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 SMALL CAP STOCK FUND - 3RD QUARTER REPORT - PERIOD ENDED APRIL 30, 2010
[LOGO OF USAA]
USAA(R)
PORTFOLIO OF INVESTMENTS
3(RD) QUARTER
USAA SMALL CAP STOCK FUND
APRIL 30, 2010
(Form N-Q)
48494-0610 (C)2010, USAA. All rights reserved.
<PAGE>
================================================================================
PORTFOLIO OF INVESTMENTS
USAA SMALL CAP STOCK FUND
April 30, 2010 (unaudited)
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
--------------------------------------------------------------------------------
COMMON STOCKS (96.5%)
CONSUMER DISCRETIONARY (18.2%)
------------------------------
ADVERTISING (1.2%)
244,500 Arbitron, Inc. $ 7,533
-----------
APPAREL & ACCESSORIES & LUXURY GOODS (1.6%)
75,620 Carter's, Inc. * 2,437
50,500 Fossil, Inc. * 1,965
9,600 Oxford Industries, Inc. 207
35,200 True Religion Apparel, Inc. * 1,100
19,800 Under Armour, Inc. "A" *(a) 668
80,500 UniFirst Corp. 3,934
-----------
10,311
-----------
APPAREL RETAIL (4.7%)
122,775 Aeropostale, Inc. * 3,565
358,664 Cato Corp. "A" 8,518
35,169 Citi Trends, Inc. * 1,180
151,400 Dress Barn, Inc. * 4,191
15,000 Gymboree Corp. * 737
108,400 Hot Topic, Inc. 828
24,000 J. Crew Group, Inc. * 1,115
18,100 Jos. A. Bank Clothiers, Inc. * 1,102
544,460 Stage Stores, Inc. 8,303
68,920 Stein Mart, Inc. * 653
-----------
30,192
-----------
AUTO PARTS & EQUIPMENT (0.2%)
15,400 Dorman Products, Inc. * 390
76,500 Standard Motor Products, Inc. 816
-----------
1,206
-----------
CABLE & SATELLITE (0.3%)
32,700 Knology, Inc. * 430
142,800 Mediacom Communications Corp. "A" * 945
31,600 RCN Corp. * 464
-----------
1,839
-----------
CASINOS & GAMING (0.3%)
40,300 Bally Technologies, Inc. * 1,859
-----------
EDUCATION SERVICES (0.4%)
136,680 Corinthian Colleges, Inc. *(a) 2,135
29,660 Lincoln Educational Services Corp. * 740
-----------
2,875
-----------
FOOTWEAR (0.2%)
8,800 Deckers Outdoor Corp. * 1,237
-----------
GENERAL MERCHANDISE STORES (0.1%)
29,700 99 Cents Only Stores * 461
-----------
================================================================================
1 | USAA Small Cap Stock Fund
<PAGE>
================================================================================
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
--------------------------------------------------------------------------------
HOME FURNISHINGS (0.4%)
71,300 Tempur-Pedic International, Inc. * $ 2,403
-----------
HOMEFURNISHING RETAIL (0.3%)
97,579 Kirklands, Inc. * 2,173
-----------
HOTELS, RESORTS, & CRUISE LINES (0.6%)
10,200 Ambassadors Group, Inc. 124
105,600 Choice Hotels International, Inc. 3,834
-----------
3,958
-----------
HOUSEHOLD APPLIANCES (0.8%)
203,600 Helen of Troy Ltd. * 5,499
-----------
HOUSEWARES & SPECIALTIES (0.4%)
45,300 Tupperware Brands Corp. 2,313
-----------
INTERNET RETAIL (0.1%)
16,900 NutriSystem, Inc. (a) 326
19,322 PetMed Express, Inc. (a) 428
-----------
754
-----------
LEISURE FACILITIES (0.1%)
15,011 International Speedway Corp. "A" 459
-----------
LEISURE PRODUCTS (0.5%)
61,500 LeapFrog Enterprises, Inc. * 420
17,200 Polaris Industries, Inc. 1,018
136,200 Smith & Wesson Holding Corp. * 606
61,532 Sturm Ruger & Co., Inc. (a) 1,027
-----------
3,071
-----------
MOVIES & ENTERTAINMENT (0.5%)
12,100 Cinemark Holdings, Inc. 221
134,064 Live Nation, Inc. * 2,104
90,520 LodgeNet Interactive Corp. * 597
43,300 Playboy Enterprises, Inc. "B" * 181
26,460 World Wrestling Entertainment, Inc. "A" 483
-----------
3,586
-----------
PUBLISHING (0.9%)
54,923 Dolan Media Co. * 653
155,059 Valassis Communications, Inc. * 5,069
-----------
5,722
-----------
RESTAURANTS (2.6%)
60,692 California Pizza Kitchen, Inc. * 1,244
36,700 Carrols Restaurant Group, Inc. * 275
173,860 CEC Entertainment, Inc. * 6,789
185,340 Dominos Pizza, Inc. * 2,856
21,800 Jack in the Box, Inc. * 513
34,100 Papa John's International, Inc. * 934
368,700 Sonic Corp. * 4,318
-----------
16,929
-----------
SPECIALIZED CONSUMER SERVICES (0.8%)
115,021 Matthews International Corp. "A" 4,026
30,500 Steiner Leisure Ltd. * 1,429
-----------
5,455
-----------
SPECIALTY STORES (0.8%)
29,157 Big 5 Sporting Goods Corp. 495
123,314 Hibbett Sports, Inc. *(a) 3,391
18,300 Tractor Supply Co. 1,229
-----------
5,115
-----------
================================================================================
Portfolio of Investments | 2
<PAGE>
================================================================================
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
--------------------------------------------------------------------------------
TIRES & RUBBER (0.4%)
118,900 Cooper Tire & Rubber Co. $ 2,523
-----------
Total Consumer Discretionary 117,473
-----------
CONSUMER STAPLES (4.6%)
-----------------------
FOOD DISTRIBUTORS (0.2%)
30,318 Spartan Stores, Inc. 458
25,458 United Natural Foods, Inc. * 781
-----------
1,239
-----------
FOOD RETAIL (0.9%)
115,400 Casey's General Stores, Inc. 4,458
67,710 Pantry, Inc. * 1,071
-----------
5,529
-----------
PACKAGED FOODS & MEAT (1.5%)
18,600 American Italian Pasta Co. * 730
23,620 J & J Snack Foods Corp. 1,100
32,109 Lancaster Colony Corp. 1,765
183,800 Lance, Inc. 4,260
30,944 Sanderson Farms, Inc. 1,754
-----------
9,609
-----------
PERSONAL PRODUCTS (1.7%)
164,500 Herbalife Ltd. 7,937
109,803 Nu Skin Enterprises, Inc. "A" 3,301
-----------
11,238
-----------
SOFT DRINKS (0.0%)
6,978 National Beverage Corp. 81
-----------
TOBACCO (0.3%)
297,000 Alliance One International, Inc. * 1,512
14,300 Universal Corp. 740
-----------
2,252
-----------
Total Consumer Staples 29,948
-----------
ENERGY (4.1%)
-------------
COAL & CONSUMABLE FUELS (0.2%)
234,020 International Coal Group, Inc. * 1,233
-----------
OIL & GAS EQUIPMENT & SERVICES (1.6%)
156,549 Cal Dive International, Inc. * 1,027
12,580 ENGlobal Corp. * 45
19,900 Geokinetics, Inc. * 174
104,575 Matrix Service Co. * 1,111
101,608 RPC, Inc. 1,387
61,289 Seacor Holdings, Inc. * 5,159
67,993 TETRA Technologies, Inc. * 836
76,700 Willbros Group, Inc. * 962
-----------
10,701
-----------
OIL & GAS EXPLORATION & PRODUCTION (2.1%)
11,100 Contango Oil & Gas Co. * 609
83,764 Gulfport Energy Corp. * 1,047
177,600 Penn Virginia Corp. 4,531
64,989 St. Mary Land & Exploration Co. 2,615
56,200 VAALCO Energy, Inc. 315
76,200 W&T Offshore, Inc. (a) 722
41,100 Whiting Petroleum Corp. * 3,713
-----------
13,552
-----------
================================================================================
3 | USAA Small Cap Stock Fund
<PAGE>
================================================================================
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
--------------------------------------------------------------------------------
OIL & GAS REFINING & MARKETING (0.2%)
138,965 CVR Energy, Inc. * $ 1,180
-----------
Total Energy 26,666
-----------
FINANCIALS (14.5%)
------------------
ASSET MANAGEMENT & CUSTODY BANKS (1.1%)
376,500 Ares Capital Corp. 5,971
24,156 Calamos Asset Management, Inc. "A" 301
83,680 Penson Worldwide, Inc. *(a) 787
-----------
7,059
-----------
CONSUMER FINANCE (0.7%)
19,528 Credit Acceptance Corp. * 881
59,707 Dollar Financial Corp. * 1,398
77,860 EZCORP, Inc. "A" * 1,612
42,199 First Cash Financial Services, Inc. * 931
-----------
4,822
-----------
INVESTMENT BANKING & BROKERAGE (0.2%)
69,732 optionsXpress Holdings, Inc. * 1,238
-----------
LIFE & HEALTH INSURANCE (1.2%)
257,800 Delphi Financial Group, Inc. "A" 7,089
36,442 FBL Financial Group, Inc. "A" 942
-----------
8,031
-----------
PROPERTY & CASUALTY INSURANCE (1.2%)
9,376 Alleghany Corp. * 2,786
148,147 Amerisafe, Inc. * 2,533
8,840 AmTrust Financial Services, Inc. 121
104,134 Assured Guaranty Ltd. 2,244
-----------
7,684
-----------
REGIONAL BANKS (4.5%)
99,985 Cardinal Financial Corp. 1,095
423,484 First Busey Corp. (a) 2,139
357,200 First Midwest Bancorp, Inc. 5,429
206,780 International Bancshares Corp. 4,998
152,700 MB Financial, Inc. 3,741
11,260 Park National Corp. (a) 771
18,800 PrivateBancorp, Inc. 269
21,240 Signature Bank * 858
29,386 Southside Bancshares, Inc. 634
6,580 SVB Financial Group * 324
285,200 Webster Financial Corp. 5,909
45,500 Westamerica Bancorp 2,674
-----------
28,841
-----------
REINSURANCE (1.9%)
135,700 Platinum Underwriters Holdings Ltd. 5,049
90,200 Reinsurance Group of America, Inc. "A" 4,657
97,302 Validus Holdings Ltd. 2,488
-----------
12,194
-----------
REITs - DIVERSIFIED (0.3%)
28,300 PS Business Parks, Inc. 1,698
-----------
REITs - OFFICE (0.4%)
69,700 Mack-Cali Realty Corp. 2,395
-----------
REITs - RESIDENTIAL (0.9%)
95,900 American Campus Communities, Inc. 2,702
59,140 Associated Estates Realty Corp. 830
================================================================================
Portfolio of Investments | 4
<PAGE>
================================================================================
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
--------------------------------------------------------------------------------
316,335 Education Realty Trust, Inc. $ 2,236
-----------
5,768
-----------
REITs - RETAIL (0.4%)
60,400 Realty Income Corp. (a) 1,981
18,900 Tanger Factory Outlet Centers, Inc. 786
-----------
2,767
-----------
REITs - SPECIALIZED (0.7%)
271,094 DiamondRock Hospitality Co. 2,979
61,580 OMEGA Healthcare Investors, Inc. 1,233
-----------
4,212
-----------
SPECIALIZED FINANCE (0.2%)
39,870 Interactive Brokers Group, Inc. "A" * 683
27,100 Life Partners Holdings, Inc. (a) 626
-----------
1,309
-----------
THRIFTS & MORTGAGE FINANCE (0.8%)
177,300 NewAlliance Bancshares, Inc. 2,310
224,500 Northwest Bancshares, Inc. 2,804
19,451 United Financial Bancorp, Inc. 272
-----------
5,386
-----------
Total Financials 93,404
-----------
HEALTH CARE (14.6%)
-------------------
BIOTECHNOLOGY (2.6%)
214,420 Alkermes, Inc. * 2,809
60,200 BioCryst Pharmaceuticals, Inc. *(a) 458
96,000 Cubist Pharmaceuticals, Inc. * 2,152
73,391 Emergent BioSolutions, Inc. * 1,195
119,084 Human Genome Sciences, Inc. * 3,297
103,100 Isis Pharmaceuticals, Inc. * 1,108
104,778 Martek Biosciences Corp. * 2,308
129,837 Maxygen, Inc. * 832
12,173 Myriad Pharmaceuticals, Inc. * 60
16,000 Onyx Pharmaceuticals, Inc. * 462
245,610 PDL BioPharma, Inc. 1,430
19,200 Sangamo Biosciences, Inc. * 118
106,943 SciClone Pharmaceuticals, Inc. * 447
-----------
16,676
-----------
HEALTH CARE DISTRIBUTORS (0.2%)
55,700 PSS World Medical, Inc. * 1,305
-----------
HEALTH CARE EQUIPMENT (1.8%)
62,000 American Medical Systems Holdings, Inc. * 1,111
111,800 Cyberonics, Inc. * 2,184
10,600 Integra LifeSciences Holdings Corp. * 482
104,426 Invacare Corp. 2,760
46,270 Kensey Nash Corp. * 1,048
28,770 Sirona Dental Systems, Inc. * 1,199
85,650 Steris Corp. 2,850
-----------
11,634
-----------
HEALTH CARE FACILITIES (0.6%)
178,900 AmSurg Corp. * 3,707
26,970 NovaMed, Inc. *(a) 88
-----------
3,795
-----------
HEALTH CARE SERVICES (2.9%)
42,480 Amedisys, Inc. *(a) 2,446
128,780 AMN Healthcare Services, Inc. * 1,177
81,674 CorVel Corp. * 2,720
================================================================================
5 | USAA Small Cap Stock Fund
<PAGE>
================================================================================
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
--------------------------------------------------------------------------------
52,570 Emergency Medical Services Corp. "A" * $ 2,780
86,370 Gentiva Health Services, Inc. * 2,477
65,100 LHC Group, Inc. * 2,220
114,360 Odyssey Healthcare, Inc. * 2,382
36,752 Providence Service Corp. * 610
62,893 RehabCare Group, Inc. * 1,794
-----------
18,606
-----------
HEALTH CARE SUPPLIES (1.4%)
40,570 Haemonetics Corp. * 2,348
153,000 ICU Medical, Inc. * 5,448
43,175 Merit Medical Systems, Inc. * 698
55,380 Quidel Corp. * 816
-----------
9,310
-----------
LIFE SCIENCES TOOLS & SERVICES (2.3%)
18,700 Bio-Rad Laboratories, Inc. "A" * 2,088
265,010 Bruker Corp. * 4,052
139,300 Charles River Laboratories International, Inc. * 4,664
132,900 ICON plc ADR * 3,877
-----------
14,681
-----------
MANAGED HEALTH CARE (0.7%)
85,780 Centene Corp. * 1,964
56,900 HealthSpring, Inc. * 1,002
86,300 Universal American Financial Corp. * 1,325
-----------
4,291
-----------
PHARMACEUTICALS (2.1%)
33,200 Hi-Tech Pharmacal Co., Inc. * 808
152,505 Medicines Co. * 1,119
133,965 Par Pharmaceutical Companies, Inc. * 3,636
294,132 Questcor Pharmaceuticals, Inc. * 2,865
89,190 Santarus, Inc. * 292
88,035 Valeant Pharmaceuticals International * 3,962
67,350 ViroPharma, Inc. * 857
-----------
13,539
-----------
Total Health Care 93,837
-----------
INDUSTRIALS (16.1%)
-------------------
AEROSPACE & DEFENSE (1.0%)
11,500 Cubic Corp. 429
45,050 DynCorp International, Inc. "A" * 775
22,900 Esterline Technologies Corp. * 1,277
149,651 GenCorp, Inc. *(a) 931
50,490 Orbital Sciences Corp. * 928
51,615 Stanley, Inc. * 1,633
5,060 Triumph Group, Inc. 392
-----------
6,365
-----------
AIRLINES (0.8%)
146,630 AirTran Holdings, Inc. * 774
18,350 Allegiant Travel Co. * 944
224,033 Hawaiian Holdings, Inc. * 1,591
79,100 UAL Corp. * 1,707
-----------
5,016
-----------
CONSTRUCTION & ENGINEERING (1.5%)
64,700 Comfort Systems USA, Inc. 911
69,500 EMCOR Group, Inc. * 1,985
145,843 Great Lakes Dredge & Dock Corp. 790
98,440 MasTec, Inc. * 1,232
42,314 Michael Baker Corp. * 1,495
46,043 Orion Marine Group, Inc. * 873
================================================================================
Portfolio of Investments | 6
<PAGE>
================================================================================
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
--------------------------------------------------------------------------------
121,060 Sterling Construction Co., Inc. * $ 2,119
-----------
9,405
-----------
CONSTRUCTION & FARM MACHINERY & HEAVY TRUCKS (0.2%)
269,300 Force Protection, Inc. * 1,441
-----------
DIVERSIFIED SUPPORT SERVICES (0.2%)
41,700 ATC Technology Corp. * 852
9,900 Enernoc, Inc. * 288
-----------
1,140
-----------
ELECTRICAL COMPONENTS & EQUIPMENT (2.3%)
80,400 Acuity Brands, Inc. (a) 3,635
326,990 Belden, Inc. 8,979
217,881 GT Solar International, Inc. *(a) 1,270
26,578 Powell Industries, Inc. * 893
-----------
14,777
-----------
ENVIRONMENTAL & FACILITIES SERVICES (0.7%)
157,437 Standard Packaging Corp. * 2,659
65,784 Tetra Tech, Inc. * 1,602
-----------
4,261
-----------
HUMAN RESOURCE & EMPLOYMENT SERVICES (0.3%)
47,750 Administaff, Inc. 1,057
21,000 Towers Watson & Co. "A" 1,008
-----------
2,065
-----------
INDUSTRIAL CONGLOMERATES (1.6%)
274,400 Carlisle Companies, Inc. 10,353
-----------
INDUSTRIAL MACHINERY (2.9%)
259,403 Albany International Corp. "A" 6,607
79,300 Chart Industries, Inc. * 1,823
70,570 EnPro Industries, Inc. * 2,228
83,100 ESCO Technologies, Inc. 2,564
188,000 Mueller Industries, Inc. 5,574
-----------
18,796
-----------
MARINE (0.8%)
119,951 Kirby Corp. * 5,047
-----------
OFFICE SERVICES & SUPPLIES (1.9%)
497,900 ACCO Brands Corp. * 4,546
14,100 Sykes Enterprises, Inc. * 321
124,900 United Stationers, Inc. * 7,646
-----------
12,513
-----------
RAILROADS (0.8%)
141,400 Genesee & Wyoming, Inc. "A" * 5,529
-----------
RESEARCH & CONSULTING SERVICES (0.2%)
46,500 Huron Consulting Group, Inc. * 1,089
-----------
TRADING COMPANIES & DISTRIBUTORS (0.8%)
155,300 GATX Corp. 5,069
-----------
TRUCKING (0.1%)
37,100 Knight Transportation, Inc. 790
-----------
Total Industrials 103,656
-----------
INFORMATION TECHNOLOGY (16.9%)
------------------------------
APPLICATION SOFTWARE (2.3%)
25,924 ACI Worldwide, Inc. * 487
71,840 Actuate Corp. * 407
102,991 Interactive Intelligence, Inc. * 2,036
================================================================================
7 | USAA Small Cap Stock Fund
<PAGE>
================================================================================
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
--------------------------------------------------------------------------------
97,420 JDA Software Group, Inc. * $ 2,815
92,900 Mentor Graphics Corp. * 835
114,600 Net 1 U.E.P.S Technologies, Inc. * 1,880
122,990 Quest Software, Inc. * 2,156
64,630 Smith Micro Software, Inc. * 613
22,194 Solera Holdings, Inc. 863
221,700 TIBCO Software, Inc. * 2,527
-----------
14,619
-----------
COMMUNICATIONS EQUIPMENT (2.0%)
105,500 ADC Telecommunications, Inc. * 845
161,700 ARRIS Group, Inc. * 1,987
128,600 Bigband Networks, Inc. * 425
69,470 InterDigital, Inc. * 1,922
20,700 Loral Space & Communications, Inc. * 891
70,800 Netgear, Inc. * 1,916
114,050 Oplink Communications, Inc. * 1,723
42,300 SeaChange International, Inc. * 353
143,260 Tekelec * 2,597
-----------
12,659
-----------
COMPUTER HARDWARE (0.9%)
142,096 Cray, Inc. * 961
160,000 Diebold, Inc. 5,016
-----------
5,977
-----------
COMPUTER STORAGE & PERIPHERALS (0.8%)
209,086 Electronics for Imaging, Inc. * 2,687
42,500 Isilon Systems, Inc. * 551
213,830 Novatel Wireless, Inc. * 1,465
236,900 Quantum Corp. * 687
-----------
5,390
-----------
DATA PROCESSING & OUTSOURCED SERVICES (1.7%)
73,520 CSG Systems International, Inc. * 1,670
83,840 Euronet Worldwide, Inc. * 1,336
139,490 Global Cash Access Holdings, Inc. * 1,211
64,380 Heartland Payment Systems, Inc. 1,183
93,550 TeleTech Holdings, Inc. * 1,548
42,438 TNS, Inc. * 1,101
90,800 VeriFone Holdings, Inc. * 1,728
36,200 Wright Express Corp. * 1,230
-----------
11,007
-----------
ELECTRONIC EQUIPMENT & INSTRUMENTS (0.9%)
53,100 Coherent, Inc. * 1,995
126,530 MTS Systems Corp. 3,779
-----------
5,774
-----------
ELECTRONIC MANUFACTURING SERVICES (0.5%)
31,000 CTS Corp. 326
50,900 Multi-Fineline Electronix, Inc. * 1,319
254,398 Nam Tai Electronics, Inc. * 1,277
20,000 Radisys Corp. * 196
-----------
3,118
-----------
INTERNET SOFTWARE & SERVICES (1.1%)
163,900 Art Technology Group, Inc. * 701
39,940 Digital River, Inc. * 1,116
172,800 EarthLink, Inc. 1,559
89,390 J2 Global Communications, Inc. * 2,153
130,100 ValueClick, Inc. * 1,337
-----------
6,866
-----------
================================================================================
Portfolio of Investments | 8
<PAGE>
================================================================================
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
--------------------------------------------------------------------------------
IT CONSULTING & OTHER SERVICES (1.5%)
77,075 Acxiom Corp. * $ 1,471
25,900 CACI International, Inc. "A" * 1,228
17,800 ManTech International Corp. "A" * 801
88,800 Maximus, Inc. 5,498
38,200 SRA International, Inc. "A" * 882
-----------
9,880
-----------
OFFICE ELECTRONICS (0.6%)
124,500 Zebra Technologies Corp. "A" * 3,617
-----------
SEMICONDUCTOR EQUIPMENT (0.4%)
8,000 FEI Co. * 180
173,700 Kulicke & Soffa Industries, Inc. * 1,425
16,400 Rudolph Technologies, Inc. * 156
49,500 Tessera Technologies, Inc. * 1,004
-----------
2,765
-----------
SEMICONDUCTORS (2.1%)
57,657 Actel Corp. * 895
112,670 Advanced Analogic Technologies, Inc. * 428
214,791 Applied Micro Circuits Corp. * 2,423
120,660 Cirrus Logic, Inc. * 1,534
43,758 IXYS Corp. * 395
186,980 Lattice Semiconductor Corp. * 985
159,398 MIPS Technologies, Inc. * 795
172,800 RF Micro Devices, Inc. * 971
32,480 Semtech Corp. * 589
124,130 Skyworks Solutions, Inc. * 2,090
22,100 Standard Microsystems Corp. * 568
219,300 TriQuint Semiconductor, Inc. * 1,654
-----------
13,327
-----------
SYSTEMS SOFTWARE (1.6%)
27,800 FalconStor Software, Inc. * 83
74,000 Progress Software Corp. * 2,387
47,420 Sybase, Inc. * 2,057
155,754 TeleCommunication Systems, Inc. "A" * 1,076
220,200 Websense, Inc. * 5,014
-----------
10,617
-----------
TECHNOLOGY DISTRIBUTORS (0.5%)
26,000 Anixter International, Inc. * 1,362
99,200 Brightpoint, Inc. * 803
31,380 SYNNEX Corp. * 860
-----------
3,025
-----------
Total Information Technology 108,641
-----------
MATERIALS (4.1%)
----------------
DIVERSIFIED CHEMICALS (0.2%)
71,584 LSB Industries, Inc. * 1,271
-----------
FOREST PRODUCTS (0.7%)
80,700 Deltic Timber Corp. 4,247
-----------
METAL & GLASS CONTAINERS (0.7%)
108,700 AptarGroup, Inc. 4,679
-----------
PAPER PACKAGING (0.6%)
102,720 Boise, Inc. * 708
65,400 Rock-Tenn Co. "A" 3,374
-----------
4,082
-----------
SPECIALTY CHEMICALS (1.6%)
56,430 Innophos Holdings, Inc. 1,608
================================================================================
9 | USAA Small Cap Stock Fund
<PAGE>
================================================================================
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
--------------------------------------------------------------------------------
134,160 Omnova Solutions, Inc. * $ 1,026
123,510 PolyOne Corp. * 1,397
339,500 Zep, Inc. 6,260
-----------
10,291
-----------
STEEL (0.3%)
144,100 General Steel Holdings, Inc. *(a) 538
97,400 Worthington Industries, Inc. 1,555
-----------
2,093
-----------
Total Materials 26,663
-----------
TELECOMMUNICATION SERVICES (0.6%)
---------------------------------
ALTERNATIVE CARRIERS (0.4%)
40,000 Cogent Communications Group, Inc. * 408
106,720 PAETEC Holding Corp. * 532
183,180 Premiere Global Services, Inc. * 1,716
-----------
2,656
-----------
WIRELESS TELECOMMUNICATION SERVICES (0.2%)
16,100 NTELOS Holdings Corp. 316
84,320 USA Mobility, Inc. * 1,176
-----------
1,492
-----------
Total Telecommunication Services 4,148
-----------
UTILITIES (2.8%)
----------------
ELECTRIC UTILITIES (1.4%)
149,000 UniSource Energy Corp. 4,965
163,300 Weststar Energy, Inc. 3,868
-----------
8,833
-----------
GAS UTILITIES (1.4%)
112,000 Atmos Energy Corp. 3,313
66,050 New Jersey Resources Corp. 2,492
7,100 South Jersey Industries, Inc. 320
74,800 WGL Holdings, Inc. 2,674
-----------
8,799
-----------
WATER UTILITIES (0.0%)
11,192 Consolidated Water Co. Ltd. 158
-----------
Total Utilities 17,790
-----------
Total Common Stocks (cost: $485,090) 622,226
-----------
MONEY MARKET INSTRUMENTS (3.4%)
MONEY MARKET FUNDS (3.4%)
22,369,697 State Street Institutional Liquid Reserve Fund,
0.16% (b)(cost: $22,370) 22,370
-----------
Total Money Market Instruments
(cost: $22,370) 22,370
-----------
SHORT-TERM INVESTMENTS PURCHASED WITH CASH COLLATERAL
FROM SECURITIES LOANED (3.0%)
MONEY MARKET FUNDS (1.5%)
59,725 BlackRock Liquidity Funds TempFund Portfolio, 0.14%(b) 60
9,253,127 Fidelity Institutional Money Market Fund,
0.21%, 0.21%(b) 9,253
-----------
Total Money Market Funds 9,313
-----------
================================================================================
Portfolio of Investments | 10
<PAGE>
================================================================================
PRINCIPAL MARKET
AMOUNT VALUE
(000) SECURITY (000)
--------------------------------------------------------------------------------
REPURCHASE AGREEMENTS (1.5%)
$ 6,600 Credit Suisse First Boston LLC, 0.19%, acquired on
4/30/2010 and due 5/03/2010 at $2,800
(collateralized by $6,745 of Fannie Mae (c),
0.26%(d), due 10/27/2010; market value $6,737),
0.19%#%, 5/03/2010(c),(d) $ 6,600
3,300 Deutsche Bank Securities, Inc., 0.19%, acquired on
04/30/2010 and due 05/03/2010 at $3,300
(collateralized by $3,153 of U.S. Treasury, 5.00%,
due 08/15/2011; market value $3,366),
0.19%, 5/03/2010 3,300
-----------
Total Repurchase Agreements 9,900
-----------
Total Short-term Investments Purchased With Cash
Collateral From Securities Loaned (cost: $19,213) 19,213
-----------
TOTAL INVESTMENTS (COST: $526,673) $ 663,809
===========
($ IN 000s) VALUATION HIERARCHY
-------------------
(LEVEL 1)
QUOTED PRICES (LEVEL 2)
IN ACTIVE OTHER (LEVEL 3)
MARKETS SIGNIFICANT SIGNIFICANT
FOR IDENTICAL OBSERVABLE UNOBSERVABLE
ASSETS ASSETS INPUTS INPUTS TOTAL
----------------------------------------------------------------------------------------------------
EQUITY SECURITIES:
COMMON STOCKS $622,226 $ -- $-- $622,226
MONEY MARKET INSTRUMENTS:
MONEY MARKET FUNDS 22,370 -- -- 22,370
SHORT-TERM INVESTMENTS PURCHASED
WITH CASH COLLATERAL FROM
SECURITIES LOANED:
MONEY MARKET FUNDS 9,313 -- -- 9,313
REPURCHASE AGREEMENTS -- 9,900 -- 9,900
----------------------------------------------------------------------------------------------------
Total $653,909 $9,900 $-- $663,809
----------------------------------------------------------------------------------------------------
================================================================================
11 | USAA Small Cap 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 Small
Cap Stock Fund (the Fund), which is classified as diversified under the 1940
Act.
The Fund has two classes of shares: Small Cap Stock Fund Shares and Small Cap
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 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
================================================================================
Notes to Portfolio of Investments | 12
<PAGE>
================================================================================
identifies that would materially affect the value of the Fund's foreign
securities. If the Manager determines that a particular event would materially
affect the value of the Fund's foreign securities, then the Manager, under
valuation procedures approved by the Trust's Board of Trustees, will consider
such available information that it deems relevant to determine a fair value for
the affected foreign securities. In addition, the Fund may use information from
an external vendor or other sources to adjust the foreign market closing prices
of foreign equity securities to reflect what the Fund believes to be the fair
value of the securities as of the close of the NYSE. Fair valuation of affected
foreign equity 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.
================================================================================
13 | USAA Small Cap 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 $17,978,000.
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
================================================================================
Notes to Portfolio of Investments | 14
<PAGE>
================================================================================
Level 3 fair value measurements, which are effective for fiscal years beginning
after December 15, 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 $153,538,000 and $16,402,000, respectively, resulting in
net unrealized appreciation of $137,136,000.
H. The portfolio of investments category percentages shown represent the
percentages of the investments to net assets, which were $644,930,000 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.
================================================================================
15 | USAA Small Cap 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
