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 S&P 500 INDEX FUND - 1ST QUARTER REPORT - PERIOD ENDED MARCH 31, 2010
[LOGO OF USAA]
USAA(R)
PORTFOLIO OF INVESTMENTS
1ST QUARTER
USAA S&P 500 INDEX FUND
MARCH 31, 2010
(Form N-Q)
(c)2010, USAA. All rights reserved.
48480-0510
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PORTFOLIO OF INVESTMENTS
USAA S&P 500 INDEX FUND
March 31, 2010 (unaudited)
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
--------------------------------------------------------------------------------
COMMON STOCKS (97.8%)
CONSUMER DISCRETIONARY (9.9%)
-----------------------------
ADVERTISING (0.1%)
125,600 Interpublic Group of Companies, Inc. * $ 1,045
81,829 Omnicom Group, Inc. 3,176
----------
4,221
----------
APPAREL & ACCESSORIES & LUXURY GOODS (0.2%)
85,308 Coach, Inc. 3,371
16,067 Polo Ralph Lauren Corp. 1,366
24,463 VF Corp. 1,961
----------
6,698
----------
APPAREL RETAIL (0.5%)
24,477 Abercrombie & Fitch Co. "A" 1,117
128,773 Gap, Inc. 2,976
75,412 Limited Brands, Inc. 1,857
32,945 Ross Stores, Inc. 1,762
111,505 TJX Companies, Inc. 4,741
35,400 Urban Outfitters, Inc. * 1,346
----------
13,799
----------
AUTO PARTS & EQUIPMENT (0.2%)
179,016 Johnson Controls, Inc. 5,906
----------
AUTOMOBILE MANUFACTURERS (0.4%)
908,390 Ford Motor Co. * 11,418
----------
AUTOMOTIVE RETAIL (0.1%)
24,711 AutoNation, Inc. * 447
7,899 AutoZone, Inc. * 1,367
37,100 O'Reilly Automotive, Inc. * 1,547
----------
3,361
----------
BROADCASTING (0.2%)
181,071 CBS Corp. "B" 2,524
76,573 Discovery Communications, Inc. "A" * 2,588
----------
5,112
----------
CABLE & SATELLITE (1.0%)
765,560 Comcast Corp. "A" 14,408
253,237 DIRECTV "A" * 8,562
22,600 Scripps Networks Interactive "A" 1,002
93,811 Time Warner Cable, Inc. 5,001
----------
28,973
----------
CASINOS & GAMING (0.1%)
82,696 International Game Technology 1,526
17,536 Wynn Resorts Ltd. 1,330
----------
2,856
----------
COMPUTER & ELECTRONICS RETAIL (0.2%)
93,250 Best Buy Co., Inc. 3,967
44,000 GameStop Corp. "A" * 964
30,685 RadioShack Corp. 694
----------
5,625
----------
CONSUMER ELECTRONICS (0.0%)
17,411 Harman International Industries, Inc. * 814
----------
DEPARTMENT STORES (0.4%)
62,900 J.C. Penney Co., Inc. 2,023
83,430 Kohl's Corp. * 4,570
111,790 Macy's, Inc. 2,434
45,300 Nordstrom, Inc. 1,851
================================================================================
1 | USAA S&P 500 INDEX FUND
<PAGE>
================================================================================
PORTFOLIO OF INVESTMENTS (continued)
USAA S&P 500 INDEX FUND
March 31, 2010 (unaudited)
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
--------------------------------------------------------------------------------
13,018 Sears Holdings Corp. (g)* $ 1,412
----------
12,290
----------
DISTRIBUTORS (0.1%)
43,400 Genuine Parts Co. 1,833
----------
EDUCATION SERVICES (0.1%)
35,781 Apollo Group, Inc. "A" * 2,193
16,900 DeVry, Inc. 1,102
----------
3,295
----------
FOOTWEAR (0.3%)
103,715 NIKE, Inc. "B" 7,623
----------
GENERAL MERCHANDISE STORES (0.4%)
23,800 Big Lots, Inc. * 867
38,000 Family Dollar Stores, Inc. 1,391
201,695 Target Corp. 10,609
----------
12,867
----------
HOME FURNISHINGS (0.0%)
36,300 Leggett & Platt, Inc. 786
----------
HOME IMPROVEMENT RETAIL (0.9%)
456,761 Home Depot, Inc. 14,776
399,549 Lowe's Companies, Inc. 9,685
23,556 Sherwin-Williams Co. 1,595
----------
26,056
----------
HOMEBUILDING (0.1%)
70,449 D.R. Horton, Inc. 887
48,914 Lennar Corp. "A" 842
92,350 Pulte Homes, Inc. * 1,039
----------
2,768
----------
HOMEFURNISHING RETAIL (0.1%)
69,635 Bed Bath & Beyond, Inc. * 3,047
----------
HOTELS, RESORTS & CRUISE LINES (0.4%)
116,867 Carnival Corp. 4,544
70,936 Marriott International, Inc. "A" 2,236
6,995 Marriott International, Inc. "A" - Fractional Shares * --
50,800 Starwood Hotels & Resorts Worldwide, Inc. 2,369
47,262 Wyndham Worldwide Corp. 1,216
----------
10,365
----------
HOUSEHOLD APPLIANCES (0.1%)
41,282 Stanley Black & Decker, Inc. 2,370
20,193 Whirlpool Corp. 1,762
----------
4,132
----------
HOUSEWARES & SPECIALTIES (0.1%)
42,967 Fortune Brands, Inc. 2,084
73,100 Newell Rubbermaid, Inc. 1,111
----------
3,195
----------
INTERNET RETAIL (0.6%)
92,391 Amazon.com, Inc. * 12,540
56,053 Expedia, Inc. 1,399
12,478 Priceline.com, Inc. * 3,182
----------
17,121
----------
LEISURE PRODUCTS (0.1%)
33,800 Hasbro, Inc. 1,294
99,300 Mattel, Inc. 2,258
----------
3,552
----------
MOTORCYCLE MANUFACTURERS (0.1%)
64,900 Harley-Davidson, Inc. 1,822
----------
MOVIES & ENTERTAINMENT (1.5%)
611,028 News Corp. "A" 8,805
309,572 Time Warner, Inc. 9,680
164,944 Viacom, Inc. "B" * 5,671
524,711 Walt Disney Co. 18,318
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PORTFOLIO OF INVESTMENTS | 2
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================================================================================
PORTFOLIO OF INVESTMENTS (continued)
USAA S&P 500 INDEX FUND
March 31, 2010 (unaudited)
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
--------------------------------------------------------------------------------
----------
$ 42,474
----------
PHOTOGRAPHIC PRODUCTS (0.0%)
75,400 Eastman Kodak Co. * 437
----------
PUBLISHING (0.2%)
61,200 Gannett Co., Inc. 1,011
83,532 McGraw-Hill Companies, Inc. 2,978
10,000 Meredith Corp. 344
35,200 New York Times Co. "A" * 392
1,767 Washington Post Co. "B" 785
----------
5,510
----------
RESTAURANTS (1.1%)
35,796 Darden Restaurants, Inc. 1,594
291,295 McDonald's Corp. 19,435
200,140 Starbucks Corp. * 4,858
128,100 Yum! Brands, Inc. 4,910
----------
30,797
----------
SPECIALIZED CONSUMER SERVICES (0.1%)
90,300 H&R Block, Inc. 1,607
----------
SPECIALTY STORES (0.2%)
71,700 Office Depot, Inc. * 572
199,418 Staples, Inc. 4,664
33,600 Tiffany & Co. 1,596
----------
6,832
----------
TIRES & RUBBER (0.0%)
64,800 Goodyear Tire & Rubber Co. * 819
----------
Total Consumer Discretionary 288,011
----------
CONSUMER STAPLES (11.0%)
------------------------
AGRICULTURAL PRODUCTS (0.2%)
175,153 Archer-Daniels-Midland Co. 5,062
----------
BREWERS (0.1%)
42,300 Molson Coors Brewing Co. "B" 1,779
----------
DISTILLERS & VINTNERS (0.1%)
28,250 Brown-Forman Corp. "B" 1,679
56,500 Constellation Brands, Inc. "A" * 929
----------
2,608
----------
DRUG RETAIL (0.8%)
374,811 CVS Caremark Corp. 13,703
265,486 Walgreen Co. 9,847
----------
23,550
----------
FOOD DISTRIBUTORS (0.2%)
160,351 Sysco Corp. 4,730
----------
FOOD RETAIL (0.3%)
175,045 Kroger Co. 3,791
106,689 Safeway, Inc. 2,652
55,425 SUPERVALU, Inc. 925
46,020 Whole Foods Market, Inc. * 1,664
----------
9,032
----------
HOUSEHOLD PRODUCTS (2.4%)
37,374 Clorox Co. 2,397
132,691 Colgate-Palmolive Co. 11,313
111,486 Kimberly-Clark Corp. 7,011
784,180 Procter & Gamble Co. 49,615
----------
70,336
----------
HYPERMARKETS & SUPER CENTERS (1.3%)
117,335 Costco Wholesale Corp. 7,006
576,740 Wal-Mart Stores, Inc. (f) 32,067
----------
39,073
----------
PACKAGED FOODS & MEAT (1.6%)
51,707 Campbell Soup Co. 1,828
120,646 ConAgra Foods, Inc. 3,025
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3 | USAA S&P 500 INDEX FUND
<PAGE>
================================================================================
PORTFOLIO OF INVESTMENTS (continued)
USAA S&P 500 INDEX FUND
March 31, 2010 (unaudited)
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
--------------------------------------------------------------------------------
48,600 Dean Foods Co. * $ 762
89,461 General Mills, Inc. 6,333
83,626 H.J. Heinz Co. 3,814
44,800 Hershey Co. 1,918
19,200 Hormel Foods Corp. 807
33,102 J.M. Smucker Co. 1,995
67,461 Kellogg Co. 3,604
468,100 Kraft Foods, Inc. "A" 14,155
36,559 McCormick & Co., Inc. 1,402
54,528 Mead Johnson Nutrition Co. 2,837
192,755 Sara Lee Corp. 2,685
79,200 Tyson Foods, Inc. "A" 1,517
----------
46,682
----------
PERSONAL PRODUCTS (0.2%)
117,513 Avon Products, Inc. 3,980
31,300 Estee Lauder Companies, Inc. "A" 2,031
----------
6,011
----------
SOFT DRINKS (2.3%)
622,227 Coca-Cola Co. 34,223
88,701 Coca-Cola Enterprises, Inc. 2,453
68,900 Dr Pepper Snapple Group, Inc. 2,423
441,265 PepsiCo, Inc. 29,194
----------
68,293
----------
TOBACCO (1.5%)
562,911 Altria Group, Inc. 11,551
42,493 Lorillard, Inc. 3,197
506,334 Philip Morris International, Inc. 26,410
45,600 Reynolds American, Inc. 2,462
----------
43,620
----------
Total Consumer Staples 320,776
----------
ENERGY (10.6%)
--------------
COAL & CONSUMABLE FUELS (0.2%)
60,084 CONSOL Energy, Inc. 2,563
24,823 Massey Energy Co. 1,298
71,183 Peabody Energy Corp. 3,253
----------
7,114
----------
INTEGRATED OIL & GAS (6.2%)
541,159 Chevron Corp. 41,036
402,488 ConocoPhillips 20,595
1,275,616 Exxon Mobil Corp. (f) 85,441
79,705 Hess Corp. 4,986
192,197 Marathon Oil Corp. 6,081
50,106 Murphy Oil Corp. 2,816
219,660 Occidental Petroleum Corp. 18,570
----------
179,525
----------
OIL & GAS DRILLING (0.2%)
19,100 Diamond Offshore Drilling, Inc. 1,696
28,500 Helmerich & Payne, Inc. 1,085
79,334 Nabors Industries Ltd. * 1,558
33,700 Rowan Companies, Inc. * 981
----------
5,320
----------
OIL & GAS EQUIPMENT & SERVICES (1.6%)
85,000 Baker Hughes, Inc. 3,981
77,280 BJ Services Co. 1,654
67,001 Cameron International Corp. * 2,872
34,150 FMC Technologies, Inc. * 2,207
244,395 Halliburton Co. 7,364
111,594 National Oilwell Varco, Inc. 4,528
321,449 Schlumberger Ltd. 20,399
66,484 Smith International, Inc. 2,847
----------
45,852
----------
OIL & GAS EXPLORATION & PRODUCTION (2.0%)
132,452 Anadarko Petroleum Corp. 9,646
90,746 Apache Corp. 9,211
26,950 Cabot Oil & Gas Corp. 992
174,642 Chesapeake Energy Corp. 4,128
106,791 Denbury Resources, Inc. * 1,802
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PORTFOLIO OF INVESTMENTS | 4
<PAGE>
================================================================================
PORTFOLIO OF INVESTMENTS (continued)
USAA S&P 500 INDEX FUND
March 31, 2010 (unaudited)
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
--------------------------------------------------------------------------------
121,368 Devon Energy Corp. $ 7,820
67,756 EOG Resources, Inc. 6,297
46,961 Noble Energy, Inc. 3,428
32,546 Pioneer Natural Resources Co. 1,833
43,244 Range Resources Corp. 2,027
91,945 Southwestern Energy Co. * 3,744
157,164 XTO Energy, Inc. 7,415
----------
58,343
----------
OIL & GAS REFINING & MARKETING (0.1%)
29,511 Sunoco, Inc. 877
41,000 Tesoro Corp. 570
150,826 Valero Energy Corp. 2,971
----------
4,418
----------
OIL & GAS STORAGE & TRANSPORTATION (0.3%)
186,900 El Paso Corp. 2,026
174,700 Spectra Energy Corp. 3,936
154,772 Williams Companies, Inc. 3,575
----------
9,537
----------
Total Energy 310,109
----------
FINANCIALS (16.1%)
------------------
ASSET MANAGEMENT & CUSTODY BANKS (1.3%)
70,060 Ameriprise Financial, Inc. 3,178
326,719 Bank of New York Mellon Corp., Inc. 10,089
22,400 Federated Investors, Inc. "B" (g) 591
39,032 Franklin Resources, Inc. 4,329
117,478 Invesco Ltd. 2,574
50,388 Janus Capital Group, Inc. 720
46,221 Legg Mason, Inc. 1,325
65,600 Northern Trust Corp. (c) 3,625
134,566 State Street Corp. 6,074
69,119 T. Rowe Price Group, Inc. 3,797
----------
36,302
----------
CONSUMER FINANCE (0.8%)
323,305 American Express Co. 13,340
124,121 Capital One Financial Corp. 5,140
149,955 Discover Financial Services 2,234
133,300 SLM Corp. * 1,669
----------
22,383
----------
DIVERSIFIED BANKS (2.0%)
46,977 Comerica, Inc. 1,787
513,609 U.S. Bancorp 13,292
1,396,212 Wells Fargo & Co. 43,450
----------
58,529
----------
INSURANCE BROKERS (0.2%)
71,354 Aon Corp. 3,048
143,200 Marsh & McLennan Companies, Inc. 3,497
----------
6,545
----------
INVESTMENT BANKING & BROKERAGE (1.4%)
265,257 Charles Schwab Corp. 4,958
399,873 E*TRADE Financial Corp. * 660
141,915 Goldman Sachs Group, Inc. 24,215
375,466 Morgan Stanley 10,997
----------
40,830
----------
LIFE & HEALTH INSURANCE (1.1%)
126,418 AFLAC, Inc. 6,863
83,811 Lincoln National Corp. 2,573
219,115 MetLife, Inc. 9,497
83,256 Principal Financial Group, Inc. 2,432
126,760 Prudential Financial, Inc. 7,669
19,922 Torchmark Corp. 1,066
90,400 Unum Group 2,239
----------
32,339
----------
MULTI-LINE INSURANCE (0.4%)
37,832 American International Group, Inc. (g)* 1,292
28,958 Assurant, Inc. 996
136,946 Genworth Financial, Inc. "A" * 2,512
================================================================================
5 | USAA S&P 500 INDEX FUND
<PAGE>
================================================================================
PORTFOLIO OF INVESTMENTS (continued)
USAA S&P 500 INDEX FUND
March 31, 2010 (unaudited)
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
--------------------------------------------------------------------------------
119,758 Hartford Financial Services Group, Inc. $ 3,403
95,426 Loews Corp. 3,557
----------
11,760
----------
MULTI-SECTOR HOLDINGS (0.0%)
50,400 Leucadia National Corp. * 1,250
----------
OTHER DIVERSIFIED FINANCIAL SERVICES (4.0%)
2,704,573 Bank of America Corp. (f) 48,277
5,298,349 Citigroup, Inc. (f)* 21,458
1,071,073 JPMorgan Chase & Co. 47,931
----------
117,666
----------
PROPERTY & CASUALTY INSURANCE (2.0%)
142,339 Allstate Corp. 4,599
446,172 Berkshire Hathaway, Inc. "B" * 36,260
89,923 Chubb Corp. 4,663
45,792 Cincinnati Financial Corp. 1,323
183,737 Progressive Corp. 3,508
137,920 Travelers Companies, Inc. 7,439
91,600 XL Capital Ltd. "A" 1,731
----------
59,523
----------
REAL ESTATE SERVICES (0.0%)
69,456 CB Richard Ellis Group, Inc. "A" * 1,101
----------
REGIONAL BANKS (1.1%)
188,300 BB&T Corp. 6,099
211,495 Fifth Third Bancorp 2,874
61,773 First Horizon National Corp. * 868
52,771 First Horizon National Corp. - Fractional Shares * --
206,550 Huntington Bancshares, Inc. 1,109
230,426 KeyCorp 1,786
22,700 M&T Bank Corp. (g) 1,802
148,766 Marshall & Ilsley Corp. 1,198
138,413 PNC Financial Services Group, Inc. 8,263
318,602 Regions Financial Corp. 2,501
137,230 SunTrust Banks, Inc. 3,676
40,868 Zions Bancorp 892
----------
31,068
----------
REITs - DIVERSIFIED (0.1%)
43,246 Vornado Realty Trust 3,274
----------
REITs - INDUSTRIAL (0.1%)
125,285 ProLogis 1,654
----------
REITs - OFFICE (0.1%)
37,400 Boston Properties, Inc. 2,821
----------
REITs - RESIDENTIAL (0.2%)
34,660 Apartment Investment & Management Co. "A" 638
21,657 AvalonBay Communities, Inc. 1,870
72,768 Equity Residential Properties Trust 2,849
----------
5,357
----------
REITs - RETAIL (0.3%)
104,268 Kimco Realty Corp. 1,631
77,895 Simon Property Group, Inc. 6,535
----------
8,166
----------
REITs - SPECIALIZED (0.5%)
80,297 HCP, Inc. 2,650
32,236 Health Care REIT, Inc. 1,458
181,732 Host Hotels & Resorts, Inc. 2,662
45,600 Plum Creek Timber Co., Inc. 1,774
36,857 Public Storage 3,391
43,390 Ventas, Inc. 2,060
----------
13,995
----------
SPECIALIZED FINANCE (0.4%)
18,028 CME Group, Inc. 5,699
20,400 IntercontinentalExchange, Inc. * 2,288
53,100 Moody's Corp. (g) 1,580
40,200 Nasdaq OMX Group, Inc. * 849
================================================================================
PORTFOLIO OF INVESTMENTS | 6
<PAGE>
================================================================================
PORTFOLIO OF INVESTMENTS (continued)
USAA S&P 500 INDEX FUND
March 31, 2010 (unaudited)
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
--------------------------------------------------------------------------------
72,137 NYSE Euronext $ 2,136
----------
12,552
----------
THRIFTS & MORTGAGE FINANCE (0.1%)
129,310 Hudson City Bancorp, Inc. 1,831
95,100 People's United Financial, Inc. 1,487
----------
3,318
----------
Total Financials 470,433
----------
HEALTH CARE (11.9%)
-------------------
BIOTECHNOLOGY (1.5%)
263,393 Amgen, Inc. * 15,740
72,820 Biogen Idec, Inc. * 4,177
123,772 Celgene Corp. * 7,669
21,623 Cephalon, Inc. * 1,466
70,806 Genzyme Corp. * 3,670
242,790 Gilead Sciences, Inc. * 11,042
----------
43,764
----------
HEALTH CARE DISTRIBUTORS (0.4%)
74,391 AmerisourceBergen Corp. 2,151
97,415 Cardinal Health, Inc. 3,510
73,822 McKesson Corp. 4,852
27,600 Patterson Companies, Inc. 857
----------
11,370
----------
HEALTH CARE EQUIPMENT (1.8%)
162,489 Baxter International, Inc. 9,457
63,400 Becton, Dickinson & Co. 4,991
406,176 Boston Scientific Corp. * 2,933
25,011 C.R. Bard, Inc. 2,166
48,707 Carefusion Corp. * 1,287
45,742 Hospira, Inc. * 2,591
10,642 Intuitive Surgical, Inc. * 3,705
298,554 Medtronic, Inc. 13,444
87,151 St. Jude Medical, Inc. * 3,578
75,144 Stryker Corp. 4,300
33,300 Varian Medical Systems, Inc. * 1,842
58,574 Zimmer Holdings, Inc. * 3,468
----------
53,762
----------
HEALTH CARE FACILITIES (0.0%)
114,549 Tenet Healthcare Corp. * 655
----------
HEALTH CARE SERVICES (0.8%)
28,000 DaVita, Inc. * 1,775
73,860 Express Scripts, Inc. * 7,516
27,453 Laboratory Corp. of America Holdings * 2,079
125,824 Medco Health Solutions, Inc. * 8,123
39,597 Quest Diagnostics, Inc. 2,308
----------
21,801
----------
HEALTH CARE SUPPLIES (0.0%)
40,000 DENTSPLY International, Inc. 1,394
----------
LIFE SCIENCES TOOLS & SERVICES (0.4%)
48,523 Life Technologies Corp. * 2,536
15,822 Millipore Corp. * 1,671
32,900 PerkinElmer, Inc. 787
109,278 Thermo Fisher Scientific, Inc. * 5,621
25,082 Waters Corp. * 1,694
----------
12,309
----------
MANAGED HEALTH CARE (1.0%)
119,293 Aetna, Inc. 4,188
75,856 CIGNA Corp. 2,775
40,880 Coventry Health Care, Inc. * 1,010
45,100 Humana, Inc. * 2,109
310,953 UnitedHealth Group, Inc. 10,159
119,832 WellPoint, Inc. * 7,715
----------
27,956
----------
PHARMACEUTICALS (6.0%)
417,671 Abbott Laboratories 22,003
================================================================================
7 | USAA S&P 500 INDEX FUND
<PAGE>
================================================================================
PORTFOLIO OF INVESTMENTS (continued)
USAA S&P 500 INDEX FUND
March 31, 2010 (unaudited)
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
--------------------------------------------------------------------------------
83,853 Allergan, Inc. $ 5,477
461,789 Bristol-Myers Squibb Co. 12,330
275,058 Eli Lilly and Co. 9,963
81,700 Forest Laboratories, Inc. * 2,562
743,370 Johnson & Johnson 48,468
65,400 King Pharmaceuticals, Inc. * 769
840,357 Merck & Co., Inc. 31,387
79,913 Mylan, Inc. * 1,815
2,179,898 Pfizer, Inc. (f) 37,385
28,800 Watson Pharmaceuticals, Inc. * 1,203
----------
173,362
----------
Total Health Care 346,373
----------
INDUSTRIALS (10.3%)
-------------------
AEROSPACE & DEFENSE (2.9%)
203,949 Boeing Co. 14,809
103,546 General Dynamics Corp. 7,994
34,492 Goodrich Corp. 2,432
207,819 Honeywell International, Inc. 9,408
50,567 ITT Corp. 2,711
30,404 L-3 Communications Holdings, Inc. 2,786
85,412 Lockheed Martin Corp. 7,108
80,825 Northrop Grumman Corp. 5,300
38,300 Precision Castparts Corp. 4,853
102,303 Raytheon Co. 5,843
42,393 Rockwell Collins, Inc. 2,653
253,380 United Technologies Corp. 18,651
----------
84,548
----------
AIR FREIGHT & LOGISTICS (1.0%)
44,206 C.H. Robinson Worldwide, Inc. 2,469
56,326 Expeditors International of Washington, Inc. 2,080
85,436 FedEx Corp. 7,980
269,172 United Parcel Service, Inc. "B" 17,337
----------
29,866
----------
AIRLINES (0.1%)
199,600 Southwest Airlines Co. 2,639
----------
BUILDING PRODUCTS (0.1%)
100,000 Masco Corp. 1,552
----------
COMMERCIAL PRINTING (0.0%)
56,900 R.R. Donnelley & Sons Co. 1,215
----------
CONSTRUCTION & ENGINEERING (0.2%)
49,400 Fluor Corp. 2,298
33,000 Jacobs Engineering Group, Inc. * 1,491
55,893 Quanta Services, Inc. * 1,071
----------
4,860
----------
CONSTRUCTION & FARM MACHINERY & HEAVY TRUCKS (0.9%)
167,943 Caterpillar, Inc. 10,555
53,948 Cummins, Inc. 3,342
115,720 Deere & Co. 6,881
96,732 PACCAR, Inc. 4,192
----------
24,970
----------
DIVERSIFIED SUPPORT SERVICES (0.1%)
36,500 Cintas Corp. 1,025
49,200 Iron Mountain, Inc. 1,348
----------
2,373
----------
ELECTRICAL COMPONENTS & EQUIPMENT (0.5%)
201,518 Emerson Electric Co. 10,144
13,460 First Solar, Inc. * 1,651
39,500 Rockwell Automation, Inc. 2,226
24,978 Roper Industries, Inc. 1,445
----------
15,466
----------
ENVIRONMENTAL & FACILITIES SERVICES (0.3%)
90,055 Republic Services, Inc. 2,613
23,000 Stericycle, Inc. * 1,254
129,336 Waste Management, Inc. 4,453
----------
8,320
----------
================================================================================
PORTFOLIO OF INVESTMENTS | 8
<PAGE>
================================================================================
PORTFOLIO OF INVESTMENTS (continued)
USAA S&P 500 INDEX FUND
March 31, 2010 (unaudited)
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
--------------------------------------------------------------------------------
HUMAN RESOURCE & EMPLOYMENT SERVICES (0.0%)
37,612 Robert Half International, Inc. $ 1,144
----------
INDUSTRIAL CONGLOMERATES (2.4%)
192,511 3M Co. 16,088
2,880,132 General Electric Co. 52,419
71,800 Textron, Inc. 1,524
----------
70,031
----------
INDUSTRIAL MACHINERY (0.8%)
70,647 Danaher Corp. 5,645
50,600 Dover Corp. 2,366
45,300 Eaton Corp. 3,432
14,522 Flowserve Corp. 1,601
105,384 Illinois Tool Works, Inc. 4,991
33,036 Pall Corp. 1,338
42,400 Parker-Hannifin Corp. 2,745
16,826 Snap-On, Inc. 729
----------
22,847
----------
OFFICE SERVICES & SUPPLIES (0.1%)
32,387 Avery Dennison Corp. 1,179
57,200 Pitney Bowes, Inc. 1,399
----------
2,578
----------
RAILROADS (0.7%)
106,570 CSX Corp. 5,424
100,441 Norfolk Southern Corp. 5,614
135,860 Union Pacific Corp. 9,959
----------
20,997
----------
RESEARCH & CONSULTING SERVICES (0.1%)
14,500 Dun & Bradstreet Corp. 1,079
35,700 Equifax, Inc. 1,278
----------
2,357
----------
TRADING COMPANIES & DISTRIBUTORS (0.1%)
36,400 Fastenal Co. (g) 1,747
15,401 W.W. Grainger, Inc. 1,665
----------
3,412
----------
TRUCKING (0.0%)
15,500 Ryder System, Inc. 601
----------
Total Industrials 299,776
----------
INFORMATION TECHNOLOGY (18.4%)
------------------------------
APPLICATION SOFTWARE (0.5%)
139,789 Adobe Systems, Inc. * 4,944
61,900 Autodesk, Inc. * 1,821
51,021 Citrix Systems, Inc. * 2,422
57,718 Compuware Corp. * 485
83,126 Intuit, Inc. * 2,855
30,416 salesforce.com, Inc. * 2,264
----------
14,791
----------
COMMUNICATIONS EQUIPMENT (2.4%)
1,543,698 Cisco Systems, Inc. * 40,182
35,100 Harris Corp. 1,667
59,625 JDS Uniphase Corp. * 747
142,199 Juniper Networks, Inc. * 4,363
622,447 Motorola, Inc. * 4,370
454,593 QUALCOMM, Inc. 19,088
109,604 Tellabs, Inc. 830
----------
71,247
----------
COMPUTER HARDWARE (5.0%)
244,689 Apple, Inc. * 57,485
466,085 Dell, Inc. * 6,996
634,827 Hewlett-Packard Co. 33,741
350,852 International Business Machines Corp. 44,996
47,700 Teradata Corp. * 1,378
----------
144,596
----------
================================================================================
9 | USAA S&P 500 INDEX FUND
<PAGE>
================================================================================
PORTFOLIO OF INVESTMENTS (continued)
USAA S&P 500 INDEX FUND
March 31, 2010 (unaudited)
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
--------------------------------------------------------------------------------
COMPUTER STORAGE & PERIPHERALS (0.6%)
553,457 EMC Corp. * $ 9,985
21,600 Lexmark International, Inc. "A" * 779
92,300 NetApp, Inc. * 3,005
32,900 QLogic Corp. * 668
63,000 SanDisk Corp. * 2,182
61,100 Western Digital Corp. * 2,382
----------
19,001
----------
DATA PROCESSING & OUTSOURCED SERVICES (1.3%)
137,741 Automatic Data Processing, Inc. 6,125
42,338 Computer Sciences Corp. * 2,307
86,499 Fidelity National Information Services, Inc. 2,028
41,951 Fiserv, Inc. * 2,130
26,368 MasterCard, Inc. "A" 6,698
84,330 Paychex, Inc. 2,589
50,155 Total System Services, Inc. 785
120,865 Visa, Inc. "A" 11,002
180,916 Western Union Co. 3,068
----------
36,732
----------
ELECTRONIC COMPONENTS (0.4%)
47,572 Amphenol Corp. "A" 2,007
421,269 Corning, Inc. 8,514
----------
10,521
----------
ELECTRONIC EQUIPMENT & INSTRUMENTS (0.1%)
95,566 Agilent Technologies, Inc. * 3,287
39,200 FLIR Systems, Inc. * 1,105
----------
4,392
----------
ELECTRONIC MANUFACTURING SERVICES (0.1%)
51,500 Jabil Circuit, Inc. 834
36,800 Molex, Inc. 767
----------
1,601
----------
HOME ENTERTAINMENT SOFTWARE (0.1%)
88,216 Electronic Arts, Inc. * 1,646
----------
INTERNET SOFTWARE & SERVICES (1.8%)
46,700 Akamai Technologies, Inc. * 1,467
304,706 eBay, Inc. * 8,212
65,186 Google, Inc. "A" * 36,961
32,200 Monster Worldwide, Inc. * 535
48,786 VeriSign, Inc. * 1,269
321,669 Yahoo!, Inc. * 5,317
----------
53,761
----------
IT CONSULTING & OTHER SERVICES (0.2%)
79,430 Cognizant Technology Solutions Corp. "A" * 4,050
80,809 SAIC, Inc. * 1,430
----------
5,480
----------
OFFICE ELECTRONICS (0.1%)
365,102 Xerox Corp. 3,560
----------
SEMICONDUCTOR EQUIPMENT (0.3%)
360,101 Applied Materials, Inc. 4,854
46,400 KLA-Tencor Corp. 1,435
60,700 MEMC Electronic Materials, Inc. * 931
28,336 Novellus Systems, Inc. * 708
53,300 Teradyne, Inc. * 595
----------
8,523
----------
SEMICONDUCTORS (2.1%)
146,927 Advanced Micro Devices, Inc. * 1,362
77,885 Altera Corp. 1,893
78,300 Analog Devices, Inc. 2,257
116,150 Broadcom Corp. "A" 3,854
1,489,488 Intel Corp. 33,156
62,074 Linear Technology Corp. 1,756
171,098 LSI Corp. * 1,047
51,100 Microchip Technology, Inc. (g) 1,439
225,861 Micron Technology, Inc. * 2,347
63,330 National Semiconductor Corp. 915
================================================================================
PORTFOLIO OF INVESTMENTS | 10
<PAGE>
================================================================================
PORTFOLIO OF INVESTMENTS (continued)
USAA S&P 500 INDEX FUND
March 31, 2010 (unaudited)
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
--------------------------------------------------------------------------------
148,284 NVIDIA Corp. * $ 2,577
333,886 Texas Instruments, Inc. 8,170
77,153 Xilinx, Inc. 1,967
----------
62,740
----------
SYSTEMS SOFTWARE (3.4%)
51,170 BMC Software, Inc. * 1,944
107,022 CA, Inc. 2,512
41,900 McAfee, Inc. * 1,681
2,057,867 Microsoft Corp. (f) 60,234
87,600 Novell, Inc. * 525
1,056,055 Oracle Corp. 27,130
52,304 Red Hat, Inc. * 1,531
220,370 Symantec Corp. * 3,729
----------
99,286
----------
Total Information Technology 537,877
----------
MATERIALS (3.4%)
----------------
ALUMINUM (0.1%)
273,495 Alcoa, Inc. 3,895
----------
CONSTRUCTION MATERIALS (0.1%)
34,973 Vulcan Materials Co. 1,652
----------
DIVERSIFIED CHEMICALS (0.8%)
310,230 Dow Chemical Co. 9,174
242,681 E.I. du Pont de Nemours & Co. 9,037
20,600 Eastman Chemical Co. 1,312
20,100 FMC Corp. 1,217
46,071 PPG Industries, Inc. 3,013
----------
23,753
----------
DIVERSIFIED METALS & MINING (0.4%)
116,667 Freeport-McMoRan Copper & Gold, Inc. 9,747
22,800 Titanium Metals Corp. * 378
----------
10,125
----------
FERTILIZERS & AGRICULTURAL CHEMICALS (0.4%)
12,358 CF Industries Holdings, Inc. 1,127
146,902 Monsanto Co. 10,491
----------
11,618
----------
FOREST PRODUCTS (0.1%)
55,639 Weyerhaeuser Co. 2,519
----------
GOLD (0.2%)
132,896 Newmont Mining Corp. 6,768
----------
INDUSTRIAL GASES (0.4%)
56,901 Air Products & Chemicals, Inc. 4,208
22,609 Airgas, Inc. 1,438
82,706 Praxair, Inc. 6,865
----------
12,511
----------
METAL & GLASS CONTAINERS (0.1%)
26,300 Ball Corp. 1,404
45,800 Owens-Illinois, Inc. * 1,628
34,000 Pactiv Corp. * 856
----------
3,888
----------
PAPER PACKAGING (0.1%)
30,166 Bemis Co., Inc. 866
42,700 Sealed Air Corp. 900
----------
1,766
----------
PAPER PRODUCTS (0.1%)
116,767 International Paper Co. 2,873
46,411 MeadWestvaco Corp. 1,186
----------
4,059
----------
SPECIALTY CHEMICALS (0.2%)
65,301 Ecolab, Inc. 2,870
21,200 International Flavors & Fragrances, Inc. 1,010
32,071 Sigma-Aldrich Corp. 1,721
----------
5,601
----------
================================================================================
11 | USAA S&P 500 INDEX FUND
<PAGE>
================================================================================
PORTFOLIO OF INVESTMENTS (continued)
USAA S&P 500 INDEX FUND
March 31, 2010 (unaudited)
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
--------------------------------------------------------------------------------
STEEL (0.4%)
29,699 AK Steel Holding Corp. $ 679
27,100 Allegheny Technologies, Inc. 1,463
36,860 Cliffs Natural Resources, Inc. 2,615
83,342 Nucor Corp. 3,782
38,056 United States Steel Corp. 2,418
----------
10,957
----------
Total Materials 99,112
----------
TELECOMMUNICATION SERVICES (2.8%)
---------------------------------
INTEGRATED TELECOMMUNICATION SERVICES (2.5%)
1,592,970 AT&T, Inc. (f) 41,162
82,114 CenturyTel, Inc. 2,912
82,200 Frontier Communications Corp. (g) 611
392,681 Qwest Communications International, Inc. 2,050
766,189 Verizon Communications, Inc. 23,767
119,531 Windstream Corp. 1,302
----------
71,804
----------
WIRELESS TELECOMMUNICATION SERVICES (0.3%)
108,208 American Tower Corp. "A" * 4,611
70,100 MetroPCS Communications, Inc. * 496
793,639 Sprint Nextel Corp. * 3,016
----------
8,123
----------
Total Telecommunication Services 79,927
----------
UTILITIES (3.4%)
----------------
ELECTRIC UTILITIES (1.6%)
44,946 Allegheny Energy, Inc. 1,034
130,687 American Electric Power Co., Inc. 4,467
88,216 Edison International 3,014
51,654 Entergy Corp. 4,202
179,675 Exelon Corp. 7,872
83,509 FirstEnergy Corp. 3,264
111,799 FPL Group, Inc. 5,403
42,073 Northeast Utilities 1,163
64,409 Pepco Holdings, Inc. 1,105
28,747 Pinnacle West Capital Corp. 1,085
101,339 PPL Corp. 2,808
76,100 Progress Energy, Inc. 2,995
219,395 Southern Co. 7,275
----------
45,687
----------
GAS UTILITIES (0.2%)
35,200 EQT Corp. 1,443
13,517 Nicor, Inc. 567
28,490 ONEOK, Inc. 1,300
46,500 Questar Corp. 2,009
----------
5,319
----------
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS (0.2%)
181,500 AES Corp. * 1,997
55,775 Constellation Energy Group, Inc. 1,958
69,388 NRG Energy, Inc. * 1,450
----------
5,405
----------
MULTI-UTILITIES (1.4%)
57,553 Ameren Corp. 1,501
110,746 CenterPoint Energy, Inc. 1,590
57,902 CMS Energy Corp. 895
75,959 Consolidated Edison, Inc. 3,383
161,963 Dominion Resources, Inc. 6,658
45,832 DTE Energy Co. 2,044
353,658 Duke Energy Corp. 5,772
19,300 Integrys Energy Group, Inc. 915
73,559 NiSource, Inc. 1,162
101,951 PG&E Corp. 4,325
137,146 Public Service Enterprise Group, Inc. 4,049
29,384 SCANA Corp. 1,105
66,633 Sempra Energy 3,325
================================================================================
PORTFOLIO OF INVESTMENTS | 12
<PAGE>
================================================================================
PORTFOLIO OF INVESTMENTS (continued)
USAA S&P 500 INDEX FUND
March 31, 2010 (unaudited)
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
--------------------------------------------------------------------------------
60,290 TECO Energy, Inc. $ 958
31,500 Wisconsin Energy Corp. 1,556
125,786 Xcel Energy, Inc. 2,667
----------
41,905
----------
Total Utilities 98,316
----------
Total Common Stocks (cost: $2,598,847) 2,850,710
----------
MONEY MARKET INSTRUMENTS (2.1%)
MONEY MARKET FUND (1.9%)
------------------------
53,262,485 Northern Institutional Funds - Diversified
Assets Portfolio, 0.01% (a),(d) 53,263
----------
PRINCIPAL
AMOUNT
(000)
----------
U.S. TREASURY BILLS (0.2%)
--------------------------
$ 6,470 0.11%, 5/06/2010 (b),(e) 6,469
----------
Total Money Market Instruments (cost: $59,732) 59,732
----------
NUMBER
OF SHARES
----------
SHORT-TERM INVESTMENTS PURCHASED WITH CASH COLLATERAL
FROM SECURITIES LOANED (0.3%)
MONEY MARKET FUNDS (0.3%)
-------------------------
255,736 AIM Short-Term Investment Co.
Liquid Assets Portfolio, 0.13%(a) 256
1,402,520 BlackRock Liquidity Funds TempFund, 0.12%(a) 1,402
6,166,528 Fidelity Institutional Money Market Portfolio, 0.21%(a) 6,167
----------
Total Money Market Funds 7,825
----------
PRINCIPAL
AMOUNT
(000)
----------
REPURCHASE AGREEMENTS (0.0%)
----------------------------
$ 900 Credit Suisse First Boston LLC, 0.02%,
acquired on 3/31/2010 and due 4/01/2010 at $900
(collateralized by $920 of Freddie Mac(i), 0.25%(h),
due 9/20/2010; market value $919) 900
800 Deutsche Bank Securities, Inc., 0.02%,
acquired on 3/31/2010 and due 4/01/2010 at $800
(collateralized by $808 of Federal Farm Credit
Bank(i), 1.88%, due 12/07/2012; market value $816) 800
----------
Total Repurchase Agreements 1,700
----------
Total Short-Term Investments Purchased With Cash
Collateral From Securities Loaned (cost: $9,525) 9,525
----------
TOTAL INVESTMENTS (COST: $2,668,104) $2,919,967
==========
================================================================================
13 | USAA S&P 500 INDEX FUND
<PAGE>
================================================================================
PORTFOLIO OF INVESTMENTS (continued)
USAA S&P 500 INDEX FUND
March 31, 2010 (unaudited)
($ IN 000s) VALUATION HIERARCHY
-------------------------------------------------------
(LEVEL 1)
QUOTED PRICES (LEVEL 2)
IN ACTIVE OTHER (LEVEL 3)
MARKETS SIGNIFICANT SIGNIFICANT
FOR IDENTICAL OBSERVABLE UNOBSERVABLE
ASSETS INPUTS INPUTS TOTAL
----------------------------------------------------------------------------------------------------
Equity Securities:
Common Stocks $ 2,850,710 $ -- $ -- $ 2,850,710
Money Market Instruments:
Money Market Fund 53,263 -- -- 53,263
U.S. Treasury Bills -- 6,469 -- 6,469
Short-Term Investments Purchased with
Cash Collateral from Securities
Loaned:
Money Market Fund 7,825 -- -- 7,825
Repurchase Agreements -- 1,700 -- 1,700
Other financial instruments* 1,084 -- 1,084
----------------------------------------------------------------------------------------------------
Total $ 2,912,882 $ 8,169 $ -- $ 2,921,051
----------------------------------------------------------------------------------------------------
* Other financial instruments are derivative instruments not reflected in the
portfolio of investments, such as future, which are valued at the unrealized
appreciation/depriciation on the investments.
================================================================================
PORTFOLIO OF INVESTMENTS | 14
<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 S&P 500
Index Fund (the Fund), which is classified as diversified under the 1940 Act.
The Fund has two classes of shares: Member Shares and Reward 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 agency 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.
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. If no last
sale or official closing price is reported or available, the average of the bid
and asked prices is generally used.
2. Investments in open-end investment companies, hedge, or other funds, other
than ETFs, are valued at their net asset value (NAV) at the end of each business
day.
3. Futures are valued based upon the last sale price at the close of market on
the principal exchange on which they are traded.
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
================================================================================
15 | USAA S&P 500 INDEX FUND
<PAGE>
================================================================================
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. 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
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.
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 S&P 500 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
================================================================================
NOTES TO PORTFOLIO OF INVESTMENTS | 16
<PAGE>
================================================================================
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. 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. 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 March 31, 2010, was
approximately $8,463,000.
F. 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.
G. 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 $736,090,000 and $484,227,000, respectively, resulting in
net unrealized appreciation of $251,863,000.
================================================================================
17 | USAA S&P 500 INDEX FUND
<PAGE>
================================================================================
H. The portfolio of investments category percentages shown represent the
percentages of the investments to net assets, which were $2,914,482,000 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.
PORTFOLIO ABBREVIATIONS AND DESCRIPTIONS
REIT - Real estate investment trust
SPECIFIC NOTES
(a) Rate represents the money market fund annualized seven-day yield at March
31, 2010.
(b) Rate represents an annualized yield at time of purchase, not a coupon rate.
(c) Northern Trust Corp. is the parent to Northern Trust Investments, N.A.
(NTI), which is the subadviser of the Fund.
(d) NTI is both the subadviser of the Fund and the adviser of the Northern
Institutional Funds.
(e) Security with a value of $6,469,000 is segregated as collateral for initial
margin requirements on open futures contracts.
(f) Security, or a portion thereof, is segregated to cover the value of open
futures contracts at March 31, 2010, as shown in the following table:
VALUE AT UNREALIZED
TYPE OF FUTURE EXPIRATION CONTRACTS POSITION MARCH 31, 2010 APPRECIATION
----------------------------------------------------------------------------------------
S&P 500
Index Futures June 17, 2010 216 Long $62,921,000 $1,084,000
(g) The security or a portion thereof was out on loan as of March 31, 2010.
(h) Zero-coupon security. Rate represents the effective yield at the date of
purchase.
(i) 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.
================================================================================
NOTES TO PORTFOLIO OF INVESTMENTS | 18
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
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*PRINT THE NAME AND TITLE OF EACH SIGNING OFFICER UNDER HIS OR HER SIGNATURE.
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