-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, UQp3vWRkGhf/kp93AxBh8y3c5mM+qoel91KGnX7M0sJR5PseiLUgrlCMe0n/il2P dU5nRvgFogDlZRTi2+JRDg== 0001193125-08-123651.txt : 20080528 0001193125-08-123651.hdr.sgml : 20080528 20080528163837 ACCESSION NUMBER: 0001193125-08-123651 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20080331 FILED AS OF DATE: 20080528 DATE AS OF CHANGE: 20080528 EFFECTIVENESS DATE: 20080528 FILER: COMPANY DATA: COMPANY CONFORMED NAME: IRONWOOD SERIES TRUST CENTRAL INDEX KEY: 0001049629 IRS NUMBER: 043386084 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-08507 FILM NUMBER: 08863929 BUSINESS ADDRESS: STREET 1: 2 PORTLAND SQUARE CITY: PORTLAND STATE: ME ZIP: 04101-4049 BUSINESS PHONE: (800) 472-6114 MAIL ADDRESS: STREET 1: C/O CITIGROUP GLOBAL TRANSACTION SVCS STREET 2: 2 PORTLAND SQUARE CITY: PORTLAND STATE: ME ZIP: 04101-4049 FORMER COMPANY: FORMER CONFORMED NAME: ICM SERIES TRUST DATE OF NAME CHANGE: 19971112 0001049629 S000004537 Ironwood Isabelle Small Company Stock Fund C000012438 Institutional Shares IZZIX C000012439 Investment Shares IZZYX N-Q 1 dnq.txt IRONWOOD SERIES TRUST 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 811-8507 Ironwood Series Trust P.O. Box 182218 Columbus, Ohio 43218-2218 (800) 472-6114 Charles S. Daly, Esq. Chief Compliance Officer, Counsel Ironwood Investment Management, LLC 21 Custom House Street, Suite 240 Boston, Massachusetts 02110 (617) 757-7609 Date of fiscal year end: December 31 Date of reporting period: January 1, 2008 - March 31, 2008 Item 1. Schedule of Investments. IRONWOOD ISABELLE SMALL COMPANY STOCK FUND PORTFOLIO OF INVESTMENTS MARCH 31, 2008 (UNAUDITED) MARKET SHARES SECURITY VALUE - ------ ----------------------------------------- --------- COMMON STOCK - 101.32% CONSUMER DISCRETIONARY & SERVICES - 8.03% 66,175 4Kids Entertainment, Inc. + 646,530 694,205 Danka Business Systems plc, ADR + 142,312 22,960 Hooker Furniture Corp. 512,926 244,757 Westaff, Inc. + 528,675 --------- 1,830,443 --------- CONSUMER STAPLES - 2.79% 27,475 Chiquita Brands International, Inc. + 634,947 --------- ENERGY - 10.55% 116,625 CE Franklin, Ltd. + 900,345 114,330 International Coal Group, Inc. + 725,996 38,600 PetroHawk Energy Corp. + 778,562 --------- 2,404,903 --------- FINANCIALS - 7.09% 25,420 Citizens First Bancorp, Inc. 273,265 41,040 Eastern Insurance Holdings, Inc. 594,259 18,195 Hanover Insurance Group, Inc. 748,542 --------- 1,616,066 --------- HEALTH CARE - 16.30% 11,020 Analogic Corp. 733,271 191,526 Ariad Pharmaceuticals, Inc. + 645,443 213,815 Durect Corp. + 1,122,529 396,720 Novavax, Inc. + 1,055,275 286,091 Ore Pharmaceuticals, Inc. + 156,778 --------- 3,713,296 --------- MATERIALS & PROCESSING - 33.86% 29,900 AM Castle & Co. 807,300 17,575 Ampco-Pittsburgh Corp. 755,549 71,650 Beacon Roofing Supply, Inc. + 716,500 114,200 Chemtura Corp. 838,228 98,975 ICO, Inc. + 686,886 426,750 Industrial Enterprises of America, Inc. + 89,617 106,610 Material Sciences Corp. + 827,294 29,600 MFRI, Inc. + 475,968 36,025 Novagold Resources, Inc. + 277,753 32,600 Olin Corp. 644,176 162,170 Omnova Solutions, Inc. + 647,058 149,120 PolyOne Corp. + 949,894 --------- 7,716,223 --------- PRODUCER DURABLES - 12.93% 142,500 Allied Defense Group, Inc. + 843,600 260,000 Magnetek, Inc. + 894,400 191,625 Proliance International, Inc. + 348,758 62,700 Williams Controls, Inc. + 860,871 ----------- $ 2,947,629 ----------- TECHNOLOGY - 9.77% 214,109 ActivIdentity Corp. + 541,696 411,330 InFocus Corp. + 769,187 120,250 Iomega Corp. + 429,293 472,894 SoftBrands, Inc. + 487,081 ----------- 2,227,257 ----------- TOTAL COMMON STOCK (COST $22,297,632) 23,090,764 ----------- OTHER ASSETS NET OF LIABILITIES - (1.32)% (301,636) ----------- NET ASSETS - 100.00% $22,789,128 =========== - -------- + Non-income producing security. ADR American Depositary Receipt. * Cost for Federal income tax purposes is substantially the same as for financial statement purposes and net unrealized appreciation (depreciation) consists of: Gross Unrealized Appreciation $ 4,570,053 Gross Unrealized Depreciation (3,776,921) ----------- Net Unrealized Appreciation (Depreciation) $ 793,132 =========== In September 2006, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" ("SFAS 157".) This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value, and requires additional disclosures about fair value measurements. SFAS 157 applies to fair value measurements already required or permitted by existing standards. SFAS 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007, and interim periods within those fiscal years. The changes to current GAAP from the application of this Statement relate to the definition of fair value, the methods used to measure fair value, and the expanded disclosures about fair value measurements. One key component of the implementation of SFAS 157 includes the development of a three-tier fair value hierarchy. The basis of the tiers is dependant upon the various "inputs" used to determine the value of the Fund's investments. These inputs are summarized in the three broad levels listed below: Level 1 - quoted prices in active markets for identical assets Level 2 - other significant inputs (including quoted prices of similar securities, interest rates, prepayments speeds, credit risk, etc.) Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments) The inputs or methodology used for valuing securities are not necessarily 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 March 31, 2008: INVESTMENTS IN VALUATION INPUTS SECURITIES - ---------------- -------------- Level 1 - Quoted Prices $23,090,764 Level 2 - Other Significant Inputs $ 0 Level 3 - Significant Unobservable Inputs $ 0 Total Investments $23,090,764 THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT OR SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND. Item 2. Controls and Procedures. (a) The registrant's President and Treasurer have concluded that the registrant's disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) are effective, based on their evaluation of these disclosure controls and procedures required by Rule 30a-3(b) as of a date within 90 days of the filing date of this report. (b) There were no changes in the registrant's internal control over financial reporting (as defined in rule 30a-3(d) under the Act) that occurred during the registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting. Item 3. Certifications as required by Rule 30a-2(a) under the Act are attached hereto. 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. Ironwood Series Trust By: /s/ Warren J. Isabelle ------------------------------ Warren J. Isabelle, President Date: 5/27/08 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: /s/ Warren J. Isabelle ------------------------------ Warren J. Isabelle, President Date: 5/27/08 By: /s/ Trudance L.C. Bakke ------------------------------ Trudance L.C. Bakke, Treasurer Date: 5/27/08 EX-99.CERT 2 dex99cert.txt CERTIFICATIONS PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT IRONWOOD SERIES TRUST I, Warren J. Isabelle, certify that: 1. I have reviewed this report on Form N-Q of Ironwood Series Trust; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: 5/27/08 /s/ Warren J. Isabelle ----------------------- Warren J. Isabelle President IRONWOOD SERIES TRUST I, Trudance L. C. Bakke, certify that: 1. I have reviewed this report on Form N-Q of Ironwood Series Trust; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: 5/27/08 /s/ Trudance L. C. Bakke ------------------------- Trudance L. C. Bakke Treasurer -----END PRIVACY-ENHANCED MESSAGE-----