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: MAY 31
Date of Reporting Period: FEBRUARY 28, 2010
ITEM 1. SCHEDULE OF INVESTMENTS.
USAA TREASURY MONEY MARKET TRUST - 3RD QUARTER REPORT - PERIOD ENDED
FEBRUARY 28, 2010
[USAA LOGO]
USAA (R)
PORTFOLIO OF INVESTMENTS
3
RD
QUARTER
USAA TREASURY MONEY MARKET TRUST
®
FEBRUARY 28, 2010
(Form N-Q)
48474 -0410
©2010, USAA. All rights reserved.
PORTFOLIO OF INVESTMENTS
USAA Treasury Money Market Trust
February 28, 2010 (unaudited)
|
Principal Amount
(000)
|
Security
|
|
|
Value
(000)
|
|
|
|
|
|
|
|
|
|
U.S. TREASURY BILLS (33.0%)(c)
|
|
|
|
|
|
$
|
10,000
|
|
0.05%, 3/18/2010
|
|
|
|
|
$
|
10,000
|
|
|
|
|
15,000
|
|
0.10%, 6/17/2010
|
|
|
|
|
|
14,995
|
|
|
|
|
15,000
|
|
0.14%, 7/15/2010
|
|
|
|
|
|
14,992
|
|
|
|
|
10,000
|
|
0.07%, 4/08/2010
|
|
|
|
|
|
9,999
|
|
|
|
|
10,000
|
|
0.12%, 5/13/2010
|
|
|
|
|
|
9,998
|
|
|
|
|
|
|
|
|
Total U.S. Treasury Bills (cost: $59,984)
|
|
|
|
|
|
|
|
59,984
|
|
|
|
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|
|
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|
|
|
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|
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|
|
|
REPURCHASE AGREEMENTS (67.1%)
|
|
|
|
|
|
|
35,000
|
|
Barclays Bank plc, 0.10%, acquired 2/26/2010 and due on 3/01/2010 at $35,000 (collateralized by $35,108 of U.S. Treasury, 1.38%(a), due 3/15/2012; market value $35,700)
|
|
|
|
|
|
|
|
|
|
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|
|
35,000
|
|
|
|
|
21,000
|
|
Credit Suisse First Boston, LLC, 0.09%, acquired 2/26/2010 and due 3/01/2010 at $21,000 (collateralized by $21,435 of U.S. Treasury, 2.25%(a), due 1/31/2015; market value $21,423)
|
|
|
|
|
|
|
|
|
|
|
|
|
21,000
|
|
|
|
|
32,000
|
|
Credit Suisse First Boston, LLC, 0.10%, acquired 2/26/2010 and due 3/01/2010 at $32,000 (collateralized by $31,610 of Government National Mortgage Assn. I(b), 4.50% - 5.50%, due 05/15/2033 - 12/15/2039; market value $32,640)
|
|
|
|
|
|
|
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32,000
|
|
|
|
|
33,732
|
|
Deutsche Bank Securities, 0.10%, acquired 2/26/2010 and due 3/01/2010 at $33,732 (collateralized by $34,446 of U.S. Treasury, 1.13% - 1.38%(a), due 12/15/2012 - 1/15/2013; market value $34,407)
|
|
|
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|
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|
33,732
|
|
|
|
|
|
|
|
|
Total Repurchase Agreements (cost: $121,732)
|
|
|
|
|
|
|
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121,732
|
|
|
|
|
|
|
|
|
Total Investments (cost: $181,716)
|
|
|
$
|
181,716
|
|
|
|
|
|
|
|
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($ in 000s)
|
VALUATION HIERARCHY
|
|
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|
|
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Assets
|
(LEVEL 1)
Quoted Prices in Active Markets
for Identical Assets
|
(LEVEL 2)
Other Significant
Observable Inputs
|
(LEVEL 3)
Significant
Unobservable Inputs
|
|
|
|
|
Total
|
|
|
|
|
|
U.S. TREASURY BILLS
|
$—
|
$59,984
|
$—
|
|
|
|
|
|
$
|
59,984
|
|
|
|
|
REPURCHASE AGREEMENTS
|
—
|
121,732
|
—
|
|
|
|
|
|
|
121,732
|
|
|
|
|
Total
|
$—
|
$181,716
|
$—
|
|
|
|
|
|
$
|
181,716
|
|
|
|
|
|
|
|
|
|
|
|
1 | USAA Treasury Money Market Trust
NOTES TO PORTFOLIO
OF INVESTMENTS
February 28, 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 Treasury Money Market Trust (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. Repurchase agreements are valued at cost, which approximates market value.
3. 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 USAA Investment Management Company (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.
Notes to Portfolio of Investments | 2
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 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.
Repurchase agreements
– The Fund may enter into repurchase agreements with commercial banks or recognized security dealers. These agreements are collateralized by underlying securities. The collateral obligations are marked-to-market daily to ensure their value is equal to or in excess of the repurchase agreement price plus accrued interest and are held by the Fund, either through its regular custodian or through a special “tri-party” custodian that maintains separate accounts for both the Fund and its counterparty, until maturity of the repurchase agreement. Repurchase agreements are subject to credit risk, and the Fund’s Manager monitors the creditworthiness of sellers with which the Fund may enter into repurchase agreements.
D.
Subsequent events
- Events or transactions that occur after the quarterly report date, but before the quarterly report is issued, and are categorized as recognized or non-recognized for quarterly report purposes. The Manager has evaluated subsequent events through the date the quarterly report was issued, and has determined there were no events that required recognition or disclosure in the Fund's quarterly report.
E.
New Accounting Pronouncement
-
In January 2010, the Financial Accounting Standards Board issued amended guidance for improving disclosure about fair value measurements that adds new disclosure requirements about transfers into and out of Levels 1 and 2 and separate disclosures about purchases, sales, issuances, and settlements in the reconciliation for fair value measurements using significant unobservable inputs (Level 3). It also clarifies existing disclosure requirements relating to the levels of disaggregation for fair value measurement and inputs and valuation techniques used to measure fair value. The amended guidance is effective for financial statements for fiscal years and interim periods beginning after December 15, 2009 except for disclosures about purchases, sales, issuances and settlements in the rollforward of activity in Level 3 fair value measurements, which are effective for fiscal years beginning after December 15, 2010 and for interim periods within those fiscal years. The Manager is in the process of evaluating the impact of this guidance on the Fund’s financial statement disclosures.
F. As of February 28, 2010, the cost of securities, for federal income tax purposes, was approximately the same as that reported in the portfolio of investments.
G. The portfolio of investments category percentages shown represent the percentages of the investments to net assets, which were $181,605,000 at February 28, 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)
|
Rates for U.S. Treasury notes represent the stated coupon payment rate at time of issuance.
|
|
(b)
|
Mortgage-backed securities issued by Government National Mortgage Association (GNMA) are supported by the full faith and credit of the U.S. government.
|
3 | USAA Treasury Money Market Trust
|
(c)
|
Securities offered at a discount to face value rather than at a stated coupon rate. Rates represent the discount rates at purchase date.
|
Notes to Portfolio of Investments | 4
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 February 28, 2010
By:* /s/ CHRISTOPHER P. LAIA
--------------------------------------------------------------
Signature and Title: Christopher P. Laia, Secretary
Date: 04/29/2010
-------------------------------
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: 04/29/2010
------------------------------
By:* /s/ ROBERTO GALINDO, JR.
-----------------------------------------------------
Signature and Title: Roberto Galindo, Jr., Treasurer
Date: 04/29/2010
------------------------------
*PRINT THE NAME AND TITLE OF EACH SIGNING OFFICER UNDER HIS OR HER SIGNATURE.
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