		150,000		157,563
State of Florida Board of Education, 5.00%, 06/01/2022		125,000		135,265
State of Florida Department of Transportation,  5.25%, 07/01/2015		150,000		169,746
				462,574
Georgia - 2.55%
Metropolitan Atlanta Rapid Transit Authority, 5.00%, 07/01/2017		125,000		142,390
State of Georgia General Obligation, 5.00%, 07/01/2018		200,000		232,766
				375,156
Illinois - 2.42%
State of Illinois, Build Illinois, 5.00%, 06/15/2022		200,000		213,552
University of Illinois, 5.50%, 04/01/2019		125,000		142,654
				356,206
Iowa - 1.34%
Iowa Finance Authority, 5.50%, 08/01/2026		100,000		112,475
State of Iowa IJOBS Program, 5.00%, 06/01/2016		75,000		84,876
				197,351
Massachusetts - 4.03%
Massachusetts Bay Transportation Authority,  5.00%, 07/01/2024		400,000		459,116
Massachusetts Water Pollution Abatement Trust, 5.00%, 08/01/2018		125,000		135,620
				594,736
Michigan - 1.08%
Michigan State Trunk Line Fund, 5.00%, 09/01/2019		150,000		159,122
New Jersey - 1.13%
New Jersey Economic Development Authority, 5.00%, 03/01/2017		150,000		166,374
New York - 7.21%
City of New York General Obligation, 5.00%, 08/01/2022		400,000		434,964
New York City Transitional Finance Authority, 5.00%, 08/01/2020		125,000		137,025
New York State Metropolitan Transportation Authority, 5.25%, 11/15/2024		200,000		217,362
New York State Thruway Authority
5.00%, 04/01/2017		100,000		111,606
5.00%, 03/15/2021		150,000		162,459
				1,063,416

	Principal
	Amount		Value
North Carolina - 1.32%
North Carolina Eastern Municipal Power Agency, 5.25%, 01/01/2020	$	50,000	$	53,640
State of North Carolina Capital Improvement, 5.00%, 05/01/2021		125,000		140,956
				194,596
Ohio - 2.72%
State of Ohio General Obligation,  5.00%, 08/01/2017		350,000		401,219
Oklahoma - 1.54%
Oklahoma Water Resources Board, 5.00%, 04/01/2022		200,000		226,346
Oregon - 2.71%
State of Oregon Department of Administrative Services, 5.00%, 04/01/2019		350,000		399,669
Tennessee - 0.68%
The Tennessee Energy Acquisition Corp., 5.25%, 09/01/2020		100,000		100,885
Texas - 3.77%
City of Houston Texas Combined Utility System,
5.25%, 05/15/2015		150,000		166,587
5.25%, 05/15/2017		100,000		112,597
Texas Transportation Commission State Highway, 5.00%, 04/01/2018		100,000		111,707
University of Texas System Board of Regents  5.00%, 08/15/2022		150,000		165,492
				556,383
Utah - 1.09%
Intermountain Power Agency of Utah, 5.25%, 07/01/2020		150,000		160,258
Washington - 2.37%
Energy Northwest,
5.00%, 07/01/2016		125,000		143,962
5.50%, 07/01/2017		185,000		205,017
				348,979
TOTAL MUNICIPAL BONDS (Cost $7,350,910)				7,510,341
	Shares		Value
EXCHANGE-TRADED FUNDS - 45.52%
iShares S&P National Municipal Bond Fund		33,664		3,472,778
SPDR Barclays Capital Municipal Bond ETF		142,633		3,237,769
TOTAL EXCHANGE-TRADED FUNDS (Cost $6,542,348)				6,710,547
SHORT-TERM INVESTMENTS - 2.33%
Investment Companies - 2.33%
Fidelity Institutional Tax-Exempt Portfolio, 0.05% (a)		343,502		343,502
TOTAL SHORT-TERM INVESTMENTS (Cost $343,502)				343,502
Total Investments  (Cost $14,236,760) - 98.80%				14,564,390
Other Assets in Excess of Liabilities - 1.20%				177,279
TOTAL NET ASSETS - 100.00%			$	14,741,669

Footnotes
Percentages are stated as a percent of net assets.
(a)	Rate shown is the 7-day yield as of January 31, 2010.
The cost basis of investments for federal income tax purposes at January 31, 2010 was as follows*:
	Cost of investments			$	14,249,670
	Gross unrealized appreciation				333,460
	Gross unrealized depreciation				(18,740	)
	Net unrealized appreciation			$	314,720
*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.
Summary of Fair Value Measurements at January 31, 2010 (Unaudited)
The Fund has adopted authoritative fair valuation accounting standards which establish an authoritative definition of fair value and set out
a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to
develop the measurements of fair value, a discussion in changes in valuation techniques and related inputs during the period and expanded
disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below:
Level 1 -	Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access.
Level 2 -	Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or
	indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar
	instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
Level 3 -	Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the
	Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be
	based on the best information available.
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, 2010 (Unaudited):
Fixed Income		Level 1		Level 2			Level 3		Total
Municipal Bonds		$	—	$	7,510,341		$	—	$	7,510,341
Total Fixed Income			—		7,510,341			—		7,510,341
Exchange-Traded Funds			6,710,547		—			—		6,710,547
Short-Term Investments			343,502		—			—		343,502
Total Investments in Securities			7,054,049		7,510,341			—		14,564,390
Other Financial Instruments*		$	—	$	—		$	—	$	—
* Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards,
swap contracts and written options. Futures, forwards, and swap contracts are valued at the unrealized appreciation (depreciation)
on the instrument while written options are valued at market value.

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”)) (17 CFR 270.30a-3(c)) 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 (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(d)).

(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) (17 CFR 270.30a-3(d)) 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    3/22/2010                                                          

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    3/22/2010                                                          

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

Cheryl L. King, Treasurer

Date    3/22/2010