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: APRIL 30, 2013
ITEM 1. SCHEDULE OF INVESTMENTS.
USAA MUTUAL FUNDS TRUST - 3RD QUARTER REPORT - PERIOD ENDED APRIL 30, 2013
[LOGO OF USAA]
USAA(R)
PORTFOLIO OF INVESTMENTS
3RD QUARTER
USAA FIRST START GROWTH FUND
APRIL 30, 2013
(Form N-Q)
48487-0613 (C)2013, USAA. All rights reserved.
PORTFOLIO OF INVESTMENTS
USAA FIRST START GROWTH FUND
April 30, 2013 (unaudited)
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
--------------------------------------------------------------------------------
EQUITY SECURITIES (70.0%)
COMMON STOCKS (47.0%)
CONSUMER DISCRETIONARY (6.2%)
----------------------------
APPAREL RETAIL (1.1%)
4,500 Ann, Inc.* $ 133
3,200 Body Central Corp.* 33
7,700 Chico's FAS, Inc. 141
3,900 Foot Locker, Inc. 136
19,900 Gap, Inc. 756
12,900 Ross Stores, Inc. 852
17,800 TJX Companies, Inc. 868
-----------
2,919
-----------
APPAREL, ACCESSORIES & LUXURY GOODS (0.5%)
3,400 Carter's, Inc.* 222
11,700 Coach, Inc. 689
2,800 Ralph Lauren Corp. 508
-----------
1,419
-----------
AUTOMOBILE MANUFACTURERS (0.4%)
23,500 General Motors Co.* 725
7,000 Thor Industries, Inc. 259
-----------
984
-----------
BROADCASTING (0.2%)
13,500 Belo Corp. "A" 145
7,700 CBS Corp. "B" 352
-----------
497
-----------
CABLE & SATELLITE (0.9%)
4,200 AMC Networks, Inc. "A"* 265
36,400 Comcast Corp. "A" 1,503
9,600 DIRECTV* 543
1,200 Time Warner Cable, Inc. 113
-----------
2,424
-----------
CATALOG RETAIL (0.1%)
3,600 HSN, Inc. 189
-----------
COMPUTER & ELECTRONICS RETAIL (0.0%)
400 Systemax, Inc. 4
-----------
DEPARTMENT STORES (0.4%)
4,900 Dillard's, Inc. "A" 404
17,900 Macy's, Inc. 798
-----------
1,202
-----------
EDUCATION SERVICES (0.0%)
3,700 Apollo Group, Inc. "A"* 68
-----------
|
1 | USAA First Start Growth Fund
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
--------------------------------------------------------------------------------
FOOTWEAR (0.2%)
9,100 NIKE, Inc. "B" $ 579
-----------
HOME FURNISHINGS (0.1%)
2,000 La-Z-Boy, Inc. 36
1,100 Mohawk Industries, Inc.* 122
-----------
158
-----------
HOME IMPROVEMENT RETAIL (0.4%)
13,300 Home Depot, Inc. 976
-----------
HOTELS, RESORTS & CRUISE LINES (0.0%)
1,200 Marriott Vacations Worldwide Corp.* 55
-----------
HOUSEHOLD APPLIANCES (0.1%)
1,100 NACCO Industries, Inc. "A" 64
2,700 Whirlpool Corp. 308
-----------
372
-----------
HOUSEWARES & SPECIALTIES (0.2%)
1,700 Libbey, Inc.* 33
8,300 Tupperware Brands Corp. 666
-----------
699
-----------
INTERNET RETAIL (0.1%)
600 Blue Nile, Inc.* 19
290 Priceline.com, Inc.* 202
-----------
221
-----------
LEISURE PRODUCTS (0.2%)
5,500 Polaris Industries, Inc. 474
17,800 Smith & Wesson Holding Corp.* 156
-----------
630
-----------
MOVIES & ENTERTAINMENT (0.4%)
4,100 Carmike Cinemas, Inc.* 72
10,300 Cinemark Holdings, Inc. 318
3,000 Time Warner, Inc. 180
7,500 Walt Disney Co. 471
-----------
1,041
-----------
PUBLISHING (0.1%)
4,000 John Wiley & Sons, Inc. "A" 153
-----------
RESTAURANTS (0.8%)
200 Biglari Holdings, Inc.* 77
6,700 Jack in the Box, Inc.* 240
7,000 McDonald's Corp. 715
2,200 Panera Bread Co. "A"* 390
7,000 Sonic Corp.* 88
9,700 Starbucks Corp. 590
-----------
2,100
-----------
SPECIALTY STORES (0.0%)
1,900 PetSmart, Inc. 130
-----------
Total Consumer Discretionary 16,820
-----------
CONSUMER STAPLES (3.7%)
----------------------
AGRICULTURAL PRODUCTS (0.7%)
24,500 Archer-Daniels-Midland Co. 831
4,000 Bunge Ltd. 289
7,900 Darling International, Inc.* 146
8,400 Ingredion, Inc. 605
-----------
1,871
-----------
|
Portfolio of Investments | 2
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
--------------------------------------------------------------------------------
DRUG RETAIL (0.5%)
21,400 CVS Caremark Corp. $ 1,245
-----------
FOOD RETAIL (0.3%)
22,400 Kroger Co. 770
-----------
HOUSEHOLD PRODUCTS (0.6%)
900 Colgate-Palmolive Co. 108
700 Energizer Holdings, Inc. 68
20,600 Procter & Gamble Co. 1,581
-----------
1,757
-----------
HYPERMARKETS & SUPER CENTERS (0.3%)
9,000 Wal-Mart Stores, Inc. 700
-----------
PACKAGED FOODS & MEAT (0.6%)
1,300 Cal-Maine Foods, Inc. 55
2,600 J.M. Smucker Co. 268
1,100 Kellogg Co. 72
6,500 Kraft Foods Group, Inc. 335
8,500 Mondelez International, Inc. "A" 267
7,000 Pilgrim's Pride Corp.* 69
18,400 Tyson Foods, Inc. "A" 453
-----------
1,519
-----------
PERSONAL PRODUCTS (0.1%)
5,600 Herbalife Ltd. 222
4,600 Medifast, Inc.* 121
-----------
343
-----------
SOFT DRINKS (0.6%)
14,400 Coca-Cola Co. 610
6,800 Coca-Cola Enterprises, Inc. 249
10,600 PepsiCo, Inc. 874
-----------
1,733
-----------
Total Consumer Staples 9,938
-----------
ENERGY (4.8%)
------------
INTEGRATED OIL & GAS (2.5%)
19,900 Chevron Corp. 2,428
41,500 Exxon Mobil Corp. 3,693
7,200 Occidental Petroleum Corp. 643
-----------
6,764
-----------
OIL & GAS DRILLING (0.4%)
2,400 Atwood Oceanics, Inc.* 118
3,800 Diamond Offshore Drilling, Inc. 262
11,700 Ensco plc "A" 675
1,900 Helmerich & Payne, Inc. 111
-----------
1,166
-----------
OIL & GAS EQUIPMENT & SERVICES (0.1%)
1,000 Geospace Technologies Corp.* 84
1,900 Schlumberger Ltd. 142
-----------
226
-----------
OIL & GAS EXPLORATION & PRODUCTION (1.3%)
7,900 Anadarko Petroleum Corp. 670
9,400 Apache Corp. 694
9,500 Cabot Oil & Gas Corp. 646
17,400 ConocoPhillips 1,052
5,400 Marathon Oil Corp. 176
|
3 | USAA First Start Growth Fund
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
--------------------------------------------------------------------------------
2,000 Noble Energy, Inc. $ 227
-----------
3,465
-----------
OIL & GAS REFINING & MARKETING (0.5%)
2,900 HollyFrontier Corp. 143
5,000 Marathon Petroleum Corp. 392
12,150 Phillips 66 741
3,800 Valero Energy Corp. 153
-----------
1,429
-----------
Total Energy 13,050
-----------
FINANCIALS (7.8%)
----------------
ASSET MANAGEMENT & CUSTODY BANKS (0.5%)
3,100 BlackRock, Inc. 826
800 Franklin Resources, Inc. 124
7,100 Invesco Ltd. 225
-----------
1,175
-----------
CONSUMER FINANCE (0.3%)
17,200 Discover Financial Services 752
2,800 Nelnet, Inc. "A" 95
-----------
847
-----------
DIVERSIFIED BANKS (1.0%)
31,300 U.S. Bancorp 1,042
44,100 Wells Fargo & Co. 1,675
-----------
2,717
-----------
INVESTMENT BANKING & BROKERAGE (0.8%)
9,000 Goldman Sachs Group, Inc. 1,314
40,300 Morgan Stanley 893
-----------
2,207
-----------
LIFE & HEALTH INSURANCE (0.5%)
9,200 AFLAC, Inc. 501
22,100 MetLife, Inc. 862
3,400 Symetra Financial Corp. 46
-----------
1,409
-----------
MULTI-LINE INSURANCE (0.2%)
2,700 American Financial Group, Inc. 130
4,800 American International Group, Inc.* 199
4,400 HCC Insurance Holdings, Inc. 188
2,000 Loews Corp. 89
-----------
606
-----------
OTHER DIVERSIFIED FINANCIAL SERVICES (1.6%)
107,300 Bank of America Corp. 1,321
22,300 Citigroup, Inc. 1,040
41,600 JPMorgan Chase & Co. 2,039
-----------
4,400
-----------
PROPERTY & CASUALTY INSURANCE (0.9%)
9,300 Allstate Corp. 458
6,500 Berkshire Hathaway, Inc. "B"* 691
9,100 Chubb Corp. 802
200 Erie Indemnity Co. "A" 16
3,700 ProAssurance Corp. 181
2,400 Travelers Companies, Inc. 205
-----------
2,353
-----------
REAL ESTATE SERVICES (0.1%)
11,100 CBRE Group, Inc. "A"* 269
|
Portfolio of Investments | 4
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
--------------------------------------------------------------------------------
600 Jones Lang LaSalle, Inc. $ 59
-----------
328
-----------
REGIONAL BANKS (0.4%)
12,200 BB&T Corp. 375
400 CIT Group, Inc.* 17
8,600 Fifth Third Bancorp 146
28,000 Huntington Bancshares, Inc. 201
26,800 Regions Financial Corp. 228
-----------
967
-----------
REINSURANCE (0.1%)
4,500 Reinsurance Group of America, Inc. 281
-----------
REITs - DIVERSIFIED (0.2%)
3,000 American Assets Trust, Inc. 101
1,600 Select Income REIT 46
4,600 Vornado Realty Trust 403
1,900 Winthrop Realty Trust 24
-----------
574
-----------
REITs - MORTGAGE (0.6%)
17,800 American Capital Agency Corp. 593
11,300 American Capital Mortgage Investment Corp. 300
35,000 Annaly Capital Management, Inc. 558
19,400 Resource Capital Corp. 128
4,100 Western Asset Mortgage Capital Corp. 92
-----------
1,671
-----------
REITs - OFFICE (0.0%)
3,900 Franklin Street Properties Corp. 60
-----------
REITs - RESIDENTIAL (0.1%)
3,300 Camden Property Trust 239
-----------
REITs - RETAIL (0.3%)
18,600 General Growth Properties 422
1,700 Simon Property Group, Inc. 303
-----------
725
-----------
REITs - SPECIALIZED (0.2%)
1,600 Chatham Lodging Trust 29
2,200 Corrections Corp. of America 80
4,500 GEO Group, Inc. 168
4,500 RLJ Lodging Trust 104
-----------
381
-----------
Total Financials 20,940
-----------
HEALTH CARE (6.3%)
-----------------
BIOTECHNOLOGY (1.4%)
2,100 Alexion Pharmaceuticals, Inc.* 206
2,800 Alkermes plc* 86
7,900 Amgen, Inc. 823
5,600 Biogen Idec, Inc.* 1,226
9,100 Celgene Corp.* 1,074
4,200 Myriad Genetics, Inc.* 117
1,600 United Therapeutics Corp.* 107
-----------
3,639
-----------
HEALTH CARE EQUIPMENT (1.1%)
1,000 C.R. Bard, Inc. 99
3,400 CareFusion Corp.* 114
11,100 Covidien plc 709
1,900 IDEXX Laboratories, Inc.* 167
240 Intuitive Surgical, Inc.* 118
|
5 | USAA First Start Growth Fund
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
--------------------------------------------------------------------------------
1,800 Masimo Corp. $ 36
11,100 Medtronic, Inc. 518
1,000 Orthofix International N.V.* 33
13,900 St. Jude Medical, Inc. 573
8,400 Stryker Corp. 551
1,300 Thoratec Corp.* 47
-----------
2,965
-----------
HEALTH CARE SERVICES (0.2%)
7,400 Express Scripts Holdings Co.* 439
-----------
HEALTH CARE TECHNOLOGY (0.0%)
2,000 Computer Programs and Systems, Inc. 105
-----------
LIFE SCIENCES TOOLS & SERVICES (0.4%)
11,500 Bruker Corp.* 204
3,200 Life Technologies Corp.* 236
1,300 Mettler Toledo International, Inc.* 272
6,000 Thermo Fisher Scientific, Inc. 484
-----------
1,196
-----------
MANAGED HEALTH CARE (0.8%)
4,100 CIGNA Corp. 271
8,100 Humana, Inc. 600
18,200 UnitedHealth Group, Inc. 1,091
1,400 WellPoint, Inc. 102
-----------
2,064
-----------
PHARMACEUTICALS (2.4%)
19,000 Eli Lilly and Co. 1,052
900 Endo Health Solutions, Inc.* 33
12,700 Johnson & Johnson 1,082
37,200 Merck & Co., Inc. 1,748
70,000 Pfizer, Inc. 2,035
7,000 Warner Chilcott plc "A" 101
11,500 Zoetis, Inc. 380
-----------
6,431
-----------
Total Health Care 16,839
-----------
INDUSTRIALS (5.4%)
-----------------
AEROSPACE & DEFENSE (1.2%)
4,400 Alliant Techsystems, Inc. 327
10,700 Exelis, Inc. 119
4,300 General Dynamics Corp. 318
2,800 Huntington Ingalls Industries, Inc. 148
5,600 L-3 Communications Holdings, Inc. 455
3,400 Lockheed Martin Corp. 337
10,900 Northrop Grumman Corp. 826
6,200 Raytheon Co. 381
11,700 Spirit AeroSystems Holdings, Inc. "A"* 234
-----------
3,145
-----------
AIR FREIGHT & LOGISTICS (0.2%)
2,100 FedEx Corp. 198
4,800 United Parcel Service, Inc. "B" 412
-----------
610
-----------
AIRLINES (0.1%)
1,100 Allegiant Travel Co. 99
5,900 Spirit Airlines, Inc.* 157
-----------
256
-----------
BUILDING PRODUCTS (0.2%)
9,400 Lennox International, Inc. 583
|
Portfolio of Investments | 6
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
--------------------------------------------------------------------------------
1,900 PGT, Inc.* $ 15
-----------
598
-----------
CONSTRUCTION & ENGINEERING (0.1%)
5,400 AECOM Technology Corp.* 157
3,500 KBR, Inc. 105
-----------
262
-----------
CONSTRUCTION & FARM MACHINERY & HEAVY TRUCKS (0.4%)
4,200 Deere & Co. 375
900 Lindsay Corp. 69
17,800 Oshkosh Corp.* 699
-----------
1,143
-----------
DIVERSIFIED SUPPORT SERVICES (0.1%)
1,500 UniFirst Corp. 137
2,300 Viad Corp. 60
-----------
197
-----------
ELECTRICAL COMPONENTS & EQUIPMENT (0.3%)
13,400 Emerson Electric Co. 744
-----------
ENVIRONMENTAL & FACILITIES SERVICES (0.0%)
1,700 Rollins, Inc. 41
-----------
HEAVY ELECTRICAL EQUIPMENT (0.2%)
18,500 Babcock & Wilcox Co. 503
-----------
INDUSTRIAL CONGLOMERATES (0.9%)
5,500 Carlisle Companies, Inc. 357
88,000 General Electric Co. 1,961
-----------
2,318
-----------
INDUSTRIAL MACHINERY (0.7%)
900 Hyster-Yale Materials Handling, Inc. 47
2,000 Ingersoll-Rand plc 108
1,700 John Bean Technologies Corp. 35
700 L.B. Foster Co. "A" 31
2,400 Lincoln Electric Holdings, Inc. 127
2,000 Mueller Industries, Inc. 103
1,600 NN, Inc.* 14
8,300 Parker-Hannifin Corp. 735
3,800 Valmont Industries, Inc. 554
-----------
1,754
-----------
MARINE (0.0%)
5,000 Matson, Inc. 118
-----------
RAILROADS (0.7%)
27,700 CSX Corp. 681
4,100 Norfolk Southern Corp. 318
6,300 Union Pacific Corp. 932
-----------
1,931
-----------
RESEARCH & CONSULTING SERVICES (0.0%)
500 ICF International, Inc.* 13
3,800 Navigant Consulting, Inc.* 47
2,900 Resources Connection, Inc. 33
-----------
93
-----------
TRADING COMPANIES & DISTRIBUTORS (0.3%)
1,700 DXP Enterprises, Inc.* 114
3,300 W.W. Grainger, Inc. 813
-----------
927
-----------
|
7 | USAA First Start Growth Fund
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
--------------------------------------------------------------------------------
TRUCKING (0.0%)
700 Old Dominion Freight Line, Inc.* $ 27
-----------
Total Industrials 14,667
-----------
INFORMATION TECHNOLOGY (8.5%)
----------------------------
APPLICATION SOFTWARE (0.3%)
9,400 Intuit, Inc. 561
1,000 Manhattan Associates, Inc.* 70
1,000 Pegasystems, Inc. 25
3,800 Solarwinds, Inc.* 193
-----------
849
-----------
COMMUNICATIONS EQUIPMENT (1.1%)
3,300 ARRIS Group, Inc.* 55
15,700 Brocade Communications Systems, Inc.* 91
71,100 Cisco Systems, Inc. 1,487
22,000 QUALCOMM, Inc. 1,356
-----------
2,989
-----------
COMPUTER HARDWARE (1.8%)
8,580 Apple, Inc. 3,799
54,300 Hewlett-Packard Co. 1,118
-----------
4,917
-----------
COMPUTER STORAGE & PERIPHERALS (0.2%)
2,100 EMC Corp.* 47
15,300 NetApp, Inc.* 534
-----------
581
-----------
DATA PROCESSING & OUTSOURCED SERVICES (0.7%)
5,500 Broadridge Financial Solutions, Inc. 138
2,400 Computer Sciences Corp. 112
22,600 CoreLogic, Inc.* 617
4,300 Fiserv, Inc.* 392
15,800 Lender Processing Services, Inc. 438
400 NeuStar, Inc. "A"* 18
1,500 Syntel, Inc. 95
200 Visa, Inc. "A" 34
-----------
1,844
-----------
ELECTRONIC MANUFACTURING SERVICES (0.0%)
2,100 TTM Technologies, Inc.* 15
-----------
INTERNET SOFTWARE & SERVICES (0.8%)
6,400 Akamai Technologies, Inc.* 281
1,130 Google, Inc. "A"* 932
3,600 IAC/InterActiveCorp. 169
8,400 United Online, Inc. 57
1,000 ValueClick, Inc.* 31
22,100 Yahoo! Inc.* 547
-----------
2,017
-----------
IT CONSULTING & OTHER SERVICES (0.8%)
8,300 Accenture plc "A" 676
1,600 Cognizant Technology Solutions Corp. "A"* 103
5,400 International Business Machines Corp. 1,094
9,400 Unisys Corp.* 180
-----------
2,053
-----------
SEMICONDUCTOR EQUIPMENT (0.1%)
3,300 Applied Materials, Inc. 48
14,100 Kulicke & Soffa Industries, Inc.* 163
1,300 Ultra Clean Holdings, Inc.* 8
|
Portfolio of Investments | 8
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
--------------------------------------------------------------------------------
2,700 Ultratech, Inc.* $ 80
-----------
299
-----------
SEMICONDUCTORS (0.6%)
3,000 Cree, Inc.* 170
43,800 Intel Corp. 1,049
7,100 LSI Corp.* 46
13,900 Marvell Technology Group Ltd. 150
26,300 PMC-Sierra, Inc.* 151
-----------
1,566
-----------
SYSTEMS SOFTWARE (1.7%)
19,500 CA, Inc. 526
1,700 CommVault Systems, Inc.* 125
67,700 Microsoft Corp. 2,241
49,300 Oracle Corp. 1,616
4,600 Symantec Corp.* 112
-----------
4,620
-----------
TECHNOLOGY DISTRIBUTORS (0.4%)
5,000 Arrow Electronics, Inc.* 196
15,500 Avnet, Inc.* 508
23,100 Ingram Micro, Inc. "A"* 411
-----------
1,115
-----------
Total Information Technology 22,865
-----------
MATERIALS (1.9%)
---------------
ALUMINUM (0.1%)
32,000 Alcoa, Inc. 272
2,100 Noranda Aluminum Holding Corp. 8
-----------
280
-----------
COMMODITY CHEMICALS (0.4%)
2,700 Koppers Holdings, Inc. 119
13,600 LyondellBasell Industries N.V. "A" 825
-----------
944
-----------
DIVERSIFIED CHEMICALS (0.0%)
1,600 LSB Industries, Inc.* 52
-----------
DIVERSIFIED METALS & MINING (0.5%)
29,900 Freeport-McMoRan Copper & Gold, Inc. 910
10,800 Southern Copper Corp. 360
-----------
1,270
-----------
FERTILIZERS & AGRICULTURAL CHEMICALS (0.3%)
4,000 CF Industries Holdings, Inc. 746
1,600 Monsanto Co. 171
-----------
917
-----------
METAL & GLASS CONTAINERS (0.1%)
4,100 Crown Holdings, Inc.* 175
-----------
PAPER PRODUCTS (0.1%)
4,000 International Paper Co. 188
1,000 Schweitzer-Mauduit International, Inc. 40
-----------
228
-----------
PRECIOUS METALS & MINERALS (0.1%)
14,600 Coeur d'Alene Mines Corp.* 223
-----------
SPECIALTY CHEMICALS (0.3%)
1,100 A. Schulman, Inc. 28
6,100 FutureFuel Corp. 75
|
9 | USAA First Start Growth Fund
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
--------------------------------------------------------------------------------
4,400 Sherwin-Williams Co. $ 806
-----------
909
-----------
Total Materials 4,998
-----------
TELECOMMUNICATION SERVICES (1.0%)
--------------------------------
ALTERNATIVE CARRIERS (0.0%)
5,200 Premiere Global Services, Inc.* 58
-----------
INTEGRATED TELECOMMUNICATION SERVICES (1.0%)
38,300 AT&T, Inc. 1,435
16,400 CenturyLink, Inc. 616
9,900 Verizon Communications, Inc. 534
-----------
2,585
-----------
WIRELESS TELECOMMUNICATION SERVICES (0.0%)
2,900 Telephone & Data Systems, Inc. 65
-----------
Total Telecommunication Services 2,708
-----------
UTILITIES (1.4%)
---------------
ELECTRIC UTILITIES (0.7%)
14,900 Edison International 802
6,500 El Paso Electric Co. 244
5,800 NV Energy, Inc. 125
24,600 Xcel Energy, Inc. 782
-----------
1,953
-----------
GAS UTILITIES (0.0%)
800 Southwest Gas Corp. 41
-----------
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS (0.2%)
53,700 AES Corp. 744
-----------
MULTI-UTILITIES (0.4%)
6,200 Ameren Corp. 225
2,600 Avista Corp. 73
500 Consolidated Edison, Inc. 32
3,200 SCANA Corp. 173
5,700 Sempra Energy 472
-----------
975
-----------
WATER UTILITIES (0.1%)
4,000 American Water Works Co., Inc. 167
-----------
Total Utilities 3,880
-----------
Total Common Stocks (cost: $105,064) 126,705
-----------
PREFERRED STOCKS (1.1%)
CONSUMER STAPLES (0.4%)
----------------------
AGRICULTURAL PRODUCTS (0.4%)
10,000 Dairy Farmers of America, Inc., 7.88%,
cumulative redeemable, perpetual(a) 1,105
-----------
ENERGY (0.2%)
------------
OIL & GAS EXPLORATION & PRODUCTION (0.2%)
500 Chesapeake Energy Corp., 5.75%, perpetual(a) 503
-----------
|
Portfolio of Investments | 10
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
-------------------------------------------------------------------------------------------------
FINANCIALS (0.5%)
----------------
OTHER DIVERSIFIED FINANCIAL SERVICES (0.2%)
10 International Lease Finance Corp., 0.39%, perpetual(b) $ 640
-----------
REINSURANCE (0.1%)
500 American Overseas Group Ltd., 7.50%, non-cumulative, perpetual, acquired
3/09/2007; cost $526*(b),(c) 125
-----------
REITs - OFFICE (0.2%)
20,000 CommonWealth REIT, Series E, 7.25%, cumulative redeemable, perpetual 511
-----------
Total Financials 1,276
-----------
Total Preferred Stocks (cost: $3,178) 2,884
-----------
EXCHANGE-TRADED FUNDS (21.9%)
DOMESTIC EXCHANGE-TRADED FUNDS (0.4%)
13,900 iShares Russell 1000 Index Fund 1,235
-----------
Total Domestic Exchange-Traded Funds 1,235
-----------
FOREIGN EXCHANGE-TRADED FUNDS (21.5%)
640,858 iShares MSCI EAFE Index Fund 39,695
415,622 Vanguard MSCI Emerging Markets ETF 18,188
-----------
Total Foreign Exchange-Traded Funds 57,883
-----------
Total Exchange-Traded Funds (cost: $56,208) 59,118
-----------
Total Equity Securities (cost: $164,450) 188,707
-----------
PRINCIPAL
AMOUNT COUPON
(000) RATE MATURITY
-------------------------------------------------------------------------------------------------
BONDS (24.7%)
CORPORATE OBLIGATIONS (10.0%)
ENERGY (1.0%)
------------
OIL & GAS STORAGE & TRANSPORTATION (1.0%)
$ 1,000 Enbridge Energy Partners, LP 8.05% 10/01/2037 1,159
1,000 Southern Union Co. 3.32 (d) 11/01/2066 876
500 TEPPCO Partners, LP 7.00 (d) 6/01/2067 543
-----------
2,578
-----------
Total Energy 2,578
-----------
FINANCIALS (6.7%)
----------------
ASSET MANAGEMENT & CUSTODY BANKS (0.7%)
1,000 KKR Group Finance Co. LLC (a) 5.50 2/01/2043 999
1,075 State Street Capital Trust IV 1.28 (d) 6/15/2037 912
-----------
1,911
-----------
|
11 | USAA First Start Growth Fund
PRINCIPAL MARKET
AMOUNT COUPON VALUE
(000) RATE MATURITY (000)
-------------------------------------------------------------------------------------------------
CONSUMER FINANCE (0.2%)
$ 500 American Express Co. 6.80 % 9/01/2066 $ 549
-----------
LIFE & HEALTH INSURANCE (1.3%)
28 Delphi Financial Group, Inc. 7.38 5/15/2037 683
800 Lincoln National Corp. 7.00 5/17/2066 826
500 Principal Financial Global Fund, LLC 0.80 (d) 1/10/2031 394
500 Prudential Financial, Inc. 5.63 6/15/2043 526
1,000 StanCorp Financial Group, Inc. 6.90 6/01/2067 1,020
-----------
3,449
-----------
MULTI-LINE INSURANCE (1.4%)
1,000 Genworth Holdings, Inc. 6.15 11/15/2066 948
1,000 Glen Meadow Pass-Through Trust (a) 6.51 2/12/2067 971
1,000 Nationwide Mutual Insurance Co. (a) 5.81 12/15/2024 1,025
800 ZFS Finance USA Trust V (a) 6.50 5/09/2037 860
-----------
3,804
-----------
OTHER DIVERSIFIED FINANCIAL SERVICES (0.3%)
1,000 JPMorgan Chase Capital XIII 1.23 (d) 9/30/2034 834
-----------
PROPERTY & CASUALTY INSURANCE (1.3%)
1,000 Allstate Corp. 6.13 5/15/2037 1,076
1,000 HSB Group, Inc. 1.19 (d) 7/15/2027 818
500 Progressive Corp. 6.70 6/15/2037 560
1,000 Travelers Companies, Inc. 6.25 3/15/2037 1,085
-----------
3,539
-----------
REGIONAL BANKS (1.3%)
1,000 Fulton Capital Trust I 6.29 2/01/2036 1,005
1,000 KeyCorp Capital I 1.02 (d) 7/01/2028 832
150 M&T Capital Trust I 8.23 2/01/2027 155
1,000 Manufacturers & Traders Trust Co. 5.63 12/01/2021 1,032
400 Susquehanna Bancshares, Inc. 2.12 (d) 5/01/2014 394
-----------
3,418
-----------
REITs - RETAIL (0.2%)
577 Brixmor LLC 7.68 11/02/2026 574
-----------
Total Financials 18,078
-----------
INDUSTRIALS (0.3%)
-----------------
AEROSPACE & DEFENSE (0.3%)
1,000 Textron Financial Corp. (a) 6.00 2/15/2067 925
-----------
UTILITIES (2.0%)
---------------
ELECTRIC UTILITIES (0.6%)
983 NextEra Energy Capital Holding Inc. 6.65 (d) 6/15/2067 1,058
500 PPL Capital Funding, Inc. 6.70 3/30/2067 532
-----------
1,590
-----------
MULTI-UTILITIES (1.4%)
1,000 Dominion Resources, Inc. 7.50 6/30/2066 1,112
770 Integrys Energy Group, Inc. 6.11 (d) 12/01/2066 817
1,000 Puget Sound Energy, Inc. 6.97 6/01/2067 1,079
725 Wisconsin Energy Corp. 6.25 5/15/2067 791
-----------
3,799
-----------
Total Utilities 5,389
-----------
Total Corporate Obligations(cost: $23,124) 26,970
-----------
|
Portfolio of Investments | 12
PRINCIPAL MARKET
AMOUNT COUPON VALUE
(000) RATE MATURITY (000)
-------------------------------------------------------------------------------------------------
EURODOLLAR AND YANKEE OBLIGATIONS (3.8%)
FINANCIALS (3.6%)
----------------
DIVERSIFIED BANKS (1.1%)
$ 1,500 Barclays Bank plc 0.69 % (d) -(e) $ 862
2,040 HSBC Bank plc 0.75 (d) -(e) 1,229
500 LBI hf, acquired 10/12/2007; cost $500
(a),(b),(c),(f) 7.43 -(e) --
700 Royal Bank of Scotland Group plc 9.50 (d) 3/16/2022 832
-----------
2,923
-----------
DIVERSIFIED CAPITAL MARKETS (0.3%)
1,000 Deutsche Bank Capital Trust IV 4.59 (d) -(e) 845
-----------
LIFE & HEALTH INSURANCE (0.2%)
500 Great-West Life & Annuity Insurance Co. (a) 7.15 5/16/2046 535
-----------
MULTI-LINE INSURANCE (0.4%)
1,100 Oil Insurance Ltd. (a) 3.27 (d) -(e) 1,009
-----------
OTHER DIVERSIFIED FINANCIAL SERVICES (0.3%)
33 ING Groep N.V. 7.20 -(e) 845
-----------
PROPERTY & CASUALTY INSURANCE (0.6%)
500 Ironshore Holdings, Inc. (a) 8.50 5/15/2020 578
1,000 QBE Insurance Group Ltd. (a) 5.65 7/01/2023 999
-----------
1,577
-----------
REGIONAL BANKS (0.0%)
1,000 Glitnir Banki hf, acquired 9/11/2006 and
10/18/2006; cost $1,017 (a),(b),(c),(f) 7.45 -(e) --
-----------
REINSURANCE (0.7%)
500 Alterra USA Holdings Ltd. (a) 7.20 4/14/2017 529
500 Platinum Underwriters Finance, Inc. 7.50 6/01/2017 580
804 Swiss Re Capital I, LP (a) 6.85 -(e) 864
-----------
1,973
-----------
Total Financials 9,707
-----------
UTILITIES (0.2%)
---------------
ELECTRIC UTILITIES (0.2%)
650 Electricite De France S.A. (a) 5.25 (d) 12/29/2049 655
-----------
Total Eurodollar and Yankee Obligations(cost: $10,201) 10,362
-----------
COMMERCIAL MORTGAGE SECURITIES (5.2%)
FINANCIALS (5.2%)
----------------
COMMERCIAL MORTGAGE-BACKED SECURITIES (5.2%)
500 Banc of America Commercial Mortgage, Inc. 5.95 5/10/2045 534
400 Banc of America Commercial Mortgage, Inc. 5.46 9/10/2045 438
1,000 Banc of America Commercial Mortgage, Inc. 5.36 9/10/2047 1,030
500 Banc of America Commercial Mortgage, Inc. 6.44 2/10/2051 542
500 Bear Stearns Commercial Mortgage Securities,
Inc. 4.99 9/11/2042 527
530 Citigroup Commercial Mortgage Trust 5.93 3/15/2049 559
500 Citigroup/Deutsche Bank Commercial Mortgage
Trust 5.39 7/15/2044 540
1,000 GE Capital Commercial Mortgage Corp. 5.61 12/10/2049 1,034
500 GMAC Commercial Mortgage Securities, Inc. 4.97 12/10/2041 454
250 GMAC Commercial Mortgage Securities, Inc. 4.98 12/10/2041 171
|
13 | USAA First Start Growth Fund
PRINCIPAL MARKET
AMOUNT COUPON VALUE
(000) RATE MATURITY (000)
-------------------------------------------------------------------------------------------------
$ 1,000 J.P. Morgan Chase Commercial Mortgage
Securities Corp. 5.04% 10/15/2042 $ 1,046
690 J.P. Morgan Chase Commercial Mortgage
Securities Corp. 5.57 4/15/2043 737
500 J.P. Morgan Chase Commercial Mortgage
Securities Corp. 5.52 12/15/2044 516
378 J.P. Morgan Chase Commercial Mortgage
Securities Corp. 5.52 12/15/2044 401
1,000 J.P. Morgan Chase Commercial Mortgage
Securities Corp. 5.48 5/15/2045 1,085
500 Merrill Lynch Mortgage Trust 5.14 7/12/2038 532
250 Merrill Lynch Mortgage Trust 5.36 7/12/2038 237
135 Merrill Lynch Mortgage Trust 5.39 7/12/2038 107
670 Merrill Lynch Mortgage Trust 5.87 5/12/2039 673
500 Merrill Lynch Mortgage Trust 5.01 10/12/2041 501
1,000 ML-CFC Commercial Mortgage Trust 5.42 8/12/2048 1,105
500 ML-CFC Commercial Mortgage Trust 6.13 8/12/2049 534
500 Morgan Stanley Capital I, Inc. 5.79 7/12/2044 563
-----------
13,866
-----------
Total Financials 13,866
-----------
Total Commercial Mortgage Securities(cost: $11,555) 13,866
-----------
U.S. TREASURY SECURITIES (5.7%)
BONDS (2.9%)
-----------
670 2.75%, 11/15/2042 650
750 2.75%, 8/15/2042 728
6,100 3.00%, 5/15/2042 6,247
160 3.13%, 2/15/2043 168
-----------
Total Bonds 7,793
-----------
NOTES (2.8%)
-----------
390 1.63%, 11/15/2022 390
4,970 1.63%, 8/15/2022 4,985
2,000 1.75%, 5/15/2022 2,036
170 2.00%, 2/15/2023 175
-----------
Total Notes 7,586
-----------
Total U.S. Treasury Securities(cost: $15,245) 15,379
-----------
Total Bonds (cost: $60,125) 66,577
-----------
NUMBER
OF SHARES
-------------------------------------------------------------------------------------------------
MONEY MARKET INSTRUMENTS (5.1%)
MONEY MARKET FUNDS (5.1%)
13,750,835 State Street Institutional Liquid Reserve Fund,
0.11%(g) (cost: $13,751) 13,751
-----------
TOTAL INVESTMENTS (COST: $238,326) $ 269,035
===========
|
Portfolio of Investments | 14
NUMBER MARKET
OF VALUE
CONTRACTS SECURITY (000)
-------------------------------------------------------------------------------------------------
PURCHASED OPTIONS (0.0%)
200 Put - S&P 500 Index expiring May 18, 2013 at 1490 $ 27
-----------
TOTAL PURCHASED OPTIONS (COST: $146) $ 27
===========
WRITTEN OPTIONS (0.0%)
(200) Put - S&P 500 Index expiring May 18, 2013 at 1400 (6)
-----------
TOTAL WRITTEN OPTIONS (PREMIUMS RECEIVED: $40) $ (6)
===========
|
($ 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 $ 126,705 $ -- $ -- $ 126,705
Preferred Stocks -- 2,119 765 2,884
Exchange-Traded Funds:
Domestic Exchange-Traded Funds 1,235 -- -- 1,235
Foreign Exchange-Traded Funds 57,883 -- -- 57,883
Bonds:
Corporate Obligations -- 26,970 -- 26,970
Eurodollar and Yankee Obligations -- 10,362 -- 10,362
Commercial Mortgage Securities -- 13,866 -- 13,866
U.S. Treasury Securities 15,379 -- -- 15,379
Money Market Instruments:
Money Market Funds 13,751 -- -- 13,751
Purchased Options 27 -- -- 27
---------------------------------------------------------------------------------------------------------
Total $ 214,980 $ 53,317 $ 765 $ 269,062
---------------------------------------------------------------------------------------------------------
|
(LEVEL 1) (LEVEL 2) (LEVEL 3)
QUOTED PRICES OTHER SIGNIFICANT
IN ACTIVE SIGNIFICANT UNOBSERVABLE
MARKETS OBSERVABLE INPUTS
FOR IDENTICAL INPUTS
LIABILITIES LIABILITIES TOTAL
---------------------------------------------------------------------------------------------------------
Written Options $ (6) $ -- $ -- $ (6)
---------------------------------------------------------------------------------------------------------
Total $ (6) $ -- $ -- $ (6)
---------------------------------------------------------------------------------------------------------
|
15 | USAA First Start Growth Fund
Reconciliation of investments in which significant unobservable inputs (Level 3)
were used in determining value:
PREFERRED
SECURITIES
--------------------------------------------------------------------------------
Balance as of July 31, 2012 $725
Purchases -
Sales -
Transfers into Level 3 -
Transfers out of Level 3 -
Net realized gain (loss) on investments -
Change in net unrealized appreciation/depreciation on investments 40
--------------------------------------------------------------------------------
Balance as of April 30, 2013 $765
--------------------------------------------------------------------------------
|
For the period of August 1, 2012, through April 30, 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 | 16
NOTES TO PORTFOLIO OF INVESTMENTS
April 30, 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 50 separate funds. The
information presented in this quarterly report pertains only to the USAA First
Start Growth 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. 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
17 | USAA First Start Growth Fund
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 the Fund's subadviser, if applicable,
will monitor for events that would materially affect the value of the Fund's
foreign securities. The Fund's subadviser has agreed to notify the Manager of
significant events it identifies 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 Board, 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 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 securities of comparable quality, coupon, maturity, and type; indications as
to values from dealers in securities; and general market conditions.
6. Repurchase agreements are valued at cost, which approximates market value.
7. Futures are valued based upon the last sale price at the close of market on
the principal exchange on which they are traded.
8. Options are valued by a pricing service at the National Best Bid/Offer (NBBO)
composite price, which is derived from the best available bid and ask prices in
all participating options exchanges determined to most closely reflect market
value of the options at the time of computation of the Fund's NAV.
9. 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 subadviser, if applicable, under
valuation procedures approved by the Board. The effect of fair value pricing is
that securities may not be
Notes to Portfolio of Investments | 18
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 2 securities include
certain preferred stocks and all bonds, except U.S. Treasuries, which are valued
based on methods discussed in Note A5.
Level 3 -- inputs to the valuation methodology are unobservable and significant
to the fair value measurement, including the Manager's own assumptions in
determining the fair value.
The inputs or methodologies used for valuing securities are not necessarily an
indication of the risks associated with investing in those securities.
For the securities valued using significant unobservable inputs, market
quotations were not available from the pricing services. As such, the securities
were valued in good faith using methods determined by the Manager, under
valuation procedures approved by the Board. The valuation of some securities
falling in the Level 3 category are primarily supported by tender offers or
quoted prices obtained from broker-dealers participating in the market for these
securities. However, these securities are included in the Level 3 category due
to limited market transparency and or a lack of corroboration to support the
quoted prices.
Refer to the portfolio of investments for a reconciliation of investments in
which significant unobservable inputs (Level 3) were used in determining value.
C. DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES -- The Fund may buy, sell, and
enter into certain types of derivatives, including, but not limited to futures
contracts, options, and options on futures contracts, under circumstances in
which such instruments are expected by the portfolio
19 | USAA First Start Growth Fund
manager to aid in achieving the Fund's investment objective. The Fund also may
use derivatives in circumstances where the portfolio manager believes they offer
an economical means of gaining exposure to a particular asset class or
securities market or to keep cash on hand to meet shareholder redemptions or
other needs while maintaining exposure to the market. With exchange- listed
futures contracts and options, counterparty credit risk to the Fund is limited
to the exchange's clearinghouse which, as counterparty to all exchange-traded
futures contracts and options, guarantees the transactions against default from
the actual counterparty to the trade.
OPTIONS TRANSACTIONS -- The Fund is subject to equity price risk in the normal
course of pursuing its investment objectives. The Fund may use options on
underlying instruments, namely, equity securities, ETFs, and equity indexes, to
gain exposure to, or hedge against, changes in the value of equity securities,
ETFs, or equity indexes. A call option gives the purchaser the right to buy, and
the writer the obligation to sell, the underlying instrument at a specified
price during a specified period. Conversely, a put option gives the purchaser
the right to sell, and the writer the obligation to buy, the underlying
instrument at a specified price during a specified period. The purchaser of the
option pays a premium to the writer of the option.
Premiums paid for purchased options are recorded as an investment. If a
purchased option expires unexercised, the premium paid is recognized as a
realized loss. If a purchased call option on a security is exercised, the cost
of the security acquired includes the exercise price and the premium paid. If a
purchased put option on a security is exercised, the realized gain or loss on
the security sold is determined from the exercise price, the original cost of
the security, and the premium paid. The risk associated with purchasing a call
or put option is limited to the premium paid.
Premiums received from writing options are recorded as a liability. If a written
option expires unexercised, the premium received is recognized as a realized
gain. If a written call option on a security is exercised, the realized gain or
loss on the security sold is determined from the exercise price, the original
cost of the security, and the premium received. If a written put option on a
security is exercised, the cost of the security acquired is the exercise price
paid less the premium received. The Fund, as a writer of an option, bears the
market risk of an unfavorable change in the price of the security underlying the
written option.
In an attempt to reduce the Fund's volatility over time, the Fund may implement
a strategy that involves purchasing and selling options on indexes or ETFs that
represent the fund's exposure against a highly correlated stock portfolio. The
combination of the diversified stock portfolio with index or ETF options is
designed to provide the Fund with consistent returns over a wide range of equity
market environments. This strategy may not fully protect the Fund against
declines in the portfolio's value, and the Fund could experience a loss. Options
on ETFs are similar to options on individual securities in that the holder of
the ETF call (or put) has the right to receive (or sell) shares of the
underlying ETF at the strike price on or before exercise date. Options on
securities indexes are different from options on individual securities in that
the holder of the index option has the right to receive an amount of cash equal
to the difference between the exercise price and the settlement value of the
underlying index as defined by the exchange. If an index option is exercised,
the realized gain or loss is determined by the exercise price, the settlement
value, and the premium amount paid or received.
Notes to Portfolio of Investments | 20
D. 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.
E. NEW ACCOUNTING PRONOUNCEMENTS -
OFFSETTING ASSETS AND LIABILITIES - In December 2011, the Financial Accounting
Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2011-11,
Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities.
The amendments in the ASU enhance disclosures about offsetting of financial
assets and liabilities to enable investors to understand the effect of these
arrangements on a fund's financial position. In January 2013, FASB issued ASU
No. 2013-01, Balance Sheet (Topic 210): Clarifying the Scope of Disclosures
about Offsetting Assets and Liabilities. The amendments in ASU No. 2013-01
clarify the scope of disclosures required by ASU No. 2011-11. These ASUs are
effective for periods beginning on or after January 1, 2013. The Fund believes
the adoption of these ASUs will not have a material impact on its financial
statement disclosures.
F. As of April 30, 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
April 30, 2013, were $34,439,000 and $3,849,000, respectively, resulting in net
unrealized appreciation of $30,590,000. Investments in foreign securities were
48.3% net assets at April 30, 2013.
G. The portfolio of investments category percentages shown represent the
percentages of the investments to net assets, which were $269,556,000 at April
30, 2013, and, in total, may not equal 100%. A category percentage of 0.0%
represents less than 0.1% of net assets.
G. 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, as amended, that would otherwise be applicable.
CATEGORIES AND DEFINITIONS
ASSET-BACKED AND COMMERCIAL MORTGAGE-BACKED SECURITIES - Asset-backed securities
represent a participation in, or are secured by and payable from, a stream of
payments generated by particular assets. Commercial mortgage-backed securities
reflect an interest in, and are secured by, mortgage loans on commercial real
property. These securities represent ownership in a pool of loans and are
divided into pieces (tranches) with varying maturities. The stated final
maturity of such securities represents when the final principal payment will be
made for all underlying loans. The weighted average life is the average time for
principal to be repaid, which is calculated by assuming
21 | USAA First Start Growth Fund
prepayment rates of the underlying loans. The weighted average life is likely to
be substantially shorter than the stated final maturity as a result of scheduled
principal payments and unscheduled principal prepayments. Stated interest rates
on commercial mortgage-backed securities may change slightly over time as
underlying mortgages pay down.
EURODOLLAR AND YANKEE OBLIGATIONS - Eurodollar obligations are
dollar-denominated instruments that are issued outside the U.S. capital markets
by foreign corporations and financial institutions and by foreign branches of
U.S. corporations and financial institutions. Yankee obligations are dollar-
denominated instruments that are issued by foreign issuers in the U.S. capital
markets.
PORTFOLIO ABBREVIATION(S) AND DESCRIPTION(S)
REIT Real estate investment trust
SPECIFIC NOTES
(a) Restricted security that is not registered under the Securities Act of
1933. A resale of this security in the United States may occur in an
exempt transaction to a qualified institutional buyer as defined by Rule
144A, and as such has been deemed liquid by the Manager under liquidity
guidelines approved by the Board, unless otherwise noted as illiquid.
(b) Security was fair valued at April 30, 2013, by the Manager in accordance
with valuation procedures approved by the Board.
(c) Security deemed illiquid by the Manager, under liquidity guidelines
approved by the Board. The aggregate market value of these securities
at April 30, 2013, was $125,000, which represented less than 0.1% of the
Fund's net assets.
(d) Variable-rate or floating-rate security - interest rate is adjusted
periodically. The interest rate disclosed represents the current rate at
April 30, 2013.
(e) Security is perpetual and has no final maturity date but may be subject
to calls at various dates in the future.
(f) Currently the issuer is in default with respect to interest and/or
principal payments.
(g) Rate represents the money market fund annualized seven-day yield at
April 30, 2013.
* Non-income-producing security.
Notes to Portfolio of Investments | 22
ITEM 2. CONTROLS AND PROCEDURES
The principal executive officer and principal financial officer of USAA Mutual
Funds Trust (Trust) have concluded that the Trust's disclosure controls and
procedures are sufficient to ensure that information required to be disclosed by
the Trust in this Form N-Q was recorded, processed, summarized and reported
within the time periods specified in the Securities and Exchange Commission's
rules and forms, based upon such officers' evaluation of these controls and
procedures as of a date within 90 days of the filing date of the report.
There were no significant changes or corrective actions with regard to
significant deficiencies or material weaknesses in the Trust's internal controls
or in other factors that could significantly affect the Trust's internal
controls subsequent to the date of their evaluation.
ITEM 3. EXHIBITS.
Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940
(17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
Registrant: USAA MUTUAL FUNDS TRUST - Period Ended April 30, 2013
By:* /S/ ADYM W. RYGMYR
--------------------------------------------------------------
Signature and Title: Adym W. Rygmyr, Secretary
Date: 06/24/2013
-------------------------------
|
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: 06/25/2013
------------------------------
By:* /S/ ROBERTO GALINDO, JR.
-----------------------------------------------------
Signature and Title: Roberto Galindo, Jr., Treasurer
Date: 06/25/2013
------------------------------
|
*PRINT THE NAME AND TITLE OF EACH SIGNING OFFICER UNDER HIS OR HER SIGNATURE.
ARRIS International plc (NASDAQ:ARRS)
Historical Stock Chart
From Jun 2024 to Jul 2024
ARRIS International plc (NASDAQ:ARRS)
Historical Stock Chart
From Jul 2023 to Jul 2024
