<PAGE>
================================================================================
[LOGO OF STONEBRIDGE FUNDS]
STONEBRIDGE
AGGRESSIVE
GROWTH FUND, INC.
SEMI-ANNUAL REPORT
FOR THE SIX-MONTHS ENDED
APRIL 30, 1998
================================================================================
<PAGE>
Letter to Stockholders
Dear Fellow Stockholders:
The first six months of the Fund's fiscal year was a period marked by dramatic
social, political, and economic events. The collapse of many of Asia's
economies and currencies has shaken financial markets around the world as
investors struggle to gauge the impact of these events on financial instruments.
A year ago, the Asian region was widely recognized as the worldwide leader in
economic growth. Companies that had moved to expand their exposure in this area
traded at a premium. The rapid change in the economic environment over the last
six months has now lead to a sharp increase in the volatility of stocks with
exposure to this area. Certain sectors of the economy, technology companies in
particular, have been more negatively impacted; however, the effects have
generally been quite far-reaching. Investors continue to try to assess the
effects of the Asian turmoil on different companies.
Due to the global nature of many companies' businesses, it was not necessary to
be invested directly in global markets to feel the Asian impact on equity
prices. The Fund was not immune to these fluctuations, although we did take
action to take advantage of these extreme market conditions while maintaining
our long-term investment perspective. Over the first six months of the fiscal
year, the Fund posted a solid gain of +7.2%, including reinvestment of the $2.24
per share capital gain/dividend distribution in December. Over the same period,
the Russell 2000 stock index with income reinvested rose +12.1%. The Fund's
heavy exposure in technology held returns down in the last two months of 1997,
generally because of investor concerns over the Asian impact to earnings of
stock in this sector. We responded to this fluctuation by adding names in this
area, including Sequent Computer Systems, Veeco Instruments, ASM Lithography,
Network Associates, and Parametric Technology.
Many of these companies reported earnings in the spring of 1998 that were not as
severely impacted as expected and we saw strong rallies in these technology
stocks. In several cases, these stocks rallied and exceeded our investment
horizon price targets. This, coupled with our continued longer-term concerns
about the Asian drag on corporate profits, caused us to use the opportunity to
take gains and reduce our exposure to technology issues. We sold Adobe Systems,
Sequent Computer Systems, ASM Lithography, and Parametric Technology amongst
others. Overall for the first six months we realized $0.98 per share in
capital gains. On a calendar year basis, since January 1, 1998, the Fund rose
+17.5% versus +10.9% for the Russell 2000 stock index with income reinvested.
Looking ahead, we continue to seek out companies with unique growth
opportunities selling at attractive valuations. Recently we have added to, or
established positions in, United States Filter Corp. (water treatment), Onyx
Pharmaceuticals (cancer research), St. John's Knits (designer clothing), and La
Jolla Pharmaceuticals which has a drug in late stage clinical trials for the
treatment of Lupus, a debilitating immune system disorder. While we continue to
be concerned about the long-term impact of the Asian crisis and the strong
dollar on revenue and earnings growth, we also feel that these fluctuations may
continue to provide opportunities to acquire top quality, growth-oriented
companies at attractive valuations.
1
<PAGE>
On a final note, Dr. John Ayer has decided to step down as President of the
Stonebridge Aggressive Growth Fund. Over the past seven years, I have been
fortunate enough to work very closely with John in his investment advisory role
with Stonebridge Capital Management, Inc. and in our capacities as co-managers
of the Fund. His sharp intellect, perspective, and judgement have been
invaluable assets to our firm and our stockholders. Dr. Ayer will continue on
as a member of the board of directors of the Fund and as a member of the
Stonebridge Capital Management, Inc. investment committee. On behalf of the
board, the stockholders and everyone involved with the Fund management, I would
like to extend our sincere appreciation for his efforts and leadership over the
years.
Thank you for your investment in the Stonebridge Aggressive Growth Fund. Should
you have questions or concerns, please call a Stockholder Services
Representative at 1-800-639-3935.
Sincerely,
/S/ CHARLES E. WOODHOUSE
Charles E. Woodhouse
Managing Director and Director of Research
Stonebridge Capital Management, Inc.
2
<PAGE>
STONEBRIDGE AGGRESSIVE GROWTH FUND, INC.
STATEMENT OF INVESTMENTS
APRIL 30, 1998
<TABLE>
<CAPTION>
Shares or
Principal Market
Amount Value*
--------- -------
<S> <C> <C>
COMMONSTOCKS (84.1%)
CAPITAL GOODS (7.9%)
ELECTRICAL EQUIPMENT (4.1%)
Vicor Corp**.......................... 8,000 160,500
Woodhead Industries Inc............... 5,000 93,750
-------
254,250
-------
MANUFACTURING (2.7%)
Cognex Corp........................... 7,000 169,313
-------
WASTE MANAGEMENT (1.1%)
United States Filter Corp............. 2,000 65,250
-------
TOTAL CAPITAL GOODS................... 488,813
-------
COMMUNICATION SERVICES (1.6%)
TELECOM - CELLULAR (1.6%)
Metro One Telecommunications**........ 7,500 97,969
-------
TOTAL COMMUNICATION SERVICES.......... 97,969
-------
CONSUMER CYCLICALS (5.5%)
AUTOS AND AUTO EQUIPMENT (1.4%)
TBC Corp**............................ 10,000 88,750
-------
RETAIL - SPECIALITY (1.9%)
Casey's General Stores Inc............ 7,000 114,625
-------
TEXTILES AND SHOES - (2.2%)
St. John's Knits Inc.................. 3,000 133,875
-------
TOTAL CONSUMER CYCLICALS.............. 337,250
-------
ENERGY (4.6%)
OIL & GAS - DRILL & EQUIPMENT (4.6%)
Patterson Energy Inc.................. 10,000 140,000
Rowan Companies....................... 5,000 147,188
-------
TOTAL ENERGY.......................... 287,188
-------
FINANCIAL (4.5%)
BANKS - MAJOR REGIONAL (4.5%)
Popular, Inc.......................... 4,000 281,000
-------
TOTAL FINANCIAL....................... 281,000
-------
FOREIGN STOCKS (2.7%)
Hummingbird Communications**.......... 5,000 166,250
-------
TOTAL FOREIGN STOCKS.................. 166,250
</TABLE> -------
3
<PAGE>
STONEBRIDGE AGGRESSIVE GROWTH FUND, INC.
STATEMENT OF INVESTMENTS (Continued)
April 30, 1998
<TABLE>
<CAPTION>
Shares or
Principal Market
Amount Value*
--------- ---------
<S> <C> <C>
HEALTHCARE (19.2%)
BIOTECHNOLOGY (7.1%)
Chiron Corp**................................... 10,000 193,750
Gilead Sciences Inc**........................... 4,000 152,000
Onyx Pharmaceuticals Inc**...................... 10,000 91,250
---------
437,000
---------
MAJOR DRUGS (2.9%)
Fuisz Technologies Ltd**........................ 5,000 65,000
Interferon Sciences Inc**....................... 3,750 6,328
La Jolla Pharmaceutical Co**.................... 30,000 108,750
---------
180,078
---------
MEDICAL/BIOTECHNOLOGY (9.2%)
Alkermes Inc**.................................. 3,000 71,625
Bio Rad Labs Class "A"**........................ 5,000 148,125
ESC Medical Systems Ltd......................... 2,000 65,000
Martek Biosciences Corp**....................... 10,000 152,500
Mentor Corporation.............................. 5,000 135,938
---------
573,188
---------
TOTAL HEALTHCARE................................ 1,190,266
---------
TECHNOLOGY (38.1%)
COMMUNICATION EQUIPMENT (3.6%)
Qualcomm Inc**.................................. 4,000 225,000
---------
COMPUTER HARDWARE & PERIPHERAL (4.4%)
Cyberguard Corp**............................... 10,000 148,750
Hutchinson Technology Inc**..................... 4,000 123,750
---------
272,500
---------
COMPUTER SOFTWARE & SERVICES (12.4%)
Analogy Inc**................................... 10,000 68,750
Networks Associates Inc**....................... 2,000 137,000
Oracle Corp**................................... 4,500 116,437
Orcad Inc**..................................... 12,000 120,000
Radisys Corp.................................... 2,000 54,500
Rational Software Corp**........................ 16,000 269,000
---------
765,687
---------
COMPUTER NETWORKING (3.9%)
Ascend Communications Inc**..................... 3,000 130,687
Cisco SystemsInc**.............................. 1,500 109,875
---------
240,562
---------
ELECTRONICS - INSTRUMENT & DISTRIBUTION (5.7%)
Micrion Corp**.................................. 10,000 110,625
</TABLE>
4
<PAGE>
STONEBRIDGE AGGRESSIVE GROWTH FUND, INC.
STATEMENT OF INVESTMENTS (Continued)
April 30, 1998
<TABLE>
<CAPTION>
Shares or
Principal Market
Amount Value*
--------- ------------
<S> <C> <C>
COMMONSTOCKS (CONTINUED)
TECHNOLOGY (CONTINUED)
ELECTRONICS - INSTRUMENT & DISTRIBUTION (CONTINUED)
Planar Systems Inc**.................................. 6,000 73,500
Veeco Instruments Inc................................. 4,000 161,500
----------
345,625
----------
SEMICONDUCTORS (8.1%)
Adflex Solutions Inc**................................ 8,000 174,000
Intel Corp............................................ 2,000 161,625
Tegal Corp**.......................................... 10,000 53,750
Triquint Semiconductor Inc**.......................... 5,000 114,375
----------
503,750
----------
TOTAL TECHNOLOGY...................................... 2,353,124
----------
TOTAL COMMONSTOCKS(84.1%)
(Cost $4,088,583)..................................... 275,250 5,201,860
----------
CONVERTIBLE BONDS (1.6%)
VLSI Technology, 8.25%, 10/01/05...................... 100,000 98,750
----------
(Cost $92,326)
U.S. GOVERNMENT AGENCY OBLIGATIONS (14.1%)
Federal Home Loan Bank Discount Note 5.33%, 05/08/98.. 200,000 199,772
Freddie Mac Discount Note 5.28%, 06/15/98............. 175,000 173,868
Fannie Mae Discount Note 5.33%, 05/18/98.............. 100,000 99,748
Fannie Mae Discount Note 5.28%, 05/26/98.............. 400,000 398,559
----------
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS.............. 871,947
----------
(Cost $871,947)
MUTUAL FUND (MONEY MARKET INVESTMENTS) (3.8%)
Fountain Square Money Market.......................... 232,863
----------
(Cost $232,863)
TOTAL INVESTMENTS (103.6%)
(Cost $5,285,719)..................................... $6,405,420
LIABILITIES IN EXCESS OF OTHER ASSETS (-3.6%).............. (221,687)
----------
NET ASSETS (100%).......................................... $6,183,733
==========
</TABLE>
**Securities on which no cash dividends were paid during the preceding twelve
(12) months.
The accompanying notes to financial statements are an integral part of the
financial statements.
5
<PAGE>
STONEBRIDGE AGGRESSIVE GROWTH FUND, INC.
STATEMENT OF ASSETS AND LIABILITIES
APRIL 30, 1998
<TABLE>
<CAPTION>
<S> <C>
ASSETS:
Investments, at value (Cost - see below)............. $ 6,405,420
Dividends and interest receivable.................... 2,090
Receivable for Capital Stock sold.................... 2,099
Prepaid Bond Expenses................................ 6,030
Other Assets......................................... 1,001
-----------
TOTAL ASSETS................................... $ 6,416,640
-----------
LIABILITIES:
Payable for investments purchased.................... $ 193,688
Management Fee**..................................... 4,902
Administration Fee**................................. 9,736
Transfer Agent Fee................................... 4,381
Accounting Fee....................................... 2,704
Legal Fee............................................ 7,238
Printing Fee......................................... 3,148
Audit Fee............................................ 5,848
Trustee Fee.......................................... 1,012
Other payables....................................... 250
-----------
TOTAL LIABILITIES.............................. $ 232,907
-----------
NET ASSETS........................................... $ 6,183,733
===========
COMPOSITION OF NET ASSETS:
Capital Stock ($1.00 par value)...................... $ 535,636
Paid in capital...................................... 4,705,523
Over-distributed net investment income............... (1,242,882)
Accumulated net realized gain on investments......... 1,065,755
Net unrealized appreciation in value of investments.. 1,119,701
-----------
NET ASSETS........................................... $ 6,183,733
===========
NET ASSET VALUE PER SHARE:
Net assets........................................... $ 6,183,733
-----------
Shares outstanding................................... 535,636
Net asset value and redemption price per share....... $11.54
-----------
COST OF INVESTMENTS.................................. $ 5,285,719
===========
</TABLE>
**Related Party
The accompanying notes to financial statements are an integral part of the
financial statements.
6
<PAGE>
STONEBRIDGE AGGRESSIVE GROWTH FUND, INC.
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED APRIL 30, 1998
<TABLE>
<CAPTION>
INVESTMENTINCOME:
<S> <C>
INCOME:
Dividends........................................... $ 3,500
Interest............................................ 15,188
----------
TOTAL INCOME................................... $ 18,688
----------
EXPENSES:
Management Fee...................................... $ 17,369
Administrative Fee.................................. 29,753
Transfer Agency Fee................................. 16,423
Accounting Fee...................................... 9,325
Legal Fee........................................... 5,109
Printing Fee........................................ 2,785
Audit Fee........................................... 3,955
Custodian Fee....................................... 1,323
Trustee Fee......................................... 1,680
Insurance Fee....................................... 4,248
Other Fees.......................................... 97
----------
TOTAL EXPENSES.................................. $ 92,067
==========
NET INVESTMENT INCOME (LOSS)......................... $ (73,379)
REALIZED AND UNREALIZED GAIN ON INVESTMENTS:
Net Realized Gain (Loss)on Investments.............. $ 523,179
Unrealized Appreciation (Depreciation)
Beginning of Period................................ 1,169,910
End of Period...................................... 1,119,701
----------
Change in net unrealized appreciation/depreciation.. (50,209)
----------
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS.... 472,970
----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS. $ 399,591
==========
</TABLE>
The accompanying notes to financial statements are an integral part of the
financial statements.
7
<PAGE>
STONEBRIDGE AGGRESSIVE GROWTH FUND, INC.
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
SIX MONTHS ENDED YEAR ENDED
APRIL 30, OCTOBER 31,
1998 1997
------------------------------
<S> <C> <C>
INCREASE (DECREASE) IN NETASSETS FROM OPERATIONS:
Net Investment Income........................................... $ (73,379) $ (83,671)
Net Realized Gain On Investments................................ 523,179 1,006,649
Net Change In Unrealized Appreciation/Depreciation.............. (50,209) 53,227
------------------------------
INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS........................................... 399,591 976,205
------------------------------
DISTRIBUTIONS TOSTOCKHOLDERS:
Dividends from Net Investment Income............................ (238,906) -
Distributions from Net Realized Gain on Investments (685,293) (884,196)
------------------------------
DECREASE IN NET ASSETS RESULTING FROM
Distributions to stockholders............................... (924,199) (884,196)
------------------------------
CHANGE IN NET ASSETS DERIVED FROM INVESTMENT ACTIVITIES......... (524,608) 92,009
------------------------------
FROM CAPITAL STOCK TRANSACTIONS:
Net Increase (Decrease) in Net Assets Derived From
Capital Stock Transactions - Note 4............................ 1,279,914 797,820
------------------------------
NET INCREASE (DECREASE) INNET ASSETS....................... 755,306 889,829
------------------------------
NET ASSETS:
Beginning of period............................................. 5,428,427 4,538,598
------------------------------
End of period (including overdistributed net investment income
of ($1,242,882)and ($930,597), respectively).................. $6,183,733 $5,428,427
==============================
</TABLE>
The accompanying notes to financial statements are an integral part of the
financial statements.
8
<PAGE>
STONEBRIDGE AGGRESSIVE GROWTH FUND, INC.
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR EACH SHARE OF CAPITAL STOCK OUTSTANDING
THROUGHOUT EACH YEAR
<TABLE>
<CAPTION>
SIX MONTHS ENDED YEARS ENDED
APRIL 30, OCTOBER 31,
1998 1997 1996 1995 1994 1993
------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
PER SHARE DATA
- --------------
Net Asset Value, Beginning of Period........ $ 13.27 $ 13.19 $ 13.97 $ 10.24 $ 12.07 $ 11.58
------------------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS:
Net Investment Income..................... 0.53 (0.20) (0.17) (0.26) (0.29) (0.21)
Net Realized and Unrealized Gain (Loss)
on Investments.......................... (0.02) 2.83 0.90 4.51 0.55 1.56
DIVIDENDS AND DISTRIBUTIONS TO STOCKHOLDERS:
Distributions from Net Investment
Income.................................. (0.58) (2.55) (1.51) (0.52) (1.70) (0.86)
Distributions from Net Realized Gain
on Investments.......................... (1.66) 0.00 0.00 0.00 (0.39) 0.00
------------------------------------------------------------------------------
Net Asset Value, End of Period.............. $ 11.54 $ 13.27 $ 13.19 $ 13.97 $ 10.24 $ 12.07
==============================================================================
TOTAL RETURN................................ 7.20% 22.89% 5.70% 43.71% 1.86% 11.80%
- ------------ ==============================================================================
RATIOS AND SUPPLEMENTAL DATA
- ----------------------------
Net Assets, End of Period (in 000s)....... $ 6,133 $ 5,430 $ 4,539 $ 4,151 $ 2,992 $ 3,024
==============================================================================
Ratio of Operating Expenses to
Average Net Assets*..................... 3.46% 2.90% 2.29% 3.10% 3.51% 2.81%
==============================================================================
Ratio of Net Investment Income (Loss) to
Average Net Assets...................... (2.76)% (1.62)% (1.26)% (2.10)% (2.86)% (1.82)%
==============================================================================
Portfolio Turnover Rate**................. 44% 88% 108% 60% 43% 50%
==============================================================================
Average Commission Rate***................ $ .1272 $ .1044 $ .1248 - - -
==============================================================================
</TABLE>
* Subsequent to April 30, 1998, the investment adviser began waiving fees to
ensure the Fund's operating expenses do not exceed 2.90% for the year ended
October 31, 1998.
** A portfolio turnover rate is the percentage computed by taking the lesser of
purchases or sales of portfolio securities (excluding short-term investments)
for a year and dividing it by the monthly average of the market value of the
portfolio securities during the year.
***For fiscal years beginning on or after September 1, 1995, a fund is required
to disclose its average commission rate per share for security trades on
which commissions are charged.
The accompanying notes to financial statements are an integral part of the
financial statements.
9
<PAGE>
STONEBRIDGE AGGRESSIVE GROWTH FUND, INC.
NOTES TO FINANCIAL STATEMENTS
1. SUMMARY OFSIGNIFICANT ACCOUNTING POLICIES:
ORGANIZATION AND NATURE OF OPERATIONS -- Stonebridge Aggressive Growth
Fund, Inc. (the Fund) is registered under the Investment Company Act of
1940, as amended, as a diversified, open-end management investment company.
SECURITY VALUATION -- Investment securities listed or traded on a
registered securities exchange or quoted on NASDAQ are valued at the last
sales price on the date of valuation. 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.
FEDERAL INCOME TAXES -- No provision for Federal income taxes is necessary
since the Fund is qualified as a "regulated investment company" under the
Internal Revenue Code and intends to maintain this qualification and
distribute substantially all of its net investment income and realized
gains from investment transactions to its stockholders each year.
DISTRIBUTIONS - Distributions of net investment income, if any, are
distributed annually. Distributions of net realized gains, if any, are
declared at least once each year. Distributions to stockholders are
recorded on the ex-dividend date.
OTHER -- Securities transactions are accounted for on the date the
securities are purchased or sold (trade date). Dividend income is recorded
on the ex-dividend date. Interest income, which includes amortization of
premiums and accretion of discounts, is accrued and recorded daily .
Realized gains and losses from investment transactions and unrealized
appreciation and depreciation of investments are reported on an identified
cost basis, which is the same basis the Fund uses for Federal income tax
purposes.
USE OF ESTIMATES -- The preparation of the Fund's financial statements in
conformity with generally accepted accounting principles requires the
Fund's management to make estimates and assumptions that affect the amounts
reported in these financial statements and accompanying notes. Actual
results could differ from those statements.
2. INVESTMENT TRANSACTIONS:
Purchases and sales of investment securities (excluding short-term
securities), for the six months ended April 30, 1998 were as follows:
<TABLE>
<CAPTION>
Purchases Sales
----------- ----------
<S> <C> <C>
Common Stocks................................... $2,217,099 $2,234,103
As of April 30, 1998
Gross appreciation (excess of value over cost).. $1,221,820
Gross depreciation (excess of cost over value).. (102,119)
----------
Net unrealized appreciation..................... $1,119,701
</TABLE>
This amount represents the net increase in the value of investments (all of
which are represented by long transactions) held at April 30, 1998.
10
<PAGE>
STONEBRIDGE AGGRESSIVE GROWTH FUND, INC.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
3. TRANSACTIONS WITH AFFILIATES:
The Fund has entered into an investment advisory agreement with
Stonebridge Capital Management, Inc. (the Adviser). The advisory agreement
has been approved by the Fund's Board of Directors and stockholders. Under
the agreement, the Adviser is entitled to a fee, computed daily and paid
monthly (in arrears), at the annual rate of 1.00% of the average daily net
assets of the Fund. For the six months ended April 30, 1998 Advisory fees
payable to the Adviser totaled approximately $21,700.
The Adviser may from time to time voluntarily agree to reduce its fees or
absorb other operating expenses to ensure that the expenses of the Fund do
not exceed certain limitations. In such event, any such reductions and
other expenses paid by the Adviser will be repaid to the Adviser by the
Fund, without interest, at such later time or times as they may be repaid
without causing the aggregate operating expenses of the Fund to exceed
such voluntary expense limitation. In the event this agreement is
terminated for any reason, any such repayment obligation will also be
terminated without further liability to the Fund.
On July 23, 1997, the Fund entered into an administration agreement with
ALPS Mutual Funds Services ("ALPS"). The administrative agreement provides
that ALPS will receive a monthly management fee equal to the annual rate
of .10% of the average daily net assets in the Fund up to $250,000,000 and
.075% of the average daily net assets of the Fund in excess of
$250,000,000. At all times ALPS' fee will be no less than $5,000 per month
in the first year and $6,250 per month in years two and three. For the six
months ended April 30, 1998, fees payable to ALPS was $30,000 for
administration services.
Certain officers and directors of the Fund are also officers and/or
directors of the Adviser and/or ALPS.
4. CAPITAL STOCK:
At April 30, 1998, there were indefinite shares of $1.00 par value capital
stock authorized shares. Transactions in shares of capital stock for the
six months ended April 30, 1998 and the year ended October 31, 1997, were
as follows:
<TABLE>
<CAPTION>
SHARES AMOUNT
1998 1997 1998 1997
-------- -------- --------- -----------
<S> <C> <C> <C> <C>
Shares Sold.................... 49,265 28,323 $ 553,919 $ 378,125
Shares Issued to Stockholders
in Reinvestment of Dividends.. 89,906 71,471 863,993 884,073
Less Shares Redeemed........... (12,612) (34,794) (137,998) (424,378)
---------------------------------------------
Net Increase (Decrease)........ 126,559 65,000 $1,279,914 $ 797,820
</TABLE>
5. DISTRIBUTION TO STOCKHOLDERS:
On December 10, 1997, a dividend of $0.58 per share (comprising of short-
term capital gains), aggregating $238,599 was declared from net investment
income. Additionally, a dividend of $1.66 per share, aggregating $684,415
was declared from net realized gains from investment transactions. These
dividends were paid on December 31, 1997 to stockholders of record
December 29, 1997.*
*1997 dividend information has not been audited.
11
<PAGE>
[LOGO OF STONEBRIDGE FUNDS]
STONEBRIDGE AGGRESSIVE GROWTH FUND, INC.
OFFICERS AND DIRECTORS
Richard C. Barrett, Chairman, Board of Directors
and Vice President
John G. Ayer, President and Director
Charles E. Woodhouse, Vice President and Director
Debra L. Newman, Vice President and Treasurer
Craig B. Burger, Vice President
Chad S. Christensen, Vice President
James V. Hyatt, Secretary
Selvyn B. Bleifer, Director
Charles F. Haas, Director
William H. Taylor, Director
Marvin Freedman, Director
INVESTMENT ADVISER
STONEBRIDGE CAPITAL MANAGEMENT,
INCORPORATED
1801 Century Park East, Suite 1800
Los Angeles, California 90067
ADMINISTRATOR AND DISTRIBUTOR
ALPS MUTUAL FUNDS SERVICES, INC.
370 Seventeenth Street, Suite 3100
Denver, Colorado 80202
TRANSFER AGENT
NATIONAL FINANCIAL DATA SERVICES
1004 Baltimore, Dwight 4,
Kansas City, Missouri 64105
CUSTODIAN
FIFTH THIRD BANK
Fifth Third Center,
Cincinnati, Ohio 45263
LEGAL COUNSEL
PAUL, HASTINGS, JANOFSKY & WALKER
555 S. Flower Street, 23rd Floor
Los Angeles, California 90071
INDEPENDENT AUDITORS
HEIN + ASSOCIATES LLP
717 Seventeenth Street, Suite 1600
Denver, Colorado 80202
This report and its financial statements are submitted for the general
information of the stockholders of the Fund. The report is not authorized for
distribution to prospective investors in the Fund unless preceded or accompanied
by an effective prospectus.
