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: ADYM W. RYGMYR
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: OCTOBER 31, 2012
ITEM 1. SCHEDULE OF INVESTMENTS.
USAA MUTUAL FUNDS TRUST - 1ST QUARTER REPORT - PERIOD ENDED OCTOBER 31, 2012
[LOGO OF USAA]
USAA(R)
PORTFOLIO OF INVESTMENTS
1ST QUARTER
USAA GROWTH & INCOME FUND
OCTOBER 31, 2012
(Form N-Q)
48451-1212 (C)2012, USAA. All rights reserved.
PORTFOLIO OF INVESTMENTS
USAA GROWTH & INCOME FUND
October 31, 2012 (unaudited)
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
--------------------------------------------------------------------------------
EQUITY SECURITIES (98.4%)
COMMON STOCKS (98.2%)
CONSUMER DISCRETIONARY (10.7%)
------------------------------
APPAREL RETAIL (0.3%)
31,294 Buckle, Inc. $ 1,414
76,600 Chico's FAS, Inc. 1,425
79,900 Express, Inc.* 889
----------
3,728
----------
APPAREL, ACCESSORIES & LUXURY GOODS (0.7%)
90,500 Hanesbrands, Inc.* 3,029
34,600 Polo Ralph Lauren Corp. 5,318
10,800 True Religion Apparel, Inc. 277
----------
8,624
----------
BROADCASTING (0.3%)
125,010 CBS Corp. "B" 4,050
----------
CABLE & SATELLITE (0.7%)
232,540 Comcast Corp. "A" 8,723
----------
CASINOS & GAMING (0.4%)
180,300 International Game Technology 2,315
45,000 Las Vegas Sands Corp. 2,090
----------
4,405
----------
COMPUTER & ELECTRONICS RETAIL (0.1%)
44,800 Rent-A-Center, Inc. 1,493
----------
DEPARTMENT STORES (0.7%)
181,000 Macy's, Inc. 6,891
16,275 Nordstrom, Inc. 924
----------
7,815
----------
EDUCATION SERVICES (0.1%)
57,050 ITT Educational Services, Inc.* 1,226
----------
GENERAL MERCHANDISE STORES (0.5%)
58,855 Dollar General Corp.* 2,861
44,500 Target Corp. 2,837
----------
5,698
----------
HOME IMPROVEMENT RETAIL (0.8%)
54,962 Home Depot, Inc. 3,373
182,766 Lowe's Companies, Inc. 5,918
----------
9,291
----------
HOMEBUILDING (0.4%)
200,200 D.R. Horton, Inc. 4,196
----------
|
1 | USAA Growth & Income Fund
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
--------------------------------------------------------------------------------
HOMEFURNISHING RETAIL (0.2%)
50,600 Bed Bath & Beyond, Inc.* $ 2,919
----------
HOTELS, RESORTS & CRUISE LINES (0.7%)
94,400 Carnival Corp. 3,576
101,900 Royal Caribbean Cruises Ltd. 3,431
29,145 Starwood Hotels & Resorts Worldwide, Inc. 1,511
----------
8,518
----------
HOUSEWARES & SPECIALTIES (0.1%)
28,500 Newell Rubbermaid, Inc. 588
----------
INTERNET RETAIL (3.0%)
102,230 Amazon.com, Inc.* 23,801
203,650 Blue Nile, Inc.* 7,692
142,703 Homeaway, Inc.* 3,669
----------
35,162
----------
LEISURE PRODUCTS (0.3%)
59,100 Hasbro, Inc. 2,127
31,810 Mattel, Inc. 1,170
----------
3,297
----------
MOTORCYCLE MANUFACTURERS (0.1%)
28,600 Harley-Davidson, Inc. 1,337
----------
MOVIES & ENTERTAINMENT (0.8%)
135,100 Time Warner, Inc. 5,870
76,000 Viacom, Inc. "B" 3,897
----------
9,767
----------
RESTAURANTS (0.5%)
139,700 Starbucks Corp. 6,412
----------
SPECIALIZED CONSUMER SERVICES (0.0%)
35,900 Service Corp. International 504
----------
Total Consumer Discretionary 127,753
----------
CONSUMER STAPLES (7.1%)
----------------------
BREWERS (0.4%)
94,632 SABMiller plc ADR 4,097
----------
DRUG RETAIL (0.6%)
34,400 CVS Caremark Corp. 1,596
154,795 Walgreen Co. 5,454
----------
7,050
----------
HOUSEHOLD PRODUCTS (1.5%)
45,703 Clorox Co. 3,304
57,800 Colgate-Palmolive Co. 6,067
118,025 Procter & Gamble Co. 8,172
----------
17,543
----------
HYPERMARKETS & SUPER CENTERS (0.2%)
30,400 Wal-Mart Stores, Inc. 2,281
----------
PACKAGED FOODS & MEAT (0.9%)
739,641 Danone S.A. ADR 9,098
86,900 Green Mountain Coffee Roasters, Inc.* 2,099
----------
11,197
----------
PERSONAL PRODUCTS (0.2%)
46,800 Herbalife Ltd. 2,403
----------
SOFT DRINKS (0.5%)
53,530 Coca-Cola Co. 1,990
|
Portfolio of Investments | 2
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
--------------------------------------------------------------------------------
56,280 PepsiCo, Inc. $ 3,897
----------
5,887
----------
TOBACCO (2.8%)
122,300 Altria Group, Inc. 3,889
23,700 Imperial Tobacco Group plc ADR 1,790
24,400 Lorillard, Inc. 2,831
251,820 Philip Morris International, Inc. 22,301
71,500 Reynolds American, Inc. 2,977
----------
33,788
----------
Total Consumer Staples 84,246
----------
ENERGY (9.3%)
------------
COAL & CONSUMABLE FUELS (0.0%)
15,400 Peabody Energy Corp. 430
----------
INTEGRATED OIL & GAS (2.2%)
95,100 BP plc ADR 4,079
12,300 Chevron Corp. 1,355
79,830 Exxon Mobil Corp. 7,278
149,700 Hess Corp. 7,823
49,300 Occidental Petroleum Corp. 3,893
52,650 Petroleo Brasileiro S.A. ADR 1,117
----------
25,545
----------
OIL & GAS DRILLING (1.3%)
31,700 Atwood Oceanics, Inc.* 1,515
288,825 Noble Corp. 10,900
83,400 SeaDrill Ltd. 3,365
----------
15,780
----------
OIL & GAS EQUIPMENT & SERVICES (2.3%)
107,600 Baker Hughes, Inc. 4,516
29,800 Cameron International Corp.* 1,509
230,900 Halliburton Co. 7,456
397,100 McDermott International, Inc.* 4,253
129,644 Schlumberger Ltd. 9,014
----------
26,748
----------
OIL & GAS EXPLORATION & PRODUCTION (3.0%)
50,780 Anadarko Petroleum Corp. 3,494
120,400 Cabot Oil & Gas Corp. 5,656
65,900 ConocoPhillips 3,812
40,800 EOG Resources, Inc. 4,753
97,100 EQT Corp. 5,887
110,000 Marathon Oil Corp. 3,307
51,900 Newfield Exploration Co.* 1,408
44,500 Southwestern Energy Co.* 1,544
131,700 Ultra Petroleum Corp.* 3,004
79,500 Whiting Petroleum Corp.* 3,341
----------
36,206
----------
OIL & GAS REFINING & MARKETING (0.2%)
43,900 Phillips 66 Co. 2,070
----------
OIL & GAS STORAGE & TRANSPORTATION (0.3%)
120,750 Spectra Energy Corp. 3,486
----------
Total Energy 110,265
----------
FINANCIALS (19.3%)
-----------------
ASSET MANAGEMENT & CUSTODY BANKS (3.3%)
95,665 Ameriprise Financial, Inc. 5,584
10,130 BlackRock, Inc. "A" 1,922
|
3 | USAA Growth & Income Fund
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
--------------------------------------------------------------------------------
29,556 Franklin Resources, Inc. $ 3,777
220,200 Invesco Ltd. 5,355
152,716 Legg Mason, Inc. 3,891
578,071 SEI Investments Co. 12,648
61,800 State Street Corp. 2,755
84,500 Waddell & Reed Financial, Inc. "A" 2,816
----------
38,748
----------
CONSUMER FINANCE (2.6%)
180,604 American Express Co. 10,109
131,700 Capital One Financial Corp. 7,924
181,435 Discover Financial Services 7,439
325,600 SLM Corp. 5,724
----------
31,196
----------
DIVERSIFIED BANKS (2.5%)
219,100 U.S. Bancorp 7,276
658,290 Wells Fargo & Co. 22,178
----------
29,454
----------
INSURANCE BROKERS (0.2%)
78,400 Willis Group Holdings Ltd. plc 2,640
----------
INVESTMENT BANKING & BROKERAGE (1.8%)
266,960 Greenhill & Co., Inc. 12,739
474,800 Morgan Stanley 8,252
----------
20,991
----------
LIFE & HEALTH INSURANCE (1.5%)
158,065 AFLAC, Inc. 7,868
204,000 Lincoln National Corp. 5,057
154,400 MetLife, Inc. 5,480
----------
18,405
----------
OTHER DIVERSIFIED FINANCIAL SERVICES (3.6%)
353,820 Bank of America Corp. 3,297
523,910 Citigroup, Inc. 19,589
466,625 JPMorgan Chase & Co. 19,449
----------
42,335
----------
PROPERTY & CASUALTY INSURANCE (0.6%)
149,312 Assured Guaranty Ltd. 2,074
24,600 Chubb Corp. 1,894
111,180 XL Group plc 2,750
----------
6,718
----------
REGIONAL BANKS (0.5%)
225,300 Fifth Third Bancorp 3,274
46,400 PNC Financial Services Group, Inc. 2,700
----------
5,974
----------
REITs - MORTGAGE (0.8%)
250,500 American Capital Agency Corp. 8,271
91,000 Annaly Capital Management, Inc. 1,469
----------
9,740
----------
REITs - OFFICE (0.4%)
80,900 Digital Realty Trust, Inc. 4,970
----------
REITs - RESIDENTIAL (0.2%)
14,800 Essex Property Trust, Inc. 2,220
----------
SPECIALIZED FINANCE (0.9%)
82,400 CME Group, Inc. 4,609
224,505 MSCI, Inc. "A"* 6,048
----------
10,657
----------
|
Portfolio of Investments | 4
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
--------------------------------------------------------------------------------
THRIFTS & MORTGAGE FINANCE (0.4%)
219,800 New York Community Bancorp, Inc. $ 3,046
176,200 People's United Financial, Inc. 2,120
----------
5,166
----------
Total Financials 229,214
----------
HEALTH CARE (12.9%)
------------------
BIOTECHNOLOGY (1.8%)
130,900 Acorda Therapeutics, Inc.* 3,135
100,600 Alnylam Pharmaceuticals, Inc.* 1,627
110,765 Amgen, Inc. 9,586
59,600 Cubist Pharmaceuticals, Inc.* 2,557
65,700 Gilead Sciences, Inc.* 4,412
----------
21,317
----------
HEALTH CARE DISTRIBUTORS (0.4%)
110,315 Cardinal Health, Inc. 4,537
----------
HEALTH CARE EQUIPMENT (3.3%)
162,300 Baxter International, Inc. 10,165
35,660 Covidien plc 1,960
313,755 Medtronic, Inc. 13,046
135,940 St. Jude Medical, Inc. 5,201
144,376 Zimmer Holdings, Inc. 9,270
----------
39,642
----------
HEALTH CARE FACILITIES (0.1%)
26,600 Universal Health Services, Inc. "B" 1,101
----------
HEALTH CARE SERVICES (0.3%)
95,100 Omnicare, Inc. 3,284
----------
LIFE SCIENCES TOOLS & SERVICES (0.6%)
34,500 Agilent Technologies, Inc. 1,241
32,500 Bio-Rad Laboratories, Inc. "A"* 3,294
136,400 Bruker Corp.* 1,649
15,300 Waters Corp.* 1,252
----------
7,436
----------
MANAGED HEALTH CARE (2.0%)
14,700 Centene Corp.* 558
155,545 CIGNA Corp. 7,933
167,200 UnitedHealth Group, Inc. 9,363
105,228 WellPoint, Inc. 6,449
----------
24,303
----------
PHARMACEUTICALS (4.4%)
41,500 Allergan, Inc. 3,732
69,285 Eli Lilly and Co. 3,369
110,100 Hospira, Inc.* 3,379
55,500 Johnson & Johnson 3,930
347,279 Merck & Co., Inc. 15,846
123,363 Novartis AG ADR 7,459
199,086 Pfizer, Inc. 4,951
42,000 Sanofi ADR 1,842
160,480 Teva Pharmaceutical Industries Ltd. ADR 6,487
14,100 Watson Pharmaceuticals, Inc.* 1,212
----------
52,207
----------
Total Health Care 153,827
----------
INDUSTRIALS (10.5%)
------------------
AEROSPACE & DEFENSE (2.4%)
6,200 BE Aerospace, Inc.* 280
|
5 | USAA Growth & Income Fund
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
--------------------------------------------------------------------------------
108,700 Boeing Co. $ 7,657
27,400 Exelis, Inc. 303
126,500 General Dynamics Corp. 8,612
81,540 Honeywell International, Inc. 4,993
38,500 L-3 Communications Holdings, Inc. 2,841
66,100 Raytheon Co. 3,739
----------
28,425
----------
AIR FREIGHT & LOGISTICS (1.4%)
249,637 Expeditors International of Washington, Inc. 9,139
99,318 United Parcel Service, Inc. "B" 7,275
----------
16,414
----------
AIRLINES (0.3%)
202,500 Spirit Airlines, Inc.* 3,554
----------
BUILDING PRODUCTS (0.2%)
195,900 Masco Corp. 2,956
----------
CONSTRUCTION & FARM MACHINERY & HEAVY TRUCKS (0.4%)
20,700 AGCO Corp.* 942
68,585 Joy Global, Inc. 4,283
----------
5,225
----------
ELECTRICAL COMPONENTS & EQUIPMENT (0.4%)
47,790 Belden, Inc. 1,711
51,500 Emerson Electric Co. 2,494
----------
4,205
----------
HUMAN RESOURCE & EMPLOYMENT SERVICES (0.1%)
46,400 Manpower, Inc. 1,760
----------
INDUSTRIAL CONGLOMERATES (0.6%)
340,510 General Electric Co. 7,171
----------
INDUSTRIAL MACHINERY (2.5%)
105,535 Eaton Corp. 4,983
21,625 Flowserve Corp. 2,930
159,000 Illinois Tool Works, Inc. 9,752
7,950 ITT Corp. 165
73,200 Pentair Ltd. 3,092
29,200 SPX Corp. 2,003
86,900 Stanley Black & Decker, Inc. 6,022
31,600 Xylem, Inc. 767
----------
29,714
----------
RAILROADS (0.7%)
142,300 Norfolk Southern Corp. 8,730
----------
TRADING COMPANIES & DISTRIBUTORS (0.3%)
50,600 WESCO International, Inc.* 3,283
----------
TRUCKING (1.2%)
601,800 Hertz Global Holdings, Inc.* 7,986
126,700 Ryder System, Inc. 5,717
----------
13,703
----------
Total Industrials 125,140
----------
INFORMATION TECHNOLOGY (21.9%)
-----------------------------
APPLICATION SOFTWARE (2.0%)
280,100 Adobe Systems, Inc.* 9,523
193,202 Autodesk, Inc.* 6,152
85,791 FactSet Research Systems, Inc. 7,768
----------
23,443
----------
|
Portfolio of Investments | 6
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
--------------------------------------------------------------------------------
COMMUNICATIONS EQUIPMENT (3.0%)
1,020,149 Cisco Systems, Inc. $ 17,485
132,300 JDS Uniphase Corp.* 1,282
278,300 Juniper Networks, Inc.* 4,612
215,076 QUALCOMM, Inc. 12,598
----------
35,977
----------
COMPUTER HARDWARE (2.9%)
58,735 Apple, Inc. 34,953
----------
COMPUTER STORAGE & PERIPHERALS (1.2%)
110,510 EMC Corp.* 2,699
245,100 NetApp, Inc.* 6,593
110,900 SanDisk Corp.* 4,631
----------
13,923
----------
DATA PROCESSING & OUTSOURCED SERVICES (1.7%)
53,585 Automatic Data Processing, Inc. 3,097
41,108 Global Payments, Inc. 1,757
78,930 Visa, Inc. "A" 10,952
230,575 Western Union Co. 2,928
23,400 WEX, Inc.* 1,727
----------
20,461
----------
ELECTRONIC MANUFACTURING SERVICES (0.2%)
116,600 Molex, Inc. 3,028
----------
INTERNET SOFTWARE & SERVICES (3.1%)
50,210 eBay, Inc.* 2,425
166,973 Facebook, Inc. "A"* 3,526
28,831 Google, Inc. "A"* 19,598
44,390 IAC/InterActiveCorp. 2,146
311,452 VistaPrint N.V.* 9,490
----------
37,185
----------
IT CONSULTING & OTHER SERVICES (0.9%)
124,870 iGATE Corp.* 2,004
15,100 International Business Machines Corp. 2,937
619,500 ServiceSource International* 5,582
----------
10,523
----------
SEMICONDUCTORS (3.2%)
13,983 Altera Corp. 426
49,541 Analog Devices, Inc. 1,938
271,930 Arm Holdings plc ADR 8,797
729,300 Atmel Corp.* 3,402
147,200 Avago Technologies Ltd. 4,862
132,600 Freescale Semiconductor Ltd.* 1,185
59,200 Intel Corp. 1,280
38,608 Linear Technology Corp. 1,207
62,800 Microchip Technology, Inc. 1,969
943,300 Micron Technology, Inc.* 5,117
26,900 NXP Semiconductors N.V.* 653
193,500 Skyworks Solutions, Inc.* 4,528
99,000 Texas Instruments, Inc. 2,781
----------
38,145
----------
SYSTEMS SOFTWARE (3.5%)
120,900 CA, Inc. 2,723
58,700 Check Point Software Technologies Ltd.* 2,614
430,030 Microsoft Corp. 12,271
533,717 Oracle Corp. 16,572
407,400 Symantec Corp.* 7,410
----------
41,590
----------
|
7 | USAA Growth & Income Fund
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
--------------------------------------------------------------------------------
TECHNOLOGY DISTRIBUTORS (0.2%)
52,300 Arrow Electronics, Inc.* $ 1,843
-----------
Total Information Technology 261,071
-----------
MATERIALS (2.0%)
---------------
DIVERSIFIED CHEMICALS (0.5%)
200,400 Dow Chemical Co. 5,872
-----------
DIVERSIFIED METALS & MINING (0.3%)
52,467 Compass Minerals International, Inc. 4,137
-----------
FERTILIZERS & AGRICULTURAL CHEMICALS (0.1%)
11,400 Agrium, Inc. 1,203
-----------
GOLD (0.4%)
108,605 Barrick Gold Corp. 4,399
-----------
PAPER PACKAGING (0.2%)
71,100 Sonoco Products Co. 2,213
-----------
PAPER PRODUCTS (0.2%)
83,100 International Paper Co. 2,977
-----------
SPECIALTY CHEMICALS (0.3%)
83,800 Celanese Corp. "A" 3,184
-----------
Total Materials 23,985
-----------
TELECOMMUNICATION SERVICES (2.0%)
--------------------------------
INTEGRATED TELECOMMUNICATION SERVICES (1.0%)
250,510 AT&T, Inc. 8,665
70,500 Verizon Communications, Inc. 3,147
-----------
11,812
-----------
WIRELESS TELECOMMUNICATION SERVICES (1.0%)
328,600 MetroPCS Communications, Inc.* 3,355
736,000 NII Holdings, Inc. "B"* 5,866
90,000 Vodafone Group plc ADR 2,450
-----------
11,671
-----------
Total Telecommunication Services 23,483
-----------
UTILITIES (2.5%)
---------------
ELECTRIC UTILITIES (1.4%)
98,600 Edison International 4,628
27,300 Entergy Corp. 1,981
100,385 NextEra Energy, Inc. 7,033
45,700 Pinnacle West Capital Corp. 2,421
-----------
16,063
-----------
GAS UTILITIES (0.1%)
34,200 ONEOK, Inc. 1,618
-----------
MULTI-UTILITIES (1.0%)
132,000 CenterPoint Energy, Inc. 2,860
19,000 Dominion Resources, Inc. 1,003
31,400 National Grid plc ADR 1,790
99,300 PG&E Corp. 4,222
84,300 Xcel Energy, Inc. 2,382
-----------
12,257
-----------
Total Utilities 29,938
-----------
Total Common Stocks (cost: $1,013,657) 1,168,922
-----------
|
Portfolio of Investments | 8
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
--------------------------------------------------------------------------------
EXCHANGE-TRADED FUNDS (0.2%)
17,200 MidCap SPDR Trust Series 1 (cost: $2,332) $ 3,066
------------
Total Equity Securities (cost: $1,015,989) 1,171,988
------------
MONEY MARKET INSTRUMENTS (1.4%)
MONEY MARKET FUNDS (1.4%)
16,250,510 State Street Institutional Liquid Reserve Fund, 0.19%
(a) (cost: $16,251) 16,251
------------
TOTAL INVESTMENTS(COST: $1,032,240) $ 1,188,239
============
|
($ 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
-------------------------------------------------------------------------------------------------------
Equity Securities:
Common Stocks $ 1,168,922 $ -- $ -- $ 1,168,922
Exchange-Traded Funds 3,066 -- -- 3,066
Money Market Instruments:
Money Market Funds 16,251 -- -- 16,251
-------------------------------------------------------------------------------------------------------
Total $ 1,188,239 $ -- $ -- $ 1,188,239
-------------------------------------------------------------------------------------------------------
|
For the period of August 1, 2012, through October 31, 2012, 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.
9 | USAA Growth & Income Fund
NOTES TO PORTFOLIO OF INVESTMENTS
October 31, 2012 (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 50 separate funds. The
information presented in this quarterly report pertains only to the USAA Growth
& Income Fund (the Fund), which is classified as diversified under the 1940 Act.
The Fund has two classes of shares: Growth & Income Fund Shares (Fund Shares)
and Growth & Income Fund Adviser Shares (Adviser Shares). Each class of shares
has equal rights to assets and earnings, except that each class bears certain
class-related expenses specific to the particular class. These expenses include
administration and servicing fees, transfer agent fees, postage, shareholder
reporting fees, distribution and service (12b-1) fees, and certain registration
and custodian fees. Expenses not attributable to a specific class, income, and
realized gains or losses on investments are allocated to each class of shares
based on each class's relative net assets. Each class has exclusive voting
rights on matters related solely to that class and separate voting rights on
matters that relate to both classes. The Adviser Shares permit investors to
purchase shares through financial intermediaries, banks, broker-dealers,
insurance companies, investment advisers, plan sponsors, and financial
professionals that provide various administrative and distribution services.
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.
10 | USAA Growth & Income Fund
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. Equity securities, including exchange-traded funds (ETFs), except as
otherwise noted, traded primarily on a domestic securities exchange or the
Nasdaq over-the-counter markets, are valued at the last sales price or official
closing price on the exchange or primary market on which they trade. Equity
securities traded primarily on foreign securities exchanges or markets are
valued at the last quoted sales price, or the most recently determined official
closing price calculated according to local market convention, available at the
time the Fund is valued. If no last sale or official closing price is reported
or available, the average of the bid and asked prices generally is used.
2. Equity securities trading in various foreign markets may take place on days
when the NYSE is closed. Further, when the NYSE is open, the foreign markets may
be closed. Therefore, the calculation of the Fund's net asset value (NAV) may
not take place at the same time the prices of certain foreign securities held by
the Fund are determined. In most cases, events affecting the values of foreign
securities that occur between the time of their last quoted sales or official
closing prices and the close of normal trading on the NYSE on a day the Fund's
NAV is calculated will not be reflected in the value of the Fund's foreign
securities. However, the Manager, an affiliate of the Fund, and one of the
Fund's subadvisers, if applicable, will monitor for events that would materially
affect the value of the Fund's foreign securities. The Fund's subadvisers have
agreed to notify the Manager of significant events they identify that would
materially affect the value of the Fund's foreign securities. If the Manager
determines that a particular event would materially affect the value of the
Fund's foreign securities, then the Manager, under valuation procedures approved
by the Trust's Board of Trustees, will consider such available information that
it deems relevant to determine a fair value for the affected foreign securities.
In addition, the Fund may use information from an external vendor or other
sources to adjust the foreign market closing prices of foreign equity securities
to reflect what the Fund believes to be the fair value of the securities as of
the close of the NYSE. Fair valuation of affected foreign equity securities may
occur frequently based on an assessment that events that occur on a fairly
regular basis (such as U.S. market movements) are significant.
3. Investments in open-end investment companies, hedge, or other funds, other
than ETFs, are valued at their NAV at the end of each business day.
4. Debt securities purchased with original or remaining maturities of 60 days or
less may be valued at amortized cost, which approximates market value.
5. 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 securities of comparable quality, coupon,
maturity, and type; indications as to values from dealers in securities; and
general market conditions.
11 | USAA Growth & Income Fund
6. Repurchase agreements are valued at cost, which approximates market value.
7. 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 in consultation with the Fund's subadvisers, if applicable, 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
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 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. As of October 31, 2012, 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
October 31, 2012, were $201,613,000 and $45,614,000, respectively, resulting in
net unrealized appreciation of $155,999,000.
D. The portfolio of investments category percentages shown represent the
percentages of the investments to net assets, which were $1,190,327,000 at
October 31, 2012, and, in total, may not equal 100%. A category percentage of
0.0% represents less than 0.1% of net assets. Investments in foreign securities
were 8.9% of net assets at October 31, 2012.
Notes to Portfolio of Investments | 12
E. The Fund may rely on certain Securities and Exchange Commission (SEC)
exemptive orders or rules that permit funds meeting various conditions to invest
in an exchange-traded fund (ETF) in amounts exceeding limits set forth in the
Investment Company Act of 1940 that would otherwise be applicable.
PORTFOLIO ABBREVIATION(S) AND DESCRIPTION(S)
ADR American depositary receipts are receipts issued by a U.S. bank
evidencing ownership of foreign shares. Dividends are paid in U.S.
dollars.
REIT Real estate investment trust
|
SPECIFIC NOTES
(a) Rate represents the money market fund annualized seven-day yield at October
31, 2012.
* Non-income-producing security.
13 | USAA Growth & Income 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 October 31, 2012
By:* /S/ ADYM W. RYGMYR
--------------------------------------------------------------
Signature and Title: Adym W. Rygmyr, Secretary
Date: 12/19/2012
-------------------------------
|
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: 12/19/2012
------------------------------
By:* /S/ ROBERTO GALINDO, JR.
-----------------------------------------------------
Signature and Title: Roberto Galindo, Jr., Treasurer
Date: 12/19/2012
------------------------------
|
*PRINT THE NAME AND TITLE OF EACH SIGNING OFFICER UNDER HIS OR HER SIGNATURE.
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