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: CHRISTOPHER P. LAIA
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, 2009
ITEM 1. SCHEDULE OF INVESTMENTS.
USAA FIRST START GROWTH FUND - 1ST QUARTER REPORT - PERIOD ENDED
OCTOBER 31, 2009
[LOGO OF USAA]
USAA(R)
PORTFOLIO OF INVESTMENTS
1ST QUARTER
USAA FIRST START GROWTH FUND
OCTOBER 31, 2009
(Form N-Q)
48449-1209 (C)2009, USAA. All rights reserved.
PORTFOLIO OF INVESTMENTS
USAA FIRST START GROWTH FUND
October 31, 2009 (unaudited)
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
----------------------------------------------------------------------------------------------------------
EQUITY SECURITIES (55.5%)
COMMON STOCKS (48.0%)
CONSUMER DISCRETIONARY (5.1%)
-----------------------------
ADVERTISING (0.2%)
200 Clear Channel Outdoor Holdings, Inc. "A" * $ 1
5,985 Harte Hanks, Inc. 70
1,400 Interpublic Group of Companies, Inc. * 9
11,900 National Cinemedia, Inc. 190
600 Omnicom Group, Inc. 21
---------------
291
---------------
APPAREL & ACCESSORIES & LUXURY GOODS (0.2%)
800 Carter's, Inc. * 19
300 Cherokee, Inc. 6
600 Coach, Inc. 20
764 Fossil, Inc. * 20
1,000 Jones Apparel Group, Inc. 18
2,000 Liz Claiborne, Inc. 11
300 Lululemon Athletica, Inc. * 8
500 Phillips-Van Heusen Corp. 20
300 Polo Ralph Lauren Corp. 22
5,000 Warnaco Group, Inc. * 203
---------------
347
---------------
APPAREL RETAIL (0.4%)
8,000 Aeropostale, Inc. * 300
800 Bebe Stores, Inc. 5
1,150 Buckle, Inc. 34
600 Cato Corp. "A" 12
2,500 Charming Shoppes, Inc. * 11
400 Coldwater Creek, Inc. * 2
100 Collective Brands, Inc. * 2
4,300 Dress Barn, Inc. * 78
909 Finish Line, Inc. "A" 9
700 Foot Locker, Inc. 7
3,400 Gap, Inc. 73
600 Gymboree Corp. * 26
2,200 Hot Topic, Inc. * 17
1,000 J. Crew Group, Inc. * 41
168 Jos. A. Bank Clothiers, Inc. * 7
500 Limited Brands, Inc. 9
1,500 Pacific Sunwear of California, Inc. * 9
520 Ross Stores, Inc. 23
2,300 Stage Stores, Inc. 27
1,200 TJX Companies, Inc. 45
---------------
737
---------------
AUTO PARTS & EQUIPMENT (0.1%)
4,600 American Axle & Manufacturing Holdings, Inc. 28
|
1 | USAA First Start Growth Fund
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
----------------------------------------------------------------------------------------------------------
1,800 ArvinMeritor, Inc. $ 14
2,400 Dana Holding Corp. * 14
236 Dorman Products, Inc. * 3
1,100 Exide Technologies * 7
700 Gentex Corp. 11
1,700 Johnson Controls, Inc. 41
700 Modine Manufacturing Co. 7
1,800 Tenneco, Inc. * 24
500 TRW Automotive Holdings Corp. * 8
542 WABCO Holdings, Inc. 13
---------------
170
---------------
AUTOMOBILE MANUFACTURERS (0.1%)
11,600 Ford Motor Co. * 81
700 Thor Industries, Inc. 18
---------------
99
---------------
AUTOMOTIVE RETAIL (0.1%)
900 Asbury Automotive Group, Inc. * 9
800 AutoNation, Inc. * 14
3,100 Group 1 Automotive, Inc. 79
600 Midas, Inc. * 5
200 Monro Muffler Brake, Inc. 6
800 Penske Automotive Group, Inc. 12
1,000 Pep Boys - Manny, Moe & Jack 9
---------------
134
---------------
BROADCASTING (0.0%)
1,900 Belo Corp. "A" 9
---------------
CABLE & SATELLITE (0.3%)
900 Cablevision Systems Corp. "A" 21
13,000 Comcast Corp. "A" 188
3,000 DIRECTV Group, Inc. * 79
1,200 DISH Network Corp. "A" * 21
500 Knology, Inc. * 5
700 Liberty Global, Inc. "A" * 14
900 Mediacom Communications Corp. "A" * 4
600 Scripps Networks Interactive "A" 23
3,400 Time Warner Cable, Inc. 134
2,000 Virgin Media, Inc. 28
---------------
517
---------------
CATALOG RETAIL (0.0%)
900 HSN, Inc. * 13
3,400 Liberty Media Corp. Interactive "A" * 39
---------------
52
---------------
COMPUTER & ELECTRONICS RETAIL (0.0%)
800 GameStop Corp. "A" * 19
1,300 hhgregg, Inc. * 22
700 RadioShack Corp. 12
1,800 Rent-A-Center, Inc. * 33
---------------
86
---------------
CONSUMER ELECTRONICS (0.0%)
900 Garmin Ltd. 27
200 Universal Electronics, Inc. * 4
---------------
31
---------------
DEPARTMENT STORES (0.1%)
2,100 J.C. Penney Co., Inc. 70
2,400 Macy's, Inc. 42
2,600 Saks, Inc. * 15
|
==============================================================================-=
Portfolio of Investments | 2
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
----------------------------------------------------------------------------------------------------------
200 Sears Holdings Corp. * $ 13
---------------
140
---------------
DISTRIBUTORS (0.0%)
400 Core-Mark Holding Co., Inc. * 11
600 LKQ Corp. * 10
---------------
21
---------------
EDUCATION SERVICES (0.3%)
1,800 Apollo Group, Inc. "A" * 103
700 Career Education Corp. * 15
30,800 Corinthian Colleges, Inc. * 488
300 Grand Canyon Education, Inc. * 5
600 ITT Educational Services, Inc. * 54
---------------
665
---------------
FOOTWEAR (0.1%)
1,900 Crocs, Inc. * 11
300 NIKE, Inc. "B" 19
1,800 Steven Madden Ltd. * 73
5,000 Timberland Co. "A" * 81
700 Wolverine World Wide, Inc. 18
---------------
202
---------------
GENERAL MERCHANDISE STORES (0.3%)
14,131 99 Cents Only Stores * 161
600 Big Lots, Inc. * 15
5,800 Dollar Tree, Inc. * 262
1,300 Family Dollar Stores, Inc. 37
500 Fred's, Inc. "A" 6
1,500 Target Corp. 72
---------------
553
---------------
HOME FURNISHINGS (0.1%)
2,500 La-Z-Boy, Inc. 18
800 Leggett & Platt, Inc. 15
3,700 Tempur-Pedic International, Inc. * 72
---------------
105
---------------
HOME IMPROVEMENT RETAIL (0.2%)
10,900 Home Depot, Inc. 273
2,500 Lowe's Companies, Inc. 49
---------------
322
---------------
HOMEBUILDING (0.0%)
300 Cavco Industries, Inc. * 9
---------------
HOMEFURNISHING RETAIL (0.0%)
600 Aaron's, Inc. 15
1,400 Haverty Furniture Companies, Inc. * 17
---------------
32
---------------
HOTELS, RESORTS, & CRUISE LINES (0.2%)
400 Ambassadors Group, Inc. 5
8,900 Carnival Corp. 259
1,800 Gaylord Entertainment Co. * 27
800 Interval Leisure Group, Inc. * 9
400 Marcus Corp. 5
1,600 Orient-Express Hotels Ltd. "A" * 14
900 Royal Caribbean Cruises Ltd. * 18
---------------
337
---------------
HOUSEHOLD APPLIANCES (0.0%)
1,200 Helen of Troy Ltd. * 28
314 iRobot Corp. * 4
|
3 | USAA First Start Growth Fund
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
----------------------------------------------------------------------------------------------------------
382 Whirlpool Corp. $ 27
---------------
59
---------------
HOUSEWARES & SPECIALTIES (0.1%)
9,400 American Greetings Corp. "A" 191
600 Jarden Corp. 16
1,000 Newell Rubbermaid, Inc. 15
500 Tupperware Brands Corp. 23
---------------
245
---------------
INTERNET RETAIL (0.2%)
600 Amazon.com, Inc. * 71
200 Blue Nile, Inc. * 12
5,000 Expedia, Inc. * 113
1,100 Netflix, Inc. * 59
640 NutriSystem, Inc. 14
700 Priceline.com, Inc. * 110
400 Shutterfly, Inc. * 6
900 Ticketmaster Entertainment, Inc. * 9
---------------
394
---------------
LEISURE FACILITIES (0.0%)
500 Vail Resorts, Inc. * 17
---------------
Leisure Products (0.1%)
5,200 Brunswick Corp. 49
3,400 Callaway Golf Co. 23
600 Hasbro, Inc. 17
2,600 Mattel, Inc. 49
1,300 Polaris Industries, Inc. 55
2,100 Smith & Wesson Holding Corp. * 9
---------------
202
---------------
MOVIES & ENTERTAINMENT (1.2%)
1,200 Cinemark Holdings, Inc. 14
1,252 CKX, Inc. * 8
500 DreamWorks Animation SKG, Inc. "A" * 16
1,100 IMAX Corp. * 11
1,300 Liberty Media Corp. - Capital "A" * 27
2,000 Live Nation, Inc. * 13
600 Marvel Entertainment, Inc. * 30
14,600 News Corp. "A" 168
10,000 News Corp. "B" (a) 136
600 Regal Entertainment Group "A" 8
60,000 Time Warner, Inc. 1,807
2,500 Viacom, Inc. "A" * 73
500 Warner Music Group Corp. * 3
---------------
2,314
---------------
PHOTOGRAPHIC PRODUCTS (0.0%)
6,100 Eastman Kodak Co. * 23
---------------
PUBLISHING (0.1%)
1,000 Gannett Co., Inc. 10
800 McGraw-Hill Companies, Inc. 23
900 Meredith Corp. 24
1,900 Morningstar, Inc. * 97
500 New York Times Co. "A" 4
500 Valassis Communications, Inc. * 9
---------------
167
---------------
RESTAURANTS (0.3%)
400 BJ's Restaurants, Inc. * 6
5,000 Bob Evans Farms, Inc. 131
600 Brinker International, Inc. 8
800 Buffalo Wild Wings, Inc. * 33
|
Portfolio of Investments | 4
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
----------------------------------------------------------------------------------------------------------
400 Burger King Holdings, Inc. $ 7
900 California Pizza Kitchen, Inc. * 12
900 Cheesecake Factory * 16
700 Chipotle Mexican Grill, Inc. "A" * 57
400 Cracker Barrel Old Country Store, Inc. 13
3,300 McDonald's Corp. 194
1,792 P.F. Chang's China Bistro, Inc. * 52
561 Panera Bread Co. "A" * 34
600 Peet's Coffee & Tea, Inc. * 21
1,400 Ruby Tuesday, Inc. * 9
528 Steak n Shake Co. * 6
2,600 Wendy's/Arby's Group, Inc. "A" 10
1,300 Yum! Brands, Inc. 43
---------------
652
---------------
SPECIALIZED CONSUMER SERVICES (0.2%)
400 Brinks Home Security Holdings, Inc. * 12
900 H&R Block, Inc. 17
7,600 Hillenbrand, Inc. 152
6,610 Regis Corp. 107
300 Steiner Leisure Ltd. * 11
1,800 Stewart Enterprises, Inc. "A" 8
---------------
307
---------------
SPECIALTY STORES (0.1%)
2,500 Barnes & Noble, Inc. 42
400 Big 5 Sporting Goods Corp. 6
1,100 Borders Group, Inc. * 2
600 Dick's Sporting Goods, Inc. * 14
500 Jo-Ann Stores, Inc. * 13
1,000 Office Depot, Inc. * 6
3,000 OfficeMax, Inc. * 34
800 PetSmart, Inc. 19
1,848 Sally Beauty Holdings, Inc. * 12
495 Tractor Supply Co. * 22
---------------
170
---------------
TIRES & RUBBER (0.1%)
6,900 Cooper Tire & Rubber Co. 105
---------------
Total Consumer Discretionary 9,514
---------------
CONSUMER STAPLES (3.2%)
-----------------------
AGRICULTURAL PRODUCTS (0.3%)
15,120 Archer-Daniels-Midland Co. 456
900 Bunge Ltd. 51
800 Fresh Del Monte Produce, Inc. * 17
100 Griffin Land & Nurseries, Inc. 3
---------------
527
---------------
DRUG RETAIL (0.2%)
10,500 CVS Caremark Corp. 371
1,600 Walgreen Co. 60
---------------
431
---------------
FOOD DISTRIBUTORS (0.1%)
404 Andersons, Inc. 13
200 Nash Finch Co. 6
1,000 Sysco Corp. 26
2,500 United Natural Foods, Inc. * 60
---------------
105
---------------
FOOD RETAIL (0.2%)
900 Casey's General Stores, Inc. 28
200 Ingles Markets, Inc. "A" 3
|
5 | USAA First Start Growth Fund
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
----------------------------------------------------------------------------------------------------------
2,600 Kroger Co. $ 60
300 Pantry, Inc. * 4
1,300 Ruddick Corp. 35
500 SUPERVALU, Inc. 8
300 Susser Holdings Corp. * 4
200 Village Super Market, Inc. "A" 6
1,010 Weis Markets, Inc. 36
18,600 Winn Dixie Stores, Inc. * 206
---------------
390
---------------
HOUSEHOLD PRODUCTS (0.9%)
1,722 Central Garden & Pet Co. * 17
1,300 Central Garden & Pet Co. "A" * 13
500 Clorox Co. 30
5,100 Colgate-Palmolive Co. 401
900 Kimberly-Clark Corp. 55
19,500 Procter & Gamble Co. 1,131
200 WD-40 Co. 6
---------------
1,653
---------------
HYPERMARKETS & SUPER CENTERS (0.1%)
500 Costco Wholesale Corp. 28
4,900 Wal-Mart Stores, Inc. 244
---------------
272
---------------
PACKAGED FOODS & MEAT (1.1%)
300 American Dairy, Inc. * 9
200 Cal-Maine Foods, Inc. 5
300 Calavo Growers, Inc. 5
9,800 Chiquita Brands International, Inc. * 159
7,000 Dean Foods Co. * 128
900 Del Monte Foods Co. 10
1,100 General Mills, Inc. 72
600 Green Mountain Coffee Roasters, Inc. * 40
1,000 H.J. Heinz Co. 40
100 Hormel Foods Corp. 4
400 Imperial Sugar Co. 5
600 J & J Snack Foods Corp. 23
40,400 Kraft Foods, Inc. "A" 1,112
3,209 Lancaster Colony Corp. 156
1,900 Lance, Inc. 46
1,900 Sara Lee Corp. 21
1,366 Smart Balance, Inc. * 7
800 Smithfield Foods, Inc. * 11
500 TreeHouse Foods, Inc. * 19
14,700 Tyson Foods, Inc. "A" 184
---------------
2,056
---------------
PERSONAL PRODUCTS (0.0%)
500 Alberto-Culver Co. 14
1,400 American Oriental Bioengineering, Inc. * 6
486 Elizabeth Arden, Inc. * 5
500 Estee Lauder Companies, Inc. "A" 21
500 Herbalife Ltd. 17
200 Mead Johnson Nutrition Co. 8
500 Nu Skin Enterprises, Inc. "A" 11
---------------
82
---------------
SOFT DRINKS (0.3%)
5,000 Coca-Cola Co. 267
3,400 Coca-Cola Enterprises, Inc. 65
900 Dr. Pepper Snapple Group, Inc. * 24
600 Hansen Natural Corp. * 22
400 National Beverage Corp. * 4
800 Pepsi Bottling Group, Inc. 30
|
Portfolio of Investments | 6
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
----------------------------------------------------------------------------------------------------------
400 PepsiAmericas, Inc. $ 12
2,700 PepsiCo, Inc. 163
---------------
587
---------------
Total Consumer Staples 6,103
---------------
ENERGY (4.2%)
-------------
COAL & CONSUMABLE FUELS (0.1%)
1,104 Alpha Natural Resources, Inc. * 37
900 CONSOL Energy, Inc. 38
700 James River Coal Co. * 13
400 Massey Energy Co. 12
500 Patriot Coal Corp. * 6
2,500 USEC, Inc. * 10
---------------
116
---------------
INTEGRATED OIL & GAS (2.1%)
6,200 Chevron Corp. 474
31,700 ConocoPhillips 1,591
20,900 Exxon Mobil Corp. 1,498
600 Hess Corp. 33
1,443 Marathon Oil Corp. 46
870 Murphy Oil Corp. 53
3,200 Occidental Petroleum Corp. 243
800 SandRidge Energy, Inc. * 8
---------------
3,946
---------------
OIL & GAS DRILLING (0.1%)
600 Atwood Oceanics, Inc. * 21
600 Diamond Offshore Drilling, Inc. 57
700 ENSCO International, Inc. 32
2,000 Hercules Offshore, Inc. * 10
3,100 Parker Drilling Co. * 16
1,008 Pioneer Drilling Co. * 7
760 Rowan Companies, Inc. 18
---------------
161
---------------
OIL & GAS EQUIPMENT & SERVICES (0.6%)
400 Bristow Group, Inc. * 12
1,100 CARBO Ceramics, Inc. 64
800 Complete Production Services, Inc. * 8
700 Dresser-Rand Group, Inc. * 21
400 Exterran Holdings, Inc. * 8
600 FMC Technologies, Inc. * 31
37,687 Global Industries Ltd. * 275
1,500 Halliburton Co. 44
200 Helix Energy Solutions Group, Inc. * 3
2,700 Key Energy Services, Inc. * 20
200 Lufkin Industries, Inc. 11
500 National-Oilwell Varco, Inc. * 20
400 Natural Gas Services Group, Inc. * 7
600 Oceaneering International, Inc. * 31
900 Oil States International, Inc. * 31
255 PHI, Inc. * 4
6,000 RPC, Inc. 56
7,500 Schlumberger Ltd. 466
500 Seacor Holdings, Inc. * 41
600 Tidewater, Inc. 25
4,500 Willbros Group, Inc. * 59
---------------
1,237
---------------
OIL & GAS EXPLORATION & PRODUCTION (1.1%)
6,500 Anadarko Petroleum Corp. 396
8,900 Apache Corp. 838
500 Atlas Energy, Inc. 13
|
7 | USAA First Start Growth Fund
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
----------------------------------------------------------------------------------------------------------
500 Berry Petroleum Co. "A" $ 13
452 Bill Barrett Corp. * 14
2,500 BPZ Resources, Inc. * 16
1,800 Brigham Exploration Co. * 17
500 Carrizo Oil & Gas, Inc. * 12
3,400 Chesapeake Energy Corp. 83
200 Clayton Williams Energy, Inc. * 5
600 Comstock Resources, Inc. * 25
300 Contango Oil & Gas Co. * 14
4,000 Devon Energy Corp. 259
700 EOG Resources, Inc. 57
1,000 FX Energy, Inc. * 3
4,700 Gran Tierra Energy, Inc. * 22
800 McMoRan Exploration Co. * 6
700 Newfield Exploration Co. * 29
5,900 Oilsands Quest, Inc. * 7
1,100 Penn Virginia Corp. 22
800 Pioneer Natural Resources Co. 33
600 Quicksilver Resources, Inc. * 7
800 Rex Energy Corp. * 6
700 Southwestern Energy Co. * 30
1,256 VAALCO Energy, Inc. 5
12,500 W&T Offshore, Inc. 146
1,000 XTO Energy, Inc. 42
---------------
2,120
---------------
OIL & GAS REFINING & MARKETING (0.1%)
100 Frontier Oil Corp. 1
600 Tesoro Corp. 9
11,300 Valero Energy Corp. 205
---------------
215
---------------
OIL & GAS STORAGE & TRANSPORTATION (0.1%)
1,000 Crosstex Energy, Inc. 6
1,100 DHT Maritime, Inc. 4
700 Golar LNG Ltd. 8
1,700 Knightsbridge Tankers Ltd. 22
900 Nordic American Tanker Shipping Ltd. 25
500 Overseas Shipholding Group, Inc. 20
920 Ship Finance International Ltd. 10
700 Southern Union Co. 14
800 Williams Companies, Inc. 15
---------------
124
---------------
Total Energy 7,919
---------------
FINANCIALS (9.9%)
-----------------
ASSET MANAGEMENT & CUSTODY BANKS (0.8%)
3,800 Allied Capital Corp. 12
5,934 American Capital Ltd. * 16
4,678 Apollo Investment Corp. 42
2,122 Ares Capital Corp. 22
36,900 Bank of New York Mellon Corp. 984
1,000 BlackRock, Inc. "A" 217
100 Capital Southwest Corp. 7
600 Federated Investors, Inc. "B" 16
100 GAMCO Investors, Inc. "A" 4
400 Gladstone Capital Corp. 3
1,300 GLG Partners, Inc. * 3
783 Hercules Technology Growth Capital, Inc. 7
3,000 Invesco Ltd. ADR 63
600 Janus Capital Group, Inc. 8
700 Och-Ziff Capital Management Group LLC 9
1,500 Penson Worldwide, Inc. * 15
|
Portfolio of Investments | 8
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
----------------------------------------------------------------------------------------------------------
1,100 Prospect Capital Corp. $ 11
1,653 State Street Corp. 69
4 Teton Advisors, Inc. "B", acquired 3/24/2009; cost $0 (b),(c) --
105 Virtus Investments Partners, Inc. * 2
600 Waddell & Reed Financial, Inc. "A" 17
200 Westwood Holdings Group, Inc. 7
---------------
1,534
---------------
CONSUMER FINANCE (1.3%)
1,000 Advance America, Cash Advance Centers, Inc. 5
17,900 American Express Co. 624
45,400 Capital One Financial Corp. 1,662
220 Cardtronics, Inc. * 2
8,200 SLM Corp. * 79
700 World Acceptance Corp. * 17
---------------
2,389
---------------
DIVERSIFIED BANKS (0.9%)
700 Banco Latinoamericano de Exportaciones S.A. "E" 10
24,400 U.S. Bancorp 566
39,900 Wells Fargo & Co. 1,098
---------------
1,674
---------------
DIVERSIFIED REAL ESTATE ACTIVITIES (0.0%)
100 Consolidated-Tomoka Land Co. 4
200 Tejon Ranch Co. * 5
---------------
9
---------------
INSURANCE BROKERS (0.1%)
1,200 Aon Corp. 46
3,011 Arthur J. Gallagher & Co. 67
400 eHealth, Inc. * 6
---------------
119
---------------
INVESTMENT BANKING & BROKERAGE (1.0%)
1,000 BGC Partners, Inc. "A" 5
2,100 Charles Schwab Corp. 36
263 Evercore Partners, Inc. "A" 9
5,500 Goldman Sachs Group, Inc. 936
1,300 Investment Technology Group, Inc. * 28
465 KBW, Inc. * 13
500 Knight Capital Group, Inc. "A" * 8
1,200 LaBranche & Co., Inc. * 3
500 Lazard Ltd. "A" 19
2,100 MF Global Ltd. * 15
21,100 Morgan Stanley 678
100 Piper Jaffray Co., Inc. * 5
600 Raymond James Financial, Inc. 14
600 SWS Group, Inc. 8
800 TD Ameritrade Holding Corp. * 16
700 TradeStation Group, Inc. * 5
---------------
1,798
---------------
LIFE & HEALTH INSURANCE (0.4%)
1,710 AFLAC, Inc. 71
800 American Equity Investment Life Insurance Co. 5
661 Citizens, Inc. * 4
4,300 Conseco, Inc. * 22
2,800 Lincoln National Corp. 67
3,100 MetLife, Inc. 105
100 National Western Life Insurance Co. "A" 18
400 Presidential Life Corp. 4
700 Principal Financial Group, Inc. 18
2,300 Protective Life Corp. 44
6,600 Prudential Financial, Inc. 299
|
9 | USAA First Start Growth Fund
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
----------------------------------------------------------------------------------------------------------
600 StanCorp Financial Group, Inc. $ 22
600 Torchmark Corp. 24
7,100 Unum Group 142
---------------
845
---------------
MULTI-LINE INSURANCE (0.6%)
600 American Financial Group, Inc. 15
12,000 American International Group, Inc. *(a) 403
500 Assurant, Inc. 15
17,500 Genworth Financial, Inc. "A" * 186
10,200 Hartford Financial Services Group, Inc. 250
800 HCC Insurance Holdings, Inc. 21
1,602 Horace Mann Educators Corp. 20
600 Loews Corp. 20
6,200 Unitrin, Inc. 122
---------------
1,052
---------------
MULTI-SECTOR HOLDINGS (0.0%)
1,000 Compass Diversified Holdings 10
700 PICO Holdings, Inc. * 24
---------------
34
---------------
OTHER DIVERSIFIED FINANCIAL SERVICES (1.3%)
28,700 Bank of America Corp. 418
104,300 Citigroup, Inc. 427
36,300 JPMorgan Chase & Co. 1,516
---------------
2,361
---------------
PROPERTY & CASUALTY INSURANCE (0.8%)
400 Allied World Assurance Co. Holdings Ltd. 18
1,600 Allstate Corp. 47
60,300 Ambac Financial Group, Inc. (a) 69
169 American Physicians Capital, Inc. 5
400 Amerisafe, Inc. * 7
600 Argo Group International Holdings Ltd. * 20
600 Aspen Insurance Holdings Ltd. 15
1,300 Assured Guaranty Ltd. 22
1,100 Axis Capital Holdings Ltd. 32
1,000 Baldwin & Lyons, Inc. "B" 23
500 Chubb Corp. 24
600 CNA Financial Corp. * 13
300 CNA Surety Corp. * 4
500 Donegal Group, Inc. "A" 7
8,218 Employers Holdings, Inc. 122
600 First American Corp. 18
300 First Mercury Financial Corp. 4
300 FPIC Insurance Group, Inc. * 10
1,500 Harleysville Group, Inc. 47
1,000 Hilltop Holdings, Inc. * 12
300 Infinity Property & Casualty Corp. 12
900 MBIA, Inc. * 4
1,200 Meadowbrook Insurance Group, Inc. 8
200 National Interstate Corp. 4
200 Navigators Group, Inc. * 11
400 ProAssurance Corp. * 20
1,000 Progressive Corp. * 16
400 RLI Corp. 20
239 Safety Insurance Group, Inc. 8
7,650 Selective Insurance Group, Inc. 117
3,343 State Auto Financial Corp. 54
511 Tower Group, Inc. 13
12,700 Travelers Companies, Inc. 632
800 United American Indemnity Ltd. "A" * 6
300 United Fire & Casualty Co. 5
700 W.R. Berkley Corp. 17
|
Portfolio of Investments | 10
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
----------------------------------------------------------------------------------------------------------
100 White Mountains Insurance Group Ltd. $ 31
400 XL Capital Ltd. "A" 7
---------------
1,504
---------------
REAL ESTATE SERVICES (0.0%)
3,333 Altisource Portfolio Solutions S.A. * 51
---------------
REGIONAL BANKS (1.1%)
200 Ames National Corp. 4
206 Arrow Financial Corp. 5
300 BancFirst Corp. 11
600 BancorpSouth, Inc. 14
500 Bank of Hawaii Corp. 22
700 Bank of the Ozarks, Inc. 16
5,400 BB&T Corp. 129
1,400 Boston Private Financial Holdings, Inc. 8
100 Camden National Corp. 3
237 Capital City Bank Group, Inc. 3
1,700 CapitalSource, Inc. 6
600 Cardinal Financial Corp. 5
1,625 Cathay General Bancorp 14
800 Chemical Financial Corp. 18
175 Citizens & Northern Corp. 2
700 City Holding Co. 21
1,900 Columbia Banking System, Inc. 28
2,500 Community Bank System, Inc. 47
300 Community Trust Bancorp, Inc. 7
800 Cullen/Frost Bankers, Inc. 37
3,395 CVB Financial Corp. 27
3,140 East West Bancorp, Inc. 28
1,200 F.N.B. Corp. 8
200 Farmers Capital Bank Corp. 2
2,000 First BanCorp 4
256 First Bancorp 3
300 First Bancorp, Inc. 5
189 First Citizens BancShares, Inc. "A" 28
3,625 First Commonwealth Financial Corp. 19
1,100 First Financial Bancorp 14
1,362 First Financial Bankshares, Inc. 66
500 First Financial Corp. 14
2,505 First Midwest Bancorp, Inc. 26
1,482 Firstmerit Corp. 28
7,100 Fulton Financial Corp. 59
900 Glacier Bancorp, Inc. 12
400 Hancock Holding Co. 15
1,002 Harleysville National Corp. 6
273 Heartland Financial USA, Inc. 3
516 Home BancShares, Inc. 11
5,165 Huntington Bancshares, Inc. 20
200 IBERIABANK Corp. 9
400 Independent Bank Corp. 9
1,900 International Bancshares Corp. 28
3,200 KeyCorp 17
800 Lakeland Bancorp, Inc. 5
500 Lakeland Financial Corp. 10
517 M&T Bank Corp. 32
900 MainSource Financial Group, Inc. 5
1,300 Marshall & Ilsley Corp. 7
700 MB Financial, Inc. 13
1,900 National Penn Bancshares, Inc. 11
1,500 NBT Bancorp, Inc. 33
300 Northfield Bancorp, Inc. 4
4,400 Old National Bancorp 46
400 Pacific Continental Corp. 4
200 Park National Corp. 12
|
11 | USAA First Start Growth Fund
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
----------------------------------------------------------------------------------------------------------
400 Pinnacle Financial Partners, Inc. * $ 5
3,548 PNC Financial Services Group, Inc. 174
4,300 PrivateBancorp, Inc. 39
400 Prosperity Bancshares, Inc. 14
6,065 Regions Financial Corp. 29
1,000 Renasant Corp. 15
200 Republic Bancorp, Inc. "A" 4
3,900 S&T Bancorp, Inc. 61
600 S.Y. Bancorp, Inc. 13
700 Sandy Spring Bancorp, Inc. 8
400 SCBT Financial Corp. 10
1,000 Signature Bank * 32
600 Simmons First National Corp. "A" 18
525 Southside Bancshares, Inc. 11
700 Sterling Bancorp 5
1,100 Sterling Financial Corp. * 1
200 Suffolk Bancorp 6
12,200 SunTrust Banks, Inc. 233
2,300 Susquehanna Bancshares, Inc. 13
2,700 Synovus Financial Corp. 6
900 Texas Capital Bancshares, Inc. * 13
300 Tompkins Financial Corp. 13
400 TowneBank 5
600 TriCo Bancshares 9
700 Trustmark Corp. 13
2,200 UMB Financial Corp. 87
5,520 Umpqua Holdings Corp. 55
500 Union Bankshares Corp. 6
500 United Bankshares, Inc. 9
827 United Community Banks, Inc. * 3
169 United Security Bancshares, Inc. * --
400 Univest Corp. 8
675 Valley National Bancorp 9
300 Washington Trust Bancorp, Inc. 5
400 WesBanco, Inc. 6
2,300 Westamerica Bancorp 110
1,900 Whitney Holding Corp. 15
700 Wilmington Trust Corp. 8
600 Zions Bancorp 8
---------------
2,122
---------------
REINSURANCE (0.2%)
300 Arch Capital Group Ltd. * 20
4,200 Endurance Specialty Holdings Ltd. 151
200 Enstar Group Ltd. * 12
400 Everest Reinsurance Group Ltd. 35
2,772 Flagstone Reinsurance Holdings Ltd. 31
1,000 Greenlight Capital Re Ltd. "A" * 19
1,000 Maiden Holdings Ltd. 7
1,000 Max Capital Group Ltd. 21
1,800 Montpelier Re Holdings Ltd. 29
400 PartnerRe Ltd. 31
1,100 Platinum Underwriters Holdings Ltd. 39
500 RenaissanceRe Holdings Ltd. 26
500 Transatlantic Holdings, Inc. 25
600 Validus Holdings Ltd. 15
---------------
461
---------------
REITS - DIVERSIFIED (0.1%)
1,100 Colonial Properties Trust 11
7,398 Cousins Properties, Inc. 54
1,300 Investors Real Estate Trust 11
600 Liberty Property Trust, Inc. 18
3 One Liberty Properties, Inc. --
400 PS Business Parks, Inc. 20
|
Portfolio of Investments | 12
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
----------------------------------------------------------------------------------------------------------
609 Vornado Realty Trust $ 36
1,200 Washington REIT 32
---------------
182
---------------
REITS - INDUSTRIAL (0.1%)
500 AMB Property Corp. 11
4,300 DCT Industrial Trust, Inc. 19
500 DuPont Fabros Technology, Inc. * 8
600 EastGroup Properties, Inc. 22
900 First Industrial Realty Trust, Inc. 4
600 First Potomac Realty Trust 7
5,400 ProLogis 61
---------------
132
---------------
REITS - MORTGAGE (0.2%)
17,700 Annaly Capital Management, Inc. 299
2,200 Anworth Mortgage Asset Corp. 16
1,300 Capstead Mortgage Corp. 17
4,800 Chimera Investment Corp. 17
800 Hatteras Financial Corp. 23
4,700 MFA Mortgage Investments, Inc. 35
1,100 Redwood Trust, Inc. 15
---------------
422
---------------
REITS - OFFICE (0.1%)
200 Alexandria Real Estate Equities, Inc. 11
2,100 BioMed Realty Trust, Inc. 28
500 Boston Properties, Inc. 30
600 Brandywine Realty Trust 6
400 Corporate Office Properties Trust 13
400 Digital Realty Trust, Inc. 18
500 Douglas Emmett, Inc. 6
600 Duke Realty Corp. 7
1,300 Franklin Street Properties Corp. 14
600 Highwoods Properties, Inc. 17
800 HRPT Properties Trust 6
800 Kilroy Realty Corp. 22
1,958 Lexington Realty Trust 8
500 Mack-Cali Realty Corp. 15
400 Parkway Properties, Inc. 7
400 SL Green Realty Corp. 16
---------------
224
---------------
REITS - RESIDENTIAL (0.1%)
1,100 American Campus Communities, Inc. 30
500 Apartment Investment & Management Co. "A" 6
400 AvalonBay Communities, Inc. 28
300 BRE Properties, Inc. 8
400 Camden Property Trust 14
400 Equity LifeStyle Properties, Inc. 19
1,100 Equity Residential Properties Trust 32
200 Essex Property Trust, Inc. 15
700 Home Properties, Inc. 27
600 Mid-America Apartment Communities, Inc. 26
900 Post Properties, Inc. 15
300 Sun Communities, Inc. 5
600 UDR, Inc. 9
---------------
234
---------------
REITS - RETAIL (0.2%)
823 Acadia Realty Trust 13
1,600 CBL & Associates Properties, Inc. 13
800 Cedar Shopping Centers, Inc. 5
3,000 Developers Diversified Realty Corp. 26
800 Equity One, Inc. 12
|
13 | USAA First Start Growth Fund
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
----------------------------------------------------------------------------------------------------------
400 Federal Realty Investment Trust $ 24
351 Getty Realty Corp. 8
1,600 Inland Real Estate Corp. 14
700 Kimco Realty Corp. 9
410 Macerich Co. 12
1,800 National Retail Properties, Inc. 35
800 Pennsylvania REIT 6
600 Realty Income Corp. 14
400 Regency Centers Corp. 13
1,514 Simon Property Group, Inc. 103
800 Tanger Factory Outlet Centers, Inc. 30
400 Taubman Centers, Inc. 12
400 Urstadt Biddle Properties, Inc. "A" 6
600 Weingarten Realty Investors 11
---------------
366
---------------
REITS - SPECIALIZED (0.4%)
2,800 DiamondRock Hospitality Co. * 21
800 Entertainment Properties Trust 27
1,900 Extra Space Storage, Inc. 18
6,100 HCP, Inc. 181
2,500 Health Care REIT, Inc. 111
2,400 Healthcare Realty Trust, Inc. 50
600 Hospitality Properties Trust 12
900 Host Hotels & Resorts, Inc. 9
200 LaSalle Hotel Properties 3
500 LTC Properties, Inc. 12
1,700 Medical Properties Trust, Inc. 14
500 National Health Investors, Inc. 15
700 Nationwide Health Properties, Inc. 23
1,700 OMEGA Healthcare Investors, Inc. 26
700 Plum Creek Timber Co., Inc. 22
900 Potlatch Corp. 25
600 Public Storage 44
2,500 Rayonier, Inc. 96
700 Senior Housing Properties Trust 13
500 Sovran Self Storage, Inc. 15
1,704 Sunstone Hotel Investors, Inc. * 13
1,700 U-Store-It Trust 10
200 Universal Health Realty Income Trust 6
700 Ventas, Inc. 28
---------------
794
---------------
SPECIALIZED FINANCE (0.0%)
1,300 MarketAxess Holdings, Inc. * 16
800 Moody's Corp. 19
600 MSCI, Inc. "A" * 18
200 Portfolio Recovery Associates, Inc. * 9
---------------
62
---------------
THRIFTS & MORTGAGE FINANCE (0.2%)
500 Abington Bancorp, Inc. 3
500 Astoria Financial Corp. 5
900 Bank Mutual Corp. 6
800 BankFinancial Corp. 8
500 Beneficial Mutual Bancorp, Inc. * 5
400 Berkshire Hills Bancorp, Inc. 8
800 Brookline Bancorp, Inc. 8
300 Clifton Savings Bancorp, Inc. 3
300 Danvers Bancorp, Inc. 4
700 Essa Bancorp, Inc. 8
500 First Financial Holdings, Inc. 7
600 First Niagara Financial Group, Inc. 8
400 Flushing Financial Corp. 4
4,742 Kearny Financial Corp. 47
|
Portfolio of Investments | 14
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
----------------------------------------------------------------------------------------------------------
3,500 MGIC Investment Corp. * $ 15
3,100 NewAlliance Bancshares, Inc. 34
900 Northwest Bancorp, Inc. 20
400 OceanFirst Financial Corp. 4
500 Ocwen Financial Corp. * 5
2,800 Provident Financial Services, Inc. 30
731 Provident New York Bancorp 6
2,000 Radian Group, Inc. 12
400 Rockville Financial, Inc. 4
6,710 TrustCo Bank Corp. NY 40
300 United Financial Bancorp, Inc. 4
500 ViewPoint Financial Group 7
500 Westfield Financial, Inc. 4
---------------
309
---------------
Total Financials 18,678
---------------
HEALTH CARE (6.2%)
------------------
BIOTECHNOLOGY (0.9%)
6,900 Alkermes, Inc. * 55
445 Alnylam Pharmaceuticals, Inc. * 8
13,000 Amgen, Inc. * 698
1,900 Arena Pharmaceuticals, Inc. * 7
900 ArQule, Inc. * 3
1,000 Array BioPharma, Inc. * 2
600 Biogen Idec, Inc. * 25
1,700 Celera Corp. * 11
1,400 Celgene Corp. * 71
500 Cepheid * 7
2,000 Cubist Pharmaceuticals, Inc. * 34
1,400 Dyax Corp. * 4
1,000 Enzon Pharmaceuticals, Inc. * 8
400 Genomic Health, Inc. * 7
5,300 Genzyme Corp. * 268
3,200 Gilead Sciences, Inc. * 136
3,000 Human Genome Sciences, Inc. * 56
2,177 Immunogen, Inc. * 15
13,000 Incyte Corp. * 77
300 InterMune, Inc. * 4
700 Martek Biosciences Corp. * 13
300 Medivation, Inc. * 8
800 Momenta Pharmaceuticals, Inc. * 7
700 Myriad Genetics, Inc. * 17
600 Myriad Pharmaceuticals, Inc. * 3
1,200 NPS Pharmaceuticals, Inc. * 4
2,100 OPKO Health, Inc. * 5
400 OSI Pharmaceuticals, Inc. * 13
2,220 PDL BioPharma, Inc. 19
400 Pharmasset, Inc. * 7
700 Protalix BioTherapeutics, Inc. * 7
1,300 Regeneron Pharmaceuticals, Inc. * 20
900 Sangamo Biosciences, Inc. * 5
100 Savient Pharmaceuticals, Inc. * 1
700 Seattle Genetics, Inc. * 6
300 Theravance, Inc. * 4
400 United Therapeutics Corp. * 17
800 ZymoGenetics, Inc. * 4
---------------
1,656
---------------
HEALTH CARE DISTRIBUTORS (0.0%)
600 AmerisourceBergen Corp. 13
200 MWI Veterinary Supply, Inc. * 7
---------------
20
---------------
|
15 | USAA First Start Growth Fund
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
----------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT (1.3%)
900 Abaxis, Inc. * $ 20
1,200 ABIOMED, Inc. * 11
800 Accuray, Inc. * 5
700 American Medical Systems Holdings, Inc. * 11
1,100 AngioDynamics, Inc. * 17
800 Baxter International, Inc. 43
600 Beckman Coulter, Inc. 38
173,600 Boston Scientific Corp. * 1,410
700 Conceptus, Inc. * 12
600 CryoLife, Inc. * 4
600 Cyberonics, Inc. * 9
1,000 DexCom, Inc. * 7
200 Edwards Lifesciences Corp. * 15
4,015 Greatbatch, Inc. * 79
300 Hospira, Inc. * 13
100 Intuitive Surgical, Inc. * 25
505 Invacare Corp. 11
700 IRIS International, Inc. * 7
200 Kensey Nash Corp. * 5
600 Kinetic Concepts, Inc. * 20
600 Masimo Corp. * 16
2,700 Medtronic, Inc. 96
600 Natus Medical, Inc. * 8
500 NuVasive, Inc. * 18
300 Orthofix International N.V. * 10
1,500 Orthovita, Inc. * 5
500 Palomar Medical Technologies, Inc. * 5
600 ResMed, Inc. * 29
500 Somanetics Corp. * 7
1,400 St. Jude Medical, Inc. * 48
100 Steris Corp. 3
600 Stryker Corp. 28
300 SurModics, Inc. * 8
700 Symmetry Medical, Inc. * 5
500 Synovis Life Technologies, Inc. * 6
12,900 Thoratec Corp. * 339
700 Varian Medical Systems, Inc. * 29
1,100 Volcano Corp. * 16
400 ZOLL Medical Corp. * 8
---------------
2,446
---------------
HEALTH CARE FACILITIES (0.2%)
900 AmSurg Corp. * 19
600 Community Health Systems, Inc. * 19
200 Ensign Group, Inc. 3
1,100 Hanger Orthopedic Group, Inc. * 15
800 Health Management Associates, Inc. "A" * 5
1,800 HealthSouth Corp. * 26
7,079 Kindred Healthcare, Inc. * 104
300 MedCath Corp. * 2
200 National Healthcare Corp. 7
2,600 Psychiatric Solutions, Inc. * 54
400 Sun Healthcare Group, Inc. * 4
1,400 Tenet Healthcare Corp. * 7
262 U.S. Physical Therapy, Inc. * 4
---------------
269
---------------
HEALTH CARE SERVICES (0.2%)
200 Air Methods Corp. * 6
700 Amedisys, Inc. * 28
400 Bio-Reference Laboratories, Inc. * 13
3,300 Catalyst Health Solutions, Inc. * 104
191 CorVel Corp. * 5
|
Portfolio of Investments | 16
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
----------------------------------------------------------------------------------------------------------
635 Cross Country Healthcare, Inc. * $ 5
100 Emergency Medical Services Corp. "A" * 5
400 Express Scripts, Inc. * 32
900 Gentiva Health Services, Inc. * 22
400 Healthways, Inc. * 6
300 HMS Holdings Corp. * 13
500 inVentiv Health, Inc. * 9
300 IPC The Hospitalist Co., Inc. * 9
200 Landauer, Inc. 10
584 Lincare Holdings, Inc. * 18
1,700 Medco Health Solutions, Inc. * 95
700 Odyssey Healthcare, Inc. * 10
700 Omnicare, Inc. 15
500 Quest Diagnostics, Inc. 28
372 RehabCare Group, Inc. * 7
496 ResCare, Inc. * 6
---------------
446
---------------
HEALTH CARE SUPPLIES (0.1%)
2,600 Align Technology, Inc. * 41
600 Cooper Companies, Inc. 17
400 Haemonetics Corp. * 21
100 ICU Medical, Inc. * 3
3,600 Immucor Corp. * 64
600 Inverness Medical Innovations, Inc. * 23
400 Medical Action Industries, Inc. * 4
600 Merit Medical Systems, Inc. * 10
400 Neogen Corp. * 13
1,300 RTI Biologics, Inc. * 5
500 TranS1, Inc. * 2
---------------
203
---------------
HEALTH CARE TECHNOLOGY (0.1%)
600 Cerner Corp. * 45
400 Computer Programs and Systems, Inc. 17
200 Eclipsys Corp. * 4
800 IMS Health, Inc. 13
1,400 Omnicell, Inc. * 14
700 Vital Images, Inc. * 8
---------------
101
---------------
LIFE SCIENCES TOOLS & SERVICES (0.1%)
2,400 Affymetrix, Inc. * 13
1,600 Bio-Rad Laboratories, Inc. "A" * 143
800 Enzo Biochem, Inc. * 4
700 eResearch Technology, Inc. * 5
2,500 Exelixis, Inc. * 15
500 Luminex Corp. * 7
1,100 Nektar Therapeutics * 9
300 Pharmaceutical Product Development, Inc. 7
2,000 Sequenom, Inc. * 6
700 Waters Corp. * 40
---------------
249
---------------
MANAGED HEALTH CARE (0.2%)
1,315 Aetna, Inc. 34
500 AMERIGROUP Corp. * 11
635 CIGNA Corp. 18
730 Coventry Health Care, Inc. * 14
1,010 HealthSpring, Inc. * 14
600 Humana, Inc. * 23
700 Magellan Health Services, Inc. * 22
1,800 Molina Healthcare, Inc. * 34
400 Triple-S Management Corp. "B" * 7
2,100 UnitedHealth Group, Inc. 55
|
17 | USAA First Start Growth Fund
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
----------------------------------------------------------------------------------------------------------
1,000 WellPoint, Inc. * $ 47
---------------
279
---------------
PHARMACEUTICALS (3.1%)
5,900 Abbott Laboratories 298
500 Allergan, Inc. 28
440 Biomimetic Therapeutics, Inc. * 5
700 BMP Sunstone Corp. * 3
72,500 Bristol-Myers Squibb Co. 1,580
300 Cadence Pharmaceuticals, Inc. * 3
1,100 DepoMed, Inc. * 3
2,200 Eli Lilly and Co. 75
528 Endo Pharmaceuticals Holdings, Inc. * 12
600 Forest Laboratories, Inc. * 17
1,300 Impax Laboratories, Inc. * 12
10,600 Johnson & Johnson 626
1,200 MAP Pharmaceuticals, Inc. * 10
13,700 Medicines Co. * 98
415 Medicis Pharmaceutical Corp. "A" 9
4,000 Merck & Co., Inc. 124
5,800 Mylan, Inc. * 94
600 Optimer Pharmaceuticals, Inc. * 7
50,284 Pfizer, Inc. 856
500 Pozen, Inc. * 3
1,300 Salix Pharmaceuticals Ltd. * 24
66,000 Schering-Plough Corp. 1,861
376 Teva Pharmaceutical Industries Ltd. ADR 19
2,984 Valeant Pharmaceuticals International * 88
800 ViroPharma, Inc. * 6
1,900 VIVUS, Inc. * 15
700 Watson Pharmaceuticals, Inc. * 24
---------------
5,900
---------------
Total Health Care 11,569
---------------
INDUSTRIALS (3.5%)
------------------
AEROSPACE & DEFENSE (0.8%)
200 AeroVironment, Inc. * 5
200 American Science and Engineering, Inc. 13
500 Applied Signal Technology, Inc. 10
200 Argon ST, Inc. * 4
1,100 Boeing Co. 53
2,200 Cubic Corp. 76
200 DynCorp International, Inc. "A" * 3
700 General Dynamics Corp. 44
600 Goodrich Corp. 33
500 HEICO Corp. 19
500 Herley Industries, Inc. * 6
200 Hexcel Corp. * 2
1,600 Honeywell International, Inc. 57
800 ITT Corp. 41
1,000 Lockheed Martin Corp. 69
11,000 Northrop Grumman Corp. 551
7,300 Raytheon Co. 331
700 Rockwell Collins, Inc. 35
710 Spirit AeroSystems Holdings, Inc. "A" * 11
1,400 TASER International, Inc. * 6
1,400 United Technologies Corp. 86
---------------
1,455
---------------
AIR FREIGHT & LOGISTICS (0.3%)
5,100 FedEx Corp. 371
3,600 United Parcel Service, Inc. "B" 193
|
Portfolio of Investments | 18
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
----------------------------------------------------------------------------------------------------------
800 UTi Worldwide, Inc. $ 10
---------------
574
---------------
AIRLINES (0.1%)
8,670 AirTran Holdings, Inc. * 37
2,220 Alaska Air Group, Inc. * 57
1,700 Allegiant Travel Co. * 64
500 AMR Corp. * 3
300 Copa Holdings S.A. "A" 13
5,700 JetBlue Airways Corp. * 28
3,800 UAL Corp. * 25
3,400 US Airways Group, Inc. * 10
---------------
237
---------------
BUILDING PRODUCTS (0.3%)
1,200 AAON, Inc. 22
233 American Woodmark Corp. 5
9,500 Armstrong World Industries, Inc. * 354
10,487 Griffon Corp. * 92
500 Lennox International, Inc. 17
800 Quanex Building Products Corp. 12
1,212 Trex Co., Inc. * 19
500 USG Corp. * 6
---------------
527
---------------
COMMERCIAL PRINTING (0.1%)
1,000 Cenveo, Inc. * 7
400 Courier Corp. 6
5,610 Deluxe Corp. 80
1,900 R.R. Donnelley & Sons Co. 38
---------------
131
---------------
CONSTRUCTION & ENGINEERING (0.1%)
600 AECOM Technology Corp. * 15
2,422 Dycom Industries, Inc. * 24
400 EMCOR Group, Inc. * 9
1,600 Fluor Corp. 71
800 Furmanite Corp. * 3
1,500 Granite Construction, Inc. 43
800 Great Lakes Dredge & Dock Corp. 5
600 Jacobs Engineering Group, Inc. * 25
800 KBR, Inc. 16
100 Michael Baker Corp. * 4
600 Shaw Group, Inc. * 15
400 Sterling Construction Co., Inc. * 7
---------------
237
---------------
CONSTRUCTION & FARM MACHINERY & HEAVY TRUCKS (0.1%)
500 Bucyrus International, Inc. 22
1,800 Caterpillar, Inc. 99
10,260 Federal Signal Corp. 63
4,200 Force Protection, Inc. * 18
600 Joy Global, Inc. 30
100 Lindsay Corp. 3
500 Manitowoc Co., Inc. 5
500 Navistar International Corp. * 17
700 Oshkosh Corp. 22
700 Trinity Industries, Inc. 12
---------------
291
---------------
DIVERSIFIED SUPPORT SERVICES (0.0%)
800 Cintas Corp. 22
800 Comfort Systems USA, Inc. 9
398 G & K Services, Inc. "A" 9
|
19 | USAA First Start Growth Fund
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
----------------------------------------------------------------------------------------------------------
700 Mobile Mini, Inc. * $ 10
---------------
50
---------------
ELECTRICAL COMPONENTS & EQUIPMENT (0.3%)
900 A. O. Smith Corp. 36
1,100 Advanced Battery Technology, Inc. * 4
1,800 American Superconductor Corp. * 60
1,100 Belden, Inc. 25
500 Brady Corp. "A" 14
3,800 Cooper Industries plc "A" 147
1,100 Emerson Electric Co. 41
500 Encore Wire Corp. 10
4,200 EnerSys * 93
333 Franklin Electric Co., Inc. 9
1,500 FuelCell Energy, Inc. * 5
700 GT Solar International, Inc. * 4
300 Harbin Electric, Inc. * 5
200 Powell Industries, Inc. * 7
100 Preformed Line Products Co. 4
955 SunPower Corp. "A" * 24
500 Thomas & Betts Corp. * 17
1,400 Woodward Governor Co. 33
---------------
538
---------------
ENVIRONMENTAL & FACILITIES SERVICES (0.1%)
493 ABM Industries, Inc. 9
10,408 Energy Solutions, Inc. 87
1,300 Waste Management, Inc. 39
---------------
135
---------------
HEAVY ELECTRICAL EQUIPMENT (0.0%)
6,400 Capstone Turbine Corp. *(a) 7
---------------
HUMAN RESOURCE & EMPLOYMENT SERVICES (0.0%)
700 Kforce, Inc. * 8
1,200 Spherion Corp. * 6
900 TrueBlue, Inc. * 11
1,107 Watson Wyatt Worldwide, Inc. "A" 48
---------------
73
---------------
INDUSTRIAL CONGLOMERATES (0.6%)
2,400 3M Co. 177
600 Carlisle Companies, Inc. 19
68,800 General Electric Co. 981
1,700 McDermott International, Inc. * 38
2,900 Tredegar Corp. 39
---------------
1,254
---------------
INDUSTRIAL MACHINERY (0.2%)
600 Altra Holdings, Inc. * 5
300 Badger Meter, Inc. 11
1,900 Blount International, Inc. * 17
1,100 Briggs & Stratton Corp. 21
286 China Fire & Security Group, Inc. * 4
200 CIRCOR International, Inc. 5
2,830 Crane Co. 79
600 Flowserve Corp. 59
379 Gorman-Rupp Co. 9
555 Harsco Corp. 17
600 John Bean Technologies Corp. 10
100 K-Tron International, Inc. * 9
600 Kadant, Inc. * 8
400 Kaydon Corp. 14
200 L.B. Foster Co. "A" * 6
219 Middleby Corp. * 10
|
Portfolio of Investments | 20
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
----------------------------------------------------------------------------------------------------------
3,500 Mueller Water Products, Inc. "A" $ 16
200 Nordson Corp. 11
100 Omega Flex, Inc. 2
400 Pall Corp. 13
700 RBC Bearings, Inc. * 15
1,254 Robbins & Myers, Inc. 29
400 Sun Hydraulics Corp. 8
2,420 Tennant Co. 64
700 Timken Co. 15
200 Watts Water Technologies, Inc. "A" 6
---------------
463
---------------
MARINE (0.0%)
1,300 Eagle Bulk Shipping, Inc. 6
500 Genco Shipping & Trading Ltd. 10
133 International Shipholding Corp. 5
600 Kirby Corp. * 20
---------------
41
---------------
OFFICE SERVICES & SUPPLIES (0.1%)
400 Avery Dennison Corp. 14
1,500 Herman Miller, Inc. 23
1,205 Interface, Inc. "A" 10
500 Kimball International, Inc. "B" 4
400 Pitney Bowes, Inc. 10
4,900 Sykes Enterprises, Inc. * 116
---------------
177
---------------
RAILROADS (0.1%)
1,400 CSX Corp. 59
800 Union Pacific Corp. 44
---------------
103
---------------
RESEARCH & CONSULTING SERVICES (0.1%)
200 Advisory Board Co. * 5
500 Corporate Executive Board Co. 12
500 CRA International, Inc. * 12
400 Equifax, Inc. 11
400 Exponent, Inc. * 11
246 First Advantage Corp. "A" * 4
600 FTI Consulting, Inc. * 25
1,500 Navigant Consulting, Inc. * 21
---------------
101
---------------
SECURITY & ALARM SERVICES (0.0%)
565 Brink's Co. 13
400 GeoEye, Inc. * 10
---------------
23
---------------
TRADING COMPANIES & DISTRIBUTORS (0.1%)
1,000 Aircastle Ltd. 8
2,000 Beacon Roofing Supply, Inc. * 29
300 GATX Corp. 8
700 Interline Brands, Inc. * 10
193 Kaman Corp. 4
1,100 Rush Enterprises, Inc. "A" * 12
300 Watsco, Inc. 15
1,900 WESCO International, Inc. * 49
---------------
135
---------------
TRUCKING (0.1%)
1,800 Avis Budget Group, Inc. * 15
400 Celadon Group, Inc. * 4
500 Dollar Thrifty Automotive Group, Inc. * 9
600 HeartLand Express, Inc. 8
|
21 | USAA First Start Growth Fund
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
----------------------------------------------------------------------------------------------------------
702 Knight Transportation, Inc. $ 11
600 Marten Transport, Ltd. * 11
600 Ryder System, Inc. 24
600 Saia, Inc. * 9
1,452 Werner Enterprises, Inc. 27
---------------
118
---------------
Total Industrials 6,670
---------------
INFORMATION TECHNOLOGY (10.1%)
------------------------------
APPLICATION SOFTWARE (0.4%)
1,039 Actuate Corp. * 5
800 Advent Software, Inc. * 31
1,772 ANSYS, Inc. * 72
2,600 AsiaInfo Holdings, Inc. * 57
1,300 Autodesk, Inc. * 32
300 Blackbaud, Inc. 7
900 Bottomline Technologies, Inc. * 13
100 Citrix Systems, Inc. * 4
4,600 Compuware Corp. * 33
500 Concur Technologies, Inc. * 18
100 Ebix, Inc. * 6
1,000 Epicor Software Corp. * 8
1,300 Fair Isaac Corp. 26
600 Henry Jack & Associates, Inc. 14
800 I2 Technologies, Inc. * 13
1,600 Imation Corp. 14
3,200 Informatica Corp. * 68
200 Interactive Intelligence, Inc. * 3
600 Intuit, Inc. * 17
403 JDA Software Group, Inc. * 8
500 Kenexa Corp. * 6
500 Manhattan Associates, Inc. * 11
900 Mentor Graphics Corp. * 7
100 MicroStrategy, Inc. "A" * 9
800 NetScout Systems, Inc. * 10
800 Parametric Technology Corp. * 12
900 Pegasystems, Inc. 26
1,200 S1 Corp. * 7
2,100 Salesforce.com, Inc. * 119
600 SuccessFactors, Inc. * 9
700 Symyx Technologies, Inc. * 4
700 Synopsys, Inc. * 15
400 Taleo Corp. "A" * 9
1,500 TIBCO Software, Inc. * 13
1,100 TiVo, Inc. * 12
1,200 Tyler Technologies, Inc. * 23
900 Ultimate Software Group, Inc. * 23
---------------
764
---------------
COMMUNICATIONS EQUIPMENT (1.4%)
9,300 3Com Corp. * 48
800 Acme Packet, Inc. * 8
18,200 ADC Telecommunications, Inc. * 118
500 ADTRAN, Inc. 12
475 ARRIS Group, Inc. * 5
700 Aruba Networks, Inc. * 5
700 Avocent Corp. * 17
184 Bel Fuse, Inc. "B" 3
800 Bigband Networks, Inc. * 3
200 Black Box Corp. 5
12,600 Cisco Systems, Inc. * 288
100 Comtech Telecommunications Corp. * 3
300 EMS Technologies, Inc. * 5
|
Portfolio of Investments | 22
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
----------------------------------------------------------------------------------------------------------
1,200 Harris Stratex Networks, Inc. "A" * $ 8
500 Infinera Corp. * 4
700 Ixia * 5
4,400 Juniper Networks, Inc. * 112
41,600 Motorola, Inc. 356
300 Oplink Communications, Inc. * 4
1,200 Plantronics, Inc. 29
3,300 Polycom, Inc. * 71
3,200 Powerwave Technologies, Inc. * 4
30,900 QUALCOMM, Inc. 1,280
2,400 Riverbed Technology, Inc. * 49
700 SeaChange International, Inc. * 5
900 ShoreTel, Inc. * 6
2,200 Starent Networks Corp. * 74
4,200 Sycamore Networks, Inc. * 12
900 Symmetricom, Inc. * 4
700 Tekelec * 11
---------------
2,554
---------------
COMPUTER HARDWARE (2.0%)
1,000 3PAR, Inc. * 9
11,600 Apple, Inc. * 2,187
3,900 Avid Technology, Inc. * 49
2,100 Cray, Inc. * 16
3,100 Dell, Inc. * 45
600 Diebold, Inc. 18
9,800 Hewlett-Packard Co. 465
6,200 International Business Machines Corp. 748
500 NCR Corp. * 5
2,400 Palm, Inc. * 28
400 Stratasys, Inc. * 6
23,800 Sun Microsystems, Inc. * 195
1,000 Teradata Corp. * 28
---------------
3,799
---------------
COMPUTER STORAGE & PERIPHERALS (1.0%)
300 Compellent Technologies, Inc. * 6
85,800 EMC Corp. * 1,413
500 Lexmark International, Inc. "A" * 13
7,500 NetApp, Inc. * 203
1,700 Netezza Corp. * 16
700 QLogic Corp. * 12
600 SanDisk Corp. * 12
3,600 Seagate Technology 50
4,700 STEC, Inc. * 100
1,420 Synaptics, Inc. * 32
2,000 Western Digital Corp. * 67
---------------
1,924
---------------
DATA PROCESSING & OUTSOURCED SERVICES (0.6%)
400 Alliance Data Systems Corp. * 22
2,100 Automatic Data Processing, Inc. 83
720 Broadridge Financial Solutions, Inc. 15
200 Cass Information Systems, Inc. 6
1,600 Convergys Corp. * 17
1,265 CSG Systems International, Inc. * 21
200 Euronet Worldwide, Inc. * 5
800 Fidelity National Information Services, Inc. 17
24,500 Global Cash Access Holdings, Inc. * 155
400 Heartland Payment Systems, Inc. 5
600 Hewitt Associates, Inc. "A" * 21
600 Lender Processing Services, Inc. 24
900 MasterCard, Inc. "A" 197
600 NeuStar, Inc. "A" * 14
500 Online Resources Corp. * 3
|
23 | USAA First Start Growth Fund
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
----------------------------------------------------------------------------------------------------------
100 Syntel, Inc. $ 4
200 TNS, Inc. * 6
600 Total System Services, Inc. 9
3,600 VeriFone Holdings, Inc. * 48
4,800 Visa, Inc. "A" 364
578 Wright Express Corp. * 16
---------------
1,052
---------------
ELECTRONIC COMPONENTS (0.1%)
7,000 Corning, Inc. 102
600 Dolby Laboratories, Inc. "A" * 25
700 DTS, Inc. * 20
500 Littelfuse, Inc. * 14
400 Rogers Corp. * 10
1,300 Technitrol, Inc. 10
582 Universal Display Corp. * 7
8,000 Vishay Intertechnology, Inc. * 50
---------------
238
---------------
ELECTRONIC EQUIPMENT & INSTRUMENTS (0.1%)
5,700 Checkpoint Systems, Inc. * 77
500 Cogent, Inc. * 5
600 Cognex Corp. 10
700 Daktronics, Inc. 5
600 Electro Scientific Industries, Inc. * 6
700 FARO Technologies, Inc. * 11
800 FLIR Systems, Inc. * 22
200 ICx Technologies, Inc. * 1
2,300 L-1 Identity Solutions, Inc. * 14
300 MTS Systems Corp. 8
800 Newport Corp. * 6
700 OSI Systems, Inc. * 14
---------------
179
---------------
ELECTRONIC MANUFACTURING SERVICES (0.0%)
700 CTS Corp. 6
704 Echelon Corp. * 10
700 Jabil Circuit, Inc. 9
490 Maxwell Technologies, Inc. * 9
400 Park Electrochemical Corp. 9
1,966 Sanmina-SCI Corp. * 13
900 TTM Technologies, Inc. * 9
---------------
65
---------------
HOME ENTERTAINMENT SOFTWARE (0.1%)
800 Activision Blizzard, Inc. * 9
1,400 Electronic Arts, Inc. * 26
5,700 Take-Two Interactive Software, Inc. * 62
4,100 THQ, Inc. * 21
---------------
118
---------------
INTERNET SOFTWARE & SERVICES (0.6%)
2,700 Art Technology Group, Inc. * 11
500 comScore, Inc. * 8
300 Constant Contact, Inc. * 5
300 Dealertrack Holdings, Inc. * 5
800 Digital River, Inc. * 18
1,900 eBay, Inc. * 42
1,600 Google, Inc. "A" * 858
1,200 Internap Network Services Corp. * 4
600 Internet Brands, Inc. "A" * 4
800 Internet Capital Group, Inc. * 6
1,000 J2 Global Communications, Inc. * 20
1,000 Loopnet, Inc. * 9
1,000 ModusLink Global Solutions, Inc. * 8
|
Portfolio of Investments | 24
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
----------------------------------------------------------------------------------------------------------
3,300 Move, Inc. * $ 7
1,100 NIC, Inc. 10
43 Open Text Corp. * 1
600 Perficient, Inc. * 5
1,500 Rackspace Hosting, Inc. * 25
700 Sohu.com, Inc. * 39
1,200 Terremark Worldwide, Inc. * 8
1,086 United Online, Inc. 9
2,800 ValueClick, Inc. * 27
1,300 VeriSign, Inc. * 30
600 Vocus, Inc. * 11
400 WebMD Health Corp. "A" * 13
2,000 Yahoo!, Inc. * 32
---------------
1,215
---------------
IT CONSULTING & OTHER SERVICES (0.2%)
4,400 Accenture plc "A" 163
2,862 Acxiom Corp. * 33
1,400 Amdocs Ltd. * 35
1,400 CIBER, Inc. * 5
600 Cognizant Technology Solutions Corp. "A" * 23
200 Forrester Research, Inc. * 5
1,130 Gartner, Inc. * 21
800 Integral Systems, Inc. * 7
600 ManTech International Corp. "A" * 27
200 Maximus, Inc. 9
300 NCI, Inc. "A" * 8
800 Ness Technologies, Inc. * 5
500 RightNow Technologies, Inc. * 8
1,000 Sapient Corp. * 8
700 SRA International, Inc. "A" * 13
790 Unisys Corp. * 23
---------------
393
---------------
SEMICONDUCTOR EQUIPMENT (0.3%)
1,300 Advanced Energy Industries, Inc. * 16
2,700 Amkor Technology, Inc. * 15
1,400 Brooks Automation, Inc. * 10
500 Cohu, Inc. 6
200 Cymer, Inc. * 7
2,800 Entegris, Inc. * 11
1,700 KLA-Tencor Corp. 55
1,400 Kulicke & Soffa Industries, Inc. * 6
400 MEMC Electronic Materials, Inc. * 5
600 Novellus Systems, Inc. * 12
1,200 Photronics, Inc. * 5
2,300 Teradyne, Inc. * 19
12,700 Tessera Technologies, Inc. * 281
2,500 Ultratech, Inc. * 32
600 Veeco Instruments, Inc. * 15
---------------
495
---------------
SEMICONDUCTORS (1.8%)
500 Actel Corp. * 6
900 Advanced Analogic Technologies, Inc. * 3
2,800 Advanced Micro Devices, Inc. * 13
1,400 ANADIGICS, Inc. * 4
1,100 Analog Devices, Inc. 28
1,500 Applied Micro Circuits Corp. * 12
3,100 Atmel Corp. * 12
5,700 Broadcom Corp. "A" * 152
800 Ceva, Inc. * 8
1,400 Cirrus Logic, Inc. * 7
700 Cree, Inc. * 29
800 Cypress Semiconductor Corp. * 7
|
25 | USAA First Start Growth Fund
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
----------------------------------------------------------------------------------------------------------
800 Exar Corp. * $ 6
700 Fairchild Semiconductor International, Inc. * 5
8,200 Integrated Device Technology, Inc. * 48
35,700 Intel Corp. 682
700 Intersil Corp. "A" 9
500 IXYS Corp. * 3
1,500 Kopin Corp. * 7
2,900 Linear Technology Corp. 75
3,200 LSI Corp. * 16
3,700 Marvell Technology Group Ltd. * 51
1,100 Maxim Integrated Products, Inc. 18
700 Micrel, Inc. 5
27,100 Micron Technology, Inc. * 184
100 NVE Corp. * 4
6,600 NVIDIA Corp. * 79
1,000 PMC-Sierra, Inc. * 8
11,400 RF Micro Devices, Inc. * 45
13,094 Semtech Corp. * 203
1,300 Silicon Laboratories, Inc. * 54
14,000 Skyworks Solutions, Inc. * 146
400 Standard Microsystems Corp. * 8
164 Supertex, Inc. * 4
61,700 Texas Instruments, Inc. 1,447
2,600 TriQuint Semiconductor, Inc. * 14
1,700 Zoran Corp. * 15
---------------
3,417
---------------
SYSTEMS SOFTWARE (1.4%)
3,500 Ariba, Inc. * 41
1,300 BMC Software, Inc. * 48
1,600 CA, Inc. 33
200 CommVault Systems, Inc. * 4
800 DemandTec, Inc. * 7
800 FalconStor Software, Inc. * 3
700 MICROS Systems, Inc. * 19
34,700 Microsoft Corp. 962
2,500 Novell, Inc. * 10
500 Opnet Technologies, Inc. 5
15,000 Oracle Corp. 317
16,100 Red Hat, Inc. * 416
1,200 SonicWALL, Inc. * 10
400 Sourcefire, Inc. * 8
1,100 Sybase, Inc. * 44
36,200 Symantec Corp. * 636
800 VMware, Inc. "A" * 31
500 Websense, Inc. * 8
---------------
2,602
---------------
TECHNOLOGY DISTRIBUTORS (0.1%)
500 Avnet, Inc. * 12
2,800 Brightpoint, Inc. * 21
400 Electro Rent Corp. 4
800 Ingram Micro, Inc. "A" * 14
900 Insight Enterprises, Inc. * 9
2,200 SYNNEX Corp. * 57
700 Tech Data Corp. * 27
---------------
144
---------------
Total Information Technology 18,959
---------------
MATERIALS (1.9%)
----------------
ALUMINUM (0.1%)
5,500 Alcoa, Inc. 68
|
Portfolio of Investments | 26
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
----------------------------------------------------------------------------------------------------------
6,400 Century Aluminum Co. * $ 56
---------------
124
---------------
COMMODITY CHEMICALS (0.1%)
600 Spartech Corp. 5
5,549 Westlake Chemical Corp. 135
---------------
140
---------------
DIVERSIFIED CHEMICALS (0.4%)
3,000 Cabot Corp. 66
22,500 Dow Chemical Co. 528
1,400 E.I. du Pont de Nemours & Co. 45
600 Eastman Chemical Co. 32
900 Huntsman Corp. 7
404 LSB Industries, Inc. * 5
500 Solutia, Inc. * 5
---------------
688
---------------
DIVERSIFIED METALS & MINING (0.1%)
300 Compass Minerals International, Inc. 19
1,900 Freeport-McMoRan Copper & Gold, Inc. * 139
900 Horsehead Holding Corp. * 8
400 Southern Copper Corp. 13
1,400 Walter Industries, Inc. 82
---------------
261
---------------
FERTILIZERS & AGRICULTURAL CHEMICALS (0.4%)
2,900 CF Industries Holdings, Inc. 242
600 Intrepid Potash, Inc. * 16
3,500 Monsanto Co. 235
1,400 Mosaic Co. 65
600 Scotts Miracle-Gro Co. "A" 24
7,400 Terra Industries, Inc. 235
---------------
817
---------------
FOREST PRODUCTS (0.0%)
100 Deltic Timber Corp. 5
2,300 Louisiana-Pacific Corp. * 12
1,300 Weyerhaeuser Co. 47
---------------
64
---------------
GOLD (0.4%)
1,100 Allied Nevada Gold Corp. * 11
14,500 Newmont Mining Corp. 630
300 Royal Gold, Inc. 13
---------------
654
---------------
METAL & GLASS CONTAINERS (0.0%)
200 AEP Industries, Inc. * 7
500 AptarGroup, Inc. 18
400 BWAY Holding Co. * 7
600 Myers Industries, Inc. 5
825 Pactiv Corp. * 19
---------------
56
---------------
PAPER PACKAGING (0.0%)
400 Bemis Co., Inc. 10
700 Sealed Air Corp. 14
600 Sonoco Products Co. 16
---------------
40
---------------
PAPER PRODUCTS (0.1%)
800 Buckeye Technologies, Inc. * 7
200 Clearwater Paper Corp. * 9
600 Domtar Corp. * 25
700 Glatfelter 7
|
27 | USAA First Start Growth Fund
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
----------------------------------------------------------------------------------------------------------
1,300 International Paper Co. $ 29
860 Schweitzer-Mauduit International, Inc. 45
1,400 Wausau Paper Corp. 12
---------------
134
---------------
PRECIOUS METALS & MINERALS (0.1%)
1,600 Coeur d'Alene Mines Corp. * 32
5,000 Hecla Mining Co. * 20
13,800 Stillwater Mining Co. * 86
---------------
138
---------------
SPECIALTY CHEMICALS (0.1%)
505 A. Schulman, Inc. 9
500 Balchem Corp. 14
200 Cytec Industries, Inc. 7
1,400 H.B. Fuller Co. 27
500 Innospec, Inc. 6
600 Lubrizol Corp. 40
400 Newmarket Corp. 37
2,000 PolyOne Corp. * 11
400 Sensient Technologies Corp. 10
700 Sigma-Aldrich Corp. 36
100 Stepan Co. 6
600 Valspar Corp. 15
---------------
218
---------------
STEEL (0.1%)
500 Cliffs Natural Resources, Inc. 18
1,500 Nucor Corp. 60
7,635 Worthington Industries, Inc. 84
---------------
162
---------------
Total Materials 3,496
---------------
TELECOMMUNICATION SERVICES (2.3%)
---------------------------------
ALTERNATIVE CARRIERS (0.1%)
100 Clearwire Corp. "A" * 1
4,131 Cogent Communications Group, Inc. * 42
1,800 Global Crossing Ltd. * 21
2,600 PAETEC Holding Corp. * 8
8,100 Premiere Global Services, Inc. * 60
---------------
132
---------------
INTEGRATED TELECOMMUNICATION SERVICES (2.0%)
1,400 Alaska Communications Systems Group, Inc. 11
49,300 AT&T, Inc. 1,266
100 Atlantic Tele-Network, Inc. 5
1,800 Cbeyond, Inc. * 24
600 CenturyTel, Inc. 20
4,700 Cincinnati Bell, Inc. * 14
800 General Communication, Inc. "A" * 5
10,400 Qwest Communications International, Inc. 37
79,700 Verizon Communications, Inc. 2,358
---------------
3,740
---------------
WIRELESS TELECOMMUNICATION SERVICES (0.2%)
1,300 American Tower Corp. "A" * 48
2,500 Centennial Communications Corp. * 21
400 Leap Wireless International, Inc. * 5
1,515 NII Holdings, Inc. "B" * 41
400 NTELOS Holdings Corp. 6
300 Shenandoah Telecommunications Co. 5
20,100 Sprint Nextel Corp. * 59
5,200 Syniverse Holdings, Inc. * 89
700 Telephone & Data Systems, Inc. 21
|
Portfolio of Investments | 28
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
----------------------------------------------------------------------------------------------------------
4,147 U.S. Cellular Corp. * $ 152
7,700 USA Mobility, Inc. 84
---------------
531
---------------
Total Telecommunication Services 4,403
---------------
UTILITIES (1.6%)
----------------
ELECTRIC UTILITIES (0.6%)
3,000 American Electric Power Co., Inc. 91
400 Cleco Corp. 10
1,000 DPL, Inc. 25
21,500 Duke Energy Corp. 340
1,200 El Paso Electric Co. * 22
1,400 Exelon Corp. 66
2,800 FirstEnergy Corp. 121
5,600 FPL Group, Inc. 275
700 Great Plains Energy, Inc. 12
594 Hawaiian Electric Industries, Inc. 11
900 MGE Energy, Inc. 32
500 Portland General Electric Co. 9
1,600 PPL Corp. 47
2,000 Southern Co. 62
---------------
1,123
---------------
GAS UTILITIES (0.1%)
300 Chesapeake Utilities Corp. 9
2,100 New Jersey Resources Corp. 74
500 Nicor, Inc. 19
1,600 Northwest Natural Gas Co. 67
1,600 Southwest Gas Corp. 40
700 UGI Corp. 17
---------------
226
---------------
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS (0.1%)
2,100 AES Corp. * 27
1,495 Mirant Corp. * 21
6,800 NRG Energy, Inc. * 156
500 Ormat Technologies, Inc. 19
1,100 RRI Energy, Inc. * 6
---------------
229
---------------
MULTI-UTILITIES (0.7%)
500 Avista Corp. 9
700 Black Hills Corp. 17
2,457 CH Energy Group, Inc. 102
800 Dominion Resources, Inc. 27
800 DTE Energy Co. 30
1,600 NorthWestern Corp. 39
2,700 PG&E Corp. 110
6,300 PNM Resources, Inc. 67
31,800 Public Service Enterprise Group, Inc. 948
600 Sempra Energy 31
900 TECO Energy, Inc. 13
---------------
1,393
---------------
WATER UTILITIES (0.1%)
1,300 California Water Service Group 48
300 Connecticut Water Service, Inc. 7
600 Middlesex Water Co. 9
600 SJW Corp. 13
---------------
77
---------------
Total Utilities 3,048
---------------
Total Common Stocks (cost: $92,545) 90,359
---------------
|
29 | USAA First Start Growth Fund
PRINCIPAL
AMOUNT MARKET
$(000)/ VALUE
SHARES SECURITY (000)
----------------------------------------------------------------------------------------------------------
PREFERRED SECURITIES (1.1%)
CONSUMER STAPLES (0.4%)
-----------------------
AGRICULTURAL PRODUCTS (0.4%)
10,000 Dairy Farmers of America, Inc., 7.88%, cumulative redeemable, perpetual
(d) $ 708
---------------
PERSONAL PRODUCTS (0.0%)
300 Revlon, Inc., 12.75% *(c) 2
---------------
Total Consumer Staples 710
---------------
FINANCIALS (0.7%)
-----------------
LIFE & HEALTH INSURANCE (0.4%)
15,000 Delphi Financial Group, Inc., 7.38%, perpetual 261
25,000 Delphi Financial Group, Inc., 8.00% 583
---------------
844
---------------
REINSURANCE (0.3%)
500 Ram Holdings Ltd., 7.50%, non-cumulative, perpetual * 25
$680 Swiss Re Capital I LP, 6.85%, perpetual (d) 524
---------------
549
---------------
THRIFTS & MORTGAGE FINANCE (0.0%)
1,000 Washington Mutual Capital Trust, 5.38%, cumulative convertible, perpetual
* 7
---------------
Total Financials 1,400
---------------
GOVERNMENT (0.0%)
-----------------
U.S. GOVERNMENT (0.0%)
20,000 Fannie Mae, 8.25%, perpetual * 23
10,000 Freddie Mac, 8.38%, perpetual * 11
---------------
Total Government 34
---------------
Total Preferred Securities (cost: $3,469) 2,144
---------------
WARRANTS (0.0%)
ENERGY (0.0%)
-------------
COAL & CONSUMABLE FUELS (0.0%)
20 GreenHunter Energy, Inc., acquired 7/15/2008; cost $0 *(b),(c) --
---------------
EXCHANGE-TRADED FUNDS (6.4%)
225,943 iShares MSCI EAFE Index Fund (cost: $15,410) 12,043
---------------
Total Equity Securities
(cost: $111,424) 104,546
---------------
|
Portfolio of Investments | 30
PRINCIPAL MARKET
AMOUNT COUPON VALUE
(000) SECURITY RATE MATURITY (000)
----------------------------------------------------------------------------------------------------------
BONDS (38.6%)
CORPORATE OBLIGATIONS (19.8%)
CONSUMER DISCRETIONARY (0.0%)
-----------------------------
APPAREL & ACCESSORIES & LUXURY GOODS (0.0%)
$ 250 Kellwood Co. 7.63% 10/15/2017 $ 88
---------------
CONSUMER STAPLES (0.4%)
-----------------------
DRUG RETAIL (0.4%)
1,000 CVS Caremark Corp. (e) 6.30 6/01/2037 861
---------------
ENERGY (0.5%)
-------------
OIL & GAS STORAGE & TRANSPORTATION (0.5%)
1,000 Enbridge Energy Partners, LP (e) 8.05 10/01/2037 939
---------------
FINANCIALS (16.3%)
------------------
CONSUMER FINANCE (1.0%)
500 American Express Co. (e) 6.80 9/01/2066 442
611 Capital One Financial Corp. (e) 7.69 8/15/2036 533
1,000 General Motors Acceptance Corp., LLC (e) 6.75 12/01/2014 908
---------------
1,883
---------------
DIVERSIFIED BANKS (1.5%)
1,000 First Tennessee Bank, N.A. (e) 5.65 4/01/2016 870
1,000 Manufacturers & Traders Trust Co. (e) 5.63 12/01/2021 809
1,000 USB Realty Corp. (d),(e) 6.09 -(f) 703
500 Wachovia Capital Trust III 5.80 -(f) 363
---------------
2,745
---------------
DIVERSIFIED REAL ESTATE ACTIVITIES (0.3%)
500 Brascan Corp. (e) 7.13 6/15/2012 511
---------------
INVESTMENT BANKING & BROKERAGE (1.0%)
1,000 First Republic Bank Corp. (e) 7.75 9/15/2012 1,099
1,000 Goldman Sachs Capital II 5.79 -(f) 749
---------------
1,848
---------------
LIFE & HEALTH INSURANCE (1.6%)
1,000 Great-West Life & Annuity Insurance Co.
(d),(e) 7.15 5/16/2046 845
1,250 Lincoln National Corp. (e) 7.00 5/17/2066 1,038
500 Prudential Financial, Inc. (e) 8.88 6/15/2038 536
1,000 StanCorp Financial Group, Inc. (e) 6.90 6/01/2067 671
---------------
3,090
---------------
MULTI-LINE INSURANCE (2.1%)
1,232 Genworth Financial, Inc. (e) 6.15 11/15/2066 835
1,000 Glen Meadow (d),(e) 6.51 2/12/2067 767
1,925 ILFC E-Capital Trust I (d) 5.90 12/21/2065 924
1,000 Oil Casualty Insurance Ltd. (d),(e) 8.00 9/15/2034 667
1,000 Oil Insurance Ltd. (d),(e) 7.56 -(f) 708
---------------
3,901
---------------
MULTI-SECTOR HOLDINGS (0.3%)
500 Leucadia National Corp. (e) 7.00 8/15/2013 508
---------------
OTHER DIVERSIFIED FINANCIAL SERVICES (0.5%)
1,000 General Electric Capital Corp. (e) 6.38 11/15/2067 869
---------------
|
31 | USAA First Start Growth Fund
PRINCIPAL MARKET
AMOUNT COUPON VALUE
(000) SECURITY RATE MATURITY (000)
----------------------------------------------------------------------------------------------------------
PROPERTY & CASUALTY INSURANCE (1.4%)
$ 500 Fund American Companies, Inc. (e) 5.88% 5/15/2013 $ 494
500 Liberty Mutual Group, Inc. (e) 7.30 6/15/2014 503
500 MBIA Insurance Co. (d),(e) 14.00 1/15/2033 222
1,000 Progressive Corp. (e) 6.70 6/15/2037 877
500 Travelers Companies, Inc. (e) 6.25 3/15/2037 451
---------------
2,547
---------------
REGIONAL BANKS (2.9%)
1,000 Fifth Third Capital Trust IV (e) 6.50 4/15/2037 723
1,000 Fulton Capital Trust I (e) 6.29 2/01/2036 606
1,000 Huntington Capital III (e) 6.65 5/15/2037 600
500 National City Preferred Capital Trust I
(e) 12.00 -(f) 574
645 PNC Preferred Funding Trust (d),(e) 6.52 -(f) 456
500 Regions Financing Trust II (e) 6.63 5/15/2047 317
400 Susquehanna Bancshares, Inc. (e) 2.30 (g) 5/01/2014 245
1,000 TCF National Bank (e) 5.50 2/01/2016 841
1,200 Webster Capital Trust IV (e) 7.65 6/15/2037 750
500 Zions Bancorp (e) 5.50 11/16/2015 391
---------------
5,503
---------------
REITS - DIVERSIFIED (0.5%)
1,000 Washington REIT (e) 5.25 1/15/2014 963
---------------
REITS - INDUSTRIAL (0.2%)
500 ProLogis (e) 2.25 4/01/2037 461
---------------
REITS - OFFICE (0.2%)
500 Brandywine Operating Partnership, LP (e) 5.70 5/01/2017 452
---------------
REITS - RETAIL (1.3%)
1,000 Developers Diversified Realty Corp. (e) 3.50 8/15/2011 932
500 New Plan Excel Realty Trust, Inc. (e) 5.13 9/15/2012 363
500 New Plan Excel Realty Trust, Inc. (e) 4.50 2/01/2011 421
577 New Plan Excel Realty Trust, Inc.,
acquired 2/20/2009; cost $196 (b) 7.68 11/02/2026 267
500 Rouse Co., LP (d), (h) 6.75 5/01/2013 447
---------------
2,430
---------------
REITS - SPECIALIZED (0.4%)
850 Ventas Realty, LP 6.75 4/01/2017 820
---------------
SPECIALIZED FINANCE (0.7%)
2,000 Financial Security Assurance Holdings
Ltd. (d),(e) 6.40 12/15/2066 1,230
---------------
THRIFTS & MORTGAGE FINANCE (0.4%)
870 Sovereign Bank (e) 2.11 (g) 4/01/2014 841
500 Washington Mutual Preferred Funding Trust
I (d),(h) 6.53 -(f) 4
---------------
845
---------------
Total Financials 30,606
---------------
INDUSTRIALS (0.2%)
------------------
INDUSTRIAL CONGLOMERATES (0.2%)
500 Textron Financial Corp. (d),(e) 6.00 2/15/2067 336
---------------
MATERIALS (0.3%)
----------------
DIVERSIFIED METALS & MINING (0.3%)
500 Falconbridge Ltd. (e) 7.35 6/05/2012 538
---------------
|
Portfolio of Investments | 32
PRINCIPAL MARKET
AMOUNT COUPON VALUE
(000) SECURITY RATE MATURITY (000)
----------------------------------------------------------------------------------------------------------
UTILITIES (2.1%)
----------------
ELECTRIC UTILITIES (1.1%)
$ 1,000 Monongahela Power Co. (e) 7.36% 1/15/2010 $ 1,009
188 Oglethorpe Power Corp. (e) 6.97 6/30/2011 191
60 Power Contract Financing, LLC (d) 6.26 2/01/2010 60
1,000 PPL Capital Funding, Inc. (e) 6.70 3/30/2067 861
---------------
2,121
---------------
GAS UTILITIES (0.2%)
500 Southern Union Co. (e) 7.20 11/01/2066 412
---------------
MULTI-UTILITIES (0.8%)
1,000 Dominion Resources, Inc. 7.50 6/30/2066 981
500 Puget Sound Energy, Inc. 6.97 6/01/2067 439
---------------
1,420
---------------
Total Utilities 3,953
---------------
Total Corporate Obligations(cost: $33,298) 37,321
---------------
EURODOLLAR AND YANKEE OBLIGATIONS (3.6%)
ENERGY (0.6%)
-------------
INTEGRATED OIL & GAS (0.6%)
150 PEMEX Finance Ltd. 9.03 2/15/2011 155
1,000 Trans-Canada Pipelines Ltd. 6.35 5/15/2067 932
---------------
Total Energy 1,087
---------------
FINANCIALS (2.8%)
-----------------
DIVERSIFIED BANKS (0.6%)
500 BayernLB Capital Trust I 6.20 -(f) 210
500 BNP Paribas Capital Trust (d) 9.00 -(f) 498
1,000 BOI Capital Funding Number 3, LP (d),(e) 6.11 -(f) 455
500 Landsbanki Islands hf, acquired
10/12/2007; cost $500 (b),(d),(h) 7.43 -(f) --
---------------
1,163
---------------
DIVERSIFIED CAPITAL MARKETS (0.5%)
1,000 UBS Preferred Funding Trust I 8.62 -(f) 930
---------------
MULTI-LINE INSURANCE (0.5%)
1,000 ING Capital Funding Trust III (e) 8.44 -(f) 857
---------------
PROPERTY & CASUALTY INSURANCE (0.3%)
500 Allied World Assurance Holdings Ltd. (e) 7.50 8/01/2016 522
---------------
REGIONAL BANKS (0.2%)
1,000 Glitnir Banki hf, acquired 9/11/2006 and
10/18/2006; cost $1,017 (b),(d),(h) 7.45 -(f) 1
500 Unicredito Italiano Capital Trust II (d) 9.20 -(f) 480
---------------
481
---------------
REINSURANCE (0.5%)
500 Max USA Holdings Ltd. (d),(e) 7.20 4/14/2017 416
500 Platinum Underwriters Finance, Inc. (e) 7.50 6/01/2017 481
---------------
897
---------------
SPECIALIZED FINANCE (0.2%)
500 QBE Capital Funding II, LP (d),(e) 6.80 -(f) 407
---------------
Total Financials 5,257
---------------
|
33 | USAA First Start Growth Fund
PRINCIPAL MARKET
AMOUNT COUPON VALUE
(000) SECURITY RATE MATURITY (000)
----------------------------------------------------------------------------------------------------------
MATERIALS (0.2%)
----------------
DIVERSIFIED METALS & MINING (0.2%)
$ 500 Glencore Finance S.A. 8.00% -(f) $ 473
---------------
Total Eurodollar and Yankee Obligations(cost: $8,844) 6,817
---------------
ASSET-BACKED SECURITIES (5.9%)
FINANCIALS (5.9%)
-----------------
ASSET-BACKED FINANCING (5.9%)
120 Aerco Ltd. (d),(e) 0.77 (g) 7/15/2025 120
1,000 AESOP Funding II, LLC (d),(e) 0.47 (g) 3/20/2012 951
500 AESOP Funding II, LLC (d),(e) 9.31 10/20/2013 552
425 American Express Credit Account Master
Trust (e) 0.52 (g) 9/15/2014 401
500 American Express Credit Account Master
Trust (d),(e) 0.60 (g) 9/15/2016 459
500 Banc of America Securities Auto Trust (e) 5.51 2/19/2013 500
500 Bank of America Credit Card Trust (e) 0.54 (g) 6/15/2014 465
500 Bank One Issuance Trust (e) 4.77 2/16/2016 500
1,000 Bank One Issuance Trust (e) 1.05 (g) 2/15/2017 918
246 Capital One Auto Finance Trust (INS)(e) 4.71 6/15/2012 249
500 Citibank Credit Card Issuance Trust (e) 6.30 (g) 6/20/2014 517
500 CPS Auto Receivables Trust (INS)(e) 6.48 7/15/2013 506
43 Credit Acceptance Auto Dealer Loan Trust
(e) 6.16 4/15/2013 43
1,000 GE Capital Credit Card Master Note Trust
(e) 0.52 (g) 3/15/2013 984
1,000 HSBC Private Label Credit Card Master
Note Trust 0.36 (g) 12/16/2013 995
500 MBNA Master Credit Card Note Trust (e) 6.80 7/15/2014 521
500 Rental Car Finance Corp. (d) 0.38 (g) 7/25/2013 430
500 Triad Automobile Receivables Owners
Trust 5.43 7/14/2014 500
866 Trinity Rail Leasing, LP (d) 5.90 5/14/2036 800
197 USXL Funding, LLC (INS)(d) 5.38 (g) 4/15/2014 197
500 WFS Financial Owner Trust (e) 4.76 5/17/2013 505
---------------
Total Asset-Backed Securities(cost: $10,032) 11,113
---------------
COMMERCIAL MORTGAGE SECURITIES (8.7%)
FINANCIALS (8.7%)
-----------------
COMMERCIAL MORTGAGE-BACKED SECURITIES (8.7%)
1,140 Banc of America Commercial Mortgage Trust
(e) 5.81 (g) 7/10/2044 877
500 Bear Stearns Commercial Mortgage
Securities, Inc. (e) 5.69 6/11/2050 464
1,000 Commercial Mortgage Loan Trust (e) 6.22 (g) 12/10/2049 720
1,000 Credit Suisse Commercial Mortgage Trust 6.42 (g) 2/15/2041 821
745 Credit Suisse First Boston Mortgage
Securities Corp. (e) 5.10 8/15/2038 566
1,000 GE Capital Commercial Mortgage Corp. (e) 6.07 6/10/2038 1,016
1,000 GE Capital Commercial Mortgage Corp. (e) 5.61 12/10/2049 637
500 GMAC Commercial Mortgage Securities, Inc.
(e) 4.75 5/10/2043 436
307 Government Lease Trust (d) 6.48 5/18/2011 317
668 GS Mortgage Securities Corp. II (e) 4.30 1/10/2040 682
1,000 J.P. Morgan Chase Commercial Mortgage
Securities Corp. (e) 4.82 9/12/2037 1,007
1,000 J.P. Morgan Chase Commercial Mortgage
Securities Corp. (e) 5.49 (g) 4/15/2043 1,050
500 J.P. Morgan Chase Commercial Mortgage
Securities Corp. (e) 5.81 6/12/2043 482
|
Portfolio of Investments | 34
PRINCIPAL MARKET
AMOUNT COUPON VALUE
(000) SECURITY RATE MATURITY (000)
----------------------------------------------------------------------------------------------------------
$ 500 J.P. Morgan Chase Commercial Mortgage
Securities Corp. (c) 5.33% 12/15/2044 $ 291
1,000 LB-UBS Commercial Mortgage Trust (e) 4.85 9/15/2031 1,021
500 Merrill Lynch Mortgage Trust (e) 5.83 (g) 6/12/2050 419
1,000 Merrill Lynch Mortgage Trust (e) 5.69 2/12/2051 826
1,000 ML-CFC Commercial Mortgage Trust 5.42 8/12/2048 632
500 ML-CFC Commercial Mortgage Trust 6.16 8/12/2049 365
232 ML-CFC Commercial Mortgage Trust 5.70 9/12/2049 184
1,000 Morgan Stanley Capital I, Inc. (e) 5.56 (g) 3/12/2044 1,051
860 Morgan Stanley Capital I, Inc. 5.81 12/12/2049 777
1,000 Prudential Mortgage Capital Funding, LLC
(e) 6.76 5/10/2034 1,039
655 Wachovia Bank Commercial Mortgage Trust 5.42 1/15/2045 607
---------------
Total Commercial Mortgage Securities(cost: $14,864) 16,287
---------------
U.S. TREASURY SECURITIES (0.6%)
Notes (0.6%)
100 1.00%, 7/31/2011 100
1,000 3.63%, 8/15/2019 1,020
---------------
Total U.S. Treasury Securities(cost: $1,109) 1,120
---------------
Total
Bonds
(cost: $68,147) 72,658
---------------
NUMBER
OF SHARES
(000)
----------------------------------------------------------------------------------------------------------
MONEY MARKET INSTRUMENTS (5.5%)
MONEY MARKET FUNDS (5.5%)
10,319,169 State Street Institutional Liquid
Reserve Fund, 0.25%(i) (cost: $10,319) 10,319
---------------
PRINCIPAL
AMOUNT
(000)
----------------------------------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS PURCHASED WITH CASH COLLATERAL
FROM SECURITIES LOANED (0.4%)
REPURCHASE AGREEMENTS (0.0%)
$ 51 Credit Suisse First Boston LLC, 0.07%, acquired on 10/30/2009 and due
11/02/2009 at $51 (collateralized by $55 of Freddie Mac(j), 0.18%(k), due
4/26/2010; market value $55) 51
--
|
35 | USAA First Start Growth Fund
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
----------------------------------------------------------------------------------------------------------
MONEY MARKET FUNDS (0.4%)
619,849 BlackRock Liquidity Funds TempFund, 0.18%(i) $ 620
---------------
Total Short-term Investments Purchased With Cash Collateral From
Securities
Loaned
(cost: $671) 671
---------------
TOTAL INVESTMENTS (COST: $190,561) $ 188,194
===============
NUMBER
OF
CONTRACTS
----------------------------------------------------------------------------------------------------------
PURCHASED OPTIONS (0.5%)
316 Put - On Russell 2000 Index expiring November 21, 2009 at 560 528
324 Put - On S&P 500 Index expiring November 21, 2009 at 975 337
---------------
TOTAL PURCHASED OPTIONS
(COST: $587) $ 865
===============
WRITTEN OPTIONS (0.2%)
(316) Call - On Russell 2000 Index expiring November 21, 2009 at 630 (33)
(324) Call - On S&P 500 Index expiring November 21, 2009 at 1090 (165)
(316) Put - On Russell 2000 Index expiring November 21, 2009 at 500 (114)
(324) Put - On S&P 500 Index expiring November 21, 2009 at 850 (71)
---------------
TOTAL WRITTEN OPTIONS
(PREMIUMS RECEIVED: $1,084) $ (383)
===============
|
Portfolio of Investments | 36
($ 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 $ 90,359 $ -- $ -- $ 90,359
PREFERRED SECURITIES 601 1,541 2 2,144
WARRANTS -- -- -- --
EXCHANGE-TRADED FUNDS 12,043 -- -- 12,043
BONDS:
CORPORATE OBLIGATIONS -- 37,321 -- 37,321
EURODOLLAR AND YANKEE OBLIGATIONS -- 6,817 -- 6,817
ASSET-BACKED SECURITIES -- 11,113 -- 11,113
COMMERCIAL MORTGAGE SECURITIES -- 16,287 -- 16,287
U.S. TREASURY SECURITIES -- 1,120 -- 1,120
MONEY MARKET INSTRUMENTS:
MONEY MARKET FUNDS 10,319 -- -- 10,319
SHORT-TERM INVESTMENTS PURCHASED WITH
CASH COLLATERAL FROM SECURITIES LOANED:
REPURCHASE AGREEMENTS -- 51 -- 51
MONEY MARKET FUNDS 620 -- -- 620
PURCHASED OPTIONS 865 -- -- 865
---------------------------------------------------------------------------------------------------------
Total $ 114,807 $ 74,250 $ 2 $ 189,059
---------------------------------------------------------------------------------------------------------
(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 $ (383) $ -- $ -- $ (383)
---------------------------------------------------------------------------------------------------------
Total $ (383) $ -- $ -- $ (383)
---------------------------------------------------------------------------------------------------------
|
The following is a reconciliation of assets in which significant unobservable
inputs (Level 3) were used in determining value:
PREFERRED CORPORATE ASSET-BACKED
SECURITIES OBLIGATIONS SECURITIES
--------------------------------------------------------------------------------------------------------------------------
Balance as of July 31, 2009 $- $445 $504
Net realized gain (loss) - - -
Change in net unrealized
appreciation/depreciation (3) 222 48
Net purchases (sales) - -
5
Transfers in and/or out of Level 3 - (667) (552)
--------------------------------------------------------------------------------------------------------------------------
Balance as of October 31, 2009 $2 $- $-
--------------------------------------------------------------------------------------------------------------------------
|
37 | USAA First Start Growth Fund
NOTES TO PORTFOLIO
OF INVESTMENTS
October 31, 2009 (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 45 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 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, USAA Investment Management Company (the Manager), an
affiliate of the Fund, and 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.
Notes to Portfolio of Investments | 38
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.
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 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.
39 | USAA First Start Growth Fund
B. FAIR VALUE MEASUREMENTS - Fair value is defined as the price that would be
received to sell an asset or paid to transfer a liability in an orderly
transaction between market participants at the measurement date. The three-level
valuation hierarchy disclosed in the portfolio of investments is based upon the
transparency of inputs to the valuation of an asset or liability as of the
measurement date. The three levels are defined as follows:
Level 1 - inputs to the valuation methodology are quoted prices (unadjusted) in
active markets for identical securities.
Level 2 - inputs to the valuation methodology are other significant observable
inputs, including quoted prices for similar securities, inputs that are
observable for the securities, either directly or indirectly, and
market-corroborated inputs such as market indices.
Level 3 - inputs to the valuation methodology are unobservable and significant
to the fair value measurement, including the Manager's own assumptions in
determining the fair value.
The inputs or methodologies used for valuing securities are not necessarily an
indication of the risks associated with investing in those securities.
For 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 in
consultation with the Fund's subadviser, under valuation procedures approved by
the Trust's Board of Trustees. The unobservable inputs included risk premium
adjustments reflecting the amount the Manager assumed market participants would
demand because of the risk (uncertainty) in the cash flows from the securities,
and other relevant information such as credit spreads and coupon rates. Refer to
the portfolio of investments for a reconciliation of investments in which
significant unobservable inputs (Level 3) were used in determining value.
C. FUTURES CONTRACTS - The Fund is subject to equity price risk, interest rate
risk, and foreign currency exchange rate risk in the normal course of pursuing
its investment objectives. The Fund may use futures contracts to gain exposure
to, or hedge against, changes in the value of equities, interest rates, or
foreign currencies. A futures contract represents a commitment for the future
purchase or sale of an asset at a specified price on a specified date. Upon
entering into such contracts, the Fund is required to deposit with the broker in
either cash or securities an initial margin in an amount equal to a certain
percentage of the contract amount. Subsequent payments (variation margin) are
made or received by the Fund each day, depending on the daily fluctuations in
the value of the contract, and are recorded for financial statement purposes as
unrealized gains or losses. When the contract is closed, the Fund records a
realized gain or loss equal to the difference between the value of the contract
at the time it was opened and the value at the time it was closed. Upon entering
into such contracts, the Fund bears the risk of interest or exchange rates or
securities prices moving unexpectedly in an unfavorable direction, in which
case, the Fund may not achieve the anticipated benefits of the futures
contracts.
D. OPTION 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
Notes to Portfolio of Investments | 40
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
an equity index option-based strategy which involves writing (selling) index
call options and purchasing index put options or index put spread options
against a highly correlated stock portfolio. The combination of the diversified
stock portfolio with the index call and put 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 securities indexes are
different from options on individual securities in that the holder of the index
options contract has the right to receive an amount of cash equal to the
difference between the exercise price and the closing price of the underlying
index on exercise date. If an option on an index is exercised, the realized gain
or loss is determined from the exercise price, the value of the underlying
index, and the amount of the premium.
E. 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.
F. REPURCHASE AGREEMENTS - The Fund may enter into repurchase agreements with
commercial banks or recognized security dealers. These agreements are
collateralized by underlying securities. The
41 | USAA First Start Growth Fund
collateral obligations are marked-to-market daily to ensure their value is equal
to or in excess of the repurchase agreement price plus accrued interest and are
held by the Fund, either through its regular custodian or through a special
"tri-party" custodian that maintains separate accounts for both the Fund and its
counterparty, until maturity of the repurchase agreement. Repurchase agreements
are subject to credit risk, and the Fund's Manager monitors the creditworthiness
of sellers with which the Fund may enter into repurchase agreements.
G. LENDING OF PORTFOLIO SECURITIES - The Fund, through its third-party
securities-lending agent, Wachovia Global Securities Lending, may lend its
securities to qualified financial institutions, such as certain broker-dealers,
to earn additional income. The borrowers are required to secure their loans
continuously with cash collateral in an amount at least equal to the fair value
of the securities loaned, initially in an amount at least equal to 102% of the
fair value of domestic securities loaned and 105% of the fair value of
international securities loaned. Cash collateral is invested in high-quality
short-term investments. Cash collateral requirements are determined daily based
on the prior business day's ending value of securities loaned. Imbalances in
cash collateral may occur on days where market volatility causes security prices
to change significantly, and are adjusted the next business day. Risks to the
Fund in securities-lending transactions are that the borrower may not provide
additional collateral when required or return the securities when due, and that
the value of the short-term investments will be less than the amount of cash
collateral required to be returned to the borrower. The aggregate fair market
value of the loaned portion of these securities as of October 31, 2009, was
approximately $565,000.
H. SUBSEQUENT EVENTS - Subsequent events are events or transactions that occur
after the balance sheet date but before the quarterly report is issued and are
categorized as recognized or non-recognized for quarterly report purposes. The
Manager has evaluated subsequent events through December 17, 2009, the date the
quarterly report was issued, and has determined there were no events that
required recognition or disclosure in the Fund's quarterly report.
I. As of October 31, 2009, 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, 2009, were $13,609,000 and $15,698,000, respectively, resulting in
net unrealized depreciation of $2,089,000.
J. The portfolio of investments category percentages shown represent the
percentages of the investments to net assets, which were $188,242,000 at October
31, 2009, 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
11.9% of net assets at October 31, 2009.
CATEGORIES AND DEFINITIONS
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.
Notes to Portfolio of Investments | 42
WARRANTS - entitle the holder to buy a proportionate amount of common stock at a
specified price for a stated period.
PORTFOLIO ABBREVIATIONS AND DESCRIPTIONS
ADR American depositary receipts are receipts issued by a U.S. bank
evidencing ownership of foreign shares. Dividends are paid in
U.S. dollars.
iShares Exchange-traded funds, managed by Barclays Global Fund
Advisors, that represent a portfolio of stocks designed to
closely track a specific market index. iShares funds are traded
on securities exchanges.
REIT Real estate investment trust
|
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 Financial Guaranty
Insurance Co. or Financial Security Assurance Inc. 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.
|
SPECIFIC NOTES
(a) The security or a portion thereof was out on loan as of October 31,
2009.
(b) Security deemed illiquid by the Manager, under liquidity guidelines
approved by the Trust's Board of Trustees. The aggregate market value
of these securities at October 31, 2009, was $268,000, which
represented 0.1% of the Fund's net assets.
(c) Security was fair valued at October 31, 2009, by the Manager in
accordance with valuation procedures approved by the Trust's Board of
Trustees.
(d) Restricted security that is not registered under the Securities Act of
1933. A resale of this security in the United States may occur in an
exempt transaction to a qualified institutional buyer as defined by
Rule 144A, and as such has been deemed liquid by the Manager under
liquidity guidelines approved by the Trust's Board of Trustees, unless
otherwise noted as illiquid.
(e) At October 31, 2009, the security, or a portion thereof, is segregated
to cover the notional value of outstanding written call options.
(f) Security is perpetual and has no final maturity date but may be subject
to calls at various dates in the future.
(g) Variable-rate or floating-rate security - interest rate is adjusted
periodically. The interest rate disclosed represents the current rate
at October 31, 2009.
(h) Currently the issuer is in default with respect to interest and/or
principal payments.
(i) Rate represents the money market fund annualized seven-day yield at
October 31, 2009.
43 | USAA First Start Growth Fund
(j) Securities issued by government-sponsored enterprises are supported
only by the right of the government-sponsored enterprise to borrow from
the U.S. Treasury, the discretionary authority of the U.S. government
to purchase the government-sponsored enterprises' obligations, or by
the credit of the issuing agency, instrumentality, or corporation, and
are neither issued nor guaranteed by the U.S. Treasury.
(k) Zero-coupon security. Rate represents the effective yield at the date
of purchase.
|
* Non-income-producing security.
Notes to Portfolio of Investments | 44
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, 2009
By:* /s/ CHRISTOPHER P. LAIA
--------------------------------------------------------------
Signature and Title: Christopher P. Laia, Assistant Secretary
Date: 12-18-2009
-------------------------------
|
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By:* /s/ CHRISTOPHER W. CLAUS
-----------------------------------------------------
Signature and Title: Christopher W. Claus, President
Date: 12-21-2009
------------------------------
By:* /s/ ROBERTO GALINDO, JR.
-----------------------------------------------------
Signature and Title: Roberto Galindo, Jr., Treasurer
Date: 12-18-2009
------------------------------
|
*PRINT THE NAME AND TITLE OF EACH SIGNING OFFICER UNDER HIS OR HER SIGNATURE.
Usaa Treasury Money Market Trust (NASDAQ:UATXX)
Historical Stock Chart
From Jun 2024 to Jul 2024
Usaa Treasury Money Market Trust (NASDAQ:UATXX)
Historical Stock Chart
From Jul 2023 to Jul 2024
