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: MARK S. HOWARD
USAA MUTUAL FUNDS TRUST
9800 FREDERICKSBURG ROAD
SAN ANTONIO, TX 78288
Registrant's Telephone Number, Including Area Code: (210) 498-0226
Date of Fiscal Year End: MARCH 31
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Date of Reporting Period: JUNE 30, 2008
ITEM 1. SCHEDULE OF INVESTMENTS.
USAA MUTUAL FUNDS TRUST - 1ST QUARTER REPORT - PERIOD ENDED JUNE 30, 2008
USAA
EAGLE
LOGO (R)
USAA TAX EXEMPT INTERMEDIATE-TERM Fund
1ST QUARTER Portfolio of Investments
June 30, 2008
(Form N-Q)
48497-0808 (C)2008, USAA. All rights reserved
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of INVESTMENTS
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USAA TAX EXEMPT INTERMEDIATE-TERM FUND
JUNE 30, 2008 (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.
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.
PERIODIC AUCTION RESET BONDS - interest rates are reset periodically through an
auction mechanism. The bonds have the option to be sold at face value at each
interest rate reset date to the extent that there are sufficient bids in the
auction.
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 a rate that reflects 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., CIFG Assurance, N.A., Financial Guaranty
Insurance Co., Financial Security Assurance Holdings Ltd., MBIA
Insurance 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
one of the following: Bank of America, N.A., Dexia Credit Local,
or JPMorgan Chase Bank, N.A..
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USAA TAX EXEMPT INTERMEDIATE-TERM FUND
JUNE 30, 2008 (UNAUDITED)
(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: Fannie Mae, Federal Housing
Association Insured Mortgage Nursing Home, Government National
Mortgage Association, Municipal Securities Purchase, Inc., or
Texas Permanent School Fund.
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PORTFOLIO ABBREVIATIONS AND DESCRIPTIONS
EDA Economic Development Authority
EDC Economic Development Corp.
ETM Escrowed to final maturity
IDA Industrial Development Authority/Agency
IDB Industrial Development Board
IDC Industrial Development Corp.
ISD Independent School District
MFH Multifamily Housing
PRE Prerefunded to a date prior to maturity
USD Unified School District
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of INVESTMENTS (in thousands)
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USAA TAX EXEMPT INTERMEDIATE-TERM FUND
JUNE 30, 2008 (UNAUDITED)
PRINCIPAL COUPON FINAL MARKET
AMOUNT SECURITY RATE MATURITY VALUE
----------------------------------------------------------------------------------------------------
FIXED-RATE INSTRUMENTS (91.9%)
ALABAMA (1.7%)
$ 2,155 Montgomery BMC Special Care Facilities
Financing Auth. (INS) (ETM) 4.88% 11/15/2018 $ 2,186
345 Montgomery BMC Special Care Facilities
Financing Auth. (INS) 4.88 11/15/2018 348
14,745 Montgomery BMC Special Care Facilities
Financing Auth. (INS) (PRE) 5.00 11/15/2021 15,940
16,340 Montgomery Medical Clinic Board 4.75 3/01/2026 14,507
5,000 Prattville IDB 5.15 9/01/2013 4,982
5,000 Private Colleges and Universities
Facilities Auth. (INS) 4.75 9/01/2026 4,946
2,000 Univ. of Alabama at Birmingham (INS) (PRE) 5.75 9/01/2020 2,146
------------
45,055
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ALASKA (0.8%)
7,650 Four Dam Pool Power Agency (LOC - Dexia
Credit Local) 5.00 7/01/2021 7,757
510 Housing Finance Corp. 5.50 12/01/2017 515
3,750 North Slope Borough (INS) 4.36 (a) 6/30/2011 3,355
2,000 State (INS) 4.75 4/01/2021 1,985
2,520 State (INS) 4.75 4/01/2022 2,482
2,000 State (INS) 4.75 4/01/2023 1,958
4,110 State (INS) 4.75 4/01/2024 4,003
------------
22,055
------------
ARIZONA (0.8%)
1,170 Health Facilities Auth. 4.50 4/01/2016 1,157
425 Health Facilities Auth. 5.00 4/01/2017 429
1,150 Health Facilities Auth. 4.75 4/01/2025 1,074
2,500 Maricopa County Phoenix Union High School
District No. 210 (INS) 4.50 7/01/2024 2,494
3,270 Phoenix Civic Improvement Corp., 5.50%,
7/01/2013 (INS) 4.50 (b) 7/01/2024 2,668
2,115 Phoenix Civic Improvement Corp., 5.50%,
7/01/2013 (INS) 4.54 (b) 7/01/2025 1,721
2,000 Pinal County IDA (INS) 5.25 10/01/2020 1,900
1,250 Pinal County IDA (INS) 5.25 10/01/2022 1,168
2,000 Pinal County IDA (INS) 4.50 10/01/2025 1,657
1,535 State Univ. (INS) 5.00 9/01/2024 1,561
7,180 Univ. Medical Center Corp. 5.00 7/01/2022 6,833
------------
22,662
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ARKANSAS (0.7%)
3,125 Baxter County 5.00 9/01/2026 2,814
6,230 Independence County 5.00 1/01/2021 5,953
4,000 Independence County (INS) 4.90 7/01/2022 3,913
4,905 Jefferson County 4.60 10/01/2017 4,686
2,115 Little Rock 5.70 1/01/2018 2,127
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19,493
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of INVESTMENTS (in thousands)
(continued)
USAA TAX EXEMPT INTERMEDIATE-TERM FUND
JUNE 30, 2008 (UNAUDITED)
PRINCIPAL COUPON FINAL MARKET
AMOUNT SECURITY RATE MATURITY VALUE
----------------------------------------------------------------------------------------------------
CALIFORNIA (8.9%)
$ 10,000 Chabot-Las Positas Community College
District (INS) 4.85% (a) 8/01/2022 $ 4,826
5,000 Chabot-Las Positas Community College
District (INS) 4.88 (a) 8/01/2023 2,274
2,000 Coronado Community Dev. Agency (INS) 5.00 9/01/2024 2,023
10,000 Foothill/Eastern Transportation Corridor
Agency (ETM) 7.05 1/01/2010 10,676
15,000 Foothill/Eastern Transportation Corridor
Agency (PRE) 7.10 1/01/2011 16,314
9,085 Foothill/Eastern Transportation Corridor
Agency (PRE) 7.15 1/01/2013 9,887
7,000 Health Facilities Financing Auth. 5.13 7/01/2022 6,976
6,745 Kern County Board of Education (INS) 5.00 6/01/2026 6,797
20,000 Los Angeles Department of Water and Power
(INS) (c) 4.75 7/01/2025 20,249
3,320 Modesto Irrigation District (INS) 5.64 (a) 7/01/2017 2,104
3,325 Modesto Irrigation District (INS) 5.69 (a) 7/01/2018 1,988
5,000 Public Works Board 5.50 6/01/2019 5,290
1,430 Sacramento City Financing Auth. (INS) 5.00 12/01/2024 1,376
15,265 Sacramento Municipal Utility District
Financing Auth. (INS) 4.75 7/01/2024 14,541
4,720 Salinas Union High School District (INS) 4.37 (a) 6/01/2016 3,309
2,000 Salinas Union High School District (INS) 4.37 (a) 10/01/2016 1,379
3,525 San Bernardino County Redevelopment
Agency (INS) 5.00 9/01/2025 3,391
2,395 San Diego USD (INS) 4.50 7/01/2025 2,370
4,275 San Jose 4.95 4/01/2012 4,363
3,000 San Jose USD (INS) 4.50 6/01/2024 2,815
7,065 Santa Clara County Financing Auth. (INS) 4.75 5/15/2023 7,097
7,400 Santa Clara County Financing Auth. (INS) 4.75 5/15/2024 7,419
7,750 Santa Clara County Financing Auth. (INS) 4.75 5/15/2025 7,755
3,500 Santa Rosa Rancheria Tachi Yokut Tribe (d) 5.00 3/01/2020 3,332
2,175 Semitropic Improvement District (INS) 5.25 12/01/2018 2,260
2,500 Solano Community College District (INS) 4.85 (a) 8/01/2023 1,107
4,735 Solano Community College District (INS) 4.88 (a) 8/01/2024 1,954
4,035 South Orange County Public Financing
Auth. (INS) 5.00 8/15/2022 4,068
4,920 South Orange County Public Financing
Auth. (INS) 5.00 8/15/2025 4,903
11,720 State (INS) 5.00 6/01/2024 11,939
10,000 State 5.00 12/01/2024 10,195
20,000 State 5.00 4/01/2025 20,323
3,120 Statewide Communities Dev. Auth. 5.00 5/15/2021 2,998
3,275 Statewide Communities Dev. Auth. 5.00 5/15/2022 3,125
3,440 Statewide Communities Dev. Auth. 5.00 5/15/2023 3,265
3,610 Statewide Communities Dev. Auth. 5.00 5/15/2024 3,423
3,795 Statewide Communities Dev. Auth. 5.00 5/15/2025 3,586
1,245 Systemwide Univ. (INS) 5.50 11/01/2015 1,327
17,760 Tobacco Securitization Auth. 4.75 6/01/2025 15,943
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238,967
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of INVESTMENTS (in thousands)
(continued)
USAA TAX EXEMPT INTERMEDIATE-TERM FUND
JUNE 30, 2008 (UNAUDITED)
PRINCIPAL COUPON FINAL MARKET
AMOUNT SECURITY RATE MATURITY VALUE
----------------------------------------------------------------------------------------------------
COLORADO (2.4%)
$ 4,500 Adams County (INS) 4.38% 9/01/2017 $ 4,497
5,000 Adams County (INS) 5.10 1/01/2019 5,111
2,000 Arapahoe County School District No. 6
(INS) 5.25 12/01/2018 2,093
2,585 Arapahoe County School District No. 6
(INS) 5.25 12/01/2019 2,706
2,000 Arapahoe County School District No. 6
(INS) 5.25 12/01/2020 2,087
2,000 Arapahoe County School District No. 6
(INS) 5.25 12/01/2021 2,074
1,000 Denver Health and Hospital Auth. (PRE) 5.20 12/01/2012 1,024
635 Denver Health and Hospital Auth. (PRE) 5.25 12/01/2013 650
2,400 Denver Health and Hospital Auth. (PRE) 6.25 12/01/2016 2,635
2,200 Denver Health and Hospital Auth. (PRE) 5.38 12/01/2018 2,255
30,955 Denver Health and Hospital Auth. 4.75 12/01/2027 27,295
1,000 Health Facilities Auth. 5.25 6/01/2023 997
2,140 Pueblo School District No. 60 (INS) 5.25 12/15/2020 2,234
9,045 State (INS) 5.00 11/01/2023 9,222
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64,880
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CONNECTICUT (1.0%)
4,000 Health and Educational Facilities Auth.
(INS) 5.00 7/01/2025 3,915
1,000 Mashantucket (Western) Pequot Tribe (d) 5.60 9/01/2009 1,012
4,400 Mashantucket (Western) Pequot Tribe (d) 5.70 9/01/2012 4,407
16,500 Mashantucket (Western) Pequot Tribe (d) 5.75 9/01/2018 16,145
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25,479
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DELAWARE (0.4%)
1,495 Health Facilities Auth. (INS) 4.80 5/01/2017 1,466
1,830 Health Facilities Auth. (INS) 4.90 5/01/2018 1,796
1,000 Health Facilities Auth. (INS) 5.00 5/01/2019 984
1,515 Health Facilities Auth. (INS) 5.05 5/01/2020 1,487
1,010 Municipal Electric Corp. (INS) 5.25 7/01/2013 1,055
1,460 Municipal Electric Corp. (INS) 5.25 7/01/2017 1,519
1,580 Municipal Electric Corp. (INS) 5.25 7/01/2018 1,631
------------
9,938
------------
DISTRICT OF COLUMBIA (2.0%)
30,000 Convention Center Auth. (INS) (PRE)(c) 5.00 10/01/2018 30,531
6,000 District of Columbia (INS) 5.00 1/01/2019 6,122
4,560 District of Columbia (INS) (PRE) 6.20 7/01/2019 4,846
7,000 District of Columbia (INS) 5.00 1/01/2025 6,915
7,930 District of Columbia (INS) 4.75 5/01/2027 6,221
------------
54,635
------------
FLORIDA (5.0%)
5,165 Brevard County School Board (INS) 5.00 7/01/2025 5,130
6,500 Broward County School Board (INS) 5.00 7/01/2023 6,624
4,000 Broward County School Board (INS) 5.00 7/01/2024 4,069
3,710 Broward County School Borad (INS) 5.00 7/01/2025 3,756
7,905 Dade County (INS) 6.00 (a) 10/01/2011 6,833
8,610 Dade County (INS) 6.10 (a) 10/01/2012 6,988
8,760 Dade County (INS) (PRE) 6.20 (a) 10/01/2013 6,676
3,270 Flagler County School Board (INS) 5.00 8/01/2025 3,311
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of INVESTMENTS (in thousands)
(continued)
USAA TAX EXEMPT INTERMEDIATE-TERM FUND
JUNE 30, 2008 (UNAUDITED)
PRINCIPAL COUPON FINAL MARKET
AMOUNT SECURITY RATE MATURITY VALUE
----------------------------------------------------------------------------------------------------
$ 8,000 Hillsborough County IDA 5.65% 5/15/2018 $ 7,941
4,250 Indian River County School Board (INS) 5.00 7/01/2024 4,285
5,000 JEA St. Johns River Power Park (INS) 5.00 10/01/2020 5,186
2,055 Miami Beach Health Facilities Auth. 6.13 11/15/2011 2,094
1,670 Miami Dade County (INS) 5.00 4/01/2022 1,695
2,805 Miami Dade County (INS) 5.00 4/01/2023 2,830
8,375 Miami Dade County (INS) 4.75 11/01/2023 8,187
2,345 Miami Dade County, 5.00%, 10/01/2013
(INS) 4.54 (b) 10/01/2024 1,813
9,830 Miami Dade County (INS) 4.75 11/01/2024 9,546
3,670 Miami Dade County, 5.00%, 10/01/2013
(INS) 4.57 (b) 10/01/2025 2,823
2,500 Miami Dade County (INS) 5.00 10/01/2026 2,505
12,000 Miami Dade County School Board (INS) 5.25 5/01/2025 12,343
7,450 Palm Beach County Health Facilities Auth.
(INS) 5.00 12/01/2021 7,237
1,500 Palm Beach County School Board (INS) 5.25 8/01/2018 1,574
1,000 Palm Beach County School Board (INS) 5.00 8/01/2022 1,027
6,000 Seminole Tribe (d) 5.75 10/01/2022 5,900
14,815 Seminole Tribe (d) 5.50 10/01/2024 14,103
------------
134,476
------------
GEORGIA (0.4%)
5,000 Coweta County Dev. Auth. (INS) 4.35 9/01/2018 5,000
5,000 Savannah Hospital Auth. (INS) 5.00 7/01/2018 5,082
------------
10,082
------------
GUAM (0.2%)
6,000 Education Financing Foundation (INS) 4.50 10/01/2026 5,125
------------
HAWAII (0.2%)
5,000 Housing Finance and Dev. Corp. 5.45 7/01/2017 5,100
------------
IDAHO (0.0%)
1,000 Univ. of Idaho (INS) 4.75 4/01/2022 1,020
------------
ILLINOIS (6.6%)
2,475 Annawan Village 5.63 1/01/2018 2,281
1,000 Bedford Park Village 4.60 12/01/2017 951
3,240 Bedford Park Village 4.80 12/01/2020 3,042
3,085 Bedford Park Village 4.90 12/01/2023 2,863
790 Channahon 6.25 1/01/2010 813
6,040 Channahon 6.88 1/01/2020 6,255
2,000 Chicago (PRE) 5.00 11/01/2019 2,120
5,000 Chicago 6.63 12/01/2022 5,049
29,925 Chicago School Board (INS) 4.82 (a) 12/01/2013 24,033
2,170 Chicago-O'Hare International Airport
(INS) 5.50 1/01/2014 2,260
7,000 Chicago-O'Hare International Airport
(INS) 5.00 1/01/2021 7,065
10,000 Chicago-O'Hare International Airport
(INS) 5.00 1/01/2022 10,043
2,000 Finance Auth. 5.00 8/15/2017 1,814
750 Finance Auth. 5.25 4/01/2022 734
2,000 Finance Auth. 5.00 4/01/2023 1,951
3,400 Finance Auth. (INS) 5.00 11/01/2023 3,353
10,500 Finance Auth. (INS) 5.00 11/15/2023 10,534
4,165 Finance Auth. 5.00 4/01/2025 4,045
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of INVESTMENTS (in thousands)
(continued)
USAA TAX EXEMPT INTERMEDIATE-TERM FUND
JUNE 30, 2008 (UNAUDITED)
PRINCIPAL COUPON FINAL MARKET
AMOUNT SECURITY RATE MATURITY VALUE
----------------------------------------------------------------------------------------------------
$ 8,000 Finance Auth. 4.50% 11/15/2026 $ 7,206
1,750 Finance Auth. 5.40 4/01/2027 1,718
1,000 Health Facilities Auth. 5.25 9/01/2013 1,011
2,000 Health Facilities Auth. 5.25 9/01/2014 2,022
10,000 Health Facilities Auth. (INS) 5.00 6/01/2018 10,109
2,500 Health Facilities Auth. 5.25 9/01/2018 2,507
3,000 Health Facilities Auth. (INS) 5.00 2/15/2020 3,047
4,250 Health Facilities Auth. (PRE) 6.80 11/15/2020 4,662
825 Housing Dev. Auth. 4.55 7/01/2021 800
2,110 Housing Dev. Auth. 4.60 7/01/2023 2,063
8,050 Lake County Community Unit School
District (INS) 5.13 (a) 12/01/2016 5,587
2,500 Metropolitan Pier and Exposition Auth.,
5.20%, 6/15/2012 (INS) 5.20 (b) 6/15/2017 2,179
2,500 Metropolitan Pier and Exposition Auth.,
5.30%, 6/15/2012 (INS) 5.30 (b) 6/15/2018 2,181
4,000 Metropolitan Pier and Exposition Auth.,
5.40%, 6/15/2012 (INS) 5.40 (b) 6/15/2019 3,484
2,000 Northeastern Illinois Univ. 4.75 10/01/2025 1,943
4,735 Northern Illinois Univ. (INS) 4.88 4/01/2018 4,776
5,820 Univ. of Illinois (INS) (PRE) 5.25 8/15/2015 6,079
4,000 Univ. of Illinois (INS) (PRE) 5.25 8/15/2016 4,178
7,815 Univ. of Illinois (INS) (PRE) 5.00 8/15/2020 8,238
3,900 Volo Village, Lake County 5.00 3/01/2016 3,694
14,070 Will County Forest Preserve District
(INS) 5.40 (a) 12/01/2017 8,929
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175,619
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INDIANA (3.1%)
7,465 Bond Bank (PRE) 5.50 8/01/2016 7,958
20,000 Finance Auth. (INS) (c) 4.55 12/01/2024 19,172
1,900 Finance Auth. 5.00 10/01/2027 1,903
6,725 Health and Educational Facilities
Financing Auth. 5.00 2/15/2022 6,582
1,400 Health Facility Financing Auth. 5.25 2/15/2018 1,406
5,000 Health Facility Financing Auth. (INS)
(PRE) 5.15 11/01/2019 5,187
6,000 Indianapolis 6.05 1/15/2010 6,044
4,950 Municipal Power Agency (INS) 5.25 1/01/2017 5,205
2,100 Municipal Power Agency (INS) 5.25 1/01/2018 2,184
6,000 Rockport (INS) 4.63 6/01/2025 5,488
1,060 St. Joseph County 5.45 2/15/2017 1,059
7,260 St. Joseph County 5.75 2/15/2019 7,141
11,000 Univ. of Southern Indiana (INS) (c) 5.00 10/01/2018 11,171
1,500 Vanderburgh County Redevelopment
District 5.00 2/01/2026 1,434
-----------
81,934
-----------
IOWA (0.9%)
9,190 Finance Auth. (INS) 5.00 7/01/2014 9,066
5,500 Finance Auth. (INS) (PRE) 5.25 7/01/2015 5,610
1,325 Finance Auth. (INS) 5.00 12/01/2021 1,260
1,390 Finance Auth. (INS) 5.00 12/01/2022 1,319
1,460 Finance Auth. (INS) 5.00 12/01/2023 1,380
1,535 Finance Auth. (INS) 5.00 12/01/2024 1,448
1,610 Finance Auth. (INS) 5.00 12/01/2025 1,514
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of INVESTMENTS (in thousands)
(continued)
USAA TAX EXEMPT INTERMEDIATE-TERM FUND
JUNE 30, 2008 (UNAUDITED)
PRINCIPAL COUPON FINAL MARKET
AMOUNT SECURITY RATE MATURITY VALUE
----------------------------------------------------------------------------------------------------
$ 1,690 Finance Auth. (INS) 5.00% 12/01/2026 $ 1,582
-----------
23,179
-----------
KANSAS (0.8%)
2,000 Wyandotte County 4.75 12/01/2016 1,952
19,000 Wyandotte County 5.00 12/01/2020 18,111
-----------
20,063
-----------
LOUISIANA (2.7%)
2,150 Local Government Environmental Facilities
and Community Dev. Auth. (INS) 5.25 12/01/2015 2,252
2,260 Local Government Environmental Facilities
and Community Dev. Auth. (INS) 5.25 12/01/2016 2,356
2,355 Local Government Environmental Facilities
and Community Dev. Auth. (INS) 5.25 12/01/2017 2,442
7,000 New Orleans (INS) 5.13 9/01/2021 6,976
6,825 Office Facilities Corp. (INS) 5.38 5/01/2018 7,106
2,000 Office Facilities Corp. (INS) 5.25 11/01/2018 2,082
5,175 Offshore Terminal Auth. 5.20 10/01/2018 5,178
7,015 Orleans Levee District (INS) 5.95 11/01/2010 7,067
4,275 Orleans Levee District (INS) 5.95 11/01/2014 4,303
4,540 Orleans Levee District (INS) 5.95 11/01/2015 4,578
2,000 Public Facilities Auth. 5.00 7/01/2021 1,972
4,450 St. Martin Parish 4.35 10/01/2012 4,487
3,955 St. Tammany Parish Hospital Service
District No. 1 (INS) 5.00 7/01/2018 3,784
9,000 Transportation Auth. (INS) 4.38 12/01/2023 8,624
9,000 Transportation Auth. (INS) 4.38 12/01/2024 8,559
-----------
71,766
-----------
MAINE (0.1%)
1,715 Housing Auth. 5.35 11/15/2021 1,738
1,500 Jay 4.85 5/01/2019 1,387
-----------
3,125
-----------
MARYLAND (0.3%)
3,285 Community Dev. Administration 5.88 7/01/2016 3,305
5,000 Health and Higher Educational Facilities
Auth. 6.00 1/01/2028 5,083
-----------
8,388
-----------
MASSACHUSETTS (1.2%)
5,105 Commonwealth 5.75 6/15/2015 5,439
4,500 Commonwealth (INS) (PRE) 5.50 3/01/2018 4,804
7,775 Commonwealth (INS) (PRE) 5.38 8/01/2021 8,311
4,000 Health and Educational Facilities Auth. 5.00 7/15/2027 3,566
5,545 Massachusetts Bay Transportation Auth. 4.60 (a) 7/01/2022 2,747
7,790 Massachusetts Bay Transportation Auth. 4.65 (a) 7/01/2023 3,647
5,000 Massachusetts Bay Transportation Auth. 4.70 (a) 7/01/2024 2,210
1,600 Massachusetts Bay Transportation Auth. 4.73 (a) 7/01/2025 668
250 Water Pollution Abatement Trust 4.75 8/01/2023 256
105 Water Pollution Abatement Trust 4.75 8/01/2024 107
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of INVESTMENTS (in thousands)
(continued)
USAA TAX EXEMPT INTERMEDIATE-TERM FUND
JUNE 30, 2008 (UNAUDITED)
PRINCIPAL COUPON FINAL MARKET
AMOUNT SECURITY RATE MATURITY VALUE
----------------------------------------------------------------------------------------------------
$ 110 Water Pollution Abatement Trust 4.75% 8/01/2025 $ 112
-----------
31,867
-----------
MICHIGAN (1.8%)
18,000 Building Auth. (INS) 4.81 (a) 10/15/2022 8,255
3,720 Detroit Building Auth. (LOC - Comerica
Bank, N.A.) 6.15 2/01/2011 3,732
4,000 Detroit Downtown Dev. Auth. (INS) 5.00 7/01/2018 4,001
25,000 Dickinson County EDC 4.80 11/01/2018 23,058
2,250 Hospital Finance Auth. 6.25 10/01/2016 2,255
2,675 Hospital Finance Auth. 5.00 11/15/2019 2,654
3,400 Hospital Finance Auth. 5.00 11/15/2022 3,328
2,000 Kent Hospital Finance Auth. 5.50 7/01/2020 1,922
-----------
49,205
-----------
MINNESOTA (2.0%)
1,080 Chippewa County 5.38 3/01/2022 1,001
5,120 Chippewa County 5.50 3/01/2027 4,624
18,015 Cohasset (c) 4.95 7/01/2022 17,494
1,000 Higher Education Facilities Auth. 5.00 4/01/2023 1,003
2,500 Higher Education Facilities Auth. 4.50 10/01/2027 2,356
20 Housing Finance Agency 6.00 1/01/2018 20
3,000 Municipal Power Agency 4.38 10/01/2025 2,815
6,000 St. Paul Housing and Redevelopment Auth. 5.70 11/01/2015 6,034
1,500 St. Paul Housing and Redevelopment Auth. 5.85 11/01/2017 1,506
7,680 St. Paul Housing and Redevelopment Auth. 5.15 11/15/2020 7,272
3,500 St. Paul Housing and Redevelopment Auth. 5.25 5/15/2026 3,351
5,260 Washington County Hospital and
Redevelopment Auth. 5.38 11/15/2018 5,132
-----------
52,608
-----------
MISSISSIPPI (0.8%)
15,595 Hospital Equipment and Facilities Auth.
(PRE) 6.35 12/01/2015 16,024
1,650 Hospital Equipment and Facilities Auth. 5.00 12/01/2016 1,652
1,000 Hospital Equipment and Facilities Auth. 5.25 12/01/2021 986
1,500 Lincoln County (INS) 5.50 4/01/2018 1,509
1,865 Union County (ETM) 5.50 3/01/2009 1,911
-----------
22,082
-----------
MISSOURI (1.1%)
17,545 Cape Girardeau County Health Care
Facilities IDA 5.00 6/01/2027 15,814
1,000 Cass County 5.00 5/01/2022 931
3,315 Cass County 5.38 5/01/2022 3,203
2,000 Cass County 5.50 5/01/2027 1,916
2,000 Dev. Finance Board 4.75 6/01/2025 1,820
2,865 Fenton City 4.50 4/01/2021 2,830
1,760 Riverside IDA (INS) 5.00 5/01/2020 1,689
1,330 St. Joseph IDA 5.00 4/01/2027 1,332
-----------
29,535
-----------
|
10
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--------------------------------------------------------------------------------
of INVESTMENTS (in thousands)
(continued)
USAA TAX EXEMPT INTERMEDIATE-TERM FUND
JUNE 30, 2008 (UNAUDITED)
PRINCIPAL COUPON FINAL MARKET
AMOUNT SECURITY RATE MATURITY VALUE
----------------------------------------------------------------------------------------------------
MONTANA (0.3%)
$ 6,500 Forsyth (INS) 4.65% 8/01/2023 $ 6,227
2,450 Health Facilities Auth. 6.38 6/01/2018 2,451
----------
8,678
----------
NEBRASKA (0.5%)
620 Investment Finance Auth. (INS) 5.30 11/15/2012 625
2,000 Investment Finance Auth. (INS) 5.45 11/15/2017 2,004
500 Platte County Hospital Auth. No. 1 (INS) 5.50 5/01/2010 515
500 Platte County Hospital Auth. No. 1 (INS) 5.55 5/01/2011 517
500 Platte County Hospital Auth. No. 1 (INS) 5.65 5/01/2012 516
500 Platte County Hospital Auth. No. 1 (INS) 5.75 5/01/2013 516
500 Platte County Hospital Auth. No. 1 (INS) 5.90 5/01/2015 515
3,500 Platte County Hospital Auth. No. 1 (INS) 6.05 5/01/2020 3,618
2,940 Scotts Bluff County Hospital Auth. (PRE) 5.13 11/15/2019 3,035
560 Scotts Bluff County Hospital Auth. 5.13 11/15/2019 561
----------
12,422
----------
NEVADA (0.5%)
1,000 Clark County (INS) 4.50 11/01/2016 1,005
5,000 Clark County (INS) (PRE) 5.25 7/01/2019 5,319
2,865 Clark County 5.00 5/15/2020 2,881
6,040 Department of Business and Industry (INS) 5.76 (a) 1/01/2017 3,158
2,000 Reno (INS) (PRE) 5.00 5/15/2018 2,084
----------
14,447
----------
NEW HAMPSHIRE (0.2%)
5,000 Business Finance Auth. 5.85 12/01/2022 5,022
----------
NEW JERSEY (1.3%)
2,000 EDA 5.75 12/01/2016 1,938
5,000 EDA (INS) 5.00 7/01/2022 5,149
8,830 EDA 5.25 9/01/2023 9,237
13,500 EDA 5.50 6/15/2024 13,082
5,000 Tobacco Settlement Financing Corp. 5.00 6/01/2017 4,873
----------
34,279
----------
NEW MEXICO (0.5%)
4,890 Jicarilla Apache Nation (d) 5.00 9/01/2018 5,011
3,250 Jicarilla Apache Nation (d) 5.50 9/01/2023 3,349
4,000 Sandoval County 4.38 6/01/2020 3,935
----------
12,295
----------
NEW YORK (10.2%)
2,500 Albany IDA 5.75 11/15/2022 2,591
5,500 Dormitory Auth. 5.75 7/01/2013 5,843
5,000 Dormitory Auth. 5.20 2/15/2015 5,081
1,500 Dormitory Auth. 5.25 7/01/2015 1,617
4,000 Dormitory Auth. 5.20 2/15/2016 4,064
5,420 Dormitory Auth. (LOC - Allied Irish Banks
plc) 4.40 7/01/2016 5,549
|
11
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--------------------------------------------------------------------------------
of INVESTMENTS (in thousands)
(continued)
USAA TAX EXEMPT INTERMEDIATE-TERM FUND
JUNE 30, 2008 (UNAUDITED)
PRINCIPAL COUPON FINAL MARKET
AMOUNT SECURITY RATE MATURITY VALUE
----------------------------------------------------------------------------------------------------
$ 2,005 Dormitory Auth. 5.25% 7/01/2016 $ 2,147
4,760 Dormitory Auth. 5.30 2/15/2017 4,836
2,000 Dormitory Auth. 5.25 7/01/2017 2,132
12,560 Dormitory Auth. (ETM) 5.30 2/15/2019 13,785
1,085 Dormitory Auth. (PRE) 5.00 7/01/2019 1,130
1,915 Dormitory Auth. 5.00 7/01/2019 1,948
5,000 Dormitory Auth. 5.00 7/01/2020 4,759
3,975 Dormitory Auth. (PRE) 5.05 2/01/2022 4,216
24,935 Dormitory Auth. 5.00 7/01/2022 23,347
2,500 Dutchess County IDA 4.50 8/01/2026 2,392
3,570 East Rochester Housing Auth. (NBGA) 4.05 2/15/2012 3,650
2,000 East Rochester Housing Auth. (NBGA) 4.63 2/15/2017 2,068
885 Housing Finance Agency (PRE) 6.00 9/15/2016 893
20 Housing Finance Agency (PRE) 6.00 9/15/2016 20
3,000 Long Island Power Auth. 5.25 6/01/2014 3,200
16,565 Metropolitan Transportation Auth. 5.00 11/15/2024 16,870
6,800 Metropolitan Transportation Auth. 5.00 11/15/2024 6,937
2,500 Metropolitan Transportation Auth. (INS) 5.00 11/15/2024 2,616
26,625 New York City 5.50 8/01/2015 28,451
545 New York City (PRE) 5.63 8/01/2015 596
4,455 New York City 5.63 8/01/2015 4,763
3,135 New York City (PRE) 5.75 8/01/2016 3,443
6,865 New York City 5.75 8/01/2016 7,378
5,000 New York City 5.25 10/15/2019 5,210
4,330 New York City 5.13 12/01/2022 4,522
3,500 New York City 5.00 4/01/2023 3,595
10,000 New York City 5.00 6/01/2023 10,276
6,000 New York City 5.13 12/01/2023 6,248
10,000 New York City 5.00 4/01/2024 10,258
5,240 New York City 5.00 8/01/2024 5,394
20,000 New York City 5.00 2/01/2025 20,582
2,175 New York City IDA (INS) 4.15 7/01/2014 1,965
1,050 New York City IDA (INS) 4.75 7/01/2019 919
10,000 New York City Municipal Water Finance
Auth. 5.38 6/15/2017 10,603
205 New York City Transitional Finance Auth.
(INS) (PRE) 5.25 8/01/2019 221
4,795 New York City Transitional Finance Auth.
(INS) 5.25 8/01/2019 4,985
6,000 Seneca Nation Indians Capital
Improvements Auth. (d) 5.00 12/01/2023 5,251
775 Suffolk County IDA 5.00 11/01/2013 780
1,880 Suffolk County IDA 5.00 11/01/2014 1,887
1,000 Suffolk County IDA 5.00 11/01/2015 997
3,180 Suffolk County IDA (INS) 4.75 6/01/2026 2,571
11,000 Tobacco Settlement Financing Corp. 5.50 6/01/2018 11,524
----------
274,110
----------
NORTH CAROLINA (1.3%)
6,000 Eastern Municipal Power Agency 5.50 1/01/2012 6,246
4,885 Eastern Municipal Power Agency 5.50 1/01/2015 5,088
1,830 Eastern Municipal Power Agency 5.50 1/01/2016 1,897
1,000 Eastern Municipal Power Agency 5.50 1/01/2017 1,033
3,000 Eastern Municipal Power Agency 5.00 1/01/2024 2,971
5,500 Medical Care Commission 5.00 7/01/2027 5,278
5,000 Municipal Power Agency No. 1 5.50 1/01/2013 5,268
2,000 Municipal Power Agency No. 1 5.25 1/01/2020 2,070
|
12
P O R T F O L I O
--------------------------------------------------------------------------------
of INVESTMENTS (in thousands)
(continued)
USAA TAX EXEMPT INTERMEDIATE-TERM FUND
JUNE 30, 2008 (UNAUDITED)
PRINCIPAL COUPON FINAL MARKET
AMOUNT SECURITY RATE MATURITY VALUE
----------------------------------------------------------------------------------------------------
$ 4,000 Wake County Industrial Facilities and
Pollution Control Financing Auth. 5.38% 2/01/2017 $ 4,123
-----------
33,974
-----------
NORTH DAKOTA (0.1%)
1,000 Grand Forks (INS) 5.00 12/15/2022 1,034
2,055 Williams County 5.00 11/01/2021 1,960
-----------
2,994
-----------
OHIO (1.7%)
24,275 Buckeye Tobacco Settlement Financing
Auth. 5.13 6/01/2024 22,022
2,400 Fairview Park (INS) 4.13 12/01/2020 2,343
4,000 Franklin County 5.80 10/01/2014 4,115
2,650 Franklin County 5.50 7/01/2017 2,603
10,000 Hamilton (INS) 4.65 10/15/2022 10,077
1,015 Housing Finance Agency (NBGA) 5.10 9/01/2017 1,038
1,750 Miami County 5.25 5/15/2021 1,713
2,000 Miami County 5.25 5/15/2026 1,917
-----------
45,828
-----------
OKLAHOMA (1.7%)
5,360 Cherokee Nation (INS) (d) 4.60 12/01/2021 4,602
12,330 Chickasaw Nation (d) 5.38 12/01/2017 12,127
5,000 Chickasaw Nation (d) 6.00 12/01/2025 4,923
3,895 Comanche County Hospital Auth. (INS) 5.25 7/01/2022 3,868
3,000 Comanche County Hospital Auth. (INS) 5.25 7/01/2023 2,972
1,400 Norman Regional Hospital Auth. 5.50 9/01/2024 1,417
13,100 Norman Regional Hospital Auth. 5.00 9/01/2027 12,478
2,425 Valley View Hospital Auth. 6.00 8/15/2014 2,532
-----------
44,919
-----------
OREGON (0.1%)
1,000 Washington, Yamhill and Multnomah
Counties Hillsboro School District
No. 1J (INS) 4.58 (a) 6/15/2025 402
5,900 Washington, Yamhill and Multnomah
Counties Hillsboro School District
No. 1J (INS) 4.59 (a) 6/15/2026 2,223
-----------
2,625
-----------
PENNSYLVANIA (1.0%)
1,000 Allegheny County IDA 5.00 9/01/2021 947
1,250 Allegheny County IDA 5.10 9/01/2026 1,170
17,300 Allegheny County IDA 4.75 12/01/2032 17,423
5,500 Higher Educational Facility Auth. (INS) 5.25 8/01/2014 5,688
1,615 Lancaster County Hospital Auth. 5.00 11/01/2026 1,559
-----------
26,787
-----------
RHODE ISLAND (0.6%)
340 Health and Educational Building Corp.
(INS) 5.50 5/15/2012 344
4,345 Health and Educational Building Corp.
(LOC - Allied Irish Banks plc) 5.88 11/15/2014 4,483
765 Health and Educational Building Corp.
(INS) 5.50 5/15/2016 774
|
13
P O R T F O L I O
--------------------------------------------------------------------------------
of INVESTMENTS (in thousands)
(continued)
USAA TAX EXEMPT INTERMEDIATE-TERM FUND
JUNE 30, 2008 (UNAUDITED)
PRINCIPAL COUPON FINAL MARKET
AMOUNT SECURITY RATE MATURITY VALUE
----------------------------------------------------------------------------------------------------
$ 5,500 Health and Educational Building Corp.
(INS) 5.00% 5/15/2026 $ 5,521
5,915 Housing and Mortgage Finance Corp. 4.65 10/01/2026 5,689
-----------
16,811
-----------
SOUTH CAROLINA (3.1%)
11,000 Berkeley County 4.88 10/01/2014 11,156
4,250 Georgetown County 5.95 3/15/2014 4,387
5,000 Georgetown County 5.70 4/01/2014 5,103
5,000 Lexington County Health Services
District, Inc. 5.00 11/01/2024 4,858
7,335 Lexington County Health Services
District, Inc. 5.00 11/01/2026 7,079
5,870 SCAGO Educational Facilities Corp. (INS) 4.75 12/01/2026 5,402
6,325 SCAGO Educational Facilities Corp. (INS) 4.75 12/01/2026 5,912
40,000 Tobacco Settlement Revenue Management
Auth.(e) 5.00 6/01/2018 39,060
-----------
82,957
-----------
SOUTH DAKOTA (0.2%)
6,305 Housing Dev. Auth. (INS) 5.15 11/01/2020 6,430
-----------
TENNESSEE (0.9%)
2,125 Johnson City Health and Educational
Facilities Board 5.25 7/01/2026 2,025
1,000 Nashville and Davidson County Health and
Educational Facilities Board (INS) 5.10 8/01/2019 992
745 Shelby County Health, Educational and
Housing Facility Board (PRE) 6.00 9/01/2016 820
1,255 Shelby County Health, Educational and
Housing Facility Board (PRE) 6.00 9/01/2016 1,381
935 Shelby County Health, Educational and
Housing Facility Board (PRE) 6.25 9/01/2018 1,038
1,565 Shelby County Health, Educational and
Housing Facility Board (PRE) 6.25 9/01/2018 1,738
3,500 Springfield Health and Educational
Facilities Board 5.25 8/01/2018 3,414
14,750 Sullivan County Health, Educational and
Housing Facilities Board 5.25 9/01/2026 13,988
-----------
25,396
-----------
TEXAS (17.2%)
910 Alamo Community College District (INS)
(PRE) 5.00 11/01/2020 965
1,050 Alamo Community College District (INS) 5.00 11/01/2020 1,081
2,300 Austin (INS) 5.00 11/15/2024 2,301
5,410 Austin Higher Education Auth. (PRE) 5.13 8/01/2016 5,425
5,610 Austin Utility Systems (INS) 5.15 (a) 5/15/2017 3,758
1,855 Bastrop ISD (NBGA) 5.55 (a) 2/15/2014 1,479
3,030 Bastrop ISD (NBGA) 5.55 (a) 2/15/2015 2,300
3,055 Bastrop ISD (NBGA) 5.60 (a) 2/15/2016 2,199
3,155 Bastrop ISD (NBGA) 5.60 (a) 2/15/2017 2,148
4,540 Bexar County Health Facilities Dev.
Corp. 5.00 7/01/2027 4,199
32,925 Brazos River Auth. 5.38 4/01/2019 30,899
5,365 Cass County IDC 5.35 4/01/2012 5,405
|
14
P O R T F O L I O
--------------------------------------------------------------------------------
of INVESTMENTS (in thousands)
(continued)
USAA TAX EXEMPT INTERMEDIATE-TERM FUND
JUNE 30, 2008 (UNAUDITED)
PRINCIPAL COUPON FINAL MARKET
AMOUNT SECURITY RATE MATURITY VALUE
----------------------------------------------------------------------------------------------------
$ 2,680 Central Regional Mobility Auth., 4.55%, (b)
1/01/2014 (INS) 4.55% 1/01/2020 $ 1,952
3,445 Central Regional Mobility Auth., 4.60%,
1/01/2014 (INS) 4.60 (b) 1/01/2021 2,485
7,775 Clint ISD Public Facility Corp. (PRE) 7.00 5/01/2019 8,249
2,600 Conroe ISD (NBGA) 5.00 2/15/2023 2,672
3,100 Conroe ISD (NBGA) 5.00 2/15/2024 3,182
10,410 Dallas Area Rapid Transit (INS) (PRE)(c) 5.00 12/01/2018 11,044
8,370 Dallas ISD (NBGA) 4.75 8/15/2025 8,516
13,745 Denton ISD (NBGA) 5.03 (a) 8/15/2023 6,342
16,500 Denton ISD (NBGA) 5.06 (a) 8/15/2024 7,177
2,905 Eagle Mountain-Saginaw ISD (NBGA) 4.38 8/15/2026 2,777
1,450 Edgewood ISD (NBGA) 4.90 8/15/2018 1,487
1,520 Edgewood ISD (NBGA) 4.88 8/15/2019 1,553
1,595 Edgewood ISD (NBGA) 5.00 8/15/2020 1,636
1,675 Edgewood ISD (NBGA) 5.00 8/15/2021 1,722
2,245 Ennis ISD (NBGA) 4.56 (a) 8/15/2024 942
3,715 Ennis ISD (NBGA) 4.58 (a) 8/15/2025 1,472
3,720 Ennis ISD (NBGA) 4.60 (a) 8/15/2026 1,383
575 Fort Worth Higher Education Finance
Corp. 5.63 10/01/2008 576
6,580 Fort Worth ISD (NBGA) (PRE) 5.00 2/15/2018 6,918
1,895 Hidalgo County Health Services Corp. 4.75 8/15/2017 1,793
350 Hidalgo County Health Services Corp. 5.00 8/15/2019 329
3,805 Hidalgo County Health Services Corp. 5.00 8/15/2022 3,504
1,785 Hidalgo County Health Services Corp. 5.00 8/15/2026 1,591
3,000 Houston (INS) 5.00 3/01/2019 3,086
3,635 Houston ISD Public Facility Corp. (INS) 5.35 (a) 9/15/2015 2,652
4,955 Houston ISD Public Facility Corp. (INS) 5.35 (a) 9/15/2015 3,615
6,955 Houston ISD Public Facility Corp. (INS) 5.38 (a) 9/15/2016 4,799
2,635 Houston ISD Public Facility Corp. (INS) 5.38 (a) 9/15/2016 1,818
3,885 Houston ISD Public Facility Corp. (INS) 5.40 (a) 9/15/2017 2,531
5,000 Irving ISD (NBGA) 5.31 (a) 2/15/2025 2,082
4,345 Jefferson County Health Facilities Dev.
Corp. (INS) 5.20 8/15/2021 4,451
2,200 Judson ISD (INS) 5.00 2/01/2023 2,255
1,500 Judson ISD (INS) 5.00 2/01/2024 1,536
1,595 La Porte ISD (INS) 5.00 2/15/2022 1,639
3,535 La Porte ISD (INS) 5.00 2/15/2024 3,619
3,830 Lewisville (INS) 5.38 9/01/2015 3,807
4,555 Lower Colorado River Auth. (INS) 4.38 5/15/2025 4,317
4,555 Lower Colorado River Auth. (INS) 4.38 5/15/2026 4,283
2,895 Marlin ISD Public Facility Corp.,
acquired 7/22/1998; cost $2,942 (f) 5.85 2/15/2018 2,956
3,425 Mesquite Health Facilities Dev. Corp. 5.50 2/15/2025 3,229
2,040 Midlothian Dev. Auth. (INS) 5.00 11/15/2018 1,955
2,235 Midlothian Dev. Auth. (INS) 5.00 11/15/2021 2,118
10,000 Midlothian Dev. Auth. 6.00 11/15/2024 9,739
1,695 Midlothian Dev. Auth. (INS) 5.00 11/15/2026 1,583
2,950 Midlothian Dev. Auth. 5.13 11/15/2026 2,518
2,500 North State Tollway Auth. 6.00 1/01/2023 2,658
2,800 Northside ISD (NBGA) (PRE) 5.00 2/15/2017 2,944
2,500 Northside ISD (NBGA) 5.00 2/15/2017 2,586
2,865 Northside ISD (NBGA) (PRE) 5.00 2/15/2018 3,012
2,555 Northside ISD (NBGA) 5.00 2/15/2018 2,621
1,220 Nueces River Auth. (INS) 5.00 7/15/2023 1,257
|
15
P O R T F O L I O
--------------------------------------------------------------------------------
of INVESTMENTS (in thousands)
(continued)
USAA TAX EXEMPT INTERMEDIATE-TERM FUND
JUNE 30, 2008 (UNAUDITED)
PRINCIPAL COUPON FINAL MARKET
AMOUNT SECURITY RATE MATURITY VALUE
----------------------------------------------------------------------------------------------------
$ 1,530 Nueces River Auth. (INS) 5.00% 7/15/2024 $ 1,575
11,530 Plano ISD (NBGA) (PRE) 5.00 2/15/2019 12,087
5,945 Plano ISD (NBGA) 5.00 2/15/2019 6,098
2,965 Plano ISD (NBGA) 4.50 2/15/2023 2,974
19,050 Port of Corpus Christi IDC 5.40 4/01/2018 19,104
2,000 Red River Education Finance Corp. 4.38 3/15/2025 1,868
5,255 Red River Education Finance Corp. 4.38 3/15/2026 4,847
8,395 Rockwall ISD (NBGA) 5.14 (a) 2/15/2022 4,208
9,205 Sabine River Auth. (INS) 4.95 3/01/2018 9,068
10,000 San Antonio (PRE) 5.38 2/01/2019 10,654
1,965 San Leanna Education Facilities Corp. 5.13 6/01/2023 1,940
1,000 San Leanna Education Facilities Corp. 5.13 6/01/2024 987
1,545 San Leanna Education Facilities Corp. 5.13 6/01/2025 1,522
5,200 Schertz-Cibolo-Universal City ISD (NBGA) 4.86 (a) 2/01/2023 2,442
3,320 State 5.00 8/01/2016 3,522
3,750 Tarrant County Cultural Education
Facilities Finance Corp. 5.25 11/15/2022 3,625
9,410 Tarrant County Cultural Education
Facilities Finance Corp. 5.50 11/15/2022 8,381
1,100 Tarrant County Cultural Education
Facilities Finance Corp. 6.00 11/15/2026 1,072
8,300 Tarrant County Cultural Education
Facilities Finance Corp. 5.13 5/15/2027 7,834
8,000 Tarrant Regional Water District (INS) 5.25 3/01/2017 8,490
2,000 Tarrant Regional Water District (INS) 5.25 3/01/2019 2,098
2,000 Tarrant Regional Water District (INS) 5.25 3/01/2020 2,096
5,000 Tarrant Regional Water District (INS) 4.38 3/01/2021 4,901
7,000 Transportation Commission 4.38 4/01/2025 6,849
18,000 Transportation Commission 4.50 4/01/2026 17,933
4,000 Transportation Commission 4.75 4/01/2027 4,034
3,895 Tyler Health Facilities Dev. Corp. 5.25 7/01/2011 4,013
2,125 Tyler Health Facilities Dev. Corp. 5.25 7/01/2012 2,187
1,500 Tyler Health Facilities Dev. Corp. 5.25 7/01/2013 1,542
7,170 Tyler Health Facilities Dev. Corp. 5.25 11/01/2019 6,822
7,945 Tyler Health Facilities Dev. Corp. 5.25 11/01/2021 7,486
3,360 Tyler Health Facilities Dev. Corp. 5.25 11/01/2022 3,144
3,800 Tyler Health Facilities Dev. Corp. 5.25 11/01/2023 3,538
8,745 Tyler Health Facilities Dev. Corp. 5.25 7/01/2026 8,401
4,500 Univ. of Texas Board of Regents (PRE) 5.38 8/15/2017 4,810
7,000 Univ. of Texas Board of Regents (PRE) 5.25 7/01/2018 7,466
12,605 Univ. of Texas Board of Regents 4.25 8/15/2025 12,057
11,900 Univ. of Texas Board of Regents 4.25 8/15/2026 11,265
1,795 Weatherford ISD (NBGA) 4.73 (a) 2/15/2023 831
1,795 Weatherford ISD (NBGA) 4.77 (a) 2/15/2024 781
5,970 Williamson County (INS) 5.13 2/15/2022 6,230
1,385 Wylie ISD (NBGA) 5.00 (a) 8/15/2014 1,082
1,690 Wylie ISD (NBGA) 5.10 (a) 8/15/2015 1,255
-----------
460,246
-----------
UTAH (0.2%)
4,410 Intermountain Power Agency (INS) (ETM) 5.00 7/01/2012 4,418
-----------
|
16
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--------------------------------------------------------------------------------
of INVESTMENTS (in thousands)
(continued)
USAA TAX EXEMPT INTERMEDIATE-TERM FUND
JUNE 30, 2008 (UNAUDITED)
PRINCIPAL COUPON FINAL MARKET
AMOUNT SECURITY RATE MATURITY VALUE
----------------------------------------------------------------------------------------------------
VERMONT (0.1%)
$ 3,000 Educational and Health Buildings
Financing Agency (PRE) 5.50% 7/01/2018 $ 3,030
-----------
VIRGINIA (2.5%)
1,750 Albemarle County IDA 5.00 1/01/2024 1,674
2,290 College Building Auth. 5.00 6/01/2021 2,275
11,280 College Building Auth. 5.00 6/01/2026 11,044
1,775 Commonwealth Housing Dev. Auth. 4.35 1/01/2017 1,787
1,810 Commonwealth Housing Dev. Auth. 4.35 7/01/2017 1,821
15,499 Farms of New Kent Community Dev. Auth. 5.13 3/01/2036 11,335
3,889 Peninsula Town Center Community Dev.
Auth. 5.80 9/01/2017 3,704
6,752 Peninsula Town Center Community Dev.
Auth. 6.25 9/01/2024 6,287
5,378 Peninsula Town Center Community Dev.
Auth. 6.35 9/01/2028 4,951
5,510 Public School Auth. 5.00 8/01/2017 5,753
10,000 Public School Auth. (PRE) 5.13 8/01/2019 10,444
5,000 Richmond Convention Center Auth. (PRE) 6.13 6/15/2020 5,373
1,000 Small Business Financing Auth. 5.13 9/01/2022 966
----------
67,414
----------
WASHINGTON (0.7%)
2,500 Health Care Facilities Auth. (INS) 5.25 8/15/2017 2,508
2,500 Health Care Facilities Auth. (INS) 5.30 8/15/2018 2,507
1,800 Health Care Facilities Auth. (INS) 5.00 12/01/2023 1,734
2,000 Health Care Facilities Auth. (INS) 5.00 12/01/2024 1,924
2,310 Health Care Facilities Auth. (INS) 5.00 12/01/2025 2,217
1,470 Higher Education Facilities Auth. 5.20 10/01/2017 1,486
2,000 Housing Finance Commission (INS) 5.88 7/01/2019 2,033
5,000 King County Housing Auth. (INS) 5.20 7/01/2018 5,002
----------
19,411
----------
WISCONSIN (1.1%)
4,130 Health and Educational Facilities Auth.
(INS) 5.25 8/15/2012 4,142
5,000 Health and Educational Facilities Auth.
(INS) 5.13 8/15/2020 5,086
8,300 Health and Educational Facilities Auth. 5.13 2/15/2026 7,933
3,870 Housing and EDA 4.85 9/01/2017 3,946
1,345 Kaukauna Area School District (INS) 4.85 3/01/2017 1,387
6,000 Sheboygan (INS) 5.00 9/01/2015 5,938
----------
28,432
----------
Total Fixed-Rate Instruments (cost: $2,499,115) 2,461,263
----------
PUT BONDS (5.5%)
CALIFORNIA (0.7%)
3,000 Health Facilities Financing Auth. 4.95 7/01/2026 3,092
7,500 Statewide Communities Dev. Auth. (d) 5.25 5/15/2025 7,576
8,270 Statewide Communities Dev. Auth. 4.70 11/01/2036 8,459
----------
19,127
----------
|
17
P O R T F O L I O
--------------------------------------------------------------------------------
of INVESTMENTS (in thousands)
(continued)
USAA TAX EXEMPT INTERMEDIATE-TERM FUND
JUNE 30, 2008 (UNAUDITED)
PRINCIPAL COUPON FINAL MARKET
AMOUNT SECURITY RATE MATURITY VALUE
----------------------------------------------------------------------------------------------------
FLORIDA (0.6%)
$ 16,000 Putnam County Dev. Auth. (INS) 5.35% 3/15/2042 $ 15,794
-----------
GEORGIA (0.3%)
8,350 DeKalb County Housing Auth. 4.70 10/01/2031 8,480
-----------
ILLINOIS (1.2%)
15,000 Chicago 4.75 3/01/2030 15,262
10,000 Educational Facilities Auth. 4.45 3/01/2034 10,045
7,500 Educational Facilities Auth. 4.75 11/01/2036 7,569
-----------
32,876
-----------
MICHIGAN (1.0%)
15,000 Monroe County EDC (INS) 4.65 10/01/2024 15,389
10,550 Strategic Fund (INS) 4.85 9/01/2030 10,917
-----------
26,306
-----------
MONTANA (0.2%)
5,000 Forsyth (INS) 5.00 10/01/2032 5,006
-----------
NEW YORK (0.3%)
8,500 Hempstead 5.00 12/01/2010 8,458
-----------
TENNESSEE (0.1%)
2,050 Knox County Health, Educational, and
Housing Facilities Board (NBGA) 4.90 6/01/2031 2,135
-----------
TEXAS (0.8%)
3,510 Beaumont MFH Finance Corp. (NBGA) 4.70 12/15/2031 3,593
5,250 Gateway Public Facility Corp. (NBGA) 4.55 7/01/2034 5,309
7,500 Matagorda County Navigation District No. 1 5.13 6/01/2030 7,524
3,580 Montgomery County Housing Finance Corp.
(NBGA) 4.85 6/01/2031 3,611
-----------
20,037
-----------
WISCONSIN (0.3%)
9,000 Madison 4.88 10/01/2027 9,292
-----------
Total Put Bonds (cost: $145,675) 147,511
-----------
PERIODIC AUCTION RESET BONDS (0.8%)
CALIFORNIA (0.6%)
15,200 Statewide Communities Dev. Auth. (INS) 7.35 12/01/2028 15,200
-----------
OKLAHOMA (0.2%)
5,900 Tulsa County Industrial Auth., acquired
7/20/2006; cost $5,900 (f) 2.87 1/01/2039 5,900
-----------
|
18
P O R T F O L I O
--------------------------------------------------------------------------------
of INVESTMENTS (in thousands)
(continued)
USAA TAX EXEMPT INTERMEDIATE-TERM FUND
JUNE 30, 2008 (UNAUDITED)
PRINCIPAL COUPON FINAL MARKET
AMOUNT SECURITY RATE MATURITY VALUE
----------------------------------------------------------------------------------------------------
Total Periodic Auction Reset Bonds (cost: $21,100) 21,100
------------
VARIABLE-RATE DEMAND NOTES (2.0%)
ALABAMA (0.2%)
$ 6,000 McIntosh IDB 6.00% 7/01/2028 $ 6,000
------------
ILLINOIS (0.1%)
900 Health Facilities Auth. (LIQ)(INS) 7.75 8/01/2026 900
------------
MARYLAND (0.6%)
9,960 EDC (INS)(LIQ) 9.00 7/01/2034 9,960
5,000 EDC (INS)(LIQ) 9.00 7/01/2034 5,000
------------
14,960
------------
MICHIGAN (0.5%)
14,200 Strategic Fund 7.00 12/01/2008 14,200
------------
OKLAHOMA (0.0%)
240 Payne County EDA (INS)(LIQ) 9.00 7/01/2032 240
------------
PENNSYLVANIA (0.4%)
11,000 Harrisburg Auth. (INS)(NBGA) 6.50 7/15/2029 11,000
------------
TEXAS (0.2%)
6,000 Harris County Health Facilities Dev.
Corp. (LIQ)(INS) 7.75 9/01/2031 6,000
------------
Total Variable-Rate Demand Notes (cost: $53,300) 53,300
------------
TOTAL INVESTMENTS (COST: $2,719,190) $ 2,683,174
============
|
19
N O T E S
to Portfolio of INVESTMENTS
USAA TAX EXEMPT INTERMEDIATE-TERM FUND
JUNE 30, 2008 (UNAUDITED)
GENERAL NOTES
USAA MUTUAL FUNDS TRUST (the Trust), registered under the Investment Company Act
of 1940 (the 1940 Act), as amended, is a management investment company organized
as a Delaware statutory trust consisting of 45 separate funds. The information
presented in this quarterly report pertains only to the USAA Tax Exempt
Intermediate-Term 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
exchange 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. Short-term securities 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.
20
N O T E S
to Portfolio of INVESTMENTS
(continued)
USAA TAX EXEMPT INTERMEDIATE-TERM FUND
JUNE 30, 2008 (UNAUDITED)
B. FAIR VALUE MEASUREMENTS - Effective April 1, 2008, the Fund adopted Statement
of Financial Accounting Standards (SFAS) No. 157, "Fair Value Measurements"
(SFAS 157). This standard clarifies the definition of fair value, establishes a
framework for measuring fair value, and requires additional disclosures about
the use of fair value measurements.
SFAS 157 defines fair value 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, and establishes a three-level valuation
hierarchy for disclosure of fair value measurements. The valuation hierarchy 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 Fund's own assumptions in
determining the fair value.
The inputs or methodology used for valuing securities are not necessarily an
indication of the risk associated with investing in those securities.
The following is a summary of the inputs used as of June 30, 2008 in valuing the
Fund's assets carried at fair value:
Valuation Inputs Investments in Securities
-------------------------------------------------------------------------------
Level 1 - Quoted Prices $ -
Level 2 - Other Significant Observable Inputs 2,683,174,000
Level 3 - Significant Unobservable Inputs -
-------------------------------------------------------------------------------
Total $2,683,174,000
-------------------------------------------------------------------------------
|
21
N O T E S
--------------------------------------------------------------------------------
to Portfolio of INVESTMENTS
(continued)
|
USAA TAX EXEMPT INTERMEDIATE-TERM FUND
JUNE 30, 2008 (UNAUDITED)
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. As of June 30, 2008, 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 June 30,
2008, were $35,525,000 and $71,541,000, respectively, resulting in net
unrealized depreciation of $36,016,000.
E. The portfolio of investments category percentages shown represent the
percentages of the investments to net assets, which were $2,676,572,000 at June
30, 2008, and, in total, may not equal 100%. A category percentage of 0.0%
represents less than 0.1% of net assets.
SPECIFIC NOTES
(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) At June 30, 2008, portions of these securities were segregated to cover
delayed-delivery and/or when-issued purchases.
(d) 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.
(e) At June 30, 2008, the aggregate market value of securities purchased on
a delayed-delivery basis was $39,060,000.
(f) Security deemed illiquid by the Manager, under liquidity guidelines
approved by the Trust's Board of Trustees. The aggregate market value of
these securities at June 30, 2008, was $8,856,000, which represented
0.3% of the Fund's net assets.
ITEM 2. CONTROLS AND PROCEDURES
The principal executive officer and principal financial officer of USAA Mutual
Funds Trust (Trust) have concluded that the Trust's disclosure controls and
procedures are sufficient to ensure that information required to be disclosed by
the Trust in this Form N-Q was recorded, processed, summarized and reported
within the time periods specified in the Securities and Exchange Commission's
rules and forms, based upon such officers' evaluation of these controls and
procedures as of a date within 90 days of the filing date of the report.
There were no significant changes or corrective actions with regard to
significant deficiencies or material weaknesses in the Trust's internal controls
or in other factors that could significantly affect the Trust's internal
controls subsequent to the date of their evaluation.
ITEM 3. EXHIBITS.
Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940
(17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
Registrant: USAA MUTUAL FUNDS TRUST - Period Ended June 30, 2008
By:* /s/ MARK S. HOWARD
-----------------------------------------------------------
Signature and Title: Mark S. Howard, Secretary
Date: AUGUST 22, 2008
------------------------------
|
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: AUGUST 26, 2008
------------------------------
By:* /s/ ROBERTO GALINDO, JR.
-----------------------------------------------------
Signature and Title: Roberto Galindo, Jr., Treasurer
Date: AUGUST 25, 2008
------------------------------
|
*PRINT THE NAME AND TITLE OF EACH SIGNING OFFICER UNDER HIS OR HER SIGNATURE.
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