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: DANIEL J. MAVICO
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: DECEMBER 31, 2013
ITEM 1. SCHEDULE OF INVESTMENTS.
USAA MUTUAL FUNDS TRUST - 3RD QUARTER REPORT - PERIOD ENDED DECEMBER 31, 2013
[LOGO OF USAA]
USAA(R)
PORTFOLIO OF INVESTMENTS
3RD QUARTER
USAA CALIFORNIA BOND FUND
DECEMBER 31, 2013
(Form N-Q)
48462-0214 (C)2014, USAA. All rights reserved.
PORTFOLIO OF INVESTMENTS
December 31, 2013 (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.
VARIABLE-RATE DEMAND NOTES (VRDNs) - provide the right to sell the security at
face value on either that day or within the rate-reset period. The interest rate
is adjusted at a stipulated daily, weekly, monthly, quarterly, or other
specified time interval to reflect current market conditions. VRDNs will
normally trade as if the maturity is the earlier put date, even though stated
maturity is longer.
CREDIT ENHANCEMENTS - add the financial strength of the provider of the
enhancement to support the issuer's ability to repay the principal and interest
payments when due. The enhancement may be provided by a high-quality bank,
insurance company or other corporation, or a collateral trust. The enhancements
do not guarantee the market values of the securities.
(INS) Principal and interest payments are insured by one of the following:
AMBAC Assurance Corp., Assured Guaranty Corp., Assured Guaranty
Municipal Corp., Build America Mutual Assurance Co., Financial Guaranty
Insurance Co., National Public Finance Guarantee Corp., Radian Asset
Assurance, Inc., or XL Capital Assurance. Although bond insurance
reduces the risk of loss due to default by an issuer, such bonds remain
subject to the risk that value may fluctuate for other reasons, and
there is no assurance that the insurance company will meet its
obligations.
(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 California Health Insurance Construction Loan Insurance Program or
California State General Obligation.
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PORTFOLIO ABBREVIATION(S) AND DESCRIPTION(S)
CCD Community College District
PRE Prerefunded to a date prior to maturity
USD Unified School District
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1 | USAA California Bond Fund
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PORTFOLIO OF INVESTMENTS
USAA CALIFORNIA BOND FUND
December 31, 2013 (unaudited)
PRINCIPAL MARKET
AMOUNT COUPON FINAL VALUE
(000) SECURITY RATE MATURITY (000)
-------------------------------------------------------------------------------------------------------
FIXED-RATE INSTRUMENTS (94.7%)
CALIFORNIA (92.6%)
$ 4,500 Antelope Valley Healthcare District (INS) 5.20% 1/01/2027 $ 4,503
4,235 Association of Bay Area Governments (NBGA) 5.00 1/01/2033 4,263
17,520 Association of Bay Area Governments (INS) 4.75 3/01/2036 15,889
1,500 Association of Bay Area Governments 5.00 7/01/2042 1,327
6,100 Baldwin Park USD (INS) 5.00 (a) 8/01/2031 2,378
6,375 Baldwin Park USD (INS) 5.01 (a) 8/01/2032 2,323
3,085 Burbank USD, 4.30%, 8/01/2023 4.30 (b) 8/01/2033 1,671
3,000 Burbank USD, 4.35%, 8/01/2023 4.35 (b) 8/01/2034 1,603
5,265 Carlsbad USD (INS) 5.00 10/01/2034 5,354
3,000 Central USD (INS) 5.50 8/01/2029 3,217
5,000 Chula Vista 5.88 1/01/2034 5,539
6,000 City and County of San Francisco Airport Commission 4.90 5/01/2029 6,314
12,605 Coast CCD (INS) 5.48 (a) 8/01/2034 4,052
1,350 Corona-Norco USD 5.00 9/01/2032 1,339
6,000 Educational Facilities Auth. 5.38 4/01/2034 6,223
18,000 Golden State Tobacco Securitization (INS) 4.55 6/01/2022 18,389
17,000 Golden State Tobacco Securitization 5.00 6/01/2033 12,338
10,000 Golden State Tobacco Securitization (INS) 5.00 6/01/2035 9,731
1,000 Health Facilities Financing Auth. (NBGA) 5.50 1/01/2019 1,002
2,200 Health Facilities Financing Auth. (NBGA) 5.00 11/01/2024 2,252
2,000 Health Facilities Financing Auth. (NBGA) 5.00 11/01/2029 2,022
5,000 Health Facilities Financing Auth. 5.00 7/01/2033 5,122
2,000 Health Facilities Financing Auth. 6.50 10/01/2033 2,279
6,000 Health Facilities Financing Auth. 5.25 4/01/2039 6,032
2,100 Health Facilities Financing Auth. 5.00 11/15/2039 2,068
7,805 Health Facilities Financing Auth. (NBGA) 5.00 6/01/2042 7,502
9,310 Indio Redevelopment Agency 5.25 8/15/2031 8,542
900 Infrastructure and Economic Dev. Bank 5.63 7/01/2020 903
1,250 Infrastructure and Economic Dev. Bank 5.75 7/01/2030 1,254
6,000 Inland Empire Tobacco Securitization Auth. 5.75 6/01/2026 5,451
5,000 Irvine USD Financing Auth. (INS) 5.00 9/01/2038 5,025
3,875 Long Beach Bond Finance Auth. 5.00 11/15/2035 3,768
385 Los Angeles Municipal Improvement Corp. (INS) (PRE) 4.75 8/01/2032 395
9,615 Los Angeles Municipal Improvement Corp. (INS) 4.75 8/01/2032 9,618
1,000 Los Banos Redevelopment Agency (INS) 5.00 9/01/2036 888
10,000 Madera Redevelopment Agency 5.38 9/01/2038 9,871
7,070 Marina Coast Water District (INS) 5.00 6/01/2037 7,076
6,000 Modesto Irrigation District 5.75 10/01/2034 6,466
7,500 Monterey Peninsula CCD (INS) 5.11 (a) 8/01/2029 3,370
2,000 Mountain View Shoreline Regional Park Community 5.63 8/01/2035 2,054
1,405 Municipal Finance Auth. (INS) 5.00 6/01/2031 1,308
1,000 Municipal Finance Auth. (INS) 5.00 6/01/2036 888
1,500 Norco Redevelopment Agency 5.88 3/01/2032 1,548
1,250 Norco Redevelopment Agency 6.00 3/01/2036 1,315
5,000 Norwalk Redevelopment Agency (INS) 5.00 10/01/2030 4,478
3,500 Norwalk Redevelopment Agency (INS) 5.00 10/01/2035 2,992
7,500 Norwalk-La Mirada USD (INS) 5.00 (a) 8/01/2030 3,120
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2 | USAA California Bond Fund
PRINCIPAL MARKET
AMOUNT COUPON FINAL VALUE
(000) SECURITY RATE MATURITY (000)
-------------------------------------------------------------------------------------------------------
$ 6,205 Oakdale Irrigation District 5.50% 8/01/2034 $ 6,565
5,500 Palomar Pomerado Health (INS) 4.89 (a) 8/01/2026 2,968
12,230 Palomar Pomerado Health (INS) 6.05 (a) 8/01/2031 4,768
4,000 Pollution Control Financing Auth. (c) 5.25 8/01/2040 3,910
10,000 Pollution Control Financing Auth. 5.00 11/21/2045 8,573
970 Poway Redevelopment Agency (INS) 5.75 6/15/2033 970
2,400 Public Works Board 5.25 6/01/2024 2,548
2,500 Public Works Board 5.25 6/01/2025 2,651
6,500 Public Works Board (PRE) 5.00 11/01/2029 6,756
7,900 Public Works Board 5.25 6/01/2030 8,131
5,705 Public Works Board 5.00 4/01/2031 5,799
5,470 Public Works Board 5.00 4/01/2031 5,560
6,875 Public Works Board 5.00 4/01/2031 6,989
10,000 Riverside County Public Financing Auth. (INS) 4.75 10/01/2035 8,530
2,000 Riverside County Transportation Comission 5.25 6/01/2039 2,136
7,115 Roseville Finance Auth. 5.00 2/01/2037 7,253
7,030 Sacramento City Financing Auth. (INS) 5.00 12/01/2036 6,973
10,990 Sacramento Municipal Utility District Financing
Auth. (INS) 4.75 7/01/2025 11,322
1,020 Sacramento USD (INS) 5.00 7/01/2038 988
12,805 San Bernardino County Redevelopment Agency (INS) 5.00 9/01/2030 11,548
11,340 San Bernardino County Redevelopment Agency (INS) 5.00 9/01/2035 9,759
1,110 San Diego County 5.00 9/01/2023 1,126
2,000 San Diego County Regional Airport Auth. 5.00 7/01/2040 2,009
1,000 San Diego Public Financing Auth. 5.25 5/15/2029 1,087
3,500 San Francisco City and County Airport 5.25 5/01/2026 3,967
4,595 San Francisco City and County Redevelopment
Financing Auth. (INS) 4.88 8/01/2036 4,311
10,000 San Jose Financing Auth. 5.00 6/01/2039 10,211
3,000 San Jose Redevelopment Agency (INS) 4.45 8/01/2032 2,635
1,500 San Luis & Delta-Mendota (INS) 5.00 3/01/2038 1,502
3,000 San Marcos USD Financing Auth. (INS) 5.00 8/15/2035 3,059
3,500 Santa Barbara Financing Auth. 5.00 7/01/2029 3,695
9,000 Santa Barbara Financing Auth. 5.00 7/01/2039 9,140
2,000 Santa Clara 5.25 7/01/2032 2,108
1,750 Sierra View Local Health Care District 5.25 7/01/2037 1,714
9,645 Solano CCD (INS) 4.96 (a) 8/01/2028 4,383
9,735 Solano CCD (INS) 5.00 (a) 8/01/2030 3,896
10,000 South Orange County Public Financing Auth. (INS) 5.00 8/15/2032 9,562
4,000 State 5.25 2/01/2030 4,288
6,000 State 4.50 8/01/2030 6,027
5,000 State 5.75 4/01/2031 5,555
6,750 State (NBGA) 4.50 12/01/2037 6,417
3,000 State 5.00 2/01/2043 3,050
2,225 Statewide Communities Dev. Auth. (INS) 4.50 2/01/2027 2,039
11,795 Statewide Communities Dev. Auth. (NBGA) 5.00 12/01/2027 12,326
5,115 Statewide Communities Dev. Auth. 5.00 5/15/2031 5,045
4,225 Statewide Communities Dev. Auth. 5.50 7/01/2031 4,484
17,500 Statewide Communities Dev. Auth. 5.25 8/01/2031 17,840
3,370 Statewide Communities Dev. Auth. 5.00 5/15/2032 3,283
4,000 Statewide Communities Dev. Auth. (INS) 4.60 2/01/2037 3,423
13,000 Statewide Communities Dev. Auth. (NBGA) 5.00 12/01/2037 12,794
9,000 Statewide Communities Dev. Auth. 5.00 5/15/2038 8,422
3,500 Statewide Communities Dev. Auth. (NBGA) 5.75 8/15/2038 3,611
2,500 Statewide Communities Dev. Auth. 5.00 11/15/2038 2,444
1,500 Statewide Communities Dev. Auth. 5.00 5/15/2042 1,327
1,500 Statewide Communities Dev. Auth. 5.00 5/15/2047 1,318
19,080 Suisun City Public Financing Auth. 5.37 (a) 10/01/2033 5,501
7,190 Tuolumne Wind Project Auth. 5.63 1/01/2029 7,960
4,000 Val Verde USD (INS) 5.00 3/01/2029 4,027
1,500 Val Verde USD (INS) 5.13 3/01/2036 1,519
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3 | USAA California Bond Fund
PRINCIPAL MARKET
AMOUNT COUPON FINAL VALUE
(000) SECURITY RATE MATURITY (000)
-------------------------------------------------------------------------------------------------------
$ 8,969 Vallejo Sanitation and Flood Control District (INS) 5.00% 7/01/2019 $ 9,283
7,000 Vista (INS) 5.00 5/01/2037 7,072
7,085 Washington Township Health Care District 5.13 7/01/2023 7,090
1,250 Washington Township Health Care District 6.00 7/01/2029 1,322
6,080 Washington Township Health Care District 5.00 7/01/2037 5,778
4,585 West Kern Water District 5.00 6/01/2028 4,731
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562,140
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GUAM (0.8%)
4,000 Government Waterworks Auth. 5.50 7/01/2043 3,878
1,000 Power Auth. 5.00 10/01/2034 957
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4,835
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PUERTO RICO (0.5%)
16,500 Sales Tax Financing Corp. 6.07 (a) 8/01/2039 2,845
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U.S. VIRGIN ISLANDS (0.8%)
2,210 Public Finance Auth. 4.00 10/01/2022 2,265
1,500 Public Finance Auth. 5.00 10/01/2027 1,534
1,500 Public Finance Auth. 5.00 10/01/2032 1,452
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5,251
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Total Fixed-Rate Instruments (cost: $589,841) 575,071
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PUT BONDS (4.1%)
CALIFORNIA (4.1%)
15,000 Bay Area Toll Auth. 1.31 (d) 4/01/2036 14,925
10,000 Twin Rivers USD (INS) 3.20 6/01/2041 9,942
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24,867
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Total Put Bonds (cost: $25,000) 24,867
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VARIABLE-RATE DEMAND NOTES (0.1%)
CALIFORNIA (0.1%)
365 Victorville Joint Powers Financing Auth. (LOC -
BNP Paribas) (cost: $365) 1.56 5/01/2040 365
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TOTAL INVESTMENTS (COST: $615,206) $ 600,303
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($ IN 000s) VALUATION HIERARCHY
-------------------
(LEVEL 1) (LEVEL 2) (LEVEL 3)
QUOTED PRICES OTHER SIGNIFICANT
IN ACTIVE SIGNIFICANT UNOBSERVABLE
MARKETS OBSERVABLE INPUTS
FOR IDENTICAL INPUTS
ASSETS ASSETS TOTAL
------------------------------------------------------------------------------------------------------
Fixed-Rate Instruments $ -- $ 575,071 $ -- $ 575,071
Put Bonds -- 24,867 -- 24,867
Variable-Rate Demand Notes -- 365 -- 365
------------------------------------------------------------------------------------------------------
Total $ -- $ 600,303 $ -- $ 600,303
------------------------------------------------------------------------------------------------------
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For the period of April 1, 2013, through December 31, 2013, there were no
transfers of securities between levels. The Fund's policy is to recognize any
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
NOTES TO PORTFOLIO OF INVESTMENTS
December 31, 2013 (unaudited)
GENERAL NOTES
USAA MUTUAL FUNDS TRUST (the Trust), registered under the Investment Company Act
of 1940, as amended (the 1940 Act), is an open-end management investment company
organized as a Delaware statutory trust consisting of 52 separate funds. The
information presented in this quarterly report pertains only to the USAA
California Bond Fund (the Fund), which is classified as diversified under the
1940 Act.
A. SECURITY VALUATION -- The Trust's Board of Trustees (the Board) has
established the Valuation Committee (the Committee), and subject to Board
oversight, the Committee administers and oversees the Fund's valuation policies
and procedures which are approved by the Board. Among other things, these
policies and procedures allow the Fund to utilize independent pricing services,
quotations from securities dealers, and a wide variety of sources and
information to establish and adjust the fair value of securities as events occur
and circumstances warrant.
The Committee reports to the Board on a quarterly basis and makes
recommendations to the Board as to pricing methodologies and services used by
the Fund and presents additional information to the Board regarding application
of the pricing and fair valuation policies and procedures during the preceding
quarter.
The Committee meets as often as necessary to make pricing and fair value
determinations. In addition, the Committee holds regular monthly meetings to
review prior actions taken by the Committee and USAA Asset Management Company
(the Manager). Among other things, these monthly meetings include a review and
analysis of back testing reports, pricing service quotation comparisons,
illiquid securities and fair value determinations, pricing movements, and daily
stale price monitoring.
The value of each security is determined (as of the close of trading on the New
York Stock Exchange (NYSE) on each business day the NYSE is open) as set forth
below:
1. Debt securities with maturities greater than 60 days are valued each business
day by a pricing service (the Service) approved by the Board. 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.
5 | USAA California Bond Fund
2. Debt securities purchased with original or remaining maturities of 60 days or
less may be valued at amortized cost, which approximates market value.
3. Securities for which market quotations are not readily available or are
considered unreliable, or whose values have been materially affected by events
occurring after the close of their primary markets but before the pricing of the
Fund, are valued in good faith at fair value, using methods determined by the
Manager, an affiliate of the Fund, under valuation procedures approved by the
Board. 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.
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 2 securities include
variable-rate demand notes which are valued at amortized cost. All other level 2
securities are valued based on methods discussed in Note A1.
Level 3 -- inputs to the valuation methodology are unobservable and significant
to the fair value measurement, including the Manager's own assumptions in
determining the fair value.
The inputs or methodologies used for valuing securities are not necessarily an
indication of the risks associated with investing in those securities.
C. SECURITIES PURCHASED ON A DELAYED-DELIVERY OR WHEN-ISSUED BASIS -- Delivery
and payment for securities that have been purchased by the Fund on a
delayed-delivery or when-issued basis can take place a month or more after the
trade date. During the period prior to settlement, these securities do not earn
interest, are subject to market fluctuation, and may increase or decrease in
value prior to their delivery. The Fund maintains segregated assets with a
market value equal to or greater than the amount of its purchase commitments.
The purchase of securities on a delayed-delivery or when-
Notes to Portfolio of Investments | 6
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 December 31, 2013, the cost of securities, for federal income tax
purposes, was approximately the same as that reported in the portfolio of
investments. Gross unrealized appreciation and depreciation of investments as of
December 31, 2013, were $11,217,000 and $26,120,000, respectively, resulting in
net unrealized depreciation of $14,903,000.
E. The portfolio of investments category percentages shown represent the
percentages of the investments to net assets, which were $607,280,000 at
December 31, 2013, 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) 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 Board, unless otherwise noted as illiquid.
(d) Variable-rate or floating-rate security - interest rate is adjusted
periodically. The interest rate disclosed represents the current rate at
December 31, 2013.
7 | USAA California Bond 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 December 31, 2013
By: /S/ DANIEL J. MAVICO
--------------------------------------------------------------
Signature and Title: Daniel J. Mavico, Assistant Secretary
Date: 2/24/2014
-------------------------------
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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/ DANIEL S. MCNAMARA
--------------------------------------------------------------
Signature and Title: Daniel S. McNamara, President
Date: 2/24/2014
------------------------------
By: /S/ ROBERTO GALINDO, JR.
-----------------------------------------------------
Signature and Title: Roberto Galindo, Jr., Treasurer
Date: 2/24/2014
------------------------------
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