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 NASDAQ-100 INDEX FUND
MARCH 31, 2010
(Form N-Q)
(c)2010, USAA. All rights reserved.
48480-0510
<PAGE>
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PORTFOLIO OF INVESTMENTS
USAA NASDAQ-100 INDEX FUND
March 31, 2010 (unaudited)
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
--------------------------------------------------------------------------------
COMMON STOCKS (97.0%)
CONSUMER DISCRETIONARY (14.5%)
------------------------------
APPAREL RETAIL (0.7%)
11,605 Ross Stores, Inc. $ 621
15,524 Urban Outfitters, Inc.* 590
--------
1,211
--------
AUTOMOTIVE RETAIL (0.3%)
12,747 O'Reilly Automotive, Inc.* 532
--------
CABLE & SATELLITE (3.2%)
134,534 Comcast Corp. "A" 2,532
61,887 DIRECTV "A"* 2,093
20,125 DISH Network Corp. "A" 419
31,417 Virgin Media, Inc. 542
--------
5,586
--------
CASINOS & GAMING (0.6%)
12,506 Wynn Resorts Ltd. 948
--------
CATALOG RETAIL (0.5%)
50,935 Liberty Media Corp. Interactive "A"* 780
--------
CONSUMER ELECTRONICS (0.4%)
17,341 Garmin Ltd. 667
--------
DEPARTMENT STORES (0.7%)
11,168 Sears Holdings Corp.* 1,211
--------
EDUCATION SERVICES (0.5%)
14,584 Apollo Group, Inc. "A"* 894
--------
HOMEFURNISHING RETAIL (0.8%)
32,689 Bed Bath & Beyond, Inc.* 1,430
--------
INTERNET RETAIL (3.2%)
27,467 Amazon.com, Inc.* 3,728
26,480 Expedia, Inc. 661
4,487 Priceline.com, Inc.* 1,144
--------
5,533
--------
LEISURE PRODUCTS (0.5%)
38,513 Mattel, Inc. 876
--------
MOVIES & ENTERTAINMENT (1.1%)
132,682 News Corp. "A" 1,912
--------
RESTAURANTS (1.4%)
96,308 Starbucks Corp.* 2,337
--------
SPECIALTY STORES (0.6%)
45,217 Staples, Inc. 1,058
--------
Total Consumer Discretionary 24,975
--------
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1 | USAA NASDAQ-100 INDEX FUND
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MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
--------------------------------------------------------------------------------
CONSUMER STAPLES (0.8%)
-----------------------
HYPERMARKETS & SUPER CENTERS (0.8%)
21,588 Costco Wholesale Corp. $ 1,289
--------
HEALTH CARE (15.5%)
-------------------
BIOTECHNOLOGY (7.8%)
43,964 Amgen, Inc.* 2,627
27,312 Biogen Idec, Inc.* 1,567
42,464 Celgene Corp.* 2,631
6,773 Cephalon, Inc.* 459
31,003 Genzyme Corp.* 1,607
82,375 Gilead Sciences, Inc.* 3,746
19,621 Vertex Pharmaceuticals, Inc.* 802
--------
13,439
--------
HEALTH CARE DISTRIBUTORS (0.5%)
8,402 Henry Schein, Inc.* 495
10,975 Patterson Companies, Inc. 341
--------
836
--------
HEALTH CARE EQUIPMENT (1.0%)
25,264 Hologic, Inc.* 468
3,621 Intuitive Surgical, Inc.* 1,261
--------
1,729
--------
HEALTH CARE SERVICES (1.3%)
22,842 Express Scripts, Inc.* 2,324
--------
HEALTH CARE SUPPLIES (0.3%)
13,169 DENTSPLY International, Inc. 459
--------
HEALTH CARE TECHNOLOGY (0.4%)
7,578 Cerner Corp.* 645
--------
LIFE SCIENCES TOOLS & SERVICES (1.0%)
10,975 Illumina, Inc.* 427
17,002 Life Technologies Corp.* 889
21,796 Qiagen N.V.* 501
--------
1,817
--------
PHARMACEUTICALS (3.2%)
28,920 Mylan, Inc.* 657
68,483 Teva Pharmaceutical Industries Ltd. ADR 4,320
23,346 Warner Chilcott plc "A"* 596
--------
5,573
--------
Total Health Care 26,822
--------
INDUSTRIALS (4.0%)
------------------
AIR FREIGHT & LOGISTICS (0.9%)
15,264 C.H. Robinson Worldwide, Inc. 852
19,389 Expeditors International of Washington, Inc. 716
--------
1,568
--------
CONSTRUCTION & ENGINEERING (0.2%)
12,434 Foster Wheeler A.G.* 337
--------
CONSTRUCTION & FARM MACHINERY & HEAVY TRUCKS (1.2%)
9,367 Joy Global, Inc. 530
37,965 PACCAR, Inc. 1,646
--------
2,176
--------
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PORTFOLIO OF INVESTMENTS | 2
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MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
--------------------------------------------------------------------------------
DIVERSIFIED SUPPORT SERVICES (0.3%)
17,089 Cintas Corp. $ 480
--------
ELECTRICAL COMPONENTS & EQUIPMENT (0.5%)
6,943 First Solar, Inc.* 851
--------
ENVIRONMENTAL & FACILITIES SERVICES (0.3%)
8,273 Stericycle, Inc.* 451
--------
TRADING COMPANIES & DISTRIBUTORS (0.4%)
13,215 Fastenal Co. 634
--------
TRUCKING (0.2%)
11,863 JB Hunt Transport Services, Inc. 426
--------
Total Industrials 6,923
--------
INFORMATION TECHNOLOGY (60.3%)
------------------------------
APPLICATION SOFTWARE (2.7%)
47,835 Adobe Systems, Inc.* 1,692
22,305 Autodesk, Inc.* 656
20,260 Citrix Systems, Inc.* 962
37,151 Intuit, Inc.* 1,276
--------
4,586
--------
COMMUNICATIONS EQUIPMENT (9.7%)
190,434 Cisco Systems, Inc.* 4,957
188,694 QUALCOMM, Inc. (a) 7,923
51,873 Research In Motion Ltd.* 3,836
--------
16,716
--------
COMPUTER HARDWARE (16.6%)
117,722 Apple, Inc. (a)* 27,656
67,052 Dell, Inc.* 1,007
--------
28,663
--------
COMPUTER STORAGE & PERIPHERALS (1.7%)
15,755 Logitech International S.A.* 257
33,083 NetApp, Inc.* 1,077
21,618 SanDisk Corp.* 749
46,276 Seagate Technology* 845
--------
2,928
--------
DATA PROCESSING & OUTSOURCED SERVICES (1.9%)
33,242 Automatic Data Processing, Inc. 1,478
17,741 Fiserv, Inc.* 901
31,951 Paychex, Inc. 981
--------
3,360
--------
ELECTRONIC EQUIPMENT & INSTRUMENTS (0.2%)
14,833 FLIR Systems, Inc.* 418
--------
ELECTRONIC MANUFACTURING SERVICES (0.4%)
82,107 Flextronics International Ltd.* 644
--------
HOME ENTERTAINMENT SOFTWARE (1.1%)
105,531 Activision Blizzard, Inc. 1,273
30,573 Electronic Arts, Inc.* 570
--------
1,843
--------
INTERNET SOFTWARE & SERVICES (7.6%)
2,517 Baidu, Inc. ADR* 1,503
90,238 eBay, Inc.* 2,432
13,805 Google, Inc. "A"* 7,828
16,092 VeriSign, Inc.* 418
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3 | USAA NASDAQ-100 INDEX FUND
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MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
--------------------------------------------------------------------------------
62,769 Yahoo!, Inc.* $ 1,037
--------
13,218
--------
IT CONSULTING & OTHER SERVICES (1.1%)
27,015 Cognizant Technology Solutions Corp. "A"* 1,377
10,317 Infosys Technologies Ltd. ADR 607
--------
1,984
--------
SEMICONDUCTOR EQUIPMENT (1.1%)
64,258 Applied Materials, Inc. 866
19,293 KLA-Tencor Corp. 597
12,274 Lam Research Corp.* 458
--------
1,921
--------
SEMICONDUCTORS (6.3%)
39,125 Altera Corp. 951
37,107 Broadcom Corp. "A" 1,231
180,190 Intel Corp. 4,011
27,763 Linear Technology Corp. 785
55,373 Marvell Technology Group Ltd.* 1,129
27,975 Maxim Integrated Products, Inc. 543
14,321 Microchip Technology, Inc. 403
50,769 NVIDIA Corp.* 882
34,211 Xilinx, Inc. 873
--------
10,808
--------
SYSTEMS SOFTWARE (9.9%)
19,872 BMC Software, Inc.* 755
46,275 CA, Inc. 1,086
19,224 Check Point Software Technologies Ltd.* 674
280,936 Microsoft Corp. (a) 8,223
194,409 Oracle Corp. 4,994
78,400 Symantec Corp.* 1,327
--------
17,059
--------
Total Information Technology 104,148
--------
MATERIALS (0.3%)
----------------
SPECIALTY CHEMICALS (0.3%)
10,883 Sigma-Aldrich Corp. 584
--------
TELECOMMUNICATION SERVICES (1.6%)
---------------------------------
WIRELESS TELECOMMUNICATION SERVICES (1.6%)
9,783 Millicom International Cellular S.A. 872
15,042 NII Holdings, Inc. "B"* 627
56,827 Vodafone Group plc 1,323
--------
Total Telecommunication Services 2,822
--------
Total Common Stocks (cost: $122,122) 167,563
--------
PRINCIPAL
AMOUNT
(000)
--------------------------------------------------------------------------------
MONEY MARKET INSTRUMENTS (2.8%)
U.S. TREASURY BILLS (0.3%)
$ 565 1.01%, 5/06/2010 (b),(c) 565
--------
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PORTFOLIO OF INVESTMENTS | 4
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PRINCIPAL MARKET
AMOUNT VALUE
(000) SECURITY (000)
--------------------------------------------------------------------------------
REPURCHASE AGREEMENTS (2.5%)
$ 4,295 State Street Bank & Trust Co., 0.00%,
acquired on 3/31/2010 and due 4/01/2010 at
$4,295 (collateralized by $4,430 of
U.S. Treasury, 0.18%(b), due 9/16/2010;
market value $4,426) $ 4,295
--------
Total Money Market Instruments
(cost: $4,860) 4,860
--------
TOTAL INVESTMENTS (COST: $126,982) $172,423
========
NUMBER OF UNREALIZED
CONTRACTS EXPIRATION CONTRACT APPRECIATION
LONG/(SHORT) SECURITY DATE VALUE (000) (000)
--------------------------------------------------------------------------------
FUTURES (2.8%)
123 Nasdaq-100 Mini Index 06/18/2010 $4,811 101
--------
TOTAL FUTURES $4,811 $101
========
($ 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 $ 167,563 $ -- $ -- $167,563
MONEY MARKET INSTRUMENTS:
U.S. TREASURY BILLS -- 565 -- 565
REPURCHASE AGREEMENTS -- 4,295 -- 4,295
FUTURES* 101 -- -- 101
--------------------------------------------------------------------------------
Total $ 167,664 $ 4,860 $ -- $172,524
--------------------------------------------------------------------------------
* Futures are valued at the unrealized appreciation/depreciation on the
investment.
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5 | USAA NASDAQ-100 INDEX FUND
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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
Nasdaq-100 Index Fund (the Fund), which is classified as nondiversified under
the 1940 Act.
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. Debt securities purchased with original or remaining maturities of 60 days or
less may be valued at amortized cost, which approximates market value.
3. 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.
4. Repurchase agreements are valued at cost, which approximates market value.
5. Futures are valued based upon the last sale price at the close of market on
the principal exchange on which they are traded.
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 USAA
Investment Management Company (the Manager), an affiliate of the Fund, in
================================================================================
NOTES TO PORTFOLIO OF INVESTMENTS | 6
<PAGE>
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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 net asset value
(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.
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 cash flow and tracking error risk
in the normal course of pursuing its investment objectives. The Fund may use
stock index futures contracts in an attempt to reduce any performance
discrepancies between the Fund and the Nasdaq-100 Index. 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.
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7 | USAA NASDAQ-100 INDEX FUND
<PAGE>
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D. 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.
E. SUBSEQUENT EVENTS -- Events or transactions that occur after the quarterly
report date, but before the quarterly report is issued are categorized as
recognized or non-recognized for quarterly report purposes. The Manager has
evaluated subsequent events through the date the quarterly report was issued,
and has determined there were no events that require recognition or disclosure
in the Fund's quarterly report.
F. 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 $55,576,000 and $10,135,000, respectively, resulting in net
unrealized appreciation of $45,441,000.
G. The portfolio of investments category percentages shown represent the
percentages of the investments to net assets, which were $172,745,000 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
7.9% of net assets at March 31, 2010.
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.
SPECIFIC NOTES
(a) Security, or a portion thereof, is segregated to cover the value of open
futures contracts at March 31, 2010.
(b) Rate represents an annualized yield at time of purchase, not coupon rate.
(c) Securities with a value of $565,000 are segregated as collateral for
initial margin requirements on open futures contracts.
* Non-income-producing security.
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NOTES TO PORTFOLIO OF INVESTMENTS | 8
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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