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
|
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 TAX EXEMPT INTERMEDIATE-TERM FUND
JUNE 30, 2010
(Form N-Q)
48497-0610 (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.
PUT BONDS - provide the right to sell the bond at face value at specific tender
dates prior to final maturity. The put feature shortens the effective maturity
of the security.
PERIODIC AUCTION RESET BONDS - interest rates are reset periodically through an
auction mechanism. The bonds have the option to be sold at face value at each
interest rate reset date to the extent that there are sufficient bids in the
auction.
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.,
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 one of the following: Fannie Mae, Federal Housing Association
Insured Mortgage Nursing Home, Government National Mortgage
Association, or Texas Permanent School Fund.
================================================================================
1 | USAA TAX EXEMPT INTERMEDIATE-TERM FUND
|
PORTFOLIO ABBREVIATIONS AND DESCRIPTIONS
EDA Economic Development Authority
EDC Economic Development Corp.
ETM Escrowed to final maturity
IDA Industrial Development Authority/Agency
IDB Industrial Development Board
IDC Industrial Development Corp.
ISD Independent School District
PRE Prerefunded to a date prior to maturity
USD Unified School District
================================================================================
PORTFOLIO OF INVESTMENTS | 2
|
PORTFOLIO OF INVESTMENTS
USAA TAX EXEMPT INTERMEDIATE-TERM FUND
June 30, 2010 (unaudited)
PRINCIPAL MARKET
AMOUNT COUPON FINAL VALUE
(000) SECURITY RATE MATURITY (000)
-------------------------------------------------------------------------------------------------------------
FIXED-RATE INSTRUMENTS (88.5%)
ALABAMA (0.9%)
$ 345 Montgomery BMC Special Care Facilities
Financing Auth. (INS) 4.88% 11/15/2018 $ 345
16,340 Montgomery Medical Clinic Board 4.75 3/01/2026 14,930
5,000 Prattville IDB 5.15 9/01/2013 5,182
5,000 Private Colleges and Universities Facilities
Auth. (INS) 4.75 9/01/2026 4,933
2,000 Univ. of Alabama at Birmingham (INS) (PRE) 5.75 9/01/2020 2,039
------------
27,429
------------
ALASKA (0.8%)
7,650 Four Dam Pool Power Agency (LOC - Dexia
Credit Local) (PRE) 5.00 7/01/2021 8,672
3,750 North Slope Borough (INS) 4.36 (a) 6/30/2011 3,707
2,000 State (INS) 4.75 4/01/2021 2,010
2,520 State (INS) 4.75 4/01/2022 2,530
2,000 State (INS) 4.75 4/01/2023 2,006
4,110 State (INS) 4.75 4/01/2024 4,118
------------
23,043
------------
ARIZONA (1.8%)
1,170 Health Facilities Auth. 4.50 4/01/2016 1,213
425 Health Facilities Auth. 5.00 4/01/2017 442
1,150 Health Facilities Auth. 4.75 4/01/2025 1,148
2,500 Maricopa County Union High School District
No. 210 (INS) 4.50 7/01/2024 2,570
15,000 Mohave County IDA 7.50 5/01/2019 16,732
3,270 Phoenix Civic Improvement Corp., 5.50%,
7/01/2013 (INS) 4.50 (b) 7/01/2024 3,121
2,115 Phoenix Civic Improvement Corp., 5.50%,
7/01/2013 (INS) 4.54 (b) 7/01/2025 2,009
2,000 Pinal County IDA (INS) 5.25 10/01/2020 1,916
1,250 Pinal County IDA (INS) 5.25 10/01/2022 1,168
2,000 Pinal County IDA (INS) 4.50 10/01/2025 1,676
3,540 State (INS) 5.00 10/01/2019 3,937
7,275 State (INS) 5.25 10/01/2020 8,112
1,535 State Univ. (INS) 5.00 9/01/2024 1,584
7,180 Univ. Medical Center Corp. 5.00 7/01/2022 7,221
------------
52,849
------------
ARKANSAS (0.6%)
3,125 Baxter County 5.00 9/01/2026 2,948
6,230 Independence County 5.00 1/01/2021 6,232
4,000 Independence County (INS) 4.90 7/01/2022 4,101
4,905 Jefferson County 4.60 10/01/2017 4,949
------------
18,230
------------
|
3 | USAA TAX EXEMPT INTERMEDIATE-TERM FUND
PRINCIPAL MARKET
AMOUNT COUPON FINAL VALUE
(000) SECURITY RATE MATURITY (000)
-------------------------------------------------------------------------------------------------------------
CALIFORNIA (8.9%)
$ 10,000 Chabot-Las Positas Community College
District (INS) 4.85% (a) 8/01/2022 $ 5,504
5,000 Chabot-Las Positas Community College
District (INS) 4.88 (a) 8/01/2023 2,586
5,000 City and County of San Francisco Airport
Commission 5.25 5/01/2022 5,520
7,000 City and County of San Francisco Airport
Commission 5.25 5/01/2023 7,642
2,000 Coronado Community Dev. Agency (INS) 5.00 9/01/2024 1,992
7,000 Health Facilities Financing Auth. 5.13 7/01/2022 7,321
5,000 Irvine USD Special Tax District (INS) 5.25 9/01/2019 5,471
2,500 Irvine USD Special Tax District (INS) 4.50 9/01/2020 2,599
6,745 Kern County Board of Education (INS) 5.00 6/01/2026 6,841
20,000 Los Angeles Department of Water and
Power (INS) (c) 4.75 7/01/2025 20,688
3,320 Modesto Irrigation District (INS) 5.64 (a) 7/01/2017 2,338
3,325 Modesto Irrigation District (INS) 5.69 (a) 7/01/2018 2,207
5,000 Public Works Board 5.50 6/01/2019 5,178
6,400 Public Works Board 5.50 4/01/2021 6,727
6,755 Public Works Board 5.60 4/01/2022 7,106
3,000 Public Works Board 5.13 3/01/2023 3,031
3,130 Public Works Board 5.75 4/01/2023 3,306
2,500 Public Works Board 5.25 3/01/2024 2,540
2,000 Public Works Board 5.38 3/01/2025 2,046
1,430 Sacramento Financing Auth. (INS) 5.00 12/01/2024 1,403
15,265 Sacramento Municipal Utility District
Financing Auth. (INS) 4.75 7/01/2024 15,172
4,720 Salinas Union High School District (INS) 4.37 (a) 6/01/2016 3,776
2,000 Salinas Union High School District (INS) 4.37 (a) 10/01/2016 1,574
3,525 San Bernardino County Redevelopment Agency (INS) 5.00 9/01/2025 3,307
2,395 San Diego USD (INS) 4.50 7/01/2025 2,439
3,000 San Jose USD (INS) 4.50 6/01/2024 3,003
7,065 Santa Clara County Financing Auth. (INS) 4.75 5/15/2023 7,302
7,400 Santa Clara County Financing Auth. (INS) 4.75 5/15/2024 7,576
7,750 Santa Clara County Financing Auth. (INS) 4.75 5/15/2025 7,881
3,500 Santa Rosa Rancheria Tachi Yokut Tribe (d) 5.00 3/01/2020 2,944
2,175 Semitropic Improvement District (INS) 5.25 12/01/2018 2,346
2,500 Solano Community College District (INS) 4.85 (a) 8/01/2023 1,275
4,735 Solano Community College District (INS) 4.88 (a) 8/01/2024 2,241
4,035 South Orange County Public Financing Auth. (INS) 5.00 8/15/2022 4,042
4,920 South Orange County Public Financing Auth. (INS) 5.00 8/15/2025 4,753
20,000 State 5.25 10/01/2022 21,503
27,445 State 5.75 4/01/2027 29,248
3,120 Statewide Communities Dev. Auth. 5.00 5/15/2021 3,137
3,275 Statewide Communities Dev. Auth. 5.00 5/15/2022 3,278
3,440 Statewide Communities Dev. Auth. 5.00 5/15/2023 3,433
3,610 Statewide Communities Dev. Auth. 5.00 5/15/2024 3,564
3,795 Statewide Communities Dev. Auth. 5.00 5/15/2025 3,717
1,245 Systemwide Univ. (INS) 5.50 11/01/2015 1,361
15,235 Tobacco Securitization Auth. 4.75 6/01/2025 13,498
3,470 Tuolumne Wind Project Auth. 5.00 1/01/2022 3,728
2,000 Washington Township Health Care District 5.75 7/01/2024 2,127
------------
260,271
------------
COLORADO (2.1%)
4,500 Adams County (INS) 4.38 9/01/2017 4,501
5,000 Adams County (INS) (c) 5.10 1/01/2019 5,041
2,000 Arapahoe County School District No. 6 (INS) 5.25 12/01/2018 2,181
2,585 Arapahoe County School District No. 6 (INS) 5.25 12/01/2019 2,814
|
PORTFOLIO OF INVESTMENTS | 4
PRINCIPAL MARKET
AMOUNT COUPON FINAL VALUE
(000) SECURITY RATE MATURITY (000)
-------------------------------------------------------------------------------------------------------------
$ 2,000 Arapahoe County School District No. 6 (INS) 5.25% 12/01/2020 $ 2,173
2,000 Arapahoe County School District No. 6 (INS) 5.25 12/01/2021 2,177
2,400 Denver Health and Hospital Auth. (PRE) 6.25 12/01/2016 2,595
30,955 Denver Health and Hospital Auth. 4.75 12/01/2027 26,989
1,000 Health Facilities Auth. 5.25 6/01/2023 1,020
2,140 Pueblo School District No. 60 (INS) (PRE) 5.25 12/15/2020 2,379
9,045 State (INS) 5.00 11/01/2023 9,503
------------
61,373
------------
CONNECTICUT (0.5%)
4,000 Health and Educational Facilities Auth. (INS) 5.00 7/01/2025 3,619
4,400 Mashantucket (Western) Pequot Tribe, acquired
9/18/1997 and 12/20/2001; cost $4,388 (d),(e) 5.70 9/01/2012 2,247
16,500 Mashantucket (Western) Pequot Tribe, acquired
9/18/1997 thru 9/11/2009; cost $14,993 (d),(e) 5.75 9/01/2018 8,442
------------
14,308
------------
DELAWARE (0.3%)
1,495 Health Facilities Auth. (INS) 4.80 5/01/2017 1,380
1,830 Health Facilities Auth. (INS) 4.90 5/01/2018 1,661
1,000 Health Facilities Auth. (INS) 5.00 5/01/2019 898
1,515 Health Facilities Auth. (INS) 5.05 5/01/2020 1,343
1,010 Municipal Electric Corp. (INS) 5.25 7/01/2013 1,053
1,460 Municipal Electric Corp. (INS) 5.25 7/01/2017 1,522
1,580 Municipal Electric Corp. (INS) 5.25 7/01/2018 1,637
------------
9,494
------------
DISTRICT OF COLUMBIA (0.5%)
7,000 District of Columbia (INS) 5.00 1/01/2025 7,189
7,930 District of Columbia (INS) 4.75 5/01/2027 6,321
------------
13,510
------------
FLORIDA (6.1%)
5,165 Brevard County School Board (INS) 5.00 7/01/2025 5,244
2,500 Broward County Airport System 5.00 10/01/2024 2,588
6,500 Broward County School Board (INS) 5.00 7/01/2023 6,690
4,000 Broward County School Board (INS) 5.00 7/01/2024 4,098
3,710 Broward County School Board (INS) 5.00 7/01/2025 3,771
7,905 Dade County (INS) 6.00 (a) 10/01/2011 7,625
8,610 Dade County (INS) 6.10 (a) 10/01/2012 7,808
3,270 Flagler County School Board (INS) 5.00 8/01/2025 3,340
8,000 Hillsborough County IDA 5.65 5/15/2018 8,895
1,725 Hillsborough County IDA 5.50 10/01/2023 1,761
4,250 Indian River County School Board (INS) 5.00 7/01/2024 4,352
5,000 JEA St. Johns River Power Park (INS) 5.00 10/01/2020 5,499
1,090 Miami Beach Health Facilities Auth. 6.13 11/15/2011 1,095
1,670 Miami Dade County (INS) 5.00 4/01/2022 1,734
2,805 Miami Dade County (INS) 5.00 4/01/2023 2,895
8,375 Miami Dade County (INS) 4.75 11/01/2023 8,328
2,345 Miami Dade County, 5.00%, 10/01/2013 (INS) 4.54 (b) 10/01/2024 1,961
9,830 Miami Dade County (INS) 4.75 11/01/2024 9,729
3,670 Miami Dade County, 5.00%, 10/01/2013 (INS) 4.57 (b) 10/01/2025 3,032
2,500 Miami Dade County (INS) 5.00 10/01/2026 2,542
10,000 Miami Dade County School Board (INS) 5.00 2/01/2024 10,608
12,000 Miami Dade County School Board (INS) 5.25 5/01/2025 12,792
12,000 Orange County Health Facility Auth. 5.25 10/01/2022 12,362
5,000 Orange County Health Facility Auth. 5.38 10/01/2023 5,189
7,450 Palm Beach County Health Facilities Auth. (INS) 5.00 12/01/2021 6,504
1,500 Palm Beach County School Board (INS) 5.25 8/01/2018 1,606
650 Palm Beach County School Board (INS) 5.00 8/01/2022 682
|
5 | USAA TAX EXEMPT INTERMEDIATE-TERM FUND
PRINCIPAL MARKET
AMOUNT COUPON FINAL VALUE
(000) SECURITY RATE MATURITY (000)
-------------------------------------------------------------------------------------------------------------
$ 6,000 Seminole Tribe (d) 5.75% 10/01/2022 $ 5,860
14,815 Seminole Tribe (d) 5.50 10/01/2024 14,002
4,585 Volusia County School Board (INS) 5.00 8/01/2022 4,703
4,920 Volusia County School Board (INS) 5.00 8/01/2023 5,023
5,165 Volusia County School Board (INS) 5.00 8/01/2024 5,251
------------
177,569
------------
GEORGIA (0.9%)
10,000 Burke County Dev. Auth. 7.00 1/01/2023 11,850
5,000 Coweta County Dev. Auth. (INS) 4.35 9/01/2018 5,012
4,000 Glynn-Brunswick Memorial Hospital Auth. 5.25 8/01/2023 4,078
5,000 Savannah Hospital Auth. (INS) 5.00 7/01/2018 5,028
------------
25,968
------------
GUAM (0.2%)
6,000 Education Financing Foundation (INS) 4.50 10/01/2026 4,837
------------
HAWAII (0.1%)
2,590 Housing Finance and Dev. Corp. 5.45 7/01/2017 2,594
------------
IDAHO (0.0%)
1,000 Univ. of Idaho (INS) 4.75 4/01/2022 1,024
------------
ILLINOIS (6.5%)
1,000 Bedford Park Village 4.60 12/01/2017 1,008
3,240 Bedford Park Village 4.80 12/01/2020 3,206
3,085 Bedford Park Village 4.90 12/01/2023 3,012
6,040 Channahon 6.88 1/01/2020 6,048
2,000 Chicago (PRE) 5.00 11/01/2019 2,123
5,000 Chicago 6.63 12/01/2022 4,939
14,925 Chicago Board of Education (INS) 4.82 (a) 12/01/2013 13,800
2,170 Chicago-O'Hare International Airport (INS) 5.50 1/01/2014 2,235
7,000 Chicago-O'Hare International Airport (INS) 5.00 1/01/2021 7,374
10,000 Chicago-O'Hare International Airport (INS) 5.00 1/01/2022 10,449
9,000 Chicago-O'Hare International Airport 5.25 1/01/2024 9,390
2,370 Finance Auth. 5.50 5/01/2017 2,460
2,000 Finance Auth. 5.00 8/15/2017 1,801
4,340 Finance Auth. 5.75 5/01/2018 4,540
14,360 Finance Auth. 5.00 2/15/2019 14,833
2,080 Finance Auth. 5.00 2/15/2020 2,128
1,710 Finance Auth. 5.00 2/15/2022 1,727
750 Finance Auth. 5.25 4/01/2022 750
2,000 Finance Auth. 5.00 4/01/2023 1,904
3,400 Finance Auth. (INS) 5.00 11/01/2023 3,468
10,500 Finance Auth. (INS) 5.00 11/15/2023 10,507
7,140 Finance Auth. 5.13 2/15/2025 7,091
4,165 Finance Auth. 5.00 4/01/2025 3,884
8,000 Finance Auth. 4.50 11/15/2026 7,178
1,750 Finance Auth. 5.40 4/01/2027 1,725
1,000 Health Facilities Auth. 5.25 9/01/2013 1,004
2,000 Health Facilities Auth. 5.25 9/01/2014 2,006
2,500 Health Facilities Auth. 5.25 9/01/2018 2,502
3,000 Health Facilities Auth. (INS) 5.00 2/15/2020 3,041
4,250 Health Facilities Auth. (PRE) 6.80 11/15/2020 4,397
825 Housing Dev. Auth. 4.55 7/01/2021 845
365 Housing Dev. Auth. 4.60 7/01/2023 369
3,495 Lake County Community Unit School
District (INS) (ETM) 5.13 (a) 12/01/2016 2,832
4,555 Lake County Community Unit School
District (INS) 5.13 (a) 12/01/2016 3,644
|
PORTFOLIO OF INVESTMENTS | 6
PRINCIPAL MARKET
AMOUNT COUPON FINAL VALUE
(000) SECURITY RATE MATURITY (000)
-------------------------------------------------------------------------------------------------------------
$ 2,500 Metropolitan Pier and Exposition Auth., 5.20%,
6/15/2012 (INS) 5.20% (b) 6/15/2017 $ 2,528
2,500 Metropolitan Pier and Exposition Auth., 5.30%,
6/15/2012 (INS) 5.30 (b) 6/15/2018 2,523
4,000 Metropolitan Pier and Exposition Auth., 5.40%,
6/15/2012 (INS) 5.40 (b) 6/15/2019 4,004
2,000 Northeastern Illinois Univ. 4.75 10/01/2025 2,041
4,735 Northern Illinois Univ. (INS) 4.88 4/01/2018 4,790
5,000 State (INS) 5.00 1/01/2021 5,347
7,815 Univ. of Illinois (INS) (PRE) 5.00 8/15/2020 8,230
3,311 Volo Village, Lake County 5.00 3/01/2016 3,080
14,070 Will County Forest Preserve District (INS) 5.40 (a) 12/01/2017 11,036
------------
191,799
------------
INDIANA (2.6%)
7,465 Bond Bank (PRE) 5.50 8/01/2016 7,573
20,000 Finance Auth. (INS) (c) 4.55 12/01/2024 19,102
1,900 Finance Auth. 5.00 10/01/2027 1,953
4,000 Health and Educational Facility Financing Auth. 5.00 2/15/2021 4,074
8,375 Health and Educational Facility Financing Auth. 5.00 2/15/2022 8,502
3,000 Jasper County (INS) 5.85 4/01/2019 3,311
4,950 Municipal Power Agency (INS) 5.25 1/01/2017 5,327
2,100 Municipal Power Agency (INS) 5.25 1/01/2018 2,260
6,000 Rockport (INS) 4.63 6/01/2025 5,845
870 St. Joseph County 5.45 2/15/2017 844
7,260 St. Joseph County 5.75 2/15/2019 4,027
11,000 Univ. of Southern Indiana (INS) (c) 5.00 10/01/2018 11,246
1,500 Vanderburgh County Redevelopment District 5.00 2/01/2026 1,500
------------
75,564
------------
IOWA (0.6%)
9,190 Finance Auth. (INS) 5.00 7/01/2014 9,848
1,325 Finance Auth. (INS) 5.00 12/01/2021 1,298
1,390 Finance Auth. (INS) 5.00 12/01/2022 1,355
1,460 Finance Auth. (INS) 5.00 12/01/2023 1,407
1,535 Finance Auth. (INS) 5.00 12/01/2024 1,449
1,610 Finance Auth. (INS) 5.00 12/01/2025 1,502
1,690 Finance Auth. (INS) 5.00 12/01/2026 1,556
------------
18,415
------------
KANSAS (0.8%)
645 Wyandotte County 4.75 12/01/2016 672
19,000 Wyandotte County 5.00 12/01/2020 19,415
8,800 Wyandotte County 6.07 (a) 6/01/2021 4,700
------------
24,787
------------
KENTUCKY (0.3%)
7,500 Economic Dev. Finance Auth. (INS) 5.75 12/01/2028 8,155
------------
LOUISIANA (1.8%)
2,150 Local Government Environmental Facilities and
Community Dev. Auth. (INS) 5.25 12/01/2015 2,292
2,260 Local Government Environmental Facilities and
Community Dev. Auth. (INS) 5.25 12/01/2016 2,443
2,355 Local Government Environmental Facilities and
Community Dev. Auth. (INS) 5.25 12/01/2017 2,546
3,750 Local Government Environmental Facilities and
Community Dev. Auth. (f) 6.50 8/01/2029 3,830
7,000 New Orleans (INS) 5.13 9/01/2021 7,116
6,825 Office Facilities Corp. (INS) 5.38 5/01/2018 6,995
2,000 Office Facilities Corp. (INS) 5.25 11/01/2018 2,190
|
7 | USAA TAX EXEMPT INTERMEDIATE-TERM FUND
PRINCIPAL MARKET
AMOUNT COUPON FINAL VALUE
(000) SECURITY RATE MATURITY (000)
-------------------------------------------------------------------------------------------------------------
$ 4,450 St. Martin Parish 4.35% 10/01/2012 $ 4,694
3,955 St. Tammany Parish Hospital Service District
No. 1 (INS) 5.00 7/01/2018 3,940
9,000 Transportation Auth. (INS) 4.38 12/01/2023 9,006
9,000 Transportation Auth. (INS) 4.38 12/01/2024 9,002
------------
54,054
------------
MAINE (0.1%)
1,715 Housing Auth. 5.35 11/15/2021 1,722
1,500 Jay 4.85 5/01/2019 1,493
------------
3,215
------------
MARYLAND (0.4%)
2,915 Community Dev. Administration 5.88 7/01/2016 2,920
2,500 EDC 6.20 9/01/2022 2,866
5,000 Health and Higher Educational Facilities Auth. 6.00 1/01/2028 5,164
------------
10,950
------------
MASSACHUSETTS (1.6%)
5,105 Commonwealth 5.75 6/15/2015 5,218
4,500 Commonwealth (INS) (PRE) 5.50 3/01/2018 4,867
7,775 Commonwealth (INS) (PRE) 5.38 8/01/2021 8,544
3,110 Health and Educational Facilities Auth. 5.00 7/01/2019 3,200
9,000 Health and Educational Facilities Auth. 6.00 7/01/2024 9,734
4,000 Health and Educational Facilities Auth. 5.00 7/15/2027 3,362
5,545 Massachusetts Bay Transportation Auth. 4.60 (a) 7/01/2022 3,363
7,790 Massachusetts Bay Transportation Auth. 4.65 (a) 7/01/2023 4,468
5,000 Massachusetts Bay Transportation Auth. 4.70 (a) 7/01/2024 2,684
1,600 Massachusetts Bay Transportation Auth. 4.73 (a) 7/01/2025 811
110 Water Pollution Abatement Trust 4.75 8/01/2025 117
------------
46,368
------------
MICHIGAN (1.9%)
18,000 Building Auth. (INS) 4.81 (a) 10/15/2022 9,639
1,325 Detroit Building Auth. (LOC - Comerica Bank, N.A.) 6.15 2/01/2011 1,329
4,000 Detroit Downtown Dev. Auth. (INS) 5.00 7/01/2018 3,965
25,000 Dickinson County EDC 4.80 11/01/2018 25,076
1,855 Hospital Finance Auth. 6.25 10/01/2016 1,857
2,675 Hospital Finance Auth. 5.00 11/15/2019 2,694
3,400 Hospital Finance Auth. 5.00 11/15/2022 3,351
2,000 Kent Hospital Finance Auth. 5.50 7/01/2020 1,934
3,000 State Trunk Line Fund 5.00 11/01/2019 3,408
2,000 State Trunk Line Fund 5.00 11/01/2020 2,244
------------
55,497
------------
MINNESOTA (1.8%)
1,080 Chippewa County 5.38 3/01/2022 1,091
5,120 Chippewa County 5.50 3/01/2027 5,070
18,015 Cohasset (c) 4.95 7/01/2022 18,322
2,500 Higher Education Facilities Auth. 4.50 10/01/2027 2,502
3,000 Municipal Power Agency 4.38 10/01/2025 3,012
5,315 St. Paul Housing and Redevelopment Auth. 5.70 11/01/2015 5,316
1,500 St. Paul Housing and Redevelopment Auth. 5.85 11/01/2017 1,500
7,680 St. Paul Housing and Redevelopment Auth. 5.15 11/15/2020 7,419
3,500 St. Paul Housing and Redevelopment Auth. 5.25 5/15/2026 3,427
5,260 Washington County Hospital and
Redevelopment Auth. 5.38 11/15/2018 5,187
------------
52,846
------------
|
PORTFOLIO OF INVESTMENTS | 8
PRINCIPAL MARKET
AMOUNT COUPON FINAL VALUE
(000) SECURITY RATE MATURITY (000)
-------------------------------------------------------------------------------------------------------------
MISSISSIPPI (0.1%)
$ 1,650 Hospital Equipment and Facilities Auth. 5.00% 12/01/2016 $ 1,692
1,000 Hospital Equipment and Facilities Auth. 5.25 12/01/2021 989
1,260 Lincoln County (INS) 5.50 4/01/2018 1,260
------------
3,941
------------
MISSOURI (1.0%)
17,545 Cape Girardeau County Health Care Facilities IDA 5.00 6/01/2027 16,062
1,000 Cass County 5.00 5/01/2022 974
3,315 Cass County 5.38 5/01/2022 3,328
2,000 Cass County 5.50 5/01/2027 1,867
2,000 Dev. Finance Board 4.75 6/01/2025 1,923
2,050 Fenton City 4.50 4/01/2021 1,988
1,760 Riverside IDA (INS) 5.00 5/01/2020 1,800
1,330 St. Joseph IDA 5.00 4/01/2027 1,335
------------
29,277
------------
MONTANA (0.3%)
6,500 Forsyth (INS) 4.65 8/01/2023 6,467
2,140 Health Facilities Auth. 6.38 6/01/2018 2,140
------------
8,607
------------
NEBRASKA (0.0%)
560 Scotts Bluff County Hospital Auth. 5.13 11/15/2019 561
------------
NEVADA (1.0%)
1,000 Clark County (INS) 4.50 11/01/2016 1,001
5,000 Clark County (INS) (PRE) 5.25 7/01/2019 5,250
2,865 Clark County 5.00 5/15/2020 2,983
18,000 Humboldt County 5.15 12/01/2024 18,813
------------
28,047
------------
NEW HAMPSHIRE (0.4%)
5,000 Business Finance Auth. 5.85 12/01/2022 5,078
6,730 Strafford County 6.75 12/31/2010 6,780
------------
11,858
------------
NEW JERSEY (2.1%)
2,000 EDA 5.75 12/01/2016 2,000
5,000 EDA (INS) 5.00 7/01/2022 5,222
3,500 EDA (f) 4.45 6/01/2023 3,508
8,830 EDA 5.25 9/01/2023 9,486
13,500 EDA 5.50 6/15/2024 13,353
20,000 State Turnpike Auth. 5.00 1/01/2021 22,020
5,000 Tobacco Settlement Financing Corp. 5.00 6/01/2017 4,982
------------
60,571
------------
NEW MEXICO (0.4%)
4,890 Jicarilla Apache Nation (d) 5.00 9/01/2018 5,157
3,250 Jicarilla Apache Nation (d) 5.50 9/01/2023 3,416
4,000 Sandoval County 4.38 6/01/2020 4,167
------------
12,740
------------
NEW YORK (10.7%)
2,500 Albany IDA 5.75 11/15/2022 2,625
5,500 Dormitory Auth. 5.75 7/01/2013 5,835
|
9 | USAA TAX EXEMPT INTERMEDIATE-TERM FUND
PRINCIPAL MARKET
AMOUNT COUPON FINAL VALUE
(000) SECURITY RATE MATURITY (000)
-------------------------------------------------------------------------------------------------------------
$ 1,500 Dormitory Auth. 5.25% 7/01/2015 $ 1,690
4,000 Dormitory Auth. 5.20 2/15/2016 4,008
5,420 Dormitory Auth. (LOC - Allied Irish Banks plc) 4.40 7/01/2016 5,681
2,005 Dormitory Auth. 5.25 7/01/2016 2,223
4,760 Dormitory Auth. 5.30 2/15/2017 4,769
2,000 Dormitory Auth. 5.25 7/01/2017 2,195
12,560 Dormitory Auth. (ETM) 5.30 2/15/2019 14,427
5,000 Dormitory Auth. 5.00 7/01/2020 5,135
3,345 Dormitory Auth. (PRE) 5.05 2/01/2022 3,638
24,935 Dormitory Auth. 5.00 7/01/2022 25,496
2,500 Dutchess County IDA 4.50 8/01/2026 2,334
1,860 East Rochester Housing Auth. (NBGA) 4.05 2/15/2012 1,892
2,000 East Rochester Housing Auth. (NBGA) 4.63 2/15/2017 2,087
17,075 Long Island Power Auth. 5.00 4/01/2023 18,253
10,000 Metropolitan Transportation Auth. 6.25 11/15/2023 11,741
2,500 Metropolitan Transportation Auth. (INS) 5.00 11/15/2024 2,634
6,800 Metropolitan Transportation Auth. 5.00 11/15/2024 7,137
16,565 Metropolitan Transportation Auth. 5.00 11/15/2024 17,526
21,625 New York City 5.50 8/01/2015 23,837
4,455 New York City 5.63 8/01/2015 4,869
810 New York City (PRE) 5.75 8/01/2016 900
6,055 New York City 5.75 8/01/2016 6,580
5,000 New York City 5.25 10/15/2019 5,546
5,000 New York City 5.13 11/15/2022 5,613
4,330 New York City 5.13 12/01/2022 4,778
6,000 New York City 5.13 12/01/2023 6,571
10,000 New York City 5.00 4/01/2024 10,694
15,000 New York City 5.00 8/01/2024 16,420
5,240 New York City 5.00 8/01/2024 5,641
5,000 New York City 5.25 11/15/2024 5,584
5,000 New York City 5.00 2/01/2025 5,368
500 New York City IDA (INS) 4.15 7/01/2014 492
10,000 New York City Municipal Water Finance Auth. 5.38 6/15/2017 10,855
4,795 New York City Transitional Finance Auth. (INS) (PRE) 5.25 8/01/2019 5,276
3,500 New York City Transitional Finance Auth. 5.00 1/15/2022 3,852
25,000 New York City Transitional Finance Auth. 5.00 5/01/2026 27,272
6,000 Seneca Nation Indians Capital Improvements
Auth. (d) 5.00 12/01/2023 4,930
775 Suffolk County IDA 5.00 11/01/2013 815
1,880 Suffolk County IDA 5.00 11/01/2014 1,978
1,000 Suffolk County IDA 5.00 11/01/2015 1,049
3,180 Suffolk County IDA (INS) 4.75 6/01/2026 2,539
11,000 Tobacco Settlement Financing Corp. 5.50 6/01/2018 11,738
------------
314,523
------------
NORTH CAROLINA (1.5%)
6,000 Eastern Municipal Power Agency 5.50 1/01/2012 6,388
4,885 Eastern Municipal Power Agency 5.50 1/01/2015 5,238
1,830 Eastern Municipal Power Agency 5.50 1/01/2016 1,962
1,000 Eastern Municipal Power Agency 5.50 1/01/2017 1,072
3,000 Eastern Municipal Power Agency 5.00 1/01/2024 3,155
5,500 Medical Care Commission 5.00 7/01/2027 5,228
1,600 Municipal Power Agency No. 1 (ETM) 5.50 1/01/2013 1,782
3,400 Municipal Power Agency No. 1 5.50 1/01/2013 3,746
2,000 Municipal Power Agency No. 1 5.25 1/01/2020 2,234
3,600 Turnpike Auth. (INS) 5.00 1/01/2022 3,909
3,330 Turnpike Auth. (INS) 5.13 1/01/2024 3,578
4,000 Wake County Industrial Facilities and Pollution
Control Financing Auth. 5.38 2/01/2017 4,230
------------
42,522
------------
|
PORTFOLIO OF INVESTMENTS | 10
PRINCIPAL MARKET
AMOUNT COUPON FINAL VALUE
(000) SECURITY RATE MATURITY (000)
-------------------------------------------------------------------------------------------------------------
NORTH DAKOTA (0.1%)
$ 1,000 Grand Forks (INS) 5.00% 12/15/2022 $ 1,058
2,055 Williams County 5.00 11/01/2021 2,059
------------
3,117
------------
OHIO (2.2%)
4,000 Air Quality Dev. Auth. 5.63 10/01/2019 4,278
9,000 Air Quality Dev. Auth. 5.70 8/01/2020 9,664
3,000 American Municipal Power, Inc. 5.00 2/15/2021 3,297
2,760 American Municipal Power, Inc. 5.00 2/15/2022 2,998
22,195 Buckeye Tobacco Settlement Financing Auth. 5.13 6/01/2024 18,775
2,400 Fairview Park (INS) 4.13 12/01/2020 2,468
4,000 Franklin County 5.80 10/01/2014 4,030
2,650 Franklin County 5.50 7/01/2017 2,652
10,000 Hamilton (INS) 4.65 10/15/2022 10,535
790 Housing Finance Agency (NBGA) 5.10 9/01/2017 826
1,750 Miami County 5.25 5/15/2021 1,806
2,000 Miami County 5.25 5/15/2026 2,008
------------
63,337
------------
OKLAHOMA (1.4%)
5,360 Cherokee Nation (INS) (d) 4.60 12/01/2021 5,186
10,275 Chickasaw Nation (d) 5.38 12/01/2017 11,000
5,000 Chickasaw Nation (d) 6.00 12/01/2025 5,273
3,895 Comanche County Hospital Auth. (INS) 5.25 7/01/2022 3,915
3,000 Comanche County Hospital Auth. (INS) 5.25 7/01/2023 3,002
1,400 Norman Regional Hospital Auth. 5.50 9/01/2024 1,292
13,100 Norman Regional Hospital Auth. 5.00 9/01/2027 11,096
1,295 Valley View Hospital Auth. 6.00 8/15/2014 1,297
------------
42,061
------------
OREGON (0.1%)
1,000 Washington, Yamhill and Multnomah Counties
Hillsboro School District No. 1J (INS) 4.58 (a) 6/15/2025 492
5,900 Washington, Yamhill and Multnomah Counties
Hillsboro School District No. 1J (INS) 4.59 (a) 6/15/2026 2,705
------------
3,197
------------
PENNSYLVANIA (0.7%)
1,000 Allegheny County IDA 5.00 9/01/2021 972
1,220 Allegheny County IDA 5.10 9/01/2026 1,147
17,300 Allegheny County IDA 4.75 12/01/2032 18,149
1,615 Lancaster County Hospital Auth. 5.00 11/01/2026 1,625
------------
21,893
------------
PUERTO RICO (0.5%)
14,000 Government Dev. Bank 4.75 12/01/2015 14,490
------------
RHODE ISLAND (0.4%)
340 Health and Educational Building Corp. (INS) 5.50 5/15/2012 341
765 Health and Educational Building Corp. (INS) 5.50 5/15/2016 766
5,500 Health and Educational Building Corp. (INS) 5.00 5/15/2026 5,632
5,915 Housing and Mortgage Finance Corp. 4.65 10/01/2026 5,982
------------
12,721
------------
SOUTH CAROLINA (1.8%)
4,250 Georgetown County 5.95 3/15/2014 4,652
5,000 Georgetown County 5.70 4/01/2014 5,402
|
11 | USAA TAX EXEMPT INTERMEDIATE-TERM FUND
PRINCIPAL MARKET
AMOUNT COUPON FINAL VALUE
(000) SECURITY RATE MATURITY (000)
-------------------------------------------------------------------------------------------------------------
$ 5,000 Lexington County Health Services District, Inc. 5.00% 11/01/2024 $ 5,132
7,335 Lexington County Health Services District, Inc. 5.00 11/01/2026 7,421
5,870 SCAGO Educational Facilities Corp. (INS) 4.75 12/01/2026 5,269
6,325 SCAGO Educational Facilities Corp. (INS) 4.75 12/01/2026 5,868
19,870 Tobacco Settlement Revenue Management Auth. 5.00 6/01/2018 19,889
------------
53,633
------------
SOUTH DAKOTA (0.3%)
1,700 Health and Educational Facilities Auth. 5.00 11/01/2024 1,732
6,025 Housing Dev. Auth. (INS) 5.15 11/01/2020 6,184
------------
7,916
------------
TENNESSEE (1.0%)
7,000 Jackson 5.25 4/01/2023 7,212
2,125 Johnson City Health and Educational Facilities Board 5.25 7/01/2026 2,096
1,000 Nashville and Davidson County Health and
Educational Facilities Board (INS) 5.10 8/01/2019 874
745 Shelby County Health, Educational and Housing
Facility Board (PRE) 6.00 9/01/2016 832
1,255 Shelby County Health, Educational and Housing
Facility Board (PRE) 6.00 9/01/2016 1,402
935 Shelby County Health, Educational and Housing
Facility Board (PRE) 6.25 9/01/2018 1,049
1,565 Shelby County Health, Educational and Housing
Facility Board (PRE) 6.25 9/01/2018 1,756
14,750 Sullivan County Health, Educational and
Housing Facilities Board 5.25 9/01/2026 14,204
------------
29,425
------------
TEXAS (16.6%)
910 Alamo Community College District (INS) (PRE) 5.00 11/01/2020 967
1,050 Alamo Community College District (INS) 5.00 11/01/2020 1,101
2,300 Austin (INS) 5.00 11/15/2024 2,408
5,610 Austin Utility Systems (INS) 5.15 (a) 5/15/2017 4,500
1,855 Bastrop ISD (NBGA) 5.55 (a) 2/15/2014 1,745
3,030 Bastrop ISD (NBGA) 5.55 (a) 2/15/2015 2,751
3,055 Bastrop ISD (NBGA) 5.60 (a) 2/15/2016 2,652
3,155 Bastrop ISD (NBGA) 5.60 (a) 2/15/2017 2,601
4,540 Bexar County Health Facilities Dev. Corp. 5.00 7/01/2027 4,051
32,925 Brazos River Auth. 5.38 4/01/2019 33,005
5,365 Cass County IDC 5.35 4/01/2012 5,680
2,680 Central Regional Mobility Auth., 4.55%,
1/01/2014 (INS) 4.55 (b) 1/01/2020 2,062
3,445 Central Regional Mobility Auth., 4.60%,
1/01/2014 (INS) 4.60 (b) 1/01/2021 2,601
2,500 Central Regional Mobility Auth. 5.75 1/01/2025 2,540
2,600 Conroe ISD (NBGA) 5.00 2/15/2023 2,800
3,100 Conroe ISD (NBGA) 5.00 2/15/2024 3,329
13,745 Denton ISD (NBGA) 5.03 (a) 8/15/2023 7,557
16,500 Denton ISD (NBGA) 5.06 (a) 8/15/2024 8,553
2,905 Eagle Mountain-Saginaw ISD (NBGA) 4.38 8/15/2026 2,977
1,520 Edgewood ISD (NBGA) 4.88 8/15/2019 1,555
1,595 Edgewood ISD (NBGA) 5.00 8/15/2020 1,664
1,675 Edgewood ISD (NBGA) 5.00 8/15/2021 1,747
2,245 Ennis ISD (NBGA) 4.56 (a) 8/15/2024 1,190
3,715 Ennis ISD (NBGA) 4.58 (a) 8/15/2025 1,852
3,720 Ennis ISD (NBGA) 4.60 (a) 8/15/2026 1,736
6,580 Fort Worth ISD (NBGA) (PRE) 5.00 2/15/2018 6,776
40,000 Harris County IDC 5.00 2/01/2023 40,928
1,895 Hidalgo County Health Services Corp. 4.75 8/15/2017 1,894
|
PORTFOLIO OF INVESTMENTS | 12
PRINCIPAL MARKET
AMOUNT COUPON FINAL VALUE
(000) SECURITY RATE MATURITY (000)
-------------------------------------------------------------------------------------------------------------
$ 350 Hidalgo County Health Services Corp. 5.00% 8/15/2019 $ 347
3,805 Hidalgo County Health Services Corp. 5.00 8/15/2022 3,671
1,785 Hidalgo County Health Services Corp. 5.00 8/15/2026 1,622
3,000 Houston (INS) 5.00 3/01/2019 3,236
4,000 Houston Airport System 5.00 7/01/2024 4,320
7,000 Houston Airport System 5.00 7/01/2025 7,510
3,635 Houston ISD Public Facility Corp. (INS) 5.35 (a) 9/15/2015 3,218
4,955 Houston ISD Public Facility Corp. (INS) 5.35 (a) 9/15/2015 4,386
6,955 Houston ISD Public Facility Corp. (INS) 5.38 (a) 9/15/2016 5,864
2,635 Houston ISD Public Facility Corp. (INS) 5.38 (a) 9/15/2016 2,222
3,885 Houston ISD Public Facility Corp. (INS) 5.40 (a) 9/15/2017 3,105
5,000 Irving ISD (NBGA) 5.31 (a) 2/15/2025 2,471
2,200 Judson ISD (INS) 5.00 2/01/2023 2,320
1,500 Judson ISD (INS) 5.00 2/01/2024 1,572
1,595 La Porte ISD (INS) 5.00 2/15/2022 1,690
3,535 La Porte ISD (INS) 5.00 2/15/2024 3,710
3,830 Lewisville (INS) 5.38 9/01/2015 3,833
4,555 Lower Colorado River Auth. (INS) 4.38 5/15/2025 4,582
4,555 Lower Colorado River Auth. (INS) 4.38 5/15/2026 4,556
2,325 Marlin ISD Public Facility Corp., acquired
7/22/1998; cost $2,363 (e) 5.85 2/15/2018 2,348
3,425 Mesquite Health Facilities Dev. Corp. 5.50 2/15/2025 3,215
2,040 Midlothian Dev. Auth. (INS) 5.00 11/15/2018 1,991
2,235 Midlothian Dev. Auth. (INS) 5.00 11/15/2021 2,149
9,265 Midlothian Dev. Auth. 6.00 11/15/2024 9,150
1,695 Midlothian Dev. Auth. (INS) 5.00 11/15/2026 1,546
2,755 Midlothian Dev. Auth. 5.13 11/15/2026 2,444
2,500 North Texas Tollway Auth. 6.00 1/01/2023 2,753
15,000 North Texas Tollway Auth. 6.00 1/01/2025 16,475
2,500 Northside ISD (NBGA) 5.00 2/15/2017 2,565
2,800 Northside ISD (NBGA) (PRE) 5.00 2/15/2017 2,883
2,865 Northside ISD (NBGA) (PRE) 5.00 2/15/2018 2,950
2,555 Northside ISD (NBGA) 5.00 2/15/2018 2,616
1,220 Nueces River Auth. (INS) 5.00 7/15/2023 1,288
1,530 Nueces River Auth. (INS) 5.00 7/15/2024 1,608
5,945 Plano ISD (NBGA) 5.00 2/15/2019 6,087
2,965 Plano ISD (NBGA) 4.50 2/15/2023 3,115
5,920 Port of Corpus Christi IDA 5.40 4/01/2018 5,920
17,715 Port of Corpus Christi IDC 5.40 4/01/2018 17,715
2,000 Red River Education Finance Corp. 4.38 3/15/2025 2,027
5,255 Red River Education Finance Corp. 4.38 3/15/2026 5,285
8,395 Rockwall ISD (NBGA) 5.14 (a) 2/15/2022 4,949
9,205 Sabine River Auth. (INS) 4.95 3/01/2018 9,744
2,000 San Leanna Education Facilities Corp. 5.00 6/01/2018 2,082
1,965 San Leanna Education Facilities Corp. 5.13 6/01/2023 1,969
1,000 San Leanna Education Facilities Corp. 5.13 6/01/2024 990
1,545 San Leanna Education Facilities Corp. 5.13 6/01/2025 1,513
5,200 Schertz-Cibolo-Universal City ISD (NBGA) 4.86 (a) 2/01/2023 2,945
3,320 State 5.00 8/01/2016 3,748
3,750 Tarrant County Cultural Education Facilities
Finance Corp. 5.25 11/15/2022 3,828
9,410 Tarrant County Cultural Education Facilities
Finance Corp. 5.50 11/15/2022 8,971
1,100 Tarrant County Cultural Education Facilities
Finance Corp. 6.00 11/15/2026 1,115
8,300 Tarrant County Cultural Education Facilities
Finance Corp. 5.13 5/15/2027 7,422
8,000 Tarrant Regional Water District (INS) 5.25 3/01/2017 8,849
2,000 Tarrant Regional Water District (INS) 5.25 3/01/2019 2,176
2,000 Tarrant Regional Water District (INS) 5.25 3/01/2020 2,176
5,000 Tarrant Regional Water District (INS) 4.38 3/01/2021 5,247
7,000 Transportation Commission 4.38 4/01/2025 7,200
18,000 Transportation Commission 4.50 4/01/2026 18,608
4,000 Transportation Commission 4.75 4/01/2027 4,177
3,895 Tyler Health Facilities Dev. Corp. 5.25 7/01/2011 3,989
|
13 | USAA TAX EXEMPT INTERMEDIATE-TERM FUND
PRINCIPAL MARKET
AMOUNT COUPON FINAL VALUE
(000) SECURITY RATE MATURITY (000)
-------------------------------------------------------------------------------------------------------------
$ 2,125 Tyler Health Facilities Dev. Corp. 5.25% 7/01/2012 $ 2,215
1,500 Tyler Health Facilities Dev. Corp. 5.25 7/01/2013 1,571
7,170 Tyler Health Facilities Dev. Corp. 5.25 11/01/2019 7,325
7,945 Tyler Health Facilities Dev. Corp. 5.25 11/01/2021 7,992
3,360 Tyler Health Facilities Dev. Corp. 5.25 11/01/2022 3,372
3,800 Tyler Health Facilities Dev. Corp. 5.25 11/01/2023 3,784
8,745 Tyler Health Facilities Dev. Corp. 5.25 7/01/2026 8,179
4,500 Univ. of Texas Board of Regents (PRE) 5.38 8/15/2017 4,755
7,000 Univ. of Texas Board of Regents (PRE) 5.25 7/01/2018 7,481
12,505 Univ. of Texas Board of Regents 4.25 8/15/2025 12,879
1,795 Weatherford ISD (NBGA) 4.73 (a) 2/15/2023 1,029
1,795 Weatherford ISD (NBGA) 4.77 (a) 2/15/2024 966
5,970 Williamson County (INS) 5.13 2/15/2022 6,649
1,385 Wylie ISD (NBGA) 5.00 (a) 8/15/2014 1,287
1,690 Wylie ISD (NBGA) 5.10 (a) 8/15/2015 1,510
------------
486,279
------------
UTAH (0.8%)
4,410 Intermountain Power Agency (INS) (ETM) 5.00 7/01/2012 4,426
19,626 Jordanelle Special Service District (d) 12.00 8/01/2030 20,435
------------
24,861
------------
VIRGINIA (1.6%)
1,750 Albemarle County IDA 5.00 1/01/2024 1,677
2,290 College Building Auth. 5.00 6/01/2021 2,280
11,280 College Building Auth. 5.00 6/01/2026 10,779
15,342 Farms of New Kent Community Dev. Auth. 5.13 3/01/2036 10,901
3,889 Peninsula Town Center Community Dev. Auth. 5.80 9/01/2017 3,966
6,752 Peninsula Town Center Community Dev. Auth. 6.25 9/01/2024 6,771
5,378 Peninsula Town Center Community Dev. Auth. 6.35 9/01/2028 5,337
5,510 Public School Auth. (PRE) 5.00 8/01/2017 5,588
1,000 Small Business Financing Auth. 5.13 9/01/2022 987
------------
48,286
------------
WASHINGTON (0.5%)
1,800 Health Care Facilities Auth. (INS) 5.00 12/01/2023 1,740
2,000 Health Care Facilities Auth. (INS) 5.00 12/01/2024 1,895
2,310 Health Care Facilities Auth. (INS) 5.00 12/01/2025 2,164
1,470 Higher Education Facilities Auth. 5.20 10/01/2017 1,472
2,000 Housing Finance Commission (INS) 5.88 7/01/2019 2,011
5,000 King County Housing Auth. (INS) 5.20 7/01/2018 4,827
------------
14,109
------------
WISCONSIN (0.9%)
4,130 Health and Educational Facilities Auth. (INS) 5.25 8/15/2012 4,141
5,000 Health and Educational Facilities Auth. (INS) 5.13 8/15/2020 5,004
8,300 Health and Educational Facilities Auth. 5.13 2/15/2026 7,974
1,625 Housing and EDA 4.85 9/01/2017 1,658
1,345 Kaukauna Area School District (INS) 4.85 3/01/2017 1,378
6,000 Sheboygan (INS) 5.00 9/01/2015 6,691
------------
26,846
------------
Total Fixed-Rate Instruments (cost: $2,573,504) 2,598,967
------------
PUT BONDS (7.7%)
ALABAMA (0.4%)
10,900 Baptist Health Care Auth. 6.00 11/15/2024 11,433
------------
|
PORTFOLIO OF INVESTMENTS | 14
PRINCIPAL MARKET
AMOUNT COUPON FINAL VALUE
(000) SECURITY RATE MATURITY (000)
-------------------------------------------------------------------------------------------------------------
ARIZONA (0.5%)
$ 12,500 Maricopa County 6.00% 5/01/2029 $ 13,391
------------
CALIFORNIA (0.1%)
3,000 Health Facilities Financing Auth. 4.95 7/01/2026 3,247
------------
FLORIDA (0.8%)
7,375 Miami-Dade County IDA 4.00 10/01/2018 7,438
16,000 Putnam County Dev. Auth. (INS) 5.35 3/15/2042 17,403
------------
24,841
------------
GEORGIA (0.3%)
7,920 DeKalb County Housing Auth. 4.70 10/01/2031 8,201
------------
ILLINOIS (0.3%)
7,500 Educational Facilities Auth. 4.75 11/01/2036 7,970
------------
LOUISIANA (0.5%)
14,000 Public Facilities Auth. 7.00 12/01/2038 14,846
------------
MASSACHUSETTS (0.2%)
6,000 Dev. Finance Agency 5.75 12/01/2042 6,451
------------
MICHIGAN (1.5%)
15,000 Hospital Finance Auth. 6.00 12/01/2034 17,389
15,000 Monroe County EDC (INS) 4.65 10/01/2024 15,338
10,550 Strategic Fund Ltd. (INS) 4.85 9/01/2030 10,799
------------
43,526
------------
NEW MEXICO (1.0%)
10,000 Farmington 4.75 6/01/2040 10,023
20,000 Farmington 5.20 6/01/2040 20,104
------------
30,127
------------
OHIO (0.3%)
8,000 Air Quality Dev. Auth. 5.75 6/01/2033 8,770
------------
PENNSYLVANIA (0.3%)
10,000 Economic Dev. Financing Auth. 2.63 12/01/2033 10,038
------------
TENNESSEE (0.1%)
1,950 Knox County Health, Educational, and Housing
Facilities Board (NBGA) 4.90 6/01/2031 2,020
------------
TEXAS (1.1%)
3,425 Beaumont Multifamily Housing Finance Corp. (NBGA) 4.70 12/15/2031 3,502
7,500 Matagorda County Navigation District No. 1 5.13 6/01/2030 7,724
3,425 Montgomery County Housing Finance Corp. (NBGA) 4.85 6/01/2031 3,517
15,000 North State Tollway Auth. 6.00 1/01/2038 16,450
------------
31,193
------------
WISCONSIN (0.3%)
9,000 Madison 4.88 10/01/2027 9,518
------------
|
15 | USAA TAX EXEMPT INTERMEDIATE-TERM FUND
PRINCIPAL MARKET
AMOUNT COUPON FINAL VALUE
(000) SECURITY RATE MATURITY (000)
-------------------------------------------------------------------------------------------------------------
Total Put Bonds (cost: $214,170) 225,572
------------
PERIODIC AUCTION RESET BONDS (0.1%)
OKLAHOMA (0.1%)
$ 5,900 Tulsa County Industrial Auth., acquired
7/20/2006; cost $5,900 (e),(g) 0.64% 1/01/2039 $ 1,770
------------
VARIABLE-RATE DEMAND NOTES (2.7%)
ALASKA (1.0%)
21,000 Valdez Marine Terminal 4.50 7/01/2037 21,000
10,000 Valdez Marine Terminal 4.50 7/01/2037 10,000
------------
31,000
------------
ARKANSAS (0.5%)
15,000 Northwest Regional Airport Auth. (LOC -
Regions Bank) 1.75 2/01/2027 15,000
------------
CALIFORNIA (0.2%)
5,000 Educational Facilities Auth. (LOC - Allied Irish
Banks plc) 3.50 3/01/2038 5,000
------------
NEW YORK (0.1%)
1,600 Dormitory Auth. (LOC - Allied Irish Banks plc) 3.25 9/01/2036 1,600
------------
SOUTH DAKOTA (0.5%)
16,495 Health and Educational Facilities Auth. (LOC -
Allied Irish Banks plc) 3.00 7/01/2033 16,495
------------
TEXAS (0.4%)
10,930 Harrison County Health Facilities Dev. Corp.
(LOC - Regions Bank) 1.75 4/01/2026 10,930
------------
Total Variable-Rate Demand Notes (cost: $80,025) 80,025
------------
TOTAL INVESTMENTS (COST: $2,873,599) $ 2,906,334
============
|
($ 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 $ -- $ 2,598,967 $ -- $ 2,598,967
PUT BONDS -- 225,572 -- 225,572
PERIODIC AUCTION RESET BONDS -- -- 1,770 1,770
VARIABLE-RATE DEMAND NOTES -- 80,025 -- 80,025
-----------------------------------------------------------------------------------------------------
Total $ -- $ 2,904,564 $ 1,770 $ 2,906,334
-----------------------------------------------------------------------------------------------------
|
Reconciliation of investments in which significant unobservable inputs (Level 3)
were used in determining value:
PORTFOLIO OF INVESTMENTS | 16
PERIODIC AUCTION
RESET BONDS
--------------------------------------------------------------------------------
Balance as of March 31, 2010 $1,770
Net realized gain (loss) -
Change in net unrealized appreciation/depreciation -
Net purchases (sales) -
Transfers in -
Transfers out -
--------------------------------------------------------------------------------
Balance as of June 30, 2010 $1,770
--------------------------------------------------------------------------------
|
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 valuation levels as of the beginning of the period
in which the event or circumstance that caused the transfer occurred.
17 | USAA TAX EXEMPT INTERMEDIATE-TERM 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 Tax
Exempt Intermediate-Term 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.
18 | USAA TAX EXEMPT INTERMEDIATE-TERM FUND
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 all other
level 2 securities, 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.
For the securities using significant unobservable inputs at the end of the
period (level 3), market quotations from the pricing services were not
determinative of fair value. As such, the securities were valued in good faith
using methods determined by the Manager, under valuation procedures approved by
the Trust's Board of Trustees. These unobservable inputs included risk premium
adjustments reflecting the amount the Manager assumed market participants would
demand because of the risk (uncertainty) in the cash flows from the securities
and other information related to the securities such as credit quality and
coupon rates. Refer to the portfolio of investments for a reconciliation of
investments in which significant unobservable inputs (Level 3) were used in
determining value.
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 $93,333,000 and $60,598,000, respectively, resulting in net
unrealized appreciation of $32,735,000.
19 | USAA TAX EXEMPT INTERMEDIATE-TERM FUND
E. The portfolio of investments category percentages shown represent the
percentages of the investments to net assets, which were $2,934,624,000 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) Zero-coupon security. Rate represents the effective yield at the date of
purchase.
(b) 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.
(c) At June 30, 2010, portions of these securities were segregated to cover
delayed-delivery and/or when-issued purchases.
(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) 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 June 30, 2010, was $14,807,000, which represented
0.5% of the Fund's net assets.
(f) At June 30, 2010, the aggregate market value of securities purchased on a
delayed-delivery basis was $7,338,000, which included when-issued
securities of $3,508,000.
(g) Security was fair valued at June 30, 2010, by the Manager in accordance
with valuation procedures approved by the Trust's Board of Trustees.
NOTES TO PORTFOLIO OF INVESTMENTS | 20
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
-------------------------------
|
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
------------------------------
|
*PRINT THE NAME AND TITLE OF EACH SIGNING OFFICER UNDER HIS OR HER SIGNATURE.
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