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Share Name | Share Symbol | Market | Type |
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Usaa Treasury Money Market Trust (MM) | NASDAQ:UATXX | NASDAQ | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0.00 | - |
[LOGO OF USAA] USAA(R) PORTFOLIO OF INVESTMENTS 1ST QUARTER USAA FLORIDA TAX-FREE MONEY MARKET FUND JUNE 30, 2010 (Form N-Q) 48507-0610 (C)2010, USAA. All rights reserved. <PAGE> ================================================================================ PORTFOLIO OF INVESTMENTS June 30, 2010 (unaudited) CATEGORIES AND DEFINITIONS VARIABLE-RATE DEMAND NOTES (VRDNs) - provide the right to sell the security at face value on either that day or within the rate-reset period. The interest rate is adjusted at a stipulated daily, weekly, monthly, quarterly, or other specified time interval to reflect current market conditions. The effective maturity of these instruments is deemed to be less than 397 days in accordance with detailed regulatory requirements. PUT BONDS - provide the right to sell the bond at face value at specific tender dates prior to final maturity. The put feature shortens the effective maturity of the security. CREDIT ENHANCEMENTS - add the financial strength of the provider of the enhancement to support the issuer's ability to repay the principal and interest payments when due. The enhancement may be provided by a high-quality bank, insurance company or other corporation, or a collateral trust. The enhancements do not guarantee the values of the securities. The Fund's investments consist of securities meeting the requirements to qualify at the time of purchase as "eligible securities" under the Securities and Exchange Commission (SEC) rules applicable to money market funds. With respect to quality, eligible securities generally consist of securities rated in one of the two highest categories for short-term securities or, if not rated, of comparable quality at the time of purchase. USAA Investment Management Company (the Manager) also attempts to minimize credit risk in the Fund through rigorous internal credit research. (INS) Principal and interest payments are insured by either Assured Guaranty Corp. or Assured Guaranty Municipal 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. (LIQ) Liquidity enhancement that may, under certain circumstances, provide for repayment of principal and interest upon demand from one of the following: Citibank, N.A., Deutsche Bank A.G., Deutsche Postbank, Freddie Mac, JPMorgan Chase Bank, N.A., or Royal Bank of Canada. (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 Freddie Mac. ================================================================================ 1 | USAA FLORIDA TAX-FREE MONEY MARKET FUND
<PAGE> ================================================================================ PORTFOLIO ABBREVIATIONS AND DESCRIPTIONS IDA Industrial Development Authority/Agency IDB Industrial Development Board ================================================================================ PORTFOLIO OF INVESTMENTS | 2 <PAGE> ================================================================================ PORTFOLIO OF INVESTMENTS USAA FLORIDA TAX-FREE MONEY MARKET FUND June 30, 2010 (unaudited) PRINCIPAL MARKET AMOUNT COUPON FINAL VALUE (000) SECURITY RATE MATURITY (000) ---------------------------------------------------------------------------------------------------- VARIABLE-RATE DEMAND NOTES (97.0%) FLORIDA (83.4%) $ 2,600 Broward County Housing Finance Auth. (LIQ)(NBGA) (a) 0.43% 9/01/2032 $ 2,600 1,115 Charlotte County (LOC - SunTrust Bank) 0.69 3/01/2021 1,115 2,500 Collier County IDA (LOC - SunTrust Bank) 0.48 9/01/2029 2,500 2,400 Highlands County Health Facilities Auth. 0.26 11/15/2027 2,400 3,800 Hillsborough County IDA (LIQ)(LOC - Citibank, N.A.) (a) 0.44 4/01/2014 3,800 2,645 Housing Finance Corp. (LIQ)(NBGA) (a) 0.43 10/01/2032 2,645 2,130 Jacksonville Health Facilities Auth. (LOC - Bank of America, N.A.) 0.45 12/01/2023 2,130 1,060 JEA (INS)(LIQ) (a) 0.36 10/01/2013 1,060 3,365 Miami-Dade County IDA (LOC - Federal Home Loan Bank of Atlanta) 0.33 5/01/2028 3,365 1,500 Miami-Dade County School Board (INS)(LIQ) (a) 0.33 5/01/2016 1,500 1,420 Orange County IDA (LOC - SunTrust Bank) 0.49 10/01/2030 1,420 3,000 Palm Beach County (LOC - Northern Trust Co.) 0.30 3/01/2027 3,000 3,665 Palm Beach County (LOC - TD Bank, N.A.) 0.58 1/01/2034 3,665 800 Peace River (INS)(LIQ) (a) 0.35 10/01/2013 800 2,975 Pembroke Pines (INS)(LIQ) 0.25 7/01/2032 2,975 1,565 Pinellas County (INS)(LIQ) (a) 0.36 4/01/2012 1,565 1,285 Port St. Joe (LOC - Regions Bank) 1.50 12/01/2038 1,285 1,500 St. Lucie County 0.21 9/01/2028 1,500 2,410 Univ. of North Florida Financing Corp. (LIQ)(LOC - Deutsche Bank A.G.) (a) 0.31 11/01/2027 2,410 2,500 West Palm Beach Utility System (LIQ) (a) 0.35 10/01/2012 2,500 --------- 44,235 --------- OHIO (7.0%) 2,140 Cadiz Health Care Facilities Auth. (LOC - PNC Bank, N.A.) 1.31 1/01/2033 2,140 1,590 Clermont County (LOC - Fifth Third Bank) 0.63 8/01/2022 1,590 --------- 3,730 --------- PENNSYLVANIA (6.6%) 1,700 College Township IDA (LOC - JPMorgan Chase Bank, N.A.) 0.50 11/01/2011 1,700 1,800 Higher Educational Facilities Auth. (LOC - Fulton Bank) 1.75 11/01/2033 1,800 --------- 3,500 --------- Total Variable-Rate Demand Notes (cost: $51,465) 51,465 --------- ================================================================================ 3 | USAA FLORIDA TAX-FREE MONEY MARKET FUND
<PAGE> ================================================================================ PRINCIPAL MARKET AMOUNT COUPON FINAL VALUE (000) SECURITY RATE MATURITY (000) ---------------------------------------------------------------------------------------------------- PUT BONDS (2.8%) ALABAMA (2.8%) $ 1,500 Mobile IDB (cost: $1,500) 1.40% 7/15/2034 $ 1,500 --------- TOTAL INVESTMENTS (COST: $52,965) $ 52,965 ========= ($ IN 000s) VALUATION HIERARCHY ------------------- (LEVEL 1) QUOTED PRICES (LEVEL 2) IN ACTIVE OTHER (LEVEL 3) MARKETS SIGNIFICANT SIGNIFICANT FOR IDENTICAL OBSERVABLE UNOBSERVABLE ASSETS INPUTS INPUTS TOTAL ---------------------------------------------------------------------------------------------------- VARIABLE-RATE DEMAND NOTES $ -- $ 51,465 $ -- $ 51,465 PUT BONDS -- 1,500 -- 1,500 ---------------------------------------------------------------------------------------------------- Total $ -- $ 52,965 $ -- $ 52,965 ---------------------------------------------------------------------------------------------------- For the period ended June 30, 2010, there were no transfers of securities between levels 1, 2, or 3. The Fund's policy is to recognize transfers into and out of the levels as of the beginning of the period in which the event or circumstance that caused the transfer occurred. ================================================================================ PORTFOLIO OF INVESTMENTS | 4 <PAGE> ================================================================================ NOTES TO PORTFOLIO OF INVESTMENTS June 30, 2010 (unaudited) GENERAL NOTES USAA MUTUAL FUNDS TRUST (the Trust), registered under the Investment Company Act of 1940 (the 1940 Act), as amended, is an open-end management investment company organized as a Delaware statutory trust consisting of 46 separate funds. The information presented in this quarterly report pertains only to the USAA Florida Tax-Free Money Market Fund (the Fund), which is classified as diversified under the 1940 Act. A. SECURITY VALUATION -- The value of each security is determined (as of the close of trading on the New York Stock Exchange (NYSE) on each business day the NYSE is open) as set forth below: 1. Pursuant to Rule 2a-7 under the 1940 Act, securities in the Fund are valued at amortized cost, which approximates market value. This method values a security at its cost on the date of purchase and, thereafter, assumes a constant amortization to maturity of any premiums or discounts. 2. Securities for which amortized cost valuations are considered unreliable or whose values have been materially affected by a significant event are valued in good faith at fair value, using methods determined by the Manager, an affiliate of the Fund, under valuation procedures and procedures to stabilize net asset value (NAV) approved by the Trust's Board of Trustees. B. FAIR VALUE MEASUREMENTS -- Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The three-level valuation hierarchy disclosed in the portfolio of investments is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The three levels are defined as follows: Level 1 -- inputs to the valuation methodology are quoted prices (unadjusted) in active markets for identical securities. Level 2 -- inputs to the valuation methodology are other significant observable inputs, including quoted prices for similar securities, inputs that are observable for the securities, either directly or indirectly, and market-corroborated inputs such as market indices. Level 3 -- inputs to the valuation methodology are unobservable and significant to the fair value measurement, including the Manager's own assumptions in determining the fair value. The inputs or methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. For example, money market securities are valued using amortized cost, in accordance with rules under the 1940 Act. Generally, amortized cost ================================================================================
5 | USAA FLORIDA TAX-FREE MONEY MARKET FUND <PAGE> ================================================================================ approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2. C. SECURITIES PURCHASED ON A DELAYED-DELIVERY OR WHEN-ISSUED BASIS -- Delivery and payment for securities that have been purchased by the Fund on a delayed- delivery or when-issued basis can take place a month or more after the trade date. During the period prior to settlement, these securities do not earn interest, are subject to market fluctuation, and may increase or decrease in value prior to their delivery. The Fund maintains segregated assets with a market value equal to or greater than the amount of its purchase commitments. D. As of June 30, 2010, the cost of securities, for federal income tax purposes, was approximately the same as that reported in the portfolio of investments. E. The portfolio of investments category percentages shown represent the percentages of the investments to net assets, which were $53,059,000 at June 30, 2010, and, in total, may not equal 100%. A category percentage of 0.0% represents less than 0.1% of net assets. SPECIFIC NOTES (a) Restricted security that is not registered under the Securities Act of 1933. A resale of this security in the United States may occur in an exempt transaction to a qualified institutional buyer as defined by Rule 144A, and as such has been deemed liquid by USAA Investment Management Company (the Manager) under liquidity guidelines approved by the Trust's Board of Trustees, unless otherwise noted as illiquid. ================================================================================ NOTES TO PORTFOLIO OF INVESTMENTS | 6
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