FORM 3
        
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

SGS Holdings LLC

2. Date of Event Requiring Statement (MM/DD/YYYY)
1/27/2012 

3. Issuer Name and Ticker or Trading Symbol

Stream Global Services, Inc. [SGS]

(Last)        (First)        (Middle)

2000 AVENUE OF THE STARS, 12TH FLOOR

4. Relationship of Reporting Person(s) to Issuer (Check all applicable)

_____ Director                            ___ X ___ 10% Owner
_____ Officer (give title below)          _____ Other (specify below)

(Street)

LOS ANGELES, CA 90067       

(City)              (State)              (Zip)
5. If Amendment, Date Original Filed (MM/DD/YYYY)

 

6. Individual or Joint/Group Filing (Check Applicable Line)

_ X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person


Table I - Non-Derivative Securities Beneficially Owned
1.Title of Security
(Instr. 4) 		2. Amount of Securities Beneficially Owned
(Instr. 4) 		3. Ownership Form: Direct (D) or Indirect (I)
(Instr. 5) 		4. Nature of Indirect Beneficial Ownership
(Instr. 5)
Common Stock, par value $0.001 per share   70070028   (1) (2) D   (1) (2)  

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 4) 		2. Date Exercisable and Expiration Date
(MM/DD/YYYY) 		3. Title and Amount of Securities Underlying Derivative Security
(Instr. 4) 		4. Conversion or Exercise Price of Derivative Security 5. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 5) 		6. Nature of Indirect Beneficial Ownership
(Instr. 5)
Date Exercisable Expiration Date Title Amount or Number of Shares

Explanation of Responses:
( 1)  On January 27, 2012, pursuant to the terms of that certain Contribution and Exchange Agreement (the "Contribution Agreement"), dated as of January 27, 2012, by and among SGS Holdings LLC ("Parent"), Ares Corporate Opportunities Fund II, L.P. ("Ares"), EGS Dutchco B.V. ("EGS") and NewBridge International Investment Ltd. ("NewBridge" and, together with Ares and EGS, the "Parent Members"), each of the Parent Members contributed all of its shares of common stock, par value $0.001 per share ("Shares"), of Stream Global Services, Inc. to Parent in exchange for units of membership interest of Parent. Specifically, Ares contributed 36,085,134 Shares, EGS contributed 13,460,624 Shares and NewBridge contributed 20,524,270 Shares to Parent pursuant to the Contribution Agreement.
( 2)  As of January 27, 2012, each of the Parent Members beneficially owns a pro rata portion of the units of membership interest of Parent. Accordingly, each of the Parent Members may be deemed to have indirect beneficial ownership of a portion of the Shares. The Parent Members each disclaim beneficial ownership of these securities except to the extent of their respective pecuniary interests therein, and the inclusion of these Shares in this report shall not be deemed to be an admission of beneficial ownership of such Shares except to the extent of its pecuniary interest therein for purposes of Section 16 or any other purpose.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
SGS Holdings LLC
2000 AVENUE OF THE STARS
12TH FLOOR
LOS ANGELES, CA 90067
X


Signatures
/s/ Nathan Walton, President, for SGS HOLDINGS LLC 1/31/2012
** Signature of Reporting Person Date


Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.
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