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: 811-00749
STONEBRIDGE FUNDS TRUST
(Exact name of registrant as specified in charter)
1290 Broadway, Suite 1100,
Denver, Colorado 80203
(Address of principal executive offices) (Zip code)
Richard C. Barrett, President
1290 Broadway, Suite 1100
Denver, Colorado 80203
(Name and address of agent for service)
Registrants telephone number, including area code:
(303) 623-2577
Date of fiscal year end:
October 31
Date of reporting period:
November 1, 2011 January 31, 2012
Item 1 Schedule of Investments.
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STATEMENT OF INVESTMENTS
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INSTITUTIONAL SMALL-CAP GROWTH FUND (SBSCX)
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January 31, 2012
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(Unaudited)
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Shares
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Market
Value
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COMMON STOCKS (99.52%)
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CONSUMER CYCLICAL - (1.99%)
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Education Services (1.99%)
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Grand Canyon Education, Inc.
**
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15,500
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$
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260,090
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TOTAL CONSUMER CYCLICAL
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260,090
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CONSUMER DISCRETIONARY - (8.05%)
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Casinos & Gaming (0.92%)
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WMS Industries, Inc.
**
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5,500
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120,395
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Consumer Electronics (3.09%)
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Harman International Industries, Inc.
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9,550
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403,010
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Education Services (1.97%)
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K12, Inc.
**
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11,500
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257,485
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Special Consumer Services (2.07%)
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Steiner Leisure Ltd.
**
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5,475
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270,355
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TOTAL CONSUMER DISCRETIONARY
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1,051,245
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ENERGY - (5.58%)
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Coal & Consumable Fuels (1.90%)
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Cloud Peak Energy, Inc.
**
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13,100
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248,245
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Oil & Gas - Drilling (1.00%)
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Atwood Oceanics, Inc.
**
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2,850
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131,043
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Oil & Gas - Equipment/Services (2.68%)
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C&J Energy Services, Inc.
**
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21,000
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349,650
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TOTAL ENERGY
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728,938
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FINANCIALS - (12.27%)
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Asset Management (2.31%)
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Waddell & Reed Financial, Inc., Class A
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11,000
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301,950
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Diversified Financial Services (4.06%)
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Higher One Holdings, Inc.
**
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31,250
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529,375
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Investment Bank & Brokerage (3.09%)
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FXCM, Inc., Class A
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38,400
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403,968
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Specialized Finance (2.81%)
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CBOE Holdings, Inc.
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14,350
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367,216
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TOTAL FINANCIALS
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1,602,509
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Shares
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Market
Value
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HEALTH CARE - (26.33%)
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Biotechnology (1.43%)
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Genomic Health, Inc.
**
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6,750
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$
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187,313
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Health Care - Equipment (2.94%)
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Volcano Corp.
**
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13,700
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384,285
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Health Care - Managed Care (2.11%)
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Accretive Health, Inc.
**
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10,250
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275,008
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Health Care - Services (2.33%)
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Catalyst Health Solutions, Inc.
**
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4,450
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243,682
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HMS Holdings Corp.
**
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1,850
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61,068
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304,750
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Health Care - Supplies (5.59%)
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Align Technology, Inc.
**
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8,200
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193,192
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Merit Medical Systems, Inc.
**
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38,000
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536,180
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729,372
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Health Care - Technology (3.45%)
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Allscripts Healthcare Solutions, Inc.
**
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23,550
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450,276
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Health Care Technology (1.03%)
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Quality Systems, Inc.
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3,300
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133,848
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Life Science Tools (7.45%)
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Luminex Corp.
**
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29,700
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585,090
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PAREXEL International Corp.
**
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16,100
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388,010
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973,100
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TOTAL HEALTH CARE
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3,437,952
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HEALTHCARE - (2.58%)
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Healthcare Services (2.58%)
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IPC The Hospitalist Co., Inc
**
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10,000
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336,900
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TOTAL HEALTHCARE
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336,900
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INDUSTRIAL - (2.01%)
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Electronic Components (2.01%)
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Polypore International, Inc.
**
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6,900
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262,752
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TOTAL INDUSTRIAL
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262,752
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INDUSTRIALS - (8.97%)
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Aerospace/Defense (3.84%)
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Hexcel Corp.
**
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10,000
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250,700
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Spirit Aerosystems Holdings, Inc., Class A
**
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11,000
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250,140
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500,840
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Construction & Engineering (3.24%)
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Chicago Bridge & Iron Co. N.V.
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2,750
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117,095
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Tutor Perini Corp.
**
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20,150
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306,079
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423,174
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Machinery - Construction & Farming (1.89%)
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Titan International, Inc.
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10,250
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247,435
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TOTAL INDUSTRIALS
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1,171,449
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Shares
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Market
Value
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INFORMATION TECHNOLOGY - (23.08%)
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Application Software (2.95%)
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Netscout Systems, Inc.
**
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6,200
|
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|
$
|
128,092
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Parametric Technology Corp.
**
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10,200
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256,734
|
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384,826
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Communications Equipment (5.34%)
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Aviat Networks, Inc.
**
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102,000
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226,440
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Riverbed Technology, Inc.
**
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19,675
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471,020
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697,460
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Computer Storage/Peripherals (0.94%)
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Intermec, Inc.
**
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14,475
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122,169
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IT Consulting & Services (1.99%)
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Mistras Group, Inc.
**
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11,550
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260,106
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Semiconductor Equipment (2.10%)
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Veeco Instruments, Inc.
**
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11,250
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274,612
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Semiconductors (5.69%)
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EZchip Semiconductor Ltd.
**
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12,500
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408,500
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O2Micro International Ltd. - ADR
**
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14,950
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|
70,863
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TriQuint Semiconductor, Inc.
**
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44,000
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|
|
|
263,560
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742,923
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Software (3.03%)
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Taleo Corp., Class A
**
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11,000
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396,110
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Systems Software (1.04%)
|
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TeleCommunication Systems, Inc., Class A
**
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58,000
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|
135,720
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TOTAL INFORMATION TECHNOLOGY
|
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|
|
|
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3,013,926
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MATERIALS - (1.83%)
|
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Chemicals (1.83%)
|
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Intrepid Potash, Inc.
**
|
|
|
10,000
|
|
|
|
238,900
|
|
|
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|
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TOTAL MATERIALS
|
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|
|
|
|
|
238,900
|
|
|
|
|
|
|
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TECHNOLOGY - (4.19%)
|
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|
Electronic Components (1.95%)
|
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|
|
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|
DTS, Inc.
**
|
|
|
9,000
|
|
|
|
254,970
|
|
|
|
|
|
|
|
|
|
|
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|
Semiconductors (2.24%)
|
|
|
|
|
|
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|
|
Cree, Inc.
**
|
|
|
11,500
|
|
|
|
292,445
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL TECHNOLOGY
|
|
|
|
|
|
|
547,415
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UTILITIES - (2.64%)
|
|
|
|
|
|
|
|
|
Multi-Utilities (2.64%)
|
|
|
|
|
|
|
|
|
Elster Group SE - ADR
**
|
|
|
25,450
|
|
|
|
344,338
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL UTILITIES
|
|
|
|
|
|
|
344,338
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL COMMON STOCKS
(Cost $11,861,302)
|
|
|
|
|
|
|
12,996,414
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
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|
Shares
|
|
|
Market
Value
|
|
MONEY MARKET MUTUAL FUNDS (4.23%)
|
|
|
|
|
|
|
|
|
Fifth Third U.S. Treasury Money Market Fund
|
|
|
|
|
|
|
|
|
(0.01% 7 Day Yield)
|
|
|
552,447
|
|
|
$
|
552,447
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL MONEY MARKET MUTUAL FUNDS
|
|
|
|
|
|
|
|
|
(Cost $552,447)
|
|
|
|
|
|
|
552,447
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS (103.75%)
|
|
|
|
|
|
|
|
|
(Cost $12,413,749)
|
|
|
|
|
|
$
|
13,548,861
|
|
|
|
|
LIABILITIES IN EXCESS OF OTHER ASSETS (-3.75%)
|
|
|
|
|
|
|
(489,932)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET ASSETS (100.00%)
|
|
|
|
|
|
$
|
13,058,929
|
|
|
|
|
|
|
|
|
|
|
**
Non Income Producing Security.
ADR - American Depositary Receipt
N.V. - Naamloze Vennootschap is the Dutch term for
public limited liability corporation.
See Notes to Quarterly Statement of Investments.
|
|
|
STATEMENT OF INVESTMENTS
|
|
|
SMALL-CAP GROWTH FUND (SBAGX)
|
|
January 31, 2012
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Market
Value
|
|
COMMON STOCKS (99.43%)
|
|
|
|
|
|
|
|
|
CONSUMER CYCLICAL - (1.97%)
|
|
|
|
|
|
|
|
|
Education Services (1.97%)
|
|
|
|
|
|
|
|
|
Grand Canyon Education, Inc.
**
|
|
|
6,750
|
|
|
$
|
113,265
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL CONSUMER CYCLICAL
|
|
|
|
|
|
|
113,265
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSUMER DISCRETIONARY - (8.02%)
|
|
|
|
|
|
|
|
|
Casinos & Gaming (0.91%)
|
|
|
|
|
|
|
|
|
WMS Industries, Inc.
**
|
|
|
2,400
|
|
|
|
52,536
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Electronics (3.01%)
|
|
|
|
|
|
|
|
|
Harman International Industries, Inc.
|
|
|
4,100
|
|
|
|
173,020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Education Services (1.95%)
|
|
|
|
|
|
|
|
|
K12, Inc.
**
|
|
|
5,000
|
|
|
|
111,950
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special Consumer Services (2.15%)
|
|
|
|
|
|
|
|
|
Steiner Leisure Ltd.
**
|
|
|
2,500
|
|
|
|
123,450
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL CONSUMER DISCRETIONARY
|
|
|
|
|
|
|
460,956
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ENERGY - (5.62%)
|
|
|
|
|
|
|
|
|
Coal & Consumable Fuels (1.90%)
|
|
|
|
|
|
|
|
|
Cloud Peak Energy, Inc.
**
|
|
|
5,750
|
|
|
|
108,962
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil & Gas - Drilling (1.04%)
|
|
|
|
|
|
|
|
|
Atwood Oceanics, Inc.
**
|
|
|
1,300
|
|
|
|
59,774
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil & Gas - Equipment/Services (2.68%)
|
|
|
|
|
|
|
|
|
C&J Energy Services, Inc.
**
|
|
|
9,250
|
|
|
|
154,013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ENERGY
|
|
|
|
|
|
|
322,749
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIALS - (12.26%)
|
|
|
|
|
|
|
|
|
Asset Management (2.27%)
|
|
|
|
|
|
|
|
|
Waddell & Reed Financial, Inc., Class A
|
|
|
4,750
|
|
|
|
130,387
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diversified Financial Services (4.05%)
|
|
|
|
|
|
|
|
|
Higher One Holdings, Inc.
**
|
|
|
13,750
|
|
|
|
232,925
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment Bank & Brokerage (3.11%)
|
|
|
|
|
|
|
|
|
FXCM, Inc., Class A
|
|
|
17,000
|
|
|
|
178,840
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Specialized Finance (2.83%)
|
|
|
|
|
|
|
|
|
CBOE Holdings, Inc.
|
|
|
6,350
|
|
|
|
162,497
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL FINANCIALS
|
|
|
|
|
|
|
704,649
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Market
Value
|
|
HEALTH CARE - (26.29%)
|
|
|
|
|
|
|
|
|
Biotechnology (1.45%)
|
|
|
|
|
|
|
|
|
Genomic Health, Inc.
**
|
|
|
3,000
|
|
|
$
|
83,250
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Health Care - Equipment (2.93%)
|
|
|
|
|
|
|
|
|
Volcano Corp.
**
|
|
|
6,000
|
|
|
|
168,300
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Health Care - Managed Care (2.10%)
|
|
|
|
|
|
|
|
|
Accretive Health, Inc.
**
|
|
|
4,500
|
|
|
|
120,735
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Health Care - Services (2.33%)
|
|
|
|
|
|
|
|
|
Catalyst Health Solutions, Inc.
**
|
|
|
1,950
|
|
|
|
106,782
|
|
HMS Holdings Corp.
**
|
|
|
825
|
|
|
|
27,233
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
134,015
|
|
|
|
|
|
|
|
|
|
|
Health Care - Supplies (5.59%)
|
|
|
|
|
|
|
|
|
Align Technology, Inc.
**
|
|
|
3,600
|
|
|
|
84,816
|
|
Merit Medical Systems, Inc.
**
|
|
|
16,750
|
|
|
|
236,343
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
321,159
|
|
|
|
|
|
|
|
|
|
|
Health Care - Technology (3.46%)
|
|
|
|
|
|
|
|
|
Allscripts Healthcare Solutions, Inc.
**
|
|
|
10,400
|
|
|
|
198,848
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Health Care Technology (0.99%)
|
|
|
|
|
|
|
|
|
Quality Systems, Inc.
|
|
|
1,400
|
|
|
|
56,784
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Life Science Tools (7.44%)
|
|
|
|
|
|
|
|
|
Luminex Corp.
**
|
|
|
13,100
|
|
|
|
258,070
|
|
PAREXEL International Corp.
**
|
|
|
7,050
|
|
|
|
169,905
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
427,975
|
|
|
|
|
|
|
|
|
|
|
TOTAL HEALTH CARE
|
|
|
|
|
|
|
1,511,066
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HEALTHCARE - (2.58%)
|
|
|
|
|
|
|
|
|
Healthcare Services (2.58%)
|
|
|
|
|
|
|
|
|
IPC The Hospitalist Co., Inc
**
|
|
|
4,400
|
|
|
|
148,236
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL HEALTHCARE
|
|
|
|
|
|
|
148,236
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INDUSTRIAL - (1.99%)
|
|
|
|
|
|
|
|
|
Electronic Components (1.99%)
|
|
|
|
|
|
|
|
|
Polypore International, Inc.
**
|
|
|
3,000
|
|
|
|
114,240
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL INDUSTRIAL
|
|
|
|
|
|
|
114,240
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INDUSTRIALS - (8.89%)
|
|
|
|
|
|
|
|
|
Aerospace/Defense (3.84%)
|
|
|
|
|
|
|
|
|
Hexcel Corp.
**
|
|
|
4,400
|
|
|
|
110,308
|
|
Spirit Aerosystems Holdings, Inc., Class A
**
|
|
|
4,850
|
|
|
|
110,289
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
220,597
|
|
|
|
|
|
|
|
|
|
|
Construction & Engineering (3.16%)
|
|
|
|
|
|
|
|
|
Chicago Bridge & Iron Co. N.V.
|
|
|
1,250
|
|
|
|
53,225
|
|
Tutor Perini Corp.
**
|
|
|
8,450
|
|
|
|
128,356
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
181,581
|
|
|
|
|
|
|
|
|
|
|
Machinery - Construction & Farming (1.89%)
|
|
|
|
|
|
|
|
|
Titan International, Inc.
|
|
|
4,500
|
|
|
|
108,630
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL INDUSTRIALS
|
|
|
|
|
|
|
510,808
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Market
Value
|
|
INFORMATION TECHNOLOGY - (23.11%)
|
|
|
|
|
|
|
|
|
Application Software (2.96%)
|
|
|
|
|
|
|
|
|
Netscout Systems, Inc.
**
|
|
|
2,750
|
|
|
$
|
56,815
|
|
Parametric Technology Corp.
**
|
|
|
4,500
|
|
|
|
113,265
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
170,080
|
|
|
|
|
|
|
|
|
|
|
Communications Equipment (5.36%)
|
|
|
|
|
|
|
|
|
Aviat Networks, Inc.
**
|
|
|
45,000
|
|
|
|
99,900
|
|
Riverbed Technology, Inc.
**
|
|
|
8,700
|
|
|
|
208,278
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
308,178
|
|
|
|
|
|
|
|
|
|
|
Computer Storage/Peripherals (0.94%)
|
|
|
|
|
|
|
|
|
Intermec, Inc.
**
|
|
|
6,400
|
|
|
|
54,016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IT Consulting & Services (2.00%)
|
|
|
|
|
|
|
|
|
Mistras Group, Inc.
**
|
|
|
5,100
|
|
|
|
114,852
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Semiconductor Equipment (2.12%)
|
|
|
|
|
|
|
|
|
Veeco Instruments, Inc.
**
|
|
|
5,000
|
|
|
|
122,050
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Semiconductors (5.70%)
|
|
|
|
|
|
|
|
|
EZchip Semiconductor Ltd.
**
|
|
|
5,500
|
|
|
|
179,740
|
|
O2Micro International Ltd. - ADR
**
|
|
|
6,500
|
|
|
|
30,810
|
|
TriQuint Semiconductor, Inc.
**
|
|
|
19,500
|
|
|
|
116,805
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
327,355
|
|
|
|
|
|
|
|
|
|
|
Software (2.98%)
|
|
|
|
|
|
|
|
|
Taleo Corp., Class A
**
|
|
|
4,750
|
|
|
|
171,047
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Systems Software (1.05%)
|
|
|
|
|
|
|
|
|
TeleCommunication Systems, Inc., Class A
**
|
|
|
25,750
|
|
|
|
60,255
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL INFORMATION TECHNOLOGY
|
|
|
|
|
|
|
1,327,833
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MATERIALS - (1.87%)
|
|
|
|
|
|
|
|
|
Chemicals (1.87%)
|
|
|
|
|
|
|
|
|
Intrepid Potash, Inc.
**
|
|
|
4,500
|
|
|
|
107,505
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL MATERIALS
|
|
|
|
|
|
|
107,505
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TECHNOLOGY - (4.18%)
|
|
|
|
|
|
|
|
|
Electronic Components (1.97%)
|
|
|
|
|
|
|
|
|
DTS, Inc.
**
|
|
|
4,000
|
|
|
|
113,320
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Semiconductors (2.21%)
|
|
|
|
|
|
|
|
|
Cree, Inc.
**
|
|
|
5,000
|
|
|
|
127,150
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL TECHNOLOGY
|
|
|
|
|
|
|
240,470
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UTILITIES - (2.65%)
|
|
|
|
|
|
|
|
|
Multi-Utilities (2.65%)
|
|
|
|
|
|
|
|
|
Elster Group SE - ADR
**
|
|
|
11,250
|
|
|
|
152,212
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL UTILITIES
|
|
|
|
|
|
|
152,212
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL COMMON STOCKS
(Cost $5,201,292)
|
|
|
|
|
|
|
5,713,989
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MONEY MARKET MUTUAL FUNDS (4.07%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Market
Value
|
|
Fifth Third U.S. Treasury Money Market Fund
|
|
|
|
|
|
|
|
|
(0.01% 7 Day Yield)
|
|
|
233,792
|
|
|
$
|
233,792
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL MONEY MARKET MUTUAL FUNDS
(Cost $233,792)
|
|
|
|
|
|
|
233,792
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS (103.50%)
(Cost $5,435,084)
|
|
|
|
|
|
$
|
5,947,781
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES IN EXCESS OF OTHER ASSETS (-3.50%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(201,221)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET ASSETS (100.00%)
|
|
|
|
|
|
$
|
5,746,560
|
|
|
|
|
|
|
|
|
|
|
**
Non Income Producing
Security.
ADR - American Depositary Receipt
N.V. - Naamloze Vennootschap is the Dutch term for public limited liability corporation.
See Notes to Quarterly Statement of Investments.
NOTES TO QUARTERLY STATEMENTS OF INVESTMENTS
January 31, 2012 (Unaudited)
1. ORGANIZATION:
Organization and Nature of Operations
Stonebridge Funds Trust (the Trust) is registered under the Investment Company Act of 1940, as amended, as a diversified, open-end management investment company organized as a Delaware statutory trust by a Declaration of Trust
dated July 31, 1998. The Trust, which became effective November 1, 1998, currently has two active investment portfolios, the Stonebridge Institutional Small-Cap Growth Fund and the Stonebridge Small-Cap Growth Fund, each referred to as a
Series or a Fund of the Trust. Stonebridge Institutional Small-Cap Growth Fund, also referred to as the Institutional Fund, and the Stonebridge Small-Cap Growth Fund, also referred to as the Small-Cap Fund, seek long-term
growth of capital, with the production of short-term income as a secondary objective, through investing at least 80% of the Funds assets in companies with smaller market capitalizations (defined as companies with market capitalizations at the
time of purchase in the range of $100 million to $3 billion) and generally investing in companies with strong balance sheets, high/growing return on invested capital, positive free cash flow, and earnings growth in excess of 20%.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
Use of Estimates
The
preparation of each Series financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in these
financial statements and accompanying notes. Actual results could differ from those estimates.
Security Valuation
Investment securities listed or traded on a registered securities exchange are valued at the last sales price on the date of valuation. For securities traded on NASDAQ, the NASDAQ Official Closing Price is used. Securities traded on the
over-the-counter market for which no sales are reported are valued at the mean between the bid and asked price. Short-term debt securities having a remaining maturity of 60 days or less consist exclusively of U.S. Treasury and Agency Obligations and
are stated at amortized cost which is approximately equivalent to value. Other securities for which quotations are not readily available are valued at fair value as determined in good faith by the Funds Fair Value Committee in accordance with
the methods approved by the Board of Trustees. For instance, if trading in a security has been halted or suspended or a security has been delisted from a national exchange, if a security has not been traded for an extended period of time, or if a
significant event with respect to a security occurs after the close of the market or exchange on which the security principally trades and before the time the Trust calculates the Funds net asset value, the Fair Value Committee will determine
the securitys fair value. In making a determination of the value of the security, the Committee will consider factors such as the fundamental analytical data relating to the security, forces affecting the market in which the security is
purchased and sold, the price, yield and extent of public or private trading in similar securities of the issuer or comparable companies, and other relevant factors.
Fair Value Measurements
In accordance with GAAP, the Funds use a three-tier hierarchy to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the
assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in
pricing the asset or liability that are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entitys own assumptions about the assumptions market
participants would use in pricing the asset or liability that are developed based on the best information available.
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Level 1-
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Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access.
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Level 2-
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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.
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Level 3-
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Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing the Funds 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.
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The availability of observable inputs can vary from security to security and is affected by a wide variety of
factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on
models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in level
3.
The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure
purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
Various inputs are used in determining the value of the Funds investments as of the reporting period end. The designated
input levels are not necessarily an indication of the risk or liquidity associated with these investments. These inputs are categorized in the following hierarchy under applicable financial
accounting standards.
The following is a summary of the inputs used as of January 31, 2012 in valuing the Funds investments
carried at value:
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Institutional Small-Cap Growth Fund (SBSCX)
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Valuation Inputs
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Investments in Securities at Value
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Level 1
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Level 2
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Level 3
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Total
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Common Stocks
*
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$
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12,996,414
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$
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$
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$
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12,996,414
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Money Market Mutual Funds
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$
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552,447
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552,447
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Total
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$
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13,548,861
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$
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$
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$
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13,548,861
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Small-Cap Growth Fund (SBAGX)
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Valuation Inputs
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Investments in Securities at Value
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Level 1
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Level 2
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Level 3
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Total
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Common Stocks
*
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$
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5,713,989
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$
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$
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$
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5,713,989
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Money Market Mutual Funds
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233,792
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233,792
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Total
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$
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5,947,781
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$
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$
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$
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5,947,781
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*For detailed Industry descriptions, see the accompanying Statement of Investments.
There were no significant transfers between Level 1 and Level 2 during the period. All securities of the Funds were valued using Level
1 inputs during the period ended January 31, 2012. Thus, a reconciliation of assets in which significant unobservable inputs (Level 3) were used is not applicable.
3. UNREALIZED APPRECIATION AND DEPRECIATION ON INVESTMENTS:
The amount of net unrealized appreciation and the cost of investment securities for tax purposes, including short-term securities, at
January 31, 2012 were as follows:
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Stonebridge Institutional
Small-Cap Growth Fund
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Stonebridge Small-Cap
Growth Fund
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Gross appreciation
(excess of value over tax cost)
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$1,383,524
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$617,231
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Gross depreciation
(excess of tax cost over value)
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(268,347)
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(114,748)
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Net unrealized appreciation
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1,115,177
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502,483
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Cost of investments for income tax purposes
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$12,433,684
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$5,445,298
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Item 2 - Controls and Procedures.
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(a)
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The Registrants principal executive officer and principal financial officer have evaluated the Registrants disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) as of a date within 90 days of this filing and have concluded that the Registrants disclosure controls and procedures were effective, as of that date.
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(b)
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There was no change in the Registrants internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act
of 1940) that occurred during the Registrants last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrants internal control over financial reporting.
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Item 3 Exhibits.
Separate certifications for the Registrants principal executive officer and principal financial officer, as required by Section 302 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(a) under the
Investment Company Act of 1940, are attached as Ex99.CERT.
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.
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STONEBRIDGE FUNDS TRUST
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By:
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/s/ Richard C. Barrett
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Richard C. Barrett
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President, Principal Executive Officer
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Date:
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March 14, 2012
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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.
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By:
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/s/ Richard C. Barrett
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Richard C. Barrett
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President, Principal Executive Officer
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Date:
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March 14, 2012
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By:
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/s/ Debra L. Newman
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Debra L. Newman
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Treasurer, Principal Financial Officer
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Date:
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March 14, 2012
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