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 SCIENCE & TECHNOLOGY FUND - 3RD QUARTER REPORT - PERIOD ENDED
APRIL 30, 2010
[LOGO OF USAA]
USAA(R)
PORTFOLIO OF INVESTMENTS
3(RD) QUARTER
USAA SCIENCE & TECHNOLOGY FUND
APRIL 30, 2010
(Form N-Q)
48495-0610 (C)2010, USAA. All rights reserved.
<PAGE>
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PORTFOLIO OF INVESTMENTS
USAA SCIENCE & TECHNOLOGY FUND
April 30, 2010 (unaudited)
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
--------------------------------------------------------------------------------
EQUITY SECURITIES (98.4%)
COMMON STOCKS (97.9%)
CONSUMER DISCRETIONARY (1.6%)
-----------------------------
CONSUMER ELECTRONICS (0.5%)
1,718,000 Skyworth Digital Technology Co. Ltd. (a) $ 1,533
-----------
EDUCATION SERVICES (0.5%)
6,580 Strayer Education, Inc. (b) 1,600
-----------
HOTELS, RESORTS, & CRUISE LINES (0.6%)
53,300 Ctrip.com International Ltd. ADR * 1,946
-----------
Total Consumer Discretionary 5,079
-----------
CONSUMER STAPLES (0.6%)
-----------------------
DRUG RETAIL (0.6%)
53,580 CVS Caremark Corp. 1,979
-----------
HEALTH CARE (22.7%)
-------------------
BIOTECHNOLOGY (5.0%)
34,100 3SBio, Inc. ADR * 406
16,900 Affymax, Inc. * 403
19,100 AMAG Pharmaceuticals, Inc. * 652
32,900 Amgen, Inc. * 1,887
64,600 Amylin Pharmaceuticals, Inc. * 1,333
111,600 Celera Corp. * 834
34,700 Celgene Corp. * 2,150
45,800 Celldex Therapeutics, Inc. * 374
12,200 Cephalon, Inc. * 783
135,248 Cytokinetics, Inc. * 436
19,000 Gilead Sciences, Inc. * 754
212,072 Incyte Corp. * 2,846
10,700 Ironwood Pharmaceuticals, Inc. * 138
118,400 Ligand Pharmaceuticals, Inc. "B" * 218
4,400 OSI Pharmaceuticals, Inc. * 258
27,100 Regeneron Pharmaceuticals, Inc. * 692
9,700 Rigel Pharmaceuticals, Inc. * 75
50,500 Seattle Genetics, Inc. * 636
80,300 Sigma Technologies International, Inc. *(b) 552
21,000 Vertex Pharmaceuticals, Inc. * 814
-----------
16,241
-----------
HEALTH CARE DISTRIBUTORS (1.9%)
47,800 AmerisourceBergen Corp. 1,475
54,740 Cardinal Health, Inc. 1,899
45,310 McKesson Corp. 2,936
-----------
6,310
-----------
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1 | USAA Science & Technology Fund
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MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
--------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT (5.7%)
45,600 ABIOMED, Inc. * $ 440
34,230 Baxter International, Inc. 1,616
16,600 Beckman Coulter, Inc. 1,036
18,780 C.R. Bard, Inc. 1,625
58,600 China Medical Technologies, Inc. ADR (b) 813
50,500 Covidien plc 2,423
17,981 DiaSorin S.p.A. (a) 672
21,040 Hospira, Inc. * 1,132
7,600 Masimo Corp. 178
85,000 Medtronic, Inc. 3,714
49,200 St. Jude Medical, Inc. * 2,008
96,300 Volcano Corp. * 2,313
21,800 Wright Medical Group, Inc. * 409
-----------
18,379
-----------
HEALTH CARE SERVICES (0.2%)
19,800 RehabCare Group, Inc. * 565
-----------
HEALTH CARE TECHNOLOGY (0.1%)
8,200 Eclipsys Corp. * 169
-----------
LIFE SCIENCES TOOLS & SERVICES (0.6%)
28,300 PAREXEL International Corp. * 667
21,000 Thermo Fisher Scientific, Inc. * 1,161
-----------
1,828
-----------
MANAGED HEALTH CARE (2.1%)
36,170 Aetna, Inc. 1,069
43,460 CIGNA Corp. 1,393
32,850 Coventry Health Care, Inc. * 780
27,780 Health Net, Inc. * 612
99,940 UnitedHealth Group, Inc. 3,029
-----------
6,883
-----------
PHARMACEUTICALS (7.1%)
3,129 Alk Abello A.S. (a) 241
16,100 Ardea Biosciences, Inc. * 409
13,900 AstraZeneca plc ADR 615
70,800 Daiichi Sankyo Co. Ltd. (a) 1,232
35,100 Eisai Co. Ltd. (a) 1,202
264,600 Elan Corp. plc ADR * 1,778
13,600 Eli Lilly and Co. 476
72,800 Forest Laboratories, Inc. * 1,985
5,051 Ipsen S.A. (a) 241
34,200 King Pharmaceuticals, Inc. * 335
66,300 Medicines Co. * 487
95,500 Merck & Co., Inc. 3,346
238,100 Pfizer, Inc. 3,981
3,572 Roche Holdings A.G. (a) 564
93,000 Shionogi & Co. Ltd. (a) 1,673
35,643 Teva Pharmaceutical Industries Ltd. ADR 2,093
21,105 UCB S.A. (a),(b) 812
20,600 Warner Chilcott plc "A" * 584
21,000 Watson Pharmaceuticals, Inc. * 899
16,900 XenoPort, Inc. * 176
-----------
23,129
-----------
Total Health Care 73,504
-----------
INFORMATION TECHNOLOGY (73.0%)
------------------------------
APPLICATION SOFTWARE (3.1%)
88,090 Adobe Systems, Inc. * 2,959
53,305 Amadeus IT Holding S.A. "A" * 852
39,125 Citrix Systems, Inc. * 1,839
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Portfolio of Investments | 2
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MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
--------------------------------------------------------------------------------
54,300 Longtop Financial Technologies Ltd. ADR * $ 1,869
106,700 TiVo, Inc. * 1,869
33,600 Vanceinfo Technologies, Inc. * 801
-----------
10,189
-----------
COMMUNICATIONS EQUIPMENT (8.1%)
168,555 Cisco Systems, Inc. * 4,538
33,100 Finisar Corp. * 495
606,000 Motorola, Inc. * 4,284
53,000 Polycom, Inc. * 1,725
266,548 QUALCOMM, Inc. 10,326
69,900 Research In Motion Ltd. * 4,976
-----------
26,344
-----------
COMPUTER HARDWARE (12.4%)
666,357 Acer, Inc. (a) 1,806
104,260 Apple, Inc. * 27,224
417,540 Dell, Inc. * 6,756
81,986 Hewlett-Packard Co. 4,261
-----------
40,047
-----------
COMPUTER STORAGE & PERIPHERALS (2.2%)
161,170 NetApp, Inc. * 5,588
58,580 QLogic Corp. * 1,134
24,720 Seagate Technology * 454
-----------
7,176
-----------
DATA PROCESSING & OUTSOURCED SERVICES (8.5%)
94,545 Alliance Data Systems Corp. * 7,097
101,915 Automatic Data Processing, Inc. 4,419
70,450 Genpact Ltd. * 1,189
261,610 TIVIT Terceirizacao De Tecnologia e Servicos S.A. 2,661
43,435 Visa, Inc. "A" 3,919
459,570 Western Union Co. 8,387
-----------
27,672
-----------
ELECTRONIC COMPONENTS (0.9%)
114,500 BYD Co. Ltd. "H" (a) 1,017
589,720 Delta Electronics, Inc. (a) 1,949
-----------
2,966
-----------
ELECTRONIC MANUFACTURING SERVICES (0.5%)
368,786 Hon Hai Precision Industry Corp. Ltd. *(a) 1,723
-----------
HOME ENTERTAINMENT SOFTWARE (0.3%)
29,540 Perfect World Co. Ltd. ADR * 989
-----------
INTERNET SOFTWARE & SERVICES (6.5%)
518,000 Alibaba.com Ltd. (a) 982
1,654 Baidu, Inc. ADR * 1,140
113,000 eBay, Inc. * 2,691
36,570 Equinix, Inc. * 3,681
14,555 Google, Inc. "A" * 7,648
27,200 NetEase.com, Inc. * 948
82,900 Tencent Holdings Ltd. (a) 1,702
18,600 VistaPrint N.V. * 959
71,026 Yahoo!, Inc. * 1,174
-----------
20,925
-----------
IT CONSULTING & OTHER SERVICES (5.0%)
106,285 Accenture plc "A" 4,638
22,720 Gartner, Inc. * 547
2,663,710 Hi Sun Technology Ltd. *(a) 1,814
40,780 International Business Machines Corp. 5,261
374,610 Sapient Corp. 3,832
-----------
16,092
-----------
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3 | USAA Science & Technology Fund
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MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
--------------------------------------------------------------------------------
SEMICONDUCTOR EQUIPMENT (1.2%)
158,600 Applied Materials, Inc. $ 2,186
170,300 ASM Pacific Technology Ltd. (a) 1,622
-----------
3,808
-----------
SEMICONDUCTORS (9.8%)
96,810 Analog Devices, Inc. 2,897
360,490 Applied Micro Circuits Corp. * 4,066
54,700 Atheros Communications, Inc. * 2,125
143,700 Broadcom Corp. "A" 4,956
109,100 Intel Corp. 2,491
244,610 Maxim Integrated Products, Inc. 4,750
115,830 Media Tek, Inc. (a) 1,949
158,000 Richtek Technology Corp. (a) 1,653
2,697 Samsung Electronics Co. Ltd. (a) 2,040
176,200 Skyworks Solutions, Inc. * 2,967
264,300 TriQuint Semiconductor, Inc. * 1,993
-----------
31,887
-----------
SYSTEMS SOFTWARE (14.2%)
155,360 BMC Software, Inc. * 6,115
70,480 Check Point Software Technologies Ltd. * 2,511
671,624 Microsoft Corp. 20,511
652,860 Oracle Corp. 16,870
-----------
46,007
-----------
TECHNOLOGY DISTRIBUTORS (0.3%)
686,060 Digital China Holdings Ltd. (a) 1,002
-----------
Total Information Technology 236,827
-----------
Total Common Stocks (cost: $277,435) 317,389
-----------
WARRANTS (0.0%)
HEALTH CARE (0.0%)
------------------
BIOTECHNOLOGY (0.0%)
14,450 Cytokinetics, Inc., acquired 5/19/2009;
cost $0 (a),(c) (cost: $0) 7
-----------
EXCHANGE-TRADED FUNDS (0.5%)
30,500 iShares S&P North American Technology
Sector Index Fund (b) (cost: $1,712) 1,719
-----------
Total Equity Securities (cost: $279,147) 319,115
-----------
MONEY MARKET INSTRUMENTS (0.9%)
MONEY MARKET FUNDS (0.9%)
3,038,885 State Street Institutional Liquid
Reserve Fund, 0.18% (d)(cost: $3,039) 3,039
===========
SHORT-TERM INVESTMENTS PURCHASED WITH CASH COLLATERAL
FROM SECURITIES LOANED (1.7%)
MONEY MARKET FUNDS (0.1%)
13,766 AIM Short-Term Investment Co. Liquid Assets
Portfolio, 0.15%(d) 14
148,811 BlackRock Liquidity Funds TempFund Portfolio, 0.14%(d) 149
-----------
Total Money Market Funds 163
-----------
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Portfolio of Investments | 4
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PRINCIPAL MARKET
AMOUNT VALUE
(000) SECURITY (000)
--------------------------------------------------------------------------------
REPURCHASE AGREEMENTS (1.6%)
$ 2,800 Credit Suisse First Boston LLC, 0.19%, acquired
on 4/30/2010 and due 5/03/2010 at $2,800
(collateralized by $2,860 of Fannie Mae(f),
0.26%(e), due 10/27/2010; market value $2,857) $ 2,800
2,400 Deutsche Bank Securities, Inc., 0.19%, acquired
on 4/30/2010 and due 5/03/2010 at $2,400
(collateralized by $2,380 of U.S. Treasury,
0.88% and 5.00%, due 3/31/2011 and 8/15/2011;
combined market value $2,448) 2,400
-----------
Total Repurchase Agreements 5,200
-----------
Total Short-term Investments Purchased With
Cash Collateral From Securities Loaned
(cost: $5,363) 5,363
-----------
TOTAL INVESTMENTS (COST: $287,549) $ 327,517
===========
VALUATION HIERARCHY
($ IN 000s) -------------------
(LEVEL 1)
QUOTED PRICES (LEVEL 2)
IN ACTIVE OTHER (LEVEL 3)
MARKETS SIGNIFICANT SIGNIFICANT
FOR IDENTICAL OBSERVABLE UNOBSERVABLE
ASSETS INPUTS INPUTS TOTAL
--------------------------------------------------------------------------------------------------
EQUITY SECURITIES:
COMMON STOCKS $289,961 $27,428 $-- $317,389
WARRANTS -- 7 -- 7
EXCHANGE-TRADED FUNDS 1,719 -- -- 1,719
MONEY MARKET INSTRUMENTS:
MONEY MARKET FUNDS 3,039 -- -- 3,039
SHORT-TERM INVESTMENTS PURCHASED
WITH CASH COLLATERAL FROM
SECURITIES LOANED:
MONEY MARKET FUNDS 163 -- -- 163
REPURCHASE AGREEMENTS -- 5,200 -- 5,200
--------------------------------------------------------------------------------------------------
Total $294,882 $32,635 $-- $327,517
--------------------------------------------------------------------------------------------------
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5 | USAA Science & Technology 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 Science
& Technology Fund (the Fund), which is classified as diversified under the 1940
Act.
A. SECURITY VALUATION - The value of each security is determined (as of the
close of trading on the New York Stock Exchange (NYSE) on each business day the
NYSE is open) as set forth below:
1. Equity securities, including exchange-traded funds (ETFs), except as
otherwise noted, traded primarily on a domestic securities exchange or the
Nasdaq over-the-counter markets, are valued at the last sales price or official
closing price on the exchange or primary market on which they trade. Equity
securities traded primarily on foreign securities exchanges or markets are
valued at the last quoted sales price, or the most recently determined official
closing price calculated according to local market convention, available at the
time the Fund is valued. If no last sale or official closing price is reported
or available, the average of the bid and asked prices is generally used.
2. 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, USAA Investment Management Company (the Manager), an
affiliate of the Fund, 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 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.
================================================================================
Notes to Portfolio of Investments | 6
<PAGE>
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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.
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
================================================================================
7 | USAA Science & Technology Fund
<PAGE>
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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 $5,012,000.
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, 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 $53,330,000 and $13,362,000, respectively, resulting in net
unrealized appreciation of $39,968,000.
================================================================================
Notes to Portfolio of Investments | 8
<PAGE>
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H. The portfolio of investments category percentages shown represent the
percentages of the investments to net assets, which were $324,147,000 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. Investments in foreign securities were
16.0% of net assets at April 30, 2010.
I. The Fund may rely on certain Securities and Exchange Commission (SEC)
exemptive orders or rules that permit funds meeting various conditions to invest
in an exchange-traded fund (ETF) in amounts exceeding limits set forth in the
Investment Company Act of 1940 that would otherwise be applicable.
CATEGORIES & DEFINITIONS
WARRANTS - entitle the holder to buy a proportionate amount of common stock at a
specified price for a stated period.
PORTFOLIO DESCRIPTION ABBREVIATIONS
ADR American depositary receipts are receipts issued by a U.S. bank
evidencing ownership of foreign shares. Dividends are paid in U.S.
dollars.
iShares Exchange-traded funds, managed by Barclays Global Fund Advisors,
that represent a portfolio of stocks designed to closely track a
specific market index. iShares are traded on securities exchanges.
SPECIFIC NOTES
(a) Security was fair valued at April 30, 2010, by USAA Investment Management
Company (the Manager) in accordance with valuation procedures approved by
the Trust's Board of Trustees.
(b) The security or a portion thereof was out on loan as of April 30, 2010.
(c) Security deemed illiquid by the Manager, under liquidity guidelines
approved by the Trust's Board of Trustees. The aggregate market value of
these securities at April 30, 2010, was $7,000, which represented less
than 0.1% of the Fund's net assets.
(d) Rate represents the money market fund annualized seven-day yield at April
30, 2010.
(e) Zero-coupon security. Rate represents the effective yield at the date of
purchase.
(f) Securities issued by government-sponsored enterprises are supported only
by the right of the government-sponsored enterprise to borrow from the
U.S. Treasury, the discretionary authority of the U.S. government to
purchase the government- sponsored enterprises' obligations, or by the
credit of the issuing agency, instrumentality, or corporation, and are
neither issued nor guaranteed by the U.S. Treasury.
* Non-income-producing security.
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9 | USAA Science & Technology 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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