UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF
REGISTERED MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number: 811-7852
Exact Name of Registrant as Specified in Charter: USAA MUTUAL FUNDS TRUST
Address of Principal Executive Offices and Zip Code: 9800 FREDERICKSBURG ROAD
SAN ANTONIO, TX 78288
Name and Address of Agent for Service: ADYM W. RYGMYR
USAA MUTUAL FUNDS TRUST
9800 FREDERICKSBURG ROAD
SAN ANTONIO, TX 78288
Registrant's Telephone Number, Including Area Code: (210) 498-0226
Date of Fiscal Year End: JULY 31
|
Date of Reporting Period: OCTOBER 31, 2012
ITEM 1. SCHEDULE OF INVESTMENTS.
USAA MUTUAL FUNDS TRUST - 1ST QUARTER REPORT - PERIOD ENDED OCTOBER 31, 2012
[LOGO OF USAA]
USAA(R)
PORTFOLIO OF INVESTMENTS
1ST QUARTER
USAA SHORT-TERM BOND FUND
OCTOBER 31, 2012
(Form N-Q)
48444-1212 (C)2012, USAA. All rights reserved.
PORTFOLIO OF INVESTMENTS
USAA SHORT-TERM BOND FUND
October 31, 2012 (unaudited)
PRINCIPAL MARKET
AMOUNT COUPON VALUE
(000) SECURITY RATE MATURITY (000)
---------------------------------------------------------------------------------------------------
CORPORATE OBLIGATIONS (32.0%)
CONSUMER DISCRETIONARY (1.6%)
-----------------------------
APPAREL RETAIL (0.1%)
$ 2,993 Ascena Retail Group, Inc. (a) 4.75% 6/14/2018 $ 3,019
------------
CABLE & SATELLITE (0.2%)
5,000 NBC Universal 3.65 4/30/2015 5,363
1,000 Time Warner Cable, Inc. 8.25 2/14/2014 1,094
------------
6,457
------------
CASINOS & GAMING (0.2%)
849 Las Vegas Sands, LLC (a) 1.72 5/23/2014 849
4,138 Las Vegas Sands, LLC (a) 1.72 5/23/2014 4,140
------------
4,989
------------
GENERAL MERCHANDISE STORES (0.6%)
8,000 Dollar General Corp. (a) 2.96 7/07/2014 8,051
10,000 Dollar General Corp. (a) 2.96 7/07/2014 10,063
------------
18,114
------------
HOTELS, RESORTS & CRUISE LINES (0.2%)
6,328 Royal Caribbean Cruises Ltd. 6.88 12/01/2013 6,676
------------
LEISURE PRODUCTS (0.1%)
3,000 Mattel, Inc. 5.63 3/15/2013 3,053
------------
MOVIES & ENTERTAINMENT (0.2%)
4,937 Regal Cinemas Corp. (a) 3.24 8/23/2017 4,958
------------
Total Consumer Discretionary 47,266
------------
CONSUMER STAPLES (1.2%)
-----------------------
AGRICULTURAL PRODUCTS (0.4%)
3,000 Cargill, Inc. (b) 5.20 1/22/2013 3,031
5,000 Cargill, Inc. (b) 1.90 3/01/2017 5,107
3,000 Corn Products International, Inc. 3.20 11/01/2015 3,166
------------
11,304
------------
DRUG RETAIL (0.1%)
2,000 Walgreen Co. 4.88 8/01/2013 2,062
------------
PACKAGED FOODS & MEAT (0.4%)
2,000 ConAgra Foods, Inc. 5.88 4/15/2014 2,145
5,000 Kraft Foods Group, Inc. (b) 2.25 6/05/2017 5,199
3,000 Kraft Foods, Inc. 2.63 5/08/2013 3,030
1,000 Kraft Foods, Inc. 5.25 10/01/2013 1,040
1,000 Kraft Foods, Inc. 6.75 2/19/2014 1,079
------------
12,493
------------
SOFT DRINKS (0.1%)
1,000 Bottling Group, LLC 6.95 3/15/2014 1,087
1,000 Coca-Cola Co. 1.80 9/01/2016 1,038
|
1 | USAA Short-Term Bond Fund
PRINCIPAL MARKET
AMOUNT COUPON VALUE
(000) SECURITY RATE MATURITY (000)
---------------------------------------------------------------------------------------------------
$ 2,000 PepsiAmericas, Inc. 4.38% 2/15/2014 $ 2,096
------------
4,221
------------
TOBACCO (0.2%)
5,000 Lorillard Tobacco Co. 2.30 8/21/2017 5,064
------------
Total Consumer Staples 35,144
------------
ENERGY (4.4%)
-------------
INTEGRATED OIL & GAS (0.2%)
1,000 Hess Corp. 7.00 2/15/2014 1,080
5,000 Phillips 66 (b) 2.95 5/01/2017 5,338
------------
6,418
------------
OIL & GAS DRILLING (0.2%)
5,000 Noble Holding International Ltd. (c) 3.45 8/01/2015 5,302
------------
OIL & GAS EXPLORATION & PRODUCTION (0.6%)
3,000 Apache Corp. 5.25 4/15/2013 3,065
3,000 Apache Finance Canada Corp. 4.38 5/15/2015 3,275
2,000 Chesapeake Energy Corp. 7.63 7/15/2013 2,080
914 Chesapeake Energy Corp. (a) 8.50 12/02/2017 917
2,000 Devon Energy Corp. 5.63 1/15/2014 2,122
1,425 Louisiana Land and Exploration Co. 7.63 4/15/2013 1,467
5,000 WPX Energy, Inc. (b) 5.25 1/15/2017 5,362
------------
18,288
------------
OIL & GAS STORAGE & TRANSPORTATION (3.4%)
3,000 Buckeye Partners 5.30 10/15/2014 3,208
1,000 DCP Midstream, LLC (b) 9.70 12/01/2013 1,090
5,000 El Paso Pipeline Partners Operating Co., LLC (c) 4.10 11/15/2015 5,411
2,000 Enbridge Energy Partners, LP 9.88 3/01/2019 2,729
1,000 Energy Transfer Partners, LP 6.00 7/01/2013 1,032
2,300 Energy Transfer Partners, LP 5.95 2/01/2015 2,541
1,000 Energy Transfer Partners, LP 9.70 3/15/2019 1,348
1,105 Enterprise Products Operating, LP 6.13 2/01/2013 1,118
1,000 Enterprise Products Operating, LP 5.90 4/15/2013 1,023
2,000 Enterprise Products Operating, LP 3.70 6/01/2015 2,136
5,000 Enterprise Products Operating, LP 1.25 8/13/2015 5,057
7,000 Kaneb Pipeline Operating Partnership, LP 5.88 6/01/2013 7,108
1,544 Kern River Funding Corp. (b) 6.68 7/31/2016 1,732
5,373 Kern River Funding Corp. (b) 4.89 4/30/2018 5,864
3,000 NGPL PipeCo, LLC 7.12 12/15/2017 3,232
9,968 NuStar Logistics, LP 7.90 4/15/2018 11,331
4,000 Plains All American Pipeline, LP 3.95 9/15/2015 4,347
5,000 Rockies Express Pipeline, LLC (b) 3.90 4/15/2015 4,975
5,014 Southeast Supply Header (b) 4.85 8/15/2014 5,248
12,000 Southern Union Co. 3.46 (d) 11/01/2066 9,945
5,000 Spectra Energy Capital, LLC 5.90 9/15/2013 5,217
5,000 Spectra Energy Partners, LP 2.95 6/15/2016 5,140
2,000 Sunoco Logistics Partners Operations, LP 8.75 2/15/2014 2,169
1,000 Valero Logistics Operations, LP 6.05 3/15/2013 1,012
4,845 Williams Partners, LP 3.80 2/15/2015 5,166
------------
99,179
------------
Total Energy 129,187
------------
FINANCIALS (15.8%)
------------------
CONSUMER FINANCE (1.3%)
15,000 Ally Financial, Inc. 4.63 6/26/2015 15,593
2,000 American Express Credit Corp. 5.88 5/02/2013 2,054
5,000 American Honda Finance Corp. (b) 0.81 (d) 11/07/2012 5,000
|
Portfolio of Investments | 2
PRINCIPAL MARKET
AMOUNT COUPON VALUE
(000) SECURITY RATE MATURITY (000)
---------------------------------------------------------------------------------------------------
$ 1,000 American Honda Finance Corp. (b) 6.70% 10/01/2013 $ 1,056
5,000 American Honda Finance Corp. (b) 3.50 3/16/2015 5,289
5,000 Capital One Financial Corp. 2.13 7/15/2014 5,101
5,000 Ford Motor Credit Co., LLC 3.88 1/15/2015 5,215
------------
39,308
------------
DIVERSIFIED BANKS (0.8%)
7,000 First Union National Bank 6.18 2/15/2036 8,792
4,000 HSBC USA, Inc. 2.38 2/13/2015 4,139
5,000 US Bancorp 3.44 2/01/2016 5,257
5,000 Wells Fargo & Co. 3.63 4/15/2015 5,347
------------
23,535
------------
DIVERSIFIED CAPITAL MARKETS (0.0%)
1,000 UBS AG 2.25 8/12/2013 1,013
------------
LIFE & HEALTH INSURANCE (2.3%)
2,000 Jackson National Life Global Funding (b) 5.38 5/08/2013 2,051
1,000 MetLife Global Funding I (b) 5.13 4/10/2013 1,020
1,000 MetLife Global Funding I (b) 5.13 6/10/2014 1,071
3,000 MetLife Global Funding I (b) 2.00 1/09/2015 3,087
5,000 MetLife Global Funding I (b) 3.65 6/14/2018 5,494
5,000 MetLife Institutional Funding II (b) 1.63 4/02/2015 5,099
5,000 New York Life Global Funding (b) 1.85 12/13/2013 5,070
5,000 New York Life Global Funding (b) 1.30 1/12/2015 5,077
5,000 New York Life Global Funding (b) 3.00 5/04/2015 5,281
10,000 New York Life Global Funding (b) 1.30 10/30/2017 10,053
3,000 Pricoa Global Funding I (b) 5.45 6/11/2014 3,226
2,000 Principal Life Income Funding Trust 5.30 12/14/2012 2,011
5,000 Principal Life Income Funding Trust 5.55 4/27/2015 5,563
5,000 Protective Life Corp. 4.30 6/01/2013 5,102
2,000 Prudential Financial, Inc. 5.15 1/15/2013 2,019
4,750 Prudential Financial, Inc. (b) 3.00 9/30/2015 4,935
------------
66,159
------------
MULTI-LINE INSURANCE (0.1%)
2,000 Genworth Life Institutional Funding Trust (b) 5.88 5/03/2013 2,045
2,000 Hartford Financial Services Group, Inc. 4.75 3/01/2014 2,087
------------
4,132
------------
MULTI-SECTOR HOLDINGS (0.4%)
1,000 Leucadia National Corp. 7.00 8/15/2013 1,045
10,500 Leucadia National Corp. 8.13 9/15/2015 11,878
------------
12,923
------------
OTHER DIVERSIFIED FINANCIAL SERVICES (2.5%)
15,000 Bank of America Corp. 1.50 10/09/2015 15,028
5,000 Bank of America Corp. 6.10 6/15/2017 5,753
3,000 Citigroup, Inc. 2.44 (d) 8/13/2013 3,036
5,000 Citigroup, Inc. 4.45 1/10/2017 5,529
9,500 Farm Credit Bank of Texas, Series 1, 7.56%,
perpetual 7.56 11/29/2049 9,646
2,000 General Electric Capital Corp. 4.80 5/01/2013 2,042
5,000 General Electric Capital Corp. 1.88 9/16/2013 5,067
3,000 General Electric Capital Corp. 0.55 (d) 1/08/2016 2,958
2,000 International Lease Finance Corp. (b) 6.50 9/01/2014 2,160
5,000 JPMorgan Chase & Co. 1.14 (d) 5/02/2014 5,032
5,000 JPMorgan Chase & Co. 3.40 6/24/2015 5,297
10,000 JPMorgan Chase & Co. 0.99 (d) 10/15/2015 10,004
------------
71,552
------------
PROPERTY & CASUALTY INSURANCE (0.2%)
2,000 Allstate Life Global Funding Trust 5.38 4/30/2013 2,049
2,275 OneBeacon U.S. Holdings, Inc. 5.88 5/15/2013 2,321
|
3 | USAA Short-Term Bond Fund
PRINCIPAL MARKET
AMOUNT COUPON VALUE
(000) SECURITY RATE MATURITY (000)
---------------------------------------------------------------------------------------------------
$ 1,500 RLI Corp. 5.95% 1/15/2014 $ 1,555
------------
5,925
------------
REGIONAL BANKS (2.3%)
8,000 Allfirst Preferred Capital Trust 1.84 (d) 7/15/2029 6,225
2,000 BB&T Corp. 3.38 9/25/2013 2,051
5,000 BB&T Corp. 1.01 (d) 4/28/2014 5,038
2,000 BB&T Corp. 3.95 4/29/2016 2,206
2,000 Chittenden Corp. 1.12 (d) 2/14/2017 1,973
2,000 Cullen/Frost Bankers, Inc. 0.88 (d) 2/15/2017 1,922
5,000 First Niagara Financial Group, Inc. 6.75 3/19/2020 5,866
1,000 First Tennessee Bank, N.A. 4.63 5/15/2013 1,017
5,000 Key Bank, N.A. 5.80 7/01/2014 5,379
6,220 PNC Funding Corp. 5.63 2/01/2017 7,234
3,160 Regions Financial Corp. 7.75 11/10/2014 3,492
2,000 Regions Financial Corp. 5.75 6/15/2015 2,195
15,000 Suntrust Bank 0.72 (d) 8/24/2015 14,516
3,400 Susquehanna Bancshares, Inc. 2.26 (d) 5/01/2014 3,261
5,000 Union Bank, N.A. 2.13 6/16/2017 5,164
------------
67,539
------------
REITs - DIVERSIFIED (0.3%)
3,000 Liberty Property, LP 5.13 3/02/2015 3,243
2,790 Washington REIT 5.25 1/15/2014 2,910
2,030 Washington REIT 5.35 5/01/2015 2,199
------------
8,352
------------
REITs - INDUSTRIAL (0.4%)
2,000 AMB Property, LP 6.30 6/01/2013 2,054
3,075 Prologis, LP 5.63 11/15/2015 3,349
5,000 Prologis, LP 6.25 3/15/2017 5,693
------------
11,096
------------
REITs - OFFICE (1.3%)
2,000 BioMed Realty, LP 3.85 4/15/2016 2,107
9,000 Boston Properties, LP 3.70 11/15/2018 9,821
3,000 Duke Realty, LP 6.25 5/15/2013 3,084
2,000 Duke Realty, LP 5.40 8/15/2014 2,135
4,000 HRPT Properties Trust 6.25 8/15/2016 4,371
2,000 HRPT Properties Trust 6.25 6/15/2017 2,194
3,000 Mack-Cali Realty, LP 5.13 1/15/2015 3,190
2,000 Reckson Operating Partnership, LP 5.88 8/15/2014 2,116
7,680 Reckson Operating Partnership, LP 6.00 3/31/2016 8,450
------------
37,468
------------
REITs - RESIDENTIAL (1.3%)
11,664 AvalonBay Communities, Inc. 5.70 3/15/2017 13,773
5,745 BRE Properties, Inc. 5.50 3/15/2017 6,583
5,000 Camden Property Trust 5.88 11/30/2012 5,018
2,780 ERP Operating, LP 5.38 8/01/2016 3,180
3,000 UDR, Inc. 5.13 1/15/2014 3,132
3,000 UDR, Inc. 5.25 1/15/2015 3,252
2,000 UDR, Inc. 5.25 1/15/2016 2,216
------------
37,154
------------
REITs - RETAIL (1.6%)
2,000 Equity One, Inc. 6.25 12/15/2014 2,283
3,082 Equity One, Inc. 5.38 10/15/2015 3,390
1,765 Federal Realty Investment Trust 5.95 8/15/2014 1,910
1,000 Kimco Realty Corp. 6.00 11/30/2012 1,004
4,000 Kimco Realty Corp. 5.58 11/23/2015 4,459
5,749 National Retail Properties, Inc. 6.15 12/15/2015 6,539
2,000 Realty Income Corp. 5.38 3/15/2013 2,032
1,625 Regency Centers, LP 4.95 4/15/2014 1,708
6,055 Regency Centers, LP 5.25 8/01/2015 6,661
|
Portfolio of Investments | 4
PRINCIPAL MARKET
AMOUNT COUPON VALUE
(000) SECURITY RATE MATURITY (000)
---------------------------------------------------------------------------------------------------
$ 3,000 Simon Property Group, LP 5.30% 5/30/2013 $ 3,078
7,000 Simon Property Group, LP 6.13 5/30/2018 8,602
3,500 Weingarten Realty Investors 4.86 1/15/2014 3,642
------------
45,308
------------
REITs - SPECIALIZED (1.0%)
1,000 Health Care Property Investors, Inc. 5.63 2/28/2013 1,015
5,000 Health Care Property Investors, Inc. 6.00 3/01/2015 5,481
5,000 Health Care REIT, Inc. 3.63 3/15/2016 5,306
3,843 Healthcare Realty Trust 6.50 1/17/2017 4,404
4,128 Hospitality Properties Trust 5.13 2/15/2015 4,356
2,950 Nationwide Health Properties, Inc. 6.90 10/01/2037 3,738
5,000 Ventas Realty, LP 3.13 11/30/2015 5,303
------------
29,603
------------
Total Financials 461,067
------------
GOVERNMENT (0.4%)
-----------------
U.S. GOVERNMENT (0.4%)(i)
10,000 GMAC, LLC (INS) 2.20 12/19/2012 10,025
------------
HEALTH CARE (0.3%)
------------------
HEALTH CARE SERVICES (0.2%)
5,000 Aristotle Holding, Inc. (b) 2.65 2/15/2017 5,224
------------
PHARMACEUTICALS (0.1%)
2,000 Abbott Laboratories 5.15 11/30/2012 2,007
------------
Total Health Care 7,231
------------
INDUSTRIALS (3.2%)
------------------
AEROSPACE & DEFENSE (0.4%)
5,000 L-3 Communications Corp. 3.95 11/15/2016 5,440
1,483 TransDigm, Inc. (a) 4.00 2/14/2017 1,492
5,000 United Technologies Corp. 1.80 6/01/2017 5,196
------------
12,128
------------
AIR FREIGHT & LOGISTICS (0.3%)
4,000 FedEx Corp. 7.38 1/15/2014 4,314
3,000 FedEx Corp. (b) 2.63 1/15/2018 3,030
2,000 United Parcel Service 3.88 4/01/2014 2,100
------------
9,444
------------
AIRLINES (0.1%)
2,392 United Air Lines, Inc. 9.75 1/15/2017 2,769
------------
COMMERCIAL PRINTING (0.1%)
3,000 R.R. Donnelley & Sons Co. 4.95 4/01/2014 3,112
------------
CONSTRUCTION & FARM MACHINERY & HEAVY
TRUCKS (0.9%)
1,000 Caterpillar Financial Services Corp. 4.85 12/07/2012 1,004
3,250 Caterpillar Financial Services Corp. 4.90 8/15/2013 3,365
3,000 John Deere Capital Corp. 1.88 6/17/2013 3,028
5,000 John Deere Capital Corp. 0.88 4/17/2015 5,045
3,000 Paccar, Inc. 6.88 2/15/2014 3,239
10,000 Terex Corp. 4.50 4/28/2017 10,104
------------
25,785
------------
ENVIRONMENTAL & FACILITIES SERVICES (0.1%)
2,000 Casella Waste Systems, Inc. 11.00 7/15/2014 2,114
------------
INDUSTRIAL CONGLOMERATES (0.2%)
4,953 Tomkins, LLC (a) 4.25 9/29/2016 4,988
------------
|
5 | USAA Short-Term Bond Fund
PRINCIPAL MARKET
AMOUNT COUPON VALUE
(000) SECURITY RATE MATURITY (000)
---------------------------------------------------------------------------------------------------
OFFICE SERVICES & SUPPLIES (0.0%)
$ 746 ACCO Brands Corp. (a) 4.25% 4/30/2019 $ 754
------------
RAILROADS (0.1%)
2,000 Union Pacific Corp. 5.13 2/15/2014 2,114
------------
TRUCKING (1.0%)
5,000 ERAC USA Finance, LLC (b) 1.40 4/15/2016 5,046
5,000 ERAC USA Finance, LLC (b) 2.75 3/15/2017 5,233
5,000 Penske Truck Leasing Co., LP / PTL Finance
Corp. (b) 3.13 5/11/2015 5,106
10,000 Penske Truck Leasing Co., LP / PTL Finance
Corp. (b) 2.50 3/15/2016 9,974
4,970 Penske Truck Leasing Co., LP / PTL Finance
Corp. (b) 3.38 3/15/2018 4,954
------------
30,313
------------
Total Industrials 93,521
------------
INFORMATION TECHNOLOGY (0.6%)
-----------------------------
DATA PROCESSING & OUTSOURCED SERVICES (0.2%)
5,000 Fiserv, Inc. (c) 3.13 6/15/2016 5,268
------------
ELECTRONIC COMPONENTS (0.1%)
2,000 Amphenol Corp. 4.75 11/15/2014 2,139
------------
ELECTRONIC EQUIPMENT & INSTRUMENTS (0.1%)
3,000 FLIR Systems, Inc. 3.75 9/01/2016 3,071
------------
OFFICE ELECTRONICS (0.1%)
3,000 Xerox Corp. 2.95 3/15/2017 3,094
------------
TECHNOLOGY DISTRIBUTORS (0.1%)
5,000 Tech Data Corp. 3.75 9/21/2017 5,076
------------
Total Information Technology 18,648
------------
MATERIALS (1.0%)
----------------
CONSTRUCTION MATERIALS (0.1%)
3,550 Lafarge North America, Inc. 6.88 7/15/2013 3,643
------------
DIVERSIFIED CHEMICALS (0.2%)
3,000 Dow Chemical Co. 5.90 2/15/2015 3,341
333 E. I. du Pont de Nemours and Co. 5.00 1/15/2013 336
1,000 E. I. du Pont de Nemours and Co. 5.00 7/15/2013 1,032
------------
4,709
------------
INDUSTRIAL GASES (0.2%)
6,000 Praxair, Inc. 2.13 6/14/2013 6,059
------------
PAPER PACKAGING (0.3%)
4,459 Sealed Air Corp. (a) 2.75 10/03/2016 4,479
4,940 Sealed Air Corp. (a) 4.75 10/03/2018 4,971
------------
9,450
------------
SPECIALTY CHEMICALS (0.2%)
4,500 RPM International, Inc. 6.25 12/15/2013 4,753
------------
Total Materials 28,614
------------
TELECOMMUNICATION SERVICES (0.6%)
---------------------------------
INTEGRATED TELECOMMUNICATION SERVICES (0.4%)
4,400 Frontier Communications Corp. 6.63 3/15/2015 4,785
1,000 Verizon Communications, Inc. 5.25 4/15/2013 1,022
6,000 Windstream Corp. 8.13 8/01/2013 6,292
------------
12,099
------------
|
Portfolio of Investments | 6
PRINCIPAL MARKET
AMOUNT COUPON VALUE
(000) SECURITY RATE MATURITY (000)
---------------------------------------------------------------------------------------------------
WIRELESS TELECOMMUNICATION SERVICES (0.2%)
$ 5,000 iPCS, Inc. 3.69% (d) 5/01/2014 $ 5,000
1,000 Verizon Wireless Capital 7.38 11/15/2013 1,068
------------
6,068
------------
Total Telecommunication Services 18,167
------------
UTILITIES (2.9%)
----------------
ELECTRIC UTILITIES (1.8%)
3,000 Appalachian Power Co. 3.40 5/24/2015 3,169
218 Cedar Brakes II, LLC (b) 9.88 9/01/2013 225
2,000 Duke Energy Ohio, Inc. 2.10 6/15/2013 2,022
10,000 Entergy Texas, Inc. 3.60 6/01/2015 10,566
3,000 FPL Group Capital, Inc. 0.84 (d) 11/09/2012 3,000
2,000 FPL Group Capital, Inc. 2.55 11/15/2013 2,035
5,000 Georgia Power Co. 0.71 (d) 3/15/2013 5,002
2,000 Great Plains Energy, Inc. 2.75 8/15/2013 2,030
5,000 ITC Holdings Corp. (b) 5.25 7/15/2013 5,119
3,000 NextEra Energy Capital Holdings, Inc. 1.61 6/01/2014 3,035
1,000 Northeast Utilities 5.65 6/01/2013 1,029
3,000 PNM Resources, Inc. 9.25 5/15/2015 3,443
9,000 PPL Energy Supply, LLC 6.20 5/15/2016 10,351
1,725 Tristate General & Transport Association (b) 6.04 1/31/2018 1,889
------------
52,915
------------
GAS UTILITIES (0.4%)
5,000 Florida Gas Transmission (b) 4.00 7/15/2015 5,328
5,000 Gulfstream Natural Gas System, LLC (b) 5.56 11/01/2015 5,575
------------
10,903
------------
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS (0.3%)
1,955 AES Corp. 7.75 3/01/2014 2,106
2,000 AES Corp. 7.75 10/15/2015 2,255
3,940 Calpine Corp. (a) 4.50 4/02/2018 3,956
1,985 NRG Energy, Inc. (a) 4.00 7/02/2018 2,000
------------
10,317
------------
MULTI-UTILITIES (0.4%)
2,000 CenterPoint Energy Houston Electric, LLC 5.70 3/15/2013 2,039
3,000 CMS Energy Corp. 2.75 5/15/2014 3,063
1,000 Consolidated Natural Gas Co. 5.00 3/01/2014 1,054
1,000 Dominion Resources, Inc. 8.88 1/15/2019 1,356
2,000 PSEG Power, LLC 2.50 4/15/2013 2,019
1,000 Puget Sound Energy, Inc. 6.75 1/15/2016 1,160
------------
10,691
------------
Total Utilities 84,826
------------
Total Corporate Obligations (cost: $904,667) 933,696
------------
EURODOLLAR AND YANKEE OBLIGATIONS (15.5%)
CONSUMER STAPLES (0.9%)
-----------------------
BREWERS (0.5%)
10,000 Miller Brewing Co. (b),(e) 5.50 8/15/2013 10,397
5,000 SABMiller plc (b) 2.45 1/15/2017 5,246
------------
15,643
------------
DISTILLERS & VINTNERS (0.2%)
5,000 Pernod Ricard S.A. (b) 2.95 1/15/2017 5,279
------------
TABACCO (0.2%)
5,000 B.A.T. International Finance plc (b) 2.13 6/07/2017 5,115
------------
Total Consumer Staples 26,037
------------
|
7 | USAA Short-Term Bond Fund
PRINCIPAL MARKET
AMOUNT COUPON VALUE
(000) SECURITY RATE MATURITY (000)
---------------------------------------------------------------------------------------------------
ENERGY (2.3%)
-------------
INTEGRATED OIL & GAS (1.0%)
$ 2,000 Husky Energy, Inc. 5.90% 6/15/2014 $ 2,160
5,000 Shell International Finance B.V. (c) 1.88 3/25/2013 5,031
5,000 Shell International Finance B.V. (c) 4.00 3/21/2014 5,251
15,000 Shell International Finance B.V. 1.13 8/21/2017 15,179
------------
27,621
------------
OIL & GAS DRILLING (0.2%)
5,000 Transocean, Inc. (c) 5.05 12/15/2016 5,605
------------
OIL & GAS EXPLORATION & PRODUCTION (0.4%)
5,000 Petrohawk Energy Corp. 7.25 8/15/2018 5,707
2,000 Woodside Finance Ltd. (b) 8.13 3/01/2014 2,179
4,000 Woodside Finance Ltd. (b) 4.50 11/10/2014 4,257
------------
12,143
------------
OIL & GAS STORAGE & TRANSPORTATION (0.7%)
9,000 Enbridge, Inc. 4.90 6/15/2014 9,716
3,250 Enbridge, Inc. 4.90 3/01/2015 3,538
8,000 TransCanada Pipelines Ltd. 0.88 3/02/2015 8,092
------------
21,346
------------
Total Energy 66,715
------------
FINANCIALS (7.8%)
-----------------
CONSUMER FINANCE (0.6%)
10,000 Daimler Finance N.A., LLC (b),(e) 1.65 4/10/2015 10,147
5,000 Daimler Finance N.A., LLC (b) 1.30 7/31/2015 5,040
2,000 HSBC Finance Corp. 0.59 (d) 1/15/2014 1,991
------------
17,178
------------
DIVERSIFIED BANKS (5.5%)
5,000 ANZ National International Ltd. 6.20 7/19/2013 5,189
9,000 ANZ National International Ltd. (b) 1.85 10/15/2015 9,167
10,000 Banco Santander Chile (b) 2.44 (d) 2/14/2014 9,864
5,000 Bank of Montreal 2.13 6/28/2013 5,059
5,000 Bank of Montreal (b) 1.30 10/31/2014 5,089
5,000 Bank of Montreal (b) 2.85 6/09/2015 5,300
5,000 Bank of Montreal (b) 2.63 1/25/2016 5,320
10,000 Bank of Nova Scotia 0.86 (d) 2/27/2014 10,028
7,500 Barclays Bank plc (b),(c) 2.25 5/10/2017 7,755
5,000 Canadian Imperial Bank (b) 2.00 2/04/2013 5,021
5,000 Canadian Imperial Bank 1.45 9/13/2013 5,049
4,000 Canadian Imperial Bank (b) 2.60 7/02/2015 4,219
2,000 Canadian Imperial Bank 2.35 12/11/2015 2,098
5,000 Commonwealth Bank of Australia 1.58 (d) 1/17/2014 5,058
2,000 Commonwealth Bank of Australia 2.25 3/16/2017 2,091
5,000 DNB Bank ASA (b) 3.20 4/03/2017 5,278
5,000 Lloyds TSB Bank plc 4.20 3/28/2017 5,534
7,000 National Australia Bank of New York 2.75 3/09/2017 7,385
5,000 Rabobank Group 3.38 1/19/2017 5,383
2,000 Royal Bank of Canada 2.63 12/15/2015 2,114
10,000 Santander Holdings USA, Inc. 3.00 9/24/2015 10,198
5,000 Stadshypotek AB (b) 0.91 (d) 9/30/2013 5,011
18,000 Standard Chartered Bank (b) 6.40 9/26/2017 21,112
2,000 Standard Chartered plc (b) 3.85 4/27/2015 2,116
5,000 Svenska Handelsbanken AB 2.88 4/04/2017 5,288
3,000 Westpac Banking Corp. 2.10 8/02/2013 3,039
2,000 Westpac Banking Corp. (b) 1.56 (d) 1/30/2014 2,023
------------
160,788
------------
|
Portfolio of Investments | 8
PRINCIPAL MARKET
AMOUNT COUPON VALUE
(000) SECURITY RATE MATURITY (000)
---------------------------------------------------------------------------------------------------
DIVERSIFIED CAPITAL MARKETS (0.6%)
$ 2,000 Credit Suisse Group, AG 5.50% 5/01/2014 $ 2,134
5,000 Deutsche Bank AG London 3.25 1/11/2016 5,308
10,000 UBS AG London (b),(e) 1.88 1/23/2015 10,191
------------
17,633
------------
MULTI-LINE INSURANCE (0.4%)
12,420 Oil Insurance Ltd. (b) 3.34 (d) -(f) 11,148
------------
OTHER DIVERSIFIED FINANCIAL SERVICES (0.3%)
7,000 ING Bank N.V. (b) 3.75 3/07/2017 7,420
2,000 ING Capital Funding Trust III 3.96 (d) -(f) 1,886
------------
9,306
------------
REGIONAL BANKS (0.2%)
5,000 Vestjysk Bank A/S (NBGA)(b) 0.94 (d) 6/17/2013 5,012
------------
REITs - RETAIL (0.2%)
5,000 WEA Finance (b) 7.50 6/02/2014 5,489
------------
Total Financials 226,554
------------
HEALTH CARE (0.5%)
------------------
HEALTH CARE EQUIPMENT (0.1%)
3,000 Covidien International Finance S.A. 1.88 6/15/2013 3,027
------------
PHARMACEUTICALS (0.4%)
5,000 Novartis Capital Corp. 2.90 4/24/2015 5,290
7,000 Valeant Pharmaceuticals International, Inc.
(a),(g) 4.25 2/13/2019 7,040
1,000 Valeant Pharmaceuticals International, Inc.
(a),(g) 4.33 9/27/2019 1,004
------------
13,334
------------
Total Health Care 16,361
------------
INDUSTRIALS (1.0%)
------------------
AIRPORT SERVICES (0.3%)
8,000 BAA Funding Ltd. (b) 2.50 6/25/2015 8,268
------------
DIVERSIFIED SUPPORT SERVICES (0.1%)
4,300 Brambles USA, Inc. (b) 3.95 4/01/2015 4,495
------------
INDUSTRIAL CONGLOMERATES (0.4%)
5,000 Hutchison Whampoa Ltd. (b) 3.50 1/13/2017 5,324
5,000 Hutchison Whampoa Ltd. (b) 6.00 -(f) 5,257
------------
10,581
------------
RAILROADS (0.2%)
5,000 Asciano Finance (b) 5.00 4/07/2018 5,396
------------
Total Industrials 28,740
------------
MATERIALS (2.8%)
----------------
CONSTRUCTION MATERIALS (0.4%)
3,597 CRH America, Inc. 4.13 1/15/2016 3,746
5,000 Holcim US Finance 6.00 12/30/2019 5,613
2,000 Lafarge S.A. (b) 5.50 7/09/2015 2,170
------------
11,529
------------
DIVERSIFIED CHEMICALS (0.1%)
3,305 Engelhard Corp. 4.25 5/15/2013 3,331
------------
DIVERSIFIED METALS & MINING (1.1%)
5,000 Anglo American Capital (b),(c) 2.15 9/27/2013 5,038
5,000 Anglo American Capital plc (b) 2.63 9/27/2017 5,017
|
9 | USAA Short-Term Bond Fund
PRINCIPAL MARKET
AMOUNT COUPON VALUE
(000) SECURITY RATE MATURITY (000)
---------------------------------------------------------------------------------------------------
$ 5,000 Glencore Funding, LLC (b) 6.00% 4/15/2014 $ 5,238
1,746 Teck Resources Ltd. 3.15 1/15/2017 1,823
3,000 Xstrata Canada Corp. 5.38 6/01/2015 3,264
2,000 Xstrata Finance Canada Ltd. (b) 2.85 11/10/2014 2,053
10,000 Xstrata Finance Canada Ltd. (b) 2.45 10/25/2017 9,986
------------
32,419
------------
FERTILIZERS & AGRICULTURAL CHEMICALS (0.6%)
6,000 Incitec Pivot Finance Ltd. (b) 4.00 12/07/2015 6,283
9,840 Yara International ASA (b) 5.25 12/15/2014 10,591
------------
16,874
------------
GOLD (0.1%)
4,000 Barrick Gold Finance Co., LLC 6.13 9/15/2013 4,192
------------
METAL & GLASS CONTAINERS (0.2%)
4,280 Rexam plc (b) 6.75 6/01/2013 4,345
------------
STEEL (0.3%)
2,000 ArcelorMittal 5.38 6/01/2013 2,042
4,000 ArcelorMittal 4.75 2/25/2017 3,933
3,000 ArcelorMittal USA, Inc. 6.50 4/15/2014 3,130
------------
9,105
------------
Total Materials 81,795
------------
TELECOMMUNICATION SERVICES (0.2%)
---------------------------------
INTEGRATED TELECOMMUNICATION SERVICES (0.2%)
5,000 Telecom Italia Capital 5.25 11/15/2013 5,162
------------
Total Eurodollar and Yankee Obligations (cost: $439,643) 451,364
------------
ASSET-BACKED SECURITIES (13.3%)
FINANCIALS (13.3%)
------------------
ASSET-BACKED FINANCING (13.3%)
7,226 Access Group, Inc. 0.58 (d) 4/25/2029 6,794
2,667 AESOP Funding II, LLC 5.68 2/20/2014 2,691
5,000 AESOP Funding II, LLC 4.64 5/20/2016 5,423
3,250 AESOP Funding ll, LLC (b) 2.98 11/20/2013 3,272
165 American Credit Acceptance 1.96 1/15/2014 165
3,728 AmeriCredit Automobile Receivables Trust 6.96 10/14/2014 3,732
1,421 AmeriCredit Automobile Receivables Trust 3.72 11/17/2014 1,435
987 AmeriCredit Automobile Receivables Trust 2.90 12/15/2014 994
3,500 AmeriCredit Automobile Receivables Trust 2.19 2/08/2016 3,553
6,000 AmeriCredit Automobile Receivables Trust 3.34 4/08/2016 6,256
5,725 AmeriCredit Automobile Receivables Trust 6.24 6/08/2016 6,177
5,000 AmeriCredit Automobile Receivables Trust 4.00 5/08/2017 5,271
10,000 Arkle Master Issuer plc (b),(e) 1.83 (d) 5/17/2060 10,098
1,830 Aviation Capital Group Trust (INS)(b) 0.91 9/20/2033 1,429
1,365 Bank of America Auto Trust (b) 3.52 6/15/2016 1,372
1,098 Bank of America Auto Trust (b) 3.03 10/15/2016 1,106
15,000 Bank of America Credit Card Trust 4.96 (d) 3/15/2016 15,621
5,000 Bank One Issuance Trust 4.77 2/16/2016 5,120
5,000 Bank One Issuance Trust 1.01 (d) 2/15/2017 5,011
5,000 Capital One Multi-Asset Execution Trust 2.46 (d) 7/15/2016 5,058
362 Carmax Auto Owner Trust 1.74 4/15/2014 362
1,680 CenterPoint Energy Transition Bond Co. III, LLC 4.19 2/01/2020 1,808
2,360 Centre Point Funding, LLC (b) 5.43 7/20/2016 2,471
462 Chase Funding Mortgage Loan 4.11 8/25/2030 470
1,905 CIT Equipment Collateral (b) 3.88 9/16/2013 1,909
4,000 CIT Equipment Collateral (b) 4.86 3/17/2014 4,057
9,000 CIT Equipment Collateral (b) 1.43 8/22/2016 9,030
2,000 CIT Equipment Collateral (b) 2.29 8/22/2016 2,012
|
Portfolio of Investments | 10
PRINCIPAL MARKET
AMOUNT COUPON VALUE
(000) SECURITY RATE MATURITY (000)
---------------------------------------------------------------------------------------------------
$ 4,763 Citi Financial Auto Issuance Trust (b) 3.15% 8/15/2016 $ 4,797
3,547 College Loan Corp. Trust 0.83 (d) 1/15/2037 2,727
7,728 Collegiate Funding Services Education Loan Trust 0.68 (d) 3/28/2035 6,289
2,000 Credit Acceptance Auto Loan Trust (b) 3.63 10/15/2018 2,019
5,000 Credit Acceptance Auto Loan Trust (b) 2.61 3/15/2019 5,069
5,000 Credit Acceptance Auto Loan Trust (b) 3.96 9/15/2019 5,156
3,000 Credit Acceptance Auto Loan Trust (b) 3.12 3/16/2020 3,027
3,000 Credit Acceptance Auto Loan Trust (b) 2.21 9/15/2020 3,033
10,000 Enterprise Fleet Financing, LLC (b) 2.10 5/20/2017 10,198
21,000 Enterprise Fleet Financing, LLC 1.41 11/20/2017 21,206
2,642 Ford Credit Auto Owner Trust 2.98 8/15/2014 2,667
4,000 Ford Credit Auto Owner Trust 1.00 11/15/2014 4,042
3,000 Ford Credit Auto Owner Trust 2.38 7/15/2016 3,084
7,000 Fosse Master Issuer plc (b) 2.27 (d) 10/18/2054 7,151
5,000 GE Capital Credit Card Master Note Trust 2.21 6/15/2016 5,056
5,000 GE Capital Credit Card Master Note Trust (b) 5.39 11/15/2017 5,373
2,466 GE Equipment Midticket, LLC (b) 0.94 7/14/2014 2,467
2,000 GE Equipment Midticket, LLC 1.47 7/14/2015 2,013
859 GE Equipment Midticket, LLC 3.13 11/16/2020 861
5,000 GE Equipment Small Ticket, LLC (b) 1.60 1/21/2018 5,030
10,000 Gracechurch Mortgage Financing plc (b) 1.98 (d) 11/20/2056 10,219
4,167 Hertz Vehicle Financing, LLC (b) 4.26 3/25/2014 4,203
4,167 Hertz Vehicle Financing, LLC (b) 4.94 3/25/2016 4,191
8,644 Holmes Master Issuer plc (b) 1.74 (d) 10/15/2054 8,737
5,000 Holmes Master Issuer plc (b) 1.89 (d) 10/21/2054 5,103
1,462 Home Equity Asset Trust 0.62 (d) 11/25/2035 1,444
2,453 Honda Auto Receivables Owner Trust 1.34 3/18/2014 2,461
5,000 Iowa Student Loan Liquidity Corp. 0.72 (d) 9/25/2037 3,802
345 MMAF Equipment Finance, LLC (b) 2.37 11/15/2013 345
3,000 MMAF Equipment Finance, LLC (b) 3.51 1/15/2030 3,104
2,000 Motor plc (b) 1.29 2/25/2020 2,008
5,000 Permanent Master Issuer plc (b) 1.89 (d) 7/15/2042 5,121
1,583 Prestige Auto Receivables Trust "A" (b) 5.67 4/15/2017 1,600
5,000 Prestige Auto Receivables Trust "B" 2.87 7/16/2018 5,094
8,350 Rental Car Finance Corp. (b) 4.38 2/25/2016 8,680
3,288 Santander Drive Auto Receivable Trust 1.84 11/17/2014 3,318
8,773 Santander Drive Auto Receivable Trust (b) 3.19 10/15/2015 9,022
1,740 Santander Drive Auto Receivable Trust (b) 1.48 5/15/2017 1,745
12,500 Santander Drive Auto Receivable Trust 2.43 5/15/2017 12,822
2,000 Santander Drive Auto Receivable Trust 3.09 5/15/2017 2,061
5,000 Santander Drive Auto Receivable Trust 3.89 7/17/2017 5,190
4,663 SLC Student Loan Trust 0.46 (d) 1/15/2019 4,654
5,577 SLC Student Loan Trust 0.64 (d) 7/15/2036 4,741
2,500 SLM Student Loan Trust 0.75 (d) 12/15/2023 2,208
6,278 SLM Student Loan Trust 0.70 (d) 1/27/2025 5,592
1,250 SLM Student Loan Trust 0.52 (d) 10/27/2025 1,064
8,000 SLM Student Loan Trust 0.79 (d) 7/15/2036 4,998
1,480 SLM Student Loan Trust 0.87 (d) 10/25/2038 1,186
14,000 Toyota Auto Receivables Owner Trust 1.86 5/16/2016 14,101
5,000 United Auto Credit Securitization Trust 1.87 9/15/2015 5,004
3,270 Volvo Financial Equipment, LLC (b) 2.99 5/15/2017 3,276
10,645 Westlake Automobile Receivables Trust (b) 1.49 6/16/2014 10,662
5,500 Wheels SPV, LLC 1.81 3/20/2021 5,545
10,000 World Omni Auto Receivables Trust 1.91 4/15/2016 10,212
------------
387,475
------------
Total Financials 387,475
------------
Total Asset-Backed Securities (cost: $383,079) 387,475
------------
|
11 | USAA Short-Term Bond Fund
PRINCIPAL MARKET
AMOUNT COUPON VALUE
(000) SECURITY RATE MATURITY (000)
---------------------------------------------------------------------------------------------------
COMMERCIAL MORTGAGE SECURITIES (20.3%)
FINANCIALS (20.3%)
------------------
COMMERCIAL MORTGAGE-BACKED SECURITIES (18.7%)
$ 1,177 Banc of America Commercial Mortgage, Inc. 4.65% 9/11/2036 $ 1,180
2,035 Banc of America Commercial Mortgage, Inc. 5.41 6/10/2039 2,172
1,000 Banc of America Commercial Mortgage, Inc. 4.94 11/10/2041 1,066
5,100 Banc of America Commercial Mortgage, Inc. 4.99 11/10/2042 5,262
652 Banc of America Commercial Mortgage, Inc. 4.51 12/10/2042 662
925 Banc of America Commercial Mortgage, Inc. 4.50 7/10/2043 927
1,000 Banc of America Commercial Mortgage, Inc. 4.62 7/10/2043 1,022
2,225 Banc of America Commercial Mortgage, Inc. 5.09 7/10/2043 2,352
3,300 Banc of America Commercial Mortgage, Inc. 4.93 7/10/2045 3,643
3,000 Banc of America Commercial Mortgage, Inc. 5.33 7/10/2045 3,147
5,000 Banc of America Commercial Mortgage, Inc. 5.12 10/10/2045 5,606
5,000 Banc of America Commercial Mortgage, Inc. 5.36 10/10/2045 5,769
372 Banc of America Commercial Mortgage, Inc. 5.52 7/10/2046 377
4,935 Banc of America Commercial Mortgage, Inc. 5.18 9/10/2047 5,551
4,729 Banc of America Commercial Mortgage, Inc. 5.32 9/10/2047 4,733
4,273 Banc of America Commercial Mortgage, Inc. (b) 5.46 9/10/2047 4,438
5,060 Banc of America Commercial Mortgage, Inc. 5.45 1/15/2049 5,331
2,858 Banc of America Commercial Mortgage, Inc. 5.79 2/10/2051 3,030
8,037 Banc of America Commercial Mortgage, Inc. 6.02 2/10/2051 8,070
1,452 Bear Stearns Commercial Mortgage Securities, Inc. 5.69 9/11/2038 1,485
1,202 Bear Stearns Commercial Mortgage Securities, Inc. 5.17 12/11/2038 1,236
2,082 Bear Stearns Commercial Mortgage Securities, Inc. 5.40 12/11/2040 2,080
303 Bear Stearns Commercial Mortgage Securities, Inc. 4.95 2/11/2041 303
3,283 Bear Stearns Commercial Mortgage Securities, Inc. 5.53 9/11/2041 3,456
1,493 Bear Stearns Commercial Mortgage Securities, Inc. 5.53 10/12/2041 1,545
4,630 Bear Stearns Deutsche Bank Trust (b) 4.72 9/15/2027 4,896
3,145 Chase Commercial Mortgage Securities Corp. (b) 6.56 5/18/2030 3,241
2,296 Citigroup Commercial Mortgage Trust 5.25 4/15/2040 2,328
3,550 Citigroup Commercial Mortgage Trust 5.73 3/15/2049 4,099
1,266 Citigroup Commercial Mortgage Trust 6.07 12/10/2049 1,289
2,792 Citigroup Commercial Mortgage Trust 6.07 12/10/2049 2,948
681 Citigroup Commercial Mortgage Trust (b) 4.52 9/20/2051 684
246 Citigroup Deutsche Bank Commercial Mortgage Trust 5.27 7/15/2044 245
2,825 Citigroup Deutsche Bank Commerical Mortgage Trust 5.22 7/15/2044 2,942
2,391 Commercial Mortgage Asset Trust 6.98 1/17/2032 2,413
1,000 Commercial Mortgage Asset Trust 7.64 11/17/2032 1,071
5,000 Commercial Mortgage Asset Trust 4.98 5/10/2043 5,506
714 Commercial Mortgage Trust 4.58 10/15/2037 714
3,000 Commercial Mortgage Trust 5.12 6/10/2044 3,332
3,000 Credit Suisse Commercial Mortgage Trust 6.02 6/15/2038 3,457
5,000 Credit Suisse Commercial Mortgage Trust 5.38 2/15/2040 5,561
5,422 Credit Suisse First Boston Mortgage Securities
Corp. 5.42 5/15/2036 5,732
4,725 Credit Suisse First Boston Mortgage Securities
Corp. 5.11 7/15/2036 5,029
9,728 Credit Suisse First Boston Mortgage Securities
Corp. 4.69 4/15/2037 10,120
8,320 Credit Suisse First Boston Mortgage Securities
Corp. 5.10 8/15/2038 9,204
|
Portfolio of Investments | 12
PRINCIPAL MARKET
AMOUNT COUPON VALUE
(000) SECURITY RATE MATURITY (000)
---------------------------------------------------------------------------------------------------
$ 7,000 Credit Suisse First Boston Mortgage Securities
Corp. 5.10% 8/15/2038 $ 7,694
963 Credit Suisse First Boston Mortgage Securities
Corp. 5.85 3/15/2039 1,000
2,765 Credit Suisse Mortgage Capital 5.78 4/12/2049 2,876
10,000 DB-UBS Mortgage Trust 3.64 8/10/2044 10,940
7,240 DB-UBS Mortgage Trust (b) 3.74 11/10/2046 7,876
15 GE Capital Commercial Mortgage Corp. 4.87 7/10/2039 15
193 GE Capital Commercial Mortgage Corp. 5.31 11/10/2045 193
6,585 GE Capital Commercial Mortgage Corp. 5.33 11/10/2045 6,617
1,636 GMAC Commercial Mortgage Securities, Inc. 6.50 5/15/2035 1,680
4 GMAC Commercial Mortgage Securities, Inc. 4.65 4/10/2040 4
8,875 GMAC Commercial Mortgage Securities, Inc. 5.02 4/10/2040 9,170
768 GMAC Commercial Mortgage Securities, Inc. 4.55 12/10/2041 768
5,750 GMAC Commercial Mortgage Securities, Inc. 4.75 5/10/2043 6,192
3,000 Greenwich Capital Commercial Funding Corp. 5.03 1/05/2036 3,086
6,629 Greenwich Capital Commercial Funding Corp. 5.32 6/10/2036 6,975
337 Greenwich Capital Commercial Funding Corp. 5.12 4/10/2037 337
4,200 Greenwich Capital Commercial Funding Corp. 5.22 4/10/2037 4,660
2,160 Greenwich Capital Commercial Funding Corp. 4.80 8/10/2042 2,326
7,570 GS Mortgage Securities Corp. II 5.55 4/10/2038 8,584
8,980 GS Mortgage Securities Corp. II 5.62 4/10/2038 9,895
906 GS Mortgage Securities Corp. II 4.61 7/10/2039 911
4,500 GS Mortgage Securities Corp. II 4.78 7/10/2039 4,493
5,000 GS Mortgage Securities Corp. II 2.54 1/10/2045 5,290
10,000 GS Mortgage Securities Corp. II 2.32 5/10/2045 10,522
3,765 J.P. Morgan Chase Commercial Mortgage
Securities Corp. 4.90 1/12/2037 4,051
5,868 J.P. Morgan Chase Commercial Mortgage
Securities Corp. 5.20 8/12/2037 6,066
795 J.P. Morgan Chase Commercial Mortgage
Securities Corp. 5.20 8/12/2037 825
2,400 J.P. Morgan Chase Commercial Mortgage
Securities Corp. 4.40 1/12/2039 2,498
10,000 J.P. Morgan Chase Commercial Mortgage
Securities Corp. 5.12 7/15/2041 10,622
2,379 J.P. Morgan Chase Commercial Mortgage
Securities Corp. 4.92 1/15/2042 2,483
1,494 J.P. Morgan Chase Commercial Mortgage
Securities Corp. 4.68 7/15/2042 1,514
1,570 J.P. Morgan Chase Commercial Mortgage
Securities Corp. 4.70 7/15/2042 1,578
3,205 J.P. Morgan Chase Commercial Mortgage
Securities Corp. 5.00 8/15/2042 3,519
101 J.P. Morgan Chase Commercial Mortgage
Securities Corp. 4.87 10/15/2042 101
2,000 J.P. Morgan Chase Commercial Mortgage
Securities Corp. 5.00 10/15/2042 2,183
3,000 J.P. Morgan Chase Commercial Mortgage
Securities Corp. 5.04 10/15/2042 2,649
2,973 J.P. Morgan Chase Commercial Mortgage
Securities Corp. 5.25 1/12/2043 2,985
2,130 J.P. Morgan Chase Commercial Mortgage
Securities Corp. 5.46 1/12/2043 2,364
2,494 J.P. Morgan Chase Commercial Mortgage
Securities Corp. 5.49 4/15/2043 2,632
4,376 J.P. Morgan Chase Commercial Mortgage
Securities Corp. (c) 5.79 6/12/2043 4,695
2,000 J.P. Morgan Chase Commercial Mortgage
Securities Corp. 5.81 6/12/2043 2,307
818 J.P. Morgan Chase Commercial Mortgage
Securities Corp. 5.82 6/12/2043 836
8,038 J.P. Morgan Chase Commercial Mortgage
Securities Corp. 5.45 12/12/2043 8,054
|
13 | USAA Short-Term Bond Fund
PRINCIPAL MARKET
AMOUNT COUPON VALUE
(000) SECURITY RATE MATURITY (000)
---------------------------------------------------------------------------------------------------
$ 528 J.P. Morgan Chase Commercial Mortgage
Securities Corp. 5.20% 12/15/2044 $ 532
4,301 J.P. Morgan Chase Commercial Mortgage
Securities Corp. 5.37 12/15/2044 4,452
1,266 J.P. Morgan Chase Commercial Mortgage
Securities Corp. 5.88 4/15/2045 1,344
2,291 J.P. Morgan Chase Commercial Mortgage
Securities Corp. 5.52 5/12/2045 2,452
2,372 J.P. Morgan Chase Commercial Mortgage
Securities Corp. 5.58 5/12/2045 2,424
2,180 J.P. Morgan Chase Commercial Mortgage
Securities Corp. 5.37 5/15/2045 2,310
1,961 J.P. Morgan Chase Commercial Mortgage
Securities Corp. 4.63 3/15/2046 1,966
1,725 J.P. Morgan Chase Commercial Mortgage
Securities Corp. 4.87 3/15/2046 1,773
1,650 J.P. Morgan Chase Commercial Mortgage
Securities Corp. (b) 4.09 7/15/2046 1,860
3,770 J.P. Morgan Chase Commercial Mortgage
Securities Corp. 5.13 5/15/2047 3,967
1,892 J.P. Morgan Chase Commercial Mortgage
Securities Corp. 5.63 2/12/2051 1,890
1,237 LB-UBS Commercial Mortgage Trust 4.56 9/15/2027 1,237
683 LB-UBS Commercial Mortgage Trust 3.97 3/15/2029 697
3,490 LB-UBS Commercial Mortgage Trust 5.25 6/15/2029 3,519
2,968 LB-UBS Commercial Mortgage Trust 4.63 10/15/2029 3,026
1,374 LB-UBS Commercial Mortgage Trust 5.00 4/15/2030 1,407
904 LB-UBS Commercial Mortgage Trust 5.01 4/15/2030 926
3,350 LB-UBS Commercial Mortgage Trust 4.66 7/15/2030 3,400
5,830 LB-UBS Commercial Mortgage Trust 4.95 9/15/2030 6,422
213 LB-UBS Commercial Mortgage Trust 5.10 11/15/2030 214
4,880 LB-UBS Commercial Mortgage Trust 5.47 11/15/2030 5,083
2,206 LB-UBS Commercial Mortgage Trust 5.08 2/15/2031 2,208
5,844 LB-UBS Commercial Mortgage Trust 5.16 2/15/2031 6,572
1,915 LB-UBS Commercial Mortgage Trust 6.04 6/15/2032 2,031
5,000 LB-UBS Commercial Mortgage Trust 4.69 7/15/2032 5,104
3,718 LB-UBS Commercial Mortgage Trust 4.37 3/15/2036 3,881
5,000 LB-UBS Commercial Mortgage Trust 5.35 11/15/2038 5,777
4,000 LB-UBS Commercial Mortgage Trust 5.41 9/15/2039 4,560
1,250 LB-UBS Commercial Mortgage Trust 4.86 12/15/2039 1,344
4,244 LB-UBS Commercial Mortgage Trust 5.40 2/15/2040 4,478
4,000 LB-UBS Commercial Mortgage Trust 5.42 2/15/2040 4,672
6,000 LB-UBS Commercial Mortgage Trust 5.46 2/15/2040 6,692
1,609 Merrill Lynch Mortgage Trust 5.24 11/12/2037 1,617
5,880 Merrill Lynch Mortgage Trust 4.96 7/12/2038 6,010
2,000 Merrill Lynch Mortgage Trust 5.14 7/12/2038 2,064
1,679 Merrill Lynch Mortgage Trust 5.61 5/12/2039 1,690
3,509 Merrill Lynch Mortgage Trust 5.84 5/12/2039 3,733
306 Merrill Lynch Mortgage Trust 4.17 8/12/2039 307
3,716 Merrill Lynch Mortgage Trust 4.86 8/12/2039 3,972
580 Merrill Lynch Mortgage Trust 4.72 10/12/2041 584
7,500 Merrill Lynch Mortgage Trust 4.92 10/12/2041 7,868
266 Merrill Lynch Mortgage Trust 4.81 9/12/2042 266
582 Merrill Lynch Mortgage Trust 4.56 6/12/2043 585
2,371 Merrill Lynch Mortgage Trust 4.67 6/12/2043 2,385
3,859 Merrill Lynch Mortgage Trust 5.71 2/12/2051 4,078
5,974 Merrill Lynch-Countrywide Commercial
Mortgage Trust 5.38 7/12/2046 6,175
1,675 Merrill Lynch-Countrywide Commercial
Mortgage Trust 5.36 8/12/2048 1,775
5,691 Merrill Lynch-Countrywide Commercial
Mortgage Trust 5.36 8/12/2048 5,748
1,039 Merrill Lynch-Countrywide Commercial
Mortgage Trust 6.13 8/12/2049 1,091
2,982 Morgan Stanley Capital I, Inc. 5.54 6/15/2038 3,123
|
Portfolio of Investments | 14
PRINCIPAL MARKET
AMOUNT COUPON VALUE
(000) SECURITY RATE MATURITY (000)
---------------------------------------------------------------------------------------------------
$ 4,690 Morgan Stanley Capital I, Inc. 4.97% 12/15/2041 $ 4,872
480 Morgan Stanley Capital I, Inc. 5.72 10/15/2042 487
5,498 Morgan Stanley Capital I, Inc. 5.57 3/12/2044 5,541
6,975 Morgan Stanley Capital I, Inc. 5.57 12/15/2044 7,913
3,530 Morgan Stanley Capital I, Inc. (b) 2.60 9/15/2047 3,642
5,000 Morgan Stanley Capital I, Inc. 5.78 4/12/2049 5,151
1,042 Morgan Stanley Capital I, Inc. 5.62 12/12/2049 1,041
114 Morgan Stanley Dean Witter Capital I, Inc. 7.49 2/23/2034 114
5,000 Morgan Stanley Dean Witter Capital I, Inc. (b) 10.24 12/17/2043 5,089
1,245 Morgan Stanley Dean Witter Capital I, Inc. 4.54 7/15/2056 1,261
2,040 Wachovia Bank Commercial Mortgage Trust (b) 4.24 10/15/2035 2,061
2,000 Wachovia Bank Commercial Mortgage Trust 5.08 11/15/2035 2,067
700 Wachovia Bank Commercial Mortgage Trust 4.94 4/15/2042 766
5,000 Wachovia Bank Commercial Mortgage Trust 5.12 7/15/2042 5,531
8 Wachovia Bank Commercial Mortgage Trust 5.68 5/15/2043 8
2,777 Wachovia Bank Commercial Mortgage Trust 5.21 10/15/2044 3,097
774 Wachovia Bank Commercial Mortgage Trust 5.46 12/15/2044 774
278 Wachovia Bank Commercial Mortgage Trust 5.94 6/15/2045 282
4,048 Wachovia Bank Commercial Mortgage Trust 5.50 10/15/2048 4,067
1,000 Wachovia Bank Commercial Mortgage Trust 5.57 10/15/2048 1,154
5,000 Wachovia Bank Commercial Mortgage Trust 5.31 11/15/2048 5,799
5,000 Wachovia Bank Commercial Mortgage Trust 5.31 11/15/2048 5,224
5,000 Wachovia Bank Commercial Mortgage Trust 5.74 6/15/2049 5,775
935 WF-RBS Commercial Mortgage Trust (b) 3.24 3/15/2044 1,005
------------
547,332
------------
INTEREST-ONLY COMMERCIAL MORTGAGE-BACKED SECURITIES (1.6%)
77,233 Commercial Mortgage Trust, acquired
8/09/2012-8/27/2012; cost $9,922(h) 2.14 8/15/2045 9,972
40,738 GS Mortgage Securities Corp. II, acquired
5/18/2012; cost $6,224(h) 2.63 5/10/2045 6,286
36,600 J.P. Morgan Chase Commercial Mortgage Securities
Corp., acquired 9/28/2012; cost $4,996(h) 2.38 10/15/2045 4,993
38,500 Morgan Stanley-BAML Trust, acquired
10/05/2012; cost $5,002(b),(h) 2.35 11/15/2045 5,032
65,667 UBS Commercial Mortgage Trust, acquired
5/01/2012; cost $9,941(b),(h) 2.56 5/10/2045 10,089
35,103 UBS-Barclays Commercial Mortgage Trust,
acquired 9/14/2012; cost $5,002(b),(h) 2.21 8/10/2049 5,033
36,012 Wells Fargo Commercial Mortgage Trust,
acquired 9/21/2012; cost $4,996(b),(h) 2.17 10/15/2045 4,996
------------
46,401
------------
Total Financials 593,733
------------
Total Commercial Mortgage Securities (cost: $574,148) 593,733
------------
U.S. GOVERNMENT AGENCY ISSUES (5.7%)(i)
INTEREST-ONLY COMMERCIAL MORTGAGE-BACKED SECURITIES (0.5%)
57,930 Fannie Mae (+) 4.25 12/25/2017 10,094
87,719 Fannie Mae (+) 0.92 5/25/2022 4,937
------------
15,031
------------
MORTGAGE-BACKED PASS-THROUGH SECURITIES (5.1%)
14,741 Fannie Mae (+) 1.25 9/25/2027 14,815
13,425 Fannie Mae (+) 2.50 4/01/2027 14,066
28,489 Fannie Mae (+) 2.50 5/01/2027 29,849
14,716 Fannie Mae (+) 2.50 8/01/2027 15,418
19,799 Fannie Mae (+) 2.50 8/01/2027 20,744
1,311 Fannie Mae (+) 4.50 5/01/2023 1,413
985 Fannie Mae (+) 4.50 2/01/2024 1,062
590 Fannie Mae (+) 5.00 12/01/2021 643
|
15 | USAA Short-Term Bond Fund
PRINCIPAL MARKET
AMOUNT COUPON VALUE
(000) SECURITY RATE MATURITY (000)
---------------------------------------------------------------------------------------------------
$ 1,742 Fannie Mae (+) 5.00% 6/01/2023 $ 1,893
673 Fannie Mae (+) 5.00 9/01/2023 732
2,280 Fannie Mae (+) 5.00 2/01/2024 2,477
1,111 Fannie Mae (+) 5.50 12/01/2020 1,210
1,578 Fannie Mae (+) 5.50 2/01/2023 1,718
3,450 Fannie Mae (+) 5.50 6/01/2023 3,756
1,160 Fannie Mae (+) 5.50 9/01/2023 1,263
3,210 Fannie Mae (+) 5.50 6/01/2024 3,494
1,981 Fannie Mae (+) 6.00 10/01/2022 2,187
1,488 Fannie Mae (+) 6.00 1/01/2023 1,642
2,870 Fannie Mae (+) 6.00 1/01/2023 3,168
1,702 Fannie Mae (+) 6.00 7/01/2023 1,875
4,910 Freddie Mac (+) 1.56 10/25/2018 5,050
9,750 Freddie Mac (+) 1.78 10/25/2020 10,117
39,965 Freddie Mac (+) 1.92 5/25/2019 3,915
1,920 Freddie Mac (+) 2.71 4/01/2035 2,058
1,061 Freddie Mac (+) 5.00 5/01/2020 1,152
859 Freddie Mac (+) (j) 5.00 9/01/2020 936
336 Freddie Mac (+) 5.50 11/01/2018 362
1,255 Freddie Mac (+) 5.50 4/01/2021 1,372
------------
148,387
------------
OTHER U.S. GOVERNMENT GUARANTEED SECURITIES (0.1%)
3,000 Private Export Funding Corp. 1.38 2/15/2017 3,065
------------
Total U.S. Government Agency Issues (cost: $160,848) 166,483
------------
MUNICIPAL BONDS (7.6%)
AGRICULTURAL PRODUCTS (0.3%)
8,000 Washington County 1.38 (d) 9/01/2030(k) 8,001
------------
AIRPORT/PORT (0.7%)
5,000 Chicago Midway Airport 3.53 1/01/2041(k) 5,136
660 Cleveland (INS) 5.24 1/01/2017 673
5,855 College Park Georgia (INS)(c) 5.73 1/01/2014 6,062
2,000 Dallas-Fort Worth International Airport Facilities
Improvement Corp. 1.93 11/01/2014 2,016
3,500 Greater Orlando Aviation Auth. 4.50 10/01/2013 3,635
3,000 Houston Airport System 5.00 7/01/2015 3,323
------------
20,845
------------
APPROPRIATED DEBT (0.3%)
4,000 Miami-Dade County 5.00 5/01/2031(k) 4,248
1,000 Pennsylvania Commonwealth Finance Auth. 3.38 6/01/2013 1,014
2,000 Pennsylvania Commonwealth Finance Auth. 4.18 6/01/2015 2,142
------------
7,404
------------
COMMUNITY SERVICE (0.1%)
1,250 Art Institute of Chicago (l) 1.34 3/01/2015 1,250
1,650 Art Institute of Chicago (l) 2.48 3/01/2019 1,640
------------
2,890
------------
EDUCATION (0.5%)
3,000 George Washington Univ. 3.29 9/15/2014 3,124
5,000 New Jersey EDA 1.39 (d) 6/15/2013 5,012
5,000 New Jersey EDA 3.17 9/01/2014 5,097
------------
Total Education 13,233
------------
|
Portfolio of Investments | 16
PRINCIPAL MARKET
AMOUNT COUPON VALUE
(000) SECURITY RATE MATURITY (000)
---------------------------------------------------------------------------------------------------
ELECTRIC UTILITIES (1.2%)
$ 1,000 Appling County Dev. Auth. 2.50% 1/01/2038(k) $ 1,006
5,000 Beaver County IDA 4.75 8/01/2033(k) 5,571
5,000 Beaver County IDA 2.50 12/01/2041(k) 5,025
5,000 Burke County Dev. Auth. 1.25 1/01/2052(k) 5,052
3,000 Coconino County 3.63 10/01/2029(k) 3,041
3,000 Economic Dev. Financing Auth. 3.00 12/01/2038(k) 3,075
4,000 Farmington Pollution Control 2.88 9/01/2024(k) 4,083
1,500 Missouri Environmental Improvement and
Energy Resources Auth. 4.90 5/01/2038(k) 1,533
3,000 Ohio Water Dev. Auth. 3.38 7/01/2033(k) 3,101
2,500 West Virginia EDA 2.25 (d) 1/01/2041(k) 2,523
------------
34,010
------------
ELECTRIC/GAS UTILITIES (0.3%)
2,000 American Municipal Power, Inc. 3.62 2/15/2013 2,015
3,000 American Municipal Power, Inc. 3.82 2/15/2014 3,097
243 Pedernales Electric Cooperative, Inc. (INS)(b) 4.09 11/15/2012 243
3,000 Piedmont Municipal Power Agency 4.34 1/01/2017 3,082
------------
8,437
------------
ENVIRONMENTAL & FACILITIES SERVICES (1.0%)
10,000 California Pollution Control Financing Auth. (c) 0.65 (d) 8/01/2023(k) 10,000
2,000 Gloucester County 3.38 12/01/2029(k) 2,005
4,000 Maricopa County IDA 2.63 12/01/2031(k) 4,115
5,000 Miami-Dade County 1.25 9/01/2027(k) 5,144
2,375 Miami-Dade County IDA 2.63 8/01/2023(k) 2,439
6,000 South Carolina Jobs EDA 2.25 11/01/2016(k) 6,112
------------
29,815
------------
GENERAL OBLIGATION (1.1%)
1,000 Andrews County 2.64 8/15/2013 1,013
1,050 Andrews County 3.08 8/15/2014 1,083
2,000 California 5.65 4/01/2039(k) 2,043
2,430 Chippewa Valley Schools 3.65 5/01/2015 2,506
9,615 City & County of Honolulu (g) 1.26 11/01/2017 9,746
11,000 Nassau County 1.50 4/01/2013 11,021
4,000 Newark 3.50 12/13/2012 4,003
1,750 Port of Seattle 2.25 12/01/2014 1,797
------------
33,212
------------
HOTELS, RESORTS & CRUISE LINES (0.1%)
3,250 Long Beach 3.75 11/01/2015 3,253
------------
MISCELLANEOUS (0.2%)
5,000 Statewide Communities Dev. Auth. 5.00 6/15/2013 5,148
------------
MULTI-LINE INSURANCE (0.7%)
20,000 Irvine Ranch Water District Joint Power Agency 2.39 3/15/2014 20,039
------------
MULTIFAMILY HOUSING (0.1%)
2,990 Michigan State Housing Dev. Auth. 3.30 4/01/2015 3,035
------------
MUNICIPAL FINANCE (0.1%)
3,000 Kentucky Asset 3.17 4/01/2018 3,138
------------
|
17 | USAA Short-Term Bond Fund
PRINCIPAL MARKET
AMOUNT COUPON VALUE
(000) SECURITY RATE MATURITY (000)
---------------------------------------------------------------------------------------------------
NURSING/CCRC (0.0%)
$ 1,170 Waco Health Facilities Dev. Corp. (INS) 5.27% 2/01/2016 $ 1,209
------------
SALES TAX (0.2%)
5,000 Louisiana State 3.00 (d) 5/01/2043(k) 5,018
------------
SPECIAL ASSESSMENT/TAX/FEE (0.4%)
480 City and County of San Francisco
Redevelopment Financing Auth. (INS) 5.62 8/01/2016 491
500 Metropolitan Nashville Airport Auth. (INS) 3.73 7/01/2014 509
5,705 New York City Transitional Finance Auth. 3.06 5/01/2015 6,009
5,000 Orange County 0.90 5/01/2013 5,012
------------
12,021
------------
TOLL ROADS (0.3%)
10,000 North Texas Tollway Auth. 2.44 9/01/2013 10,133
------------
Total Municipal Bonds (cost: $216,958) 220,841
------------
MONEY MARKET INSTRUMENTS (5.8%)
VARIABLE-RATE DEMAND NOTES (5.1%)
CONSUMER DISCRETIONARY (0.2%)
-----------------------------
HOME IMPROVEMENT RETAIL (0.2%)
6,300 Savannah EDA (LOC - SunTrust Bank) 0.45 8/01/2025 6,300
------------
FINANCIALS (0.2%)
-----------------
REAL ESTATE OPERATING COMPANIES (0.2%)
5,105 Orange County Housing Finance Auth. (LOC -
Compass Bank) 1.63 1/15/2040 5,105
------------
MUNICIPAL BONDS (4.3%)
----------------------
AIRPORT/PORT (0.7%)
21,150 Clark County (LOC - Landesbank Baden-
Wurttemberg) 0.60 7/01/2029 21,150
------------
BUILDINGS (0.2%)
5,000 Person County Industrial Facilities and Pollution
Control Financing Auth. (LOC - Credit
Industriel et Commercial) 0.40 11/01/2035 5,000
------------
MULTIFAMILY HOUSING (0.7%)
20,000 New York Housing Finance Agency (LOC -
Landesbank Baden-Wurttemberg) 0.43 11/01/2041 20,000
------------
NURSING/CCRC (0.6%)
7,980 EDA (LOC - Sovereign Bank) 0.97 5/15/2033 7,980
10,000 Iowa Finance Auth. (LOC - Sovereign Bank) 1.00 11/01/2042 10,000
340 North Carolina Medical Care Commission (LOC
- Sovereign Bank) 1.00 10/01/2015 340
1,000 Westmoreland County IDA (LOC - Sovereign
Bank) 1.00 1/01/2036 1,000
------------
19,320
------------
SALES TAX (0.2%)
5,600 Arista Metropolitan District, Series 2006 B (LOC
- Compass Bank) 1.90 12/01/2030 5,600
------------
|
Portfolio of Investments | 18
PRINCIPAL MARKET
AMOUNT COUPON VALUE
(000) SECURITY RATE MATURITY (000)
---------------------------------------------------------------------------------------------------
SPECIAL ASSESSMENT/TAX/FEE (0.2%)
$ 5,285 Denver Urban Renewal Auth. (LOC - Compass Bank) 1.85% 9/01/2017 $ 5,285
------------
TOLL ROADS (1.7%)
49,955 Pennsylvania Turnpike Commission (INS)(LIQ) 0.22 7/15/2041 49,955
------------
Total Municipal Bonds 126,310
------------
UTILITIES (0.4%)
----------------
ELECTRIC UTILITIES (0.4%)
5,750 Indiana Dev. Finance Auth. 0.42 12/01/2038 5,750
5,200 Indiana Dev. Finance Auth. 0.52 12/01/2038 5,200
------------
10,950
------------
Total Utilities 10,950
------------
Total Variable-Rate Demand Notes 148,665
------------
NUMBER
OF SHARES
---------------------------------------------------------------------------------------------------
MONEY MARKET FUNDS (0.7%)
20,742,838 State Street Institutional Liquid Reserve Fund, 0.19% (m) 20,743
------------
Total Money Market Instruments (cost: $169,408) 169,408
------------
TOTAL INVESTMENTS (COST: $2,848,751) $ 2,923,000
============
|
UNREALIZED
NUMBER OF APPRECIATION/
CONTRACTS EXPIRATION CONTRACT (DEPRECIATION)
LONG/(SHORT) DATE VALUE (000) (000)
---------------------------------------------------------------------------------------------------
FUTURES (1.3%)
300 5YR U.S. Treasury Note Futures 12/31/2012 37,275 40
------- --------------
TOTAL FUTURES $37,275 $ 40
======= ==============
|
19 | USAA Short-Term Bond Fund
($ 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
-------------------------------------------------------------------------------------------------------
Bonds:
Corporate Obligations $ -- $ 930,927 $ 2,769 $ 933,696
Eurodollar And Yankee Obligations -- 451,364 -- 451,364
Asset-Backed Securities -- 387,475 -- 387,475
Commercial Mortgage Securities -- 593,733 -- 593,733
U.S. Government Agency Issues -- 166,483 -- 166,483
Municipal Bonds -- 217,951 2,890 220,841
Money Market Instruments:
Variable-Rate Demand Notes -- 148,665 -- 148,665
Money Market Funds 20,743 -- -- 20,743
Futures 40 -- -- 40
-------------------------------------------------------------------------------------------------------
Total $ 20,783 $ 2,896,598 $ 5,659 $ 2,923,040
-------------------------------------------------------------------------------------------------------
|
*Futures are valued at the unrealized appreciation/depreciation on the
investment.
Reconciliation of investments in which significant unobservable inputs (Level 3)
were used in determining value:
Corporate Obligations Municipal Bonds
-------------------------------------------------------------------------------------------------------
Balance as of July 31, 2012 $ - $ -
Purchases - 2,900
Sales - -
Transfers into Level 3 2,739 -
Transfers out of Level 3 - -
Net realized gain (loss) - -
Change in net unrealized appreciation/depreciation 30 (10)
-------------------------------------------------------------------------------------------------------
Balance as of October 31, 2012 $2,769 $2,890
-------------------------------------------------------------------------------------------------------
|
For the period of August 1, 2012, through October 31, 2012, corporate
obligations with a fair value of $2,739,000 were transferred from Level 2 to
Level 3. Due to an assessment of events at the end of the reporting period:
These securities had a single broker quote provided to the Fund's pricing
service. The Fund's policy is to recognize any transfers into and out of the
levels as of the beginning of the period in which the event or circumstance that
caused the transfer occurred.
Portfolio of Investments | 20
NOTES TO PORTFOLIO OF INVESTMENTS
October 31, 2012 (unaudited)
GENERAL NOTES
USAA MUTUAL FUNDS TRUST (the Trust), registered under the Investment Company Act
of 1940 (the 1940 Act), as amended, is an open-end management investment company
organized as a Delaware statutory trust consisting of 50 separate funds. The
information presented in this quarterly report pertains only to the USAA
Short-Term Bond Fund (the Fund), which is classified as diversified under the
1940 Act.
The Fund has three classes of shares: Short-Term Bond Fund Shares (Fund Shares),
Short-Term Bond Fund Institutional Shares (Institutional Shares), and Short-Term
Bond Fund Adviser Shares (Adviser Shares). Each class of shares has equal rights
to assets and earnings, except that each class bears certain class-related
expenses specific to the particular class. These expenses include administration
and servicing fees, transfer agent fees, postage, shareholder reporting fees,
distribution and service (12b-1) fees, and certain registration and custodian
fees. Expenses not attributable to a specific class, income, and realized gains
or losses on investments are allocated to each class of shares based on each
class's relative net assets. Each class has exclusive voting rights on matters
related solely to that class and separate voting rights on matters that relate
to all classes. The Institutional Shares are available for investment only
through a USAA discretionary managed account program, and certain advisory
programs sponsored by financial intermediaries, such as brokerage firms,
investment advisors, financial planners, third-party administrators, and
insurance companies. The Institutional Shares are available for investment only
through a USAA discretionary managed account program, and certain advisory
programs sponsored by financial intermediaries, such as brokerage firms,
investment advisors, financial planners, third-party administrators, and
insurance companies. Institutional Shares also are available to institutional
investors, which include retirement plans, endowments, foundations, and bank
trusts, as well as other persons or legal entities that the Fund may approve
from time to time, or for purchase by a USAA Fund participating in a
fund-of-funds investment strategy (USAA fund-of-funds) and not to the general
public. The Adviser Shares permit investors to purchase shares through financial
intermediaries, banks, broker-dealers, insurance companies, investment advisers,
plan sponsors, and financial professionals that provide various administrative
and distribution services.
A. SECURITY VALUATION - The Trust's Board of Trustees (the Board) has
established the Valuation Committee (the Committee), and subject to Board
oversight, the Committee administers and oversees the Fund's valuation policies
and procedures which are approved by the Board. Among other things, these
policies and procedures allow the Fund to utilize independent pricing services,
quotations from securities dealers, and a wide variety of sources and
information to establish and adjust the fair value of securities as events occur
and circumstances warrant.
The Committee reports to the Board on a quarterly basis and makes
recommendations to the Board as to pricing methodologies and services used by
the Fund and presents additional information to the
21 | USAA Short-Term Bond Fund
Board regarding application of the pricing and fair valuation policies and
procedures during the preceding quarter.
The Committee meets as often as necessary to make pricing and fair value
determinations. In addition, the Committee holds regular monthly meetings to
review prior actions taken by the Committee and USAA Asset Management Company
(the Manager). Among other things, these monthly meetings include a review and
analysis of back testing reports, pricing service quotation comparisons,
illiquid securities and fair value determinations, pricing movements, and daily
stale price monitoring.
The value of each security is determined (as of the close of trading on the New
York Stock Exchange (NYSE) on each business day the NYSE is open) as set forth
below:
1. Debt securities with maturities greater than 60 days are valued each business
day by a pricing service (the Service) approved by the 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.
2. Investments in open-end investment companies, hedge, or other funds, other
than exchange-traded funds, are valued at their net asset value (NAV) at the end
of each business day.
3. Debt securities purchased with original or remaining maturities of 60 days or
less may be valued at amortized cost, which approximates market value.
4. Futures are valued based upon the last sale price at the close of market on
the principal exchange on which they are traded.
5. 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 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.
Notes to Portfolio of Investments | 22
B. FAIR VALUE MEASUREMENTS - Fair value is defined as the price that would be
received to sell an asset or paid to transfer a liability in an orderly
transaction between market participants at the measurement date. The three-level
valuation hierarchy disclosed in the portfolio of investments is based upon the
transparency of inputs to the valuation of an asset or liability as of the
measurement date. The three levels are defined as follows:
Level 1 - inputs to the valuation methodology are quoted prices (unadjusted) in
active markets for identical securities.
Level 2 - inputs to the valuation methodology are other significant observable
inputs, including quoted prices for similar securities, inputs that are
observable for the securities, either directly or indirectly, and
market-corroborated inputs such as market indices. Level 2 securities include
certain bonds, which are valued based on methods discussed in Note A1, and
variable-rate demand notes, which are valued at amortized cost.
Level 3 - inputs to the valuation methodology are unobservable and significant
to the fair value measurement, including the Manager's own assumptions in
determining the fair value.
The inputs or methodologies used for valuing securities are not necessarily an
indication of the risks associated with investing in those securities.
For the securities valued using significant unobservable inputs, market
quotations were not available from the pricing services. As such, the securities
were valued in good faith using methods determined by the Manager, under
valuation procedures approved by the Board. The valuation of some securities
falling in the Level 3 category are primarily supported by quoted prices
obtained from broker-dealers participating in the market for these securities.
However, these securities are included in the Level 3 category due to limited
market transparency and or a lack of corroboration to support the quoted prices.
Refer to the portfolio of investments for a reconciliation of investments in
which significant unobservable inputs (Level 3) were used in determining value.
C. SECURITIES PURCHASED ON A DELAYED-DELIVERY OR WHEN-ISSUED BASIS - Delivery
and payment for securities that have been purchased by the Fund on a
delayed-delivery or when-issued basis can take place a month or more after the
trade date. During the period prior to settlement, these securities do not earn
interest, are subject to market fluctuation, and may increase or decrease in
value prior to their delivery. The Fund maintains segregated assets with a
market value equal to or greater than the amount of its purchase commitments.
The purchase of securities on a delayed-delivery or when-issued basis may
increase the volatility of the Fund's NAV to the extent that the Fund makes such
purchases while remaining substantially fully invested.
D. 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
23 | USAA Short-Term Bond Fund
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.
E. As of October 31, 2012, the cost of securities, for federal income tax
purposes, was approximately the same as that reported in the portfolio of
investments. Gross unrealized appreciation and depreciation of investments as of
October 31, 2012, were $78,675,000 and $4,426,000, respectively, resulting in
net unrealized appreciation of $74,249,000.
F. The portfolio of investments category percentages shown represent the
percentages of the investments to net assets, which were $2,916,858,000 at
October 31, 2012, and, in total, may not equal 100%. A category percentage of
0.0% represents less than 0.1% of net assets.
CATEGORIES AND DEFINITIONS
ASSET-BACKED AND COMMERCIAL MORTGAGE-BACKED SECURITIES - Asset-backed securities
represent a participation in, or are secured by and payable from, a stream of
payments generated by particular assets. Commercial mortgage-backed securities
reflect an interest in, and are secured by, mortgage loans on commercial real
property. These securities represent ownership in a pool of loans and are
divided into pieces (tranches) with varying maturities. The stated final
maturity of such securities represents when the final principal payment will be
made for all underlying loans. The weighted average life is the average time for
principal to be repaid, which is calculated by assuming prepayment rates of the
underlying loans. The weighted average life is likely to be substantially
shorter than the stated final maturity as a result of scheduled principal
payments and unscheduled principal prepayments. Stated interest rates on
commercial mortgage-backed securities may change slightly over time as
underlying mortgages pay down.
EURODOLLAR AND YANKEE OBLIGATIONS - Eurodollar obligations are
dollar-denominated instruments that are issued outside the U.S. capital markets
by foreign corporations and financial institutions and by foreign branches of
U.S. corporations and financial institutions. Yankee obligations are dollar-
denominated instruments that are issued by foreign issuers in the U.S. capital
markets.
INTEREST-ONLY COMMERCIAL MORTGAGE-BACKED SECURITIES (CMBS IOs) - represent the
right to receive only the interest payments on an underlying pool of commercial
mortgage loans. The purchase yield reflects an anticipated yield based upon
interest rates at the time of purchase and the estimated timing and amount of
future cash flows. Coupon rates after purchase vary from period to period. The
principal amount represents the notional amount of the underlying pool on which
current interest is calculated. CMBS IOs are backed by loans that have various
forms of prepayment protection, which include lock-out provisions, yield
maintenance provisions, and prepayment
Notes to Portfolio of Investments | 24
penalties. This serves to moderate their prepayment risk. CMBS IOs are subject
to default-related prepayments that may have a negative impact on yield.
VARIABLE-RATE DEMAND NOTES (VRDNs) - provide the right to sell the security at
face value on either that day or within the rate-reset period. The interest rate
is adjusted at a stipulated daily, weekly, monthly, quarterly, or other
specified time interval to reflect current market conditions. VRDNs will
normally trade as if the maturity is the earlier put date, even though stated
maturity is longer.
PORTFOLIO ABBREVIATION(S) AND DESCRIPTION(S)
EDA Economic Development Authority
IDA Industrial Development Authority/Agency
REIT Real estate investment trust
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CREDIT ENHANCEMENTS - add the financial strength of the provider of the
enhancement to support the issuer's ability to repay the principal and interest
payments when due. The enhancement may be provided by a high-quality bank,
insurance company or other corporation, or a collateral trust. The enhancements
do not guarantee the market values of the securities.
(INS) Principal and interest payments are insured by one of the following:
AMBAC Assurance Corp., Assured Guaranty Municipal Corp., Federal
Deposit Insurance Corp., MBIA Insurance Corp., or National Public
Finance Guarantee Corp. Although bond insurance reduces the risk of
loss due to default by an issuer, such bonds remain subject to the
risk that value may fluctuate for other reasons, and there is no
assurance that the insurance company will meet its obligations.
(LIQ) Liquidity enhancement that may, under certain circumstances, provide
for repayment of principal and interest upon demand from JPMorgan
Chase Bank, N.A.
(LOC) Principal and interest payments are guaranteed by a bank letter of
credit or other bank credit agreement.
(NBGA) Principal and interest payments or, under certain circumstances,
underlying mortgages are guaranteed by a nonbank guarantee agreement
from Denmark Government.
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SPECIFIC NOTES
(a) Senior loan (loan) - is not registered under the Securities Act of 1933.
The loan contains certain restrictions on resale and cannot be sold
publicly. The interest rate is adjusted periodically, and the rate
disclosed represents the current rate at October 31, 2012. The weighted
average life of the loan is likely to be shorter than the stated final
maturity date due to mandatory or optional prepayments. Security deemed
liquid by the Manager, under liquidity guidelines approved by the Trust's
Board of Trustees, unless otherwise noted as illiquid.
25 | USAA Short-Term Bond Fund
(b) 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.
(c) At October 31, 2012, portions of these securities were segregated to
cover delayed-delivery and/or when-issued purchases.
(d) Variable-rate or floating-rate security - interest rate is adjusted
periodically. The interest rate disclosed represents the current rate at
October 31, 2012.
(e) Security, or a portion thereof, is segregated to cover the value of open
futures contracts at October 31, 2012.
(f) Security is perpetual and has no final maturity date but may be subject
to calls at various dates in the future.
(g) At October 31, 2012, the aggregate market value of securities purchased
on a delayed-delivery basis was $17,790,000, which included when-issued
securities of $9,746,000.
(h) 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, 2012, was $46,401,000, which represented
1.6% of the Fund's net assets.
(i) U.S. government agency issues - mortgage-backed securities issued by
Government National Mortgage Association (GNMA or Ginnie Mae) and certain
other U.S. government guaranteed securities are supported by the full
faith and credit of the U.S. government. Securities issued by
government-sponsored enterprises, such as Freddie Mac (Federal Home Loan
Mortgage Corporation or FHLMC) and Fannie Mae (Federal National Mortgage
Association or FNMA), indicated with a "+", 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. In September of 2008, the
U.S. Treasury placed Fannie Mae and Freddie Mac under conservatorship and
appointed the Federal Housing Finance Agency (FHFA) to act as conservator
and oversee their daily operations. In addition, the U.S. Treasury
entered into purchase agreements with Fannie Mae and Freddie Mac to
provide capital in exchange for senior preferred stock.
(j) Securities with a value of $936,000 are segregated as collateral for
initial margin requirements on open futures contracts.
(k) Put bond - provides the right to sell the bond at face value at specific
tender dates prior to final maturity. The put feature shortens the
effective maturity of the security.
(l) Security was fair valued at October 31, 2012, by the Manager in
accordance with valuation procedures approved by the Trust's Board of
Trustees.
(m) Rate represents the money market fund annualized seven-day yield at
October 31, 2012.
Notes to Portfolio of Investments | 26
ITEM 2. CONTROLS AND PROCEDURES
The principal executive officer and principal financial officer of USAA Mutual
Funds Trust (Trust) have concluded that the Trust's disclosure controls and
procedures are sufficient to ensure that information required to be disclosed by
the Trust in this Form N-Q was recorded, processed, summarized and reported
within the time periods specified in the Securities and Exchange Commission's
rules and forms, based upon such officers' evaluation of these controls and
procedures as of a date within 90 days of the filing date of the report.
There were no significant changes or corrective actions with regard to
significant deficiencies or material weaknesses in the Trust's internal controls
or in other factors that could significantly affect the Trust's internal
controls subsequent to the date of their evaluation.
ITEM 3. EXHIBITS.
Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940
(17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
Registrant: USAA MUTUAL FUNDS TRUST - Period Ended October 31, 2012
By:* /S/ ADYM W. RYGMYR
--------------------------------------------------------------
Signature and Title: Adym W. Rygmyr, Secretary
Date: 12/19/2012
-------------------------------
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Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By:* /S/ DANIEL S. MCNAMARA
--------------------------------------------------------------
Signature and Title: Daniel S. McNamara, President
Date: 12/19/2012
------------------------------
By:* /S/ ROBERTO GALINDO, JR.
-----------------------------------------------------
Signature and Title: Roberto Galindo, Jr., Treasurer
Date: 12/19/2012
------------------------------
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*PRINT THE NAME AND TITLE OF EACH SIGNING OFFICER UNDER HIS OR HER SIGNATURE.
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