N-Q 1 pinebridge_nq.htm QUARTERLY NOTICE OF PORTFOLIO HOLDINGS pinebridge_nq.htm
As filed with the Securities and Exchange Commission on [date]
 



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  811-07881



PineBridge Mutual Funds
(Exact name of registrant as specified in charter)



70 Pine Street, 11th Floor
New York, New York, 10270
(Address of principal executive offices) (Zip code)



Robin C. Thorn
70 Pine Street, 11th Floor
New York, New York, 10270
(Name and address of agent for service)



(214) 365-5200
Registrant's telephone number, including area code



Date of fiscal year end: November 30, 2010



Date of reporting period:  February 28, 2010

 
 
 
 
Item 1. Schedule of Investments.

 
PineBridge US Micro Cap Growth Fund
Schedule of Investments at February 28, 2010 (Unaudited)
                     
 
Security Description
      
Shares
  
Value
  
                     
 
COMMON STOCKS - 88.7%
            
 
Air Transportation - 1.6%
            
     
Atlas Air Worldwide Holdings, Inc. *
  
16,800
  
757,344
  
 
Apparel Manufacturing - 1.2%
            
     
True Religion Apparel, Inc. *
  
23,400
  
574,704
  
 
Capital Goods - 1.5%
              
     
Fushi Copperweld, Inc. *
    
80,557
  
735,485
  
 
Chemical Manufacturing - 3.8%
            
     
Halozyme Therapeutics, Inc. *
  
66,700
  
364,849
  
     
Impax Laboratories, Inc. *
    
63,200
  
973,912
  
     
Orexigen Therapeutics, Inc. *
  
75,300
  
472,884
  
                 
1,811,645
  
 
Clothing & Clothing Accessories Stores - 6.0%
        
     
Finish Line, Inc.
      
76,700
  
927,303
  
     
Shoe Carnival, Inc. *
    
58,400
  
1,064,632
  
     
Wet Seal, Inc. *
      
230,144
  
922,877
  
                 
2,914,812
  
 
Computer & Electronic Product Manufacturing - 8.7%
        
     
Compellent Technologies, Inc. *
  
30,600
  
475,218
  
     
Diodes, Inc. *
      
35,200
  
690,272
  
     
Nanometrics, Inc. *
    
70,000
  
662,900
  
     
Netezza Corp. *
      
48,300
  
441,462
  
     
OSI Systems, Inc. *
    
37,600
  
1,159,584
  
     
Super Micro Computer, Inc. *
  
49,800
  
747,498
  
                 
4,176,934
  
 
Credit Intermediation & Related Activities - 4.2%
        
     
Dollar Financial Corp. *
    
49,500
  
1,110,780
  
     
EZCORP, Inc. *
      
45,800
  
903,634
  
                 
2,014,414
  
 
Educational Services - 1.3%
            
     
Archipelago Learning, Inc. *
  
35,054
  
636,931
  
 
Energy - 0.9%
              
     
Kodiak Oil & Gas Corp. *
    
188,600
  
450,754
  
 
Food Beverage & Tobacco - 2.0%
          
     
Calavo Growers, Inc.
    
26,600
  
470,554
  
     
China Marine Food Group Ltd *
  
77,800
  
488,584
  
                 
959,138
  
 
Food Services & Drinking Places - 1.8%
          
     
Rick's Cabaret International, Inc. *
  
57,700
  
891,465
  
 
Heavy & Civil Engineering Construction - 1.9%
        
     
Orion Marine Group, Inc. *
    
52,099
  
914,858
  
 
Hospitals - 2.5%
              
     
IPC The Hospitalist Co., Inc. *
  
35,713
  
1,180,672
  
 
 
1
 
 
 
Insurance Carriers & Related Activities - 2.5%
        
     
BioScrip, Inc. *
      
93,600
  
691,704
  
     
eHealth, Inc. *
      
29,500
  
492,650
  
                 
1,184,354
  
 
Leather & Allied Product Manufacturing - 3.4%
        
     
R.G. Barry Corp.
    
81,100
  
785,859
  
     
Steven Madden, Ltd. *
    
19,857
  
834,193
  
                 
1,620,052
  
 
Machinery Manufacturing - 4.7%
            
     
China Valves Technology, Inc. *
  
60,100
  
732,018
  
     
China Yuchai International Ltd.
  
25,162
  
370,636
  
     
SmartHeat, Inc. *
    
37,500
  
448,875
  
     
Thermadyne Holdings Corp. *
  
90,700
  
706,553
  
                 
2,258,082
  
 
Miscellaneous Manufacturing - 6.9%
          
     
Conceptus, Inc. *
    
38,300
  
751,829
  
     
Endologix, Inc. *
      
174,800
  
631,028
  
     
Mako Surgical Corp. *
    
49,700
  
657,531
  
     
Natus Medical, Inc. *
    
53,200
  
717,136
  
     
Orthofix International NV *
    
16,500
  
562,485
  
                 
3,320,009
  
 
Motor Vehicle & Parts Dealers - 2.1%
          
     
America's Car-Mart, Inc. *
    
37,600
  
994,144
  
 
Oil & Gas Extraction - 1.3%
            
     
GeoResources, Inc. *
    
48,700
  
652,580
  
 
Other Information Services - 2.7%
          
     
Global Traffic Network, Inc. *
  
136,657
  
735,215
  
     
NIC, Inc.
      
75,200
  
561,744
  
                 
1,296,959
  
 
Professional, Scientific, & Technical Services - 8.8%
        
     
China Transinfo Technology Corp. *
  
26,800
  
211,452
  
     
DG FastChannel, Inc. *
    
28,035
  
908,054
  
     
Dynamics Research Corp. *
  
63,400
  
653,020
  
     
LivePerson, Inc. *
    
140,100
  
976,497
  
     
NetScout Systems, Inc. *
    
50,100
  
730,959
  
     
Sonic Solutions *
    
86,400
  
785,376
  
                 
4,265,358
  
 
Publishing Industries (except Internet) - 5.4%
        
     
ArcSight, Inc. *
      
30,600
  
820,080
  
     
Art Technology Group, Inc. *
  
251,200
  
997,264
  
     
Smith Micro Software, Inc. *
  
42,558
  
372,808
  
     
Telecommunication Systems, Inc. *
  
58,400
  
445,008
  
                 
2,635,160
  
 
Securities, Commodity Contracts, & Other Financial Investments & Related Activities - 2.7%
     
China Fire & Security Group, Inc. *
  
35,500
  
499,485
  
     
Oppenheimer Holdings, Inc.
  
5,167
  
129,227
  
     
Thomas Weisel Partners Group, Inc. *
  
168,600
  
679,458
  
                 
1,308,170
  
 
Sporting Goods, Hobby, Book, & Music Stores - 1.8%
        
     
Hibbett Sports, Inc. *
    
38,200
  
878,982
  
 
 
2
 
 
 
Support Activities for Mining - 2.8%
          
     
Pioneer Drilling Company *
  
75,000
  
535,500
  
     
Superior Well Services, Inc. *
  
44,400
  
794,316
  
                 
1,329,816
  
 
Technology Hardware & Equipment - 2.6%
          
     
Hollysys Automation Technologies, Ltd. *
43,700
  
439,622
  
     
interCLICK, Inc. *
    
203,400
  
801,396
  
                 
1,241,018
  
 
Textile Product Mills - 2.1%
            
     
Joe's Jeans, Inc. *
    
463,700
  
1,006,229
  
 
Transportation Equipment Manufacturing - 1.5%
        
     
ArvinMeritor, Inc. *
    
63,900
  
745,074
  
                     
   
TOTAL COMMON STOCKS
            
   
(Cost $37,270,426)
          
42,755,143
  
                     
 
WARRANTS - 0.0%
              
 
Energy - 0.0%
              
     
GreenHunter Energy, Inc.
            
     
    Expiration: August, 2011, Excercise Price: $27.500 *^a
8,140
  
81
  
                     
   
TOTAL WARRANTS
            
   
(Cost $0)
          
81
  
                     
 
SHORT TERM INVESTMENTS - 9.1%
          
     
SEI Daily Income Trust Treasury Fund - Class B
        
     
    0.010% #
      
2,063,428
  
2,063,428
  
     
SEI Daily Income Trust Government Fund - Class B
      
     
    0.040% #
      
2,343,274
  
2,343,274
  
                 
4,406,702
  
                     
   
TOTAL SHORT TERM INVESTMENTS
          
   
(Cost $4,406,702)
          
4,406,702
  
                     
 
Total Investments - 97.8%
            
 
(Cost $41,677,128)
          
47,161,926
  
 
Other Assets in Excess of Liabilities - 2.2%
      
1,077,005
  
 
TOTAL NET ASSETS - 100.0%
      
$
48,238,931
  
                     
 
Percentages are stated as a percent of net assets.
        
                     
 
*  Non-income producing security
          
 
#   7-Day Yield
              
 
^  Restricted Security
              
 
a  Fair Valued Security
            
                     
 
The cost basis of investments for federal income tax purposes at February 28, 2010 was as follows+:
                     
 
Cost of investments
        
$
         42,171,652
  
 
Gross unrealized appreciation
        
6,832,496
  
 
Gross unrealized depreciation
        
(1,842,222)
  
 
Net unrealized appreciation
      
$
4,990,274
  
 
 
3
 
 
 
+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 semi-annual or annual report.


PineBridge US Small Cap Growth Fund
Schedule of Investments at February 28, 2010 (Unaudited)
                     
 
Security Description
      
Shares
  
Value
  
                     
 
COMMON STOCKS - 99.7%
            
 
Administrative & Support Services - 1.7%
          
     
Websense, Inc. *
      
9,100
$
195,286
  
 
Air Transportation - 1.9%
              
     
Atlas Air Worldwide Holdings, Inc. *
  
4,700
  
211,876
  
 
Ambulatory Health Care Services - 1.5%
          
     
Emergency Medical Services Corp. *
  
3,200
  
166,592
  
 
Apparel Manufacturing - 3.1%
            
     
Guess?, Inc.
      
5,200
  
212,108
  
     
True Religion Apparel, Inc. *
    
5,500
  
135,080
  
                 
347,188
  
 
Beverage & Tobacco Product Manufacturing - 1.3%
          
     
Central European Distribution Corp. *
  
4,481
  
149,441
  
 
Capital Goods - 1.6%
              
     
Fushi Copperweld, Inc. *
    
19,476
  
177,816
  
 
Chemical Manufacturing - 4.5%
            
     
AMAG Pharmaceuticals, Inc. *
    
3,400
  
129,846
  
     
Amylin Pharmaceuticals, Inc. *
    
3,800
  
71,820
  
     
Orexigen Therapeutics, Inc. *
    
18,000
  
113,040
  
     
Salix Pharmaceuticals, Inc. *
    
6,700
  
191,352
  
                 
506,058
  
 
Clothing & Clothing Accessories Stores - 5.5%
          
     
Finish Line, Inc.
      
17,500
  
211,575
  
     
Gymboree Corp. *
      
6,300
  
274,050
  
     
Wet Seal, Inc. *
      
33,853
  
135,751
  
                 
621,376
  
 
Computer & Electronic Product Manufacturing - 20.2%
          
     
Aruba Networks, Inc. *
    
19,600
  
229,908
  
     
Blue Coat Systems, Inc. *
    
7,100
  
205,758
  
     
Compellent Technologies, Inc. *
  
7,200
  
111,816
  
     
Diodes, Inc. *
      
8,900
  
174,529
  
     
Emulex Corp. *
      
11,700
  
148,590
  
     
Fossil, Inc. *
      
6,800
  
246,500
  
     
Masimo Corp. *
      
6,500
  
179,985
  
     
Natus Medical, Inc. *
    
8,400
  
113,232
  
     
Netezza Corp. *
      
12,200
  
111,508
  
     
OSI Systems, Inc. *
      
8,900
  
274,476
  
     
Sirona Dental Systems, Inc. *
    
5,200
  
186,628
  
     
Skyworks Solutions, Inc. *
    
11,500
  
175,605
  
     
Super Micro Computer, Inc. *
    
7,800
  
117,078
  
                 
2,275,613
  
 
 
4
 
 
 
Consumer Services - 1.3%
              
     
Melco Crown Entertainment Ltd. - ADR *
  
37,300
  
150,692
  
 
Credit Intermediation & Related Activities - 6.9%
          
     
Dollar Financial Corp. *
    
11,800
  
264,792
  
     
EZCORP, Inc. *
      
18,300
  
361,059
  
     
First Midwest Bancorp, Inc.
    
11,000
  
149,490
  
                 
775,341
  
 
Data Processing, Hosting & Related Services - 2.6%
          
     
HMS Holdings Corp. *
    
6,388
  
294,103
  
 
Educational Services - 1.5%
            
     
Archipelago Learning, Inc. *
    
9,580
  
174,069
  
 
Food Beverage & Tobacco - 1.0%
            
     
Calavo Growers, Inc.
    
6,200
  
109,678
  
 
Furniture & Related Product Manufacturing - 1.4%
          
     
Tempur-Pedic International, Inc. *
  
5,500
  
156,200
  
 
Heavy & Civil Engineering Construction - 1.9%
          
     
Orion Marine Group, Inc. *
    
12,240
  
214,934
  
 
Hospitals - 3.6%
              
     
Health Management Associates, Inc. *
  
17,000
  
123,930
  
     
IPC The Hospitalist Co., Inc. *
    
8,554
  
282,795
  
                 
406,725
  
 
Leather & Allied Product Manufacturing - 2.0%
          
     
Steven Madden, Ltd. *
    
5,247
  
220,426
  
 
Mining (except Oil & Gas) - 1.5%
            
     
China Valves Technology, Inc. *
    
14,300
  
174,174
  
 
Miscellaneous Manufacturing - 4.2%
            
     
Align Technology, Inc. *
    
7,200
  
130,320
  
     
Conceptus, Inc. *
      
9,000
  
176,670
  
     
MAKO Surgical Corp. *
    
12,600
  
166,698
  
           
473,688
  
 
Motor Vehicle & Parts Dealers - 2.0%
            
     
America's Car Mart, Inc. *
    
8,600
  
227,384
  
 
Oil & Gas Extraction - 1.2%
              
     
GeoResources, Inc. *
    
10,300
  
138,020
  
 
Other Information Services - 3.2%
            
     
AsiaInfo Holdings, Inc. *
    
9,335
  
227,961
  
     
NIC, Inc.
      
17,900
  
133,713
  
                 
361,674
  
 
Professional, Scientific, & Technical Services - 10.7%
          
     
DG FastChannel, Inc. *
    
6,648
  
215,329
  
     
Incyte Corp. *
      
13,200
  
140,712
  
     
MedAssets, Inc. *
      
7,200
  
155,880
  
     
NetScout Systems, Inc. *
    
12,000
  
175,080
  
     
Quality Systems, Inc.
    
3,300
  
188,892
  
     
Riverbed Technology, Inc. *
    
5,500
  
149,875
  
     
Sonic Solutions *
      
19,700
  
179,073
  
                 
1,204,841
  
             
 
 
5
 
 
 
Publishing Industries (except Internet) - 5.4%
          
     
ArcSight, Inc. *
      
6,100
  
163,480
  
     
Art Technology Group, Inc. *
    
59,900
  
237,803
  
     
GSI Commerce, Inc. *
    
8,500
  
212,245
  
                 
613,528
  
 
Securities, Commodity Contracts, & Other Financial Investments & Related Activities - 0.3%
    
     
Oppenheimer Holdings, Inc.
    
1,237
  
30,937
  
 
Semiconductors & Semiconductor Equipment - 1.1%
          
     
Globe Specialty Metals, Inc. *
    
12,600
  
129,276
  
 
Sporting Goods, Hobby, Book, & Music Stores - 2.0%
          
     
Hibbett Sports, Inc. *
    
9,800
  
225,498
  
 
Support Activities for Mining - 3.0%
            
     
Key Energy Services, Inc. *
    
15,400
  
156,156
  
     
Superior Well Services, Inc. *
    
10,500
  
187,845
  
                 
344,001
  
 
Transportation Equipment Manufacturing - 1.6%
          
     
ArvinMeritor, Inc. *
      
15,200
  
177,232
  
                     
   
TOTAL COMMON STOCKS
            
   
(Cost $9,958,389)
          
11,253,667
  
                     
 
SHORT TERM INVESTMENTS - 2.6%
            
     
SEI Daily Income Trust Government Fund - Class B
        
     
0.040% #
      
298,909
  
298,909
  
                     
   
TOTAL SHORT TERM INVESTMENTS
          
   
(Cost $298,909)
          
298,909
  
                     
 
Total Investments - 102.3%
            
 
(Cost $10,257,297)
          
11,552,576
  
 
Liabilities in Excess of Other Assets - (2.3)%
      
(264,544)
  
 
TOTAL NET ASSETS - 100.0%
      
$
11,288,032
  
                     
                     
 
Percentages are stated as a percent of net assets.
          
                     
 
ADR - American Depository Receipt
            
 
*  Non-income producing security.
            
 
#  7-Day Yield
              
     
 
The cost basis of investments for federal income tax purposes at February 28, 2010 was as follows+:
  
                     
 
Cost of investments
        
$
         10,302,580
  
 
Gross unrealized appreciation
        
1,418,819
  
 
Gross unrealized depreciation
        
(168,823)
  
 
Net unrealized appreciation
      
$
          1,249,996
  
                     
 
+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 semi-annual or annual report.
 
 
6
 
 
PineBridge US Mid Cap Growth Fund
Schedule of Investments at February 28, 2010 (Unaudited)
                     
 
Security Description
      
Shares
  
Value
  
                     
 
COMMON STOCKS - 92.8%
            
 
Amusement, Gambling, & Recreation Industries - 1.6%
      
     
Las Vegas Sands Corp. *
    
37,600
$
625,288
  
 
Apparel Manufacturing - 2.0%
            
     
Guess?, Inc.
      
19,500
  
795,405
  
 
Building Material & Garden Equipment & Supplies Dealers - 1.7%
    
     
Fastenal Co.
      
15,800
  
701,046
  
 
Chemical Manufacturing - 3.5%
            
     
Biovail Corp.
      
42,600
  
631,758
  
     
Celanese Corp.
      
25,500
  
795,345
  
                 
1,427,103
  
 
Clothing & Clothing Accessories Stores - 2.1%
        
     
American Eagle Outfitters, Inc.
  
49,500
  
835,065
  
 
Computer & Electronic Product Manufacturing - 19.5%
        
     
Altera Corp.
      
40,400
  
986,972
  
     
Avago Technologies Ltd. *
    
8,430
  
153,005
  
     
Cree, Inc. *
      
10,300
  
698,649
  
     
Dolby Laboratories, Inc. *
    
20,200
  
1,076,054
  
     
EMC Corp. *
      
41,600
  
727,584
  
     
Fossil, Inc. *
      
36,700
  
1,330,375
  
     
JDS Uniphase Corp. *
    
31,400
  
336,922
  
     
Marvell Technology Group Ltd. *
  
30,900
  
596,988
  
     
Seagate Technology *
    
26,800
  
533,588
  
     
Silicon Laboratories, Inc. *
    
5,287
  
240,241
  
     
Sirona Dental Systems, Inc. *
  
18,300
  
656,787
  
     
Skyworks Solutions, Inc. *
    
34,400
  
525,288
  
                 
7,862,453
  
 
Credit Intermediation & Related Activities - 1.5%
        
     
First Midwest Bancorp, Inc.
  
43,400
  
589,806
  
 
Educational Services - 4.0%
            
     
Archipelago Learning, Inc. *
  
13,294
  
241,552
  
     
Devry, Inc.
      
21,600
  
1,364,040
  
                 
1,605,592
  
 
Fabricated Metal Product Manufacturing - 1.5%
        
     
Cameron International Corp. *
  
14,200
  
584,046
  
 
Food Services & Drinking Places - 1.4%
          
     
Chipotle Mexican Grill, Inc. *
  
5,200
  
544,492
  
 
Furniture & Related Product Manufacturing - 2.8%
        
     
Tempur-Pedic International, Inc. *
  
40,400
  
1,147,360
  
 
Hospitals - 2.7%
              
     
Health Management Associates, Inc. *
  
148,000
  
1,078,920
  
 
Insurance Carriers & Related Activities - 6.5%
        
     
Cigna Corp.
      
17,800
  
609,828
  
     
Genworth Financial, Inc. *
    
92,400
  
1,472,856
  
     
Lincoln National Corp.
    
20,700
  
521,226
  
                 
2,603,910
  
 
 
7
 
 
 
Machinery Manufacturing - 1.1%
            
     
AGCO Corp. *
      
13,000
  
445,250
  
 
Management of Companies & Enterprises - 1.6%
        
     
Huntington Bancshares, Inc.
  
137,500
  
661,375
  
 
Mining (except Oil & Gas) - 3.0%
          
     
Alpha Natural Resources, Inc. *
  
8,900
  
409,489
  
     
Cliffs Natural Resources, Inc.
  
14,500
  
817,800
  
                 
1,227,289
  
 
Miscellaneous Manufacturing - 8.2%
          
     
Coach, Inc.
      
29,900
  
1,089,556
  
     
Estee Lauder Co., Inc.
    
25,600
  
1,539,328
  
     
Intuitive Surgical, Inc. *
    
2,000
  
694,280
  
                 
3,323,164
  
 
Plastics & Rubber Products Manufacturing - 2.0%
        
     
Pactiv Corp. *
      
33,000
  
817,080
  
 
Professional, Scientific, & Technical Services - 10.9%
        
     
Celgene Corp. *
      
20,600
  
1,226,112
  
     
Cerner Corp. *
      
4,900
  
406,455
  
     
Cognizant Technology Solutions Corp. *
20,700
  
996,291
  
     
priceline.com, Inc. *
    
4,100
  
929,716
  
     
salesforce.com, Inc. *
    
12,500
  
849,375
  
                 
4,407,949
  
 
Publishing Industries (except Internet) - 1.1%
        
     
ANSYS, Inc. *
      
9,800
  
429,828
  
 
Rail Transportation - 1.5%
            
     
Kansas City Southern *
    
17,300
  
593,390
  
 
Securities, Commodity Contracts, & Other Financial Investments & Related Activities - 4.8%
     
Affiliated Managers Group, Inc. *
  
16,700
  
1,187,871
  
     
Charles Schwab Corp.
    
41,400
  
758,034
  
                 
1,945,905
  
 
Support Activities for Mining - 1.0%
          
     
Key Energy Services, Inc. *
  
39,600
  
401,544
  
 
Transportation Equipment Manufacturing - 6.8%
        
     
ArvinMeritor, Inc. *
    
75,400
  
879,164
  
     
Lennox International, Inc.
    
23,400
  
987,480
  
     
TRW Automotive Holdings Corp. *
  
32,600
  
875,962
  
                 
2,742,606
  
                     
   
TOTAL COMMON STOCKS
            
   
(Cost $34,438,575)
          
37,395,866
  
                     
 
SHORT TERM INVESTMENTS - 3.8%
          
     
SEI Daily Income Trust Government Fund - Class B
      
     
    0.040%, #
      
1,550,037
  
1,550,037
  
                     
   
TOTAL SHORT TERM INVESTMENTS
          
   
(Cost $1,550,037)
          
1,550,037
  
                     
                     
 
Total Investments - 96.6%
            
 
(Cost $35,988,612)
          
38,945,903
  
 
Other Assets in Excess of Liabilities - 3.4%
      
1,361,751
  
 
TOTAL NET ASSETS - 100.0%
      
$
40,307,654
  
 
 
8
 
 
 
Percentages are stated as a percent of net assets.
        
                     
 
*  Non-income producing security
          
 
#  7-Day Yield
              
                     
 
The cost basis of investments for federal income tax purposes at February 28, 2010 was as follows+:
                     
 
Cost of investments
        
$
         37,301,105
  
 
Gross unrealized appreciation
        
3,315,101
  
 
Gross unrealized depreciation
        
(1,670,303)
  
 
Net unrealized appreciation
      
$
           1,644,798
  
                     
 
+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 semi-annual or annual report.
                     
 
PineBridge US Focus Equity Fund
    
Schedule of Investments at February 28, 2010 (Unaudited)
    
                         
 
Security Description
      
Shares
  
Value
      
                         
 
COMMON STOCKS - 98.6%
                
 
Ambulatory Health Care Services - 4.3%
              
     
Laboratory Corp. of America Holdings *
  
22,600
$
1,656,806
      
 
Beverage & Tobacco Product Manufacturing - 8.8%
              
     
PepsiCo, Inc.
      
53,900
  
3,367,133
      
 
Chemical Manufacturing - 7.1%
                
     
Amgen, Inc. *
      
19,809
  
1,121,387
      
     
Dow Chemical Co.
    
56,900
  
1,610,839
      
                 
2,732,226
      
 
Computer & Electronic Product Manufacturing - 12.2%
            
     
Apple Computer, Inc. *
    
7,700
  
1,575,574
      
     
Hewlett-Packard Co.
    
41,400
  
2,102,706
      
     
Seagate Technology *
    
50,400
  
1,003,464
      
                 
4,681,744
      
 
Couriers & Messengers - 8.2%
                
     
United Parcel Service, Inc.
    
53,600
  
3,148,464
      
 
Credit Intermediation & Related Activities - 4.2%
              
     
Wells Fargo & Co.
      
59,500
  
1,626,730
      
                         
 
Electrical Equipment, Appliance, & Component Manufacturing - 4.4%
          
     
Whirlpool Corp.
      
20,300
  
1,708,448
      
 
Electronics & Appliance Stores - 3.9%
              
     
RadioShack Corp.
      
76,900
  
1,504,164
      
 
General Merchandise Stores - 4.2%
                
     
O'Reilly Automotive, Inc. *
    
41,200
  
1,619,160
      
 
Health & Personal Care Stores - 4.6%
              
     
Express Scripts, Inc. *
    
18,400
  
1,766,584
      
 
 
9
 
 
 
Machinery Manufacturing - 8.3%
                
     
Deere & Co.
      
29,500
  
1,690,350
      
     
Lam Research Corp. *
    
44,700
  
1,515,777
      
                 
3,206,127
      
 
Management of Companies & Enterprises - 7.7%
              
     
AES Corp. *
      
119,600
  
1,398,124
      
     
Goldman Sachs Group, Inc.
    
10,000
  
1,563,500
      
                 
2,961,624
      
 
Miscellaneous Manufacturing - 4.1%
                
     
Baxter International, Inc.
    
28,000
  
1,594,040
      
 
Oil & Gas Extraction - 4.1%
                
     
Occidental Petroleum Corp.
    
19,700
  
1,573,045
      
 
Petroleum & Coal Products Manufacturing - 3.9%
              
     
Chevron Corp.
      
20,644
  
1,492,561
      
 
Securities, Commodity Contracts, & Other Financial Investments & Related Activities - 6.1%
      
     
Franklin Resources, Inc.
    
15,500
  
1,576,660
      
     
Janus Capital Group, Inc.
    
60,700
  
758,750
      
                 
2,335,410
      
 
Support Activities for Mining - 2.5%
                
     
Transocean Ltd. *
      
12,097
  
965,583
      
                         
   
TOTAL COMMON STOCKS
                
   
(Cost $36,893,816)
          
37,939,849
      
                         
 
EXCHANGE TRADED FUNDS - 1.0%
              
     
SPDR S&P 500 ETF
    
3,464
  
383,673
      
                         
   
TOTAL EXCHANGE TRADED FUNDS
              
   
(Cost $378,651)
          
383,673
      
                         
 
SHORT TERM INVESTMENTS - 0.3%
              
     
SEI Daily Income Trust Government Fund - Class B
            
     
    0.040%, #
      
108,424
  
108,424
      
                         
   
TOTAL SHORT TERM INVESTMENTS
              
   
(Cost $108,424)
          
108,424
      
                         
 
Total Investments - 99.9%
                  
 
(Cost $37,380,891)
          
38,431,946
      
 
Other Assets in Excess of Liabilities - 0.1%
      
46,459
      
 
TOTAL NET ASSETS - 100.0%
      
$
38,478,405
      
                         
                         
 
Percentages are stated as a percent of net assets.
              
                         
 
*  Non-income producing security.
                
 
#  7-Day Yield
                  
 
 
10
 
 
 
The cost basis of investments for federal income tax purposes at February 28, 2010 was as follows+:
      
                         
 
Cost of investments
        
$
         37,470,438
      
 
Gross unrealized appreciation
        
1,557,587
  
 
Gross unrealized depreciation
        
(596,079)
  
 
Net unrealized appreciation
      
$
             961,508
  
                       
 
+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 semi-annual or annual report.
      

Significant Accounting Policies
                
 
Security Valuation.  Each Fund's securities, except short-term investments with remaining maturities of 60 days of less, use the last quoted  trading price or official closing price as market value.  For non-Nasdaq listed securities, the Funds use the price quoted by the exchange on which security is primarily traded.  For Nasdaq equity securities, the Funds use the Nasdaq official closing price.  Unlisted securities and listed securities, which have not been traded on the valuation date, are valued at the average between the last price asked and the last price bid.  In the event such market quotations are not readily available or are not reliable, fair value will be used to value the Funds.  Short-term investments with remaining maturities of 60 days or less are valued at amortized cost, which approximates market value, unless the Trust's Board of Trustees determines that this does not represent fair value.  The value of all other securities is determined in good faith under procedures adopted by the Board of Trustees.
 
The Funds have adopted financial reporting rules that require an entity to evaluate certain factors to determine whether there has been a significant decrease in volume and level of activity for the asset or liability such that recent transactions and quoted prices may not be determinative of fair value and further analysis and adjustment may be necessary to estimate fair value.  These financial reporting rules also require enhanced disclosure regarding the inputs and valuation techniques used to measure fair value in those instances as well as expanded disclosure of valuation levels for major security types.  These financial reporting rules also require each fund to classify its securities based on valuation method, using the following levels listed below:
 
Level 1 - Quoted prices in active markets for identical securities.
Level 2 - Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment spreads, credit risk, etc.)
Level 3 - Significant unobservable in
 
 
The following table summarizes the Funds' investments as of February 28, 2010.
      
                         
Valuation Inputs
  
PineBridge US Micro Cap Growth Fund
PineBridge US Small Cap Growth Fund
PineBridge US Mid Cap Growth Fund
PineBridge US Focus Equity Fund
                         
 
Level 1
                      
 
Common Stocks
  
     $42,755,143
  
     $11,253,667
  
     $37,395,866
  
         $37,939,849
  
 
Investment Companies
  
                          -
  
                          -
  
                          -
  
                 383,673
  
 
Short Term Investments
  
         4,406,702
  
             298,909
  
         1,550,037
  
                 108,424
  
 
Total Level 1
      
       47,161,845
  
       11,552,576
  
       38,945,903
  
           38,431,946
  
                         
 
Level 2
                      
 
Warrants
      
                       81
  
                          -
  
                          -
  
                              -
  
                         
                         
 
Level 3
      
                          -
  
                          -
  
                          -
  
                              -
  
 
Total
      
     $47,161,926
  
     $11,552,576
  
     $38,945,903
  
         $38,431,946
  
 
 
11
 
 
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 “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.

 
 
12
 
 
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)  PineBridge Mutual Funds                                                                                                                     

By (Signature and Title) /s/ Robin C. Thorn                        
                                                           Robin C. Thorn, President

Date   April 26, 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/ Joseph Altobelli                               
                      Joseph Altobelli, Chief Financial Officer & Treasurer

Date   April 26, 2010

* Print the name and title of each signing officer under his or her signature.