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 GROWTH & INCOME FUND
APRIL 30, 2010
(Form N-Q)
48489-0610 (C)2010, USAA. All rights reserved.
<PAGE>
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PORTFOLIO OF INVESTMENTS
USAA GROWTH & INCOME FUND
April 30, 2010 (unaudited)
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
--------------------------------------------------------------------------------
EQUITY SECURITIES (98.6%)
COMMON STOCKS (98.0%)
CONSUMER DISCRETIONARY (15.3%)
------------------------------
ADVERTISING (0.6%)
518,300 Interpublic Group of Companies, Inc. * $ 4,618
44,600 Omnicom Group, Inc. 1,903
-----------
6,521
-----------
APPAREL & ACCESSORIES & LUXURY GOODS (0.3%)
14,500 Coach, Inc. 605
90,500 Hanesbrands, Inc. * 2,577
-----------
3,182
-----------
APPAREL RETAIL (1.8%)
60,400 Aeropostale, Inc. * 1,754
59,680 Buckle, Inc. (a) 2,159
100,000 Chico's FAS, Inc. 1,489
31,840 Children's Place Retail Stores, Inc. * 1,459
88,000 Guess?, Inc. 4,036
86,000 J. Crew Group, Inc. * 3,996
80,600 Limited Brands, Inc. 2,160
60,615 TJX Companies, Inc. 2,809
-----------
19,862
-----------
AUTO PARTS & EQUIPMENT (0.7%)
103,200 BorgWarner, Inc. * 4,473
101,000 Johnson Controls, Inc. 3,392
-----------
7,865
-----------
AUTOMOBILE MANUFACTURERS (0.6%)
506,075 Ford Motor Co. * 6,589
-----------
AUTOMOTIVE RETAIL (0.3%)
34,600 Advance Auto Parts, Inc. 1,560
40,800 O'Reilly Automotive, Inc. * 1,995
-----------
3,555
-----------
BROADCASTING (0.2%)
129,800 CBS Corp. "B" 2,104
-----------
CABLE & SATELLITE (0.9%)
521,200 Comcast Corp. "A" 10,289
-----------
CASINOS & GAMING (0.4%)
124,500 International Game Technology 2,624
83,895 Las Vegas Sands Corp. * 2,086
-----------
4,710
-----------
COMPUTER & ELECTRONICS RETAIL (0.4%)
177,900 GameStop Corp. "A" * 4,325
-----------
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1 | USAA Growth & Income Fund
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MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
--------------------------------------------------------------------------------
DEPARTMENT STORES (0.6%)
173,629 Nordstrom, Inc. $ 7,176
-----------
EDUCATION SERVICES (0.5%)
46,500 Apollo Group, Inc. "A" * 2,669
25,500 ITT Educational Services, Inc. * 2,579
-----------
5,248
-----------
GENERAL MERCHANDISE STORES (0.4%)
40,000 Dollar Tree, Inc. * 2,429
55,800 Family Dollar Stores, Inc. 2,207
-----------
4,636
-----------
HOME IMPROVEMENT RETAIL (0.9%)
63,800 Home Depot, Inc. 2,249
279,345 Lowe's Companies, Inc. 7,576
-----------
9,825
-----------
HOTELS, RESORTS, & CRUISE LINES (1.4%)
250,400 Carnival Corp. 10,442
49,100 Royal Caribbean Cruises Ltd. *(a) 1,760
67,000 Starwood Hotels & Resorts Worldwide, Inc. 3,652
-----------
15,854
-----------
HOUSEHOLD APPLIANCES (1.0%)
96,500 Stanley Black & Decker, Inc. 5,998
44,000 Whirlpool Corp. 4,790
-----------
10,788
-----------
HOUSEWARES & SPECIALTIES (0.8%)
163,500 Fortune Brands, Inc. 8,571
-----------
INTERNET RETAIL (1.3%)
43,000 Amazon.com, Inc. * 5,894
39,000 Netflix, Inc. * 3,852
20,000 Priceline.com, Inc. * 5,241
-----------
14,987
-----------
LEISURE PRODUCTS (0.3%)
101,000 Hasbro, Inc. 3,874
-----------
MOVIES & ENTERTAINMENT (0.5%)
153,900 Viacom, Inc. "B" * 5,437
-----------
RESTAURANTS (0.9%)
36,890 McDonald's Corp. 2,604
36,000 Panera Bread Co. "A" * 2,806
175,000 Starbucks Corp. 4,546
-----------
9,956
-----------
SPECIALIZED CONSUMER SERVICES (0.3%)
161,600 H&R Block, Inc. 2,959
88,300 Service Corp. International 793
-----------
3,752
-----------
SPECIALTY STORES (0.2%)
40,395 Staples, Inc. 950
37,000 Tiffany & Co. 1,794
-----------
2,744
-----------
Total Consumer Discretionary 171,850
-----------
CONSUMER STAPLES (5.6%)
-----------------------
DISTILLERS & VINTNERS (0.2%)
26,100 Diageo plc ADR 1,778
-----------
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Portfolio of Investments | 2
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MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
--------------------------------------------------------------------------------
DRUG RETAIL (0.1%)
31,600 Walgreen Co. $ 1,111
-----------
FOOD DISTRIBUTORS (0.1%)
46,100 Sysco Corp. 1,454
-----------
FOOD RETAIL (0.4%)
188,100 Kroger Co. 4,181
-----------
HOUSEHOLD PRODUCTS (1.1%)
191,950 Procter & Gamble Co. 11,932
-----------
HYPERMARKETS & SUPER CENTERS (0.3%)
56,220 Wal-Mart Stores, Inc. 3,016
-----------
PACKAGED FOODS & MEAT (0.1%)
27,600 H.J. Heinz Co. 1,294
-----------
PERSONAL PRODUCTS (0.6%)
204,600 Avon Products, Inc. 6,615
-----------
SOFT DRINKS (1.4%)
97,000 Dr. Pepper Snapple Group, Inc. 3,175
197,430 PepsiCo, Inc. 12,876
-----------
16,051
-----------
TOBACCO (1.3%)
89,900 Altria Group, Inc. 1,905
63,900 Imperial Tobacco Group plc ADR 3,641
19,100 Lorillard, Inc. 1,497
125,470 Philip Morris International, Inc. 6,158
30,700 Reynolds American, Inc. 1,640
-----------
14,841
-----------
Total Consumer Staples 62,273
-----------
ENERGY (9.4%)
-------------
COAL & CONSUMABLE FUELS (0.7%)
95,610 CONSOL Energy, Inc. 4,272
73,100 Peabody Energy Corp. 3,415
-----------
7,687
-----------
INTEGRATED OIL & GAS (4.3%)
49,200 BP plc ADR 2,566
107,900 Chevron Corp. 8,787
60,900 ConocoPhillips 3,605
219,850 Exxon Mobil Corp. 14,917
79,100 Hess Corp. 5,027
210,000 Marathon Oil Corp. 6,751
36,100 Murphy Oil Corp. 2,171
52,500 Occidental Petroleum Corp. 4,655
-----------
48,479
-----------
OIL & GAS DRILLING (0.6%)
57,900 Atwood Oceanics, Inc. * 2,108
118,300 Noble Corp. * 4,672
-----------
6,780
-----------
OIL & GAS EQUIPMENT & SERVICES (0.9%)
129,900 Baker Hughes, Inc. 6,464
38,000 FMC Technologies, Inc. * 2,572
48,195 Halliburton Co. 1,477
-----------
10,513
-----------
OIL & GAS EXPLORATION & PRODUCTION (2.4%)
35,000 Anadarko Petroleum Corp. 2,175
57,455 Apache Corp. 5,847
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3 | USAA Growth & Income Fund
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MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
--------------------------------------------------------------------------------
41,500 EOG Resources, Inc. $ 4,653
60,600 Noble Energy, Inc. 4,630
166,218 Ultra Petroleum Corp. * 7,940
11,000 Whiting Petroleum Corp. * 994
-----------
26,239
-----------
OIL & GAS STORAGE & TRANSPORTATION (0.5%)
121,000 El Paso Corp. 1,464
165,650 Spectra Energy Corp. 3,866
-----------
5,330
-----------
Total Energy 105,028
-----------
FINANCIALS (15.1%)
------------------
ASSET MANAGEMENT & CUSTODY BANKS (1.9%)
150,715 Ameriprise Financial, Inc. 6,987
168,700 Bank of New York Mellon Corp. 5,252
30,000 Franklin Resources, Inc. 3,469
51,100 State Street Corp. 2,223
58,000 T. Rowe Price Group, Inc. 3,335
-----------
21,266
-----------
CONSUMER FINANCE (1.7%)
183,200 American Express Co. 8,449
143,500 Capital One Financial Corp. 6,229
319,900 SLM Corp. * 3,916
-----------
18,594
-----------
DIVERSIFIED BANKS (2.0%)
673,830 Wells Fargo & Co. 22,310
-----------
DIVERSIFIED CAPITAL MARKETS (0.3%)
236,505 UBS AG * 3,647
-----------
INSURANCE BROKERS (0.2%)
80,600 Willis Group Holdings Ltd. plc 2,777
-----------
INVESTMENT BANKING & BROKERAGE (0.7%)
32,890 Goldman Sachs Group, Inc. 4,776
120,000 Jefferies Group, Inc. 3,266
-----------
8,042
-----------
LIFE & HEALTH INSURANCE (1.3%)
161,100 AFLAC, Inc. 8,210
209,100 Principal Financial Group, Inc. 6,110
-----------
14,320
-----------
MULTI-LINE INSURANCE (0.5%)
200,765 Hartford Financial Services Group, Inc. 5,736
-----------
OTHER DIVERSIFIED FINANCIAL SERVICES (3.5%)
1,073,130 Bank of America Corp. 19,134
644,800 Citigroup, Inc. * 2,818
408,350 JPMorgan Chase & Co. 17,387
-----------
39,339
-----------
PROPERTY & CASUALTY INSURANCE (1.4%)
64,600 ACE Ltd. 3,436
41,400 Allstate Corp. 1,353
219,137 Assured Guaranty Ltd. 4,722
51,100 Axis Capital Holdings Ltd. 1,593
31,500 Chubb Corp. 1,665
141,100 Fidelity National Financial, Inc. "A" 2,142
47,080 XL Capital Ltd. "A" 838
-----------
15,749
-----------
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Portfolio of Investments | 4
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MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
--------------------------------------------------------------------------------
REAL ESTATE SERVICES (0.4%)
135,000 CB Richard Ellis Group, Inc. "A" * $ 2,338
29,000 Jones Lang LaSalle, Inc. 2,288
-----------
4,626
-----------
REGIONAL BANKS (0.8%)
139,900 Fifth Third Bancorp 2,086
99,700 PNC Financial Services Group, Inc. 6,701
-----------
8,787
-----------
REITs - MORTGAGE (0.2%)
103,300 Annaly Capital Management, Inc. 1,751
-----------
THRIFTS & MORTGAGE FINANCE (0.2%)
124,100 New York Community Bancorp, Inc. 2,044
-----------
Total Financials 168,988
-----------
HEALTH CARE (12.3%)
-------------------
BIOTECHNOLOGY (1.2%)
35,000 Alexion Pharmaceuticals, Inc. * 1,921
125,225 Amgen, Inc. * 7,183
88,800 Genzyme Corp. * 4,727
-----------
13,831
-----------
HEALTH CARE DISTRIBUTORS (0.1%)
51,200 Cardinal Health, Inc. 1,776
-----------
HEALTH CARE EQUIPMENT (2.5%)
35,200 Baxter International, Inc. 1,662
294,900 Boston Scientific Corp. * 2,029
83,000 CareFusion Corp. * 2,289
201,700 Covidien plc 9,680
4,500 Intuitive Surgical, Inc. * 1,622
184,200 Medtronic, Inc. 8,048
80,890 St. Jude Medical, Inc. * 3,302
-----------
28,632
-----------
HEALTH CARE SERVICES (0.7%)
30,000 Express Scripts, Inc. * 3,004
92,900 Omnicare, Inc. 2,582
33,000 Quest Diagnostics, Inc. 1,886
-----------
7,472
-----------
HEALTH CARE TECHNOLOGY (0.3%)
36,000 Cerner Corp. * 3,057
-----------
LIFE SCIENCES TOOLS & SERVICES (0.9%)
67,800 Life Technologies Corp. * 3,710
82,260 Thermo Fisher Scientific, Inc. * 4,547
25,000 Waters Corp. * 1,800
-----------
10,057
-----------
MANAGED HEALTH CARE (1.8%)
56,800 CIGNA Corp. 1,821
100,600 Coventry Health Care, Inc. * 2,388
39,900 Humana, Inc. * 1,824
259,995 UnitedHealth Group, Inc. 7,881
112,528 WellPoint, Inc. * 6,054
-----------
19,968
-----------
PHARMACEUTICALS (4.8%)
13,170 Abbott Laboratories 674
98,400 Allergan, Inc. 6,267
42,900 AstraZeneca plc ADR 1,897
158,600 Bristol-Myers Squibb Co. 4,011
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5 | USAA Growth & Income Fund
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MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
--------------------------------------------------------------------------------
181,900 Johnson & Johnson $ 11,696
284,065 Merck & Co., Inc. 9,954
190,000 Mylan, Inc. *(a) 4,186
46,000 Perrigo Co. 2,807
499,414 Pfizer, Inc. 8,350
52,000 Valeant Pharmaceuticals International * 2,340
34,300 Watson Pharmaceuticals, Inc. * 1,469
-----------
53,651
-----------
Total Health Care 138,444
-----------
INDUSTRIALS (13.1%)
-------------------
AEROSPACE & DEFENSE (4.0%)
72,205 Boeing Co. 5,230
121,300 General Dynamics Corp. 9,262
39,600 Goodrich Corp. 2,937
147,710 Honeywell International, Inc. 7,012
16,300 ITT Corp. 906
43,400 L-3 Communications Holdings, Inc. 4,061
62,275 Precision Castparts Corp. 7,992
136,100 Raytheon Co. 7,935
-----------
45,335
-----------
AIR FREIGHT & LOGISTICS (1.2%)
82,100 FedEx Corp. 7,390
95,170 United Parcel Service, Inc. "B" 6,580
-----------
13,970
-----------
AIRLINES (0.3%)
299,100 Southwest Airlines Co. 3,942
-----------
CONSTRUCTION & FARM MACHINERY & HEAVY TRUCKS (1.3%)
36,000 Bucyrus International, Inc. 2,268
40,000 Deere & Co. 2,393
47,000 Joy Global, Inc. 2,670
145,350 PACCAR, Inc. 6,762
-----------
14,093
-----------
ELECTRICAL COMPONENTS & EQUIPMENT (0.7%)
18,600 Cooper Industries plc 913
139,570 Emerson Electric Co. 7,290
-----------
8,203
-----------
HEAVY ELECTRICAL EQUIPMENT (0.1%)
34,745 ABB Ltd. ADR * 666
-----------
INDUSTRIAL CONGLOMERATES (1.1%)
44,000 3M Co. 3,901
420,935 General Electric Co. 7,939
-----------
11,840
-----------
INDUSTRIAL MACHINERY (3.6%)
46,025 Danaher Corp. 3,879
84,300 Eaton Corp. 6,505
34,400 Flowserve Corp. 3,941
228,900 Illinois Tool Works, Inc. 11,697
25,555 Ingersoll-Rand PLC 945
108,000 Pall Corp. 4,211
50,000 Parker-Hannifin Corp. 3,459
20,600 SPX Corp. 1,439
87,000 Timken Co. 3,061
17,300 Valmont Industries, Inc. 1,441
-----------
40,578
-----------
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Portfolio of Investments | 6
<PAGE>
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MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
--------------------------------------------------------------------------------
RESEARCH & CONSULTING SERVICES (0.1%)
11,700 Dun & Bradstreet Corp. $ 901
-----------
TRADING COMPANIES & DISTRIBUTORS (0.2%)
55,300 WESCO International, Inc. * 2,246
-----------
TRUCKING (0.5%)
120,800 Ryder System, Inc. 5,620
-----------
Total Industrials 147,394
-----------
INFORMATION TECHNOLOGY (20.1%)
------------------------------
APPLICATION SOFTWARE (1.5%)
183,700 Autodesk, Inc. * 6,248
174,700 Intuit, Inc. * 6,317
45,000 Salesforce.com, Inc. * 3,852
-----------
16,417
-----------
COMMUNICATIONS EQUIPMENT (2.7%)
160,500 Brocade Communications Systems, Inc. * 1,042
523,835 Cisco Systems, Inc. * 14,102
72,000 F5 Networks, Inc. * 4,927
178,500 Nokia Corp. ADR 2,170
202,970 QUALCOMM, Inc. 7,863
-----------
30,104
-----------
COMPUTER HARDWARE (3.4%)
81,400 Apple, Inc. * 21,255
319,390 Hewlett-Packard Co. 16,599
-----------
37,854
-----------
COMPUTER STORAGE & PERIPHERALS (1.1%)
212,555 EMC Corp. * 4,041
146,600 NetApp, Inc. * 5,083
194,900 Seagate Technology * 3,580
-----------
12,704
-----------
DATA PROCESSING & OUTSOURCED SERVICES (1.5%)
76,000 Alliance Data Systems Corp. * 5,704
46,800 Computer Sciences Corp. * 2,452
33,900 Global Payments, Inc. 1,451
55,000 Visa, Inc. "A" 4,963
115,225 Western Union Co. 2,103
-----------
16,673
-----------
ELECTRONIC COMPONENTS (0.5%)
105,000 Amphenol Corp. "A" 4,852
48,010 Corning, Inc. 924
-----------
5,776
-----------
ELECTRONIC MANUFACTURING SERVICES (0.1%)
43,600 Molex, Inc. 977
-----------
INTERNET SOFTWARE & SERVICES (1.5%)
85,000 Akamai Technologies, Inc. * 3,301
104,845 eBay, Inc. * 2,496
12,760 Google, Inc. "A" * 6,705
149,400 Time Warner, Inc. 4,942
-----------
17,444
-----------
IT CONSULTING & OTHER SERVICES (0.9%)
78,000 Cognizant Technology Solutions Corp. "A" * 3,992
32,700 ManTech International Corp. "A" * 1,473
35,090 International Business Machines Corp. 4,526
-----------
9,991
-----------
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7 | USAA Growth & Income Fund
<PAGE>
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MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
--------------------------------------------------------------------------------
SEMICONDUCTOR EQUIPMENT (0.4%)
308,200 Applied Materials, Inc. $ 4,247
-----------
SEMICONDUCTORS (3.1%)
66,200 Analog Devices, Inc. 1,981
254,400 Broadcom Corp. "A" 8,774
69,000 Cree, Inc. * 5,052
166,345 Intel Corp. 3,798
126,500 Intersil Corp. "A" 1,882
299,600 Marvell Technology Group Ltd. * 6,187
123,275 Maxim Integrated Products, Inc. 2,394
64,600 Microchip Technology, Inc. 1,887
200,700 National Semiconductor Corp. 2,966
-----------
34,921
-----------
SYSTEMS SOFTWARE (3.4%)
47,900 BMC Software, Inc. * 1,885
826,107 Microsoft Corp. 25,229
230,765 Oracle Corp. 5,963
60,000 Red Hat, Inc. * 1,792
59,400 VMware, Inc. "A" * 3,662
-----------
38,531
-----------
Total Information Technology 225,639
-----------
MATERIALS (2.6%)
----------------
CONSTRUCTION MATERIALS (0.2%)
26,470 Martin Marietta Materials, Inc. (a) 2,538
-----------
DIVERSIFIED CHEMICALS (0.2%)
62,600 E.I. du Pont de Nemours & Co. 2,494
-----------
DIVERSIFIED METALS & MINING (0.4%)
44,360 Rio Tinto plc ADR 2,256
30,000 Walter Industries, Inc. 2,424
-----------
4,680
-----------
FERTILIZERS & AGRICULTURAL CHEMICALS (0.6%)
30,600 Agrium, Inc. 1,910
55,900 Monsanto Co. 3,525
19,660 Mosaic Co. 1,005
-----------
6,440
-----------
GOLD (0.1%)
24,465 Barrick Gold Corp. 1,066
-----------
METAL & GLASS CONTAINERS (0.6%)
88,400 Ball Corp. 4,704
65,800 Pactiv Corp. * 1,672
-----------
6,376
-----------
STEEL (0.5%)
4,300 Allegheny Technologies, Inc. 230
53,000 Cliffs Natural Resources, Inc. 3,314
113,700 Steel Dynamics, Inc. 1,786
-----------
5,330
-----------
Total Materials 28,924
-----------
TELECOMMUNICATION SERVICES (1.3%)
---------------------------------
INTEGRATED TELECOMMUNICATION SERVICES (1.3%)
495,145 AT&T, Inc. 12,903
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Portfolio of Investments | 8
<PAGE>
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MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
--------------------------------------------------------------------------------
72,400 Verizon Communications, Inc. $ 2,092
-----------
14,995
-----------
Total Telecommunication Services 14,995
-----------
UTILITIES (3.2%)
----------------
ELECTRIC UTILITIES (2.5%)
282,800 American Electric Power Co., Inc. 9,700
27,800 Entergy Corp. 2,260
171,600 Exelon Corp. 7,480
111,100 FirstEnergy Corp. 4,207
15,410 FPL Group, Inc. 802
79,900 Pepco Holdings, Inc. 1,338
47,000 Pinnacle West Capital Corp. 1,755
-----------
27,542
-----------
MULTI-UTILITIES (0.7%)
135,700 CenterPoint Energy, Inc. 1,949
63,500 Dominion Resources, Inc. 2,654
77,200 MDU Resources Group, Inc. 1,637
86,600 Xcel Energy, Inc. 1,883
-----------
8,123
-----------
Total Utilities 35,665
-----------
Total Common Stocks (cost: $945,202) 1,099,200
-----------
EXCHANGE-TRADED FUNDS (0.6%)
27,900 MidCap SPDR Trust Series 1 4,161
20,000 SPDR Trust Series 1 2,377
-----------
Total Exchange-Traded Funds (cost: $5,980) 6,538
-----------
Total Equity Securities (cost: $951,182) 1,105,738
-----------
MONEY MARKET INSTRUMENTS (0.9%)
MONEY MARKET FUNDS (0.9%)
9,955,619 State Street Institutional Liquid
Reserve Fund, 0.16%(b)(cost: $9,956) 9,956
-----------
SHORT-TERM INVESTMENTS PURCHASED WITH CASH COLLATERAL
FROM SECURITIES LOANED (0.7%)
MONEY MARKET FUNDS (0.7%)
8,081 BlackRock Liquidity Funds TempFund Portfolio, 0.14%(b) 8
8,033,603 Fidelity Institutional Money Market Fund, 0.21%(b) 8,034
-----------
Total Money Market Funds (cost: $8,042) 8,042
-----------
PRINCIPAL MARKET
AMOUNT VALUE
(000) SECURITY (000)
--------------------------------------------------------------------------------
REPURCHASE AGREEMENTS (0.0%)
$ 100 Credit Suisse First Boston, LLC, 0.19%, acquired on
4/30/2010 and due 5/03/2010 at $100 (collateralized
by $105 of Fannie Mae(d), 0.26%(c), due 10/27/2010;
market value $105) 100
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9 | USAA Growth & Income Fund
<PAGE>
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PRINCIPAL MARKET
AMOUNT VALUE
(000) SECURITY (000)
--------------------------------------------------------------------------------
$ 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 200
-----------
Total Short-term Investments Purchased With Cash
Collateral From Securities Loaned (cost: $8,242) 8,242
-----------
TOTAL INVESTMENTS (COST: $969,380) $ 1,123,936
===========
($ 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 $1,099,200 $-- $-- $1,099,200
EXCHANGE-TRADED FUNDS 6,538 -- -- 6,538
MONEY MARKET INSTRUMENTS:
MONEY MARKET FUNDS 9,956 -- -- 9,956
SHORT-TERM INVESTMENTS PURCHASED
WITH CASH COLLATERAL FROM
SECURITIES LOANED:
MONEY MARKET FUNDS 8,042 -- -- 8,042
REPURCHASE AGREEMENTS -- 200 -- 200
------------------------------------------------------------------------------------------------------
Total $1,123,736 $200 $-- $1,123,936
------------------------------------------------------------------------------------------------------
================================================================================
Portfolio of Investments | 10
<PAGE>
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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 Growth
& Income 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 subadvisers, if applicable, will monitor
for events that would materially affect the value of the Fund's foreign
securities. The Fund's subadvisers have agreed to notify the Manager of
significant events they identify that would materially affect the value of the
Fund's foreign securities. If the 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.
================================================================================
11 | USAA Growth & Income Fund
<PAGE>
================================================================================
3. Investments in open-end investment companies, hedge, or other funds, other
than ETFs, are valued at their NAV at the end of each business day.
4. Debt securities purchased with original or remaining maturities of 60 days or
less may be valued at amortized cost, which approximates market value.
5. Repurchase agreements are valued at cost, which approximates market value.
6. Securities for which market quotations are not readily available or are
considered unreliable, or whose values have been materially affected by events
occurring after the close of their primary markets but before the pricing of the
Fund, are valued in good faith at fair value, using methods determined by the
Manager in consultation with the Fund's subadvisers, if applicable, under
valuation procedures approved by the Trust's Board of Trustees. The effect of
fair value pricing is that securities may not be priced on the basis of
quotations from the primary market in which they are traded and the actual price
realized from the sale of a security may differ materially from the fair value
price. Valuing these securities at fair value is intended to cause the Fund's
NAV to be more reliable than it otherwise would be.
Fair value methods used by the Manager include, but are not limited to,
obtaining market quotations from secondary pricing services, broker-dealers, or
widely used quotation systems. General factors considered in determining the
fair value of securities include fundamental analytical data, the nature and
duration of any restrictions on disposition of the securities, and an evaluation
of the forces that influenced the market in which the securities are purchased
and sold.
B. FAIR VALUE MEASUREMENTS - Fair value is defined as the price that would be
received to sell an asset or paid to transfer a liability in an orderly
transaction between market participants at the measurement date. The three-level
valuation hierarchy disclosed in the portfolio of investments is based upon the
transparency of inputs to the valuation of an asset or liability as of the
measurement date. The three levels are defined as follows:
Level 1 - inputs to the valuation methodology are quoted prices (unadjusted) in
active markets for identical securities.
Level 2 - inputs to the valuation methodology are other significant observable
inputs, including quoted prices for similar securities, inputs that are
observable for the securities, either directly or indirectly, and
market-corroborated inputs such as market indices.
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
================================================================================
Notes to Portfolio of Investments | 12
<PAGE>
================================================================================
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 $7,789,000.
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 $189,169,000 and $34,613,000, respectively, resulting in
net unrealized appreciation of $154,556,000.
================================================================================
13 | USAA Growth & Income Fund
<PAGE>
================================================================================
H. The portfolio of investments category percentages shown represent the
percentages of the investments to net assets, which were $1,121,575,000 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.
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.
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.
REIT Real estate investment trust
SPDR Exchange-traded funds, managed by State Street Global Advisers, that
represent a portfolio of stocks designed to closely track a specific
market index. SPDR is an acronym for the first member of the fund
family, Standard & Poor's Depositary Receipts, which tracks the S&P 500
Index. SPDRs are traded on securities exchanges.
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) Zero-coupon security. Rate represents the effective yield at the date of
purchase.
(d) Securities issued by government-sponsored enterprises are supported only
by the right of the government-sponsored enterprise to borrow from the
U.S. Treasury, the discretionary authority of the U.S. government to
purchase the government- sponsored enterprises' obligations, or by the
credit of the issuing agency, instrumentality, or corporation, and are
neither issued nor guaranteed by the U.S. Treasury.
* Non-income-producing security.
================================================================================
Notes to Portfolio of Investments | 14
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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