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
1(ST) QUARTER
USAA CALIFORNIA MONEY MARKET FUND
JUNE 30, 2010
(Form N-Q)
48501-0610 (C)2010, USAA. All rights reserved.
PORTFOLIO OF INVESTMENTS
June 30, 2010 (unaudited)
CATEGORIES AND DEFINITIONS
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. The effective
maturity of these instruments is deemed to be less than 397 days in accordance
with detailed regulatory requirements.
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.
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.
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 values of the securities.
The Fund's investments consist of securities meeting the requirements to qualify
at the time of purchase as "eligible securities" under the Securities and
Exchange Commission (SEC) rules applicable to money market funds. With respect
to quality, eligible securities generally consist of securities rated in one of
the two highest categories for short-term securities or, if not rated, of
comparable quality at the time of purchase. USAA Investment Management Company
(the Manager) also attempts to minimize credit risk in the Fund through rigorous
internal credit research.
(INS) Principal and interest payments are insured by one of the following:
Assured Guaranty Corp., Assured Guaranty Municipal Corp., Berkshire
Hathaway Assurance Corp., or National Indemnity Co. 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.
(LIQ) Liquidity enhancement that may, under certain circumstances, provide
for repayment of principal and interest upon demand from one of the
following: Bank of America, N.A., Citibank, N.A., Citigroup, Inc.,
Deutsche Bank A.G., Deutsche Postbank, JPMorgan Chase Bank, N.A.,
Merrill Lynch & Co., Inc., Rabobank Nederland N.V., Societe Generale,
or Wells Fargo & Co.
================================================================================
PORTFOLIO OF INVESTMENTS | 1
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(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 Merrill Lynch & Co., Inc.
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PORTFOLIO ABBREVIATIONS AND DESCRIPTIONS
ABAG Association of Bay Area Governments
CCD Community College District
SPEAR Short Puttable Exempt Adjustable Receipts
USD Unified School District
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2 | USAA CALIFORNIA MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS
USAA CALIFORNIA MONEY MARKET FUND
June 30, 2010 (unaudited)
PRINCIPAL
AMOUNT COUPON FINAL VALUE
(000) SECURITY RATE MATURITY (000)
-----------------------------------------------------------------------------------------------------------------------
VARIABLE-RATE DEMAND NOTES (93.0%)
CALIFORNIA (91.6%)
$ 7,390 ABAG Finance Auth. for Nonprofit Corps.
(LOC - Comerica Bank, N.A.) 0.38% 12/01/2039 $ 7,390
12,755 Alameda-Contra Costa School Financing Auth.
(LOC - Federal Home Loan Bank of San Francisco) 0.32 8/01/2030 12,755
1,619 Anaheim (LOC - Union Bank of California, N.A.) 1.95 12/01/2015 1,619
2,369 Anaheim Housing Auth. (LOC - Union Bank of California, N.A.) 1.95 12/01/2015 2,369
1,705 Apple Valley (LOC - Union Bank of California, N.A.) 2.75 9/01/2015 1,705
2,353 Culver City Redevelopment Agency
(LOC - Union Bank of California, N.A.) 1.95 12/01/2015 2,353
4,200 Educational Facilities Auth. (LIQ) (a) 0.31 11/01/2017 4,200
20,000 Golden State Tobacco Securitization Corp. (INS)(LIQ) (a) 0.34 6/01/2013 20,000
8,940 Golden State Tobacco Securitization Corp.
(LOC - Bank of America, N.A.)(LIQ) (a) 0.36 6/01/2047 8,940
4,300 Hanford (LOC - Union Bank of California, N.A.) 0.43 4/01/2023 4,300
15,000 Health Facilities Financing Auth. (LOC - Bank of America, N.A.) 0.25 7/01/2033 15,000
5,000 Irvine Ranch Water District (LOC - Landesbank Baden-Wurttemberg) 0.30 5/01/2037 5,000
7,245 Loma Linda (LOC - Union Bank of California, N.A.) 0.46 6/01/2025 7,245
22,000 Long Beach Health Facilities 0.24 10/01/2016 22,000
12,780 Los Angeles Municipal Improvement Corp. (INS)(LIQ) (a) 0.34 1/01/2015 12,780
6,575 Montebello Public Financing Auth.
(LOC - Union Bank of California, N.A.) 0.46 12/01/2034 6,575
13,400 Pasadena (LOC - Bank of America, N.A.) 0.28 2/01/2035 13,400
1,000 Pollution Control Financing Auth.
(LOC - Comerica Bank, N.A.) 0.38 7/01/2039 1,000
18,645 Pomona (LOC - HSH Nordbank A.G.) 0.26 1/01/2034 18,645
9,350 Rancho Water District (LOC - KBC Bank, N.V.) 0.22 9/01/2028 9,350
6,020 San Diego County (LOC - Comerica Bank, N.A.) 0.28 1/01/2023 6,020
10,000 San Jose USD (LIQ)(LOC - Deutsche Bank A.G.) (a) 0.31 6/01/2031 10,000
10,000 SPEAR (LIQ)(LOC - Deutsche Bank A.G.) (a) 0.31 6/01/2027 10,000
12,457 SPEAR (LIQ)(LOC - Deutsche Bank A.G.) (a) 0.31 8/01/2031 12,457
6,569 SPEAR (LIQ)(LOC - Deutsche Bank A.G.) (a) 0.31 8/01/2041 6,569
7,780 State (INS)(LIQ) (a) 0.34 9/01/2012 7,780
12,400 State (INS)(LIQ) (a) 0.31 12/01/2012 12,400
10,400 State (LIQ) (a) 0.16 12/01/2030 10,400
11,600 State (LIQ) (a) 0.16 12/01/2030 11,600
9,025 State (INS)(LIQ) (a) 0.41 8/01/2032 9,025
27,400 Statewide Communities Dev. Auth. (LIQ)
(LOC - Citigroup, Inc.) (a) 0.46 7/01/2012 27,400
3,200 Statewide Communities Dev. Auth. (LOC - SunTrust Bank) 0.45 6/01/2013 3,200
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PORTFOLIO OF INVESTMENTS | 3
PRINCIPAL
AMOUNT COUPON FINAL VALUE
(000) SECURITY RATE MATURITY (000)
-----------------------------------------------------------------------------------------------------------------------
$ 9,000 Statewide Communities Dev. Auth. (LIQ) (a) 0.44% 7/01/2016 $ 9,000
5,000 Statewide Communities Dev. Auth. (LIQ)
(LOC - Wells Fargo & Co.) (a) 0.31 10/01/2036 5,000
10,000 Statewide Communities Dev. Auth. (LOC - Sovereign Bank) 0.36 4/01/2037 10,000
6,000 Statewide Communities Dev. Auth.
(LOC - Federal Home Loan Bank of San Francisco) 0.32 8/01/2037 6,000
7,000 Statewide Communities Dev. Auth. (LIQ)(NBGA) (a) 0.56 9/01/2038 7,000
2,500 Univ. of California Regents (LIQ) (a) 0.36 5/15/2029 2,500
2,200 Univ. of California Regents (LIQ) (a) 0.31 5/15/2030 2,200
5,000 Ventura County CCD (LIQ) (a) 0.34 8/01/2027 5,000
6,880 West Covina Public Financing Auth.
(LOC - Union Bank of California, N.A.) 0.46 5/01/2034 6,880
5,210 West Covina Public Financing Auth.
(LOC - Union Bank of California, N.A.) 0.46 5/01/2034 5,210
--------
362,267
--------
PUERTO RICO (1.4%)
5,800 Commonwealth (LIQ)(LOC - Bank of America, N.A.) (a) 0.40 7/01/2011 5,800
--------
Total Variable-Rate Demand Notes (cost: $368,067) 368,067
--------
PUT BONDS (1.4%)
PUERTO RICO (1.4%)
5,500 Industrial, Medical and Environmental Pollution
Control Facilities Financing Auth. (cost: $5,500) 0.95 3/01/2023 5,500
--------
FIXED-RATE INSTRUMENTS (5.5%)
CALIFORNIA (5.5%)
8,000 Los Angeles County Schools Pooled Financing Program 2.00 3/31/2011 8,044
13,705 San Diego Water Auth. 0.45 7/15/2010 13,705
--------
Total Fixed-Rate Instruments(cost: $21,749) 21,749
--------
TOTAL INVESTMENTS (COST: $395,316) $395,316
========
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($ 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
----------------------------------------------------------------------------------------------------
VARIABLE-RATE DEMAND NOTES $ -- $ 368,067 $ -- $ 368,067
PUT BONDS -- 5,500 -- 5,500
FIXED-RATE INSTRUMENTS -- 21,749 -- 21,749
----------------------------------------------------------------------------------------------------
Total $ -- $ 395,316 $ -- $ 395,316
----------------------------------------------------------------------------------------------------
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For the period ended June 30, 2010, there were no 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 CALIFORNIA MONEY MARKET 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
California Money Market 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. Pursuant to Rule 2a-7 under the 1940 Act, securities in the Fund are valued
at amortized cost, which approximates market value. This method values a
security at its cost on the date of purchase and, thereafter, assumes a constant
amortization to maturity of any premiums or discounts.
2. Securities for which amortized cost valuations are considered unreliable or
whose values have been materially affected by a significant event are valued in
good faith at fair value, using methods determined by the Manager, an affiliate
of the Fund, under valuation procedures and procedures to stabilize net asset
value (NAV) approved by the Trust's Board of Trustees.
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. For
example, money market securities are valued using amortized cost, in accordance
with rules under the 1940 Act. Generally, amortized cost
NOTES TO PORTFOLIO OF INVESTMENTS | 5
approximates the current fair value of a security, but since the value is not
obtained from a quoted price in an active market, such securities are reflected
as Level 2.
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.
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.
E. The portfolio of investments category percentages shown represent the
percentages of the investments to net assets, which were $395,564,000 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) 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.
6 | USAA CALIFORNIA MONEY MARKET FUND
ITEM 2. CONTROLS AND PROCEDURES
The principal executive officer and principal financial officer of USAA Mutual
Funds Trust (Trust) have concluded that the Trust's disclosure controls and
procedures are sufficient to ensure that information required to be disclosed by
the Trust in this Form N-Q was recorded, processed, summarized and reported
within the time periods specified in the Securities and Exchange Commission's
rules and forms, based upon such officers' evaluation of these controls and
procedures as of a date within 90 days of the filing date of the report.
There were no significant changes or corrective actions with regard to
significant deficiencies or material weaknesses in the Trust's internal controls
or in other factors that could significantly affect the Trust's internal
controls subsequent to the date of their evaluation.
ITEM 3. EXHIBITS.
Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940
(17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
Registrant: USAA MUTUAL FUNDS TRUST - Period Ended 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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