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: JULY 31
Date of Reporting Period: APRIL 30, 2010
ITEM 1. SCHEDULE OF INVESTMENTS.
USAA MONEY MARKET FUND - 3RD QUARTER REPORT - PERIOD ENDED APRIL 30, 2010
[LOGO OF USAA]
USAA(R)
PORTFOLIO OF INVESTMENTS
3(RD) QUARTER
USAA MONEY MARKET FUND
APRIL 30, 2010
(Form N-Q)
48485-0610 (C)2010, USAA. All rights reserved.
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PORTFOLIO OF INVESTMENTS
USAA MONEY MARKET FUND
April 30, 2010 (unaudited)
PRINCIPAL
AMOUNT COUPON OR VALUE
(000) SECURITY DISCOUNT RATE MATURITY (000)
--------------------------------------------------------------------------------------------------------
FIXED-RATE INSTRUMENTS (1.0%)
DIVERSIFIED BANKS (0.5%)
$ 25,000 Bank of Nova Scotia 0.18% 5/03/2010 $ 25,000
-----------
OTHER DIVERSIFIED FINANCIAL SERVICES (0.5%)
30,000 Toronto-Dominion Bank 0.27 8/10/2010 30,000
-----------
Total Fixed-Rate Instruments (cost: $55,000) 55,000
-----------
COMMERCIAL PAPER (8.0%)
AIRPORT/PORT (0.2%)
14,000 San Diego County Regional Airport (LOC -
Lloyds TSB Bank plc) 0.30 6/03/2010 14,000
-----------
EDUCATION (0.9%)
20,000 Board of Trustees of Michigan State Univ. 0.25 7/01/2010 20,000
10,600 Cornell Univ. 0.19 5/06/2010 10,600
20,000 Yale Univ. 0.16 6/11/2010 19,996
-----------
50,596
-----------
ELECTRIC/GAS UTILITIES (1.9%)
31,293 Nebraska Public Power District 0.20 5/07/2010 31,292
32,500 South Carolina Public Service Auth. 0.27 5/12/2010 32,498
10,000 South Carolina Public Service Auth. 0.22 5/13/2010 9,999
15,000 South Carolina Public Service Auth. 0.25 6/07/2010 14,996
15,000 South Carolina Public Service Auth. 0.25 6/08/2010 14,996
-----------
103,781
-----------
GENERAL OBLIGATION (0.4%)
13,500 Texas Public Finance Auth. 0.20 5/18/2010 13,500
8,500 Texas Public Finance Auth. 0.31 6/10/2010 8,500
-----------
22,000
-----------
HOSPITAL (3.2%)
45,000 Catholic Health Initiatives 0.35 5/05/2010 45,000
36,650 Catholic Health Initiatives 0.33 6/04/2010 36,650
56,349 Catholic Health Initiatives 0.25 6/09/2010 56,349
42,100 Catholic Health Initiatives 0.23 7/14/2010 42,100
-----------
180,099
-----------
REAL ESTATE OPERATING COMPANIES (0.4%)
22,800 Medical Building Funding IV, LLC (LOC - KBC
Bank, N.V.) 0.55 5/13/2010 22,796
-----------
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1 | USAA Money Market Fund
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PRINCIPAL
AMOUNT COUPON OR VALUE
(000) SECURITY DISCOUNT RATE MATURITY (000)
--------------------------------------------------------------------------------------------------------
SALES TAX (1.0%)
$ 15,000 Dallas Area Rapid Transit 0.28% 6/02/2010 $ 15,000
20,000 Dallas Area Rapid Transit 0.34 6/10/2010 20,000
20,000 Dallas Area Rapid Transit 0.30 6/16/2010 20,000
-----------
55,000
-----------
Total Commercial Paper (cost: $448,272) 448,272
-----------
PUT BONDS (1.1%)
EDUCATION SERVICES (0.0%)
1,900 Kent County (LOC - PNC Bank, N.A.) 0.67 12/01/2038 1,900
-----------
OIL & GAS REFINING & MARKETING (1.1%)
60,000 IDB of the Parish of Calcasieu, Inc. (LOC - BNP
Paribas) 0.27 7/01/2026 60,000
-----------
Total Put Bonds (cost: $61,900) 61,900
-----------
VARIABLE-RATE DEMAND NOTES (86.9%)
AGRICULTURAL PRODUCTS (0.2%)
4,940 Bybee Foods, LLC (LOC - Key Bank, N.A.) 0.70 11/01/2026 4,940
4,415 Yakima County Public Corp. (LOC - Key Bank,
N.A.) 0.64 4/01/2018 4,415
-----------
9,355
-----------
AIRLINES (0.6%)
35,000 Chicago-O'Hare International Airport (LOC -
Bayerische Landesbank) 0.33 5/01/2035 35,000
-----------
AIRPORT SERVICES (0.8%)
23,090 Holland-Sheltair Aviation Funding, LLC (LOC -
Federal Home Loan Bank of Atlanta) 0.30 5/01/2035 23,090
14,135 Holland-Sheltair Aviation Funding, LLC (LOC -
Federal Home Loan Bank of Atlanta) 0.30 5/01/2048 14,135
25 Jacksonville Economic Dev. Commission (LOC -
Federal Home Loan Bank of Atlanta) 0.30 5/01/2035 25
8,415 Metropolitan Nashville Airport Auth. (LOC -
Regions Bank) 2.00 4/01/2030 8,415
-----------
45,665
-----------
AIRPORT/PORT (0.5%)
12,700 Clark County Passenger Facility (LOC -
Bayerische Landesbank) 0.35 7/01/2022 12,700
5,975 Denver City and County Airport System (LOC -
Lloyds TSB Bank plc) 0.34 11/15/2025 5,975
6,145 Gadsden Airport Auth. (LOC - Wachovia Bank,
N.A.) 0.35 8/01/2024 6,145
4,900 New Jersey EDA (LOC - SunTrust Bank) 0.39 12/01/2027 4,900
-----------
29,720
-----------
ALUMINUM (0.1%)
3,500 Tennessee Aluminum Processors, Inc. (LOC -
SunTrust Bank) 0.85 5/01/2014 3,500
-----------
APPAREL & ACCESSORIES & LUXURY GOODS (0.1%)
6,285 St. Charles Parish (LOC - Capital One, N.A.) 0.67 9/01/2024 6,285
-----------
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Portfolio of Investments | 2
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PRINCIPAL
AMOUNT COUPON OR VALUE
(000) SECURITY DISCOUNT RATE MATURITY (000)
--------------------------------------------------------------------------------------------------------
APPROPRIATED DEBT (6.5%)
$ 60,240 Allegheny County (INS)(LIQ) 0.40% 11/01/2039 $ 60,240
24,300 Arlington County IDA (LOC - Bank of America,
N.A.) 0.30 8/01/2031 24,300
10,620 Auburn IDB (LOC - Allied Irish Banks plc) 1.10 5/01/2024 10,620
5,640 Auburn IDB (LOC - Allied Irish Banks plc) 1.10 7/01/2026 5,640
27,135 Cleveland Economic & Community Dev. (LOC -
RBS Citizens, N.A.) 0.47 12/01/2033 27,135
51,000 County & City of Denver (INS)(LIQ) 0.30 12/15/2037 51,000
50,000 County & City of Denver (INS)(LIQ) 0.35 12/15/2037 50,000
54,000 County & City of Denver (INS)(LIQ) (a) 0.35 12/15/2037 54,000
9,425 Downtown Renaissance, Inc. (LOC - RBC Bank
(USA)) 0.85 2/01/2025 9,425
17,500 Emmaus General Auth. (INS)(LIQ) 0.35 12/01/2028 17,500
4,685 Opelika IDA (LOC - Regions Bank) 1.10 6/01/2023 4,685
45,680 San Jose Financing Auth. (LOC - Bank of Nova
Scotia)(NBGA) 0.32 6/01/2025 45,680
3,800 West Covina Public Financing Auth. (LOC -
Allied Irish Banks plc) 1.25 11/01/2029 3,800
-----------
364,025
-----------
ASSET-BACKED FINANCING (3.8%)
4,320 Capital Markets Access Co., LC (LOC -
SunTrust Bank) 0.85 8/01/2020 4,320
14,495 Capital Markets Access Co., LC (LOC -
SunTrust Bank) 0.66 4/01/2033 14,495
8,160 Capital Markets Access Co., LC (LOC - RBC
Bank (USA)) 0.85 5/01/2034 8,160
11,700 Capital Markets Access Co., LC (LOC -
SunTrust Bank) 0.65 6/27/2036 11,700
80 Corporate Finance Managers, Inc. (LOC - Wells
Fargo Bank, N.A.) 0.30 2/02/2043 80
10,000 Midwestern Univ. (LOC - Royal Bank of Canada) 0.30 4/01/2044 10,000
15,000 Minnesota Higher Education Facilities Auth.
(LOC - U.S. Bank, N.A.) 0.29 12/01/2043 15,000
7,500 New Mexico Educational Assistance Foundation
(LOC - Royal Bank of Canada) 0.30 4/01/2036 7,500
74,000 North Texas Higher Education Auth., Inc. (LOC -
Bank of America, N.A.)(LOC - Lloyds TSB
Bank plc) 0.30 6/01/2045 74,000
39,300 North Texas Higher Education Auth., Inc. (LOC -
Bank of America, N.A.)(LOC - Lloyds TSB
Bank plc) 0.30 12/01/2046 39,300
30,000 Rhode Island Student Loan (LOC - Dexia Credit
Local) 0.42 7/01/2019 30,000
-----------
214,555
-----------
AUTO PARTS & EQUIPMENT (0.2%)
2,605 Dayton Wheel Concepts, Inc. (LOC - PNC Bank,
N.A.) 0.34 5/01/2024 2,605
5,765 Illinois Finance Auth. (LOC - Federal Home
Loan Bank of Chicago) 0.47 7/01/2040 5,765
3,205 Metal Forming & Coining Corp. (LOC - PNC
Bank, N.A.) 0.34 7/01/2018 3,205
-----------
11,575
-----------
AUTOMOBILE MANUFACTURERS (0.2%)
11,175 Franklin IDB (LOC - Fifth Third Bank) 0.63 4/01/2030 11,175
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3 | USAA Money Market Fund
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PRINCIPAL
AMOUNT COUPON OR VALUE
(000) SECURITY DISCOUNT RATE MATURITY (000)
--------------------------------------------------------------------------------------------------------
AUTOMOTIVE RETAIL (0.1%)
$ 6,414 Kenwood Lincoln-Mercury, Inc. (LOC - PNC
Bank, N.A.) 0.34% 5/01/2015 $ 6,414
-----------
BIOTECHNOLOGY (0.2%)
10,925 Westgate Investment Fund, LLC (LOC - Wells
Fargo Bank, N.A.) 0.30 2/01/2012 10,925
-----------
BROADCASTING (0.1%)
3,200 New Jersey EDA (LOC - JPMorgan Chase
Bank, N.A.) 0.45 10/01/2021 3,200
-----------
BUILDING PRODUCTS (1.6%)
4,140 Cornell Iron Works, Inc. (LOC - Bank of
America, N.A.) 0.35 4/01/2019 4,140
1,720 Haas Door Co., Inc. (LOC - PNC Bank, N.A.) 0.42 6/01/2030 1,720
13,660 Janus Investment, LLC (LOC - Regions Bank) 1.20 8/01/2032 13,660
5,200 Manhattan IDB (LOC - JPMorgan Chase Bank,
N.A.) 0.48 4/01/2028 5,200
4,050 Miami-Dade County IDA (LOC - SunTrust Bank) 0.68 8/01/2018 4,050
7,985 Moondance Enterprises, LP (LOC - PNC Bank,
N.A.) 0.34 11/01/2020 7,985
3,200 Pinellas County IDA (LOC - RBC Bank (USA)) 0.48 5/01/2027 3,200
4,355 Schmitz Ready Mix, Inc. (LOC - Federal Home
Loan Bank of Chicago) 0.30 4/01/2046 4,355
27,150 Union County (LOC - SunTrust Bank) (b) 0.66 10/01/2027 27,150
4,865 Volusia County IDA (LOC - RBC Bank (USA)) 0.51 4/01/2024 4,865
10,000 Warren County (LOC - JPMorgan Chase Bank,
N.A.) 0.33 12/01/2031 10,000
2,800 West Des Moines (LOC - Wells Fargo Bank,
N.A.) 0.52 4/01/2025 2,800
-----------
89,125
-----------
BUILDINGS (0.4%)
8,300 Aquarium Parking Deck, LLC (LOC - Federal
Home Loan Bank of Atlanta) 0.30 4/01/2020 8,300
3,095 Irondale Public Building Auth. (LOC - Allied Irish
Banks plc) 1.10 10/01/2035 3,095
5,000 Miami-Dade County IDA (LOC - TD Bank, N.A.) 0.27 7/01/2037 5,000
3,465 Security Partners, LP (LOC - Wells Fargo Bank,
N.A.) 0.35 3/15/2012 3,465
-----------
19,860
-----------
CASINOS & GAMING (0.7%)
9,000 Michigan Strategic Fund Ltd.(LOC - Deutsche
Bank Trust Co.) 0.37 3/01/2039 9,000
29,335 Santa Rosa Rancheria Tachi Yokut Tribe (LOC -
JPMorgan Chase Bank, N.A.) 0.33 9/01/2019 29,335
-----------
38,335
-----------
COMMERCIAL PRINTING (0.2%)
3,477 Fairway, LLC (LOC - Federal Home Loan Bank
of San Francisco) 0.70 12/01/2023 3,477
2,535 John E. Staten Properties, Inc. (LOC - PNC
Bank, N.A.) 0.42 10/01/2021 2,535
4,050 South Carolina Jobs EDA (LOC - Wachovia
Bank, N.A.) 0.47 4/01/2033 4,050
-----------
10,062
-----------
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Portfolio of Investments | 4
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PRINCIPAL
AMOUNT COUPON OR VALUE
(000) SECURITY DISCOUNT RATE MATURITY (000)
--------------------------------------------------------------------------------------------------------
COMMODITY CHEMICALS (0.1%)
$ 3,340 BleachTech, LLC (LOC - PNC Bank, N.A.) 0.34% 11/01/2035 $ 3,340
-----------
COMMUNICATIONS EQUIPMENT (0.6%)
35,500 Utah Telecommunication Open Infrastructure
Agency (LOC - Federal Home Loan Bank
of Cincinnati) 0.32 6/01/2040 35,500
-----------
COMMUNITY SERVICE (0.8%)
15,950 Alexandria IDA (LOC - SunTrust Bank) 0.37 10/01/2023 15,950
15,000 Alexandria IDA (LOC - SunTrust Bank) 0.60 10/01/2043 15,000
6,530 Miami-Dade County IDA (LOC - Federal Home
Loan Bank of Atlanta) 0.30 5/01/2028 6,530
7,420 Toledo Lucas County Port Auth. (LOC - Fifth
Third Bank) 0.41 9/01/2019 7,420
-----------
44,900
-----------
CONSTRUCTION & ENGINEERING (0.4%)
15,980 Boland Holdings, LLC (LOC - PNC Bank, N.A.) 0.35 12/01/2039 15,980
8,100 Liliha Parking Co., LP (LOC - First Hawaiian
Bank) 1.00 8/01/2024 8,100
-----------
24,080
-----------
CONSTRUCTION MATERIALS (0.1%)
3,075 DiGeronimo Aggregates, LLC (LOC - PNC
Bank, N.A.) 0.34 1/01/2015 3,075
2,635 Lee County IDA (LOC - SunTrust Bank) 1.54 4/01/2017 2,635
-----------
5,710
-----------
DISTRIBUTORS (0.0%)
2,120 Dooly County IDA (LOC - Federal Home Loan
Bank of Atlanta) 0.38 1/01/2020 2,120
-----------
DIVERSIFIED METALS & MINING (0.1%)
1,850 Lancaster IDA (LOC - Fulton Bank) 2.10 1/01/2015 1,850
1,730 Lancaster IDA (LOC - Fulton Bank) 2.10 1/01/2027 1,730
-----------
3,580
-----------
DIVERSIFIED REAL ESTATE ACTIVITIES (5.0%)
9,270 2880 Stevens Creek, LLC (LOC - Bank of the
West) 0.32 11/01/2033 9,270
26,505 CHF-Elon, LLC (LOC - Regions Bank) 1.05 6/01/2035 26,505
6,240 Colonial Interstate Investments, LLC (LOC -
Regions Bank) 1.05 6/01/2032 6,240
6,929 Cornerstone Funding Corp. I (LOC - SunTrust
Bank) 3.99 1/01/2012 6,929
8,781 Cornerstone Funding Corp. I (LOC - RBS
Citizens, N.A.) 3.89 8/01/2031 8,781
4,200 Douglas County Dev. Auth. (LOC - Wells Fargo
Bank, N.A.) 0.35 12/01/2014 4,200
6,150 Fiore Capital, LLC (LOC - Federal Home Loan
Bank of Chicago) 0.32 8/01/2045 6,150
7,000 Fiore Capital, LLC (LOC - Federal Home Loan
Bank of Chicago) 0.32 8/01/2045 7,000
2,300 Houston County IDA (LOC - Wachovia Bank,
N.A.) 0.35 8/01/2012 2,300
830 JCM Properties, LP (LOC - PNC Bank, N.A.) 0.47 4/01/2013 830
3,200 Los Lunas (LOC - Wells Fargo Bank, N.A.) 0.35 2/01/2025 3,200
================================================================================
5 | USAA Money Market Fund
<PAGE>
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PRINCIPAL
AMOUNT COUPON OR VALUE
(000) SECURITY DISCOUNT RATE MATURITY (000)
--------------------------------------------------------------------------------------------------------
$ 4,080 New Plaza Management, LLC (LOC - U.S.
Bank, N.A.) 0.34% 2/01/2024 $ 4,080
90,485 New York City Housing Dev. Corp. (LOC -
Landesbank Hessen-Thuringen) (b) 0.31 6/01/2039 90,485
17,540 NPJ Properties, LP (LOC - Manufacturers &
Traders Trust Co.) 0.77 2/01/2027 17,540
31,095 Paca-Pratt Associates, Inc. (LOC -
Manufacturers & Traders Trust Co.) 0.77 1/01/2038 31,095
1,958 Pinnacle Properties Dev. Group, LLC (LOC -
PNC Bank, N.A.) 0.34 6/15/2041 1,958
4,900 Rio Bravo, LLC (LOC - Wells Fargo Bank, N.A.) 0.35 12/01/2033 4,900
1,785 Secor Realty, Inc. (LOC - PNC Bank, N.A.) 0.34 4/01/2020 1,785
19,165 SF Tarns, LLC (LOC - Bank of America, N.A.) 0.30 12/01/2025 19,165
5,500 Stice-Hill Holding, LC (LOC - Hancock Bank of
Louisiana) 0.43 12/01/2023 5,500
19,630 Stobro Co., LP (LOC - Fulton Bank) 2.10 1/01/2032 19,630
-----------
277,543
-----------
EDUCATION (3.7%)
3,870 Allegheny County Higher Education Building
Auth. (LOC - PNC Bank, N.A.) 0.32 3/01/2038 3,870
6,000 Baltimore County EDA (LOC - SunTrust Bank) 0.37 10/01/2031 6,000
8,675 Calvin College (LOC - JPMorgan Chase Bank,
N.A.) 0.31 10/01/2037 8,675
13,345 Indiana Finance Auth. (LOC - Key Bank, N.A.) 0.39 7/01/2036 13,345
9,530 Iowa Higher Education Loan Auth. (LOC - Allied
Irish Banks plc) 0.52 10/01/2033 9,530
9,000 Massachusetts Dev. Finance Agency (LOC -
Sovereign Bank) 0.32 1/01/2037 9,000
16,100 Massachusetts Dev. Finance Agency (LOC -
RBS Citizens, N.A.) 0.39 7/01/2043 16,100
10,000 Massachusetts Dev. Finance Agency (LOC -
RBS Citizens, N.A.) 0.50 7/01/2043 10,000
16,270 Michigan Higher Education Facilities Auth. (LOC
- PNC Bank, N.A.) 0.29 4/01/2032 16,270
4,695 Minnesota Higher Education Facilities Auth.
(LOC - U.S. Bank, N.A.) 0.28 4/01/2027 4,695
2,900 Multnomah County (LOC - Key Bank, N.A.) 0.49 12/01/2029 2,900
8,135 Oklahoma City Industrial & Cultural Facilities
Trust (LOC - Bank of America, N.A.) 0.40 9/15/2016 8,135
6,205 Pittsburgh Technical Institute, Inc. (LOC - Wells
Fargo Bank, N.A.) 0.35 10/01/2015 6,205
2,750 Rhode Island Health and Educational Building
Corp. (LOC - RBS Citizens, N.A.) 0.39 4/01/2036 2,750
3,960 Rockland County IDA (LOC - TD Bank, N.A.) 0.27 5/01/2034 3,960
6,020 San Diego County (LOC - Comerica Bank, N.A.) 0.32 1/01/2023 6,020
3,700 Shelby County Health, Educational, and
Housing Facility Board (LOC - SunTrust
Bank) 0.60 10/01/2022 3,700
1,700 Shelby County Health, Educational, and
Housing Facility Board (LOC - SunTrust
Bank) 0.60 7/01/2026 1,700
3,410 Summit School (LOC - RBS Citizens, N.A.) 0.85 7/01/2027 3,410
25,290 Tompkins County IDA (LOC - HSBC Bank USA) 0.29 7/01/2026 25,290
10,970 Univ. Athletic Association, Inc. (LOC - SunTrust
Bank) 0.33 10/01/2031 10,970
11,915 Univ. of Cincinnati (LOC - Bayerische
Landesbank) 0.45 6/01/2034 11,915
15,695 Washington State Housing Finance Commission
(LOC - Bank of America, N.A.) 0.30 7/01/2036 15,695
6,200 Wisconsin Health and Educational Facilities
Auth. (LOC - Allied Irish Banks plc) 0.52 11/01/2017 6,200
-----------
206,335
-----------
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Portfolio of Investments | 6
<PAGE>
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PRINCIPAL
AMOUNT COUPON OR VALUE
(000) SECURITY DISCOUNT RATE MATURITY (000)
--------------------------------------------------------------------------------------------------------
EDUCATION SERVICES (3.9%)
$ 5,700 California Educational Facilities Auth. (LOC -
Allied Irish Banks plc) 1.00% 12/01/2028 $ 5,700
23,555 Catholic Univ. of America (LOC - Federal Home
Loan Bank of Atlanta) 0.40 4/01/2034 23,555
4,195 Clinic Building BG, LLC (LOC - U.S. Bank, N.A.) 0.34 2/01/2033 4,195
3,829 Cornerstone Funding Corp. I (LOC - Comerica
Bank, N.A.) 3.59 11/01/2023 3,829
8,753 Cornerstone Funding Corp. I (LOC - TD Bank,
N.A.) 1.74 1/01/2025 8,753
26,120 Dominican Sisters (LOC - Fifth Third Bank) 0.53 10/01/2023 26,120
3,155 Educational Management Corp. (LOC - Wells
Fargo Bank, N.A.) 0.35 5/01/2023 3,155
11,915 Frisch School (LOC - Banco Santander) 0.28 5/01/2036 11,915
1,900 Grove City Church of the Nazarene (LOC - PNC
Bank, N.A.) 0.42 2/01/2024 1,900
15,955 Indiana Educational Facilities Auth. (LOC - RBS
Citizens, N.A.) 0.49 10/01/2029 15,955
9,765 Loganville Christian Academy, Inc. (LOC - Key
Bank, N.A.) 0.53 6/01/2038 9,765
5,750 Massachusetts Dev. Finance Agency (LOC - TD
Bank, N.A.) 0.27 3/01/2039 5,750
27,300 Mesivta Yeshiva Rabbi Chaim Berlin (LOC -
Allied Irish Banks plc) 0.87 11/01/2035 27,300
3,075 Praise Tabernacle Outreach & Family Worship
Center (LOC - Comerica Bank, N.A.) 0.34 6/03/2024 3,075
6,170 Rhode Island EDC (LOC - RBS Citizens, N.A.) 0.45 3/01/2038 6,170
10,700 Rhode Island Health and Educational Bulding
Corp. (LOC - RBS Citizens, N.A.) 0.30 6/01/2035 10,700
9,425 Roman Catholic Diocese of Charlotte (LOC -
Wachovia Bank, N.A.) 0.35 5/01/2014 9,425
6,480 Roman Catholic Diocese of Houma-Thibodaux
(LOC - Allied Irish Banks plc) 1.42 12/01/2037 6,480
70 Saddleback Valley Community Church (LOC -
Federal Home Loan Bank of San
Francisco) 0.25 11/01/2038 70
10,895 St. James United Methodist Church (LOC -
Regions Bank) 1.20 5/01/2037 10,895
2,950 St. Louis County IDA (LOC - Fifth Third Bank) 0.50 9/01/2038 2,950
4,520 Summit School (LOC - U.S. Bank, N.A.) 0.65 2/01/2019 4,520
12,520 World Wildlife Fund, Inc. (LOC - JPMorgan
Chase Bank, N.A.) 0.32 7/01/2030 12,520
5,625 Yamhill County (LOC - Bank of America, N.A.) 0.40 10/01/2020 5,625
-----------
220,322
-----------
ELECTRIC UTILITIES (3.8%)
8,500 Beaver County IDA (LOC - Barclays Bank plc) 0.27 4/01/2041 8,500
61,190 Brazos River Auth. (LOC - Citibank, N.A.) 0.28 12/01/2036 61,190
5,985 Converse County 1.00 12/01/2020 5,985
8,635 Dade County IDA 0.26 4/01/2020 8,635
37,300 Garfield County Industrial Auth. 0.45 1/01/2025 37,300
7,700 Indiana Dev. Finance Auth. 0.50 12/01/2038 7,700
13,300 Indiana Dev. Finance Auth. 0.55 12/01/2038 13,300
30,400 Jacksonville 0.26 5/01/2029 30,400
10,600 Mississippi Business Finance Corp. 0.26 7/01/2025 10,600
30,000 West Jefferson IDB 0.33 6/01/2028 30,000
-----------
213,610
-----------
ELECTRIC/GAS UTILITIES (0.2%)
5,885 Anaheim Public Financing Auth. (INS)(LIQ) (c) 0.30 4/01/2013 5,885
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7 | USAA Money Market Fund
<PAGE>
================================================================================
PRINCIPAL
AMOUNT COUPON OR VALUE
(000) SECURITY DISCOUNT RATE MATURITY (000)
--------------------------------------------------------------------------------------------------------
$ 3,400 Long Island Power Auth. (LOC - Bayerische
Landesbank) 0.26% 5/01/2033 $ 3,400
-----------
9,285
-----------
ELECTRONIC EQUIPMENT & INSTRUMENTS (0.1%)
2,885 Putnam County IDA (LOC - RBS Citizens, N.A.) 0.65 7/01/2032 2,885
-----------
ESCROWED BONDS (0.6%)
5,470 California State (LIQ) (c) 0.27 12/01/2030 5,470
26,250 California State (LIQ) (c) 0.27 12/01/2030 26,250
-----------
31,720
-----------
FOOD DISTRIBUTORS (0.4%)
1,625 Donaldsonville IDB (LOC - Regions Bank) 3.15 4/01/2023 1,625
7,525 KFDT, LP (LOC - Fifth Third Bank) 0.63 3/01/2035 7,525
9,990 Putnam County IDA (LOC - JPMorgan Chase
Bank, N.A.) 0.55 12/01/2024 9,990
3,480 REG Properties, LLC (LOC - PNC Bank, N.A.) 0.34 4/01/2035 3,480
-----------
22,620
-----------
FOOD RETAIL (0.2%)
3,415 Food Supply, Inc. (LOC - SunTrust Bank) 0.66 5/01/2024 3,415
9,000 Saubels Market, Inc. (LOC - Fulton Bank) 2.10 5/01/2034 9,000
-----------
12,415
-----------
FOREST PRODUCTS (0.1%)
851 Chenango County IDA (LOC - Citizens Bank of
Pennsylvania) 1.50 12/01/2020 851
5,900 Rex Lumber, LLC (LOC - Federal Home Loan
Bank of Dallas) 0.38 2/01/2022 5,900
-----------
6,751
-----------
GAS UTILITIES (1.1%)
27,825 New Jersey EDA (LOC - Wells Fargo Bank,
N.A.) 0.27 6/01/2032 27,825
36,000 Summit Utilities, Inc. (LOC - JPMorgan Chase
Bank, N.A.) 0.52 4/01/2038 36,000
-----------
63,825
-----------
GENERAL MERCHANDISE STORES (0.2%)
11,850 Marion EDA (LOC - Key Bank, N.A.) 0.70 2/01/2035 11,850
-----------
GENERAL OBLIGATION (4.1%)
7,500 Bridgeview (LOC - Harris, N.A.) 0.37 12/01/2038 7,500
9,100 Butler County (INS)(LIQ) 0.35 10/01/2017 9,100
14,545 California State (LIQ)(LOC - Dexia Credit Local) (c) 0.35 8/01/2032 14,545
7,500 California State (LOC - Citibank, N.A.) 0.32 5/01/2033 7,500
12,750 Covington (LOC - U.S. Bank, N.A.) 0.65 12/01/2029 12,750
13,865 Fiddler's Business Improvement District (LOC -
Key Bank, N.A.) 0.45 12/01/2037 13,865
25,000 Fiddler's Business Improvement District (LOC -
Key Bank, N.A.) 0.39 12/01/2038 25,000
35,045 Michigan Charter Township of Commerce (LOC
- RBS Citizens, N.A.) 3.00 10/01/2034 35,045
1,400 New York City (LOC - WestLB A.G.) 0.24 8/01/2023 1,400
12,025 Oakland County Charter Township of
Commerce (LIQ) 1.90 10/01/2018 12,025
================================================================================
Portfolio of Investments | 8
<PAGE>
================================================================================
PRINCIPAL
AMOUNT COUPON OR VALUE
(000) SECURITY DISCOUNT RATE MATURITY (000)
--------------------------------------------------------------------------------------------------------
$ 91,135 Southern Ute Indian Tribe (c) 0.33% 1/01/2027 $ 91,135
-----------
229,865
-----------
HEALTH CARE EQUIPMENT (0.1%)
3,175 Rawcar Group, LLC (LOC - PNC Bank, N.A.) 0.34 4/01/2036 3,175
-----------
HEALTH CARE FACILITIES (8.5%)
8,550 Baptist Medical Plaza Associates (LOC - KBC
Bank, N.V.) 1.00 6/01/2017 8,550
4,000 Bayfront Regional Dev. Auth. (LOC - PNC Bank,
N.A.) 0.30 11/01/2027 4,000
14,915 Bronson Lifestyle Improvement & Research
Center (LOC - Fifth Third Bank) 0.57 9/01/2030 14,915
7,925 California Statewide Communities Dev. Auth.
(LOC - Allied Irish Banks plc) 3.00 11/15/2042 7,925
3,350 Christopher Place Management, LLC (LOC -
Fifth Third Bank) 2.03 5/01/2030 3,350
21,745 Cleveland-Cuyahoga County (LOC - Key Bank,
N.A.) 0.45 1/01/2037 21,745
10,615 Clinic Investment, LP (LOC - PNC Bank, N.A.) 0.34 6/01/2015 10,615
1,550 Columbia County Capital Resource Corp. (LOC
- HSBC Bank USA) 0.37 7/01/2015 1,550
3,010 Columbia County IDA (LOC - HSBC Bank USA) 0.37 7/01/2027 3,010
3,340 Community Behavioral Healthcare Cooperative
of Pennsylvania (LOC - Fulton Bank) 2.10 9/01/2027 3,340
1,875 District of Columbia (LOC - Manufacturers &
Traders Trust Co.) 0.77 7/01/2032 1,875
2,415 Doctors Park, LLP (LOC - U.S. Bank, N.A.) 0.32 8/01/2047 2,415
4,830 Dunn Nursing Home, Inc. (LOC - Federal Home
Loan Bank of Atlanta) 0.38 2/01/2024 4,830
4,325 Franklin County Health Care Facilities (LOC -
PNC Bank, N.A.) 0.29 7/01/2020 4,325
3,655 Genoa Medical Dev., LLC (LOC - Fifth Third
Bank) 0.53 12/01/2045 3,655
5,100 Guilford Capital, LLC (LOC - Regions Bank) 1.05 8/01/2022 5,100
5,570 Hamot Surgery Center, LLC (LOC - PNC Bank,
N.A.) 0.34 7/01/2030 5,570
15,820 Healthcare Network Properties, LLC (LOC -
PNC Bank, N.A.) 0.32 1/01/2029 15,820
22,175 Healthcare Property Group, LLC (LOC -
SunTrust Bank) 0.66 12/01/2030 22,175
7,895 Heart Center Cascades (LOC - Key Bank, N.A.) 0.70 12/01/2036 7,895
5,750 Heart Property, LLC (LOC - PNC Bank, N.A.) 0.34 7/01/2026 5,750
5,545 IHA Capital Dev., LLC (LOC - Fifth Third Bank) 0.53 6/01/2053 5,545
16,560 Illinois Finance Auth. (LOC - Bank of America,
N.A.) 0.28 12/01/2034 16,560
6,940 Indiana Health and Educational Facility
Financing Auth. (LOC - Fifth Third Bank) 0.53 9/01/2036 6,940
7,910 Jackson 2000, LLC (LOC - Key Bank, N.A.) 0.70 6/01/2049 7,910
2,500 Labcon North America (LOC - Bank of the West) 0.38 1/01/2040 2,500
20,675 Louisiana Health System Corp. (INS)(LIQ) 0.48 10/01/2022 20,675
5,995 Louisiana Public Facilities Auth. (LOC - Capital
One, N.A.) 0.67 7/01/2028 5,995
5,515 MCE MOB IV, LP (LOC - PNC Bank, N.A.) 0.32 8/01/2022 5,515
8,770 Medical Properties Investment Co. - Walker,
LLC (LOC - Fifth Third Bank) 0.53 11/01/2035 8,770
8,100 MediLucent MOB I, LP (LOC - PNC Bank, N.A.) 0.32 8/01/2030 8,100
7,240 Medina County (LOC - PNC Bank, N.A.) 0.32 8/01/2037 7,240
13,570 MMC Corp. (LOC - JPMorgan Chase Bank,
N.A.) 1.20 11/01/2035 13,570
3,405 New Hampshire Health and Education Facilities
Auth. (LOC - Allied Irish Banks plc) 0.87 7/01/2035 3,405
================================================================================
9 | USAA Money Market Fund
<PAGE>
================================================================================
PRINCIPAL
AMOUNT COUPON OR VALUE
(000) SECURITY DISCOUNT RATE MATURITY (000)
--------------------------------------------------------------------------------------------------------
$ 16,215 New Tristate Ventures, LLC (LOC - Fifth Third
Bank) 0.53% 5/01/2026 $ 16,215
3,405 Ohio Presbyterian Retirement Services (LOC -
PNC Bank, N.A.) 0.34 7/01/2033 3,405
5,430 Onondaga County IDA (LOC - HSBC Bank
USA) 0.39 1/01/2023 5,430
20,485 OSF Finance Co., LLC (LOC - PNC Bank, N.A.) 0.32 12/01/2037 20,485
21,065 OSS Realty Co. (LOC - Federal Home Loan
Bank of Pittsburgh) (c) 0.32 9/01/2034 21,065
6,100 PCP Investors, LLC (LOC - Wells Fargo Bank,
N.A.) 0.35 12/01/2024 6,100
21,800 Polk County IDA (LOC - Bank of America, N.A.) 0.30 12/01/2018 21,800
24,750 Premier Senior Living, LLC (LOC - Wachovia
Bank, N.A.) 0.35 8/01/2037 24,750
2,725 Premier Senior Living, LLC (LOC - Wachovia
Bank, N.A.) 0.35 8/01/2037 2,725
1,700 Premier Senior Living, LLC (LOC - Wachovia
Bank, N.A.) 0.35 8/01/2037 1,700
4,120 Premier Senior Living, LLC (LOC - Wachovia
Bank, N.A.) 0.35 8/01/2037 4,120
2,300 Premier Senior Living, LLC (LOC - Wachovia
Bank, N.A.) 0.35 8/01/2037 2,300
4,950 Premier Senior Living, LLC (LOC - Wachovia
Bank, N.A.) 0.35 8/01/2037 4,950
3,200 Premier Senior Living, LLC (LOC - Wachovia
Bank, N.A.) 0.35 8/01/2037 3,200
7,110 Premier Senior Living, LLC (LOC - Wachovia
Bank, N.A.) 0.35 8/01/2037 7,110
9,805 San Juan Regional Medical Center, Inc. (LOC -
Bank of Nova Scotia) 0.35 6/01/2037 9,805
9,975 Smith of Georgia, LLC (LOC - Fifth Third Bank) 0.63 12/01/2024 9,975
10,015 St. Johns County lDA (LOC - Allied Irish Banks
plc) 2.00 8/01/2034 10,015
8,685 Sumner Medical Plaza, LLC (LOC - Fifth Third
Bank) 0.63 10/01/2010 8,685
2,935 Surgery Center Financing Corp. (LOC - PNC
Bank, N.A.) 0.34 4/01/2020 2,935
1,865 United Church Homes, Inc. (LOC - Allied Irish
Banks plc) 3.00 9/01/2027 1,865
13,960 West Park Hospital Medical Facilities
Foundation (LOC - Key Bank, N.A.) 2.04 6/01/2033 13,960
3,400 Woodbury County (LOC - Wells Fargo Bank,
N.A.) 0.35 12/01/2014 3,400
-----------
477,130
-----------
HEALTH CARE SERVICES (0.3%)
9,655 Central Ohio Medical Textiles (LOC - PNC Bank,
N.A.) 0.32 3/01/2023 9,655
8,345 Kaneville Road Joint Venture (LOC - Federal
Home Loan Bank of Chicago) 0.45 11/01/2032 8,345
-----------
18,000
-----------
HEALTH MISCELLANEOUS (0.6%)
21,220 Everett Clinic P.S. (LOC - Bank of America,
N.A.) 0.36 5/01/2027 21,220
5,565 Michigan Strategic Fund Ltd. (LOC - Fifth Third
Bank) 0.50 8/01/2023 5,565
5,000 New Mexico Hospital Equipment Loan Council
(LOC - SunTrust Bank) 0.60 7/01/2025 5,000
-----------
31,785
-----------
================================================================================
Portfolio of Investments | 10
<PAGE>
================================================================================
PRINCIPAL
AMOUNT COUPON OR VALUE
(000) SECURITY DISCOUNT RATE MATURITY (000)
--------------------------------------------------------------------------------------------------------
HEAVY ELECTRICAL EQUIPMENT (0.2%)
$ 9,570 Mississippi Business Finance Corp. (LOC -
Regions Bank) 1.10% 10/01/2018 $ 9,570
-----------
HOME FURNISHINGS (0.1%)
4,940 Caddo Parish IDB (LOC - Capital One, N.A.) 0.35 7/01/2024 4,940
1,970 Maryland EDC (LOC - Manufacturers & Traders
Trust Co.) 0.77 8/01/2016 1,970
-----------
6,910
-----------
HOME IMPROVEMENT RETAIL (0.4%)
7,905 Brookhaven, IDA (LOC - Capital One, N.A.) 0.55 1/01/2025 7,905
11,750 Savannah EDA (LOC - SunTrust Bank) 0.68 8/01/2025 11,750
-----------
19,655
-----------
HOSPITAL (6.7%)
2,265 Chesterfield County EDA (INS)(LIQ) 0.33 11/01/2042 2,265
3,100 Clarke County IDA (INS)(LIQ) 0.36 1/01/2030 3,100
3,515 Fayette County (LOC - PNC Bank, N.A.) 0.32 8/01/2023 3,515
8,550 Floyd County (LOC - JPMorgan Chase Bank,
N.A.) 0.37 12/01/2020 8,550
10,000 Henrico County EDA (INS)(LIQ) 0.35 11/01/2042 10,000
25,000 Illinois Finance Auth. (LOC - RBS Citizens, N.A.) 0.40 4/01/2041 25,000
11,200 Indiana Health Facility Financing Auth. (LOC -
Bank of America, N.A.) 0.32 1/01/2019 11,200
45,650 Indiana Health Facility Financing Auth.
(INS)(LIQ) 0.34 3/01/2033 45,650
36,875 Indiana Health Facility Financing Auth.
(INS)(LIQ) 0.35 3/01/2033 36,875
115,180 Johnson City Health and Educational Facilities
Board (LOC - Regions Bank) 2.00 7/01/2033 115,180
16,300 Lee Memorial Health System (LOC - Bank of
America, N.A.) 0.27 4/01/2033 16,300
57,000 Montgomery County (INS)(LIQ) 0.33 8/01/2047 57,000
10,740 Muskingum County Hospital Facilities (LOC -
PNC Bank, N.A.) 0.29 12/01/2020 10,740
2,960 Pinellas County Health Facilities Auth. (LOC -
SunTrust Bank) 0.37 7/01/2034 2,960
500 Richland County (LOC - Allied Irish Banks plc) 3.27 1/01/2032 500
9,050 Wisconsin Health & Educational Facilities Auth.
(LOC - Allied Irish Banks plc) 0.48 5/01/2036 9,050
19,775 Wisconsin Health & Educational Facilities Auth.
(LOC - Fifth Third Bank) 0.41 6/01/2036 19,775
-----------
377,660
-----------
HOTELS, RESORTS, & CRUISE LINES (0.6%)
4,755 Albany-Dougherty Inner City EDA (LOC -
SunTrust Bank) 0.75 11/01/2023 4,755
7,065 Alprion, LLC (LOC - Federal Home Loan Bank of
Des Moines) 0.28 10/01/2034 7,065
2,645 Connecticut Dev. Auth. (LOC - TD Bank, N.A.) 0.35 12/01/2028 2,645
14,575 Forward Corp. (LOC - Fifth Third Bank) 0.53 12/01/2030 14,575
4,600 Massachusetts Port Auth. (LOC - Royal Bank of
Scotland plc) 0.32 3/01/2018 4,600
-----------
33,640
-----------
HOUSEHOLD APPLIANCES (0.3%)
14,885 Mississippi Business Finance Corp. (LOC -
Wells Fargo Bank, N.A.) 0.35 6/01/2015 14,885
-----------
================================================================================
11 | USAA Money Market Fund
<PAGE>
================================================================================
PRINCIPAL
AMOUNT COUPON OR VALUE
(000) SECURITY DISCOUNT RATE MATURITY (000)
--------------------------------------------------------------------------------------------------------
INDUSTRIAL MACHINERY (0.3%)
$ 6,580 AL-FE Heat Treating, Inc. (LOC - PNC Bank,
N.A.) 0.34% 5/01/2021 $ 6,580
3,365 Boone County (LOC - Fifth Third Bank) 0.67 7/01/2026 3,365
2,385 Michigan Strategic Fund Ltd. (LOC - Fifth Third
Bank) 0.67 3/01/2023 2,385
4,530 Sterling Pipe & Tube, Inc. (LOC - PNC Bank,
N.A.) 0.34 11/01/2012 4,530
-----------
16,860
-----------
INTEGRATED OIL & GAS (0.1%)
3,200 Jackson County 0.23 12/01/2016 3,200
-----------
INTEGRATED TELECOMMUNICATION SERVICES (0.2%)
10,740 South Central Communications Corp. (LOC -
Fifth Third Bank) 0.53 4/01/2018 10,740
-----------
LEISURE FACILITIES (1.6%)
5,900 Cattail Creek Country Club, Inc. (LOC -
Manufacturers & Traders Trust Co.) 0.77 3/01/2031 5,900
3,650 Healthtrack Sports & Wellness, LP (LOC -
JPMorgan Chase Bank, N.A.) 0.35 2/15/2027 3,650
6,385 Old South Country Club, Inc. (LOC -
Manufacturers & Traders Trust Co.) 0.77 12/01/2031 6,385
75,000 Twins Ballpark, LLC (INS)(LIQ)(LIQ) (c) 0.70 10/01/2034 75,000
-----------
90,935
-----------
LEISURE PRODUCTS (0.4%)
9,325 Fun Entertainment, LLC (LOC - Wachovia Bank,
N.A.) 0.35 1/01/2025 9,325
6,000 Monroe County IDB (LOC - SunTrust Bank) 0.68 1/01/2021 6,000
2,920 Rhode Island Industrial Facilities Corp. (LOC -
RBS Citizens, N.A.) 0.50 2/01/2021 2,920
6,310 Robert C. Fox Jr. (LOC - Comerica Bank, N.A.) 0.70 6/01/2033 6,310
-----------
24,555
-----------
LIFE & HEALTH INSURANCE (0.0%)
1,850 Ronald Ray Irrevocable Life Insurance Trust
(LOC - Federal Home Loan Bank of
Atlanta) 0.38 8/01/2022 1,850
-----------
MARINE (0.1%)
6,925 Washington Economic Dev. Finance Auth. (LOC
- Key Bank, N.A.) 0.80 3/01/2037 6,925
-----------
MISCELLANEOUS (0.0%)
2,600 Long Beach (LOC - Allied Irish Banks plc) 0.93 11/01/2030 2,600
-----------
MULTI-UTILITIES (0.0%)
1,300 Sempra Energy ESOP & Trust (NBGA) (c) 1.75 11/01/2014 1,300
-----------
MULTIFAMILY HOUSING (1.4%)
8,400 Alabama Housing Finance Auth. (LOC - U.S.
Bank, N.A.) 0.34 4/01/2037 8,400
3,055 Independence Place Fort Campbell Patriots,
LLC (LOC - Bank of America, N.A.) 0.30 1/01/2040 3,055
3,500 Provence, LLC (LOC - Bank of America, N.A.) 0.50 9/01/2037 3,500
================================================================================
Portfolio of Investments | 12
<PAGE>
================================================================================
PRINCIPAL
AMOUNT COUPON OR VALUE
(000) SECURITY DISCOUNT RATE MATURITY (000)
--------------------------------------------------------------------------------------------------------
$ 475 Pulaski County Public Facilities Board (LOC -
Regions Bank) 0.95% 6/01/2042 $ 475
4,770 South Carolina Housing Finace & Dev. Auth.
(LOC - SunTrust Bank) 0.68 12/01/2033 4,770
57,930 Washington Housing Finance Commission (LOC
- HSH Nordbank A.G.) 0.45 3/01/2036 57,930
-----------
78,130
-----------
MUNICIPAL FINANCE (0.7%)
36,455 Sunshine State Governmental Financing
Commission (LOC - Dexia Credit Local) 0.33 7/01/2016 36,455
-----------
NURSING/CCRC (2.2%)
5,000 Alexandria IDA (LOC - Wachovia Bank, N.A.) 0.25 10/01/2035 5,000
5,000 Allegheny County IDA (LOC - Allied Irish Banks
plc) 0.43 7/01/2038 5,000
4,900 Bucks County IDA (LOC - Citizens Bank of
Pennsylvania) 0.40 1/01/2037 4,900
5,425 Erie County IDA (LOC - Sovereign Bank) 0.40 11/15/2036 5,425
1,850 Escambia County Health Facilities Auth. (LOC -
Bank of America, N.A.) 0.26 11/15/2015 1,850
8,090 Illinois Finance Auth. (LOC - Sovereign Bank) 0.33 5/15/2031 8,090
12,365 Illinois Health Facilities Auth. (LOC - Allied Irish
Banks plc) 0.65 8/15/2031 12,365
3,480 Indiana Finance Auth. (LOC - Federal Home
Loan Bank of Indianapolis) 0.70 7/01/2029 3,480
1,200 Lynchburg Redevelopment & Housing Auth.
(LOC - Manufacturers & Traders Trust
Co.) 0.77 12/01/2034 1,200
33,615 Moon IDA (LOC - Bank of Scotland) 0.30 7/01/2038 33,615
9,480 Multnomah County (LOC - Bank of Scotland) 1.00 10/01/2047 9,480
16,305 Nassau County IDA (LOC - Bank of America,
N.A.) 0.30 1/01/2028 16,305
1,465 Roanoke County EDA (LOC - Branch Banking &
Trust Co.) 1.27 10/01/2028 1,465
8,765 Schenectady County IDA (LOC - RBS Citizens,
N.A.) 0.85 2/01/2037 8,765
3,800 Washington State Housing Finance Commission
(LOC - Bank of America, N.A.) 0.27 7/01/2041 3,800
-----------
120,740
-----------
PACKAGED FOODS & MEAT (0.4%)
4,425 Brewster Dairy, Inc. (LOC - BMO Bank of
Montreal) 0.34 4/03/2023 4,425
3,115 Lancaster IDA (LOC - Fulton Bank) 2.10 6/01/2027 3,115
2,545 Laurel County (LOC - Fifth Third Bank) 0.68 3/01/2015 2,545
5,775 Laurel County (LOC - Wells Fargo Bank, N.A.) 0.35 5/01/2033 5,775
7,150 St. Tammany Parish (LOC - Federal Home Loan
Bank of Dallas) 0.31 7/01/2022 7,150
-----------
23,010
-----------
PAPER PACKAGING (0.0%)
1,950 Washington Finance EDA (LOC - Wells Fargo
Bank, N.A.) 0.35 4/01/2033 1,950
-----------
PAPER PRODUCTS (0.6%)
16,500 Campbell County IDA (LOC - Bank of America,
N.A.) 0.32 12/01/2019 16,500
11,100 Fayette County (LOC - Bank of America, N.A.) 0.37 5/01/2018 11,100
================================================================================
13 | USAA Money Market Fund
<PAGE>
================================================================================
PRINCIPAL
AMOUNT COUPON OR VALUE
(000) SECURITY DISCOUNT RATE MATURITY (000)
--------------------------------------------------------------------------------------------------------
$ 5,600 Willacoochee Dev. Auth. (LOC - Federal Home
Loan Bank of Atlanta) 0.40% 5/01/2021 $ 5,600
-----------
33,200
-----------
PERSONAL PRODUCTS (0.0%)
2,520 Suffolk County IDA (LOC - Citibank, N.A.) 0.45 12/01/2019 2,520
-----------
REAL ESTATE OPERATING COMPANIES (9.0%)
13,375 411 Seventh Avenue Associates, LP (LOC -
PNC Bank, N.A.) 0.34 1/01/2027 13,375
49,105 ABAG Finance Auth. for Nonprofit Corp.
(LIQ)(LOC - Citigroup, Inc.) (c) 0.48 4/01/2011 49,105
2,265 Beaver Creek Enterprises, Inc. (LOC - PNC
Bank, N.A.) 0.34 3/02/2020 2,265
3,320 Cain Capital Investments, LLC (LOC - Federal
Home Loan Bank of Cincinnati) 0.38 10/01/2046 3,320
2,030 Chicago (LOC - Bank of America, N.A.) 0.35 3/01/2039 2,030
8,750 Cobb County Housing Auth. (LOC - Federal
Home Loan Bank of Atlanta) 0.40 10/01/2035 8,750
28,710 DeKalb County Housing Auth. (LIQ)(LOC -
Citigroup, Inc.) (c) 0.48 11/07/2012 28,710
10,500 Donegal Crossing Associates, LLC (LOC -
Federal Home Loan Bank of Pittsburgh) 0.38 8/15/2027 10,500
7,520 East Hempfield IDA (LOC - Fulton Bank) 1.90 10/15/2026 7,520
16,580 Fairway Park Properties, LLC (LOC - PNC Bank,
N.A.) 0.34 10/15/2026 16,580
18,890 Florida Housing Finance Corp. (LOC - Key
Bank, N.A.) 0.85 6/15/2036 18,890
3,175 Fountains Apartments, LLC (LOC - Fifth Third
Bank) 0.90 9/01/2036 3,175
14,320 Ft. Northport, LLC (LOC - Regions Bank) 1.05 12/01/2031 14,320
1,750 Fulton County Housing Auth. (LOC - Federal
Home Loan Bank of Atlanta) 0.35 2/01/2041 1,750
8,785 Harlan Dev. Co., LLC (LOC - Fifth Third Bank) 0.53 12/01/2023 8,785
9,389 Harlan Dev. Co., LLC (LOC - Fifth Third Bank) 0.53 12/01/2044 9,389
2,355 Hickory Creek Apartments, LLC (LOC - Fifth
Third Bank) 0.90 9/01/2036 2,355
5,545 Illinois Housing Dev. Auth. (LOC - Bank of
America, N.A.) 0.44 1/01/2034 5,545
2,165 Islip IDA (LOC - Citibank, N.A.) 0.45 11/01/2020 2,165
5,750 JJB Properties, LLC (LOC - Federal Home Loan
Bank of Dallas) 0.43 1/01/2036 5,750
4,650 Jungs Station & Timberlane Village Associates
(LOC - Wachovia Bank, N.A.) 0.30 9/01/2027 4,650
5,680 Lodge Apartments Holdings, LLC (LOC -
Wachovia Bank, N.A.) 0.30 3/01/2026 5,680
15,155 Massachusetts Dev. Finance Agency (LOC -
Bank of America, N.A.)(LOC - RBS
Citizens, N.A.) 0.47 3/01/2034 15,155
37,050 Massachusetts Dev. Finance Agency (LOC -
Bayerische Landesbank) 0.32 12/01/2040 37,050
5,990 MB & B Holdings, LLC (LOC - Harris, N.A.) 0.79 7/31/2034 5,990
10,000 Nashville and Davidson County Health and
Educational Facilities Board (LOC - Fifth
Third Bank) 0.55 9/01/2036 10,000
15,200 Net Magan, LLC (LOC - Wachovia Bank, N.A.) 0.30 4/01/2026 15,200
9,300 New York City Housing Dev. Corp. (LOC -
Landesbank Hessen-Thuringen) 0.30 12/01/2036 9,300
10,000 New York City Housing Dev. Corp. (LOC - RBS
Citizens, N.A.) 0.30 3/01/2048 10,000
36,175 New York City Housing Dev. Corp. (LOC - RBS
Citizens, N.A.) 0.30 3/01/2048 36,175
================================================================================
Portfolio of Investments | 14
<PAGE>
================================================================================
PRINCIPAL
AMOUNT COUPON OR VALUE
(000) SECURITY DISCOUNT RATE MATURITY (000)
--------------------------------------------------------------------------------------------------------
$ 12,440 Nick & Nat Properties, LLC (LOC - Fifth Third
Bank) 0.53% 5/01/2025 $ 12,440
5,375 Orange County Housing Finance Auth. (LOC -
Compass Bank) 0.50 1/15/2040 5,375
9,050 Orange County Housing Finance Auth. (LOC -
Federal Home Loan Bank of Atlanta) 0.33 8/15/2042 9,050
8,660 Orange County Housing Finance Auth. (LOC -
Federal Home Loan Bank of Atlanta) 0.33 8/15/2042 8,660
2,865 Richfield Technology Associates, LLC (LOC -
U.S. Bank, N.A.) 0.34 4/01/2020 2,865
10,690 Sacramento County Housing Auth. (LIQ)(LOC -
Citigroup, Inc.) (c) 0.50 7/05/2017 10,690
5,255 Seattle Housing Auth. (LOC - Key Bank, N.A.) 0.54 3/01/2039 5,255
9,325 Shepherd Capital, LLC (LOC - Wachovia Bank,
N.A.) 0.35 11/01/2052 9,325
21,495 South Carolina Jobs EDA (LOC - SunTrust
Bank) 0.68 12/01/2035 21,495
7,460 Sugar Creek Finance Co., LLC (LOC - PNC
Bank, N.A.) 0.34 6/01/2042 7,460
6,892 TKBF, LLC (LOC - Fifth Third Bank) 0.53 3/01/2108 6,892
15,840 Trinity Funding, LLC (LOC - Fifth Third Bank) 0.53 3/01/2036 15,840
9,330 Wake County Housing Auth. (LOC - SunTrust
Bank) 0.68 12/01/2033 9,330
15,925 Willow Interests, LLC (LOC - Fifth Third Bank) 0.63 4/01/2025 15,925
-----------
504,081
-----------
REAL ESTATE SERVICES (0.3%)
14,500 District of Columbia (LOC - SunTrust Bank) 0.68 4/01/2024 14,500
-----------
REAL ESTATE TAX/FEE (0.1%)
6,000 Jasper, Morgan, Newton, & Walton County
(LOC - Bank of America, N.A.) 0.33 12/01/2020 6,000
-----------
REGIONAL BANKS (0.4%)
16,760 Bhavnani, LLC (LOC - Mellon 1st Business
Bank, N.A.) 0.50 5/01/2038 16,760
3,000 Cobb County Dev. Auth. (LOC - Federal Home
Loan Bank of Atlanta) 0.46 2/01/2030 3,000
-----------
19,760
-----------
REITs - DIVERSIFIED (0.1%)
6,780 New York Housing Finance Agency (LOC -
Landesbank Hessen-Thuringen) 0.31 5/01/2042 6,780
-----------
RESEARCH & CONSULTING SERVICES (0.5%)
28,925 Fuller Road Management Corp. (LOC - Key
Bank, N.A.) 0.53 7/01/2037 28,925
-----------
SALES TAX (0.1%)
5,600 Arista Metropolitan District (LOC - Compass
Bank) 0.67 12/01/2030 5,600
-----------
SINGLE FAMILY HOUSING (1.4%)
2,450 Montgomery County (NBGA) 0.32 7/01/2039 2,450
10,440 Vermont Housing Finance Agency (INS)(LIQ) 0.46 11/01/2035 10,440
12,945 Vermont Housing Finance Agency (INS)(LIQ) 0.46 11/01/2036 12,945
16,500 Vermont Housing Finance Agency (INS)(LIQ) 0.44 11/01/2037 16,500
34,750 Wisconsin Housing & EDA (NBGA) 0.31 9/01/2032 34,750
-----------
77,085
-----------
================================================================================
15 | USAA Money Market Fund
<PAGE>
================================================================================
PRINCIPAL
AMOUNT COUPON OR VALUE
(000) SECURITY DISCOUNT RATE MATURITY (000)
--------------------------------------------------------------------------------------------------------
SOFT DRINKS (0.1%)
$ 4,500 Blackfoot IDC (LOC - Key Bank, N.A.) 0.64% 11/01/2027 $ 4,500
-----------
SOLID WASTE DISPOSAL (0.8%)
45,000 Pasco County (INS)(LIQ) 0.49 10/01/2020 45,000
-----------
SPECIAL ASSESSMENT/TAX/FEE (1.3%)
17,540 Austin (LOC - Dexia Credit Local) 0.32 11/15/2029 17,540
9,995 Denver Urban Renewal Auth. (LOC - Compass
Bank) 0.68 9/01/2017 9,995
2,935 Lake Oswego Redevelopment Agency (LOC -
Wells Fargo Bank, N.A.) 0.35 6/01/2020 2,935
13,445 Sheridan Redevelopment Agency (LOC -
Citibank, N.A.) 1.00 12/01/2029 13,445
14,660 Timber Ridge Affordable Housing Corp. (LOC -
U.S. Bank, N.A.) 0.27 12/01/2032 14,660
15,750 Township of Derry Commercial IDA (LOC - PNC
Bank, N.A.) 0.30 11/01/2030 15,750
-----------
74,325
-----------
SPECIALIZED CONSUMER SERVICES (0.8%)
10,200 American Self Storage Corp. (LOC - Fifth Third
Bank) 0.53 5/01/2046 10,200
6,555 Chicago Enterprise Zone (LOC - RBS Citizens,
N.A.) 0.83 12/01/2032 6,555
5,117 Cornerstone Funding Corp. I (LOC - PNC Bank,
N.A.) 1.74 9/01/2025 5,117
24,195 Saber Management, LLC (LOC - RBS Citizens,
N.A.) 0.32 8/01/2056 24,195
-----------
46,067
-----------
SPECIALIZED FINANCE (0.1%)
3,115 Chase Bailey Insurance (LOC - Compass Bank) 0.43 1/01/2030 3,115
-----------
SPECIALTY STORES (1.4%)
30,000 Bass Pro Rossford Development Co., LLC (LOC
- Fifth Third Bank) 0.63 11/01/2027 30,000
14,000 Blair County IDA (LOC - PNC Bank, N.A.) 0.30 10/01/2028 14,000
22,660 Cooperative District of the City of Prattville (LOC
- Regions Bank) 1.05 6/01/2026 22,660
5,805 D&H Enterprises of Ohio, LLC (LOC - PNC
Bank, N.A.) 0.34 12/01/2025 5,805
1,680 Flowerland Garden Centers of Cleveland, Inc.
(LOC - Fifth Third Bank) 0.63 8/01/2026 1,680
5,025 Spencer Co., Inc. (LOC - Federal Home Loan
Bank of Atlanta) 0.58 2/01/2021 5,025
-----------
79,170
-----------
STEEL (0.2%)
7,480 Klein Steel Services, Inc. (LOC - Manufacturers
& Traders Trust Co.) 0.77 8/01/2025 7,480
3,355 Metaltec Steel Abrasive Co. (LOC - Comerica
Bank, N.A.) 0.48 11/01/2034 3,355
2,500 Mississippi Business Finance Corp. (LOC -
Federal Home Loan Bank of Dallas) 0.40 7/01/2020 2,500
-----------
13,335
-----------
================================================================================
Portfolio of Investments | 16
<PAGE>
================================================================================
PRINCIPAL
AMOUNT COUPON OR VALUE
(000) SECURITY DISCOUNT RATE MATURITY (000)
--------------------------------------------------------------------------------------------------------
TECHNOLOGY DISTRIBUTORS (0.1%)
$ 7,705 Fresno Leasing, LLC (LOC - Manufacturers &
Traders Trust Co.) 0.77% 11/17/2030 $ 7,705
-----------
TIRES & RUBBER (0.0%)
2,200 West Virginia EDA (LOC - JPMorgan Chase
Bank, N.A.) 0.90 12/01/2015 2,200
-----------
TOLL ROADS (1.3%)
71,025 Triborough Bridge and Tunnel Auth. (LOC -
Bayerische Landesbank) 0.35 1/01/2032 71,025
-----------
TRUCKING (0.2%)
10,130 Dayton Freight Lines, Inc. (LOC - Fifth Third
Bank) 0.53 12/01/2045 10,130
-----------
WATER UTILITIES (0.6%)
13,100 Basic Water Co., LLC (LOC - U.S. Bank, N.A.) 0.30 8/01/2024 13,100
17,650 Collier County IDA (LOC - SunTrust Bank) 0.68 10/01/2035 17,650
4,500 Union Springs Wastewater Treatment Plant,
LLC (LOC - Regions Bank) 2.35 7/01/2037 4,500
-----------
35,250
-----------
WATER/SEWER UTILITY (0.5%)
17,000 Cleveland (LOC - Allied Irish Banks plc) 0.45 1/01/2033 17,000
4,202 Hesperia Public Financing Auth. (LOC - Bank of
America, N.A.) 0.30 6/01/2026 4,202
7,820 Olivenhain Municipal Water District (LOC - Bank
of America, N.A.) 0.30 6/01/2022 7,820
-----------
29,022
-----------
Total Variable-Rate Demand Notes (cost: $4,867,987) 4,867,987
-----------
TOTAL INVESTMENTS (COST: $5,433,159) $ 5,433,159
===========
VALUATION HIERARCHY
($ IN 000s) -------------------
(LEVEL 1)
QUOTED PRICES (LEVEL 2)
IN ACTIVE OTHER (LEVEL 3)
MARKETS SIGNIFICANT SIGNIFICANT
FOR IDENTICAL OBSERVABLE UNOBSERVABLE
ASSETS ASSETS INPUTS INPUTS TOTAL
--------------------------------------------------------------------------------------------------
MONEY MARKET INSTRUMENTS:
FIXED-RATE INSTRUMENTS $ - $ 55,000 $ - $ 55,000
COMMERCIAL PAPER - 448,272 - 448,272
PUT BONDS - 61,900 - 61,900
VARIABLE-RATE DEMAND NOTES - 4,867,987 - 4,867,987
--------------------------------------------------------------------------------------------------
Total $ - $ 5,433,159 $ - $ 5,433,159
--------------------------------------------------------------------------------------------------
================================================================================
17 | USAA Money Market Fund
<PAGE>
================================================================================
NOTES TO PORTFOLIO OF INVESTMENTS
April 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 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. 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 | 18
<PAGE>
================================================================================
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. 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. EVENTS - Events or transactions that occur after the quarterly report date,
but before the quarterly report is issued 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 require 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 disclosures about fair
value measurements that adds new disclosure requirements about significant
transfers between Level 1, Level 2, and Level 3, 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 April 30, 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 $5,600,477,000 at April
30, 2010, and, in total, may not equal 100%. A category percentage of 0.0%
represents less than 0.1% of net assets.
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.
================================================================================
19 | USAA Money Market Fund
<PAGE>
================================================================================
COMMERCIAL PAPER - unsecured promissory notes with maturities ranging from two
to 270 days, issued mainly by the most creditworthy corporations. Commercial
paper is usually purchased at a discount and matures at par value; however, it
may also be interest-bearing.
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.
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.
PORTFOLIO ABBREVIATIONS AND DESCRIPTIONS
ABAG Association of Bay Area Governments
EDA Economic Development Authority
EDC Economic Development Corp.
ESOP Employee Stock Ownership Plan
IDA Industrial Development Authority/Agency
IDB Industrial Development Board
IDC Industrial Development Corp.
REIT Real Estate Investment Trust
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. The Manager also attempts to
minimize credit risk in the Fund through rigorous internal credit research.
(INS) Principal and interest payments are insured by Assured Guaranty
Corp., Assured Guaranty Municipal Corp., or Berkshire Hathaway
Assurance Corp. 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.
================================================================================
Notes to Portfolio of Investments | 20
<PAGE>
================================================================================
(LIQ) Liquidity enhancement that may, under certain circumstances,
provide for repayment of principal and interest upon demand from
one of the following: Branch Banking and Trust Co., Citibank,
N.A., Citigroup, Inc.,Comerica Bank, N.A., Dexia Credit Local,
Federal Home Loan Bank Atlanta, JPMorgan Chase Bank, N.A., PNC
Bank, N.A., Societe Generale, TD Bank, N.A., U.S. Bank, N.A., or
Wachovia Bank, N.A.
(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: Freddie Mac, Fannie Mae, or
Sempra Energy.
SPECIFIC NOTES
(a) At April 30, 2010, the aggregate market value of securities purchased
on a delayed- delivery basis was $4,000,000.
(b) At April 30, 2010, portions of these securities were segregated to
cover delayed- delivery and/or when-issued purchases.
(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.
================================================================================
21 | USAA 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 April 30, 2010
By:* /s/ CHRISTOPHER P. LAIA
--------------------------------------------------------------
Signature and Title: Christopher P. Laia, Secretary
Date: 06/23/2010
-------------------------------
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: 06/23/2010
------------------------------
By:* /s/ ROBERTO GALINDO, JR.
-----------------------------------------------------
Signature and Title: Roberto Galindo, Jr., Treasurer
Date: 06/23/2010
------------------------------
*PRINT THE NAME AND TITLE OF EACH SIGNING OFFICER UNDER HIS OR HER SIGNATURE.
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