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 VALUE FUND
APRIL 30, 2010
(Form N-Q)
48493-0610 (C)2010, USAA. All rights reserved.
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PORTFOLIO OF INVESTMENTS
USAA VALUE FUND
April 30, 2010 (unaudited)
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
--------------------------------------------------------------------------------
COMMON STOCKS (98.1%)
CONSUMER DISCRETIONARY (14.3%)
------------------------------
APPAREL & ACCESSORIES & LUXURY GOODS (0.6%)
117,700 Hanesbrands, Inc. * $ 3,351
--------
APPAREL RETAIL (1.2%)
121,000 Limited Brands, Inc. 3,243
153,400 Men's Wearhouse, Inc. 3,625
--------
6,868
--------
AUTO PARTS & EQUIPMENT (1.2%)
278,800 American Axle & Manufacturing Holdings, Inc. * 3,000
173,000 Gentex Corp. 3,718
--------
6,718
--------
AUTOMOTIVE RETAIL (0.4%)
48,600 Advance Auto Parts, Inc. 2,192
--------
CASINOS & GAMING (1.0%)
68,500 Ameristar Casinos, Inc. 1,290
194,900 International Game Technology 4,108
--------
5,398
--------
COMPUTER & ELECTRONICS RETAIL (0.4%)
86,300 GameStop Corp. "A" * 2,098
--------
GENERAL MERCHANDISE STORES (0.6%)
79,200 Family Dollar Stores, Inc. 3,133
--------
HOME IMPROVEMENT RETAIL (1.0%)
154,200 Home Depot, Inc. 5,436
--------
HOMEFURNISHING RETAIL (0.2%)
63,250 Aaron's, Inc. (a) 1,428
--------
HOTELS, RESORTS, & CRUISE LINES (2.1%)
210,700 Carnival Corp. 8,786
81,200 Royal Caribbean Cruises Ltd. *(a) 2,910
--------
11,696
--------
HOUSEHOLD APPLIANCES (3.0%)
193,400 Stanley Black & Decker, Inc. 12,020
40,100 Whirlpool Corp. 4,365
--------
16,385
--------
LEISURE PRODUCTS (0.5%)
121,400 Brunswick Corp. 2,537
--------
PUBLISHING (1.3%)
28,400 John Wiley & Sons, Inc. "A" 1,201
189,300 Valassis Communications, Inc. * 6,188
--------
7,389
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1 | USAA Value Fund
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MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
--------------------------------------------------------------------------------
RESTAURANTS (0.1%)
53,900 CKE Restaurants, Inc. $ 665
--------
SPECIALIZED CONSUMER SERVICES (0.1%)
94,700 Service Corp. International 850
--------
SPECIALTY STORES (0.6%)
170,300 Cabela's, Inc. *(a) 3,093
--------
Total Consumer Discretionary 79,237
--------
CONSUMER STAPLES (7.0%)
-----------------------
DISTILLERS & VINTNERS (0.8%)
63,000 Diageo plc ADR 4,293
--------
DRUG RETAIL (0.5%)
76,300 Walgreen Co. 2,682
--------
FOOD DISTRIBUTORS (0.6%)
99,000 Sysco Corp. 3,122
--------
PERSONAL PRODUCTS (0.4%)
51,200 NBTY, Inc. * 2,083
--------
TOBACCO (4.7%)
217,100 Altria Group, Inc. 4,600
154,300 Imperial Tobacco Group plc ADR 8,794
25,600 Lorillard, Inc. 2,006
171,900 Philip Morris International, Inc. 8,437
46,800 Reynolds American, Inc. 2,500
--------
26,337
--------
Total Consumer Staples 38,517
--------
ENERGY (8.7%)
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INTEGRATED OIL & GAS (6.3%)
118,900 BP plc ADR 6,200
147,000 ConocoPhillips 8,701
174,300 Marathon Oil Corp. 5,604
52,600 Murphy Oil Corp. 3,164
126,700 Occidental Petroleum Corp. 11,233
--------
34,902
--------
OIL & GAS EXPLORATION & PRODUCTION (0.4%)
127,200 EXCO Resources, Inc. 2,360
--------
OIL & GAS STORAGE & TRANSPORTATION (2.0%)
180,200 El Paso Corp. 2,180
371,000 Spectra Energy Corp. 8,659
--------
10,839
--------
Total Energy 48,101
--------
FINANCIALS (19.5%)
------------------
ASSET MANAGEMENT & CUSTODY BANKS (1.3%)
44,900 Ameriprise Financial, Inc. 2,082
123,300 State Street Corp. 5,363
--------
7,445
--------
CONSUMER FINANCE (5.5%)
220,200 American Express Co. 10,156
270,900 Capital One Financial Corp. 11,760
679,200 SLM Corp. * 8,313
--------
30,229
--------
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Portfolio of Investments | 2
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MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
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DIVERSIFIED BANKS (1.6%)
273,800 Wells Fargo & Co. $ 9,066
--------
INSURANCE BROKERS (0.7%)
110,800 Willis Group Holdings Ltd. plc 3,817
--------
LIFE & HEALTH INSURANCE (0.4%)
44,300 Torchmark Corp. 2,372
--------
OTHER DIVERSIFIED FINANCIAL SERVICES (3.0%)
368,459 Bank of America Corp. 6,570
543,200 Citigroup, Inc. * 2,374
174,900 JPMorgan Chase & Co. 7,447
--------
16,391
--------
PROPERTY & CASUALTY INSURANCE (2.4%)
100,000 Allstate Corp. 3,267
93,800 Axis Capital Holdings Ltd. 2,924
44,100 Chubb Corp. 2,331
227,400 Fidelity National Financial, Inc. "A" 3,452
69,900 XL Capital Ltd. "A" 1,244
--------
13,218
--------
REGIONAL BANKS (3.6%)
212,400 Fifth Third Bancorp 3,167
181,300 PNC Financial Services Group, Inc. 12,185
1,148,200 Synovus Financial Corp. (a) 3,456
179,000 United Community Banks, Inc. * 1,045
--------
19,853
--------
REITs - MORTGAGE (0.5%)
159,600 Annaly Capital Management, Inc. 2,705
--------
THRIFTS & MORTGAGE FINANCE (0.5%)
183,100 New York Community Bancorp, Inc. 3,016
--------
Total Financials 108,112
--------
HEALTH CARE (11.3%)
-------------------
HEALTH CARE DISTRIBUTORS (0.5%)
83,800 Cardinal Health, Inc. 2,907
--------
HEALTH CARE EQUIPMENT (1.3%)
85,700 Baxter International, Inc. 4,047
74,700 Medtronic, Inc. 3,263
--------
7,310
--------
HEALTH CARE FACILITIES (0.4%)
96,000 HealthSouth Corp. * 1,964
--------
HEALTH CARE SERVICES (1.1%)
118,100 Omnicare, Inc. 3,282
45,200 Quest Diagnostics, Inc. 2,584
--------
5,866
--------
MANAGED HEALTH CARE (3.6%)
92,700 CIGNA Corp. 2,972
154,500 Coventry Health Care, Inc. * 3,668
180,900 UnitedHealth Group, Inc. 5,483
149,500 WellPoint, Inc. * 8,043
--------
20,166
--------
PHARMACEUTICALS (4.4%)
383,000 Bristol-Myers Squibb Co. 9,686
89,400 Johnson & Johnson 5,749
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3 | USAA Value Fund
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MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
--------------------------------------------------------------------------------
539,852 Pfizer, Inc. $ 9,026
--------
24,461
--------
Total Health Care 62,674
--------
INDUSTRIALS (14.9%)
-------------------
AEROSPACE & DEFENSE (5.6%)
52,000 Goodrich Corp. 3,857
184,700 Honeywell International, Inc. 8,768
45,000 ITT Corp. 2,501
77,700 L-3 Communications Holdings, Inc. 7,270
151,200 Raytheon Co. 8,815
--------
31,211
--------
BUILDING PRODUCTS (0.8%)
103,625 Gibraltar Industries, Inc. * 1,556
89,100 Simpson Manufacturing Co., Inc. 3,029
--------
4,585
--------
CONSTRUCTION & ENGINEERING (0.7%)
112,503 Comfort Systems USA, Inc. 1,584
103,700 Insituform Technologies, Inc. "A" * 2,486
--------
4,070
--------
CONSTRUCTION & FARM MACHINERY & HEAVY TRUCKS (1.1%)
68,500 Oshkosh Corp. * 2,645
124,800 Terex Corp. * 3,310
--------
5,955
--------
ELECTRICAL COMPONENTS & EQUIPMENT (1.6%)
118,900 Emerson Electric Co. 6,210
44,300 Regal-Beloit Corp. 2,803
--------
9,013
--------
HUMAN RESOURCE & EMPLOYMENT SERVICES (0.6%)
52,100 Administaff, Inc. 1,153
142,800 Korn/Ferry International * 2,315
--------
3,468
--------
INDUSTRIAL CONGLOMERATES (0.9%)
255,500 General Electric Co. 4,819
--------
INDUSTRIAL MACHINERY (2.8%)
53,400 Eaton Corp. 4,120
181,600 Illinois Tool Works, Inc. 9,280
31,800 SPX Corp. 2,222
--------
15,622
--------
RESEARCH & CONSULTING SERVICES (0.3%)
17,600 Dun & Bradstreet Corp. 1,355
--------
TRUCKING (0.5%)
53,100 Ryder System, Inc. 2,470
--------
Total Industrials 82,568
--------
INFORMATION TECHNOLOGY (14.6%)
------------------------------
APPLICATION SOFTWARE (0.5%)
282,700 Mentor Graphics Corp. * 2,542
--------
COMMUNICATIONS EQUIPMENT (0.9%)
431,100 Nokia Corp. ADR 5,242
--------
COMPUTER HARDWARE (3.2%)
57,300 Diebold, Inc. 1,797
160,000 Hewlett-Packard Co. 8,315
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Portfolio of Investments | 4
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MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
--------------------------------------------------------------------------------
60,800 International Business Machines Corp. $ 7,843
--------
17,955
--------
DATA PROCESSING & OUTSOURCED SERVICES (1.3%)
47,400 Alliance Data Systems Corp. * 3,558
65,900 Computer Sciences Corp. * 3,452
--------
7,010
--------
ELECTRONIC COMPONENTS (1.4%)
92,200 Littelfuse, Inc. * 3,893
374,900 Vishay Intertechnology, Inc. * 3,903
--------
7,796
--------
ELECTRONIC EQUIPMENT & INSTRUMENTS (0.7%)
131,100 Cognex Corp. 2,741
39,700 FARO Technologies, Inc. * 1,001
--------
3,742
--------
ELECTRONIC MANUFACTURING SERVICES (1.5%)
96,000 Mercury Computer Systems, Inc. * 1,234
64,200 Molex, Inc. 1,439
63,600 Park Electrochemical Corp. 1,921
102,100 Plexus Corp. * 3,783
--------
8,377
--------
IT CONSULTING & OTHER SERVICES (0.5%)
43,400 Maximus, Inc. 2,687
--------
SEMICONDUCTOR EQUIPMENT (1.2%)
274,300 Applied Materials, Inc. 3,780
289,200 Brooks Automation, Inc. * 2,811
--------
6,591
--------
SEMICONDUCTORS (1.9%)
316,500 Intel Corp. 7,226
106,100 Microchip Technology, Inc. 3,099
--------
10,325
--------
SYSTEMS SOFTWARE (1.5%)
268,200 Microsoft Corp. 8,191
--------
Total Information Technology 80,458
--------
MATERIALS (1.9%)
----------------
DIVERSIFIED CHEMICALS (1.1%)
151,200 E.I. du Pont de Nemours & Co. 6,024
--------
SPECIALTY CHEMICALS (0.8%)
371,700 PolyOne Corp. * 4,204
--------
Total Materials 10,228
--------
TELECOMMUNICATION SERVICES (1.9%)
---------------------------------
INTEGRATED TELECOMMUNICATION SERVICES (1.9%)
207,730 AT&T, Inc. 5,413
174,900 Verizon Communications, Inc. 5,053
--------
Total Telecommunication Services 10,466
--------
UTILITIES (4.0%)
----------------
ELECTRIC UTILITIES (1.4%)
67,100 Entergy Corp. 5,455
64,900 Pinnacle West Capital Corp. 2,423
--------
7,878
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5 | USAA Value Fund
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MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
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MULTI-UTILITIES (2.6%)
175,700 CenterPoint Energy, Inc. $ 2,523
153,300 Dominion Resources, Inc. 6,408
125,950 MDU Resources Group, Inc. 2,670
130,200 Xcel Energy, Inc. 2,832
--------
14,433
--------
Total Utilities 22,311
--------
Total Common Stocks (cost: $469,084) 542,672
--------
MONEY MARKET INSTRUMENTS (4.6%)
MONEY MARKET FUNDS (4.6%)
25,450,064 State Street Institutional Liquid Reserve
Fund, 0.16% (b)(cost: $25,450) 25,450
--------
SHORT-TERM INVESTMENTS PURCHASED WITH CASH COLLATERAL
FROM SECURITIES LOANED (1.9%)
MONEY MARKET FUNDS (1.6%)
1,079,789 BlackRock Liquidity Funds TempFund Portfolio, 0.14%(b) 1,080
7,868,973 Fidelity Institutional Money Market Fund, 0.21% (b) 7,869
--------
Total Money Market Funds 8,949
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PRINCIPAL
AMOUNT
(000)
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REPURCHASE AGREEMENTS (0.3%)
$ 1,400 Credit Suisse First Boston, LLC, 0.19%, acquired on
4/30/2010 and due 5/03/2010 at $1,400 (collateralized
by $1,430 of Fannie Mae (c), 0.28%(d), due 10/27/2010;
market value $1,428) 1,400
100 Deutsche Bank Securities, Inc., 0.19%, acquired on
4/30/2010 and due 5/03/2010 at $100 (collateralized
by $100 of U.S. Treasury, 3.25%, due 7/31/2016; market
value $102) 100
--------
Total Repurchase Agreements 1,500
--------
Total Short-term Investments Purchased With Cash
Collateral From Securities Loaned (cost: $10,449) 10,449
--------
TOTAL INVESTMENTS (COST: $504,983) $578,571
========
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Portfolio of Investments | 6
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VALUATION HIERARCHY
($ 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 $542,672 $ -- $ -- $542,672
MONEY MARKET INSTRUMENTS:
MONEY MARKET FUNDS 25,450 -- -- 25,450
SHORT-TERM INVESTMENTS PURCHASED
WITH CASH COLLATERAL FROM
SECURITIES LOANED:
MONEY MARKET FUNDS 8,949 -- -- 8,949
REPURCHASE AGREEMENTS -- 1,500 -- 1,500
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Total $577,071 $1,500 $ -- $578,571
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7 | USAA Value Fund
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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 Value
Fund (the Fund), which is classified as diversified under the 1940 Act.
The Fund has two classes of shares: Value Fund Shares and Value 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 subadviser, if applicable, will
monitor for events that would materially affect the value of the Fund's foreign
securities. The Fund's subadviser has agreed to notify the Manager of
significant events it identifies that would materially affect the value of the
Fund's foreign securities. If the Manager
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Notes to Portfolio of Investments | 8
<PAGE>
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determines that a particular event would materially affect the value of the
Fund's foreign securities, then the Manager, under valuation procedures approved
by the Trust's Board of Trustees, will consider such available information that
it deems relevant to determine a fair value for the affected foreign securities.
In addition, the Fund may use information from an external vendor or other
sources to adjust the foreign market closing prices of foreign equity securities
to reflect what the Fund believes to be the fair value of the securities as of
the close of the NYSE. Fair valuation of affected foreign equity securities may
occur frequently based on an assessment that events that occur on a fairly
regular basis (such as U.S. market movements) are significant.
3. Investments in open-end investment companies, hedge, or other funds, other
than ETFs, are valued at their NAV at the end of each business day.
4. Debt securities purchased with original or remaining maturities of 60 days or
less may be valued at amortized cost, which approximates market value.
5. Repurchase agreements are valued at cost, which approximates market value.
6. Securities for which market quotations are not readily available or are
considered unreliable, or whose values have been materially affected by events
occurring after the close of their primary markets but before the pricing of the
Fund, are valued in good faith at fair value, using methods determined by the
Manager in consultation with the Fund's subadviser, if applicable, under
valuation procedures approved by the Trust's Board of Trustees. The effect of
fair value pricing is that securities may not be priced on the basis of
quotations from the primary market in which they are traded and the actual price
realized from the sale of a security may differ materially from the fair value
price. Valuing these securities at fair value is intended to cause the Fund's
NAV to be more reliable than it otherwise would be.
Fair value methods used by the Manager include, but are not limited to,
obtaining market quotations from secondary pricing services, broker-dealers, or
widely used quotation systems. General factors considered in determining the
fair value of securities include fundamental analytical data, the nature and
duration of any restrictions on disposition of the securities, and an evaluation
of the forces that influenced the market in which the securities are purchased
and sold.
B. FAIR VALUE MEASUREMENTS - Fair value is defined as the price that would be
received to sell an asset or paid to transfer a liability in an orderly
transaction between market participants at the measurement date. The three-level
valuation hierarchy disclosed in the portfolio of investments is based upon the
transparency of inputs to the valuation of an asset or liability as of the
measurement date. The three levels are defined as follows:
Level 1 - inputs to the valuation methodology are quoted prices (unadjusted) in
active markets for identical securities.
Level 2 - inputs to the valuation methodology are other significant observable
inputs, including quoted prices for similar securities, inputs that are
observable for the securities, either directly or indirectly, and
market-corroborated inputs such as market indices.
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9 | USAA Value Fund
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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 $9,559,000.
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,
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Notes to Portfolio of Investments | 10
<PAGE>
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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 $98,725,000 and $25,137,000, respectively, resulting in net
unrealized appreciation of $73,588,000.
H. The portfolio of investments category percentages shown represent the
percentages of the investments to net assets, which were $553,379,000 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.
(c) 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.
(d) Zero-coupon security. Rate represents the effective yield at the date of
purchase.
* Non-income-producing security.
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11 | USAA Value 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.
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