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: JAMES G. WHEZTEL
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: MAY 31
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Date of Reporting Period: AUGUST 31, 2013
ITEM 1. SCHEDULE OF INVESTMENTS.
USAA MUTUAL FUNDS TRUST - 1ST QUARTER REPORT - PERIOD ENDED AUGUST 31, 2013
[LOGO OF USAA]
USAA(R)
PORTFOLIO OF INVESTMENTS
1ST QUARTER
USAA CORNERSTONE EQUITY FUND
AUGUST 31, 2013
(Form N-Q)
97459-1013 (C)2013, USAA. All rights reserved.
PORTFOLIO OF INVESTMENTS
USAA CORNERSTONE EQUITY FUND
August 31, 2013 (unaudited)
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
---------------------------------------------------------------------------------------------------
EQUITY MUTUAL FUNDS (99.4%)
83,576 USAA Aggressive Growth Fund $ 3,173
282,092 USAA Emerging Markets Fund 4,499
161,598 USAA Growth Fund 3,163
214,192 USAA Income Stock Fund 3,378
396,301 USAA International Fund 10,819
156,047 USAA Precious Metals and Minerals Fund 2,661
135,470 USAA S&P 500 Index Fund 3,167
202,527 USAA Small Cap Stock Fund 3,607
177,459 USAA Value Fund 3,157
-----------
Total Equity Mutual Funds (cost: $35,835) 37,624
-----------
MONEY MARKET INSTRUMENTS (0.2%)
MONEY MARKET FUNDS (0.2%)
71,288 State Street Institutional Liquid Reserve Fund, 0.07% (a)(cost: $71) 71
-----------
TOTAL INVESTMENTS (COST: $35,906) $ 37,695
===========
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($ IN 000s) VALUATION HIERARCHY
-------------------
(LEVEL 1) (LEVEL 2) (LEVEL 3)
QUOTED PRICES OTHER SIGNIFICANT
IN ACTIVE SIGNIFICANT UNOBSERVABLE
MARKETS OBSERVABLE INPUTS
FOR IDENTICAL INPUTS
ASSETS ASSETS TOTAL
---------------------------------------------------------------------------------------------------------
Equity Mutual Funds $ 37,624 $ -- $ -- $ 37,624
Money Market Instruments:
Money Market Funds 71 -- -- 71
---------------------------------------------------------------------------------------------------------
Total $ 37,695 $ -- $ -- $ 37,695
---------------------------------------------------------------------------------------------------------
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For the period of June 1, 2013, through August 31, 2013, there were no transfers
of securities between levels. The Fund's policy is to recognize any transfers
into and out of the levels as of the beginning of the period in which the event
or circumstance that caused the transfer occurred.
1 | USAA Cornerstone Equity Fund
NOTES TO PORTFOLIO OF INVESTMENTS
August 31, 2013 (unaudited)
GENERAL NOTES
USAA MUTUAL FUNDS TRUST (the Trust), registered under the Investment Company Act
of 1940, as amended (the 1940 Act), is an open-end management investment company
organized as a Delaware statutory trust consisting of 52 separate funds. The
information presented in this quarterly report pertains only to the Cornerstone
Equity Fund (the Fund), which is classified as diversified under the 1940 Act.
The Fund is a "fund of funds" in that it invests in a portfolio of underlying
USAA equity and fixed income mutual funds (underlying USAA Funds) managed by
USAA Asset Management Company (the Manager), an affiliate of the Funds. The
Funds invest in the Reward Shares of the USAA S&P 500 Index Fund and the
Institutional Shares of the other underlying funds.
A. SECURITY VALUATION -- The Trust's Board of Trustees (the Board) has
established the Valuation Committee (the Committee), and subject to Board
oversight, the Committee administers and oversees the Fund's valuation policies
and procedures which are approved by the Board. Among other things, these
policies and procedures allow the Fund to utilize independent pricing services,
quotations from securities dealers, and a wide variety of sources and
information to establish and adjust the fair value of securities as events occur
and circumstances warrant.
The Committee reports to the Board on a quarterly basis and makes
recommendations to the Board as to pricing methodologies and services used by
the Fund and presents additional information to the Board regarding application
of the pricing and fair valuation policies and procedures during the preceding
quarter.
The Committee meets as often as necessary to make pricing and fair value
determinations. In addition, the Committee holds regular monthly meetings to
review prior actions taken by the Committee and 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. Investments in the underlying USAA Funds and other open-end investment
companies, other than exchange-traded funds (ETFs) are valued at their net asset
value (NAV) at the end of each business day.
2. The underlying USAA Funds have specific valuation procedures. Securities held
by an underlying USAA Fund for which market quotations are not readily available
or are considered
2 | USAA Cornerstone Equity Fund
unreliable, or whose values have been materially affected by events occurring
after the close of their primary markets but before the pricing of a fund, are
valued in good faith at fair value, using methods determined by the Manager in
consultation with a fund's subadvisers, if applicable, under valuation
procedures approved by the Board. The effect of fair value pricing is that
securities may not be priced on the basis of quotations from the primary market
in which they are traded and the actual price realized from the sale of a
security may differ materially from the fair value price. Valuing these
securities at fair value is intended to cause a fund's NAV to be more reliable
than it otherwise would be.
Fair value methods used by the Manager include, but are not limited to,
obtaining market quotations from secondary pricing services, broker-dealers, or
widely used quotation systems. General factors considered in determining the
fair value of securities include fundamental analytical data, the nature and
duration of any restrictions on disposition of the securities, and an evaluation
of the forces that influenced the market in which the securities are purchased
and sold.
B. FAIR VALUE MEASUREMENTS -- Fair value is defined as the price that would be
received to sell an asset or paid to transfer a liability in an orderly
transaction between market participants at the measurement date. The three-level
valuation hierarchy disclosed in the portfolio of investments is based upon the
transparency of inputs to the valuation of an asset or liability as of the
measurement date. The three levels are defined as follows:
Level 1 -- inputs to the valuation methodology are quoted prices (unadjusted) in
active markets for identical securities.
Level 2 -- inputs to the valuation methodology are other significant observable
inputs, including quoted prices for similar securities, inputs that are
observable for the securities, either directly or indirectly, and
market-corroborated inputs such as market indices.
Level 3 -- inputs to the valuation methodology are unobservable and significant
to the fair value measurement, including the Manager's own assumptions in
determining the fair value.
The inputs or methodologies used for valuing securities are not necessarily an
indication of the risks associated with investing in those securities.
C. As of August 31, 2013, the cost of securities, for federal income tax
purposes, was approximately the same as that reported in the portfolio of
investments. Gross unrealized appreciation and depreciation of investments as of
August 31, 2013, were $2,570,000 and $781,000, respectively, resulting in net
unrealized appreciation of $1,789,000.
D. The portfolio of investments category percentages shown represent the
percentages of the investments to net assets, which were $37,835,000 at August
31, 2013, and, in total, may not equal 100%. A category percentage of 0.0%
represents less than 0.1% of net assets.
E. TRANSACTIONS WITH AFFILIATED FUNDS -- The following tables provide details
related to the Fund's investment in the underlying USAA Funds for the
three-month period ended August 31, 2013 (in thousands):
3 | USAA Cornerstone Equity Fund
Realized
Purchase Sales Dividend Gain Market Value
Affiliated USAA Fund Cost(a) Proceeds Income (Loss) 05/31/2013 08/31/2013
---------------------------- -------- -------- --------- ------------ ------------ ------------
Aggressive Growth $ 494 $- $ - $- $2,639 $ 3,173
Emerging Markets 1,129 - - - 3,713 4,499
Growth 492 - - - 2,640 3,163
Income Stock 759 - 13 - 2,633 3,378
International 2,038 - - - 8,771 10,819
Precious Metals and Minerals 484 - - - 2,026 2,661
S&P 500 Index 532 - 11 - 2,636 3,167
Small Cap Stock 637 - - - 2,910 3,607
Value 481 - - - 2,638 3,157
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(a) Includes reinvestment of distributions from dividend income and realized
gains.
SPECIFIC NOTES
(a) Rate represents the money market fund annualized seven-day yield at
August 31, 2013.
Notes to Portfolio of Investments | 4
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 August 31, 2013
By:* /S/ JAMES G. WHETZEL
--------------------------------------------------------------
Signature and Title: James G. Whetzel, Secretary
Date: 10/25/2013
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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: 10/29/2013
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By:* /S/ ROBERTO GALINDO, JR.
-----------------------------------------------------
Signature and Title: Roberto Galindo, Jr., Treasurer
Date: 10/28/2013
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*PRINT THE NAME AND TITLE OF EACH SIGNING OFFICER UNDER HIS OR HER SIGNATURE.
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