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: MARCH 31
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Date of Reporting Period: JUNE 30, 2010
ITEM 1. SCHEDULE OF INVESTMENTS.
USAA MUTUAL FUNDS TRUST - 1ST QUARTER REPORT - PERIOD ENDED JUNE 30, 2010
[LOGO OF USAA]
USAA(R)
PORTFOLIO OF INVESTMENTS
1ST QUARTER
USAA NEW YORK BOND FUND
JUNE 30, 2010
(Form N-Q)
48504-0610 (C)2010, USAA. All rights reserved.
PORTFOLIO OF INVESTMENTS
June 30, 2010 (unaudited)
CATEGORIES AND DEFINITIONS
FIXED-RATE INSTRUMENTS - consist of municipal bonds, notes, and commercial
paper. The interest rate is constant to maturity. Prior to maturity, the market
price of a fixed-rate instrument generally varies inversely to the movement of
interest rates.
VARIABLE-RATE DEMAND NOTES (VRDNs) - provide the right to sell the security at
face value on either that day or within the rate-reset period. The interest rate
is adjusted at a stipulated daily, weekly, monthly, quarterly, or other
specified time interval to reflect current market conditions. VRDNs will
normally trade as if the maturity is the earlier put date, even though stated
maturity is longer.
CREDIT ENHANCEMENTS - add the financial strength of the provider of the
enhancement to support the issuer's ability to repay the principal and interest
payments when due. The enhancement may be provided by a high-quality bank,
insurance company or other corporation, or a collateral trust. The enhancements
do not guarantee the market values of the securities.
(INS) Principal and interest payments are insured by one of the following:
ACA Financial Guaranty Corp., AMBAC Assurance Corp., Assured Guaranty
Corp., Assured Guaranty Municipal Corp., CIFG Assurance, N.A.,
Federal Housing Administration, Financial Guaranty Insurance Co.,
National Public Finance Guarantee Corp., Radian Asset Assurance,
Inc., or XL Capital Assurance. Although bond insurance reduces the
risk of loss due to default by an issuer, such bonds remain subject
to the risk that value may fluctuate for other reasons, and there is
no assurance that the insurance company will meet its obligations.
(LOC) Principal and interest payments are guaranteed by a bank letter of
credit or other bank credit agreement.
(NBGA) Principal and interest payments or, under certain circumstances,
underlying mortgages are guaranteed by a nonbank guarantee agreement
from the State of New York Mortgage Agency.
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PORTFOLIO ABBREVIATIONS AND DESCRIPTIONS
ETM Escrowed to final maturity
IDA Industrial Development Authority/Agency
MTA Metropolitan Transportation Authority
PRE Prerefunded to a date prior to maturity
================================================================================
PORTFOLIO OF INVESTMENTS | 1
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PORTFOLIO OF INVESTMENTS
USAA NEW YORK BOND FUND
June 30, 2010 (unaudited)
PRINCIPAL MARKET
AMOUNT COUPON FINAL VALUE
(000) SECURITY RATE MATURITY (000)
----------------------------------------------------------------------------------------------------
FIXED-RATE INSTRUMENTS (98.9%)
NEW YORK (95.8%)
$1,000 Albany IDA 6.00% 7/01/2019 $ 882
500 Albany IDA 5.00 7/01/2031 482
1,000 Albany IDA 5.25 11/15/2032 954
1,000 Albany IDA 5.25 11/15/2032 954
1,725 Albany IDA 5.00 4/01/2037 1,458
445 Albany Parking Auth. 5.63 7/15/2020 456
750 Cattaraugus County IDA 5.10 5/01/2031 684
945 Clarence IDA 6.00 1/20/2044 981
2,000 Dormitory Auth. (ETM) 5.30 2/15/2019 2,297
1,000 Dormitory Auth. (INS) 5.25 7/01/2020 1,014
1,140 Dormitory Auth. (INS) 5.00 7/01/2021 1,127
500 Dormitory Auth. (INS) 5.00 7/01/2021 504
4,065 Dormitory Auth., 6.05%, 7/01/2010 (INS) (PRE) 6.05 (a) 7/01/2023 4,106
1,655 Dormitory Auth. (INS) 5.13 9/01/2023 1,659
1,000 Dormitory Auth. 5.00 7/01/2024 1,073
1,500 Dormitory Auth. (NBGA) 5.00 7/01/2024 1,583
2,500 Dormitory Auth. (INS) 5.50 7/01/2024 2,513
3,500 Dormitory Auth. (INS) 5.00 7/01/2025 3,603
1,000 Dormitory Auth. 5.00 7/01/2025 1,041
1,900 Dormitory Auth. (INS) 4.50 8/15/2025 1,879
1,000 Dormitory Auth. (INS) 5.00 8/15/2025 1,058
2,000 Dormitory Auth. 5.00 7/01/2026 2,014
2,000 Dormitory Auth. 5.00 7/01/2026 2,057
1,000 Dormitory Auth. 5.00 7/01/2027 1,052
1,250 Dormitory Auth. (LOC - Allied Irish Banks plc) 5.25 7/01/2027 1,255
2,000 Dormitory Auth. 5.00 2/15/2030 2,079
500 Dormitory Auth. (INS) 5.00 7/01/2030 517
1,000 Dormitory Auth. (INS) 5.00 8/01/2031 1,005
3,000 Dormitory Auth. 4.90 8/15/2031 2,954
1,000 Dormitory Auth. 5.00 1/15/2032 1,010
2,500 Dormitory Auth. (NBGA) 5.00 6/01/2033 2,606
2,500 Dormitory Auth. (INS) 5.00 7/01/2033 2,590
2,000 Dormitory Auth. 5.25 7/01/2033 2,042
1,300 Dormitory Auth. 5.75 7/01/2033 1,408
2,000 Dormitory Auth. 5.00 2/15/2034 2,118
1,200 Dormitory Auth. (INS) 5.00 7/01/2034 1,242
3,000 Dormitory Auth. (INS) 4.70 2/15/2035 2,801
3,000 Dormitory Auth. 5.00 7/01/2035 3,081
1,000 Dormitory Auth. 5.00 7/01/2036 987
2,000 Dormitory Auth. (INS) 5.00 8/15/2036 2,033
2,000 Dormitory Auth. (INS) 4.75 2/15/2037 1,874
2,000 Dormitory Auth. 5.00 5/01/2037 1,977
250 Dormitory Auth. 5.30 7/01/2037 244
2,000 Dormitory Auth. 5.00 7/01/2038 2,083
500 Dormitory Auth. 5.50 3/01/2039 527
3,000 Dutchess County IDA 4.50 8/01/2036 2,550
5 Environmental Facilities Corp. 7.50 3/15/2011 5
2,000 Environmental Facilities Corp. 5.00 6/15/2023 2,066
1,000 Environmental Facilities Corp. 5.00 6/15/2025 1,077
1,000 Environmental Facilities Corp. 4.50 6/15/2036 1,002
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2 | USAA NEW YORK BOND FUND
PRINCIPAL MARKET
AMOUNT COUPON FINAL VALUE
(000) SECURITY RATE MATURITY (000)
----------------------------------------------------------------------------------------------------
$ 600 Erie County (INS) (PRE) 4.88% 10/01/2018 $ 608
1,000 Erie County (INS) (PRE) 5.50 7/01/2029 1,010
200 Grand Central District Management Association,
Inc. 5.00 1/01/2022 214
120 Housing Finance Agency (INS) 6.13 11/01/2020 120
1,250 Hudson Yards Infrastructure Corp. (INS) 4.50 2/15/2047 1,136
3,000 Long Island Power Auth. (INS) 5.00 9/01/2034 3,054
1,000 Long Island Power Auth. 5.00 9/01/2035 1,024
3,220 Monroe County IDA 5.20 12/20/2039 3,226
1,000 Mortgage Agency 5.35 10/01/2033 1,035
2,200 MTA (INS) 5.00 7/01/2025 2,301
3,000 MTA (INS) 4.75 11/15/2028 3,027
100 New York City 6.00 5/15/2020 101
1,000 New York City 5.25 6/01/2022 1,054
2,000 New York City 5.25 8/15/2023 2,231
2,315 New York City 5.00 8/01/2026 2,444
1,000 New York City Health and Hospital Corp. (INS) 5.00 2/15/2021 1,024
1,000 New York City Health and Hospital Corp. (INS) 5.25 2/15/2022 1,055
1,885 New York City Health and Hospital Corp. 5.00 2/15/2025 1,962
1,600 New York City Housing Dev. Corp. (INS) 5.00 7/01/2025 1,674
1,000 New York City Housing Dev. Corp. 5.00 11/01/2042 1,005
2,200 New York City IDA 5.80 8/01/2016 2,204
1,000 New York City IDA (INS) 5.13 9/01/2021 1,019
1,000 New York City IDA (INS) 5.00 10/01/2023 828
4,000 New York City IDA (INS) (b) 4.50 6/01/2035 3,141
2,000 New York City IDA 5.00 9/01/2035 1,807
1,000 New York City IDA (INS) 5.25 11/01/2037 914
17,090 New York City Municipal Water Finance Auth. 5.12 (c) 6/15/2020 11,964
1,000 New York City Municipal Water Finance Auth. 5.00 6/15/2035 1,031
2,000 New York City Municipal Water Finance Auth. 4.50 6/15/2037 1,985
2,000 New York City Municipal Water Finance Auth. 5.00 6/15/2039 2,094
2,400 New York City Transitional Finance Auth. 5.00 2/01/2033 2,466
4,000 New York City Transitional Finance Auth. (b) 5.00 1/15/2034 4,134
1,000 New York City Transitional Finance Auth. 5.13 1/15/2034 1,046
2,000 New York City Trust for Cultural Resources 5.00 12/01/2039 2,051
1,000 Niagara Falls City School District (INS) 5.00 6/15/2028 992
1,000 Onondaga County Trust for Cultural Resources 5.00 12/01/2019 1,161
675 Saratoga County IDA 5.25 12/01/2032 654
2,000 Saratoga County Water Auth. 5.00 9/01/2048 2,071
1,000 Seneca County IDA 5.00 10/01/2027 986
1,000 Seneca Nation Indians Capital Improvements
Auth. (d) 5.00 12/01/2023 822
1,000 State 5.00 2/15/2039 1,047
2,600 Suffolk County IDA 5.00 11/01/2028 2,389
1,000 Suffolk County IDA (INS) 5.00 6/01/2036 755
1,130 Suffolk Tobacco Asset Securitization Corp. 5.38 6/01/2028 1,004
1,000 Thruway Auth. (INS) 5.00 3/15/2024 1,072
1,000 Thruway Auth. 5.00 4/01/2028 1,067
2,000 Tobacco Settlement Financing Corp. 5.50 6/01/2019 2,181
1,500 Town of Hempstead IDA 4.50 7/01/2036 1,427
3,675 Triborough Bridge and Tunnel Auth. 5.00 11/15/2029 3,940
3,000 Triborough Bridge and Tunnel Auth. 5.00 11/15/2031 3,185
150 Triborough Bridge and Tunnel Auth. 5.00 1/01/2032 154
2,000 Troy Capital Resource Corp. 5.00 9/01/2030 2,050
3,450 Ulster County IDA (LOC - Manufacturers &
Traders Trust Co.) (b) 5.65 11/15/2024 3,488
1,000 Upper Mohawk Valley Regional Water Finance
Auth. (INS) 4.25 4/01/2036 915
2,000 Urban Dev. Corp. (PRE) 5.00 3/15/2028 2,233
1,685 Urban Dev. Corp. 5.00 1/01/2029 1,749
2,000 Urban Dev. Corp. 5.00 3/15/2036 2,102
1,000 Warren and Washington Counties IDA (INS) 5.00 12/01/2027 1,017
--------
183,014
--------
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PORTFOLIO OF INVESTMENTS | 3
PRINCIPAL MARKET
AMOUNT COUPON FINAL VALUE
(000) SECURITY RATE MATURITY (000)
----------------------------------------------------------------------------------------------------
PUERTO RICO (2.1%)
$1,000 Electric Power Auth. 5.25% 7/01/2028 $ 1,024
3,000 Sales Tax Financing Corp. (e) 5.50 8/01/2040 3,039
--------
4,063
--------
U.S. VIRGIN ISLANDS (1.0%)
750 Water and Power Auth. 5.00 7/01/2018 810
1,000 Water and Power Auth. 5.00 7/01/2031 983
--------
1,793
--------
Total Fixed-Rate Instruments (cost: $186,291) 188,870
--------
VARIABLE-RATE DEMAND NOTES (2.3%)
NEW YORK (2.3%)
4,450 Dormitory Auth. (LOC - Allied Irish Banks plc)
(cost: $4,450) 3.25 9/01/2036 4,450
--------
TOTAL INVESTMENTS (COST: $190,741) $193,320
========
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($ 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
----------------------------------------------------------------------------------------------------
FIXED-RATE INSTRUMENTS $ -- $ 188,870 $ -- $ 188,870
VARIABLE-RATE DEMAND NOTES -- 4,450 -- 4,450
----------------------------------------------------------------------------------------------------
Total $ -- $ 193,320 $ -- $ 193,320
----------------------------------------------------------------------------------------------------
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For the period ended June 30, 2010, there were no significant transfers of
securities between levels 1, 2, or 3. The Fund's policy is to recognize
transfers into and out of the levels as of the beginning of the period in which
the event or circumstance that caused the transfer occurred.
4 | USAA NEW YORK BOND FUND
NOTES TO PORTFOLIO OF INVESTMENTS
June 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 New
York Bond 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. Debt securities with maturities greater than 60 days are valued each business
day by a pricing service (the Service) approved by the Trust's Board of
Trustees. The Service uses an evaluated mean between quoted bid and asked prices
or the last sales price to price securities when, in the Service's judgment,
these prices are readily available and are representative of the securities'
market values. For many securities, such prices are not readily available. The
Service generally prices these securities based on methods that include
consideration of yields or prices of tax-exempt securities of comparable
quality, coupon, maturity, and type; indications as to values from dealers in
securities; and general market conditions.
2. Debt securities purchased with original or remaining maturities of 60 days or
less may be valued at amortized cost, which approximates market value. This
includes variable rate demand notes with rate-reset dates of 60 days or less.
3. 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 USAA
Investment Management Company (the Manager), an affiliate of the Fund, 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
net asset value (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.
NOTES TO PORTFOLIO OF INVESTMENTS | 5
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. The Fund uses amortized cost in
valuing variable rate demand notes and a market approach in valuing fixed rate
instruments, which is further discussed in Note A1. Additionally the portfolio
of investments includes quantitative input information, such as coupon rates,
maturity dates, and credit enhancements.
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. SECURITIES PURCHASED ON A DELAYED-DELIVERY OR WHEN-ISSUED BASIS -- Delivery
and payment for securities that have been purchased by the Fund on a delayed-
delivery or when-issued basis can take place a month or more after the trade
date. During the period prior to settlement, these securities do not earn
interest, are subject to market fluctuation, and may increase or decrease in
value prior to their delivery. The Fund maintains segregated assets with a
market value equal to or greater than the amount of its purchase commitments.
The purchase of securities on a delayed-delivery or when- issued basis may
increase the volatility of the Fund's NAV to the extent that the Fund makes such
purchases while remaining substantially fully invested.
D. As of June 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 June 30,
2010, were $6,330,000 and $3,751,000, respectively, resulting in net unrealized
appreciation of $2,579,000.
E. The portfolio of investments category percentages shown represent the
percentages of the investments to net assets, which were $191,096,000 at June
30, 2010, and, in total, may not equal 100%. A category percentage of 0.0%
represents less than 0.1% of net assets.
SPECIFIC NOTES
(a) Stepped-coupon security that is initially issued in zero-coupon form and
converts to coupon form at the specified date and rate shown in the
security's description. The rate presented in the coupon rate column
represents the effective yield at the date of purchase.
6 | USAA NEW YORK BOND FUND
(b) At June 30, 2010, portions of these securities were segregated to cover
delayed-delivery and/or when-issued purchases.
(c) Zero-coupon security. Rate represents the effective yield at the date of
purchase.
(d) Restricted security that is not registered under the Securities Act of
1933. A resale of this security in the United States may occur in an exempt
transaction to a qualified institutional buyer as defined by Rule 144A, and
as such has been deemed liquid by the Manager under liquidity guidelines
approved by the Trust's Board of Trustees, unless otherwise noted as
illiquid.
(e) At June 30, 2010, the aggregate market value of securities purchased on a
when-issued basis was $3,039,000.
NOTES TO PORTFOLIO OF INVESTMENTS | 7
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 June 30, 2010
By:* /s/ CHRISTOPHER P. LAIA
--------------------------------------------------------------
Signature and Title: Christopher P. Laia, Secretary
Date: 08/25/2010
-------------------------------
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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: 08/25/2010
------------------------------
By:* /s/ ROBERTO GALINDO, JR.
-----------------------------------------------------
Signature and Title: Roberto Galindo, Jr., Treasurer
Date: 08/25/2010
------------------------------
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*PRINT THE NAME AND TITLE OF EACH SIGNING OFFICER UNDER HIS OR HER SIGNATURE.
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