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: DECEMBER 31
Date of Reporting Period: MARCH 31, 2010
ITEM 1. SCHEDULE OF INVESTMENTS.
USAA MUTUAL FUNDS TRUST - 1ST QUARTER REPORT - PERIOD ENDED MARCH 31, 2010
[LOGO OF USAA]
USAA(R)
PORTFOLIO OF INVESTMENTS
1ST QUARTER
USAA GLOBAL OPPORTUNITIES FUND
MARCH 31, 2010
(Form N-Q)
88396-0510 (C)2010, USAA. All rights reserved.
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PORTFOLIO OF INVESTMENTS
USAA GLOBAL OPPORTUNITIES FUND
March 31, 2010 (unaudited)
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
------------------------------------------------------------------------------------------------
EQUITY SECURITIES (93.7%)
COMMON STOCKS (83.1%)
CONSUMER DISCRETIONARY (9.4%)
-----------------------------
ADVERTISING (0.0%)
10,500 National Cinemedia, Inc. (a) $ 181
--------
APPAREL & ACCESSORIES & LUXURY GOODS (0.4%)
9,000 Coach, Inc. (a) 356
42,000 Jones Apparel Group, Inc. (a) 799
3,233 Swatch Group Ltd. (a) 192
7,600 Warnaco Group, Inc. * 362
--------
1,709
--------
APPAREL RETAIL (0.8%)
500 ABC-MART, Inc. (a) 16
2,300 Fast Retailing Co. (a) 400
24,700 Finish Line, Inc. "A" (a) 403
34,800 Gap, Inc. (a) 804
3,390 Hennes & Mauritz AB "B" (a) 220
1,092 Industria de Diseno Textil S.A. 72
10,400 Limited Brands, Inc. (a) 256
22,200 Ross Stores, Inc. (a) 1,187
--------
3,358
--------
AUTO PARTS & EQUIPMENT (0.6%)
12,600 Aisin Seiki Co. Ltd. (a) 377
7,400 Denso Corp. (a) 220
42,300 Johnson Controls, Inc. (a) 1,396
24,000 NHK Spring Co. 220
3,900 NOK Corp. (a) 59
1,600 Tachi-S Co. Ltd. (a) 17
5,800 Toyota Industries Corp. (a) 166
--------
2,455
--------
AUTOMOBILE MANUFACTURERS (0.6%)
8,000 Daihatsu Motor Co., Ltd. (a) 76
17,000 Ford Motor Co. * 214
23,500 Honda Motor Co. Ltd. (a) 829
51,400 Nissan Motor Co. Ltd. *(a) 440
6,116 Renault S.A. *(a) 287
11,500 Toyota Motor Corp. (a) 461
205 Volkswagen AG (a) 20
--------
2,327
--------
AUTOMOTIVE RETAIL (0.4%)
14,500 Advance Auto Parts, Inc. (a) 608
28,000 Group 1 Automotive, Inc. * 892
--------
1,500
--------
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1 | USAA GLOBAL OPPORTUNITIES FUND
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================================================================================
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
------------------------------------------------------------------------------------------------
BROADCASTING (0.0%)
18,946 Austereo Group Ltd. (a) $ 30
4,046 Societe Television Francaise 1 (a) 75
--------
105
--------
CABLE & SATELLITE (0.8%)
77,200 Comcast Corp. "A" (a) 1,453
1,434 Eutelsat Communications (a) 51
18,900 Mediacom Communications Corp. "A" * 112
600 SES 15
28,077 Time Warner Cable, Inc. (a) 1,497
--------
3,128
--------
CASINOS & GAMING (0.1%)
24,000 Genting International plc *(a) 16
3,087 OPAP S.A. (a) 70
51,983 Tabcorp Holdings Ltd. (a) 329
27,945 Tatts Group Ltd. (a) 63
--------
478
--------
COMPUTER & ELECTRONICS RETAIL (0.0%)
5,000 Rent-A-Center, Inc. * 118
680 Yamada Denki Co. Ltd. (a) 50
--------
168
--------
CONSUMER ELECTRONICS (0.5%)
26,300 Garmin Ltd. (a) 1,012
24,000 Sharp Corp. (a) 300
17,800 Sony Corp. (a) 682
--------
1,994
--------
DEPARTMENT STORES (0.5%)
43,800 Dillard's, Inc. "A" 1,034
6,900 Kohl's Corp. *(a) 378
6,000 Lifestyle International Holdings, Ltd. (a) 11
5,973 Next plc (a) 196
7,300 Nordstrom, Inc. (a) 298
2,212 PPR (a) 294
--------
2,211
--------
DISTRIBUTORS (0.2%)
3,600 Core-Mark Holding Co., Inc. * 110
8,000 Genuine Parts Co. (a) 338
1,000 Jardine Cycle & Carriage Ltd. (a) 21
92,000 Li & Fung Ltd. (a) 452
--------
921
--------
EDUCATION SERVICES (0.5%)
65,700 Corinthian Colleges, Inc. *(a) 1,156
14,600 DeVry, Inc. (a) 952
--------
2,108
--------
GENERAL MERCHANDISE STORES (0.1%)
3,500 Big Lots, Inc. *(a) 127
1,600 Family Dollar Stores, Inc. (a) 59
18,687 Harvey Norman Holding Ltd. (a) 62
--------
248
--------
HOME FURNISHINGS (0.1%)
11,600 Tempur-Pedic International, Inc. *(a) 350
--------
HOME IMPROVEMENT RETAIL (0.6%)
24,200 Home Depot, Inc. (a) 783
104,618 Kingfisher plc (a) 340
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PORTFOLIO OF INVESTMENTS | 2
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MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
------------------------------------------------------------------------------------------------
18,800 Sherwin-Williams Co. (a) $ 1,273
--------
2,396
--------
HOMEBUILDING (0.1%)
200 NVR, Inc. *(a) 145
8,100 Ryland Group, Inc. (a) 182
--------
327
--------
HOMEFURNISHING RETAIL (0.0%)
1,300 Nitori Co. (a) 99
--------
HOUSEHOLD APPLIANCES (0.3%)
13,400 Whirlpool Corp. 1,169
--------
INTERNET RETAIL (0.6%)
9,300 Amazon.com, Inc. *(a) 1,262
2 Dena Co. Ltd. 15
8,200 Netflix, Inc. *(a) 605
2,000 Priceline.com, Inc. *(a) 510
--------
2,392
--------
LEISURE PRODUCTS (0.3%)
53,500 Mattel, Inc. (a) 1,217
--------
MOVIES & ENTERTAINMENT (0.2%)
39,100 News Corp. "A" (a) 563
7,976 Vivendi S.A. (a) 214
--------
777
--------
PUBLISHING (0.2%)
51,536 Fairfax Media Ltd. (a) 85
379 Lagardere SCA (a) 15
3,800 McGraw-Hill Companies, Inc. (a) 136
4,187 Pearson plc (a) 66
20,100 Scholastic Corp. (a) 563
--------
865
--------
RESTAURANTS (1.0%)
17,264 Compass Group plc 138
13,400 Darden Restaurants, Inc. (a) 597
8,300 Dominos Pizza, Inc. * 113
22,000 McDonald's Corp. (a) 1,468
10,800 Panera Bread Co. "A" *(a) 826
44,100 Starbucks Corp. (a) 1,070
--------
4,212
--------
SPECIALTY STORES (0.1%)
11,200 Signet Jewelers Ltd. *(a) 362
--------
TEXTILES (0.0%)
1,000 Nisshinbo Industries, Inc. 10
--------
TIRES & RUBBER (0.4%)
81,700 Cooper Tire & Rubber Co. (a) 1,554
3,300 Sumitomo Rubber Industries, Ltd. (a) 29
--------
1,583
--------
Total Consumer Discretionary 38,650
--------
CONSUMER STAPLES (8.1%)
-----------------------
AGRICULTURAL PRODUCTS (0.3%)
28,900 Archer-Daniels-Midland Co. (a) 835
44,200 Golden Agri-Resources Ltd. *(a) 18
3,834 Suedzucker AG (a) 85
81,000 Wilmar International Ltd. (a) 388
--------
1,326
--------
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3 | USAA GLOBAL OPPORTUNITIES FUND
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MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
------------------------------------------------------------------------------------------------
BREWERS (0.1%)
260 Carlsberg A/S $ 22
639 Heineken Holding N.V. (a) 28
3,151 Heineken N.V. (a) 162
1,962 InBev N.V. (a) 99
--------
311
--------
DISTILLERS & VINTNERS (0.1%)
23,405 Diageo plc (a) 393
--------
DRUG RETAIL (0.2%)
1,000 Cawachi Ltd. (a) 19
16,100 Walgreen Co. (a) 597
--------
616
--------
FOOD RETAIL (0.4%)
2,895 Casino Guichard-Perrachon S.A. (a) 245
1,250 Delhaize Group (a) 100
25,763 Jeronimo Martins SGPS S.A. (a) 261
24,425 Koninklijke Ahold N.V. (a) 326
11,800 Kroger Co. (a) 256
16,697 Tesco plc (a) 110
17,018 William Morrison Supermarket plc (a) 76
9,905 Woolworths Ltd. (a) 254
--------
1,628
--------
HOUSEHOLD PRODUCTS (1.3%)
18,500 Colgate-Palmolive Co. (a) 1,577
1,361 Henkel AG & Co. KGaA (a) 63
34,000 Kimberly-Clark Corp. (a) 2,138
20,800 Procter & Gamble Co. (a) 1,316
4,678 Reckitt Benckiser Group plc (a) 257
100 Unicharm Corp. (a) 10
--------
5,361
--------
HYPERMARKETS & SUPER CENTERS (0.6%)
11,100 Aeon Co. Ltd. (a) 126
953 Metro AG (a) 56
38,700 Wal-Mart Stores, Inc. (a) 2,152
8,871 Wesfarmers Ltd. (a) 259
--------
2,593
--------
PACKAGED FOODS & MEAT (2.8%)
473 AarhusKarlshamn AB (a) 13
14,000 Ajinomoto Co. Inc. (a) 139
34,900 Campbell Soup Co. (a) 1,234
16,200 General Mills, Inc. (a) 1,147
82,040 Goodman Fielder Ltd. (a) 108
39,100 Hershey Co. (a) 1,674
6,400 J.M. Smucker Co. (a) 386
8,900 Kraft Foods, Inc. "A" (a) 269
13,600 Mead Johnson Nutrition Co. (a) 707
22,015 Nestle S.A. (a) 1,127
1,000 Nisshin Seifun Group, Inc. (a) 13
29,400 Sanderson Farms, Inc. (a) 1,576
29,300 Sara Lee Corp. (a) 408
2,000 Toyo Suisan Kaisha Ltd. (a) 52
115,900 Tyson Foods, Inc. "A" (a) 2,219
3,065 Unilever N.V. (a) 93
9,464 Unilever plc (a) 278
3,100 Yakult Honsha Co. Ltd. (a) 83
--------
11,526
--------
PERSONAL PRODUCTS (0.8%)
33,000 Estee Lauder Companies, Inc. "A" (a) 2,141
================================================================================
PORTFOLIO OF INVESTMENTS | 4
<PAGE>
================================================================================
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
------------------------------------------------------------------------------------------------
8,400 Herbalife Ltd. (a) $ 387
1,209 L'Oreal S.A. (a) 127
3,500 NBTY, Inc. *(a) 168
13,100 Prestige Brands Holdings, Inc. * 118
7,000 Shiseido Co. (a) 152
--------
3,093
--------
SOFT DRINKS (0.5%)
17,171 Coca-Cola Amatil Ltd. (a) 177
19,200 Coca-Cola Co. (a) 1,056
15,000 PepsiCo, Inc. (a) 993
--------
2,226
--------
TOBACCO (1.0%)
25,787 British America Tobacco plc (a) 889
17,308 Imperial Tobacco Group plc (a) 528
5,800 Lorillard, Inc. (a) 436
31,200 Philip Morris International, Inc. (a) 1,628
9,600 Reynolds American, Inc. (a) 518
1,122 Swedish Match (a) 27
--------
4,026
--------
Total Consumer Staples 33,099
--------
ENERGY (7.4%)
-------------
INTEGRATED OIL & GAS (3.9%)
5,038 BG Group plc (a) 87
147,420 BP plc (a) 1,395
28,600 Chevron Corp. (a) 2,169
41,100 ConocoPhillips (a) 2,103
13,196 ENI S.p.A. (a) 309
62,000 Exxon Mobil Corp. (a) 4,153
74,400 Marathon Oil Corp. 2,354
5,600 Occidental Petroleum Corp. (a) 473
1,504 Repsol YPF S.A. (a) 36
23,059 Royal Dutch Shell plc "A" (a) 668
21,679 Royal Dutch Shell plc "B" (a) 597
8,450 Statoil ASA (a) 196
22,870 Total S.A. (a) 1,328
--------
15,868
--------
OIL & GAS DRILLING (0.4%)
3,400 Helmerich & Payne, Inc. (a) 130
40,600 Rowan Companies, Inc. *(a) 1,182
8,250 Seadrill Ltd. (a) 192
--------
1,504
--------
OIL & GAS EQUIPMENT & SERVICES (1.5%)
5,800 Exterran Holdings, Inc. *(a) 140
11,600 National-Oilwell Varco, Inc. (a) 471
5,100 Oceaneering International, Inc. *(a) 324
41,100 Oil States International, Inc. *(a) 1,863
42,200 Schlumberger Ltd. (a) 2,678
6,500 Seacor Holdings, Inc. *(a) 524
4,800 TGS-NOPEC Geophysical Co. ASA *(a) 102
--------
6,102
--------
OIL & GAS EXPLORATION & PRODUCTION (1.3%)
17,800 Anadarko Petroleum Corp. (a) 1,296
7,100 Cimarex Energy Co. (a) 421
6,964 Gulfsands Petroleum plc *(a) 34
60 INPEX Holdings, Inc. (a) 440
3,900 Japan Petroleum Exploration Co., Ltd. (a) 198
13,000 Mariner Energy, Inc. *(a) 195
40,500 Newfield Exploration Co. *(a) 2,108
================================================================================
5 | USAA GLOBAL OPPORTUNITIES FUND
<PAGE>
================================================================================
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
------------------------------------------------------------------------------------------------
13,200 Quicksilver Resources, Inc. *(a) $ 186
3,500 Whiting Petroleum Corp. *(a) 283
--------
5,161
--------
OIL & GAS REFINING & MARKETING (0.0%)
7,230 Caltex Australia 75
4,678 Hellenic Petroleum S.A. (a) 54
--------
129
--------
OIL & GAS STORAGE & TRANSPORTATION (0.3%)
21,100 El Paso Corp. (a) 229
4,900 Spectra Energy Corp. (a) 110
44,300 Williams Companies, Inc. (a) 1,023
--------
1,362
--------
Total Energy 30,126
--------
FINANCIALS (14.9%)
------------------
ASSET MANAGEMENT & CUSTODY BANKS (0.9%)
97,010 3i Group plc (a) 429
20,100 Artio Global Investors, Inc. (a) 497
19,500 Bank of New York Mellon Corp. (a) 602
1,300 BlackRock, Inc. "A" (a) 283
13,600 Franklin Resources, Inc. (a) 1,508
13,800 Invesco Ltd. ADR (a) 303
--------
3,622
--------
CONSUMER FINANCE (1.6%)
54,000 American Express Co. (a) 2,228
33,900 AmeriCredit Corp. *(a) 806
38,500 Capital One Financial Corp. (a) 1,594
140,600 Discover Financial Services (a) 2,095
--------
6,723
--------
DIVERSIFIED BANKS (3.9%)
20,968 Australia and New Zealand Banking Group Ltd. (a) 488
88,367 Banca Intesa S.p.A. *(a) 329
32,536 Banco Bilbao Vizcaya Argentaria S.A. (a) 445
37,426 Banco Espirito Santo S.A. *(a) 202
35,129 Banco Popular Espanol S.A. (a) 259
71,830 Banco Santander S.A. (a) 955
114,434 Barclays plc (a) 626
1,764 BNP Paribas S.A. (a) 135
77,500 BOC Hong Kong Holdings Ltd. (a) 185
47,200 Comerica, Inc. (a) 1,795
14,772 Commonwealth Bank of Australia (a) 763
19,069 Credit Agricole S.A. (a) 334
15,975 Danske Bank A/S *(a) 393
3,707 Dexia *(a) 22
8,800 DnB NOR ASA *(a) 101
951 Erste Bank der Oesterreichischen Sparkassen AG (a) 40
95,720 HSBC Holdings plc (a) 970
30,608 Intesa Sanpaolo (a) 92
8,963 KBC Groep N.V. *(a) 434
140,131 Lloyds TSB Group plc *(a) 133
93,600 Mitsubishi UFJ Financial Group, Inc. (a) 491
46,000 Mizuho Trust & Banking Co., Ltd. (a) 91
10,000 Mizuho Trust & Banking Co., Ltd. *(a) 10
30,618 National Australia Bank Ltd. (a) 773
82,575 Natixis *(a) 446
18,336 Nordea Bank AB (a) 181
14,000 Overseas Chinese Town Asia Holdings Ltd. (a) 87
9,699 Skandinaviska Enskilda Banken "A" *(a) 62
3,357 Standard Chartered plc (a) 92
6,000 Sumitomo Mitsui Financial Group, Inc. (a) 198
================================================================================
PORTFOLIO OF INVESTMENTS | 6
<PAGE>
================================================================================
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
------------------------------------------------------------------------------------------------
6,983 Svenska Handelsbanken AB "A" (a) $ 205
21,000 United Overseas Bank Ltd. (a) 288
128,400 Wells Fargo & Co. (a) 3,996
15,668 Westpac Banking Corp. (a) 400
--------
16,021
--------
DIVERSIFIED CAPITAL MARKETS (0.4%)
13,579 Credit Suisse Group (a) 700
8,494 Deutsche Bank AG (a) 654
31,687 Investec plc 259
--------
1,613
--------
DIVERSIFIED REAL ESTATE ACTIVITIES (0.4%)
2,000 Henderson Land Development Co. Ltd. (a) 14
86,000 Hopewell Holdings Ltd. (a) 255
30,000 New World Development Ltd. 59
20,000 Sun Hung Kai Properties Ltd. (a) 301
10,000 Swire Pacific Ltd. (a) 120
141,000 UOL Group Ltd. (a) 393
33,000 Wharf (Holdings) Ltd. (a) 187
87,000 Wheelock & Co. Ltd. (a) 256
--------
1,585
--------
INVESTMENT BANKING & BROKERAGE (0.7%)
15,400 BGC Partners, Inc. "A" 94
13,600 Goldman Sachs Group, Inc. (a) 2,321
38,200 Knight Capital Group, Inc. "A" *(a) 582
--------
2,997
--------
LIFE & HEALTH INSURANCE (0.7%)
22,200 AFLAC, Inc. (a) 1,205
361,966 Legal & General Group plc (a) 484
12,500 MetLife, Inc. (a) 542
32,409 Old Mutual plc *(a) 60
8,100 Prudential Financial, Inc. (a) 490
9,273 Prudential plc (a) 77
14,256 Resolution Ltd. *(a) 18
--------
2,876
--------
MULTI-LINE INSURANCE (0.4%)
3,046 Allianz Holding AG (a) 382
4,300 Assurant, Inc. (a) 148
38,811 Aviva plc (a) 227
7,922 AXA S.A. (a) 176
5,494 Sampo OYJ "A" (a) 146
2,577 Zurich Financial Services AG (a) 660
--------
1,739
--------
MULTI-SECTOR HOLDINGS (0.0%)
1,017 Groupe Bruxelles Lambert S.A. (a) 90
4,500 Investor AB (a) 86
--------
176
--------
OTHER DIVERSIFIED FINANCIAL SERVICES (2.0%)
265,200 Bank of America Corp. (a) 4,734
196,800 Citigroup, Inc. *(a) 797
43,696 ING Groep N.V. *(a) 436
48,300 JPMorgan Chase & Co. (a) 2,161
2,028 OKO Bank plc "A" (a) 23
--------
8,151
--------
PROPERTY & CASUALTY INSURANCE (0.5%)
7,100 Allied World Assurance Co. Holdings Ltd. (a) 318
24,600 Allstate Corp. (a) 795
13,500 Chubb Corp. (a) 700
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7 | USAA GLOBAL OPPORTUNITIES FUND
<PAGE>
================================================================================
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
------------------------------------------------------------------------------------------------
18,700 Progressive Corp. (a) $ 357
3,000 Sompo Japan Insurance, Inc. (a),(b) 21
--------
2,191
--------
REAL ESTATE OPERATING COMPANIES (0.1%)
65,935 Immoeast AG *(a) 362
--------
REGIONAL BANKS (1.0%)
4,000 77th Bank Ltd. (a) 23
8,000 Bendigo Bank Ltd. 73
25,300 CapitalSource, Inc. 141
2,000 Chiba Bank Ltd. (a) 12
25,880 Commerce Bancshares, Inc. (a) 1,065
11,600 Fifth Third Bancorp (a) 158
38,000 Fukuoka Financial Group, Inc. (a) 161
17,100 Fulton Financial Corp. (a) 174
4,000 Gunma Bank Ltd. (a) 22
167,700 Huntington Bancshares, Inc. (a) 901
55,900 KeyCorp (a) 433
56,000 Nishi Nippon City Bank Ltd. (a) 165
7,900 PNC Financial Services Group, Inc. (a) 472
37,800 Sapporo Hokuyo Holdings, Inc. (a) 173
23,000 Yamaguchi Financial Group, Inc. (a) 252
--------
4,225
--------
REINSURANCE (0.7%)
10,300 Arch Capital Group Ltd. *(a) 785
3,700 Endurance Specialty Holdings Ltd. (a) 138
2,400 Everest Reinsurance Group Ltd. (a) 194
6,799 Hannover Rueckversicherungs *(a) 336
2,100 PartnerRe Ltd. (a) 168
3,900 RenaissanceRe Holdings Ltd. (a) 221
10,860 SCOR SE (a) 274
29,900 Validus Holdings Ltd. (a) 823
--------
2,939
--------
REITs - DIVERSIFIED (0.2%)
37,000 BGP Holdings plc , acquired 8/06/2009; cost: $0*(b),(c) --
30,001 Dexus Property Group (a) 22
1,364 Gecina S.A. (a) 151
61,907 GPT Group (a) 33
25,000 Mirvac Group (a) 34
51,447 Stockland (a) 188
4,359 Vornado Realty Trust (a) 330
--------
758
--------
REITs - INDUSTRIAL (0.0%)
43,000 Ascendas REIT (a) 59
3,500 Monmouth Real Estate Investment Corp. "A" (a) 29
--------
88
--------
REITs - MORTGAGE (0.7%)
152,100 Annaly Capital Management, Inc. (a) 2,613
34,400 Resource Capital Corp. 233
--------
2,846
--------
REITs - OFFICE (0.1%)
2,600 Boston Properties, Inc. (a) 196
201 Societe de la Tour Eiffel (a) 17
--------
213
--------
REITs - RESIDENTIAL (0.1%)
4,600 Equity Residential Properties Trust (a) 180
--------
REITs - RETAIL (0.1%)
39,000 Link REIT (a) 96
================================================================================
PORTFOLIO OF INVESTMENTS | 8
<PAGE>
================================================================================
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
------------------------------------------------------------------------------------------------
1,816 Simon Property Group, Inc. (a) $ 152
796 Unibail-Rodamco (a) 161
8,648 Westfield Group (a) 96
--------
505
--------
REITs - SPECIALIZED (0.1%)
36,400 FelCor Lodging Trust, Inc. * 207
1,300 Public Storage (a) 120
2,400 Rayonier, Inc. (a) 109
--------
436
--------
SPECIALIZED FINANCE (0.1%)
500 CME Group, Inc. (a) 158
1,800 Hong Kong Exchanges & Clearing Ltd. (a) 30
--------
188
--------
THRIFTS & MORTGAGE FINANCE (0.2%)
58,700 NewAlliance Bancshares, Inc. (a) 741
--------
Total Financials 61,175
--------
HEALTH CARE (9.7%)
------------------
BIOTECHNOLOGY (0.7%)
1,407 Actelion Ltd. *(a) 64
20,300 Amgen, Inc. *(a) 1,213
34,500 Gilead Sciences, Inc. *(a) 1,569
--------
2,846
--------
HEALTH CARE DISTRIBUTORS (1.3%)
4,200 Alfresa Holdings Corp. (a) 181
45,100 AmerisourceBergen Corp. (a) 1,304
81,600 Cardinal Health, Inc. (a) 2,940
16,100 McKesson Corp. (a) 1,058
--------
5,483
--------
HEALTH CARE EQUIPMENT (0.8%)
5,500 Baxter International, Inc. (a) 320
5,000 CareFusion Corp. *(a) 132
2,992 Cochlear Ltd. (a) 200
15,000 Hill-Rom Holdings, Inc. (a) 408
9,900 Hospira, Inc. *(a) 561
700 Intuitive Surgical, Inc. *(a) 244
7,700 Medtronic, Inc. (a) 347
16,800 Micrus Endovascular Corp. *(a) 331
3,318 Sonova Holding AG (a) 412
946 Synthes, Inc. (a) 118
1,600 Terumo Corp. (a) 85
--------
3,158
--------
HEALTH CARE SERVICES (0.6%)
16,100 Amedisys, Inc. *(a) 889
14,300 AMN Healthcare Services, Inc. * 126
21,300 Medco Health Solutions, Inc. *(a) 1,375
--------
2,390
--------
HEALTH CARE SUPPLIES (0.1%)
1,174 Coloplast A/S "B" (a) 129
2,300 Cooper Companies, Inc. (a) 90
--------
219
--------
MANAGED HEALTH CARE (1.1%)
21,700 Aetna, Inc. (a) 762
57,800 Coventry Health Care, Inc. *(a) 1,429
16,000 Humana, Inc. *(a) 748
40,400 UnitedHealth Group, Inc. (a) 1,320
================================================================================
9 | USAA GLOBAL OPPORTUNITIES FUND
<PAGE>
================================================================================
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
------------------------------------------------------------------------------------------------
5,500 WellPoint, Inc. *(a) $ 354
--------
4,613
--------
PHARMACEUTICALS (5.1%)
63,100 Abbott Laboratories (a) 3,324
2,900 Allergan, Inc. (a) 190
16,329 AstraZeneca plc (a) 728
5,505 Bayer AG (a) 372
29,500 Eli Lilly and Co. (a) 1,069
47,100 Forest Laboratories, Inc. *(a) 1,477
60,058 GlaxoSmithKline plc (a) 1,153
92,200 Johnson & Johnson (a) 6,012
2,000 Mitsubishi Tanabe Pharma Corp. (a) 28
19,856 Novartis AG (a) 1,073
6,990 Novo Nordisk A/S (a) 542
23,900 Perrigo Co. (a) 1,403
113,800 Pfizer, Inc. (a) 1,952
4,470 Roche Holdings AG (a) 725
13,277 Sanofi-Aventis S.A. (a) 990
6,495 Shire Ltd. (a) 143
--------
21,181
--------
Total Health Care 39,890
--------
INDUSTRIALS (8.9%)
------------------
AEROSPACE & DEFENSE (1.6%)
24,895 BAE Systems plc (a) 140
14,600 ITT Corp. (a) 783
4,500 L-3 Communications Holdings, Inc. (a) 412
16,700 Lockheed Martin Corp. (a) 1,390
28,900 Northrop Grumman Corp. (a) 1,895
9,800 Raytheon Co. (a) 560
4,494 Safran S.A. (a) 117
14,400 United Technologies Corp. (a) 1,060
--------
6,357
--------
AIR FREIGHT & LOGISTICS (0.8%)
7,300 FedEx Corp. (a) 682
5,975 TNT N.V. (a) 171
34,100 United Parcel Service, Inc. "B" (a) 2,196
--------
3,049
--------
AIRLINES (0.3%)
25,100 Alaska Air Group, Inc. *(a) 1,035
31,500 Hawaiian Holdings, Inc. *(a) 232
7,000 Singapore Airlines Ltd. (a) 76
--------
1,343
--------
BUILDING PRODUCTS (0.2%)
41,000 Asahi Glass Co. Ltd. (a) 462
2,082 Assa Abloy AB "B" (a) 41
8,805 Compagnie De Saint Gobain (a) 423
--------
926
--------
COMMERCIAL PRINTING (0.5%)
6,000 Dai Nippon Printing Co. Ltd. (a) 81
95,700 R.R. Donnelley & Sons Co. (a) 2,043
--------
2,124
--------
CONSTRUCTION & ENGINEERING (0.4%)
23,087 Balfour Beatty plc (a) 103
4,716 Bouygues S.A. (a) 237
39,600 EMCOR Group, Inc. *(a) 975
================================================================================
PORTFOLIO OF INVESTMENTS | 10
<PAGE>
================================================================================
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
------------------------------------------------------------------------------------------------
13,800 Shaw Group, Inc. *(a) $ 475
--------
1,790
--------
CONSTRUCTION & FARM MACHINERY & HEAVY TRUCKS (0.5%)
80,000 Mitsui Engineering & Shipbuilding Co., Ltd. (a) 199
27,800 Oshkosh Corp. *(a) 1,121
1,000 Scania AB 16
42,000 SembCorp Marine Ltd. (a) 126
30,000 Trinity Industries, Inc. (a) 599
--------
2,061
--------
DIVERSIFIED SUPPORT SERVICES (0.0%)
9,967 Cape plc *(a) 35
--------
ELECTRICAL COMPONENTS & EQUIPMENT (0.6%)
13,000 A. O. Smith Corp. 683
32,000 Fuji Electric Holdings Co. Ltd. *(a) 87
14,600 Hubbell, Inc. "B" (a) 736
3,800 Powell Industries, Inc. * 124
3,400 Prysmian S.p.A. (a) 67
2,870 Schneider Electric S.A. (a) 337
21,600 Sumitomo Electric Industries Ltd. (a) 265
--------
2,299
--------
HEAVY ELECTRICAL EQUIPMENT (0.2%)
3,329 ABB Ltd. *(a) 72
5,772 Alstom S.A. (a) 360
57,000 Mitsubishi Electric Corp. (a) 524
--------
956
--------
HIGHWAYS & RAILTRACKS (0.1%)
5,359 Atlantia S.p.A. (a) 125
16,081 Macquarie Infrastructure Group (a) 17
2,269 Societe des Autoroutes Paris-Rhin-Rhone *(a) 163
--------
305
--------
INDUSTRIAL CONGLOMERATES (2.2%)
32,600 3M Co. (a) 2,724
42,600 Carlisle Companies, Inc. (a) 1,623
155,886 CSR Ltd. (a) 237
36,000 Fraser & Neave Ltd. (a) 123
155,700 General Electric Co. (a) 2,834
2,400 Jardine Matheson Holdings Ltd. (a) 80
10,000 Keppel Corp. Ltd. (a) 65
15,769 Koninklijke Philips Electronics N.V. (a) 506
12,000 NWS Holdings Ltd. (a) 24
28,000 SembCorp Industries (a) 83
6,026 Siemens AG (a) 603
--------
8,902
--------
INDUSTRIAL MACHINERY (0.8%)
5,643 Alfa Laval AB (a) 83
4,468 Atlas Copco AB (a) 69
11,700 Illinois Tool Works, Inc. (a) 554
7,938 Kone Oyj "B" (a) 328
72,000 Mitsubishi Heavy Industries Ltd. (a) 298
11,100 Parker-Hannifin Corp. (a) 719
11,000 Sumitomo Heavy Industries, Ltd. (a) 66
26,400 Timken Co. (a) 792
4,000 Trelleborg AB *(a) 29
1,082 Wartsila Corp. OYJ "B" (a) 55
10,700 Watts Water Technologies, Inc. "A" (a) 333
--------
3,326
--------
MARINE (0.0%)
3 A.P. Moeller-Maersk A/S (a) 22
================================================================================
11 | USAA GLOBAL OPPORTUNITIES FUND
<PAGE>
================================================================================
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
------------------------------------------------------------------------------------------------
5,500 Orient Overseas International Ltd. (a) $ 41
--------
63
--------
MARINE PORTS & SERVICES (0.1%)
12,500 Teekay Corp. (a) 284
--------
RAILROADS (0.0%)
4,000 Keisei Electric Railway Co., Ltd. (a) 24
--------
TRADING COMPANIES & DISTRIBUTORS (0.4%)
30,900 Aircastle Ltd. 293
39,000 Itochu Corp. (a) 342
44,000 Marubeni Corp. (a) 273
11,500 Mitsubishi Corp. (a) 301
11,300 Mitsui & Co. Ltd. (a) 190
35,100 Sumitomo Corp. (a) 404
--------
1,803
--------
TRUCKING (0.2%)
6,000 ComfortDelGro Corp. Ltd. (a) 7
17,925 FirstGroup plc (a) 97
28,800 Hertz Global Holdings, Inc. * 288
13,900 Ryder System, Inc. 539
--------
931
--------
Total Industrials 36,578
--------
INFORMATION TECHNOLOGY (13.1%)
------------------------------
APPLICATION SOFTWARE (0.2%)
22,900 Net 1 U.E.P.S Technologies, Inc. *(a) 421
2,724 SAP AG (a) 132
21,600 TIBCO Software, Inc. *(a) 233
--------
786
--------
COMMUNICATIONS EQUIPMENT (0.7%)
56,800 Cisco Systems, Inc. *(a) 1,478
10,046 Nokia Oyj (a) 156
27,400 QUALCOMM, Inc. (a) 1,151
--------
2,785
--------
COMPUTER HARDWARE (3.1%)
17,500 Apple, Inc. *(a) 4,111
20,500 Dell, Inc. *(a) 308
39,000 Fujitsu Ltd. (a) 255
30,700 Hewlett-Packard Co. (a) 1,632
47,900 International Business Machines Corp. (a) 6,143
5,000 Teradata Corp. *(a) 145
--------
12,594
--------
COMPUTER STORAGE & PERIPHERALS (0.7%)
32,000 EMC Corp. *(a) 577
55,900 Seagate Technology *(a) 1,021
35,600 Western Digital Corp. *(a) 1,388
--------
2,986
--------
DATA PROCESSING & OUTSOURCED SERVICES (0.6%)
25,300 Computer Sciences Corp. *(a) 1,378
4,000 Convergys Corp. *(a) 49
3,800 CSG Systems International, Inc. * 80
22,700 Global Payments, Inc. (a) 1,034
4,000 VeriFone Holdings, Inc. * 81
--------
2,622
--------
ELECTRONIC COMPONENTS (0.5%)
2,200 Kyocera Corp. (a) 214
400 Mabuchi Motor Co. (a) 23
================================================================================
PORTFOLIO OF INVESTMENTS | 12
<PAGE>
================================================================================
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
------------------------------------------------------------------------------------------------
2,700 Murata Manufacturing Co., Ltd. (a) $ 153
3,900 Nidec Corp. (a) 418
18,000 Nippon Electric Glass Co. Ltd. (a) 254
85,300 Vishay Intertechnology, Inc. *(a) 873
--------
1,935
--------
ELECTRONIC EQUIPMENT & INSTRUMENTS (0.1%)
8,800 FUJIFILM Holdings Corp. (a) 303
61,000 Hitachi Ltd. *(a) 228
--------
531
--------
ELECTRONIC MANUFACTURING SERVICES (0.6%)
151,700 Jabil Circuit, Inc. (a) 2,456
--------
INTERNET SOFTWARE & SERVICES (0.9%)
4,300 Google, Inc. "A" *(a) 2,438
17,666 Time Warner, Inc. (a) 552
23,841 United Internet AG *(a) 362
672 Yahoo Japan Corp. (a) 245
--------
3,597
--------
IT CONSULTING & OTHER SERVICES (0.4%)
10,300 Cognizant Technology Solutions Corp. "A" *(a) 525
800 OBIC Co., Ltd. (a) 145
68,300 SAIC, Inc. *(a) 1,209
--------
1,879
--------
OFFICE ELECTRONICS (0.2%)
10,100 Brother Industries Ltd. (a) 122
8,700 Canon, Inc. (a) 403
1,895 Neopost S.A. (a) 151
--------
676
--------
SEMICONDUCTOR EQUIPMENT (0.1%)
9,000 ASM Pacific Technology Ltd. (a) 85
10,300 ASML Holding N.V. (a) 368
3,000 Tokyo Electron Ltd. (a) 199
--------
652
--------
SEMICONDUCTORS (1.0%)
44,061 Infineon Technologies AG *(a) 306
84,400 Intel Corp. (a) 1,879
13,300 Marvell Technology Group Ltd. *(a) 271
40,000 Micron Technology, Inc. *(a) 415
13,638 STMicroelectronics N.V. (a) 136
19,200 Texas Instruments, Inc. (a) 470
19,600 Xilinx, Inc. (a) 500
--------
3,977
--------
SYSTEMS SOFTWARE (2.1%)
164,400 Microsoft Corp. (a) 4,812
86,600 Oracle Corp. (a) 2,225
86,900 Symantec Corp. *(a) 1,470
--------
8,507
--------
TECHNOLOGY DISTRIBUTORS (1.9%)
91,300 Arrow Electronics, Inc. *(a) 2,751
33,100 Avnet, Inc. *(a) 993
37,000 Ingram Micro, Inc. "A" *(a) 649
26,400 SYNNEX Corp. *(a) 781
59,500 Tech Data Corp. *(a) 2,493
--------
7,667
--------
Total Information Technology 53,650
--------
================================================================================
13 | USAA GLOBAL OPPORTUNITIES FUND
<PAGE>
================================================================================
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
------------------------------------------------------------------------------------------------
MATERIALS (5.2%)
----------------
COMMODITY CHEMICALS (0.1%)
12,000 Asahi Kasei Corp. (a) $ 64
16,000 Denki Kagaku Kogyo Kabushiki Kaisha (a) 69
9,500 Kuraray Co. (a) 128
28,000 Mitsui Chemicals, Inc. (a) 85
--------
346
--------
CONSTRUCTION MATERIALS (0.1%)
5,971 HeidelbergCement AG (a) 333
--------
DIVERSIFIED CHEMICALS (1.0%)
2,412 AkzoNobel N.V. (a) 137
10,700 Ashland, Inc. (a) 565
13,426 BASF AG (a) 833
10,800 Cabot Corp. (a) 328
42,000 E.I. du Pont de Nemours & Co. (a) 1,564
44,300 Huntsman Corp. (a) 534
13,500 Mitsubishi Chemical Holdings Corp. 69
1,885 Orica Ltd. (a) 46
--------
4,076
--------
DIVERSIFIED METALS & MINING (1.5%)
9,582 Anglo American Capital plc *(a) 418
23,033 BHP Billiton Ltd. (a) 921
27,051 BHP Billiton plc (a) 928
2,791 Eurasian Natural Resources Corp. plc (a) 50
17,100 Freeport-McMoRan Copper & Gold, Inc. (a) 1,429
7,402 Rio Tinto Ltd. (a) 532
17,520 Rio Tinto plc (a) 1,038
7,000 Sumitomo Metal Mining Co. Ltd. (a) 104
3,102 Vedanta Resources plc (a) 131
26,904 Xstrata plc *(a) 510
--------
6,061
--------
FERTILIZERS & AGRICULTURAL CHEMICALS (0.0%)
2,507 K&S AG (a) 152
74 Syngenta AG (a) 21
--------
173
--------
INDUSTRIAL GASES (0.1%)
751 Air Liquide S.A. (a) 90
1,900 Linde AG (a) 227
--------
317
--------
METAL & GLASS CONTAINERS (0.1%)
7,300 Crown Holdings, Inc. *(a) 197
4,360 Rexam plc (a) 20
5,900 Silgan Holdings, Inc. (a) 355
--------
572
--------
PAPER PACKAGING (0.1%)
6,500 Bemis Co., Inc. (a) 187
26,000 Graphic Packaging Holding Co. * 94
--------
281
--------
PAPER PRODUCTS (1.0%)
112,200 International Paper Co. (a) 2,761
17,900 KapStone Paper & Packaging Corp. * 213
30,500 MeadWestvaco Corp. (a) 779
2,100 Nippon Paper Group, Inc. (a) 54
3,000 Stora Enso Oyj (a) 23
31,624 Svenska Cellulosa AB "B" (a) 446
--------
4,276
--------
================================================================================
PORTFOLIO OF INVESTMENTS | 14
<PAGE>
================================================================================
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
------------------------------------------------------------------------------------------------
SPECIALTY CHEMICALS (0.9%)
9,700 Cytec Industries, Inc. (a) $ 453
3,000 Daicel Chemical Industries, Ltd. (a) 21
12,700 JSR Corp. (a) 265
12,400 Lubrizol Corp. (a) 1,137
13,300 Nalco Holding Co. (a) 324
1,400 Nitto Denko Corp. (a) 54
8,200 RPM International, Inc. (a) 175
3,300 Stepan Co. 185
293 Umicore (a) 10
33,500 W.R. Grace & Co. *(a) 930
--------
3,554
--------
STEEL (0.3%)
8,200 JFE Holdings, Inc. (a) 330
70,000 Kobe Steel Ltd. (a) 151
5,700 Maruichi Steel Tube Ltd. (a) 116
75,000 Nippon Steel Corp. (a) 294
13,511 Onesteel Ltd. (a) 48
11,200 Reliance Steel & Aluminum Co. (a) 551
--------
1,490
--------
Total Materials 21,479
--------
TELECOMMUNICATION SERVICES (3.7%)
---------------------------------
INTEGRATED TELECOMMUNICATION SERVICES (2.6%)
117,600 AT&T, Inc. (a) 3,039
2,564 Belgacom S.A. (a) 100
264,916 BT Group plc (a) 498
11,034 Deutsche Telekom AG (a) 150
13,320 France Telecom S.A. (a) 319
17,805 Koninklijke (Royal) KPN N.V. (a) 282
7,200 Nippon Telegraph & Telephone Corp. (a) 304
61,300 Qwest Communications International, Inc. (a) 320
1,157 Swisscom AG (a) 422
215,556 Telecom Italia S.p.A. (a) 292
33,169 Telefonica S.A. (a) 786
32,739 TeliaSonera AB (a) 232
13,201 Telstra Corp. Ltd. (a) 36
118,000 Verizon Communications, Inc. (a) 3,660
18,400 Windstream Corp. (a) 200
--------
10,640
--------
WIRELESS TELECOMMUNICATION SERVICES (1.1%)
23 KDDI Corp. (a) 119
105 NTT DOCOMO, Inc. (a) 160
238,200 Sprint Nextel Corp. *(a) 905
72,000 Telephone & Data Systems, Inc. (a) 2,437
468,670 Vodafone Group plc (a) 1,081
--------
4,702
--------
Total Telecommunication Services 15,342
--------
UTILITIES (2.7%)
----------------
ELECTRIC UTILITIES (0.9%)
8,000 Cheung Kong Infrastructure Holdings, Ltd. (a) 31
12,506 E.ON AG (a) 462
52,498 EDP-Energias de Portugal (a) 209
109,992 Enel S.p.A. (a) 615
21,600 Exelon Corp. (a) 946
19,200 FirstEnergy Corp. (a) 751
9,039 Fortum Oyj (a) 221
12,753 Iberdrola S.A. (a) 108
================================================================================
15 | USAA GLOBAL OPPORTUNITIES FUND
<PAGE>
================================================================================
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
------------------------------------------------------------------------------------------------
2,900 Kansai Electric Power Co., Inc. (a) $ 66
9,934 Public Power Corp. *(a) 174
3,587 Scottish & Southern Energy plc (a) 60
--------
3,643
--------
GAS UTILITIES (0.4%)
3,286 Enagas S.A. (a) 72
16,071 Gas Natural SDG S.A. (a) 297
12,000 Hong Kong and China Gas Co., Ltd. (a) 30
7,200 National Fuel Gas Co. (a) 364
44,756 Snam Rete Gas S.p.A. (a) 227
10,400 Southwest Gas Corp. 311
67,000 Tokyo Gas Co. Ltd. (a) 295
--------
1,596
--------
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS (0.2%)
9,300 Constellation Energy Group, Inc. (a) 326
17,641 Drax Group plc (a) 100
900 Electric Power Development Co. Ltd. (a) 30
14,200 NRG Energy, Inc. *(a) 297
--------
753
--------
MULTI-UTILITIES (1.2%)
10,800 Dominion Resources, Inc. (a) 444
4,600 DTE Energy Co. 205
4,029 Gaz de France S.A. (a) 156
29,800 Integrys Energy Group, Inc. (a) 1,412
21,700 MDU Resources Group, Inc. (a) 468
36,465 National Grid plc (a) 355
23,800 NSTAR (a) 843
18,700 Public Service Enterprise Group, Inc. (a) 552
5,932 RWE AG (a) 516
--------
4,951
--------
WATER UTILITIES (0.0%)
2,800 Middlesex Water Co. (a) 47
--------
Total Utilities 10,990
--------
Total Common Stocks (cost: $307,550) 340,979
--------
PRINCIPAL
AMOUNT
$(000)/
SHARES
------------------------------------------------------------------------------------------------
PREFERRED SECURITIES (0.1%)
CONSUMER DISCRETIONARY (0.1%)
-----------------------------
AUTOMOBILE MANUFACTURERS (0.1%)
1,776 Volkswagen AG (a) 163
--------
CONSUMER STAPLES (0.0%)
-----------------------
HOUSEHOLD PRODUCTS (0.0%)
1,044 Henkel AG & Co. KGaA (a) 56
--------
GOVERNMENT (0.0%)
-----------------
U.S. GOVERNMENT (0.0%)
6,000 Fannie Mae, 8.25%, perpetual *(a) 8
================================================================================
PORTFOLIO OF INVESTMENTS | 16
<PAGE>
================================================================================
PRINCIPAL
AMOUNT MARKET
$(000)/ VALUE
SHARES SECURITY (000)
------------------------------------------------------------------------------------------------
6,000 Freddie Mac, 8.38%, perpetual *(a) $ 8
--------
Total Government 16
--------
Total Preferred Securities (cost: $407) 235
--------
NUMBER
OF SHARES
------------------------------------------------------------------------------------------------
EXCHANGE-TRADED FUNDS (6.2%)
27,786 iShares MSCI EAFE Index Fund (a) 1,556
568,372 iShares MSCI Emerging Markets Index Fund (a) 23,940
--------
Total Exchange-Traded Funds (cost: $21,213) 25,496
--------
HEDGE FUNDS (4.3%)
990,908 Deutsche iGAP Investment Trust "B", acquired
8/01/2008 - 1/11/2010; cost $16,750 *(c),(d)
(cost: $16,750) 17,975
--------
RIGHTS (0.0%)
CONSUMER DISCRETIONARY (0.0%)
-----------------------------
AUTOMOBILE MANUFACTURERS (0.0%)
1,981 Volkswagen AG * (cost: $0) 1
--------
Total Equity Securities
(cost: $345,920) 384,686
--------
PRINCIPAL
AMOUNT COUPON
(000) RATE MATURITY
------------------------------------------------------------------------------------------------
BONDS (2.8%)
CORPORATE OBLIGATIONS (2.0%)
ENERGY (0.2%)
-------------
OIL & GAS STORAGE & TRANSPORTATION (0.2%)
$ 200 Enbridge Energy Partners, LP (a) 8.05% 10/01/2037 198
200 Enterprise Products Operating, LP (a) 7.00 6/01/2067 184
200 Enterprise Products Operating, LP (a) 7.03 1/15/2068 191
--------
Total Energy 573
--------
FINANCIALS (1.4%)
-----------------
DIVERSIFIED BANKS (0.0%)
200 USB Capital IX (a) 6.19 -(e) 173
--------
LIFE & HEALTH INSURANCE (0.4%)
1,000 Nationwide Mutual Insurance Co. (a),(f) 5.81 12/15/2024 858
1,000 StanCorp Financial Group, Inc. (a) 6.90 6/01/2067 857
--------
1,715
--------
MULTI-LINE INSURANCE (0.5%)
200 American International Group, Inc. (a) 8.18 5/15/2058 171
================================================================================
17 | USAA GLOBAL OPPORTUNITIES FUND
<PAGE>
================================================================================
PRINCIPAL MARKET
AMOUNT COUPON VALUE
(000) SECURITY RATE MATURITY (000)
------------------------------------------------------------------------------------------------
$ 1,000 Genworth Financial, Inc. (a) 6.15% 11/15/2066 $ 778
500 Glen Meadow (a),(f) 6.51 2/12/2067 426
600 Oil Insurance Ltd. (a),(f) 7.56 -(e) 520
--------
1,895
--------
OTHER DIVERSIFIED FINANCIAL SERVICES (0.2%)
1,000 ILFC E-Capital Trust II (a),(f) 6.25 12/21/2065 780
--------
REGIONAL BANKS (0.1%)
500 Webster Capital Trust IV (a) 7.65 6/15/2037 365
--------
REITs - RETAIL (0.2%)
1,000 New Plan Excel Realty Trust, Inc. (a) 5.13 9/15/2012 902
--------
Total Financials 5,830
--------
INDUSTRIALS (0.2%)
------------------
INDUSTRIAL CONGLOMERATES (0.2%)
1,000 Textron Financial Corp. (a),(f) 6.00 2/15/2067 815
--------
UTILITIES (0.2%)
----------------
ELECTRIC UTILITIES (0.2%)
997 Texas Competitive Electric Holding Co.,
LLC (a),(g) 3.73 10/10/2014 821
--------
Total Corporate Obligations (cost: $5,411) 8,039
--------
EURODOLLAR AND YANKEE OBLIGATIONS (0.5%)
FINANCIALS (0.5%)
-----------------
DIVERSIFIED BANKS (0.2%)
402 BOI Capital Funding Number 2, LP (f),(h) 5.57 -(e) 253
200 Credit Agricole S.A. (a) 6.64 -(e) 176
200 LBG Capital No. 1 plc (a),(f) 8.00 -(e) 175
--------
604
--------
DIVERSIFIED CAPITAL MARKETS (0.1%)
500 UBS Preferred Funding Trust I (a) 8.62 -(e) 495
--------
MULTI-LINE INSURANCE (0.2%)
1,000 ING Capital Funding Trust III (a) 8.44 -(e) 950
--------
Total Eurodollar and Yankee Obligations
(cost: $1,509) 2,049
--------
ASSET-BACKED SECURITIES (0.0%)
FINANCIALS (0.0%)
-----------------
ASSET-BACKED FINANCING (0.0%)
136 GE Equipment Midticket, LLC (a)
(cost: $106) 0.55(i) 9/15/2017 124
--------
COMMERCIAL MORTGAGE SECURITIES (0.3%)
FINANCIALS (0.3%)
-----------------
COMMERCIAL MORTGAGE-BACKED SECURITIES (0.3%)
785 Banc of America Commercial Mortgage,
Inc. (a) 5.81 7/10/2044 613
================================================================================
PORTFOLIO OF INVESTMENTS | 18
<PAGE>
================================================================================
PRINCIPAL MARKET
AMOUNT COUPON VALUE
(000) SECURITY RATE MATURITY (000)
------------------------------------------------------------------------------------------------
$ 590 Citigroup Commercial Mortgage Trust (a) 6.10% 12/10/2049 $ 470
--------
Total Commercial Mortgage Securities
(cost: $952) 1,083
--------
Total Bonds (cost: $7,977) 11,295
--------
MONEY MARKET INSTRUMENTS (4.0%)
U.S. TREASURY BILLS (0.1%)
504 0.05%, 9/16/2010 (k),(l) 504
130 1.15%, 6/17/2010 (k),(l) 130
--------
Total U.S. Treasury Bills 634
--------
NUMBER OF
SHARES
------------------------------------------------------------------------------------------------
MONEY MARKET FUNDS (3.9%)
15,831,930 State Street Institutional Liquid Reserve Fund, 0.13% (j),(m) 15,832
--------
Total Money Market Instruments
(cost: $16,465) 16,466
--------
TOTAL INVESTMENTS (COST: $370,362) $412,447
========
NUMBER
OF
CONTRACTS
------------------------------------------------------------------------------------------------
PURCHASED OPTIONS (0.5%)
9,180 Put - iShares MSCI EAFE Index expiring April 17, 2010 at 52 87
2,545 Put - iShares MSCI EAFE Index expiring May 22, 2010 at 52 139
2,520 Put - iShares MSCI EAFE Index expiring May 22, 2010 at 53 182
1,570 Put - iShares MSCI Emerging Market Index expiring April 17, 2010 at 37 9
2,603 Put - iShares MSCI Emerging Market Index expiring April 17, 2010 at 39 30
1,500 Put - iShares MSCI Emerging Market Index expiring May 22, 2010 at 38 60
161 Put - Russell 2000 Index expiring April 17, 2010 at 620 17
212 Put - Russell 2000 Index expiring May 22, 2010 at 620 128
963 Put - S&P 500 Index expiring April 17, 2010 at 1100 171
1,125 Put - S&P 500 Index expiring May 22, 2010 at 1100 1,108
--------
TOTAL PURCHASED OPTIONS
(COST: $3,210) $ 1,931
========
WRITTEN OPTIONS (1.3%)
(4,300) Call - iShares MSCI EAFE Index expiring April 17, 2010 at 56 (320)
(3,833) Call - iShares MSCI EAFE Index expiring April 17, 2010 at 57 (121)
(320) Call - iShares MSCI EAFE Index expiring April 17, 2010 at 58 (3)
(1,545) Call - iShares MSCI EAFE Index expiring May 22, 2010 at 58 (103)
(2,718) Call - iShares MSCI Emerging Market Index expiring April 17, 2010 at 43 (97)
(2,000) Call - iShares MSCI Emerging Market Index expiring April 17, 2010 at 44 (25)
(143) Call - Russell 2000 Index expiring April 17, 2010 at 680 (151)
(167) Call - Russell 2000 Index expiring May 22, 2010 at 680 (343)
(122) Call - S&P 500 Index expiring April 17, 2010 at 1,155 (274)
(924) Call - S&P 500 Index expiring April 17, 2010 at 1,170 (1,197)
================================================================================
19 | USAA GLOBAL OPPORTUNITIES FUND
<PAGE>
================================================================================
NUMBER MARKET
OF VALUE
CONTRACTS SECURITY (000)
------------------------------------------------------------------------------------------------
(16) Call - S&P 500 Index expiring
April 17, 2010 at 1,180 $ (13)
(29) Call - S&P 500 Index expiring
April 17, 2010 at 1,185 (18)
(950) Call - S&P 500 Index expiring
May 22, 2010 at 1,165 (2,703)
--------
TOTAL WRITTEN OPTIONS
(PREMIUMS RECEIVED: $5,260) $ (5,368)
========
NUMBER OF UNREALIZED
CONTRACTS EXPIRATION CONTRACT APPRECIATION
LONG/(SHORT) DATE VALUE (000) (000)
------------------------------------------------------------------------------------------------
FUTURES (2.0%)
17 DJ Euro Stoxx 50 Index 06/18/2010 $655 1
4 FTSE 100 Index 06/18/2010 341 -
8 Nikkei 225 Index 06/10/2010 447 14
63 Russell 2000 Mini Index 06/18/2010 4,266 31
40 S&P 500 E-Mini Index 06/18/2010 2,330 42
1 SPI 200 Index 06/17/2010 112 -
------ --------
TOTAL FUTURES $8,150 $ 88
====== ========
($ IN 000s) VALUATION HIERARCHY
---------------------------------------------------
(LEVEL 1)
QUOTED PRICES (LEVEL 2)
IN ACTIVE OTHER (LEVEL 3)
MARKETS SIGNIFICANT SIGNIFICANT
FOR IDENTICAL OBSERVABLE UNOBSERVABLE
ASSETS ASSETS INPUTS INPUTS TOTAL
---------------------------------------------------------------------------------------------------------------------
EQUITY SECURITIES:
COMMON STOCKS $ 340,958 $ 21 $ -- $340,979
PREFERRED SECURITIES 227 8 -- 235
EXCHANGE-TRADED FUNDS 25,496 -- -- 25,496
HEDGE FUNDS -- 17,975 -- 17,975
RIGHTS 1 -- -- 1
DEBT SECURITIES:
CORPORATE OBLIGATIONS -- 8,039 -- 8,039
EURODOLLAR AND YANKEE
OBLIGATIONS -- 2,049 -- 2,049
ASSET-BACKED SECURITIES -- 124 -- 124
COMMERCIAL MORTGAGE SECURITIES -- 1,083 -- 1,083
MONEY MARKET INSTRUMENTS:
U.S. TREASURY BILLS -- 634 -- 634
MONEY MARKET FUNDS 15,832 -- -- 15,832
PURCHASED OPTIONS 1,931 -- -- 1,931
FUTURES* 88 -- -- 88
---------------------------------------------------------------------------------------------------------------------
Total $ 384,533 $ 29,933 $ -- $414,466
---------------------------------------------------------------------------------------------------------------------
*Futures are valued at the unrealized appreciation/depreciation on the
investment.
Based on an assessment of events at the end of the prior reporting period,
foreign market closing prices of foreign equity securities were adjusted for
changes in value that occurred after the close of foreign markets and prior to
the close of the U.S. securities markets, which resulted in these securities
being transferred from Level 1 to Level 2 (Note A2.) At March 31, 2010, the
closing prices were not adjusted. Hence, these securities, with a fair value
amount of $58,054, were transferred back from Level 2 to Level 1.
================================================================================
PORTFOLIO OF INVESTMENTS | 20
<PAGE>
================================================================================
(LEVEL 1)
QUOTED PRICES (LEVEL 2)
IN ACTIVE OTHER (LEVEL 3)
MARKETS SIGNIFICANT SIGNIFICANT
FOR IDENTICAL OBSERVABLE UNOBSERVABLE
LIABILITIES LIABILITIES INPUTS INPUTS TOTAL
--------------------------------------------------------------------------------------------------------------------
WRITTEN OPTIONS $ (5,368) $ -- $ -- $(5,368)
--------------------------------------------------------------------------------------------------------------------
Total $ (5,368) $ -- $ -- $(5,368)
--------------------------------------------------------------------------------------------------------------------
================================================================================
21 | USAA GLOBAL OPPORTUNITIES FUND
<PAGE>
================================================================================
NOTES TO PORTFOLIO OF INVESTMENTS
March 31, 2010 (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 46 separate funds. The
information presented in this quarterly report pertains only to the USAA Global
Opportunities Fund (the Fund), which is classified as nondiversified under the
1940 Act.
The Fund is not offered for sale directly to the general public and is available
currently for investment through a USAA managed account program or other persons
or legal entities that the Fund may approve from time to time.
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 is generally 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, USAA Investment Management Company (the Manager), an
affiliate of the Fund, 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 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
================================================================================
NOTES TO PORTFOLIO OF INVESTMENTS | 22
<PAGE>
================================================================================
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. Debt securities with maturities greater than 60 days are valued each business
day by a pricing service (the Service) approved by the Trust's Board of
Trustees. The Service uses an evaluated mean between quoted bid and asked prices
or the last sales price to price securities when, in the Service's judgment,
these prices are readily available and are representative of the securities'
market values. For many securities, such prices are not readily available. The
Service generally prices these securities based on methods that include
consideration of yields or prices of securities of comparable quality, coupon,
maturity, and type; indications as to values from dealers in securities; and
general market conditions.
6. Repurchase agreements are valued at cost, which approximates market value.
7. Options are valued by a pricing service at the National Best Bid/Offer (NBBO)
composite price, which is derived from the best available bid and ask prices in
all participating options exchanges determined to most closely reflect market
value of the options at the time of computation of the Fund's NAV.
8. Futures are valued based upon the last sale price at the close of market on
the principal exchange on which they are traded.
9. 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 paid to transfer a liability in an orderly
transaction between market participants at the
================================================================================
23 | USAA GLOBAL OPPORTUNITIES FUND
<PAGE>
================================================================================
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.
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. FUTURES CONTRACTS - The Fund is subject to equity price risk, interest rate
risk, and foreign currency exchange rate risk in the normal course of pursuing
its investment objectives. The Fund may use futures contracts to gain exposure
to, or hedge against, changes in the value of equities, interest rates, or
foreign currencies. A futures contract represents a commitment for the future
purchase or sale of an asset at a specified price on a specified date. Upon
entering into such contracts, the Fund is required to deposit with the broker in
either cash or securities an initial margin in an amount equal to a certain
percentage of the contract amount. Subsequent payments (variation margin) are
made or received by the Fund each day, depending on the daily fluctuations in
the value of the contract, and are recorded for financial statement purposes as
unrealized gains or losses. When the contract is closed, the Fund records a
realized gain or loss equal to the difference between the value of the contract
at the time it was opened and the value at the time it was closed. Upon entering
into such contracts, the Fund bears the risk of interest or exchange rates or
securities prices moving unexpectedly in an unfavorable direction, in which
case, the Fund may not achieve the anticipated benefits of the futures
contracts.
D. OPTION TRANSACTIONS -- The Fund is subject to equity price risk in the normal
course of pursuing its investment objectives. The Fund may use options on
underlying instruments, namely, equity securities, ETFs, and equity indexes, to
gain exposure to, or hedge against, changes in the value of equity securities,
ETFs, or equity indexes. A call option gives the purchaser the right to buy, and
the writer the obligation to sell, the underlying instrument at a specified
price during a specified period. Conversely, a put option gives the purchaser
the right to sell, and the writer the obligation to buy, the underlying
instrument at a specified price during a specified period. The purchaser of the
option pays a premium to the writer of the option.
Premiums paid for purchased options are recorded as an investment. If a
purchased option expires unexercised, the premium paid is recognized as a
realized loss. If a purchased call option on a security is exercised, the cost
of the security acquired includes the exercise price and the premium paid. If a
purchased put option on a security is exercised, the realized gain or loss on
the security
================================================================================
NOTES TO PORTFOLIO OF INVESTMENTS | 24
<PAGE>
================================================================================
sold is determined from the exercise price, the original cost of the security,
and the premium paid. The risk associated with purchasing a call or put option
is limited to the premium paid.
Premiums received from writing options are recorded as a liability. If a written
option expires unexercised, the premium received is recognized as a realized
gain. If a written call option on a security is exercised, the realized gain or
loss on the security sold is determined from the exercise price, the original
cost of the security, and the premium received. If a written put option on a
security is exercised, the cost of the security acquired is the exercise price
paid less the premium received. The Fund, as a writer of an option, bears the
market risk of an unfavorable change in the price of the security underlying the
written option.
In an attempt to reduce the Fund's volatility over time, the Fund may implement
a strategy that involves writing (selling) index call or corresponding ETF
options and purchasing index put or corresponding ETF options or index put
spread options against a highly correlated stock portfolio. The combination of
the diversified stock portfolio with the index call and put or corresponding ETF
options is designed to provide the Fund with consistent returns over a wide
range of equity market environments. This strategy may not fully protect the
Fund against declines in the portfolio's value, and the Fund could experience a
loss. Options on securities indexes or corresponding ETF options are different
from options on individual securities in that the holder of the index options
contract has the right to receive an amount of cash equal to the difference
between the exercise price and the closing price of the underlying index on
exercise date. If an option on an index is exercised, the realized gain or loss
is determined from the exercise price, the value of the underlying index, and
the amount of the premium.
E. 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.
F. SECURITIES PURCHASED ON A DELAYED-DELIVERY OR WHEN-ISSUED BASIS -- Delivery
and payment for securities that have been purchased by the Fund on a
delayed-delivery or when-issued basis can take place a month or more after the
trade date. During the period prior to settlement, these securities do not earn
interest, are subject to market fluctuation, and may increase or decrease in
value prior to their delivery. The Fund maintains segregated assets with a
market value equal to or greater than the amount of its purchase commitments.
The purchase of securities on a delayed-delivery or when-issued basis may
increase the volatility of the Fund's NAV to the extent that the Fund makes such
purchases while remaining substantially fully invested.
G. SUBSEQUENT EVENTS -- Events or transactions that occur after the quarterly
report 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 the date the quarterly report
================================================================================
25 | USAA GLOBAL OPPORTUNITIES FUND
<PAGE>
================================================================================
was issued, and has determined there were no events that require recognition or
disclosure in the Fund's quarterly report.
H. As of March 31, 2010, 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
March 31, 2010, were $45,338,000 and $4,532,000, respectively, resulting in net
unrealized appreciation of $40,806,000.
I. The portfolio of investments category percentages shown represent the
percentages of the investments to net assets, which were $410,422,000 at March
31, 2010, and, in total, may not equal 100%. A category percentage of 0.0%
represents less than 0.1% of net assets. Investments in foreign securities were
26.0% of net assets at March 31, 2010.
J. The Fund may rely on certain Securities and Exchange Commission (SEC)
exemptive orders or rules that permit funds meeting various conditions to invest
in an exchange-traded fund (ETF) in amounts exceeding limits set forth in the
Investment Company Act of 1940 that would otherwise be applicable.
CATEGORIES AND DEFINITIONS
ASSET-BACKED AND COMMERCIAL MORTGAGE-BACKED SECURITIES -- Asset-backed
securities represent a participation in, or are secured by and payable from, a
stream of payments generated by particular assets. Commercial mortgage-backed
securities reflect an interest in, and are secured by, mortgage loans on
commercial real property. The weighted average life is likely to be
substantially shorter than the stated final maturity as a result of scheduled
and unscheduled principal repayments. Rates on commercial mortgage-backed
securities may change slightly over time as underlying mortgages pay down.
HEDGE FUNDS -- private investment funds open to a limited range of investors and
exempt from certain regulations. Deutsche iGAP Investment Trust, managed by
Deutsche Bank Trust Company Americas, invests primarily in a diversified
portfolio of short-term money market investments, and long and short positions
in exchange-traded equity index and government bond index futures, currency
forward contracts, and other derivative instruments. As of March 31, 2010, the
Fund owns approximately 14% of the Class "B" shares of the iGAP fund and may
redeem all or part of its investment upon 10 days' prior written notice. The
Fund does not invest in the iGAP fund for the purpose of exercising management
or control.
EURODOLLAR AND YANKEE OBLIGATIONS -- Eurodollar obligations are dollar-
denominated instruments that are issued outside the U.S. capital markets by
foreign corporations and financial institutions and by foreign branches of U.S.
corporations and financial institutions. Yankee obligations are dollar-
denominated instruments that are issued by foreign issuers in the U.S. capital
markets.
RIGHTS -- enable the holder to buy a specified number of shares of new issues of
a common stock before it is offered to the public.
================================================================================
NOTES TO PORTFOLIO OF INVESTMENTS | 26
<PAGE>
================================================================================
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.
iShares Exchange-traded funds, managed by Barclays Global Fund Advisors,
that represent a portfolio of stocks designed to closely track a
specific market index. iShares funds are traded on securities
exchanges.
REIT Real estate investment trust
SPECIFIC NOTES
(a) At March 31, 2010, the security, or a portion thereof, is segregated to
cover the notional value of outstanding written call options.
(b) Security was fair valued at March 31, 2010, by the Manager in accordance
with valuation procedures approved by the Trust's Board of Trustees.
(c) Security deemed illiquid by the Manager, under liquidity guidelines
approved by the Trust's Board of Trustees. The aggregate market value of
these securities at March 31, 2010, was $17,975,000, which represented
4.3% of the Fund's net assets.
(d) Restricted security that is not registered under the Securities Act of
1933.
(e) Security is perpetual and has no final maturity date but may be subject to
calls at various dates in the future.
(f) Restricted security that is not registered under the Securities Act of
1933. A resale of this security in the United States may occur in an
exempt transaction to a qualified institutional buyer as defined by Rule
144A, and as such has been deemed liquid by the Manager under liquidity
guidelines approved by the Trust's Board of Trustees, unless otherwise
noted as illiquid.
(g) Senior loan (loan) - is not registered under the Securities Act of 1933.
The loan contains certain restrictions on resale and cannot be sold
publicly. The interest rate is adjusted periodically, and the rate
disclosed represents the current rate at March 31, 2010. The weighted
average life of the loan is likely to be substantially shorter than the
stated final maturity date due to mandatory or optional prepayments.
Security deemed liquid by the Manager, under liquidity guidelines approved
by the Trust's Board of Trustees, unless otherwise noted as illiquid.
(h) Security is currently trading without accrued interest.
(i) Variable-rate or floating-rate security - interest rate is adjusted
periodically. The interest rate disclosed represents the current rate at
March 31, 2010.
(j) Rate represents the money market fund annualized seven-day yield at March
31, 2010.
(k) Zero-coupon security. Rate represents the effective yield at the date of
purchase.
(l) Securities with a value of $634,000 are segregated as collateral for
initial margin requirements on open futures contracts.
================================================================================
27 | USAA GLOBAL OPPORTUNITIES FUND
<PAGE>
================================================================================
(m) Security, or a portion thereof, is segregated to cover the value of open
futures contracts at March 31, 2010.
* Non-income-producing security.
================================================================================
NOTES TO PORTFOLIO OF INVESTMENTS | 28
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 March 31, 2010
By:* /s/ CHRISTOPHER P. LAIA
--------------------------------------------------------------
Signature and Title: Christopher P. Laia, Secretary
Date: 05/26/2010
-------------------------------
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:* /s/ CHRISTOPHER W. CLAUS
-----------------------------------------------------
Signature and Title: Christopher W. Claus, President
Date: 05/27/2010
------------------------------
By:* /s/ ROBERTO GALINDO, JR.
-----------------------------------------------------
Signature and Title: Roberto Galindo, Jr., Treasurer
Date: 05/26/2010
------------------------------
*PRINT THE NAME AND TITLE OF EACH SIGNING OFFICER UNDER HIS OR HER SIGNATURE.
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