UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF
REGISTERED MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number: 811-7852
Exact Name of Registrant as Specified in Charter: USAA MUTUAL FUNDS TRUST
Address of Principal Executive Offices and Zip Code: 9800 FREDERICKSBURG ROAD
SAN ANTONIO, TX 78288
Name and Address of Agent for Service: CHRISTOPHER P. LAIA
USAA MUTUAL FUNDS TRUST
9800 FREDERICKSBURG ROAD
SAN ANTONIO, TX 78288
Registrant's Telephone Number, Including Area Code: (210) 498-0226
Date of Fiscal Year End: JULY 31
Date of Reporting Period: APRIL 30, 2010
ITEM 1. SCHEDULE OF INVESTMENTS.
USAA MUTUAL FUNDS TRUST 3RD QUARTER REPORT - PERIOD ENDED APRIL 30, 2010
[LOGO OF USAA]
USAA(R)
PORTFOLIO OF INVESTMENTS
3(RD) QUARTER
USAA INCOME STOCK FUND
APRIL 30, 2010
(Form N-Q)
48490-0610 (C)2010, USAA. All rights reserved.
<PAGE>
================================================================================
PORTFOLIO OF INVESTMENTS
USAA INCOME STOCK FUND
April 30, 2010 (unaudited)
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
--------------------------------------------------------------------------------
COMMON STOCKS (97.8%)
CONSUMER DISCRETIONARY (7.5%)
-----------------------------
ADVERTISING (0.1%)
23,900 Clear Channel Outdoor Holdings, Inc. "A"* $ 277
14,200 Lamar Advertising Co. "A"* 528
-----------
805
-----------
APPAREL & ACCESSORIES & LUXURY GOODS (0.1%)
7,600 Coach, Inc. 317
14,700 Columbia Sportswear Co. 817
42,600 Jones Apparel Group, Inc. 927
-----------
2,061
-----------
APPAREL RETAIL (1.0%)
29,200 AnnTaylor Stores Corp.* 634
297,367 TJX Companies, Inc. 13,780
-----------
14,414
-----------
AUTO PARTS & EQUIPMENT (0.2%)
32,700 Autoliv, Inc.* 1,791
19,000 Johnson Controls, Inc. 638
-----------
2,429
-----------
AUTOMOTIVE RETAIL (0.1%)
33,300 AutoNation, Inc.*(a) 673
-----------
BROADCASTING (0.2%)
210,200 CBS Corp. "B" 3,407
-----------
CABLE & SATELLITE (1.2%)
12,100 Cablevision Systems Corp. "A" 332
774,450 Comcast Corp. "A" 14,598
42,500 DISH Network Corp. "A" 941
9,800 Liberty Global, Inc. "A"* 269
96,400 Virgin Media, Inc. 1,696
-----------
17,836
-----------
CASINOS & GAMING (0.8%)
528,300 International Game Technology 11,136
15,500 Penn National Gaming, Inc.* 480
-----------
11,616
-----------
CATALOG RETAIL (0.2%)
138,800 Liberty Media Corp. Interactive "A"* 2,133
-----------
COMPUTER & ELECTRONICS RETAIL (0.1%)
24,200 RadioShack Corp. 522
36,300 Rent-A-Center, Inc.* 937
-----------
1,459
-----------
DEPARTMENT STORES (0.3%)
6,600 Dillard's, Inc. "A" 185
46,900 J.C. Penney Co., Inc. 1,368
================================================================================
Portfolio of Investments | 1
<PAGE>
================================================================================
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
--------------------------------------------------------------------------------
72,100 Macy's, Inc. $ 1,673
13,300 Sears Holdings Corp.*(a) 1,609
-----------
4,835
-----------
DISTRIBUTORS (0.5%)
156,750 Genuine Parts Co. 6,709
-----------
FOOTWEAR (0.0%)
1,100 NIKE, Inc. "B" 83
-----------
GENERAL MERCHANDISE STORES (0.0%)
7,200 Target Corp. 409
-----------
HOME FURNISHINGS (0.1%)
19,800 Mohawk Industries, Inc.* 1,262
-----------
HOME IMPROVEMENT RETAIL (0.6%)
156,000 Home Depot, Inc. 5,499
138,200 Lowe's Companies, Inc. 3,748
-----------
9,247
-----------
HOMEBUILDING (0.0%)
170 NVR, Inc.* 122
-----------
HOTELS, RESORTS, & CRUISE LINES (0.0%)
5,900 Starwood Hotels & Resorts Worldwide, Inc. 322
-----------
HOUSEHOLD APPLIANCES (0.2%)
13,597 Stanley Black & Decker, Inc. 845
23,300 Whirlpool Corp. 2,537
-----------
3,382
-----------
HOUSEWARES & SPECIALTIES (0.2%)
17,200 Fortune Brands, Inc. 902
26,200 Jarden Corp. 841
24,600 Newell Rubbermaid, Inc. 420
-----------
2,163
-----------
LEISURE FACILITIES (0.0%)
2,300 Vail Resorts, Inc.* 105
-----------
MOTORCYCLE MANUFACTURERS (0.2%)
64,100 Harley-Davidson, Inc. 2,168
-----------
MOVIES & ENTERTAINMENT (1.0%)
26,100 DreamWorks Animation SKG, Inc. "A"* 1,036
30,800 Liberty Media Corp. - Capital "A"* 1,363
374,000 News Corp. "A" 5,767
87,300 Viacom, Inc. "B"* 3,084
77,000 Walt Disney Co. 2,837
-----------
14,087
-----------
PUBLISHING (0.2%)
103,000 Gannett Co., Inc. 1,753
18,100 Meredith Corp. 650
35,500 New York Times Co. "A"* 352
664 Washington Post Co. "B" 337
-----------
3,092
-----------
RESTAURANTS (0.1%)
19,700 McDonald's Corp. 1,391
-----------
SPECIALIZED CONSUMER SERVICES (0.1%)
75,800 Service Corp. International 681
23,000 Weight Watchers International, Inc. 611
-----------
1,292
-----------
================================================================================
2 | USAA Income Stock Fund
<PAGE>
================================================================================
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
--------------------------------------------------------------------------------
SPECIALTY STORES (0.0%)
14,400 Office Depot, Inc.* $ 99
-----------
Total Consumer Discretionary 107,601
-----------
CONSUMER STAPLES (5.8%)
-----------------------
AGRICULTURAL PRODUCTS (0.1%)
17,900 Bunge Ltd. 948
-----------
DRUG RETAIL (0.6%)
240,400 Walgreen Co. 8,450
-----------
FOOD RETAIL (0.2%)
58,900 Safeway, Inc. 1,390
124,642 SUPERVALU, Inc. 1,857
-----------
3,247
-----------
HOUSEHOLD PRODUCTS (1.5%)
152,050 Colgate-Palmolive Co. 12,787
17,600 Kimberly-Clark Corp. 1,078
133,200 Procter & Gamble Co. 8,280
-----------
22,145
-----------
HYPERMARKETS & SUPER CENTERS (0.9%)
227,900 Wal-Mart Stores, Inc. 12,227
-----------
PACKAGED FOODS & MEAT (0.5%)
33,600 Del Monte Foods Co. 502
31,000 General Mills, Inc. 2,207
136,079 Kraft Foods, Inc. "A" 4,028
55,700 Tyson Foods, Inc. "A" 1,091
-----------
7,828
-----------
SOFT DRINKS (1.3%)
217,600 Coca-Cola Co. 11,631
116,500 PepsiCo, Inc. 7,598
-----------
19,229
-----------
TOBACCO (0.7%)
117,000 Altria Group, Inc. 2,479
146,300 Philip Morris International, Inc. 7,180
-----------
9,659
-----------
Total Consumer Staples 83,733
-----------
ENERGY (14.7%)
--------------
COAL & CONSUMABLE FUELS (0.0%)
25,700 Arch Coal, Inc. 694
-----------
INTEGRATED OIL & GAS (10.1%)
191,401 Chevron Corp. 15,588
627,714 ConocoPhillips 37,154
1,059,500 Exxon Mobil Corp. 71,887
82,300 Marathon Oil Corp. 2,646
17,300 Murphy Oil Corp. 1,040
182,458 Occidental Petroleum Corp. 16,177
-----------
144,492
-----------
OIL & GAS DRILLING (0.3%)
85,600 Nabors Industries Ltd.* 1,846
19,600 Patterson-UTI Energy, Inc. 300
13,000 Rowan Companies, Inc.* 388
22,800 Unit Corp.* 1,089
-----------
3,623
-----------
================================================================================
Portfolio of Investments | 3
<PAGE>
================================================================================
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
--------------------------------------------------------------------------------
OIL & GAS EQUIPMENT & SERVICES (2.2%)
56,443 Baker Hughes, Inc. $ 2,809
127,035 Cameron International Corp.* 5,013
19,600 Global Industries Ltd.* 131
90,300 Halliburton Co. 2,768
32,000 Helix Energy Solutions Group, Inc.* 466
256,100 National-Oilwell Varco, Inc. 11,276
26,200 Oil States International, Inc.* 1,266
34,300 Superior Energy Services, Inc.* 928
21,000 Tidewater, Inc. 1,126
348,950 Weatherford International Ltd. 6,319
-----------
32,102
-----------
OIL & GAS EXPLORATION & PRODUCTION (1.5%)
192,700 Anadarko Petroleum Corp. 11,978
3,920 Apache Corp. 399
62,900 Chesapeake Energy Corp. 1,497
17,600 Cimarex Energy Co. 1,198
31,600 Denbury Resources, Inc.* 605
25,800 Newfield Exploration Co.* 1,501
14,300 Noble Energy, Inc. 1,093
24,400 Pioneer Natural Resources Co. 1,565
59,000 SandRidge Energy, Inc.*(a) 443
9,600 Whiting Petroleum Corp.* 867
3,900 XTO Energy, Inc. 186
-----------
21,332
-----------
OIL & GAS REFINING & MARKETING (0.4%)
58,000 Sunoco, Inc. 1,901
194,300 Valero Energy Corp. 4,040
-----------
5,941
-----------
OIL & GAS STORAGE & TRANSPORTATION (0.2%)
31,400 Frontline Ltd. (a) 1,146
10,600 Overseas Shipholding Group, Inc. 531
51,300 Williams Companies, Inc. 1,211
-----------
2,888
-----------
Total Energy 211,072
-----------
FINANCIALS (18.5%)
------------------
ASSET MANAGEMENT & CUSTODY BANKS (3.8%)
64,700 American Capital Ltd.* 397
383,250 Ameriprise Financial, Inc. 17,767
427,200 Bank of New York Mellon Corp. 13,299
4,750 BlackRock, Inc. "A" 874
177,500 Franklin Resources, Inc. 20,526
43,700 Invesco Ltd. ADR 1,005
24,700 Legg Mason, Inc. 783
-----------
54,651
-----------
CONSUMER FINANCE (0.7%)
184,300 American Express Co. 8,500
11,400 Capital One Financial Corp. 495
55,700 Discover Financial Services 861
1,600 Student Loan Corp. 45
-----------
9,901
-----------
DIVERSIFIED BANKS (0.3%)
25,600 Comerica, Inc. 1,075
76,200 U.S. Bancorp 2,040
11,600 Wells Fargo & Co. 384
-----------
3,499
-----------
================================================================================
4 | USAA Income Stock Fund
<PAGE>
================================================================================
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
--------------------------------------------------------------------------------
INVESTMENT BANKING & BROKERAGE (1.5%)
79,920 Goldman Sachs Group, Inc. $ 11,604
97,900 Morgan Stanley 2,958
16,500 Raymond James Financial, Inc. 506
328,100 TD Ameritrade Holding Corp.* 6,569
-----------
21,637
-----------
LIFE & HEALTH INSURANCE (2.8%)
393,500 MetLife, Inc. 17,936
44,400 Protective Life Corp. 1,069
270,250 Prudential Financial, Inc. 17,177
26,400 StanCorp Financial Group, Inc. 1,187
33,900 Torchmark Corp. 1,815
52,600 Unum Group 1,287
-----------
40,471
-----------
MULTI-LINE INSURANCE (0.5%)
49,400 American Financial Group, Inc. 1,454
3,400 American National Insurance Co. 375
44,000 Assurant, Inc. 1,603
48,800 Hartford Financial Services Group, Inc. 1,394
40,100 HCC Insurance Holdings, Inc. 1,090
17,100 Loews Corp. 637
8,800 Unitrin, Inc. 257
-----------
6,810
-----------
OTHER DIVERSIFIED FINANCIAL SERVICES (1.1%)
871,738 Bank of America Corp. 15,543
18,700 JPMorgan Chase & Co. 796
-----------
16,339
-----------
PROPERTY & CASUALTY INSURANCE (1.9%)
20,300 Allied World Assurance Co. Holdings Ltd. 884
150,600 Allstate Corp. 4,920
26,300 Aspen Insurance Holdings Ltd. 710
2,500 Axis Capital Holdings Ltd. 78
65,300 Chubb Corp. 3,452
4,500 CNA Financial Corp.* 127
29,000 First American Corp. 1,002
7,300 Mercury General Corp. 328
6,175 Old Republic International Corp. 93
13,200 ProAssurance Corp.* 805
33,600 Progressive Corp. 675
253,550 Travelers Companies, Inc. 12,865
3,000 W.R. Berkley Corp. 81
680 White Mountains Insurance Group Ltd. 234
42,800 XL Capital Ltd. "A" 762
11,600 Zenith National Insurance Corp. 439
-----------
27,455
-----------
REAL ESTATE SERVICES (0.1%)
8,300 Jones Lang LaSalle, Inc. 655
-----------
REGIONAL BANKS (0.7%)
55,900 Associated Banc Corp. 812
300 BancorpSouth, Inc. 7
40,100 BB&T Corp. 1,333
31,500 Fulton Financial Corp. 331
11,900 International Bancshares Corp. 288
8,200 M&T Bank Corp. (a) 716
99,500 Marshall & Ilsley Corp. 905
39,900 PNC Financial Services Group, Inc. 2,682
33,700 SunTrust Banks, Inc. 997
1,700 SVB Financial Group* 84
50,100 TCF Financial Corp. 933
================================================================================
Portfolio of Investments | 5
<PAGE>
================================================================================
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
--------------------------------------------------------------------------------
6,900 Trustmark Corp. $ 169
27,700 Webster Financial Corp. 574
30,800 Wilmington Trust Corp. 534
-----------
10,365
-----------
REINSURANCE (1.2%)
21,200 Arch Capital Group Ltd.* 1,602
150,750 Everest Reinsurance Group Ltd. 11,555
19,300 PartnerRe Ltd. 1,497
18,400 Reinsurance Group of America, Inc. "A" 950
15,900 RenaissanceRe Holdings Ltd. 890
24,300 Transatlantic Holdings, Inc. 1,209
-----------
17,703
-----------
REITs - DIVERSIFIED (0.2%)
25,700 Vornado Realty Trust 2,143
-----------
REITs - INDUSTRIAL (0.2%)
39,000 AMB Property Corp. 1,086
110,000 ProLogis 1,449
-----------
2,535
-----------
REITs - OFFICE (0.2%)
1,170 Alexandria Real Estate Equities, Inc. 83
19,800 Boston Properties, Inc. 1,561
48,600 Brandywine Realty Trust 619
69,100 Douglas Emmett, Inc. 1,157
-----------
3,420
-----------
REITs - RESIDENTIAL (0.5%)
29,000 Apartment Investment & Management Co. "A" 650
14,600 AvalonBay Communities, Inc. 1,519
20,100 BRE Properties, Inc. 839
22,000 Camden Property Trust 1,065
43,200 Equity Residential Properties Trust 1,956
5,200 Essex Property Trust, Inc. 550
54,400 UDR, Inc. 1,105
-----------
7,684
-----------
REITs - RETAIL (0.4%)
101,663 CBL & Associates Properties, Inc. 1,484
114,700 Developers Diversified Realty Corp. 1,410
51,900 Kimco Realty Corp. 809
4,600 Simon Property Group, Inc. 409
26,500 Taubman Centers, Inc. 1,149
19,100 Weingarten Realty Investors 442
-----------
5,703
-----------
REITs - SPECIALIZED (1.2%)
53,100 Hospitality Properties Trust 1,406
321,950 Ventas, Inc. 15,206
-----------
16,612
-----------
SPECIALIZED FINANCE (0.9%)
1,400 CME Group, Inc. 460
374,850 NYSE Euronext 12,231
6,200 PHH Corp.* 141
-----------
12,832
-----------
THRIFTS & MORTGAGE FINANCE (0.3%)
29,900 Astoria Financial Corp. 482
208,850 Hudson City Bancorp, Inc. 2,778
19,500 New York Community Bancorp, Inc. 321
17,100 TFS Financial Corp. 242
================================================================================
6 | USAA Income Stock Fund
<PAGE>
================================================================================
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
--------------------------------------------------------------------------------
12,600 Washington Federal, Inc. $ 259
-----------
4,082
-----------
Total Financials 264,497
-----------
HEALTH CARE (15.6%)
-------------------
BIOTECHNOLOGY (0.3%)
74,800 Amgen, Inc.* 4,290
-----------
HEALTH CARE DISTRIBUTORS (0.9%)
18,300 AmerisourceBergen Corp. 565
152,600 Cardinal Health, Inc. 5,294
105,500 McKesson Corp. 6,837
-----------
12,696
-----------
HEALTH CARE EQUIPMENT (0.7%)
68,400 Medtronic, Inc. 2,988
112,700 Zimmer Holdings, Inc.* 6,865
-----------
9,853
-----------
HEALTH CARE FACILITIES (0.0%)
2,400 LifePoint Hospitals, Inc.* 92
-----------
HEALTH CARE SERVICES (1.9%)
241,450 DaVita, Inc. 15,074
163,700 Laboratory Corp. of America Holdings 12,862
-----------
27,936
-----------
HEALTH CARE SUPPLIES (0.0%)
4,900 Cooper Companies, Inc. 190
-----------
LIFE SCIENCES TOOLS & SERVICES (1.2%)
303,250 Thermo Fisher Scientific, Inc.* 16,764
-----------
MANAGED HEALTH CARE (4.0%)
416,650 Aetna, Inc. 12,312
90,300 CIGNA Corp. 2,895
18,100 Coventry Health Care, Inc.* 430
47,300 Health Net, Inc.* 1,041
22,100 Humana, Inc.* 1,010
875,245 UnitedHealth Group, Inc. 26,529
255,969 WellPoint, Inc.* 13,771
-----------
57,988
-----------
PHARMACEUTICALS (6.6%)
294,500 Abbott Laboratories 15,067
65,300 Bristol-Myers Squibb Co. 1,651
193,900 Eli Lilly and Co. 6,781
32,400 Endo Pharmaceuticals Holdings, Inc.* 709
185,400 Forest Laboratories, Inc.* 5,054
306,000 Johnson & Johnson 19,676
29,800 King Pharmaceuticals, Inc.* 292
261,200 Merck & Co., Inc. 9,152
2,129,102 Pfizer, Inc. 35,599
-----------
93,981
-----------
Total Health Care 223,790
-----------
INDUSTRIALS (8.6%)
------------------
AEROSPACE & DEFENSE (3.4%)
59,850 Alliant Techsystems, Inc.* 4,842
250,400 Boeing Co. 18,136
115,500 General Dynamics Corp. 8,820
6,500 ITT Corp. 361
28,000 L-3 Communications Holdings, Inc. 2,620
10,900 Northrop Grumman Corp. 739
================================================================================
Portfolio of Investments | 7
<PAGE>
================================================================================
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
--------------------------------------------------------------------------------
163,700 Rockwell Collins, Inc. $ 10,641
39,900 United Technologies Corp. 2,991
-----------
49,150
-----------
AIR FREIGHT & LOGISTICS (0.2%)
33,000 FedEx Corp. 2,970
1,200 United Parcel Service, Inc. "B" 83
-----------
3,053
-----------
COMMERCIAL PRINTING (0.1%)
74,400 R.R. Donnelley & Sons Co. 1,599
-----------
CONSTRUCTION & ENGINEERING (0.1%)
32,100 KBR, Inc. 709
-----------
CONSTRUCTION & FARM MACHINERY & HEAVY TRUCKS (1.3%)
26,200 Caterpillar, Inc. 1,784
9,600 Cummins, Inc. 693
209,050 Deere & Co. 12,505
61,800 Manitowoc Co., Inc. 866
22,800 Oshkosh Corp.* 881
43,100 Terex Corp.* 1,143
36,100 Trinity Industries, Inc. 899
-----------
18,771
-----------
ELECTRICAL COMPONENTS & EQUIPMENT (0.1%)
7,300 General Cable Corp.* 208
11,100 Rockwell Automation, Inc. 674
-----------
882
-----------
ENVIRONMENTAL & FACILITIES SERVICES (1.0%)
419,750 Waste Management, Inc. 14,557
-----------
HUMAN RESOURCE & EMPLOYMENT SERVICES (0.1%)
27,200 Manpower, Inc. 1,526
-----------
INDUSTRIAL CONGLOMERATES (0.5%)
38,300 3M Co. 3,396
152,500 General Electric Co. 2,876
57,600 Textron, Inc. 1,316
-----------
7,588
-----------
INDUSTRIAL MACHINERY (1.3%)
159,350 Danaher Corp. 13,430
12,100 Eaton Corp. 934
18,300 Gardner Denver, Inc. 920
30,900 Illinois Tool Works, Inc. 1,579
12,400 Parker-Hannifin Corp. 858
5,790 SPX Corp. 405
25,400 Timken Co. 893
-----------
19,019
-----------
OFFICE SERVICES & SUPPLIES (0.1%)
53,600 Pitney Bowes, Inc. 1,361
25,300 Steelcase, Inc. "A" 208
1,300 United Stationers, Inc.* 80
-----------
1,649
-----------
RAILROADS (0.2%)
45,000 CSX Corp. 2,522
8,400 Norfolk Southern Corp. 498
-----------
3,020
-----------
SECURITY & ALARM SERVICES (0.0%)
4,000 Corrections Corp. of America* 83
-----------
================================================================================
8 | USAA Income Stock Fund
<PAGE>
================================================================================
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
--------------------------------------------------------------------------------
TRADING COMPANIES & DISTRIBUTORS (0.1%)
46,400 United Rentals, Inc.* $ 666
-----------
TRUCKING (0.1%)
12,400 Ryder System, Inc. 577
-----------
Total Industrials 122,849
-----------
INFORMATION TECHNOLOGY (19.2%)
------------------------------
COMMUNICATIONS EQUIPMENT (1.4%)
383,100 Cisco Systems, Inc.* 10,313
14,800 CommScope, Inc.* 482
321,700 Motorola, Inc.* 2,275
173,600 QUALCOMM, Inc. 6,725
67,200 Tellabs, Inc. 610
-----------
20,405
-----------
COMPUTER HARDWARE (3.0%)
98,230 Apple, Inc.* 25,650
598,800 Dell, Inc.* 9,688
66,000 Hewlett-Packard Co. 3,430
32,140 International Business Machines Corp. 4,146
-----------
42,914
-----------
COMPUTER STORAGE & PERIPHERALS (0.4%)
109,700 EMC Corp.* 2,086
45,500 Lexmark International, Inc. "A"* 1,686
32,400 Western Digital Corp.* 1,331
-----------
5,103
-----------
DATA PROCESSING & OUTSOURCED SERVICES (2.8%)
207,850 Automatic Data Processing, Inc. 9,013
194,250 Fiserv, Inc.* 9,924
236,300 Visa, Inc. "A" 21,321
-----------
40,258
-----------
ELECTRONIC COMPONENTS (0.9%)
681,200 Corning, Inc. 13,113
-----------
HOME ENTERTAINMENT SOFTWARE (0.4%)
322,750 Electronic Arts, Inc.* 6,252
-----------
INTERNET SOFTWARE & SERVICES (2.7%)
638,100 eBay, Inc.* 15,193
27,270 Google, Inc. "A"* 14,329
75,700 Time Warner, Inc. 2,504
367,650 Yahoo!, Inc.* 6,077
-----------
38,103
-----------
OFFICE ELECTRONICS (0.1%)
120,300 Xerox Corp. 1,311
-----------
SEMICONDUCTOR EQUIPMENT (0.4%)
19,800 KLA-Tencor Corp. 675
371,250 MEMC Electronic Materials, Inc.* 4,815
-----------
5,490
-----------
SEMICONDUCTORS (1.0%)
26,100 Fairchild Semiconductor International, Inc.* 292
107,300 LSI Corp.* 646
17,100 Micron Technology, Inc.* 160
34,900 PMC-Sierra, Inc.* 309
487,000 Texas Instruments, Inc. 12,667
-----------
14,074
-----------
================================================================================
Portfolio of Investments | 9
<PAGE>
================================================================================
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
--------------------------------------------------------------------------------
SYSTEMS SOFTWARE (5.8%)
1,640,050 Microsoft Corp. $ 50,087
1,281,950 Oracle Corp. 33,126
-----------
83,213
-----------
TECHNOLOGY DISTRIBUTORS (0.3%)
4,800 Anixter International, Inc.* 251
120,300 Ingram Micro, Inc. "A"* 2,185
47,100 Tech Data Corp.* 2,021
-----------
4,457
-----------
Total Information Technology 274,693
-----------
MATERIALS (3.9%)
----------------
ALUMINUM (0.0%)
48,800 Alcoa, Inc. 656
-----------
COMMODITY CHEMICALS (0.0%)
16,600 Westlake Chemical Corp. 466
-----------
DIVERSIFIED CHEMICALS (1.7%)
20,400 Ashland, Inc. 1,215
16,800 Cabot Corp. 547
270,600 Dow Chemical Co. 8,343
296,900 E.I. du Pont de Nemours & Co. 11,829
21,600 Eastman Chemical Co. 1,445
68,900 Huntsman Corp. 786
-----------
24,165
-----------
DIVERSIFIED METALS & MINING (0.2%)
22,100 Freeport-McMoRan Copper & Gold, Inc. 1,669
54,200 Titanium Metals Corp.* 836
-----------
2,505
-----------
INDUSTRIAL GASES (1.2%)
200,900 Praxair, Inc. 16,829
-----------
PAPER PACKAGING (0.1%)
33,400 Temple-Inland, Inc. 779
-----------
PAPER PRODUCTS (0.2%)
76,700 International Paper Co. 2,051
49,900 MeadWestvaco Corp. 1,356
-----------
3,407
-----------
SPECIALTY CHEMICALS (0.1%)
8,500 Albemarle Corp. 388
21,800 Cytec Industries, Inc. 1,048
13,900 Rockwood Holdings, Inc.* 416
-----------
1,852
-----------
STEEL (0.4%)
20,900 Allegheny Technologies, Inc. 1,117
19,400 Carpenter Technology Corp. 762
55,800 Commercial Metals Co. 830
25,600 Reliance Steel & Aluminum Co. 1,250
27,500 Steel Dynamics, Inc. 432
18,770 United States Steel Corp. 1,026
-----------
5,417
-----------
Total Materials 56,076
-----------
TELECOMMUNICATION SERVICES (1.7%)
---------------------------------
INTEGRATED TELECOMMUNICATION SERVICES (1.6%)
408,195 AT&T, Inc. 10,637
================================================================================
10 | USAA Income Stock Fund
<PAGE>
================================================================================
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
--------------------------------------------------------------------------------
23,600 CenturyTel, Inc. $ 805
1,110,943 Qwest Communications International, Inc. 5,810
185,588 Verizon Communications, Inc. 5,362
-----------
22,614
-----------
WIRELESS TELECOMMUNICATION SERVICES (0.1%)
26,700 NII Holdings, Inc. "B"* 1,133
19,200 Telephone & Data Systems, Inc. 666
6,900 U.S. Cellular Corp.* 290
-----------
2,089
-----------
Total Telecommunication Services 24,703
-----------
UTILITIES (2.3%)
----------------
ELECTRIC UTILITIES (0.5%)
67,500 Entergy Corp. 5,487
29,400 Exelon Corp. 1,282
-----------
6,769
-----------
GAS UTILITIES (0.2%)
18,200 Energen Corp. 889
6,700 National Fuel Gas Co. 349
12,600 ONEOK, Inc. 619
18,000 Questar Corp. 863
-----------
2,720
-----------
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS (0.1%)
61,300 Mirant Corp.* 715
33,400 NRG Energy, Inc.* 807
21,400 RRI Energy, Inc.* 87
-----------
1,609
-----------
MULTI-UTILITIES (1.5%)
21,200 Ameren Corp. 550
15,300 DTE Energy Co. 737
212,200 NSTAR 7,767
24,600 Public Service Enterprise Group, Inc. 791
234,300 Wisconsin Energy Corp. 12,303
-----------
22,148
-----------
WATER UTILITIES (0.0%)
11,800 Aqua America, Inc. 216
-----------
Total Utilities 33,462
-----------
Total Common Stocks (cost: $1,250,160) 1,402,476
-----------
MONEY MARKET INSTRUMENTS (2.5%)
MONEY MARKET FUNDS (2.5%)
36,198,805 State Street Institutional Liquid Reserve Fund,
0.16% (b)(cost: $36,199) 36,199
-----------
SHORT-TERM INVESTMENTS PURCHASED WITH
CASH COLLATERAL FROM SECURITIES LOANED (0.4%)
MONEY MARKET FUNDS (0.1%)
12,221 AIM Short-Term Investment Co. Liquid
Assets Portfolio, 0.15% (b) 12
488,868 BlackRock Liquidity Funds TempFund
Portfolio, 0.14% (b) 489
-----------
Total Money Market Funds 501
-----------
================================================================================
Portfolio of Investments | 11
<PAGE>
================================================================================
PRINCIPAL MARKET
AMOUNT VALUE
(000) SECURITY (000)
--------------------------------------------------------------------------------
REPURCHASE AGREEMENTS (0.3%)
$ 4,300 Deutsche Bank Securities, Inc., 0.19%,
acquired on 4/30/2010 and due 5/03/2010
at $4,300 (collateralized by $4,118 of U.S.
Treasury, 3.38%, due 6/30/2013; market
value $4,386) $ 4,300
-----------
Total Short-term Investments Purchased With
Cash Collateral From Securities Loaned
(cost: $4,801) 4,801
-----------
TOTAL INVESTMENTS (COST: $1,291,160) $ 1,443,476
===========
VALUATION HIERARCHY
($ IN 000s) -------------------
(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 $ 1,402,476 $ -- $ -- $ 1,402,476
MONEY MARKET INSTRUMENTS:
MONEY MARKET FUNDS 36,199 -- -- 36,199
SHORT-TERM INVESTMENTS PURCHASED
WITH CASH COLLATERAL FROM
SECURITIES LOANED:
MONEY MARKET FUNDS 501 -- -- 501
REPURCHASE AGREEMENTS -- 4,300 -- 4,300
-------------------------------------------------------------------------------------------------------
Total $ 1,439,176 $ 4,300 $ -- $ 1,443,476
-------------------------------------------------------------------------------------------------------
================================================================================
12 | USAA Income Stock Fund
<PAGE>
================================================================================
NOTES TO PORTFOLIO OF INVESTMENTS
April 30, 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 Income
Stock Fund (the Fund), which is classified as diversified under the 1940 Act.
The Fund has two classes of shares: Income Stock Fund Shares and Income Stock
Fund Institutional Shares. Each class of shares has equal rights to assets and
earnings, except that each class bears certain class-related expenses specific
to the particular class. These expenses include administration and servicing
fees, transfer agent fees, postage, shareholder reporting fees, and certain
registration and custodian fees. Expenses not attributable to a specific class,
income, and realized gains or losses on investments are allocated to each class
of shares based on each class's relative net assets. Each class has exclusive
voting rights on matters related solely to that class and separate voting rights
on matters that relate to both classes. The Institutional Shares are currently
only offered for sale to the USAA Target Retirement Funds (Target Funds) and not
to the general public. The Target Funds are managed by USAA Investment
Management Company (the Manager), an affiliate of the Fund.
A. SECURITY VALUATION - The value of each security is determined (as of the
close of trading on the New York Stock Exchange (NYSE) on each business day the
NYSE is open) as set forth below:
1. Equity securities, including exchange-traded funds (ETFs), except as
otherwise noted, traded primarily on a domestic securities exchange or the
Nasdaq over-the-counter markets, are valued at the last sales price or official
closing price on the exchange or primary market on which they trade. Equity
securities traded primarily on foreign securities exchanges or markets are
valued at the last quoted sales price, or the most recently determined official
closing price calculated according to local market convention, available at the
time the Fund is valued. If no last sale or official closing price is reported
or available, the average of the bid and asked prices 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, the Manager and the Fund's subadvisers, if applicable, will
monitor for events that would materially affect the value of the Fund's foreign
securities. The Fund's subadvisers have agreed to notify the Manager of
significant events they identify that would materially affect the value of the
Fund's foreign securities. If the
================================================================================
Notes to Portfolio of Investments | 13
<PAGE>
================================================================================
Manager determines that a particular event would materially affect the value of
the Fund's foreign securities, then the Manager, under valuation procedures
approved by the Trust's Board of Trustees, will consider such available
information that it deems relevant to determine a fair value for the affected
foreign securities. In addition, the Fund may use information from an external
vendor or other sources to adjust the foreign market closing prices of foreign
equity securities to reflect what the Fund believes to be the fair value of the
securities as of the close of the NYSE. Fair valuation of affected foreign
equity securities may occur frequently based on an assessment that events that
occur on a fairly regular basis (such as U.S. market movements) are significant.
3. Investments in open-end investment companies, hedge, or other funds, other
than ETFs, are valued at their NAV at the end of each business day.
4. Debt securities purchased with original or remaining maturities of 60 days or
less may be valued at amortized cost, which approximates market value.
5. Repurchase agreements are valued at cost, which approximates market value.
6. Securities for which market quotations are not readily available or are
considered unreliable, or whose values have been materially affected by events
occurring after the close of their primary markets but before the pricing of the
Fund, are valued in good faith at fair value, using methods determined by the
Manager in consultation with the Fund's subadvisers, if applicable, under
valuation procedures approved by the Trust's Board of Trustees. The effect of
fair value pricing is that securities may not be priced on the basis of
quotations from the primary market in which they are traded and the actual price
realized from the sale of a security may differ materially from the fair value
price. Valuing these securities at fair value is intended to cause the Fund's
NAV to be more reliable than it otherwise would be.
Fair value methods used by the Manager include, but are not limited to,
obtaining market quotations from secondary pricing services, broker-dealers, or
widely used quotation systems. General factors considered in determining the
fair value of securities include fundamental analytical data, the nature and
duration of any restrictions on disposition of the securities, and an evaluation
of the forces that influenced the market in which the securities are purchased
and sold.
B. FAIR VALUE MEASUREMENTS - Fair value is defined as the price that would be
received to sell an asset or paid to transfer a liability in an orderly
transaction between market participants at the measurement date. The three-level
valuation hierarchy disclosed in the portfolio of investments is based upon the
transparency of inputs to the valuation of an asset or liability as of the
measurement date. The three levels are defined as follows:
Level 1 - inputs to the valuation methodology are quoted prices (unadjusted) in
active markets for identical securities.
Level 2 - inputs to the valuation methodology are other significant observable
inputs, including quoted prices for similar securities, inputs that are
observable for the securities, either directly or indirectly, and
market-corroborated inputs such as market indices.
================================================================================
14 | USAA Income Stock Fund
<PAGE>
================================================================================
Level 3 - inputs to the valuation methodology are unobservable and significant
to the fair value measurement, including the Manager's own assumptions in
determining the fair value.
The inputs or methodologies used for valuing securities are not necessarily an
indication of the risks associated with investing in those securities.
C. REPURCHASE AGREEMENTS - The Fund may enter into repurchase agreements with
commercial banks or recognized security dealers. These agreements are
collateralized by underlying securities. The collateral obligations are
marked-to-market daily to ensure their value is equal to or in excess of the
repurchase agreement price plus accrued interest and are held by the Fund,
either through its regular custodian or through a special "tri-party" custodian
that maintains separate accounts for both the Fund and its counterparty, until
maturity of the repurchase agreement. Repurchase agreements are subject to
credit risk, and the Fund's Manager monitors the creditworthiness of sellers
with which the Fund may enter into repurchase agreements.
D. LENDING OF PORTFOLIO SECURITIES - The Fund, through its third-party
securities-lending agent, Wachovia Global Securities Lending, may lend its
securities to qualified financial institutions, such as certain broker-dealers,
to earn additional income. The borrowers are required to secure their loans
continuously with cash collateral in an amount at least equal to the fair value
of the securities loaned, initially in an amount at least equal to 102% of the
fair value of domestic securities loaned and 105% of the fair value of
international securities loaned. Cash collateral is invested in high-quality
short-term investments. Cash collateral requirements are determined daily based
on the prior business day's ending value of securities loaned. Imbalances in
cash collateral may occur on days where market volatility causes security prices
to change significantly, and are adjusted the next business day. Risks to the
Fund in securities-lending transactions are that the borrower may not provide
additional collateral when required or return the securities when due, and that
the value of the short-term investments will be less than the amount of cash
collateral required to be returned to the borrower. The aggregate fair market
value of the loaned portion of these securities as of April 30, 2010, was
approximately $4,447,000.
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. NEW ACCOUNTING PRONOUNCEMENT - In January 2010, the Financial Accounting
Standards Board issued amended guidance for improving disclosures about fair
value measurements that adds new disclosure requirements about significant
transfers between Level 1, Level 2, and Level 3, and separate disclosures about
purchases, sales, issuances, and settlements in the reconciliation for fair
value measurements using significant unobservable inputs (Level 3). It also
clarifies existing disclosure requirements relating to the levels of
disaggregation for fair value measurement and inputs and valuation techniques
used to measure fair value. The amended guidance is effective for financial
statements for fiscal years and interim periods beginning after December 15,
2009, except for disclosures about purchases, sales, issuances and settlements
in the rollforward of activity in Level 3 fair value measurements, which are
effective for fiscal years beginning after December 15,
================================================================================
Notes to Portfolio of Investments | 15
<PAGE>
================================================================================
2010, and for interim periods within those fiscal years. The Manager is in the
process of evaluating the impact of this guidance on the Fund's financial
statement disclosures.
G. As of April 30, 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
April 30, 2010, were $176,335,000 and $24,019,000, respectively, resulting in
net unrealized appreciation of $152,316,000.
H. The portfolio of investments category percentages shown represent the
percentages of the investments to net assets, which were $1,434,133,000 at April
30, 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
ADR American depositary receipts are receipts issued by a U.S. bank evidencing
ownership of foreign shares. Dividends are paid in U.S. dollars.
REIT Real estate investment trust
SPECIFIC NOTES
(a) The security or a portion thereof was out on loan as of April 30, 2010.
(b) Rate represents the money market fund annualized seven-day yield at April
30, 2010.
* Non-income-producing security. As of April 30, 2010, 82.5% of the Fund's net
assets were invested in dividend-paying stocks.
================================================================================
16 | USAA Income Stock Fund
ITEM 2. CONTROLS AND PROCEDURES
The principal executive officer and principal financial officer of USAA Mutual
Funds Trust (Trust) have concluded that the Trust's disclosure controls and
procedures are sufficient to ensure that information required to be disclosed by
the Trust in this Form N-Q was recorded, processed, summarized and reported
within the time periods specified in the Securities and Exchange Commission's
rules and forms, based upon such officers' evaluation of these controls and
procedures as of a date within 90 days of the filing date of the report.
There were no significant changes or corrective actions with regard to
significant deficiencies or material weaknesses in the Trust's internal controls
or in other factors that could significantly affect the Trust's internal
controls subsequent to the date of their evaluation.
ITEM 3. EXHIBITS.
Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940
(17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
Registrant: USAA MUTUAL FUNDS TRUST - Period Ended April 30, 2010
By:* /s/ CHRISTOPHER P. LAIA
--------------------------------------------------------------
Signature and Title: Christopher P. Laia, Secretary
Date: 06/23/2010
-------------------------------
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: 06/23/2010
------------------------------
By:* /s/ ROBERTO GALINDO, JR.
-----------------------------------------------------
Signature and Title: Roberto Galindo, Jr., Treasurer
Date: 06/23/2010
------------------------------
*PRINT THE NAME AND TITLE OF EACH SIGNING OFFICER UNDER HIS OR HER SIGNATURE.
Usaa Treasury Money Market Trust (NASDAQ:UATXX)
Historical Stock Chart
From Jun 2024 to Jul 2024
Usaa Treasury Money Market Trust (NASDAQ:UATXX)
Historical Stock Chart
From Jul 2023 to Jul 2024
