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 SMALL CAP STOCK FUND - 1ST QUARTER REPORT - PERIOD ENDED OCTOBER 31, 2009
[LOGO OF USAA]
USAA(R)
PORTFOLIO OF INVESTMENTS
1ST QUARTER
USAA SMALL CAP STOCK FUND
OCTOBER 31, 2009
(Form N-Q)
48456-1209 (C)2009, USAA. All rights reserved.
PORTFOLIO OF INVESTMENTS
USAA SMALL CAP STOCK FUND
October 31, 2009 (unaudited)
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
--------------------------------------------------------------------------------------------------------
COMMON STOCKS (97.3%)
CONSUMER DISCRETIONARY (16.9%)
------------------------------
ADVERTISING (1.0%)
245,900 Arbitron, Inc. (a) $ 5,331
---------------
APPAREL & ACCESSORIES & LUXURY GOODS (1.5%)
75,620 Carter's, Inc. * 1,784
27,800 Fossil, Inc. * 743
29,900 G-III Apparel Group, Ltd. * 479
114,500 UniFirst Corp. 4,817
---------------
7,823
---------------
APPAREL RETAIL (4.3%)
67,850 Aeropostale, Inc. * 2,546
354,764 Cato Corp. "A" 6,992
50,269 Citi Trends, Inc. * 1,324
213,540 Dress Barn, Inc. *(a) 3,854
18,100 Jos. A. Bank Clothiers, Inc. * 742
524,960 Stage Stores, Inc. 6,195
42,300 Stein Mart, Inc. * 402
---------------
22,055
---------------
AUTO PARTS & EQUIPMENT (0.1%)
13,200 ATC Technology Corp. * 276
16,420 Dorman Products, Inc. * 240
---------------
516
---------------
CABLE & SATELLITE (0.2%)
42,500 Knology, Inc. * 427
118,500 Mediacom Communications Corp. "A" * 566
31,600 RCN Corp. * 264
---------------
1,257
---------------
CASINOS & GAMING (0.8%)
39,800 Bally Technologies, Inc. * 1,568
56,832 WMS Industries, Inc. * 2,272
---------------
3,840
---------------
EDUCATION SERVICES (0.6%)
126,680 Corinthian Colleges, Inc. * 2,009
49,400 Grand Canyon Education, Inc. * 801
---------------
2,810
---------------
HOME FURNISHINGS (0.4%)
97,300 Tempur-Pedic International, Inc. * 1,885
---------------
HOMEFURNISHING RETAIL (0.2%)
97,579 Kirklands, Inc. * 1,228
---------------
HOTELS, RESORTS, & CRUISE LINES (0.7%)
10,200 Ambassadors Group, Inc. 130
|
1 | USAA Small Cap Stock Fund
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
--------------------------------------------------------------------------------------------------------
120,000 Choice Hotels International, Inc. $ 3,578
---------------
3,708
---------------
HOUSEHOLD APPLIANCES (1.0%)
232,900 Helen of Troy Ltd. * 5,319
---------------
HOUSEWARES & SPECIALTIES (0.2%)
19,600 Tupperware Brands Corp. 882
---------------
INTERNET RETAIL (1.0%)
23,400 Netflix, Inc. *(a) 1,251
88,531 NutriSystem, Inc. (a) 1,905
72,285 PetMed Express, Inc. 1,134
90,930 Ticketmaster Entertainment, Inc. * 878
---------------
5,168
---------------
LEISURE PRODUCTS (0.4%)
24,100 Polaris Industries, Inc. 1,014
136,200 Smith & Wesson Holding Corp. * 582
41,832 Sturm Ruger & Co., Inc. (a) 444
---------------
2,040
---------------
MOVIES & ENTERTAINMENT (0.0%)
12,100 Cinemark Holdings, Inc. 140
---------------
PUBLISHING (0.7%)
189,659 Valassis Communications, Inc. * 3,458
---------------
RESTAURANTS (2.1%)
82,392 California Pizza Kitchen, Inc. * 1,070
36,700 Carrols Restaurant Group, Inc. * 238
168,660 CEC Entertainment, Inc. * 4,927
185,340 Dominos Pizza, Inc. * 1,361
21,800 Jack in the Box, Inc. * 409
279,600 Sonic Corp. * 2,614
---------------
10,619
---------------
SPECIALIZED CONSUMER SERVICES (1.0%)
93,421 Matthews International Corp. "A" 3,431
38,800 Steiner Leisure Ltd. * 1,434
---------------
4,865
---------------
SPECIALTY STORES (0.5%)
128,314 Hibbett Sports, Inc. * 2,404
7,270 Vitamin Shoppe, Inc. * 128
---------------
2,532
---------------
TIRES & RUBBER (0.2%)
68,845 Cooper Tire & Rubber Co. 1,051
---------------
Total Consumer Discretionary 86,527
---------------
CONSUMER STAPLES (5.5%)
-----------------------
FOOD DISTRIBUTORS (0.4%)
45,600 Spartan Stores, Inc. 646
54,858 United Natural Foods, Inc. * 1,322
---------------
1,968
---------------
FOOD RETAIL (1.0%)
114,300 Casey's General Stores, Inc. 3,604
67,710 Pantry, Inc. * 955
16,640 Weis Markets, Inc. 589
---------------
5,148
---------------
PACKAGED FOODS & MEAT (2.0%)
13,070 American Dairy, Inc. *(a) 378
18,600 American Italian Pasta Co. * 506
|
Portfolio of Investments | 2
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
--------------------------------------------------------------------------------------------------------
48,768 Diamond Foods, Inc. $ 1,470
26,320 J & J Snack Foods Corp. 1,031
30,509 Lancaster Colony Corp. 1,482
177,200 Lance, Inc. 4,274
27,844 Sanderson Farms, Inc. 1,019
---------------
10,160
---------------
PERSONAL PRODUCTS (1.7%)
162,300 Herbalife Ltd. 5,462
134,103 Nu Skin Enterprises, Inc. "A" 3,052
---------------
8,514
---------------
SOFT DRINKS (0.1%)
10,080 Coca-Cola Bottling Co. Consolidated 453
---------------
TOBACCO (0.3%)
297,000 Alliance One International, Inc. * 1,310
9,800 Universal Corp. 407
---------------
1,717
---------------
Total Consumer Staples 27,960
---------------
ENERGY (4.2%)
-------------
COAL & CONSUMABLE FUELS (0.2%)
234,020 International Coal Group, Inc. *(a) 957
---------------
OIL & GAS EQUIPMENT & SERVICES (1.6%)
156,549 Cal Dive International, Inc. * 1,202
18,200 Dresser-Rand Group, Inc. * 536
12,580 ENGlobal Corp. * 37
11,771 Geokinetics, Inc. * 189
76,546 Matrix Service Co. * 679
32,400 Oil States International, Inc. * 1,116
101,608 RPC, Inc. 950
31,289 Seacor Holdings, Inc. * 2,543
76,700 Willbros Group, Inc. * 1,008
---------------
8,260
---------------
OIL & GAS EXPLORATION & PRODUCTION (2.1%)
78,564 Gulfport Energy Corp. * 599
175,400 Penn Virginia Corp. 3,552
76,589 St. Mary Land & Exploration Co. 2,612
40,727 W&T Offshore, Inc. 475
67,400 Whiting Petroleum Corp. * 3,801
---------------
11,039
---------------
OIL & GAS REFINING & MARKETING (0.3%)
138,965 CVR Energy, Inc. * 1,462
---------------
Total Energy 21,718
---------------
FINANCIALS (14.3%)
------------------
ASSET MANAGEMENT & CUSTODY BANKS (1.0%)
371,900 Ares Capital Corp. 3,883
24,156 Calamos Asset Management, Inc. "A" 256
83,680 Penson Worldwide, Inc. *(a) 816
---------------
4,955
---------------
CONSUMER FINANCE (0.9%)
56,328 Credit Acceptance Corp. * 1,936
62,307 Dollar Financial Corp. * 1,169
77,860 EZCORP, Inc. "A" * 1,010
42,199 First Cash Financial Services, Inc. * 725
---------------
4,840
---------------
|
3 | USAA Small Cap Stock Fund
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
--------------------------------------------------------------------------------------------------------
INVESTMENT BANKING & BROKERAGE (0.2%)
69,732 optionsXpress Holdings, Inc. $ 1,090
---------------
LIFE & HEALTH INSURANCE (1.1%)
254,600 Delphi Financial Group, Inc. "A" 5,525
14,652 FBL Financial Group, Inc. "A" 295
---------------
5,820
---------------
PROPERTY & CASUALTY INSURANCE (1.0%)
9,000 Alleghany Corp. * 2,250
21,418 Argo Group International Holdings Ltd. * 727
127,534 Assured Guaranty Ltd. 2,115
---------------
5,092
---------------
REAL ESTATE OPERATING COMPANIES (0.1%)
36,400 PennyMac Mortgage Investment Trust * 670
---------------
REGIONAL BANKS (3.9%)
99,985 Cardinal Financial Corp. 815
260,984 First Busey Corp. 1,010
8,976 First Financial Corp. 249
314,600 First Midwest Bancorp, Inc. 3,272
204,180 International Bancshares Corp. 3,032
153,600 MB Financial, Inc. 2,746
11,260 Park National Corp. (a) 654
21,240 Signature Bank * 670
31,320 Southside Bancshares, Inc. 651
258,300 Webster Financial Corp. 2,922
78,950 Westamerica Bancorp 3,774
---------------
19,795
---------------
REINSURANCE (1.9%)
134,100 Platinum Underwriters Holdings Ltd. 4,797
59,300 Reinsurance Group of America, Inc. "A" 2,734
96,102 Validus Holdings Ltd. 2,431
---------------
9,962
---------------
REITS - DIVERSIFIED (0.3%)
28,300 PS Business Parks, Inc. 1,386
---------------
REITS - OFFICE (0.4%)
68,800 Mack-Cali Realty Corp. 2,129
---------------
REITS - RESIDENTIAL (0.6%)
94,700 American Campus Communities, Inc. 2,559
59,140 Associated Estates Realty Corp. 539
---------------
3,098
---------------
REITS - RETAIL (1.2%)
122,686 Acadia Realty Trust 1,951
176,400 Realty Income Corp. (a) 4,089
---------------
6,040
---------------
REITS - SPECIALIZED (0.6%)
260,000 DiamondRock Hospitality Co. * 1,978
56,180 OMEGA Healthcare Investors, Inc. 852
---------------
2,830
---------------
SPECIALIZED FINANCE (0.6%)
89,146 Financial Federal Corp. 1,820
39,870 Interactive Brokers Group, Inc. "A" * 638
27,100 Life Partners Holdings, Inc. (a) 461
---------------
2,919
---------------
THRIFTS & MORTGAGE FINANCE (0.5%)
175,000 NewAlliance Bancshares, Inc. 1,939
|
Portfolio of Investments | 4
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
--------------------------------------------------------------------------------------------------------
16,400 Oritani Financial Corp. $ 210
19,451 United Financial Bancorp, Inc. 250
---------------
2,399
---------------
Total Financials 73,025
---------------
HEALTH CARE (15.5%)
-------------------
BIOTECHNOLOGY (3.0%)
214,420 Alkermes, Inc. * 1,709
60,200 BioCryst Pharmaceuticals, Inc. *(a) 538
96,000 Cubist Pharmaceuticals, Inc. * 1,626
73,391 Emergent BioSolutions, Inc. * 1,058
192,184 Human Genome Sciences, Inc. * 3,592
103,100 Isis Pharmaceuticals, Inc. * 1,306
96,078 Martek Biosciences Corp. * 1,726
129,837 Maxygen, Inc. * 724
12,173 Myriad Pharmaceuticals, Inc. * 67
29,134 NPS Pharmaceuticals, Inc. * 92
16,000 Onyx Pharmaceuticals, Inc. * 426
38,510 Osiris Therapeutics, Inc. *(a) 245
234,510 PDL BioPharma, Inc. 1,972
19,200 Sangamo Biosciences, Inc. * 102
16,185 SciClone Pharmaceuticals, Inc. * 40
---------------
15,223
---------------
HEALTH CARE DISTRIBUTORS (0.2%)
55,700 PSS World Medical, Inc. * 1,126
---------------
HEALTH CARE EQUIPMENT (1.8%)
50,500 American Medical Systems Holdings, Inc. * 779
111,800 Cyberonics, Inc. * 1,617
104,426 Invacare Corp. 2,342
46,270 Kensey Nash Corp. * 1,106
28,770 Sirona Dental Systems, Inc. * 774
85,650 Steris Corp. 2,506
---------------
9,124
---------------
HEALTH CARE FACILITIES (0.6%)
145,200 AmSurg Corp. * 3,059
26,970 NovaMed, Inc. *(a) 109
---------------
3,168
---------------
HEALTH CARE SERVICES (2.8%)
41,580 Amedisys, Inc. *(a) 1,655
128,780 AMN Healthcare Services, Inc. * 1,072
80,774 CorVel Corp. * 2,302
52,570 Emergency Medical Services Corp. "A" * 2,524
86,370 Gentiva Health Services, Inc. * 2,073
65,100 LHC Group, Inc. * 1,817
114,360 Odyssey Healthcare, Inc. * 1,594
62,893 RehabCare Group, Inc. * 1,179
---------------
14,216
---------------
HEALTH CARE SUPPLIES (1.3%)
40,570 Haemonetics Corp. * 2,090
109,000 ICU Medical, Inc. * 3,815
43,175 Merit Medical Systems, Inc. * 733
---------------
6,638
---------------
LIFE SCIENCES TOOLS & SERVICES (2.6%)
25,800 Bio-Rad Laboratories, Inc. "A" * 2,306
233,710 Bruker Corp. * 2,534
131,500 Charles River Laboratories International, Inc. * 4,802
120,600 ICON plc ADR * 2,979
|
5 | USAA Small Cap Stock Fund
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
--------------------------------------------------------------------------------------------------------
50,200 Luminex Corp. * $ 739
---------------
13,360
---------------
MANAGED HEALTH CARE (1.5%)
247,410 Centene Corp. * 4,411
44,030 HealthSpring, Inc. * 631
264,500 Universal American Financial Corp. * 2,645
---------------
7,687
---------------
PHARMACEUTICALS (1.7%)
22,200 Hi-Tech Pharmacal Co., Inc. * 405
152,505 Medicines Co. * 1,097
133,965 Par Pharmaceutical Companies, Inc. * 2,809
294,132 Questcor Pharmaceuticals, Inc. * 1,335
88,035 Valeant Pharmaceuticals International * 2,588
67,350 ViroPharma, Inc. * 508
---------------
8,742
---------------
Total Health Care 79,284
---------------
INDUSTRIALS (15.7%)
-------------------
AEROSPACE & DEFENSE (1.0%)
4,500 Argon ST, Inc. * 84
3,700 Cubic Corp. 128
38,150 DynCorp International, Inc. "A" * 648
9,500 Esterline Technologies Corp. * 400
88,251 GenCorp, Inc. * 657
41,315 Stanley, Inc. * 1,167
42,410 TransDigm Group, Inc. 1,662
5,060 Triumph Group, Inc. 237
---------------
4,983
---------------
AIRLINES (0.4%)
87,830 AirTran Holdings, Inc. * 372
12,250 Allegiant Travel Co. *(a) 462
176,933 Hawaiian Holdings, Inc. * 1,254
---------------
2,088
---------------
COMMERCIAL PRINTING (0.4%)
300,815 Bowne & Co., Inc. * 1,964
---------------
CONSTRUCTION & ENGINEERING (1.2%)
11,400 EMCOR Group, Inc. * 269
140,443 Great Lakes Dredge & Dock Corp. 861
98,440 MasTec, Inc. * 1,161
42,314 Michael Baker Corp. * 1,511
46,043 Orion Marine Group, Inc. * 877
87,000 Sterling Construction Co., Inc. * 1,403
---------------
6,082
---------------
CONSTRUCTION & FARM MACHINERY & HEAVY TRUCKS (0.2%)
236,400 Force Protection, Inc. * 1,040
---------------
DIVERSIFIED SUPPORT SERVICES (0.2%)
99,300 Comfort Systems USA, Inc. 1,082
---------------
ELECTRICAL COMPONENTS & EQUIPMENT (2.4%)
85,400 Acuity Brands, Inc. (a) 2,704
322,490 Belden, Inc. 7,401
217,881 GT Solar International, Inc. *(a) 1,144
21,578 Powell Industries, Inc. * 794
---------------
12,043
---------------
ENVIRONMENTAL & FACILITIES SERVICES (0.1%)
26,384 Tetra Tech, Inc. * 679
---------------
|
Portfolio of Investments | 6
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
--------------------------------------------------------------------------------------------------------
HUMAN RESOURCE & EMPLOYMENT SERVICES (0.2%)
47,750 Administaff, Inc. $ 1,185
---------------
INDUSTRIAL CONGLOMERATES (1.7%)
281,900 Carlisle Companies, Inc. 8,750
---------------
INDUSTRIAL MACHINERY (2.9%)
256,103 Albany International Corp. "A" 4,267
88,500 Chart Industries, Inc. * 1,749
92,070 EnPro Industries, Inc. * 2,079
41,200 ESCO Technologies, Inc. * 1,618
22,039 L.B. Foster Co. "A" * 619
185,700 Mueller Industries, Inc. 4,394
---------------
14,726
---------------
MARINE (0.6%)
85,151 Kirby Corp. * 2,878
---------------
OFFICE SERVICES & SUPPLIES (1.9%)
491,700 ACCO Brands Corp. * 2,980
47,600 Sykes Enterprises, Inc. * 1,130
123,300 United Stationers, Inc. * 5,812
---------------
9,922
---------------
RAILROADS (0.8%)
139,500 Genesee & Wyoming, Inc. "A" * 4,047
---------------
TRADING COMPANIES & DISTRIBUTORS (1.3%)
105,056 Beacon Roofing Supply, Inc. * 1,509
164,200 GATX Corp. 4,463
58,300 Interline Brands, Inc. * 851
---------------
6,823
---------------
TRUCKING (0.4%)
82,600 Knight Transportation, Inc. 1,325
97,400 Vitran Corp., Inc. "A" * 834
---------------
2,159
---------------
Total Industrials 80,451
---------------
INFORMATION TECHNOLOGY (17.8%)
------------------------------
APPLICATION SOFTWARE (2.4%)
7,624 ACI Worldwide, Inc. * 123
5,700 Actuate Corp. * 29
1,205 Bottomline Technologies, Inc. * 18
19,150 I2 Technologies, Inc. * 301
79,641 Interactive Intelligence, Inc. * 1,336
131,815 JDA Software Group, Inc. * 2,615
92,900 Mentor Graphics Corp. * 678
89,900 Net 1 U.E.P.S Technologies, Inc. * 1,572
59,725 Pegasystems, Inc. 1,712
122,990 Quest Software, Inc. * 2,063
215,430 TIBCO Software, Inc. * 1,885
---------------
12,332
---------------
COMMUNICATIONS EQUIPMENT (2.0%)
342,224 3Com Corp. * 1,759
53,960 ADTRAN, Inc. 1,243
143,000 ARRIS Group, Inc. * 1,467
93,400 Bigband Networks, Inc. * 346
15,700 Digi International, Inc. * 125
109,500 Harris Stratex Networks, Inc. "A" * 690
47,570 InterDigital, Inc. * 978
9,100 Netgear, Inc. * 166
67,650 Oplink Communications, Inc. * 1,003
|
7 | USAA Small Cap Stock Fund
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
--------------------------------------------------------------------------------------------------------
23,898 PCTEL, Inc. * $ 140
18,400 SeaChange International, Inc. * 124
143,260 Tekelec * 2,152
---------------
10,193
---------------
COMPUTER HARDWARE (1.1%)
114,896 Cray, Inc. * 857
158,000 Diebold, Inc. 4,778
---------------
5,635
---------------
COMPUTER STORAGE & PERIPHERALS (1.2%)
236,000 Electronics for Imaging, Inc. * 2,752
42,500 Isilon Systems, Inc. * 223
161,530 Novatel Wireless, Inc. * 1,441
95,550 Quantum Corp. * 177
160,300 Xyratex Ltd. * 1,675
---------------
6,268
---------------
DATA PROCESSING & OUTSOURCED SERVICES (2.0%)
73,520 CSG Systems International, Inc. * 1,201
83,840 Euronet Worldwide, Inc. * 1,983
139,490 Global Cash Access Holdings, Inc. * 883
98,780 Heartland Payment Systems, Inc. 1,214
89,050 TeleTech Holdings, Inc. * 1,593
42,438 TNS, Inc. * 1,199
46,200 VeriFone Holdings, Inc. * 615
50,600 Wright Express Corp. * 1,412
---------------
10,100
---------------
ELECTRONIC EQUIPMENT & INSTRUMENTS (0.6%)
50,800 Coherent, Inc. * 1,277
75,330 MTS Systems Corp. 1,996
---------------
3,273
---------------
ELECTRONIC MANUFACTURING SERVICES (0.6%)
13,000 CTS Corp. 117
50,900 Multi-Fineline Electronix, Inc. * 1,387
251,198 Nam Tai Electronics, Inc. 1,394
---------------
2,898
---------------
INTERNET SOFTWARE & SERVICES (1.1%)
39,940 Digital River, Inc. * 912
172,800 EarthLink, Inc. 1,400
72,990 J2 Global Communications, Inc. * 1,492
38,016 Vistaprint N.V. * 1,941
---------------
5,745
---------------
IT CONSULTING & OTHER SERVICES (1.8%)
77,075 Acxiom Corp. * 885
120,800 Maximus, Inc. 5,588
277,200 Sapient Corp. * 2,256
20,100 SRA International, Inc. "A" * 377
---------------
9,106
---------------
OFFICE ELECTRONICS (0.6%)
122,900 Zebra Technologies Corp. "A" * 3,072
---------------
SEMICONDUCTOR EQUIPMENT (0.4%)
8,000 FEI Co. * 191
75,800 Kulicke & Soffa Industries, Inc. * 352
49,500 Tessera Technologies, Inc. * 1,094
49,440 Ultratech, Inc. * 639
---------------
2,276
---------------
SEMICONDUCTORS (1.8%)
50,557 Actel Corp. * 603
|
Portfolio of Investments | 8
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
--------------------------------------------------------------------------------------------------------
76,000 Advanced Analogic Technologies, Inc. * $ 239
214,791 Applied Micro Circuits Corp. * 1,680
120,660 Cirrus Logic, Inc. * 584
43,758 IXYS Corp. * 293
186,980 Lattice Semiconductor Corp. * 357
117,218 Micrel, Inc. 876
170,798 MIPS Technologies, Inc. * 675
124,000 RF Micro Devices, Inc. * 493
32,480 Semtech Corp. * 502
124,130 Skyworks Solutions, Inc. * 1,295
22,100 Standard Microsystems Corp. * 426
193,200 TriQuint Semiconductor, Inc. * 1,041
---------------
9,064
---------------
SYSTEMS SOFTWARE (2.0%)
27,800 FalconStor Software, Inc. * 93
55,000 Progress Software Corp. * 1,271
98,820 Sybase, Inc. * 3,909
155,754 TeleCommunication Systems, Inc. "A" * 1,392
221,300 Websense, Inc. * 3,554
---------------
10,219
---------------
TECHNOLOGY DISTRIBUTORS (0.2%)
31,380 SYNNEX Corp. * 807
---------------
Total Information Technology 90,988
---------------
MATERIALS (3.7%)
----------------
DIVERSIFIED CHEMICALS (0.2%)
71,584 LSB Industries, Inc. * 888
---------------
FOREST PRODUCTS (0.7%)
79,700 Deltic Timber Corp. 3,387
---------------
METAL & GLASS CONTAINERS (0.7%)
107,400 AptarGroup, Inc. 3,792
---------------
PAPER PACKAGING (0.5%)
56,500 Rock-Tenn Co. "A" 2,475
---------------
SPECIALTY CHEMICALS (1.5%)
56,430 Innophos Holdings, Inc. 1,092
68,620 Omnova Solutions, Inc. * 440
68,900 PolyOne Corp. * 384
340,400 Zep, Inc. 5,821
---------------
7,737
---------------
STEEL (0.1%)
65,800 Worthington Industries, Inc. 727
---------------
Total Materials 19,006
---------------
TELECOMMUNICATION SERVICES (0.7%)
---------------------------------
ALTERNATIVE CARRIERS (0.4%)
24,200 Cogent Communications Group, Inc. * 245
41,520 PAETEC Holding Corp. * 135
183,180 Premiere Global Services, Inc. * 1,368
---------------
1,748
---------------
WIRELESS TELECOMMUNICATION SERVICES (0.3%)
16,100 NTELOS Holdings Corp. 243
84,320 USA Mobility, Inc. 919
102,136 Virgin Mobile USA, Inc. "A" * 409
---------------
1,571
---------------
Total Telecommunication Services 3,319
---------------
|
9 | USAA Small Cap Stock Fund
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
--------------------------------------------------------------------------------------------------------
UTILITIES (3.0%)
----------------
ELECTRIC UTILITIES (1.5%)
140,700 UniSource Energy Corp. $ 4,064
13,540 Unitil Corp. 280
161,200 Weststar Energy, Inc. 3,087
---------------
7,431
---------------
GAS UTILITIES (1.5%)
110,500 Atmos Energy Corp. 3,077
55,650 New Jersey Resources Corp. 1,959
7,100 South Jersey Industries, Inc. 251
73,800 WGL Holdings, Inc. 2,440
---------------
7,727
---------------
WATER UTILITIES (0.0%)
5,710 Consolidated Water Co. Ltd. 84
---------------
Total Utilities 15,242
---------------
Total Common Stocks (cost: $471,206) 497,520
---------------
MONEY MARKET INSTRUMENTS (2.7%)
MONEY MARKET FUNDS (2.7%)
13,813,670 State Street Institutional Liquid Reserve Fund, 0.25% (b)(cost: $13,814) 13,814
---------------
SHORT-TERM INVESTMENTS PURCHASED WITH CASH COLLATERAL
FROM SECURITIES LOANED (3.9%)
MONEY MARKET FUNDS (1.4%)
7,307,096 BlackRock Liquidity Funds TempFund, 0.18%(b) 7,307
---------------
PRINCIPAL
AMOUNT
(000)
--------------------------------------------------------------------------------------------------------
REPURCHASE AGREEMENTS (2.5%)
$ 3,500 Credit Suisse First Boston LLC, 0.07%, acquired on 10/30/2009 and due
11/02/2009 at $3,500 (collateralized by $3,575 of Freddie Mac(d),
0.18%(c), due 4/26/2010; market value $3,572) 3,500
9,100 Deutsche Bank Securities, Inc., 0.06%, acquired on 10/30/2009 and due
11/02/2009 at $9,100 (collateralized by $9,279 of Fannie Mae(d),
5.13%, due 5/28/2024; market value $9,283) 9,100
---------------
Total Repurchase Agreements 12,600
---------------
Total Short-term Investments Purchased With Cash Collateral From
Securities Loaned (cost: $19,907) 19,907
---------------
TOTAL INVESTMENTS (COST: $504,927) $ 531,241
===============
|
Portfolio of Investments | 10
($ IN 000S) VALUATION HIERARCHY
(LEVEL 1) (LEVEL 2) (LEVEL 3)
QUOTED PRICES OTHER SIGNIFICANT
IN ACTIVE SIGNIFICANT UNOBSERVABLE
MARKETS OBSERVABLE INPUTS
OR IDENTICAL INPUTS
ASSETS TOTAL
---------------------------------------------------------------------------------------------------------
EQUITY SECURITIES:
COMMON STOCKS $ 497,520 $ -- $ -- $ 497,520
MONEY MARKET INSTRUMENTS:
MONEY MARKET FUNDS 13,814 -- -- 13,814
SHORT-TERM INVESTMENTS PURCHASED WITH
CASH COLLATERAL FROM SECURITIES LOANED:
MONEY MARKET FUNDS 7,307 -- -- 7,307
REPURCHASE AGREEMENTS -- 12,600 -- 12,600
---------------------------------------------------------------------------------------------------------
Total $ 518,641 $ 12,600 $ -- $ 531,241
---------------------------------------------------------------------------------------------------------
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11 | USAA Small Cap 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 Small
Cap Stock Fund (the Fund), which is classified as diversified under the 1940
Act.
The Fund has two classes of shares: Small Cap Stock Fund Shares and Small Cap
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 subadviser, if applicable, will
monitor for events that would materially affect the value of the Fund's foreign
securities. The Fund's subadviser has agreed to notify the Manager of
significant events it
Notes to Portfolio of Investments | 12
identifies that would materially affect the value of the Fund's foreign
securities. If the 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 subadviser, 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.
13 | USAA Small Cap 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 $18,091,000. This amount excludes $732,000 of securities on loan
which were sold prior to October 31, 2009.
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 $69,603,000 and $43,289,000, respectively, resulting in
net unrealized appreciation of $26,314,000.
G. The portfolio of investments category percentages shown represent the
percentages of the investments to net assets, which were $511,230,000 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 | 14
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
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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) Zero-coupon security. Rate represents the effective yield at the date of
purchase.
(d) 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.
* Non-income-producing security.
15 | USAA Small Cap 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
-------------------------------
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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
------------------------------
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*PRINT THE NAME AND TITLE OF EACH SIGNING OFFICER UNDER HIS OR HER SIGNATURE.
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