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: 811-7852
Exact Name of Registrant as Specified in Charter: USAA MUTUAL FUNDS TRUST
Address of Principal Executive Offices and Zip Code: 9800 FREDERICKSBURG ROAD
SAN ANTONIO, TX 78288
Name and Address of Agent for Service: CHRISTOPHER P. LAIA
USAA MUTUAL FUNDS TRUST
9800 FREDERICKSBURG ROAD
SAN ANTONIO, TX 78288
Registrant's Telephone Number, Including Area Code: (210) 498-0226
Date of Fiscal Year End: JULY 31
|
Date of Reporting Period: OCTOBER 31, 2009
ITEM 1. SCHEDULE OF INVESTMENTS.
USAA MUTUAL FUNDS TRUST - 1ST QUARTER REPORT - PERIOD ENDED OCTOBER 31, 2009
[LOGO OF USAA]
USAA(R)
PORTFOLIO OF INVESTMENTS
1ST QUARTER
USAA INCOME STOCK FUND
OCTOBER 31, 2009
(Form N-Q)
48452-1209 (c)2009, USAA. All rights reserved.
PORTFOLIO OF INVESTMENTS
USAA INCOME STOCK FUND
October 31, 2009 (unaudited)
PORTFOLIO OF INVESTMENTS
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
---------------------------------------------------------------------------------------------------------
COMMON STOCKS (98.9%)
CONSUMER DISCRETIONARY (8.7%)
-----------------------------
APPAREL & ACCESSORIES & LUXURY GOODS (0.2%)
28,600 Coach, Inc. $ 943
11,600 Columbia Sportswear Co. 441
37,200 Jones Apparel Group, Inc. 666
2,400 VF Corp. 170
---------------
2,220
---------------
APPAREL RETAIL (0.3%)
11,000 Abercrombie & Fitch Co. "A" 361
18,600 AnnTaylor Stores Corp. * 241
300 Foot Locker, Inc. 3
77,600 Gap, Inc. 1,656
112,800 Limited Brands, Inc. 1,986
11,100 Men's Wearhouse, Inc. 257
---------------
4,504
---------------
AUTO PARTS & EQUIPMENT (0.3%)
32,000 Autoliv, Inc. 1,074
107,400 Johnson Controls, Inc. 2,569
13,600 TRW Automotive Holdings Corp. * 213
---------------
3,856
---------------
AUTOMOBILE MANUFACTURERS (0.1%)
227,000 Ford Motor Co. * 1,589
---------------
AUTOMOTIVE RETAIL (0.4%)
176,600 AutoNation, Inc. *(a) 3,045
135,701 Penske Automotive Group, Inc. 2,125
---------------
5,170
---------------
BROADCASTING (0.2%)
189,200 CBS Corp. "B" 2,227
---------------
CABLE & SATELLITE (0.8%)
31,100 Cablevision Systems Corp. "A" 714
451,700 Comcast Corp. "A" 6,550
26,100 DISH Network Corp. "A" * 454
86,000 Liberty Global, Inc. "A" * 1,765
79,300 Virgin Media, Inc. 1,108
---------------
10,591
---------------
CASINOS & GAMING (0.1%)
29,400 Penn National Gaming, Inc. * 739
---------------
CATALOG RETAIL (0.1%)
71,400 Liberty Media Corp. Interactive "A" * 810
---------------
COMPUTER & ELECTRONICS RETAIL (0.3%)
175,100 RadioShack Corp. 2,957
16,500 Rent-A-Center, Inc. * 303
---------------
3,260
---------------
---------------------------------------------------------------------------------------------------------
1 | USAA Income Stock Fund
|
---------------------------------------------------------------------------------------------------------
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
---------------------------------------------------------------------------------------------------------
DEPARTMENT STORES (0.8%)
138,900 J.C. Penney Co., Inc. $ 4,602
38,300 Kohl's Corp. * 2,192
70,300 Macy's, Inc. 1,235
25,600 Sears Holdings Corp. *(a) 1,737
---------------
9,766
---------------
DISTRIBUTORS (0.1%)
18,200 Genuine Parts Co. 637
---------------
EDUCATION SERVICES (0.1%)
16,700 Apollo Group, Inc. "A" * 954
3,500 ITT Educational Services, Inc. * 316
---------------
1,270
---------------
GENERAL MERCHANDISE STORES (0.0%)
1,600 Target Corp. 77
---------------
HOME FURNISHINGS (0.4%)
121,400 Leggett & Platt, Inc. 2,347
59,100 Mohawk Industries, Inc. * 2,531
---------------
4,878
---------------
HOME IMPROVEMENT RETAIL (1.7%)
670,800 Home Depot, Inc. 16,830
235,100 Lowe's Companies, Inc. 4,601
---------------
21,431
---------------
HOMEBUILDING (0.1%)
86,000 Lennar Corp. "A" 1,084
508 NVR, Inc. * 336
39,200 Pulte Homes, Inc. 353
---------------
1,773
---------------
HOMEFURNISHING RETAIL (0.1%)
79,400 Williams-Sonoma, Inc. 1,491
---------------
HOTELS, RESORTS, & CRUISE LINES (0.1%)
6,600 Choice Hotels International, Inc. 197
6,300 Starwood Hotels & Resorts Worldwide, Inc. 183
65,800 Wyndham Worldwide Corp. 1,122
---------------
1,502
---------------
HOUSEHOLD APPLIANCES (0.2%)
19,900 Black & Decker Corp. 940
12,000 Stanley Works 543
13,500 Whirlpool Corp. 966
---------------
2,449
---------------
HOUSEWARES & SPECIALTIES (0.1%)
15,400 Fortune Brands, Inc. 600
18,800 Jarden Corp. 515
18,600 Newell Rubbermaid, Inc. 270
---------------
1,385
---------------
LEISURE PRODUCTS (0.2%)
16,700 Brunswick Corp. 158
76,100 Hasbro, Inc. 2,075
---------------
2,233
---------------
MOTORCYCLE MANUFACTURERS (0.1%)
48,200 Harley-Davidson, Inc. 1,201
---------------
MOVIES & ENTERTAINMENT (1.4%)
15,900 DreamWorks Animation SKG, Inc. "A" * 509
23,700 Liberty Media Corp. "A" * 490
---------------------------------------------------------------------------------------------------------
Portfolio of Investments | 2
|
---------------------------------------------------------------------------------------------------------
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
---------------------------------------------------------------------------------------------------------
271,400 News Corp. "A" $ 3,127
216,133 Time Warner, Inc. 6,510
86,600 Viacom, Inc. "B" * 2,389
184,300 Walt Disney Co. 5,044
---------------
18,069
---------------
PUBLISHING (0.3%)
134,300 Gannett Co., Inc. 1,319
77,817 Meredith Corp. 2,106
10,700 New York Times Co. "A" 85
---------------
3,510
---------------
RESTAURANTS (0.1%)
22,000 McDonald's Corp. 1,289
---------------
SPECIALIZED CONSUMER SERVICES (0.0%)
14,900 Service Corp. International 103
10,800 Weight Watchers International, Inc. 286
---------------
389
---------------
SPECIALTY STORES (0.1%)
72,341 Barnes & Noble, Inc. (a) 1,202
14,400 Office Depot, Inc. * 87
---------------
1,289
---------------
Total Consumer Discretionary 109,605
---------------
CONSUMER STAPLES (9.1%)
-----------------------
AGRICULTURAL PRODUCTS (0.4%)
128,000 Archer-Daniels-Midland Co. 3,856
21,000 Bunge Ltd. (a) 1,198
---------------
5,054
---------------
DISTILLERS & VINTNERS (0.1%)
44,700 Constellation Brands, Inc. "A" * 707
---------------
DRUG RETAIL (0.9%)
59,500 CVS Caremark Corp. 2,100
257,700 Walgreen Co. 9,749
---------------
11,849
---------------
FOOD RETAIL (0.2%)
37,100 Safeway, Inc. 829
94,542 SUPERVALU, Inc. 1,500
---------------
2,329
---------------
HOUSEHOLD PRODUCTS (1.6%)
33,100 Clorox Co. 1,961
59,700 Colgate-Palmolive Co. 4,694
29,600 Kimberly-Clark Corp. 1,810
201,300 Procter & Gamble Co. 11,675
---------------
20,140
---------------
HYPERMARKETS & SUPER CENTERS (1.1%)
276,000 Wal-Mart Stores, Inc. 13,712
---------------
PACKAGED FOODS & MEAT (1.9%)
5,200 Campbell Soup Co. 165
127,200 ConAgra Foods, Inc. 2,671
65,300 Del Monte Foods Co. 705
27,100 General Mills, Inc. 1,786
10,200 H.J. Heinz Co. 410
40,100 Hershey Co. 1,515
44,100 Hormel Foods Corp. 1,608
16,700 J.M. Smucker Co. 881
9,500 Kellogg Co. 490
---------------------------------------------------------------------------------------------------------
3 | USAA Income Stock Fund
|
---------------------------------------------------------------------------------------------------------
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
---------------------------------------------------------------------------------------------------------
260,179 Kraft Foods, Inc. "A" $ 7,160
11,500 Ralcorp Holdings, Inc. * 618
170,700 Sara Lee Corp. 1,927
85,200 Smithfield Foods, Inc. * 1,137
5,700 TreeHouse Foods, Inc. * 213
214,300 Tyson Foods, Inc. "A" 2,683
---------------
23,969
---------------
PERSONAL PRODUCTS (0.0%)
12,100 Avon Products, Inc. 388
---------------
SOFT DRINKS (1.8%)
272,200 Coca-Cola Co. 14,511
16,300 Coca-Cola Enterprises, Inc. 311
128,900 PepsiCo, Inc. 7,805
---------------
22,627
---------------
TOBACCO (1.1%)
259,300 Altria Group, Inc. 4,696
156,000 Philip Morris International, Inc. 7,388
46,600 Reynolds American, Inc. 2,259
---------------
14,343
---------------
Total Consumer Staples 115,118
---------------
ENERGY (18.7%)
--------------
INTEGRATED OIL & GAS (14.2%)
600,601 Chevron Corp. 45,970
722,377 ConocoPhillips 36,249
1,147,500 Exxon Mobil Corp. 82,241
184,000 Marathon Oil Corp. 5,883
11,200 Murphy Oil Corp. 685
104,800 Occidental Petroleum Corp. 7,952
39,500 SandRidge Energy, Inc. * 404
---------------
179,384
---------------
OIL & GAS DRILLING (0.3%)
5,000 ENSCO International, Inc. 229
70,500 Nabors Industries Ltd. * 1,468
47,000 Patterson-UTI Energy, Inc. 732
6,700 Rowan Companies, Inc. 156
17,500 Unit Corp. * 684
---------------
3,269
---------------
OIL & GAS EQUIPMENT & SERVICES (1.5%)
28,700 Baker Hughes, Inc. 1,207
83,800 BJ Services Co. 1,609
21,000 Global Industries Ltd. * 153
29,100 Halliburton Co. 850
193,100 Helix Energy Solutions Group, Inc. * 2,651
84,400 National-Oilwell Varco, Inc. * 3,460
68,400 Oil States International, Inc. * 2,356
65,800 Schlumberger Ltd. 4,093
21,100 Superior Energy Services, Inc. * 456
60,800 Tidewater, Inc. 2,533
---------------
19,368
---------------
OIL & GAS EXPLORATION & PRODUCTION (1.5%)
22,500 Anadarko Petroleum Corp. 1,371
45,470 Apache Corp. 4,280
48,400 Chesapeake Energy Corp. 1,186
14,800 Cimarex Energy Co. 580
20,400 Comstock Resources, Inc. * 838
42,100 Denbury Resources, Inc. * 615
77,000 Devon Energy Corp. 4,983
---------------------------------------------------------------------------------------------------------
Portfolio of Investments | 4
|
---------------------------------------------------------------------------------------------------------
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
---------------------------------------------------------------------------------------------------------
22,000 Newfield Exploration Co. * $ 902
20,700 Noble Energy, Inc. 1,358
20,900 Plains Exploration & Production Co. * 554
3,400 Swift Energy Co. * 72
46,300 XTO Energy, Inc. 1,924
---------------
18,663
---------------
OIL & GAS REFINING & MARKETING (0.7%)
73,200 Sunoco, Inc. 2,255
388,700 Valero Energy Corp. 7,035
24,100 Western Refining, Inc. * 135
---------------
9,425
---------------
OIL & GAS STORAGE & TRANSPORTATION (0.5%)
156,200 El Paso Corp. 1,532
22,300 Frontline Ltd. (a) 520
6,900 Overseas Shipholding Group, Inc. 271
45,300 Spectra Energy Corp. 866
171,700 Williams Companies, Inc. 3,237
---------------
6,426
---------------
Total Energy 236,535
---------------
FINANCIALS (20.4%)
------------------
ASSET MANAGEMENT & CUSTODY BANKS (1.1%)
24,100 Ameriprise Financial, Inc. 835
154,300 Bank of New York Mellon Corp. 4,114
3,860 BlackRock, Inc. "A" 836
24,840 Franklin Resources, Inc. 2,599
51,000 Invesco Ltd. ADR 1,079
34,300 Legg Mason, Inc. 998
75,500 State Street Corp. 3,169
---------------
13,630
---------------
CONSUMER FINANCE (0.6%)
186,900 American Express Co. 6,512
9,300 AmeriCredit Corp. * 164
30,400 Capital One Financial Corp. 1,113
1,600 Student Loan Corp. 67
---------------
7,856
---------------
DIVERSIFIED BANKS (1.5%)
37,500 Comerica, Inc. 1,040
187,849 U.S. Bancorp 4,362
492,000 Wells Fargo & Co. 13,540
---------------
18,942
---------------
DIVERSIFIED REAL ESTATE ACTIVITIES (0.1%)
14,200 Jones Lang LaSalle, Inc. 665
---------------
INSURANCE BROKERS (0.1%)
75,500 Arthur J. Gallagher & Co. 1,684
---------------
INVESTMENT BANKING & BROKERAGE (2.4%)
138,020 Goldman Sachs Group, Inc. 23,487
8,800 Investment Technology Group, Inc. * 190
216,831 Morgan Stanley 6,964
---------------
30,641
---------------
LIFE & HEALTH INSURANCE (1.2%)
17,500 Lincoln National Corp. 417
184,300 MetLife, Inc. 6,272
80,300 Protective Life Corp. 1,546
74,800 Prudential Financial, Inc. 3,383
21,000 StanCorp Financial Group, Inc. 771
30,600 Torchmark Corp. 1,242
---------------------------------------------------------------------------------------------------------
5 | USAA Income Stock Fund
|
---------------------------------------------------------------------------------------------------------
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
---------------------------------------------------------------------------------------------------------
103,600 Unum Group $ 2,067
---------------
15,698
---------------
MULTI-LINE INSURANCE (0.7%)
120,100 American Financial Group, Inc. 2,954
2,300 American National Insurance Co. 192
72,000 Assurant, Inc. 2,155
66,700 Hartford Financial Services Group, Inc. 1,636
59,100 HCC Insurance Holdings, Inc. 1,560
---------------
8,497
---------------
OTHER DIVERSIFIED FINANCIAL SERVICES (3.6%)
1,401,028 Bank of America Corp. 20,427
1,348,400 Citigroup, Inc. 5,515
478,100 JPMorgan Chase & Co. 19,970
---------------
45,912
---------------
PROPERTY & CASUALTY INSURANCE (3.9%)
20,700 Allied World Assurance Co. Holdings Ltd. 926
210,800 Allstate Corp. 6,233
31,500 Axis Capital Holdings Ltd. 910
166,800 Chubb Corp. 8,093
31,200 Cincinnati Financial Corp. 791
37,600 CNA Financial Corp. *(a) 819
49,800 Fidelity National Financial, Inc. "A" 676
32,400 First American Corp. 985
8,400 Hanover Insurance Group, Inc. 353
1,590 Markel Corp. * 513
52,900 Mercury General Corp. 1,929
900 Navigators Group, Inc. * 48
57,275 Old Republic International Corp. 612
11,900 ProAssurance Corp. * 598
211,600 Progressive Corp. * 3,386
333,900 Travelers Companies, Inc. 16,625
132,100 W.R. Berkley Corp. 3,265
5,100 White Mountains Insurance Group Ltd. 1,578
39,400 XL Capital Ltd. "A" 647
6,300 Zenith National Insurance Corp. 180
---------------
49,167
---------------
REGIONAL BANKS (1.3%)
43,100 Associated Banc Corp. 552
25,900 BancorpSouth, Inc. 585
40,300 Bank of Hawaii Corp. 1,789
78,400 BB&T Corp. 1,874
17,000 City National Corp. 640
235,900 Fifth Third Bancorp 2,109
55,921 First Horizon National Corp. * 662
190,400 Fulton Financial Corp. 1,573
94,800 KeyCorp 511
7,700 M&T Bank Corp. (a) 484
13,900 Prosperity Bancshares, Inc. 497
37,900 SunTrust Banks, Inc. 724
222,400 Synovus Financial Corp. 494
53,100 TCF Financial Corp. (a) 628
16,600 Trustmark Corp. 315
5,500 UMB Financial Corp. 219
174,975 Valley National Bancorp 2,324
16,900 Webster Financial Corp. 191
14,100 Whitney Holding Corp. 113
11,300 Wilmington Trust Corp. 136
26,100 Zions Bancorp 370
---------------
16,790
---------------
---------------------------------------------------------------------------------------------------------
Portfolio of Investments | 6
|
---------------------------------------------------------------------------------------------------------
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
---------------------------------------------------------------------------------------------------------
REINSURANCE (1.0%)
49,200 Arch Capital Group Ltd. * $ 3,315
52,500 Endurance Specialty Holdings Ltd. 1,889
17,700 Everest Reinsurance Group Ltd. 1,549
19,800 PartnerRe Ltd. 1,514
53,100 Reinsurance Group of America, Inc. "A" 2,448
19,200 RenaissanceRe Holdings Ltd. 1,008
21,400 Transatlantic Holdings, Inc. 1,081
---------------
12,804
---------------
REITS - DIVERSIFIED (0.2%)
87,400 Liberty Property Trust, Inc. 2,567
---------------
REITS - INDUSTRIAL (0.2%)
219,100 ProLogis 2,482
---------------
REITS - MORTGAGE (0.2%)
136,300 Annaly Capital Management, Inc. 2,305
---------------
REITS - OFFICE (0.2%)
93,200 Brandywine Realty Trust 891
83,800 Duke Realty Corp. 942
43,500 Kilroy Realty Corp. 1,201
---------------
3,034
---------------
REITS - RETAIL (0.6%)
248,063 CBL & Associates Properties, Inc. 2,024
267,000 Developers Diversified Realty Corp. (a) 2,294
63,300 Realty Income Corp. (a) 1,467
76,200 Weingarten Realty Investors 1,410
---------------
7,195
---------------
REITS - SPECIALIZED (0.6%)
53,400 HCP, Inc. 1,580
132,800 Hospitality Properties Trust 2,564
59,600 Nationwide Health Properties, Inc. 1,922
76,700 Senior Housing Properties Trust 1,479
---------------
7,545
---------------
SPECIALIZED FINANCE (0.4%)
7,530 CME Group, Inc. 2,279
66,200 NYSE Euronext 1,711
20,300 PHH Corp. * 328
---------------
4,318
---------------
THRIFTS & MORTGAGE FINANCE (0.5%)
18,100 Astoria Financial Corp. 181
128,500 First Niagara Financial Group, Inc. 1,650
140,800 Hudson City Bancorp, Inc. 1,850
30,900 NewAlliance Bancshares, Inc. 342
109,700 People's United Financial, Inc. 1,759
73,600 TFS Financial Corp. 858
---------------
6,640
---------------
Total Financials 258,372
---------------
HEALTH CARE (15.2%)
-------------------
BIOTECHNOLOGY (0.8%)
187,600 Amgen, Inc. * 10,080
5,300 Biogen Idec, Inc. * 223
---------------
10,303
---------------
HEALTH CARE DISTRIBUTORS (1.3%)
184,000 AmerisourceBergen Corp. 4,076
94,300 Cardinal Health, Inc. 2,673
---------------------------------------------------------------------------------------------------------
7 | USAA Income Stock Fund
|
---------------------------------------------------------------------------------------------------------
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
---------------------------------------------------------------------------------------------------------
43,550 CareFusion Corp. * $ 974
153,300 McKesson Corp. 9,003
---------------
16,726
---------------
HEALTH CARE EQUIPMENT (0.5%)
38,300 Medtronic, Inc. 1,367
96,600 Zimmer Holdings, Inc. * 5,078
---------------
6,445
---------------
HEALTH CARE FACILITIES (0.1%)
33,700 LifePoint Hospitals, Inc. * 955
---------------
HEALTH CARE SUPPLIES (0.0%)
2,700 Cooper Companies, Inc. 76
---------------
MANAGED HEALTH CARE (4.1%)
5,800 Aetna, Inc. 151
68,400 CIGNA Corp. 1,904
78,100 Coventry Health Care, Inc. * 1,549
18,300 Health Net, Inc. * 273
72,600 Humana, Inc. * 2,728
1,157,095 UnitedHealth Group, Inc. 30,027
316,769 WellPoint, Inc. * 14,812
---------------
51,444
---------------
PHARMACEUTICALS (8.4%)
57,700 Abbott Laboratories 2,918
153,200 Bristol-Myers Squibb Co. 3,340
159,300 Eli Lilly and Co. 5,418
21,600 Endo Pharmaceuticals Holdings, Inc. * 484
168,800 Forest Laboratories, Inc. * 4,671
387,000 Johnson & Johnson 22,852
23,500 King Pharmaceuticals, Inc. * 238
420,900 Merck & Co., Inc. 13,018
3,099,002 Pfizer, Inc. 52,776
3,000 Watson Pharmaceuticals, Inc. * 103
---------------
105,818
---------------
Total Health Care 191,767
---------------
INDUSTRIALS (6.6%)
------------------
AEROSPACE & DEFENSE (1.8%)
35,400 Boeing Co. 1,692
82,300 General Dynamics Corp. 5,160
54,000 ITT Corp. 2,738
42,100 L-3 Communications Holdings, Inc. 3,043
76,700 Northrop Grumman Corp. 3,845
50,300 Raytheon Co. 2,278
64,700 United Technologies Corp. 3,976
---------------
22,732
---------------
AIR FREIGHT & LOGISTICS (0.4%)
62,300 FedEx Corp. 4,529
12,800 United Parcel Service, Inc. "B" 687
---------------
5,216
---------------
AIRLINES (0.0%)
10,100 SkyWest, Inc. 141
---------------
BUILDING PRODUCTS (0.2%)
218,600 Masco Corp. 2,569
---------------
COMMERCIAL PRINTING (0.1%)
48,600 R.R. Donnelley & Sons Co. 976
---------------
---------------------------------------------------------------------------------------------------------
Portfolio of Investments | 8
|
---------------------------------------------------------------------------------------------------------
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
---------------------------------------------------------------------------------------------------------
CONSTRUCTION & ENGINEERING (0.2%)
6,200 Granite Construction, Inc. $ 177
34,000 KBR, Inc. 696
19,700 The Shaw Group, Inc. * 505
18,700 URS Corp. * 727
---------------
2,105
---------------
CONSTRUCTION & FARM MACHINERY & HEAVY TRUCKS (0.5%)
3,400 Caterpillar, Inc. 187
3,300 Cummins, Inc. 142
73,900 Deere & Co. 3,366
19,800 Manitowoc Co., Inc. 181
21,100 Oshkosh Corp. 660
33,000 Terex Corp. * 667
28,600 Trinity Industries, Inc. 483
---------------
5,686
---------------
DIVERSIFIED SUPPORT SERVICES (0.0%)
14,200 Cintas Corp. 393
---------------
ELECTRICAL COMPONENTS & EQUIPMENT (0.4%)
69,000 General Cable Corp. * 2,149
10,300 Regal-Beloit Corp. 483
9,700 Rockwell Automation, Inc. 397
60,300 Thomas & Betts Corp. * 2,063
---------------
5,092
---------------
HUMAN RESOURCE & EMPLOYMENT SERVICES (0.1%)
32,400 Manpower, Inc. 1,536
---------------
INDUSTRIAL CONGLOMERATES (1.6%)
32,300 3M Co. 2,376
14,800 Carlisle Companies, Inc. 459
1,158,000 General Electric Co. 16,513
39,800 Textron, Inc. 708
---------------
20,056
---------------
INDUSTRIAL MACHINERY (0.9%)
67,800 Crane Co. 1,888
49,700 Dover Corp. 1,873
41,400 Eaton Corp. 2,503
14,300 Gardner Denver, Inc. * 513
84,900 Illinois Tool Works, Inc. 3,899
14,500 Parker-Hannifin Corp. 768
21,800 Timken Co. 480
---------------
11,924
---------------
MARINE (0.0%)
2,100 Kirby Corp. * 71
---------------
OFFICE SERVICES & SUPPLIES (0.1%)
28,400 Pitney Bowes, Inc. 696
12,700 Steelcase, Inc. "A" 73
---------------
769
---------------
RAILROADS (0.2%)
47,200 Norfolk Southern Corp. 2,201
15,200 Union Pacific Corp. 838
---------------
3,039
---------------
TRADING COMPANIES & DISTRIBUTORS (0.1%)
7,700 United Rentals, Inc. * 73
28,300 WESCO International, Inc. * 723
---------------
796
---------------
Total Industrials 83,101
---------------
---------------------------------------------------------------------------------------------------------
9 | USAA Income Stock Fund
|
---------------------------------------------------------------------------------------------------------
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
---------------------------------------------------------------------------------------------------------
INFORMATION TECHNOLOGY (11.1%)
------------------------------
APPLICATION SOFTWARE (0.2%)
304,800 Compuware Corp. * $ 2,152
---------------
COMMUNICATIONS EQUIPMENT (2.9%)
18,600 Ciena Corp. * 218
605,100 Cisco Systems, Inc. * 13,826
73,600 CommScope, Inc. * 1,989
804,202 Motorola, Inc. 6,892
299,100 QUALCOMM, Inc. 12,386
145,900 Tellabs, Inc. * 878
---------------
36,189
---------------
COMPUTER HARDWARE (1.0%)
8,450 Apple, Inc. * 1,593
52,200 Dell, Inc. * 756
131,600 Hewlett-Packard Co. 6,246
36,320 International Business Machines Corp. 4,381
---------------
12,976
---------------
COMPUTER STORAGE & PERIPHERALS (0.6%)
201,900 EMC Corp. * 3,325
45,000 Lexmark International, Inc. "A" * 1,148
119,485 SanDisk Corp. * 2,447
26,000 Western Digital Corp. * 876
---------------
7,796
---------------
DATA PROCESSING & OUTSOURCED SERVICES (0.2%)
55,300 Computer Sciences Corp. * 2,804
18,200 Convergys Corp. * 198
---------------
3,002
---------------
ELECTRONIC COMPONENTS (0.1%)
107,200 Corning, Inc. 1,566
10,300 Vishay Intertechnology, Inc. * 64
---------------
1,630
---------------
INTERNET SOFTWARE & SERVICES (1.8%)
409,900 eBay, Inc. * 9,128
24,170 Google, Inc. "A" * 12,958
---------------
22,086
---------------
IT CONSULTING & OTHER SERVICES (0.0%)
2,100 Amdocs Ltd. * 53
4,300 CACI International, Inc. "A" * 205
4,800 Perot Systems Corp. "A" * 143
---------------
401
---------------
OFFICE ELECTRONICS (0.1%)
113,800 Xerox Corp. 856
---------------
SEMICONDUCTOR EQUIPMENT (0.0%)
17,800 KLA-Tencor Corp. 579
---------------
SEMICONDUCTORS (0.3%)
30,000 Fairchild Semiconductor International, Inc. * 224
143,700 Intel Corp. 2,746
109,300 LSI Corp. * 560
41,700 Micron Technology, Inc. * 283
57,100 PMC-Sierra, Inc. * 487
---------------
4,300
---------------
SYSTEMS SOFTWARE (3.4%)
764,400 Microsoft Corp. 21,197
358,500 Novell, Inc. * 1,466
---------------------------------------------------------------------------------------------------------
Portfolio of Investments | 10
|
---------------------------------------------------------------------------------------------------------
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
---------------------------------------------------------------------------------------------------------
970,100 Oracle Corp. $ 20,469
---------------
43,132
---------------
TECHNOLOGY DISTRIBUTORS (0.5%)
8,400 Anixter International, Inc. * 352
82,900 Arrow Electronics, Inc. * 2,101
115,100 Ingram Micro, Inc. "A" * 2,031
39,500 Tech Data Corp. * 1,518
---------------
6,002
---------------
Total Information Technology 141,101
---------------
MATERIALS (3.1%)
----------------
ALUMINUM (0.0%)
5,700 Alcoa, Inc. 71
---------------
COMMODITY CHEMICALS (0.0%)
19,900 Westlake Chemical Corp. (a) 483
---------------
CONSTRUCTION MATERIALS (0.1%)
19,100 Vulcan Materials Co. 879
---------------
DIVERSIFIED CHEMICALS (1.1%)
40,600 Ashland, Inc. 1,402
226,700 Dow Chemical Co. 5,323
117,300 E.I. du Pont de Nemours & Co. 3,733
14,500 Eastman Chemical Co. 761
296,300 Huntsman Corp. 2,356
---------------
13,575
---------------
DIVERSIFIED METALS & MINING (0.1%)
18,000 Freeport-McMoRan Copper & Gold, Inc. * 1,321
---------------
INDUSTRIAL GASES (0.0%)
1,000 Air Products & Chemicals, Inc. 77
---------------
PAPER PACKAGING (0.1%)
10,300 Packaging Corp. of America 188
34,600 Temple-Inland, Inc. 535
---------------
723
---------------
PAPER PRODUCTS (0.3%)
41,400 International Paper Co. 924
137,565 MeadWestvaco Corp. 3,140
---------------
4,064
---------------
SPECIALTY CHEMICALS (0.5%)
36,400 Albemarle Corp. 1,149
15,000 Cytec Industries, Inc. 498
102,900 RPM International, Inc. 1,813
118,100 Valspar Corp. 2,996
---------------
6,456
---------------
STEEL (0.9%)
55,400 AK Steel Holding Corp. 879
29,800 Allegheny Technologies, Inc. 920
7,500 Carpenter Technology Corp. 158
132,000 Commercial Metals Co. 1,959
73,600 Nucor Corp. 2,933
25,900 Reliance Steel & Aluminum Co. 945
32,400 Schnitzer Steel Industries, Inc. "A" 1,401
125,200 Steel Dynamics, Inc. 1,676
16,330 United States Steel Corp. 563
---------------
11,434
---------------
Total Materials 39,083
---------------
---------------------------------------------------------------------------------------------------------
11 | USAA Income Stock Fund
|
---------------------------------------------------------------------------------------------------------
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
---------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES (3.7%)
---------------------------------
INTEGRATED TELECOMMUNICATION SERVICES (3.2%)
892,070 AT&T, Inc. $ 22,899
62,900 CenturyTel, Inc. 2,042
529,188 Verizon Communications, Inc. 15,659
---------------
40,600
---------------
WIRELESS TELECOMMUNICATION SERVICES (0.5%)
31,900 Leap Wireless International, Inc. * 422
73,000 NII Holdings, Inc. "B" * 1,966
572,400 Sprint Nextel Corp. * 1,694
70,000 Telephone & Data Systems, Inc. 2,073
6,900 U.S. Cellular Corp. * 253
---------------
6,408
---------------
Total Telecommunication Services 47,008
---------------
UTILITIES (2.3%)
----------------
ELECTRIC UTILITIES (0.9%)
22,900 Cleco Corp. 567
50,900 Exelon Corp. 2,390
70,300 FPL Group, Inc. 3,452
16,100 IdaCorp, Inc. 452
33,800 Northeast Utilities 779
22,900 Pinnacle West Capital Corp. 717
27,600 Portland General Electric Co. 513
26,700 Progress Energy, Inc. 1,002
40,000 Southern Co. 1,248
5,400 UniSource Energy Corp. 156
---------------
11,276
---------------
GAS UTILITIES (0.3%)
11,400 Energen Corp. 500
4,900 New Jersey Resources Corp. 172
14,200 Nicor, Inc. 527
4,400 Northwest Natural Gas Co. 184
16,900 Piedmont Natural Gas Co., Inc. 393
80,900 UGI Corp. 1,932
---------------
3,708
---------------
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS (0.1%)
74,300 AES Corp. * 971
33,200 Mirant Corp. * 464
24,200 NRG Energy, Inc. * 557
---------------
1,992
---------------
MULTI-UTILITIES (0.9%)
52,700 CMS Energy Corp. 701
35,000 Consolidated Edison, Inc. 1,424
18,700 DTE Energy Co. 691
83,200 NiSource, Inc. 1,075
94,800 NSTAR 2,934
88,300 PG&E Corp. 3,611
36,200 Xcel Energy, Inc. 683
---------------
11,119
---------------
WATER UTILITIES (0.1%)
47,200 Aqua America, Inc. 729
---------------
Total Utilities 28,824
---------------
Total Common Stocks (cost: $1,234,444) 1,250,514
---------------
---------------------------------------------------------------------------------------------------------
Portfolio of Investments | 12
|
---------------------------------------------------------------------------------------------------------
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
---------------------------------------------------------------------------------------------------------
MONEY MARKET INSTRUMENTS (0.9%)
MONEY MARKET FUNDS (0.9%)
11,681,213 State Street Institutional Liquid Reserve Fund, 0.25% (b)(cost: $11,681) $ 11,681
---------------
SHORT-TERM INVESTMENTS PURCHASED WITH CASH COLLATERAL
FROM SECURITIES LOANED (0.8%)
MONEY MARKET FUNDS (0.8%)
2,000 AIM Short-Term Investment Co. Liquid Assets Portfolio, 0.21%(b) 2
9,851,934 BlackRock Liquidity Funds TempFund, 0.18%(b) 9,852
---------------
Total Money Market Funds 9,854
---------------
PRINCIPAL MARKET
AMOUNT VALUE
(000) SECURITY (000)
---------------------------------------------------------------------------------------------------------
REPURCHASE AGREEMENTS (0.0%)
$ 300 Deutsche Bank Securities, Inc., 0.06%, acquired on 10/30/2009 and due
11/02/2009 at $300 (collateralized by $306 of Fannie Mae(c),
0.07%(d), due 11/16/2009; market value $306) 300
---------------
Total Short-term Investments Purchased With Cash Collateral From
Securities Loaned (cost: $10,154) 10,154
---------------
TOTAL INVESTMENTS (COST: $1,256,279) $ 1,272,349
===============
($ IN 000s) VALUATION HIERARCHY
-------------------
(LEVEL 1) (LEVEL 2) (LEVEL 3)
QUOTED PRICES OTHER SIGNIFICANT
IN ACTIVE SIGNIFICANT UNOBSERVABLE
MARKETS OBSERVABLE INPUTS
FOR IDENTICAL INPUTS
ASSETS TOTAL
---------------------------------------------------------------------------------------------------------
EQUITY SECURITIES:
COMMON STOCKS $ 1,250,514 $ -- $ -- $ 1,250,514
MONEY MARKET INSTRUMENTS:
MONEY MARKET FUNDS 11,681 -- -- 11,681
SHORT-TERM INVESTMENTS PURCHASED WITH
CASH COLLATERAL FROM SECURITIES LOANED:
MONEY MARKET FUNDS 9,854 -- -- 9,854
REPURCHASE AGREEMENTS -- 300 -- 300
---------------------------------------------------------------------------------------------------------
TOTAL $ 1,272,049 $ 300$ -- $ 1,272,349
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
|
13 | USAA Income Stock Fund
NOTES TO PORTFOLIO
OF INVESTMENTS
October 31, 2009 (unaudited)
GENERAL NOTES
USAA MUTUAL FUNDS TRUST (the Trust), registered under the Investment Company Act
of 1940 (the 1940 Act), as amended, is an open-end management investment company
organized as a Delaware statutory trust consisting of 45 separate funds. The
information presented in this quarterly report pertains only to the USAA Income
Stock Fund (the Fund), which is classified as diversified under the 1940 Act.
The Fund has two classes of shares: Income Stock Fund Shares and Income Stock
Fund Institutional Shares. Each class of shares has equal rights to assets and
earnings, except that each class bears certain class-related expenses specific
to the particular class. These expenses include administration and servicing
fees, transfer agent fees, postage, shareholder reporting fees, and certain
registration and custodian fees. Expenses not attributable to a specific class,
income, and realized gains or losses on investments are allocated to each class
of shares based on each class's relative net assets. Each class has exclusive
voting rights on matters related solely to that class and separate voting rights
on matters that relate to both classes. The Institutional Shares are currently
only offered for sale to the USAA Target Retirement Funds (Target Funds) and not
to the general public. The Target Funds are managed by USAA Investment
Management Company (the Manager), an affiliate of the Fund.
A. SECURITY VALUATION - The value of each security is determined (as of the
close of trading on the New York Stock Exchange (NYSE) on each business day the
NYSE is open) as set forth below:
1. Equity securities, including exchange-traded funds (ETFs), except as
otherwise noted, traded primarily on a domestic securities exchange or the
Nasdaq over-the-counter markets are valued at the last sales price or official
closing price on the exchange or primary market on which they trade. Equity
securities traded primarily on foreign securities exchanges or markets are
valued at the last quoted sales price, or the most recently determined official
closing price calculated according to local market convention, available at the
time the Fund is valued. If no last sale or official closing price is reported
or available, the average of the bid and asked prices generally is used.
2. Equity securities trading in various foreign markets may take place on days
when the NYSE is closed. Further, when the NYSE is open, the foreign markets may
be closed. Therefore, the calculation of the Fund's net asset value (NAV) may
not take place at the same time the prices of certain foreign securities held by
the Fund are determined. In most cases, events affecting the values of foreign
securities that occur between the time of their last quoted sales or official
closing prices and the close of normal trading on the NYSE on a day the Fund's
NAV is calculated will not be reflected in the value of the Fund's foreign
securities. However, the Manager and the Fund's subadvisers, if applicable, will
monitor for events that would materially affect the value of the Fund's foreign
securities. The Fund's subadvisers have agreed to notify the Manager of
significant events they identify that would materially affect the value of the
Fund's foreign securities. If the
Notes to Portfolio of Investments | 14
Manager determines that a particular event would materially affect the value
of the Fund's foreign securities, then the Manager, under valuation procedures
approved by the Trust's Board of Trustees, will consider such available
information that it deems relevant to determine a fair value for the affected
foreign securities. In addition, the Fund may use information from an external
vendor or other sources to adjust the foreign market closing prices of foreign
equity securities to reflect what the Fund believes to be the fair value of the
securities as of the close of the NYSE. Fair valuation of affected foreign
equity securities may occur frequently based on an assessment that events that
occur on a fairly regular basis (such as U.S. market movements) are significant.
3. Investments in open-end investment companies, hedge, or other funds, other
than ETFs, are valued at their NAV at the end of each business day.
4. Debt securities purchased with original or remaining maturities of 60 days or
less may be valued at amortized cost, which approximates market value.
5. Repurchase agreements are valued at cost, which approximates market value.
6. Securities for which market quotations are not readily available or are
considered unreliable, or whose values have been materially affected by events
occurring after the close of their primary markets but before the pricing of the
Fund, are valued in good faith at fair value, using methods determined by the
Manager in consultation with the Fund's subadvisers, if applicable, under
valuation procedures approved by the Trust's Board of Trustees. The effect of
fair value pricing is that securities may not be priced on the basis of
quotations from the primary market in which they are traded and the actual price
realized from the sale of a security may differ materially from the fair value
price. Valuing these securities at fair value is intended to cause the Fund's
NAV to be more reliable than it otherwise would be.
Fair value methods used by the Manager include, but are not limited to,
obtaining market quotations from secondary pricing services, broker-dealers, or
widely used quotation systems. General factors considered in determining the
fair value of securities include fundamental analytical data, the nature and
duration of any restrictions on disposition of the securities, and an evaluation
of the forces that influenced the market in which the securities are purchased
and sold.
B. FAIR VALUE MEASUREMENTS - Fair value is defined as the price that would be
received to sell an asset or paid to transfer a liability in an orderly
transaction between market participants at the measurement date. The three-level
valuation hierarchy disclosed in the portfolio of investments is based upon the
transparency of inputs to the valuation of an asset or liability as of the
measurement date. The three levels are defined as follows:
Level 1 - inputs to the valuation methodology are quoted prices (unadjusted) in
active markets for identical securities.
Level 2 - inputs to the valuation methodology are other significant observable
inputs, including quoted prices for similar securities, inputs that are
observable for the securities, either directly or indirectly, and
market-corroborated inputs such as market indices.
15 | USAA Income Stock Fund
Level 3 - inputs to the valuation methodology are unobservable and significant
to the fair value measurement, including the Manager's own assumptions in
determining the fair value.
The inputs or methodologies used for valuing securities are not necessarily an
indication of the risks associated with investing in those securities.
C. REPURCHASE AGREEMENTS - The Fund may enter into repurchase agreements with
commercial banks or recognized security dealers. These agreements are
collateralized by underlying securities. The collateral obligations are
marked-to-market daily to ensure their value is equal to or in excess of the
repurchase agreement price plus accrued interest and are held by the Fund,
either through its regular custodian or through a special "tri-party" custodian
that maintains separate accounts for both the Fund and its counterparty, until
maturity of the repurchase agreement. Repurchase agreements are subject to
credit risk, and the Fund's Manager monitors the creditworthiness of sellers
with which the Fund may enter into repurchase agreements.
D. LENDING OF PORTFOLIO SECURITIES - The Fund, through its third-party
securities-lending agent, Wachovia Global Securities Lending, may lend its
securities to qualified financial institutions, such as certain broker-dealers,
to earn additional income. The borrowers are required to secure their loans
continuously with cash collateral in an amount at least equal to the fair value
of the securities loaned, initially in an amount at least equal to 102% of the
fair value of domestic securities loaned and 105% of the fair value of
international securities loaned. Cash collateral is invested in high-quality
short-term investments. Cash collateral requirements are determined daily based
on the prior business day's ending value of securities loaned. Imbalances in
cash collateral may occur on days where market volatility causes security prices
to change significantly, and are adjusted the next business day. Risks to the
Fund in securities-lending transactions are that the borrower may not provide
additional collateral when required or return the securities when due, and that
the value of the short-term investments will be less than the amount of cash
collateral required to be returned to the borrower. The aggregate fair market
value of the loaned portion of these securities as of October 31, 2009, was
approximately $9,273,000.
E. SUBSEQUENT EVENTS - Subsequent events are events or transactions that occur
after the balance sheet date but before the quarterly report is issued and are
categorized as recognized or non-recognized for quarterly report purposes. The
Manager has evaluated subsequent events through December 17, 2009, the date the
quarterly report was issued, and has determined there were no events that
required recognition or disclosure in the Fund's quarterly report.
F. As of October 31, 2009, the cost of securities, for federal income tax
purposes, was approximately the same as that reported in the portfolio of
investments. Gross unrealized appreciation and depreciation of investments as of
October 31, 2009, were $123,120,000 and $107,050,000, respectively, resulting in
net unrealized appreciation of $16,070,000.
G. The portfolio of investments category percentages shown represent the
percentages of the investments to net assets, which were $1,264,736,000 at
October 31, 2009, and, in total, may not equal 100%. A category percentage of
0.0% represents less than 0.1% of net assets.
Notes to Portfolio of Investments | 16
PORTFOLIO ABBREVIATIONS AND DESCRIPTIONS
ADR American depositary receipts are receipts issued by a U.S. bank
evidencing ownership of foreign shares. Dividends are paid in
U.S. dollars.
REIT Real estate investment trust
|
SPECIFIC NOTES
(a) The security or a portion thereof was out on loan as of October 31, 2009.
(b) Rate represents the money market fund annualized seven-day yield at October
31, 2009.
(c) Securities issued by government-sponsored enterprises are supported only
by the right of the government-sponsored enterprise to borrow from the U.S.
Treasury, the discretionary authority of the U.S. government to purchase the
government-sponsored enterprises' obligations, or by the credit of the
issuing agency, instrumentality, or corporation, and are neither issued
nor guaranteed by the U.S. Treasury.
(d) Zero-coupon security. Rate represents the effective yield at the date of
purchase.
* Non-income-producing security. As of October 31, 2009, 85.5% of the Fund's
net assets were invested in dividend-paying stocks.
17 | USAA Income Stock Fund
ITEM 2. CONTROLS AND PROCEDURES
The principal executive officer and principal financial officer of USAA Mutual
Funds Trust (Trust) have concluded that the Trust's disclosure controls and
procedures are sufficient to ensure that information required to be disclosed by
the Trust in this Form N-Q was recorded, processed, summarized and reported
within the time periods specified in the Securities and Exchange Commission's
rules and forms, based upon such officers' evaluation of these controls and
procedures as of a date within 90 days of the filing date of the report.
There were no significant changes or corrective actions with regard to
significant deficiencies or material weaknesses in the Trust's internal controls
or in other factors that could significantly affect the Trust's internal
controls subsequent to the date of their evaluation.
ITEM 3. EXHIBITS.
Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940
(17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.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.
Registrant: USAA MUTUAL FUNDS TRUST - Period Ended October 31, 2009
By:* /s/ CHRISTOPHER P. LAIA
--------------------------------------------------------------
Signature and Title: Christopher P. Laia, Assistant Secretary
Date: 12-18-2009
-------------------------------
|
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/ CHRISTOPHER W. CLAUS
-----------------------------------------------------
Signature and Title: Christopher W. Claus, President
Date: 12-21-2009
------------------------------
By:* /s/ ROBERTO GALINDO, JR.
-----------------------------------------------------
Signature and Title: Roberto Galindo, Jr., Treasurer
Date: 12-18-2009
------------------------------
|
*PRINT THE NAME AND TITLE OF EACH SIGNING OFFICER UNDER HIS OR HER SIGNATURE.
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