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: DECEMBER 31, 2009
ITEM 1. SCHEDULE OF INVESTMENTS.
USAA MUTUAL FUNDS TRUST - 3RD QUARTER REPORT - PERIOD ENDED DECEMBER 31, 2009
USAA CALIFORNIA BOND FUND
[LOGO OF USAA]
USAA (R)
PORTFOLIO OF INVESTMENTS
3RD QUARTER
USAA CALIFORNIA BOND FUND
DECEMBER 31, 2009
(Form N-Q)
48462 -0210 2010, USAA. All rights reserved.
PORTFOLIO OF INVESTMENTS
December 31, 2009 (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., 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.
|
(LIQ)
| Liquidity enhancement that may, under certain circumstances, provide for repayment of principal and interest upon demand from Dexia Credit Local.
|
(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: California Health Insurance Construction Loan Insurance Program or California State General Obligation.
|
1 | USAA California Bond Fund
PORTFOLIO ABBREVIATIONS AND DESCRIPTIONS
CCD
| Community College District
|
ETM
| Escrowed to final maturity
|
PRE
| Prerefunded to a date prior to maturity
|
USD
| Unified School District
|
Portfolio of Investments | 2
PORTFOLIO OF INVESTMENTS
USAA California Bond Fund
December 31, 2009 (unaudited)
| | Principal Amount (000)
| | Security
| | Coupon Rate
| | Final Maturity
| | Market Value (000)
| | | | |
| |
| | FIXED-RATE INSTRUMENTS (98.7%)
| | | | |
| | California (98.7%)
| | | | |
$
| 4,500
| | Antelope Valley Healthcare District (INS)
| 5.20
| %
| 1/01/2027
| | $
| 4,276
| | | | |
| | 16,600
| | Association of Bay Area Governments (INS)
| 6.20
|
| 11/01/2029
| | | 15,037
| | | | |
| | 17,520
| | Association of Bay Area Governments (INS)
| 4.75
|
| 3/01/2036
| | | 14,788
| | | | |
| | 6,100
| | Baldwin Park USD (INS)
| 5.00
| (a)
| 8/01/2031
| | | 1,399
| | | | |
| | 6,375
| | Baldwin Park USD (INS)
| 5.01
| (a)
| 8/01/2032
| | | 1,358
| | | | |
| | 5,265
| | Carlsbad USD (INS)
| 5.00
|
| 10/01/2034
| | | 5,242
| | | | |
| | 3,000
| | Central USD (INS)
| 5.50
|
| 8/01/2029
| | | 3,265
| | | | |
| | 14,595
| | Chabot-Las Positas CCD (INS)
| 5.06
| (a)
| 8/01/2034
| | | 2,776
| | | | |
| | 10,000
| | Chabot-Las Positas CCD (INS)
| 5.07
| (a)
| 8/01/2035
| | | 1,771
| | | | |
| | 5,000
| | Chula Vista
| 5.88
|
| 1/01/2034
| | | 5,487
| | | | |
| | 12,605
| | Coast CCD (INS)
| 5.48
| (a)
| 8/01/2034
| | | 2,521
| | | | |
| | 5,000
| | Coronado Community Dev. Agency (INS) (PRE)
| 5.60
|
| 9/01/2030
| | | 5,278
| | | | |
| | 1,860
| | Educational Facilities Auth. (INS)
| 5.75
|
| 11/01/2030
| | | 1,868
| | | | |
| | 4,140
| | Educational Facilities Auth. (INS) (PRE)
| 5.75
|
| 11/01/2030
| | | 4,329
| | | | |
| | 6,000
| | Educational Facilities Auth.
| 5.38
|
| 4/01/2034
| | | 5,868
| | | | |
| | 2,755
| | Escondido (INS)
| 5.75
|
| 9/01/2030
| | | 2,826
| | | | |
| | 3,190
| | Escondido (INS) (PRE)
| 5.75
|
| 9/01/2030
| | | 3,338
| | | | |
| | 1,500
| | Fresno (INS)
| 5.50
|
| 7/01/2030
| | | 1,511
| | | | |
| | 18,000
| | Golden State Tobacco Securitization, 4.55%, 6/01/2010 (INS)
| 4.57
| (b)
| 6/01/2022
| | | 16,282
| | | | |
| | 17,000
| | Golden State Tobacco Securitization
| 5.00
|
| 6/01/2033
| | | 12,937
| | | | |
| | 10,000
| | Golden State Tobacco Securitization (INS)
| 5.00
|
| 6/01/2035
| | | 8,786
| | | | |
| | 1,000
| | Health Facilities Financing Auth. (NBGA)
| 5.50
|
| 1/01/2019
| | | 1,000
| | | | |
| | 2,200
| | Health Facilities Financing Auth. (NBGA)
| 5.00
|
| 11/01/2024
| | | 2,085
| | | | |
| | 2,000
| | Health Facilities Financing Auth. (NBGA)
| 5.00
|
| 11/01/2029
| | | 1,848
| | | | |
| | 2,000
| | Health Facilities Financing Auth.
| 6.50
|
| 10/01/2033
| | | 2,262
| | | | |
| | 16,510
| | Health Facilities Financing Auth.
| 5.00
|
| 11/15/2034
| | | 15,504
| | | | |
| | 11,230
| | Health Facilities Financing Auth. (NBGA)
| 5.00
|
| 7/01/2036
| | | 9,789
| | | | |
| | 6,000
| | Health Facilities Financing Auth.
| 5.25
|
| 4/01/2039
| | | 5,674
| | | | |
| | 17,085
| | Health Facilities Financing Auth.
| 5.25
|
| 11/15/2046
| | | 16,171
| | | | |
| | 3,000
| | Housing Finance Agency (INS)
| 6.05
|
| 8/01/2027
| | | 3,003
| | | | |
| | 9,310
| | Indio Redevelopment Agency
| 5.25
|
| 8/15/2031
| | | 8,748
| | | | |
| | 2,630
| | Indio Redevelopment Agency
| 5.25
|
| 8/15/2035
| | | 2,377
| | | | |
| | 1,000
| | Infrastructure and Economic Dev. Bank
| 5.63
|
| 7/01/2020
| | | 1,008
| | | | |
| | 1,250
| | Infrastructure and Economic Dev. Bank
| 5.75
|
| 7/01/2030
| | | 1,256
| | | | |
| | 6,000
| | Inland Empire Tobacco Securitization Auth., 5.75%, 12/01/2011
| 5.75
| (b)
| 6/01/2026
| | | 4,322
| | | | |
| | 5,000
| | Irvine USD Financing Auth. (INS)
| 5.00
|
| 9/01/2038
| | | 4,259
| | | | |
| | 3,875
| | Long Beach Bond Finance Auth.
| 5.00
|
| 11/15/2035
| | | 3,453
| | | | |
| | 10,700
| | Los Angeles Department of Water and Power
| 5.00
|
| 7/01/2030
| | | 10,964
| | | | |
| | 10,000
| | Los Angeles Municipal Improvement Corp. (INS)
| 4.75
|
| 8/01/2032
| | | 9,305
| | | | |
| | 1,000
| | Los Banos Redevelopment Agency (INS)
| 5.00
|
| 9/01/2036
| | | 810
| | | | |
| | 10,000
| | Madera Redevelopment Agency
| 5.38
|
| 9/01/2038
| | | 9,834
| | | | |
| | 7,070
| | Marina Coast Water District (INS)
| 5.00
|
| 6/01/2037
| | | 6,804
| | | | |
| | 6,000
| | Modesto Irrigation District
| 5.75
|
| 10/01/2034
| | | 6,343
| | | | |
| | 7,500
| | Monterey Peninsula CCD (INS)
| 5.11
| (a)
| 8/01/2029
| | | 2,236
| | | | |
| | 1,405
| | Municipal Finance Auth. (INS)
| 5.00
|
| 6/01/2031
| | | 1,229
| | | | |
| | 1,000
| | Municipal Finance Auth. (INS)
| 5.00
|
| 6/01/2036
| | | 847
| | | | |
| | 5,000
| | Norwalk Redevelopment Agency (INS)
| 5.00
|
| 10/01/2030
| | | 4,560
| | | | |
| | 3,500
| | Norwalk Redevelopment Agency (INS)
| 5.00
|
| 10/01/2035
| | | 3,048
| | | | |
3 | USAA California Bond Fund
| | Principal Amount (000)
| | Security
| | Coupon Rate
| | Final Maturity
| | Market Value (000)
| | | | | |
| | | |
$
| 7,500
| | Norwalk-La Mirada USD (INS)
| 5.00
| % (a)
| 8/01/2030
| | $
| 1,994
| | | | | |
| | 6,205
| | Oakdale Irrigation District
| 5.50
|
| 8/01/2034
| | | 6,453
| | | | | |
| | 15,200
| | Oakland USD (INS) (PRE)
| 5.50
|
| 8/01/2024
| | | 15,665
| | | | | |
| | 5,500
| | Palomar Pomerado Health (INS)
| 4.89
| (a)
| 8/01/2026
| | | 1,953
| | | | | |
| | 970
| | Poway Redevelopment Agency (INS)
| 5.75
|
| 6/15/2033
| | | 970
| | | | | |
| | 4,030
| | Poway Redevelopment Agency (INS) (PRE)
| 5.75
|
| 6/15/2033
| | | 4,321
| | | | | |
| | 2,400
| | Public Works Board
| 5.25
|
| 6/01/2024
| | | 2,352
| | | | | |
| | 2,500
| | Public Works Board
| 5.25
|
| 6/01/2025
| | | 2,428
| | | | | |
| | 6,500
| | Public Works Board
| 5.00
|
| 11/01/2029
| | | 6,552
| | | | | |
| | 7,900
| | Public Works Board
| 5.25
|
| 6/01/2030
| | | 7,384
| | | | | |
| | 6,875
| | Public Works Board
| 5.00
|
| 4/01/2031
| | | 6,146
| | | | | |
| | 5,470
| | Public Works Board
| 5.00
|
| 4/01/2031
| | | 4,890
| | | | | |
| | 5,705
| | Public Works Board
| 5.00
|
| 4/01/2031
| | | 5,100
| | | | | |
| | 6,775
| | Regents of Univ. of California (INS)
| 4.75
|
| 5/15/2030
| | | 6,872
| | | | | |
| | 5,000
| | Regents of Univ. of California (INS)
| 4.75
|
| 5/15/2031
| | | 5,052
| | | | | |
| | 10,000
| | Riverside County Public Financing Auth. (INS)
| 4.75
|
| 10/01/2035
| | | 8,190
| | | | | |
| | 7,030
| | Sacramento City Financing Auth. (INS)
| 5.00
|
| 12/01/2036
| | | 6,681
| | | | | |
| | 20,225
| | Sacramento County Sanitation District Finance Auth. (INS) (PRE)
| 5.63
|
| 12/01/2030
| | | 21,417
| | | | | |
| | 10,990
| | Sacramento Municipal Utility District Financing Auth. (INS)
| 4.75
|
| 7/01/2025
| | | 10,446
| | | | | |
| | 12,805
| | San Bernardino County Redevelopment Agency (INS)
| 5.00
|
| 9/01/2030
| | | 11,900
| | | | | |
| | 11,340
| | San Bernardino County Redevelopment Agency (INS)
| 5.00
|
| 9/01/2035
| | | 10,191
| | | | | |
| | 1,110
| | San Diego County
| 5.00
|
| 9/01/2023
| | | 1,017
| | | | | |
| | 3,190
| | San Francisco City and County Airport (INS) (PRE)
| 5.63
|
| 5/01/2025
| | | 3,279
| | | | | |
| | 3,500
| | San Francisco City and County Airport
| 5.25
|
| 5/01/2026
| | | 3,646
| | | | | |
| | 5,000
| | San Francisco City and County Redevelopment Financing Auth. (INS)
| 4.88
|
| 8/01/2036
| | | 4,170
| | | | | |
| | 3,945
| | San Jose
| 4.95
|
| 4/01/2012
| | | 4,032
| | | | | |
| | 4,000
| | San Jose Redevelopment Agency (INS)
| 4.45
|
| 8/01/2032
| | | 3,254
| | | | | |
| | 14,000
| | Santa Ana USD (INS) (PRE)
| 5.70
|
| 8/01/2029
| | | 14,580
| | | | | |
| | 3,500
| | Santa Barbara Financing Auth.
| 5.00
|
| 7/01/2029
| | | 3,604
| | | | | |
| | 9,000
| | Santa Barbara Financing Auth.
| 5.00
|
| 7/01/2039
| | | 9,000
| | | | | |
| | 1,750
| | Sierra View Local Health Care District
| 5.25
|
| 7/01/2037
| | | 1,583
| | | | | |
| | 9,645
| | Solano CCD (INS)
| 4.96
| (a)
| 8/01/2028
| | | 2,914
| | | | | |
| | 9,735
| | Solano CCD (INS)
| 5.00
| (a)
| 8/01/2030
| | | 2,502
| | | | | |
| | 10,000
| | South Orange County Public Financing Auth. (INS)
| 5.00
|
| 8/15/2032
| | | 9,116
| | | | | |
| | 6,000
| | State
| 4.50
|
| 8/01/2030
| | | 5,160
| | | | | |
| | 5,000
| | State
| 5.75
|
| 4/01/2031
| | | 5,064
| | | | | |
| | 5,000
| | State
| 4.50
|
| 10/01/2036
| | | 4,116
| | | | | |
| | 10,000
| | State (NBGA)
| 4.50
|
| 12/01/2037
| | | 8,189
| | | | | |
| | 7,500
| | Statewide Communities Dev. Auth.
| 5.00
|
| 6/15/2013
| | | 7,987
| | | | | |
| | 5,000
| | Statewide Communities Dev. Auth. (INS)
| 5.50
|
| 8/01/2022
| | | 5,009
| | | | | |
| | 2,225
| | Statewide Communities Dev. Auth. (INS)
| 4.50
|
| 2/01/2027
| | | 1,938
| | | | | |
| | 11,795
| | Statewide Communities Dev. Auth. (NBGA)
| 5.00
|
| 12/01/2027
| | | 11,296
| | | | | |
| | 5,115
| | Statewide Communities Dev. Auth.
| 5.00
|
| 5/15/2031
| | | 4,560
| | | | | |
| | 5,000
| | Statewide Communities Dev. Auth.
| 5.50
|
| 7/01/2031
| | | 5,071
| | | | | |
| | 17,500
| | Statewide Communities Dev. Auth.
| 5.25
|
| 8/01/2031
| | | 17,058
| | | | | |
| | 3,370
| | Statewide Communities Dev. Auth.
| 5.00
|
| 5/15/2032
| | | 2,980
| | | | | |
| | 8,000
| | Statewide Communities Dev. Auth.
| 5.50
|
| 11/01/2032
| | | 7,999
| | | | | |
| | 13,400
| | Statewide Communities Dev. Auth.
| 4.75
|
| 4/01/2033
| | | 12,008
| | | | | |
| | 5,000
| | Statewide Communities Dev. Auth. (INS)
| 4.60
|
| 2/01/2037
| | | 4,019
| | | | | |
| | 13,000
| | Statewide Communities Dev. Auth. (NBGA)
| 5.00
|
| 12/01/2037
| | | 11,603
| | | | | |
| | 9,000
| | Statewide Communities Dev. Auth.
| 5.00
|
| 5/15/2038
| | | 7,693
| | | | | |
| | 3,500
| | Statewide Communities Dev. Auth. (NBGA)
| 5.75
|
| 8/15/2038
| | | 3,437
| | | | | |
| | 2,500
| | Statewide Communities Dev. Auth.
| 5.00
|
| 11/15/2038
| | | 2,313
| | | | | |
| | 19,080
| | Suisun City Public Financing Auth.
| 5.37
| (a)
| 10/01/2033
| | | 3,905
| | | | | |
| | 7,190
| | Tuolumne Wind Project Auth.
| 5.63
|
| 1/01/2029
| | | 7,712
| | | | | |
| | 1,500
| | Val Verde USD (INS)
| 5.13
|
| 3/01/2036
| | | 1,442
| | | | | |
| | 13,642
| | Vallejo Sanitation and Flood Control District (INS)
| 5.00
|
| 7/01/2019
| | | 13,817
| | | | | |
Portfolio of Investments | 4
| | Principal Amount (000)
| | Security
| | Coupon Rate
| | Final Maturity
| | Market Value (000)
| | | | | | |
| | | | |
$
| 7,000
| | Vista (INS)
| 5.00
| %
| 5/01/2037
| | $
| 6,592
| | | | | | |
| | 7,085
| | Washington Township Health Care District
| 5.13
|
| 7/01/2023
| | | 6,737
| | | | | | |
| | 1,250
| | Washington Township Health Care District
| 6.00
|
| 7/01/2029
| | | 1,275
| | | | | | |
| | 6,080
| | Washington Township Health Care District
| 5.00
|
| 7/01/2037
| | | 5,208
| | | | | | |
| | 960
| | Watsonville (ETM)
| 6.20
|
| 7/01/2012
| | | 1,036
| | | | | | |
| | | | | | | | |
| | | | 644,560
| | | | | | |
| | | | | | | | |
| | Total Fixed-Rate Instruments (cost: $688,958)
| | 644,560
| | | | | | |
| | | | | | | | |
| | VARIABLE-RATE DEMAND NOTES (0.2%)
| | | | | | |
| | Puerto Rico (0.2%)
| | | | | | |
| | 1,250
| | Highway & Transportation Auth. (LIQ)(LOC - Dexia Credit Local) (c)(cost: $1,250)
| 0.40
|
| 7/01/2030
| | | 1,250
| | | | | | |
| | | | | | | | |
| | | Total Investments (cost: $690,208)
| $
| 645,810
| | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
($ in 000s)
| VALUATION HIERARCHY
| | | | |
| | | | |
| | | (LEVEL 1) Quoted Prices in Active Markets for Identical Assets
| | (LEVEL 2) Other Significant Observable Inputs
| | (LEVEL 3) Significant Unobservable Inputs
| | Total
| | | | | | | | | |
| | FIXED-RATE INSTRUMENTS
| $
| —
| $
| 644,560
| $
| —
| $
| 644,560
| | |
| | VARIABLE-RATE DEMAND NOTES
| | —
| | 1,250
| | —
| | 1,250
| | |
Total
| $
| —
| $
| 645,810
| $
| —
| $
| 645,810
| | | | | | | | | |
| |
| |
5 | USAA California Bond Fund
NOTES TO PORTFOLIO
OF INVESTMENTS
December 31, 2009 (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 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.
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 | 6
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. 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. Subsequent events – Subsequent events are events or transactions that occur after the balance sheet date but before the quarterly report is issued and are categorized
as recognized or non-recognized for financial statement purposes. The Manager has evaluated subsequent events through February 22, 2010, the date the quarterly report
was issued, and has determined there were no events that required recognition or disclosure in the Fund's quarterly report.
E. As of December 31, 2009, 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 December 31, 2009, were $9,288,000 and $53,686,000, respectively, resulting in net unrealized depreciation
of $44,398,000.
F. The portfolio of investments category percentages shown represent the percentages of the investments to net assets, which were $652,677,000 at December 31, 2009,
and, in total, may not equal 100%. A category percentage of 0.0% represents less than 0.1% of net assets.
7 | USAA California Bond Fund
(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)
| | 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.
|
Notes to Portfolio of Investments | 8 Notes to Portfolio of Investments | 8
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 December 31, 2009
By:* /s/ CHRISTOPHER P. LAIA
--------------------------------------------------------------
Signature and Title: Christopher P. Laia, Assistant Secretary
Date: 2/26/2010
-------------------------------
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: 2/26/2010
------------------------------
By:* /s/ ROBERTO GALINDO, JR.
-----------------------------------------------------
Signature and Title: Roberto Galindo, Jr., Treasurer
Date: 2/26/2010
------------------------------
*PRINT THE NAME AND TITLE OF EACH SIGNING OFFICER UNDER HIS OR HER SIGNATURE.
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