- Amended Quarterly Schedule of Portfolio Holdings of Registered Management Investment Company (N-Q/A)

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: APRIL 30, 2009

ITEM 1. SCHEDULE OF INVESTMENTS.
USAA MUTUAL FUNDS TRUST - 3RD QUARTER REPORT - PERIOD ENDED APRIL 30, 2009

[LOGO OF USAA]
USAA(R)

PORTFOLIO OF INVESTMENTS
3RD QUARTER
USAA FIRST START GROWTH FUND
APRIL 30, 2009

(Form N-Q)

PORTFOLIO OF INVESTMENTS

USAA FIRST START GROWTH FUND
April 30, 2009 (unaudited)

 MARKET
 NUMBER VALUE
 OF SHARES SECURITY (000)
---------------------------------------------------------------------------------------------------------

 EQUITY SECURITIES (62.9%)

 COMMON STOCKS (54.7%)

 CONSUMER DISCRETIONARY (9.2%)
 -----------------------------
 ADVERTISING (0.1%)
 3,400 Harte Hanks, Inc. $ 28
 8,000 Interpublic Group of Companies, Inc. * 50
 100 Lamar Advertising Co. "A" * 2
 100 Omnicom Group, Inc. 3
 ---------------
 83
 ---------------
 APPAREL & ACCESSORIES & LUXURY GOODS (1.4%)
 1,100 American Apparel, Inc. * 7
 200 Carter's, Inc. * 4
 300 Cherokee, Inc. 6
 100 Coach, Inc. * 2
 2,926 Columbia Sportswear Co. 90
 400 FGX International Holdings Ltd. * 5
 43,644 Fossil, Inc. * 880
 200 Fuqi International, Inc. * 1
 600 Hanesbrands, Inc. * 10
 100 Jones Apparel Group, Inc. 1
 100 Liz Claiborne, Inc. 1
 435 Maidenform Brands, Inc. * 6
 200 Perry Ellis International, Inc. * 1
 12,400 Phillips-Van Heusen Corp. 360
 700 Polo Ralph Lauren Corp. 38
 5,500 Quiksilver, Inc. * 9
 200 UniFirst Corp. 7
 18,700 Warnaco Group, Inc. * 539
 ---------------
 1,967
 ---------------
 APPAREL RETAIL (1.3%)
 100 Abercrombie & Fitch Co. "A" 3
 14,300 Aeropostale, Inc. * 486
 100 American Eagle Outfitters, Inc. 2
 100 AnnTaylor Stores Corp. * 1
 3,650 Buckle, Inc. 136
 200 Cache, Inc. * 1
 900 Casual Male Retail Group, Inc. * 1
 500 Cato Corp. "A" 10
 300 Charlotte Russe Holding, Inc. * 4
 1,800 Charming Shoppes, Inc. * 6
 1,487 Children's Place Retail Stores, Inc. * 42
 600 Christopher & Banks Corp. 3
 600 Citi Trends, Inc. * 15
 900 Coldwater Creek, Inc. * 3
 10,700 Dress Barn, Inc. * 162
 709 Finish Line, Inc. "A" 6
 5,200 Foot Locker, Inc. 62

================================================================================
1 | USAA First Start Growth Fund

================================================================================
 MARKET
 NUMBER VALUE
 OF SHARES SECURITY (000)
---------------------------------------------------------------------------------------------------------
 200 Gap, Inc. $ 3
 100 Genesco, Inc. * 2
 5,500 Guess?, Inc. 143
 3,400 Gymboree Corp. * 117
 21,100 Hot Topic, Inc. * 258
 368 Jos. A. Bank Clothiers, Inc. * 15
 6,000 Limited Brands, Inc. 69
 300 Lululemon Athletica, Inc. * 4
 400 New York & Co., Inc. * 2
 3,300 NexCen Brands, Inc. * 1
 1,100 Pacific Sunwear of California, Inc. * 4
 6,820 Ross Stores, Inc. 259
 200 Shoe Carnival, Inc. * 2
 100 Stage Stores, Inc. 1
 400 Stein Mart, Inc. * 2
 400 Talbots, Inc. 1
 100 TJX Companies, Inc. 3
 100 Tween Brands, Inc. * --
 4,435 Under Armour, Inc. "A" * 104
 200 Urban Outfitters, Inc. * 4
 1,500 Wet Seal, Inc. "A" * 6
 600 Zumiez, Inc. * 7
 ---------------
 1,950
 ---------------
 AUTO PARTS & EQUIPMENT (0.3%)
 500 American Axle & Manufacturing Holdings, Inc. 1
 400 Amerigon, Inc. * 2
 1,000 ArvinMeritor, Inc. 1
 2,200 Dana Holding Corp. * 2
 236 Dorman Products, Inc. * 3
 200 Drew Industries, Inc. * 3
 1,200 Exide Technologies * 7
 100 Federal-Mogul Corp. * 1
 211 Fuel Systems Solutions, Inc. * 3
 7,600 Gentex Corp. 102
 2,300 Hayes Lemmerz International, Inc. * --
 100 Johnson Controls, Inc. 2
 600 Midas, Inc. * 6
 300 Modine Manufacturing Co. 1
 2,500 Quantum Fuel Systems Technologies Worldwide, Inc. * 2
 800 Raser Technologies, Inc. * 3
 100 Sauer-Danfoss, Inc. --
 200 Stoneridge, Inc. * 1
 800 Superior Industries International, Inc. 12
 600 Tenneco, Inc. * 2
 2,000 Visteon Corp. * --
 15,100 WABCO Holdings, Inc. 241
 300 Wonder Auto Technology, Inc. * 2
 ---------------
 397
 ---------------
 AUTOMOBILE MANUFACTURERS (0.0%)
 4,100 Fleetwood Enterprises, Inc. * --
 700 General Motors Corp. 1
 200 Thor Industries, Inc. 5
 200 Winnebago Industries, Inc. 2
 ---------------
 8
 ---------------
 AUTOMOTIVE RETAIL (0.4%)
 100 Americas Car Mart, Inc. * 2
 28,000 AutoNation, Inc. * 496
 100 CarMax, Inc. * 1
 600 Monro Muffler Brake, Inc. 15
 1,900 Pantry, Inc. * 45
 ---------------
 559
 ---------------
================================================================================
 Portfolio of Investments | 2

================================================================================
 MARKET
 NUMBER VALUE
 OF SHARES SECURITY (000)
---------------------------------------------------------------------------------------------------------
 BROADCASTING (0.2%)
 1,800 Belo Corp. "A" $ 3
 100 Cablevision Systems Corp. "A" 2
 700 CBS Corp. "B" 5
 100 Central European Media Enterprises Ltd. "A" * 2
 100 Cox Radio, Inc. "A" * --
 200 Crown Media Holdings, Inc. "A" * 1
 400 Cumulus Media, Inc. "A" * --
 300 DG FastChannel, Inc. * 7
 12,000 DISH Network Corp. "A" * 159
 100 EchoStar Corp. "A" * 2
 400 Entercom Communications Corp. "A" 1
 500 Entravision Communications Corp. "A" * --
 200 Fisher Communications, Inc. 2
 100 Global Traffic Network, Inc. * --
 1,800 Gray Television, Inc. 1
 4,700 Liberty Global, Inc. "A" * 78
 1,500 Liberty Media Corp. - Capital "A" * 18
 600 LIN TV Corp. "A" * 1
 600 Mediacom Communications Corp. "A" * 3
 300 Outdoor Channel Holdings, Inc. * 2
 600 RCN Corp. * 2
 100 Scripps Networks Interactive "A" 3
 600 Sinclair Broadcast Group, Inc. "A" 1
 12,840 Sirius Satellite Radio, Inc. * 5
 1,600 TiVo, Inc. * 12
 400 Virgin Media, Inc. 3
 ---------------
 313
 ---------------
 CABLE & SATELLITE (0.0%)
 100 Comcast Corp. "A" 2
 100 DIRECTV Group, Inc. * 2
 500 Knology, Inc. * 4
 ---------------
 8
 ---------------
 CATALOG RETAIL (0.0%)
 300 Gaiam, Inc. "A" * 2
 700 Liberty Media Corp. Interactive "A" * 4
 100 PC Mall, Inc. * 1
 900 PetMed Express, Inc. * 14
 600 ValueVision Media, Inc. "A" * --
 ---------------
 21
 ---------------
 COMPUTER & ELECTRONICS RETAIL (0.4%)
 6,800 Circuit City Stores, Inc. * --
 100 Conn's, Inc. * 2
 1,300 GameStop Corp. "A" * 39
 100 hhgregg, Inc. * 2
 200 PC Connection, Inc. * 1
 41,400 RadioShack Corp. 583
 300 Rex Stores Corp. * 3
 ---------------
 630
 ---------------
 CONSUMER ELECTRONICS (0.2%)
 700 Garmin Ltd. 17
 148 Harman International Industries, Inc. 3
 16,400 Koninklijke Philips Electronics N.V. 295
 200 Universal Electronics, Inc. * 4
 ---------------
 319
 ---------------
 DEPARTMENT STORES (0.2%)
 100 Dillard's, Inc. "A" 1
 3,700 J.C. Penney Co., Inc. 113
 4,000 Macy's, Inc. 55
 3,400 Nordstrom, Inc. 77
================================================================================
3 | USAA First Start Growth Fund

================================================================================
 MARKET
 NUMBER VALUE
 OF SHARES SECURITY (000)
---------------------------------------------------------------------------------------------------------
 400 Retail Ventures, Inc. * $ 1
 100 Saks, Inc. * 1
 1,300 Sears Holdings Corp. * 81
 ---------------
 329
 ---------------
 DISTRIBUTORS (0.0%)
 400 Core-Mark Holding Co., Inc. * 7
 100 LKQ Corp. * 2
 ---------------
 9
 ---------------
 EDUCATION SERVICES (0.3%)
 100 American Public Education, Inc. * 3
 100 Capella Education Co. * 5
 9,300 Career Education Corp. * 205
 11,800 Corinthian Colleges, Inc. * 182
 100 Grand Canyon Education, Inc. * 2
 100 K12, Inc. * 2
 200 Lincoln Educational Services Corp. * 3
 200 Princeton Review, Inc. * 1
 1,034 Universal Technical Institute, Inc. * 15
 ---------------
 418
 ---------------
 FOOTWEAR (0.2%)
 1,300 Crocs, Inc. * 3
 140 Iconix Brand Group, Inc. * 2
 300 Steven Madden Ltd. * 9
 14,500 Timberland Co. "A" * 235
 4,800 Wolverine World Wide, Inc. 100
 ---------------
 349
 ---------------
 GENERAL MERCHANDISE STORES (0.3%)
 2,600 99 Cents Only Stores * 28
 9,200 Big Lots, Inc. * 254
 1,900 Dollar Tree, Inc. * 80
 600 Family Dollar Stores, Inc. 20
 2,400 Fred's, Inc. "A" 33
 500 Tuesday Morning Corp. * 2
 ---------------
 417
 ---------------
 HOME FURNISHINGS (0.3%)
 500 Furniture Brands International, Inc. 2
 900 Interface, Inc. "A" 5
 500 Kimball International, Inc. "B" 3
 800 La-Z-Boy, Inc. 2
 31,800 Leggett & Platt, Inc. 457
 800 Tempur-Pedic International, Inc. 10
 ---------------
 479
 ---------------
 HOME IMPROVEMENT RETAIL (0.0%)
 100 Home Depot, Inc. 3
 100 Lowe's Companies, Inc. 2
 100 Lumber Liquidators, Inc. * 1
 ---------------
 6
 ---------------
 HOMEBUILDING (0.0%)
 300 Cavco Industries, Inc. * 7
 600 Champion Enterprises, Inc. * --
 100 D.R. Horton, Inc. 1
 200 Hovnanian Enterprises, Inc. "A" * 1
 100 KB Home 2
 300 Lennar Corp. "A" 3
 100 Palm Harbor Homes, Inc. * --
 100 Pulte Homes, Inc. 1
 1,300 Standard Pacific Corp. * 3
 ---------------
 18
 ---------------
================================================================================
 Portfolio of Investments | 4

================================================================================
 MARKET
 NUMBER VALUE
 OF SHARES SECURITY (000)
---------------------------------------------------------------------------------------------------------
 HOMEFURNISHING RETAIL (0.4%)
 5,200 Aaron's, Inc. $ 175
 22,300 Rent-A-Center, Inc. * 429
 2,100 Select Comfort Corp. * 2
 105 Williams-Sonoma, Inc. 1
 ---------------
 607
 ---------------
 HOTELS, RESORTS, & CRUISE LINES (0.1%)
 600 Ambassadors Group, Inc. 7
 500 Bluegreen Corp. * 1
 200 Gaylord Entertainment Co. * 3
 400 Great Wolf Resorts, Inc. * 1
 300 Lodgian, Inc. * 1
 400 Marcus Corp. 5
 200 Morgans Hotel Group Co. * 1
 200 Royal Caribbean Cruises Ltd. 3
 6,600 Wyndham Worldwide Corp. 77
 ---------------
 99
 ---------------
 HOUSEHOLD APPLIANCES (0.0%)
 1,300 Helen of Troy Ltd. * 21
 314 iRobot Corp. * 3
 82 Whirlpool Corp. 4
 ---------------
 28
 ---------------
 HOUSEWARES & SPECIALTIES (0.2%)
 800 American Greetings Corp. "A" 6
 4,900 Jarden Corp. * 99
 10,900 Newell Rubbermaid, Inc. 114
 600 Sealy Corp. * 2
 4,500 Tupperware Brands Corp. 113
 ---------------
 334
 ---------------
 INTERNET RETAIL (0.2%)
 400 1-800-FLOWERS.COM, Inc. "A" * 1
 49 Amazon.com, Inc. * 4
 300 Blue Nile, Inc. * 13
 1,900 drugstore.com, Inc. * 3
 700 Expedia, Inc. * 10
 4,400 GSI Commerce, Inc. * 62
 2,500 Netflix, Inc. * 113
 440 NutriSystem, Inc. 6
 400 Orbitz Worldwide, Inc. * 1
 320 Overstock.com, Inc. * 4
 400 Shutterfly, Inc. * 5
 ---------------
 222
 ---------------
 LEISURE FACILITIES (0.1%)
 300 Dover Motorsports, Inc. 1
 500 Life Time Fitness, Inc. * 9
 4,400 Six Flags, Inc. * 1
 3,700 Vail Resorts, Inc. * 108
 ---------------
 119
 ---------------
 LEISURE PRODUCTS (0.2%)
 1,400 Brunswick Corp. 8
 6,600 Hasbro, Inc. 176
 400 LeapFrog Enterprises, Inc. * 1
 200 Marine Products Corp. 1
 200 MarineMax, Inc. * 1
 100 Mattel, Inc. 2
 500 Midway Games, Inc. * --
 300 Nautilus, Inc. * --
 3,200 Polaris Industries, Inc. 107
 100 Pool Corp. 2

================================================================================
5 | USAA First Start Growth Fund

================================================================================
 MARKET
 NUMBER VALUE
 OF SHARES SECURITY (000)
---------------------------------------------------------------------------------------------------------
 300 Smith & Wesson Holding Corp. * $ 2
 ---------------
 300
 ---------------
 MOTORCYCLE MANUFACTURERS (0.0%)
 100 Harley-Davidson, Inc. 2
 ---------------
 MOVIES & ENTERTAINMENT (0.5%)
 600 Bigband Networks, Inc. * 3
 600 Cinemark Holdings, Inc. 5
 852 CKX, Inc. * 5
 100 CTC Media, Inc. * 1
 400 DreamWorks Animation SKG, Inc. "A" * 10
 1,300 Live Nation, Inc. * 5
 9,200 Marvel Entertainment, Inc. * 275
 100 National Cinemedia, Inc. 1
 19,300 News Corp. "A" 159
 10,000 News Corp. "B" 91
 2,700 Regal Entertainment Group "A" 35
 200 RHI Entertainment, Inc. * 1
 166 Time Warner, Inc. 4
 2,500 Viacom, Inc. "A" * 52
 100 Viacom, Inc. "B" * 2
 100 Walt Disney Co. 2
 ---------------
 651
 ---------------
 PHOTOGRAPHIC PRODUCTS (0.0%)
 400 Eastman Kodak Co. 1
 ---------------
 PUBLISHING (0.1%)
 400 Courier Corp. 6
 866 E.W. Scripps Co. "A" 2
 200 Gannett Co., Inc. 1
 2,300 GateHouse Media, Inc. * --
 326 Global Sources Ltd. * 2
 4,600 Idearc, Inc. * --
 4,200 Interactive Data Corp. 94
 400 Martha Stewart Living Omnimedia, Inc. "A" * 1
 1,300 McClatchy Co. "A" 1
 200 Media General, Inc. "A" 1
 200 Meredith Corp. 5
 2,200 Morningstar, Inc. * 87
 200 New York Times Co. "A" 1
 400 PRIMEDIA, Inc. 2
 1,200 R.H. Donnelley Corp. * --
 400 Valassis Communications, Inc. * 2
 ---------------
 205
 ---------------
 RESTAURANTS (0.6%)
 300 AFC Enterprises, Inc. * 2
 700 BJ's Restaurants, Inc. * 12
 100 Bob Evans Farms, Inc. 2
 2,000 Brinker International, Inc. 36
 2,700 Buffalo Wild Wings, Inc. * 105
 200 Burger King Holdings, Inc. 3
 1,000 California Pizza Kitchen, Inc. * 16
 1,900 CEC Entertainment, Inc. * 58
 900 Chipotle Mexican Grill, Inc. "A" * 73
 800 CKE Restaurants, Inc. 8
 2,400 Cracker Barrel Old Country Store, Inc. 78
 1,400 Denny's Corp. * 4
 200 DineEquity, Inc. 6
 900 Dominos Pizza, Inc. * 9
 4,200 Jack in the Box, Inc. * 103
 900 Krispy Kreme Doughnuts, Inc. * 4
 200 Landry's Restaurants, Inc. * 2
 400 Luby's, Inc. * 2

================================================================================
 Portfolio of Investments | 6

================================================================================
 MARKET
 NUMBER VALUE
 OF SHARES SECURITY (000)
---------------------------------------------------------------------------------------------------------
 300 O'Charley's, Inc. $ 2
 400 P.F. Chang's China Bistro, Inc. * 12
 1,200 Panera Bread Co. "A" * 67
 600 Peet's Coffee & Tea, Inc. * 16
 300 Ruth's Hospitality Group, Inc. * 1
 100 Sonic Corp. * 1
 100 Starbucks Corp. * 2
 18,100 Steak n Shake Co. * 209
 300 Texas Roadhouse, Inc. "A" * 3
 100 Tim Hortons, Inc. 2
 6,715 Wendy's/Arby's Group, Inc. "A" 34
 ---------------
 872
 ---------------
 SPECIALIZED CONSUMER SERVICES (0.4%)
 2,800 Brinks Home Security Holdings, Inc. * 74
 21,600 H&R Block, Inc. 327
 4,300 Hillenbrand, Inc. 78
 500 Jackson Hewitt Tax Service, Inc. 3
 300 Service Corp. International 1
 300 Steiner Leisure Ltd. * 10
 900 Weight Watchers International, Inc. 22
 ---------------
 515
 ---------------
 SPECIALTY STORES (0.8%)
 8,000 Barnes & Noble, Inc. 209
 400 Big 5 Sporting Goods Corp. 3
 8,000 Blockbuster, Inc. "A" * 6
 600 Borders Group, Inc. * 2
 100 Dick's Sporting Goods, Inc. * 2
 1,400 Haverty Furniture Companies, Inc. 15
 100 Hibbett Sports, Inc. * 2
 700 Jo-Ann Stores, Inc. * 13
 400 Office Depot, Inc. * 1
 100 OfficeMax, Inc. 1
 700 Pep Boys - Manny, Moe & Jack 5
 3,300 PetSmart, Inc. 76
 1,500 Pier 1 Imports, Inc. * 3
 36,700 Regis Corp. 702
 1,648 Sally Beauty Holdings, Inc. * 12
 300 Sonic Automotive, Inc. "A" 2
 100 Staples, Inc. 2
 4,145 Tractor Supply Co. * 167
 300 Zale Corp. * 1
 ---------------
 1,224
 ---------------
 TEXTILES (0.0%)
 500 Unifi, Inc. * 1
 500 Xerium Technologies, Inc. * --
 ---------------
 1
 ---------------
 TIRES & RUBBER (0.0%)
 1,000 Cooper Tire & Rubber Co. 8
 343 Goodyear Tire & Rubber Co. * 4
 ---------------
 12
 ---------------
 Total Consumer Discretionary 13,472
 ---------------

 CONSUMER STAPLES (1.4%)
 -----------------------
 AGRICULTURAL PRODUCTS (0.3%)
 10,400 Archer-Daniels-Midland Co. 256
 1,600 Bunge Ltd. 77
 500 Central Garden & Pet Co. * 5
 3,600 Corn Products International, Inc. 86
 1,400 Darling International, Inc. * 8
 600 Fresh Del Monte Produce, Inc. * 9

================================================================================
7 | USAA First Start Growth Fund

================================================================================
 MARKET
 NUMBER VALUE
 OF SHARES SECURITY (000)
---------------------------------------------------------------------------------------------------------
 100 Griffin Land & Nurseries, Inc. $ 3
 ---------------
 444
 ---------------
 DRUG RETAIL (0.1%)
 1,600 CVS Caremark Corp. 51
 3,600 Rite Aid Corp. * 3
 ---------------
 54
 ---------------
 FOOD DISTRIBUTORS (0.1%)
 200 Andersons, Inc. 3
 200 Nash Finch Co. 6
 900 Spartan Stores, Inc. 15
 100 Sysco Corp. 2
 3,500 United Natural Foods, Inc. * 80
 ---------------
 106
 ---------------
 FOOD RETAIL (0.3%)
 3,900 Casey's General Stores, Inc. 104
 200 Ingles Markets, Inc. "A" 3
 100 Kroger Co. 2
 2,400 Ruddick Corp. 62
 2,900 SUPERVALU, Inc. 47
 300 Susser Holdings Corp. * 4
 200 Village Super Market, Inc. "A" 6
 2,610 Weis Markets, Inc. 97
 200 Whole Foods Market, Inc. 4
 5,300 Winn Dixie Stores, Inc. * 61
 ---------------
 390
 ---------------
 HOUSEHOLD PRODUCTS (0.0%)
 1,200 Central Garden & Pet Co. "A" * 11
 100 Church & Dwight Co., Inc. 5
 100 Energizer Holdings, Inc. * 6
 200 WD-40 Co. 5
 ---------------
 27
 ---------------
 HYPERMARKETS & SUPER CENTERS (0.0%)
 500 PriceSmart, Inc. 9
 ---------------
 PACKAGED FOODS & MEAT (0.4%)
 100 American Dairy, Inc. * 2
 400 B&G Foods, Inc. "A" 2
 200 Cal-Maine Foods, Inc. 5
 300 Calavo Growers, Inc. 4
 100 Campbell Soup Co. 3
 4,400 Dean Foods Co. * 91
 300 Del Monte Foods Co. 2
 1,500 Diamond Foods, Inc. 39
 4,900 Flowers Foods, Inc. 113
 1,900 Green Mountain Coffee Roasters, Inc. * 137
 200 Hain Celestial Group, Inc. * 3
 200 HQ Sustainable Maritime Industries, Inc. * 2
 400 Imperial Sugar Co. 3
 600 J & J Snack Foods Corp. 23
 100 Kraft Foods, Inc. "A" 2
 1,200 Lance, Inc. 28
 167 Lifeway Foods, Inc. * 2
 300 Omega Protein Corp. * 1
 1,000 Ralcorp Holdings, Inc. * 57
 300 Reddy Ice Holdings, Inc. 1
 1,066 Smart Balance, Inc. * 8
 100 Smithfield Foods, Inc. * 1
 200 Synutra International, Inc. * 2
 4,030 Tootsie Roll Industries, Inc. 98
 100 Tyson Foods, Inc. "A" 1

================================================================================
 Portfolio of Investments | 8

================================================================================
 MARKET
 NUMBER VALUE
 OF SHARES SECURITY (000)
---------------------------------------------------------------------------------------------------------
 100 Zhongpin, Inc. * $ 1
 ---------------
 631
 ---------------
 PERSONAL PRODUCTS (0.1%)
 2,400 Alberto-Culver Co. 54
 1,000 American Oriental Bioengineering, Inc. * 4
 100 Avon Products, Inc. 2
 3,000 Bare Escentuals, Inc. * 28
 200 China Sky One Medical, Inc. * 3
 486 Elizabeth Arden, Inc. * 4
 4,000 Herbalife Ltd. 79
 300 Mannatech, Inc. 1
 100 NBTY, Inc. * 3
 700 Nu Skin Enterprises, Inc. "A" 9
 500 Prestige Brands Holdings, Inc. * 3
 200 Schiff Nutrition International, Inc. * 1
 100 USANA Health Sciences, Inc. * 3
 ---------------
 194
 ---------------
 SOFT DRINKS (0.1%)
 4,200 Dr. Pepper Snapple Group, Inc. * 87
 400 National Beverage Corp. * 4
 1,300 PepsiAmericas, Inc. 32
 ---------------
 123
 ---------------
 TOBACCO (0.0%)
 260 Schweitzer-Mauduit International, Inc. 6
 ---------------
 Total Consumer Staples 1,984
 ---------------

 ENERGY (4.1%)
 -------------
 COAL & CONSUMABLE FUELS (0.4%)
 4,200 Alpha Natural Resources, Inc. * 86
 14,200 Arch Coal, Inc. 198
 5,500 CONSOL Energy, Inc. 172
 5,900 Foundation Coal Holdings, Inc. 96
 100 GreenHunter Energy, Inc.* --
 1,500 International Coal Group, Inc. * 3
 3,200 Massey Energy Co. 51
 600 National Coal Corp. * 1
 100 Patriot Coal Corp. * 1
 100 Peabody Energy Corp. 3
 1,700 Uranium Resources, Inc. * 2
 1,800 USEC, Inc. * 11
 200 Westmoreland Coal Co. * 2
 ---------------
 626
 ---------------
 INTEGRATED OIL & GAS (0.8%)
 18,943 Marathon Oil Corp. 563
 12,500 Murphy Oil Corp. 596
 100 Petro-Canada 3
 200 SandRidge Energy, Inc. * 2
 ---------------
 1,164
 ---------------
 OIL & GAS DRILLING (0.9%)
 600 Atwood Oceanics, Inc. * 13
 400 Bronco Drilling Co., Inc. * 2
 100 Diamond Offshore Drilling, Inc. 7
 32,900 ENSCO International, Inc. 930
 100 Hercules Offshore, Inc. * --
 1,700 Parker Drilling Co. * 5
 500 Patterson-UTI Energy, Inc. 6
 1,200 Pioneer Drilling Co. * 6
 600 Pride International, Inc. * 14
 5,800 Rowan Companies, Inc. 91

================================================================================
9 | USAA First Start Growth Fund

================================================================================
 MARKET
 NUMBER VALUE
 OF SHARES SECURITY (000)
---------------------------------------------------------------------------------------------------------
 2,800 Transocean Ltd. * $ 189
 100 Union Drilling, Inc. * 1
 100 Unit Corp. * 3
 ---------------
 1,267
 ---------------
 OIL & GAS EQUIPMENT & SERVICES (0.9%)
 300 Bolt Technology Corp. * 3
 100 Bristow Group, Inc. * 2
 700 Cal Dive International, Inc. * 5
 100 Cameron International Corp. * 3
 7,300 CARBO Ceramics, Inc. 224
 800 Complete Production Services, Inc. * 5
 200 Dawson Geophysical Co. * 4
 11,500 Dresser-Rand Group, Inc. * 283
 500 ENGlobal Corp. * 3
 100 Global Industries Ltd. * 1
 200 Gulf Island Fabrication, Inc. 3
 100 Halliburton Co. 2
 1,300 ION Geophysical Corp. * 3
 200 Key Energy Services, Inc. * 1
 2,700 Lufkin Industries, Inc. 94
 500 Matrix Service Co. * 5
 200 Mitcham Industries, Inc. * 1
 1,400 Newpark Resources, Inc. * 4
 100 Oceaneering International, Inc. * 4
 200 Oil States International, Inc. * 4
 100 OYO Geospace Corp. * 2
 255 PHI, Inc. * 3
 2,200 RPC, Inc. 23
 1,100 Seacor Holdings, Inc. * 72
 100 Smith International, Inc. 3
 1,500 SulphCo, Inc. * 1
 4,500 Superior Energy Services, Inc. * 86
 200 Superior Well Services, Inc. * 2
 100 TETRA Technologies, Inc. * 1
 10,200 Tidewater, Inc. 441
 200 Trico Marine Services, Inc. * 1
 100 Weatherford International Ltd. * 2
 600 Willbros Group, Inc. * 7
 ---------------
 1,298
 ---------------
 OIL & GAS EXPLORATION & PRODUCTION (0.9%)
 1,000 Abraxas Petroleum Corp. * 1
 100 Apache Corp. 7
 6,689 Apco Argentina, Inc. 128
 200 Approach Resources, Inc. * 1
 1,100 Arena Resources, Inc. * 32
 400 ATP Oil & Gas Corp. * 3
 800 Berry Petroleum Co. "A" 13
 24,737 Bill Barrett Corp. * 643
 1,700 BPZ Resources, Inc. * 9
 400 Callon Petroleum Co. * 1
 600 Cano Petroleum, Inc. * --
 100 Carrizo Oil & Gas, Inc. * 1
 2,300 Chesapeake Energy Corp. 45
 800 Cimarex Energy Co. 22
 200 Clayton Williams Energy, Inc. * 6
 4,900 Comstock Resources, Inc. * 169
 800 Concho Resources, Inc. * 22
 500 Contango Oil & Gas Co. * 19
 100 Continental Resources, Inc. * 2
 100 Denbury Resources, Inc. * 2
 200 Double Eagle Petroleum Co. * 1
 900 Encore Acquisition Co. * 26
 400 Energy Partners Ltd. * --
================================================================================
 Portfolio of Investments | 10

================================================================================
 MARKET
 NUMBER VALUE
 OF SHARES SECURITY (000)
---------------------------------------------------------------------------------------------------------
 4,700 Energy XXI Bermuda Ltd. $ 2
 100 EOG Resources, Inc. 6
 2,300 EXCO Resources, Inc. * 27
 700 FX Energy, Inc. * 3
 2,100 Gasco Energy, Inc. * 1
 1,800 GeoGlobal Resources, Inc. * 3
 400 GeoMet, Inc. * --
 100 GeoResources, Inc. * 1
 100 GMX Resources, Inc. * 1
 200 Goodrich Petroleum Corp. * 5
 3,300 Gran Tierra Energy, Inc. * 8
 300 Gulfport Energy Corp. * 1
 500 Harvest Natural Resources, Inc. * 3
 100 Helix Energy Solutions Group, Inc. * 1
 200 Houston American Energy Corp. --
 300 Mariner Energy, Inc. * 3
 3,200 Meridian Resource Corp. * 1
 400 Northern Oil and Gas, Inc. * 2
 5,900 Oilsands Quest, Inc. * 4
 1,500 Pacific Ethanol, Inc. * 1
 100 Panhandle Oil & Gas, Inc. "A" 2
 481 Parallel Petroleum Corp. * 1
 700 PetroQuest Energy, Inc. * 2
 100 Pioneer Natural Resources Co. 2
 600 Quest Resource Corp. * --
 100 Quicksilver Resources, Inc. * 1
 1,100 RAM Energy Resources, Inc. * 1
 200 Rex Energy Corp. * 1
 800 Rosetta Resources, Inc. * 6
 500 Stone Energy Corp. * 2
 300 Toreador Resources Corp. 1
 700 TXCO Resources, Inc. * --
 956 VAALCO Energy, Inc. * 5
 400 Venoco, Inc. * 2
 200 W&T Offshore, Inc. 2
 100 Whiting Petroleum Corp. * 3
 100 XTO Energy, Inc. 3
 ---------------
 1,260
 ---------------
 OIL & GAS REFINING & MARKETING (0.1%)
 200 Alon USA Energy, Inc. 2
 700 Aventine Renewable Energy Holdings, Inc. * --
 400 Clean Energy Fuels Corp. * 3
 200 Delek US Holdings, Inc. 2
 200 Frontier Oil Corp. 2
 600 Holly Corp. 13
 200 Magellan Midstream Partners, LP 7
 100 Sunoco, Inc. 3
 7,600 Tesoro Corp. 116
 2,800 Valero Energy Corp. 56
 3,500 VeraSun Energy Corp. * --
 1,800 Verenium Corp. * 1
 200 Western Refining, Inc. * 2
 ---------------
 207
 ---------------
 OIL & GAS STORAGE & TRANSPORTATION (0.1%)
 900 Cheniere Energy, Inc. * 4
 500 Crosstex Energy, Inc. 1
 700 DHT Maritime, Inc. 3
 100 El Paso Corp. 1
 804 General Maritime Corp. 8
 600 Golar LNG Ltd. 3
 1,700 Knightsbridge Tankers Ltd. 22
 3,300 Overseas Shipholding Group, Inc. 95
 600 Ship Finance International Ltd. 5

================================================================================
11 | USAA First Start Growth Fund

================================================================================
 MARKET
 NUMBER VALUE
 OF SHARES SECURITY (000)
---------------------------------------------------------------------------------------------------------
 100 Teekay Tankers Ltd. "A" $ 1
 100 TransCanada Corp. 3
 600 Williams Companies, Inc. 8
 ---------------
 154
 ---------------
 Total Energy 5,976
 ---------------

 FINANCIALS (11.5%)
 ------------------
 ASSET MANAGEMENT & CUSTODY BANKS (0.9%)
 700 Allied Capital Corp. 2
 300 American Capital Ltd. 1
 7,600 Ameriprise Financial, Inc. 200
 20,000 Apollo Investment Corp. 96
 1,565 Ares Capital Corp. 9
 200 BlackRock Kelso Capital Corp. 1
 100 BlackRock, Inc. "A" 15
 400 Calamos Asset Management, Inc. "A" 5
 100 Capital Southwest Corp. 8
 241 Cohen & Steers, Inc. 4
 1,500 Eaton Vance Corp. 41
 200 Epoch Holding Corp. 1
 14,600 Federated Investors, Inc. "B" 334
 100 GAMCO Investors, Inc. "A" 5
 400 Gladstone Capital Corp. 3
 400 Gladstone Investment Corp. 1
 400 Harris & Harris Group, Inc. * 2
 666 Hercules Technology Growth Capital, Inc. 4
 9,200 Invesco Ltd. ADR 135
 5,300 Janus Capital Group, Inc. 53
 200 Kohlberg Capital Corp. 1
 1,700 MCG Capital Corp. 3
 400 MVC Capital, Inc. 3
 400 NGP Capital Resources Co. 3
 300 Patriot Capital Funding, Inc. 1
 400 PennantPark Investment Corp. 2
 600 Prospect Capital Corp. 5
 100 Pzena Investment Management, Inc. "A" --
 200 SEI Investments Co. 3
 6,243 State Street Corp. 213
 4 Teton Advisors, Inc., acquired 3/24/09; cost $0 (a) (b) --
 100 U.S. Global Investors, Inc. "A" 1
 105 Virtus Investments Partners, Inc. * 1
 4,600 Waddell & Reed Financial, Inc. "A" 103
 200 Westwood Holdings Group, Inc. 8
 ---------------
 1,267
 ---------------
 CONSUMER FINANCE (0.0%)
 700 Advance America, Cash Advance Centers, Inc. 3
 100 American Express Co. 2
 200 AmeriCredit Corp. * 2
 180 Capital One Financial Corp. 3
 100 CompuCredit Corp. * --
 100 Discover Financial Services 1
 1,104 First Marblehead Corp. * 2
 1,000 SLM Corp. * 5
 700 World Acceptance Corp. * 21
 ---------------
 39
 ---------------
 DIVERSIFIED BANKS (0.0%)
 1,700 Columbia Banking System, Inc. 17
 100 F.N.B. Corp. 1
 ---------------
 18
 ---------------
 DIVERSIFIED REAL ESTATE ACTIVITIES (0.1%)
 200 CB Richard Ellis Group, Inc. "A" * 2

================================================================================
 Portfolio of Investments | 12

================================================================================
 MARKET
 NUMBER VALUE
 OF SHARES SECURITY (000)
---------------------------------------------------------------------------------------------------------
 1,000 Comfort Systems USA, Inc. $ 11
 100 Consolidated-Tomoka Land Co. 3
 400 FX Real Estate and Entertainment, Inc. * --
 298 G & K Services, Inc. "A" 7
 600 Grubb & Ellis Co. 1
 1,800 Jones Lang LaSalle, Inc. 58
 1,000 McGrath RentCorp 21
 1,900 Meruelo Maddux Properties, Inc. * --
 100 St. Joe Co. * 2
 200 Tejon Ranch Co. * 5
 400 Thomas Properties Group, Inc. 1
 ---------------
 111
 ---------------
 INSURANCE BROKERS (0.3%)
 1,700 Aon Corp. 72
 6,300 Arthur J. Gallagher & Co. 142
 8,600 Brown & Brown, Inc. 167
 400 eHealth, Inc. * 8
 150 Life Partners Holdings, Inc. 3
 100 Marsh & McLennan Companies, Inc. 2
 200 National Financial Partners Corp. 1
 ---------------
 395
 ---------------
 INVESTMENT BANKING & BROKERAGE (0.9%)
 400 Broadpoint Securities Group, Inc. * 2
 100 Charles Schwab Corp. 2
 600 E*TRADE Financial Corp. * 1
 100 Evercore Partners, Inc. "A" 2
 400 FBR Capital Markets Corp. * 2
 100 FCStone Group, Inc. * --
 1,000 GFI Group, Inc. 4
 1,300 Greenhill & Co., Inc. 101
 100 International Assets Holding Corp. * 1
 20,200 Investment Technology Group, Inc. * 460
 4,100 Jefferies Group, Inc. 80
 3,865 KBW, Inc. * 94
 6,800 Knight Capital Group, Inc. "A" * 105
 800 LaBranche & Co., Inc. * 3
 200 Lazard Ltd. "A" 6
 1,400 MarketAxess Holdings, Inc. * 13
 200 MF Global Ltd. * 1
 5,806 Morgan Stanley 137
 1,900 optionsXpress Holdings, Inc. 31
 300 Penson Worldwide, Inc. * 3
 100 Piper Jaffray Co., Inc. * 4
 4,800 Raymond James Financial, Inc. 75
 300 Sanders Morris Harris Group, Inc. 1
 700 Stifel Financial Corp. * 35
 6,000 SWS Group, Inc. 77
 600 TD Ameritrade Holding Corp. * 10
 300 Thomas Weisel Partners Group, Inc. * 1
 600 TradeStation Group, Inc. * 5
 ---------------
 1,256
 ---------------
 LIFE & HEALTH INSURANCE (0.9%)
 7,000 AFLAC, Inc. 202
 900 American Equity Investment Life Insurance Co. 5
 661 Citizens, Inc. * 5
 200 Conseco, Inc. * --
 600 Delphi Financial Group, Inc. "A" 10
 200 FBL Financial Group, Inc. "A" 1
 100 Independence Holding Co. 1
 500 Lincoln National Corp. 6
 100 MetLife, Inc. 3
 100 National Western Life Insurance Co. "A" 11

================================================================================
13 | USAA First Start Growth Fund

================================================================================
 MARKET
 NUMBER VALUE
 OF SHARES SECURITY (000)
---------------------------------------------------------------------------------------------------------
 1,200 Phoenix Companies, Inc. $ 2
 400 Presidential Life Corp. 4
 100 Principal Financial Group, Inc. 2
 100 Protective Life Corp. 1
 400 Prudential Financial, Inc. 12
 13,800 StanCorp Financial Group, Inc. 378
 11,300 Torchmark Corp. 331
 20,800 Unum Group 340
 ---------------
 1,314
 ---------------
 MULTI-LINE INSURANCE (0.4%)
 3,800 American Financial Group, Inc. 67
 5,056 American International Group, Inc. 7
 3,600 Assurant, Inc. 88
 500 Genworth Financial, Inc. "A" 1
 100 Hartford Financial Services Group, Inc. 1
 3,200 HCC Insurance Holdings, Inc. 77
 41,800 Horace Mann Educators Corp. 367
 500 Loews Corp. 12
 100 Unitrin, Inc. 2
 ---------------
 622
 ---------------
 MULTI-SECTOR HOLDINGS (0.0%)
 400 Ampal-American Israel Corp. "A" * 1
 1,000 Compass Diversified Holdings 9
 200 Leucadia National Corp. * 4
 700 PICO Holdings, Inc. * 21
 ---------------
 35
 ---------------
 OTHER DIVERSIFIED FINANCIAL SERVICES (0.0%)
 510 Bank of America Corp. 5
 6,400 Citigroup, Inc. 19
 300 Medallion Financial Corp. 2
 700 Net 1 U.E.P.S Technologies, Inc. * 12
 400 RiskMetrics Group, Inc. * 7
 ---------------
 45
 ---------------
 PROPERTY & CASUALTY INSURANCE (2.0%)
 9,400 ACE Ltd. 435
 2,100 Allied World Assurance Co. Holdings Ltd. 78
 6,100 Allstate Corp. 142
 61,300 Ambac Financial Group, Inc. 56
 127 American Physicians Capital, Inc. 5
 200 American Safety Insurance Holdings Ltd. * 2
 300 Amerisafe, Inc. * 5
 200 AmTrust Financial Services, Inc. 2
 3,364 Argo Group International Holdings Ltd. * 94
 5,200 Aspen Insurance Holdings Ltd. 123
 100 Assured Guaranty Ltd. 1
 2,800 Axis Capital Holdings Ltd. 69
 1,000 Baldwin & Lyons, Inc. "B" 20
 2,300 Chubb Corp. 90
 7,700 CNA Financial Corp. 92
 300 CNA Surety Corp. * 6
 500 Donegal Group, Inc. "A" 7
 100 EMC Insurance Group, Inc. 2
 11,118 Employers Holdings, Inc. 93
 100 Fidelity National Financial, Inc. "A" 2
 300 First Acceptance Corp. * 1
 3,800 First American Corp. 107
 300 First Mercury Financial Corp. * 4
 300 FPIC Insurance Group, Inc. * 9
 178 Hallmark Financial Services, Inc. * 1
 2,500 Hanover Insurance Group, Inc. 75
 3,300 Harleysville Group, Inc. 95

================================================================================
 Portfolio of Investments | 14

================================================================================
 MARKET
 NUMBER VALUE
 OF SHARES SECURITY (000)
---------------------------------------------------------------------------------------------------------
 400 Infinity Property & Casualty Corp. $ 14
 200 MBIA, Inc. * 1
 900 Meadowbrook Insurance Group, Inc. 5
 100 Mercury General Corp. 3
 200 National Interstate Corp. 3
 2,100 Navigators Group, Inc. * 95
 100 NYMAGIC, Inc. 1
 100 OneBeacon Insurance Group Ltd. "A" 1
 500 PMA Capital Corp. "A" * 2
 2,300 ProAssurance Corp. * 101
 200 Progressive Corp. * 3
 339 Safety Insurance Group, Inc. 11
 408 SeaBright Insurance Holdings, Inc. * 4
 7,700 Selective Insurance Group, Inc. 114
 3,543 State Auto Financial Corp. 57
 100 Stewart Information Services Corp. 2
 611 Tower Group, Inc. 17
 18,900 Travelers Companies, Inc. 778
 300 United American Indemnity Ltd. "A" * 1
 300 United Fire & Casualty Co. 6
 247 Wesco Financial Corp. 74
 400 White Mountains Insurance Group Ltd. 77
 185 XL Capital Ltd. "A" 2
 ---------------
 2,988
 ---------------
 REGIONAL BANKS (3.0%)
 200 AMCORE Financial, Inc. --
 300 Ameris Bancorp 2
 200 Ames National Corp. 4
 200 Arrow Financial Corp. 5
 300 BancFirst Corp. 13
 3,400 BancorpSouth, Inc. 79
 345 BancTrust Financial Group, Inc. 2
 11,800 Bank of Hawaii Corp. 415
 500 Bank of the Ozarks, Inc. 12
 200 Banner Corp. 1
 600 BB&T Corp. 14
 900 Boston Private Financial Holdings, Inc. 4
 300 Bryn Mawr Bank Corp. 6
 100 Camden National Corp. 3
 237 Capital City Bank Group, Inc. 4
 100 Capitol Bancorp Ltd. --
 400 Cardinal Financial Corp. 3
 300 Cascade Bancorp, Inc. --
 8,100 Cathay General Bancorp 91
 225 CenterState Banks of Florida, Inc. 3
 500 Central Pacific Financial Corp. 3
 1,000 Chemical Financial Corp. 21
 175 Citizens & Northern Corp. 3
 1,200 Citizens Republic Bankcorp, Inc. * 2
 700 City Holding Co. 21
 300 Cobiz Financial, Inc. 2
 2,600 Colonial BancGroup, Inc. 2
 5,800 Community Bank System, Inc. 95
 300 Community Trust Bancorp, Inc. 9
 1,800 Cullen/Frost Bankers, Inc. 85
 15,100 CVB Financial Corp. 91
 19,600 East West Bancorp, Inc. 134
 200 Enterprise Financial Services Corp. 2
 200 Farmers Capital Bank Corp. 4
 600 Fifth Third Bancorp 2
 200 Financial Institutions, Inc. 3
 246 First Advantage Corp. "A" * 4
 256 First Bancorp 3
 17,800 First BanCorp 98

================================================================================
15 | USAA First Start Growth Fund

================================================================================
 MARKET
 NUMBER VALUE
 OF SHARES SECURITY (000)
---------------------------------------------------------------------------------------------------------
 300 First Bancorp, Inc. $ 5
 189 First Citizens BancShares, Inc. "A" 23
 23,600 First Commonwealth Financial Corp. 205
 155 First Community Bancshares, Inc. 2
 700 First Financial Bancorp 8
 1,000 First Financial Bankshares, Inc. 49
 500 First Financial Corp. 19
 235 First Horizon National Corp. 3
 381 First Merchants Corp. 5
 2,500 First Midwest Bancorp, Inc. 22
 200 First South Bancorp, Inc. 2
 5,900 Firstmerit Corp. 114
 400 Frontier Financial Corp. 1
 1,200 Glacier Bancorp, Inc. 18
 204 Greene Bankshares, Inc. 2
 400 Hancock Holding Co. 15
 600 Hanmi Financial Corp. 1
 702 Harleysville National Corp. 6
 273 Heartland Financial USA, Inc. 4
 200 Heritage Commerce Corp. 2
 516 Home BancShares, Inc. 11
 25,100 Huntington Bancshares, Inc. 70
 200 IBERIABANK Corp. 9
 400 Independent Bank Corp. 8
 300 Integra Bank Corp. 1
 8,300 International Bancshares Corp. 112
 800 Lakeland Bancorp, Inc. 7
 500 Lakeland Financial Corp. 9
 1,500 M&T Bank Corp. 79
 800 MainSource Financial Group, Inc. 7
 100 Marshall & Ilsley Corp. 1
 700 MB Financial, Inc. 10
 500 Midwest Banc Holdings, Inc. 1
 400 Nara Bancorp, Inc. 1
 4,200 National Penn Bancshares, Inc. 34
 2,000 NBT Bancorp, Inc. 47
 400 Northfield Bancorp, Inc. 5
 21,500 Old National Bancorp 293
 300 Old Second Bancorp, Inc. 2
 2,400 Pacific Capital Bancorp 17
 400 Pacific Continental Corp. 5
 1,667 Park National Corp. 112
 200 Pennsylvania Commerce Bancorp, Inc. * 4
 250 Peoples Bancorp, Inc. 4
 400 Pinnacle Financial Partners, Inc. * 7
 2,448 PNC Financial Services Group, Inc. 97
 300 Popular, Inc. 1
 315 PremierWest Bancorp 1
 4,700 PrivateBancorp, Inc. 95
 3,500 Prosperity Bancshares, Inc. 97
 100 Provident Bankshares Corp. 1
 8,800 Provident Financial Services, Inc. 94
 16,400 Regions Financial Corp. 74
 1,000 Renasant Corp. 14
 200 Republic Bancorp, Inc. "A" 4
 4,800 S&T Bancorp, Inc. 86
 600 S.Y. Bancorp, Inc. 15
 700 Sandy Spring Bancorp, Inc. 11
 200 Santander BanCorp 1
 400 SCBT Financial Corp. 9
 300 Seacoast Banking Corp. 1
 143 Shore Bancshares, Inc. 3
 150 Sierra Bancorp 2
 1,000 Signature Bank * 27
 600 Simmons First National Corp. "A" 16

================================================================================
 Portfolio of Investments | 16

================================================================================
 MARKET
 NUMBER VALUE
 OF SHARES SECURITY (000)
---------------------------------------------------------------------------------------------------------
 167 Smithtown Bancorp, Inc. $ 2
 600 South Financial Group, Inc. 1
 525 Southside Bancshares, Inc. 11
 300 Southwest Bancorp, Inc. 2
 300 State Bancorp, Inc. 2
 100 StellarOne Corp. 1
 700 Sterling Bancorp 8
 1,200 Sterling Bancshares, Inc. 8
 200 Sterling Financial Corp. 1
 400 Suffolk Bancorp 10
 315 Sun Bancorp, Inc. * 2
 2,200 SunTrust Banks, Inc. 32
 100 Susquehanna Bancshares, Inc. 1
 200 SVB Financial Group * 4
 22,800 Synovus Financial Corp. 74
 900 Texas Capital Bancshares, Inc. * 13
 100 Tompkins Financial Corp. 4
 400 TowneBank 7
 600 TriCo Bancshares 10
 6,400 TrustCo Bank Corp. NY 38
 3,800 Trustmark Corp. 83
 1,900 UCBH Holdings, Inc. 2
 2,200 UMB Financial Corp. 101
 9,300 Umpqua Holdings Corp. 89
 500 Union Bankshares Corp. 9
 4,200 United Bankshares, Inc. 109
 619 United Community Banks, Inc. 4
 168 United Security Bancshares, Inc. 1
 400 Univest Corp. 8
 5,500 Valley National Bancorp 80
 300 Washington Trust Bancorp, Inc. 5
 15,200 Webster Financial Corp. 79
 400 WesBanco, Inc. 8
 800 West Bancorp., Inc. 7
 200 West Coast Bancorp 1
 2,100 Westamerica Bancorp 113
 410 Western Alliance Bancorp. * 3
 6,000 Whitney Holding Corp. 72
 6,900 Wilmington Trust Corp. 100
 300 Wilshire Bancorp, Inc. 1
 208 Yadkin Valley Financial Corp. 2
 200 Zions Bancorp 2
 ---------------
 4,366
 ---------------
 REINSURANCE (0.6%)
 1,900 Arch Capital Group Ltd. * 110
 6,200 Endurance Specialty Holdings Ltd. 162
 200 Enstar Group Ltd. * 14
 100 Everest Reinsurance Group Ltd. 7
 5,100 Flagstone Reinsurance Holdings Ltd. 47
 1,000 Greenlight Capital Re Ltd. "A" * 15
 4,000 IPC Holdings Ltd. 104
 800 Maiden Holdings Ltd. 4
 2,000 Max Capital Group Ltd. 33
 2,400 Odyssey Re Holdings Corp. 92
 100 PartnerRe Ltd. 7
 3,600 Platinum Underwriters Holdings Ltd. 104
 2,500 RenaissanceRe Holdings Ltd. 122
 4,600 Validus Holdings Ltd. 103
 ---------------
 924
 ---------------
 REITS - DIVERSIFIED (0.1%)
 300 CapLease, Inc. 1
 800 Colonial Properties Trust 6
 700 Cousins Properties, Inc. 6

================================================================================
17 | USAA First Start Growth Fund

================================================================================
 MARKET
 NUMBER VALUE
 OF SHARES SECURITY (000)
---------------------------------------------------------------------------------------------------------
 900 Investors Real Estate Trust $ 8
 3,300 Liberty Property Trust, Inc. 80
 109 One Liberty Properties, Inc. 1
 2,100 PS Business Parks, Inc. 92
 203 Vornado Realty Trust 10
 900 Washington REIT 19
 ---------------
 223
 ---------------
 REITS - INDUSTRIAL (0.1%)
 200 AMB Property Corp. 4
 2,700 DCT Industrial Trust, Inc. 12
 200 DuPont Fabros Technology, Inc. 2
 2,900 EastGroup Properties, Inc. 97
 400 First Industrial Realty Trust, Inc. 1
 500 First Potomac Realty Trust 5
 300 Monmouth Real Estate Investment Corp. "A" 2
 300 ProLogis 3
 ---------------
 126
 ---------------
 REITS - MORTGAGE (0.1%)
 100 American Capital Agency Corp. 2
 700 Annaly Capital Management, Inc. 10
 1,600 Anworth Mortgage Asset Corp. 10
 300 Capital Trust, Inc. "A" 1
 200 CapitalSource, Inc. 1
 1,000 Capstead Mortgage Corp. 11
 200 Care Investment Trust, Inc. 1
 2,200 Chimera Investment Corp. 8
 200 Douglas Emmett, Inc. 2
 700 Gramercy Capital Corp. 2
 300 Hatteras Financial Corp. 7
 200 iStar Financial, Inc. 1
 3,600 MFA Mortgage Investments, Inc. 21
 500 Newcastle Investment Corp. --
 800 RAIT Financial Trust 1
 1,000 Redwood Trust, Inc. 16
 300 Resource Capital Corp. 1
 36 Walter Investment Management Corp. * --
 ---------------
 95
 ---------------
 REITS - OFFICE (0.2%)
 100 Alexandria Real Estate Equities, Inc. 4
 1,300 BioMed Realty Trust, Inc. 15
 200 Boston Properties, Inc. 10
 100 Brandywine Realty Trust 1
 700 Corporate Office Properties Trust 21
 100 Digital Realty Trust, Inc. 3
 200 Duke Realty Corp. 2
 8,100 Franklin Street Properties Corp. 108
 1,000 Highwoods Properties, Inc. 24
 300 HRPT Properties Trust 1
 100 Kilroy Realty Corp. 2
 1,368 Lexington Realty Trust 5
 3,100 Mack-Cali Realty Corp. 83
 600 Maguire Properties, Inc. * 1
 400 Mission West Properties, Inc. 3
 300 Parkway Properties, Inc. 4
 100 SL Green Realty Corp. 2
 ---------------
 289
 ---------------
 REITS - RESIDENTIAL (0.1%)
 700 American Campus Communities, Inc. 15
 163 Apartment Investment & Management Co. "A" 1
 300 Associated Estates Realty Corp. 2
 106 AvalonBay Communities, Inc. 6

================================================================================
 Portfolio of Investments | 18

================================================================================
 MARKET
 NUMBER VALUE
 OF SHARES SECURITY (000)
---------------------------------------------------------------------------------------------------------
 100 BRE Properties, Inc. $ 2
 100 Camden Property Trust 3
 500 Education Realty Trust, Inc. 2
 400 Equity LifeStyle Properties, Inc. 16
 400 Equity Residential Properties Trust 9
 100 Essex Property Trust, Inc. 6
 500 Home Properties, Inc. 18
 500 Mid-America Apartment Communities, Inc. 19
 700 Post Properties, Inc. 9
 300 Sun Communities, Inc. 4
 248 UDR, Inc. 3
 ---------------
 115
 ---------------
 REITS - RETAIL (0.4%)
 523 Acadia Realty Trust 8
 200 Agree Realty Corp. 3
 100 Alexander's, Inc. 22
 119 CBL & Associates Properties, Inc. 1
 106 Developers Diversified Realty Corp. --
 6,400 Equity One, Inc. 95
 100 Federal Realty Investment Trust 6
 351 Getty Realty Corp. 7
 500 Glimcher Realty Trust 1
 10,500 Inland Real Estate Corp. 92
 7,300 Kimco Realty Corp. 88
 400 Kite Realty Group Trust 1
 100 Macerich Co. 2
 5,800 National Retail Properties, Inc. 103
 600 Pennsylvania REIT 5
 300 Ramco-Gershenson Properties Trust 3
 5,300 Realty Income Corp. 118
 100 Regency Centers Corp. 4
 200 Saul Centers, Inc. 6
 307 Simon Property Group, Inc. 16
 500 Tanger Factory Outlet Centers, Inc. 17
 100 Taubman Centers, Inc. 2
 400 Urstadt Biddle Properties, Inc. "A" 6
 100 Weingarten Realty Investors 2
 ---------------
 608
 ---------------
 REITS - SPECIALIZED (0.5%)
 1,000 Ashford Hospitality Trust, Inc. 3
 200 Cogdell Spencer, Inc. 1
 1,500 DiamondRock Hospitality Co. 10
 4,400 Entertainment Properties Trust 102
 1,400 Extra Space Storage, Inc. 10
 1,200 FelCor Lodging Trust, Inc. 2
 300 HCP, Inc. 7
 200 Health Care REIT, Inc. 7
 6,600 Healthcare Realty Trust, Inc. 111
 2,000 Hersha Hospitality Trust 7
 6,700 Hospitality Properties Trust 82
 600 Host Hotels & Resorts, Inc. 5
 700 LaSalle Hotel Properties 8
 400 LTC Properties, Inc. 7
 1,300 Medical Properties Trust, Inc. 7
 400 National Health Investors, Inc. 11
 200 Nationwide Health Properties, Inc. 5
 1,300 OMEGA Healthcare Investors, Inc. 21
 200 Plum Creek Timber Co., Inc. 7
 3,600 Potlatch Corp. 106
 200 Public Storage 13
 2,100 Rayonier, Inc. 81
 7,200 Senior Housing Properties Trust 118
 400 Sovran Self Storage, Inc. 9
================================================================================
19 | USAA First Start Growth Fund

================================================================================
 MARKET
 NUMBER VALUE
 OF SHARES SECURITY (000)
---------------------------------------------------------------------------------------------------------
 500 Strategic Hotel Capital, Inc. $ --
 504 Sunstone Hotel Investors, Inc. 3
 400 U-Store-It Trust 1
 200 Universal Health Realty Income Trust 6
 200 Ventas, Inc. 6
 ---------------
 756
 ---------------
 SPECIALIZED FINANCE (0.2%)
 200 Asset Acceptance Capital Corp. * 2
 400 CIT Group, Inc. 1
 6,732 Interactive Brokers Group, Inc. "A" * 99
 4,900 MSCI, Inc. "A" * 103
 200 NASDAQ OMX Group, Inc. * 4
 374 Newstar Financial, Inc. * 1
 4,400 PHH Corp. * 74
 300 Portfolio Recovery Associates, Inc. * 10
 ---------------
 294
 ---------------
 THRIFTS & MORTGAGE FINANCE (0.7%)
 1,000 Abington Bancorp, Inc. 9
 1,600 Astoria Financial Corp. 13
 800 Bank Mutual Corp. 8
 800 BankFinancial Corp. 9
 1,500 Beneficial Mutual Bancorp, Inc. * 15
 400 Berkshire Hills Bancorp, Inc. 9
 900 Brookline Bancorp, Inc. 9
 100 Brooklyn Federal Bancorp, Inc. 1
 1,400 Centerline Holding Co. --
 100 City Bank --
 300 Clifton Savings Bancorp, Inc. 3
 300 Danvers Bancorp, Inc. 4
 400 Dime Community Bancorp, Inc. 3
 100 Doral Financial Corp. * --
 600 Downey Financial Corp. --
 200 Encore Bancshares, Inc. * 2
 700 Essa Bancorp, Inc. 10
 4,900 Fannie Mae 4
 200 Farmer Mac "C" 1
 400 First Busey Corp. 3
 500 First Financial Holdings, Inc. 5
 400 First Financial Northwest, Inc. 3
 8,200 First Niagara Financial Group, Inc. 111
 300 First Place Financial Corp. 2
 200 FirstFed Financial Corp. * --
 2,300 Flagstar Bancorp, Inc. * 3
 400 Flushing Financial Corp. 4
 100 Fox Chase Bancorp, Inc. * 1
 3,000 Freddie Mac 2
 100 Home Federal Bancorp, Inc. 1
 400 Hudson City Bancorp, Inc. 5
 21,800 IndyMac Bancorp, Inc. * 1
 5,600 Kearny Financial Corp. 62
 200 Meridian Interstate Bancorp, Inc. * 2
 100 MGIC Investment Corp. --
 100 NASB Financial, Inc. 2
 1,900 New York Community Bancorp, Inc. 21
 10,900 NewAlliance Bancshares, Inc. 141
 1,700 Northwest Bancorp, Inc. 30
 400 OceanFirst Financial Corp. 5
 43,300 Ocwen Financial Corp. * 482
 1,400 PMI Group, Inc. 1
 631 Provident New York Bancorp 5
 900 Radian Group, Inc. 2
 400 Rockville Financial, Inc. 4
 400 Roma Financial Corp. 5

================================================================================
 Portfolio of Investments | 20

================================================================================
 MARKET
 NUMBER VALUE
 OF SHARES SECURITY (000)
---------------------------------------------------------------------------------------------------------
 516 United Community Financial Corp. $ 1
 700 United Financial Bancorp, Inc. 9
 500 ViewPoint Financial Group 8
 5,700 Washington Mutual, Inc. 1
 500 Westfield Financial, Inc. 5
 100 WSFS Financial Corp. 3
 ---------------
 1,030
 ---------------
 Total Financials 16,916
 ---------------

 HEALTH CARE (7.1%)
 ------------------
 BIOTECHNOLOGY (0.8%)
 800 Acadia Pharmaceuticals, Inc. * 1
 300 Acorda Therapeutics, Inc. * 6
 1,300 Alexion Pharmaceuticals, Inc. * 43
 8,600 Alkermes, Inc. * 66
 1,200 Allos Therapeutics, Inc. * 7
 645 Alnylam Pharmaceuticals, Inc. * 12
 100 Amicus Therapeutics, Inc. * 1
 1,200 Arena Pharmaceuticals, Inc. * 3
 1,200 ARIAD Pharmaceuticals, Inc. * 2
 700 ArQule, Inc. * 3
 800 Array BioPharma, Inc. * 2
 100 Biogen Idec, Inc. * 5
 700 BioMarin Pharmaceutical, Inc. * 9
 1,500 Celera Corp. * 12
 4,800 Cell Genesys, Inc. * 3
 300 Celldex Therapeutics, Inc. * 3
 100 Cephalon, Inc. * 7
 11,500 Cepheid * 112
 600 Cougar Biotechnology, Inc. * 21
 3,300 Cubist Pharmaceuticals, Inc. * 55
 1,500 Dendreon Corp. * 32
 800 Dyax Corp. * 2
 18,400 Emergent BioSolutions, Inc. * 197
 500 Enzo Biochem, Inc. * 2
 800 Enzon Pharmaceuticals, Inc. * 5
 800 Facet Biotech Corp. * 7
 400 Genomic Health, Inc. * 9
 1,400 Geron Corp. * 7
 300 GTx, Inc. * 3
 400 Halozyme Therapeutics, Inc. * 2
 2,300 Human Genome Sciences, Inc. * 5
 400 Idenix Pharmaceuticals, Inc. * 1
 414 Idera Pharmaceuticals, Inc. * 2
 900 Immunogen, Inc. * 6
 3,400 Immunomedics, Inc. * 4
 1,200 Incyte Corp. * 3
 600 InterMune, Inc. * 8
 1,500 Isis Pharmaceuticals, Inc. * 23
 1,700 Ligand Pharmaceuticals, Inc. "B" * 5
 800 Mannkind Corp. * 3
 700 Marshall Edwards, Inc. * --
 700 Martek Biosciences Corp. 13
 100 Maxygen, Inc. * 1
 2,100 Medarex, Inc. * 12
 300 Molecular Insight Pharmaceuticals, Inc. * 1
 500 Momenta Pharmaceuticals, Inc. * 6
 2,500 Myriad Genetics, Inc. * 97
 900 Nabi Biopharmaceuticals * 3
 100 Nanosphere, Inc. * --
 600 Neurocrine Biosciences, Inc. * 2
 800 NPS Pharmaceuticals, Inc. * 3
 900 Onyx Pharmaceuticals, Inc. * 23
================================================================================
21 | USAA First Start Growth Fund

================================================================================
 MARKET
 NUMBER VALUE
 OF SHARES SECURITY (000)
---------------------------------------------------------------------------------------------------------
 2,100 OPKO Health, Inc. * $ 2
 300 Orexigen Therapeutics, Inc. * 1
 900 OSI Pharmaceuticals, Inc. * 30
 300 Osiris Therapeutics, Inc. * 4
 10,300 PDL BioPharma, Inc. 74
 400 Pharmasset, Inc. * 4
 900 Progenics Pharmaceuticals, Inc. * 5
 200 Protalix BioTherapeutics, Inc. * 1
 1,000 Regeneron Pharmaceuticals, Inc. * 13
 500 Repligen Corp. * 2
 1,300 Rexahn Pharmaceuticals, Inc. * 1
 400 Rigel Pharmaceuticals, Inc. * 3
 600 Sangamo Biosciences, Inc. * 3
 900 Savient Pharmaceuticals, Inc. * 5
 1,800 Seattle Genetics, Inc. * 17
 300 Synta Pharmaceuticals Corp. * 1
 300 Targacept, Inc. * 1
 2,300 Telik, Inc. * 1
 300 Theravance, Inc. * 4
 1,000 United Therapeutics Corp. * 63
 2,900 XOMA Ltd. * 2
 600 ZymoGenetics, Inc. * 2
 ---------------
 1,099
 ---------------
 HEALTH CARE DISTRIBUTORS (0.1%)
 200 Advisory Board Co. * 4
 100 AmerisourceBergen Corp. 3
 100 BMP Sunstone Corp. * --
 200 Chindex International, Inc. * 2
 500 CryoLife, Inc. * 3
 100 McKesson Corp. 4
 200 MWI Veterinary Supply, Inc. * 6
 4,400 Owens & Minor, Inc. 152
 100 Patterson Companies, Inc. * 2
 ---------------
 176
 ---------------
 HEALTH CARE EQUIPMENT (1.1%)
 900 Abaxis, Inc. * 14
 1,100 ABIOMED, Inc. * 7
 400 Alphatec Holdings, Inc. * 1
 1,100 American Medical Systems Holdings, Inc. * 14
 1,000 AngioDynamics, Inc. * 13
 600 Beckman Coulter, Inc. 31
 100 Boston Scientific Corp. * 1
 100 Cantel Medical Corp. * 1
 300 Cardiac Science Corp. * 1
 225 Clinical Data, Inc. * 3
 800 Conceptus, Inc. * 11
 500 CONMED Corp. * 7
 8,800 Cyberonics, Inc. * 116
 700 DexCom, Inc. * 3
 200 Edwards Lifesciences Corp. * 13
 1,000 ev3, Inc. * 8
 200 Exactech, Inc. * 3
 20,200 Greatbatch, Inc. * 425
 100 Hansen Medical, Inc. * 1
 100 Hill-Rom Holdings, Inc. 1
 200 Hologic, Inc. * 3
 400 I-Flow Corp. * 2
 2,000 IDEXX Laboratories, Inc. * 79
 300 Integra Lifesciences Holdings Corp. * 8
 600 Intuitive Surgical, Inc. * 86
 700 IRIS International, Inc. * 8
 200 Kensey Nash Corp. * 4
 5,700 Kinetic Concepts, Inc. * 141
================================================================================
 Portfolio of Investments | 22

================================================================================
 MARKET
 NUMBER VALUE
 OF SHARES SECURITY (000)
---------------------------------------------------------------------------------------------------------
 3,700 Masimo Corp. * $ 107
 300 Micrus Endovascular Corp. * 2
 100 Natus Medical, Inc. * 1
 1,000 Nektar Therapeutics * 6
 400 NxStage Medical, Inc. * 1
 200 Orthofix International N.V. * 3
 1,000 Orthovita, Inc. * 3
 700 Palomar Medical Technologies, Inc. * 6
 500 Sirona Dental Systems, Inc. * 8
 500 Somanetics Corp. * 8
 500 Spectranetics Corp. * 2
 500 Stereotaxis, Inc. * 2
 4,900 Steris Corp. 118
 100 Stryker Corp. 4
 300 SurModics, Inc. * 6
 600 Symmetry Medical, Inc. * 4
 500 Synovis Life Technologies, Inc. * 7
 6,600 Thoratec Corp. * 192
 700 TomoTherapy, Inc. * 2
 1,000 Varian Medical Systems, Inc. * 33
 500 Vision-Sciences, Inc. * 1
 100 VNUS Medical Technologies, Inc. * 2
 2,500 Volcano Corp. * 33
 900 ZOLL Medical Corp. * 14
 ---------------
 1,570
 ---------------
 HEALTH CARE FACILITIES (0.4%)
 1,200 AmSurg Corp. * 25
 400 Capital Senior Living Corp. * 2
 4,400 Community Health Systems, Inc. * 100
 100 Emeritus Corp. * 1
 200 Ensign Group, Inc. 3
 500 Five Star Quality Care, Inc. * 1
 2,200 Hanger Orthopedic Group, Inc. * 31
 300 Health Management Associates, Inc. "A" * 1
 1,500 HealthSouth Corp. * 14
 27,706 Kindred Healthcare, Inc. * 361
 200 LifePoint Hospitals, Inc. * 5
 300 MedCath Corp. * 3
 200 National Healthcare Corp. 8
 500 Odyssey Healthcare, Inc. * 5
 300 Psychiatric Solutions, Inc. * 6
 372 RehabCare Group, Inc. * 6
 300 Skilled Healthcare Group, Inc. "A" * 3
 1,300 Stewart Enterprises, Inc. "A" 5
 700 Sun Healthcare Group, Inc. * 6
 5,700 Sunrise Senior Living, Inc. * 14
 600 Tenet Healthcare Corp. * 1
 262 U.S. Physical Therapy, Inc. * 3
 100 Universal Health Services, Inc. "B" 5
 100 VCA Antech, Inc. * 2
 ---------------
 611
 ---------------
 HEALTH CARE SERVICES (0.9%)
 200 Air Methods Corp. * 5
 400 Alliance Imaging, Inc. * 3
 100 Almost Family, Inc. * 3
 3,200 Amedisys, Inc. * 107
 500 AMN Healthcare Services, Inc. * 3
 800 athenahealth, Inc. * 25
 400 Bio-Reference Laboratories, Inc. * 10
 4,600 Catalyst Health Solutions, Inc. * 104
 191 CorVel Corp. * 4
 1,300 Cross Country Healthcare, Inc. * 12
 100 Emergency Medical Services Corp. "A" * 4
================================================================================
23 | USAA First Start Growth Fund

================================================================================
 MARKET
 NUMBER VALUE
 OF SHARES SECURITY (000)
---------------------------------------------------------------------------------------------------------
 100 Genoptix, Inc. * $ 3
 1,000 Gentiva Health Services, Inc. * 16
 500 Healthways, Inc. * 5
 500 inVentiv Health, Inc. * 6
 200 IPC The Hospitalist Co., Inc. * 4
 200 Landauer, Inc. 11
 39,759 Lincare Holdings, Inc. * 959
 400 Nighthawk Radiology Holdings, Inc. * 1
 500 Omnicare, Inc. 13
 200 Providence Service Corp. * 2
 396 ResCare, Inc. * 6
 163 Virtual Radiologic Corp. * 2
 ---------------
 1,308
 ---------------
 HEALTH CARE SUPPLIES (0.4%)
 300 Align Technology, Inc. * 4
 5,900 Cooper Companies, Inc. 170
 200 Cynosure, Inc. "A" * 1
 3,300 Haemonetics Corp. * 170
 100 ICU Medical, Inc. * 4
 6,600 Immucor Corp. * 107
 600 Invacare Corp. 9
 2,600 Inverness Medical Innovations, Inc. * 84
 400 Medical Action Industries, Inc. * 4
 500 Merit Medical Systems, Inc. * 8
 400 Neogen Corp. * 9
 800 OraSure Technologies, Inc. * 3
 900 RTI Biologics, Inc. * 3
 500 TranS1, Inc. * 4
 ---------------
 580
 ---------------
 HEALTH CARE TECHNOLOGY (0.4%)
 2,400 Allscripts Healthcare Solutions, Inc. 30
 1,700 Cerner Corp. * 92
 400 Computer Programs and Systems, Inc. 14
 6,755 HLTH Corp. * 74
 1,100 IMS Health, Inc. 14
 16,250 MedAssets, Inc. * 280
 1,400 Omnicell, Inc. * 12
 200 Phase Forward, Inc. * 3
 700 Vital Images, Inc. * 7
 ---------------
 526
 ---------------
 LIFE SCIENCES TOOLS & SERVICES (0.4%)
 500 Accelrys, Inc. * 2
 700 Accuray, Inc. * 4
 1,100 Affymetrix, Inc. * 5
 300 Albany Molecular Research, Inc. * 3
 100 AMAG Pharmaceuticals, Inc. * 5
 595 Arrowhead Research Corp. * --
 7,700 Bio-Rad Laboratories, Inc. "A" * 537
 900 Bruker Corp. * 6
 1,100 Caliper Life Sciences, Inc. * 2
 400 Cambrex Corp. * 1
 200 Charles River Laboratories International, Inc. * 6
 100 Covance, Inc. * 4
 100 Dionex Corp. * 6
 700 eResearch Technology, Inc. * 4
 1,700 Exelixis, Inc. * 8
 400 Kendle International, Inc. * 4
 200 Life Sciences Research, Inc. * 1
 119 Life Technologies Corp. * 4
 300 Medivation, Inc. * 6
 300 Parexel International Corp. * 3
 700 PerkinElmer, Inc. 10
================================================================================
 Portfolio of Investments | 24

================================================================================
 MARKET
 NUMBER VALUE
 OF SHARES SECURITY (000)
---------------------------------------------------------------------------------------------------------
 700 Pharmaceutical Product Development, Inc. $ 14
 900 Sequenom, Inc. * 3
 427 Thermo Fisher Scientific, Inc. * 15
 100 Waters Corp. * 4
 ---------------
 657
 ---------------
 MANAGED HEALTH CARE (0.7%)
 12,300 Aetna, Inc. 271
 4,300 AMERIGROUP Corp. * 128
 6,200 CIGNA Corp. 122
 19,000 Coventry Health Care, Inc. * 302
 9,700 HealthSpring, Inc. * 90
 2,800 Humana, Inc. * 81
 3,200 Magellan Health Services, Inc. * 95
 300 Triple-S Management Corp. "B" * 4
 100 UnitedHealth Group, Inc. 2
 100 WellCare Health Plans, Inc. * 1
 ---------------
 1,096
 ---------------
 PHARMACEUTICALS (1.9%)
 200 Acura Pharmaceuticals, Inc. * 1
 700 Adolor Corp. * 2
 300 Alexza Pharmaceuticals, Inc. * --
 200 Auxilium Pharmaceuticals, Inc. * 5
 200 Biodel, Inc. * 1
 500 BioForm Medical, Inc. * 1
 400 Biomimetic Therapeutics, Inc. * 3
 2,400 Bristol-Myers Squibb Co. 46
 400 Cadence Pharmaceuticals, Inc. * 4
 100 Caraco Pharmaceutical Laboratories, Ltd. * --
 20 CPEX Pharmaceuticals, Inc. * --
 400 Cypress Bioscience, Inc. * 3
 1,800 Discovery Laboratories, Inc. * 1
 1,300 Durect Corp. * 3
 38,128 Endo Pharmaceuticals Holdings, Inc. * 631
 700 Inspire Phamaceutical, Inc. * 3
 1,600 Javelin Pharmaceuticals, Inc. * 2
 3,300 Johnson & Johnson 173
 5,200 King Pharmaceuticals, Inc. * 41
 600 Medicines Co. * 6
 49,700 Medicis Pharmaceutical Corp. "A" 799
 122 Merck & Co., Inc. 3
 1,400 MiddleBrook Pharmaceuticals, Inc. * 2
 200 Mylan, Inc. * 3
 300 Noven Pharmaceuticals, Inc. * 3
 400 Optimer Pharmaceuticals, Inc. * 6
 500 Pain Therapeutics, Inc. * 2
 100 Perrigo Co. 3
 600 Pfizer, Inc. 8
 400 Pozen, Inc. * 3
 700 Questcor Pharmaceuticals, Inc. * 3
 1,300 Salix Pharmaceuticals Ltd. * 14
 133 Schering-Plough Corp. 3
 38,000 Sepracor, Inc. * 540
 100 Sucampo Pharmaceuticals, Inc. "A" * 1
 376 Teva Pharmaceutical Industries Ltd. ADR 16
 23,484 Valeant Pharmaceuticals International * 394
 1,200 ViroPharma, Inc. * 7
 1,100 VIVUS, Inc. * 4
 300 Warner Chilcott Ltd. "A" * 3
 2,300 Watson Pharmaceuticals, Inc. * 71
 200 Xenoport, Inc. * 3
 ---------------
 2,817
 ---------------
 Total Health Care 10,440
 ---------------
================================================================================
25 | USAA First Start Growth Fund

================================================================================
 MARKET
 NUMBER VALUE
 OF SHARES SECURITY (000)
---------------------------------------------------------------------------------------------------------

 INDUSTRIALS (8.0%)
 ------------------
 AEROSPACE & DEFENSE (0.6%)
 200 AeroVironment, Inc. * $ 5
 300 Alliant Techsystems, Inc. * 24
 200 American Science and Engineering, Inc. 12
 500 Applied Signal Technology, Inc. 10
 200 Argon ST, Inc. * 4
 100 Ascent Solar Technologies, Inc. * --
 900 BE Aerospace, Inc. * 10
 200 Cubic Corp. 6
 3,600 Curtiss-Wright Corp. 115
 200 Ducommun, Inc. 3
 6,443 DynCorp International, Inc. "A" * 98
 700 GenCorp, Inc. * 2
 5,500 Goodrich Corp. 244
 500 Herley Industries, Inc. * 5
 488 Kaman Corp. 8
 300 Ladish Co., Inc. * 2
 200 LMI Aerospace, Inc. * 1
 6,600 Orbital Sciences Corp. * 102
 100 Raytheon Co. 4
 3,300 Rockwell Collins, Inc. 127
 8,400 Spirit AeroSystems Holdings, Inc. "A" * 107
 300 Stanley, Inc. * 8
 1,000 TASER International, Inc. * 5
 1,300 TransDigm Group, Inc. * 46
 ---------------
 948
 ---------------
 AIR FREIGHT & LOGISTICS (0.1%)
 100 Atlas Air Worldwide Holdings, Inc. * 3
 140 Dynamex, Inc. * 2
 100 Hub Group, Inc. "A" * 2
 200 Pacer International, Inc. 1
 100 Park-Ohio Holdings Corp. * --
 7,400 UTi Worldwide, Inc. 100
 ---------------
 108
 ---------------
 AIRLINES (0.9%)
 24,300 AirTran Holdings, Inc. * 169
 51,920 Alaska Air Group, Inc. * 871
 1,800 Allegiant Travel Co. * 94
 400 AMR Corp. * 2
 100 Continental Airlines, Inc. "B" * 1
 1,600 Copa Holdings S.A. "A" 49
 700 Delta Air Lines, Inc. * 4
 3,100 JetBlue Airways Corp. * 15
 600 Republic Airways Holdings, Inc. * 4
 7,700 SkyWest, Inc. 93
 100 Southwest Airlines Co. 1
 1,900 US Airways Group, Inc. * 7
 ---------------
 1,310
 ---------------
 BUILDING PRODUCTS (0.3%)
 1,300 AAON, Inc. 25
 233 American Woodmark Corp. 5
 500 Apogee Enterprises, Inc. 7
 500 Armstrong World Industries, Inc. * 9
 267 Builders FirstSource, Inc. * 1
 34,600 Griffon Corp. * 300
 3,200 Lennox International, Inc. 102
 100 Masco Corp. 1
 100 Owens Corning, Inc. * 2
 600 Quanex Building Products Corp. 6
================================================================================
 Portfolio of Investments | 26

================================================================================
 MARKET
 NUMBER VALUE
 OF SHARES SECURITY (000)
---------------------------------------------------------------------------------------------------------
 312 Trex Co., Inc. * $ 3
 100 USG Corp. * 2
 ---------------
 463
 ---------------
 COMMERCIAL PRINTING (0.1%)
 800 Cenveo, Inc. * 4
 700 Deluxe Corp. 10
 400 Ennis, Inc. 4
 200 Multi-Color Corp. 2
 6,100 R.R. Donnelley & Sons Co. 71
 ---------------
 91
 ---------------
 CONSTRUCTION & ENGINEERING (0.8%)
 15,700 Fluor Corp. 595
 600 Furmanite Corp. * 2
 4,000 Granite Construction, Inc. 158
 600 Great Lakes Dredge & Dock Corp. 2
 500 Insituform Technologies, Inc. "A" * 8
 300 Integrated Electrical Services, Inc. * 3
 400 Jacobs Engineering Group, Inc. * 15
 4,400 KBR, Inc. 69
 17,300 MasTec, Inc. * 216
 100 Michael Baker Corp. * 3
 100 Orion Marine Group, Inc. * 1
 2,600 Shaw Group, Inc. * 87
 400 Sterling Construction Co., Inc. * 8
 ---------------
 1,167
 ---------------
 CONSTRUCTION & FARM MACHINERY & HEAVY TRUCKS (0.3%)
 1,100 Accuride Corp. * --
 4,900 AGCO Corp. * 119
 4,000 Blount International, Inc. * 26
 500 Bucyrus International, Inc. 11
 500 Commercial Vehicle Group, Inc. * --
 1,300 Cummins, Inc. 44
 760 Federal Signal Corp. 6
 1,300 Force Protection, Inc. * 10
 100 FreightCar America, Inc. 2
 1,800 Joy Global, Inc. 46
 100 Lindsay Corp. 4
 500 Manitowoc Co., Inc. 3
 7,300 Oshkosh Corp. 70
 200 Terex Corp. * 3
 500 Titan International, Inc. 3
 500 Trinity Industries, Inc. 7
 100 Twin Disc, Inc. 1
 500 Wabash National Corp. 1
 3,100 Wabtec Corp. 118
 ---------------
 474
 ---------------
 DIVERSIFIED SUPPORT SERVICES (0.0%)
 300 Healthcare Services Group, Inc. 5
 300 PRG-Schultz International, Inc. * 1
 400 Viad Corp. 8
 ---------------
 14
 ---------------
 ELECTRICAL COMPONENTS & EQUIPMENT (0.6%)
 600 American Superconductor Corp. * 15
 800 Baldor Electric Co. 19
 6,500 Belden, Inc. 105
 400 Encore Wire Corp. 9
 700 Energy Conversion Devices, Inc. * 13
 3,200 EnerSys * 55
 1,300 Evergreen Solar, Inc. * 3
 1,100 FuelCell Energy, Inc. * 3

================================================================================
27 | USAA First Start Growth Fund

================================================================================
 MARKET
 NUMBER VALUE
 OF SHARES SECURITY (000)
---------------------------------------------------------------------------------------------------------
 100 Fushi Copperweld, Inc. * $ 1
 500 GT Solar International, Inc. * 3
 200 Harbin Electric, Inc. * 2
 1,400 Hubbell, Inc. "B" 46
 300 La Barge, Inc. * 2
 1,200 Medis Technologies Ltd. * --
 1,100 Microvision, Inc. * 2
 200 Orion Energy Systems, Inc. * 1
 300 Polypore International, Inc. * 2
 200 Powell Industries, Inc. * 7
 100 Preformed Line Products Co. 4
 1,100 Rockwell Automation, Inc. 35
 3,355 SunPower Corp. "A" * 92
 110 SunPower Corp. "B" * 3
 300 Tecumseh Products Co. "A" * 3
 16,100 Thomas & Betts Corp. * 501
 100 Ultralife Corp. * 1
 400 Vicor Corp. 2
 ---------------
 929
 ---------------
 ENVIRONMENTAL & FACILITIES SERVICES (0.6%)
 13,500 ABM Industries, Inc. 237
 200 American Ecology Corp. 3
 200 Clean Harbors, Inc. * 10
 15,300 Energy Solutions, Inc. 149
 300 Fuel Tech, Inc. * 4
 100 Layne Christensen Co. * 2
 4,300 Republic Services, Inc. 90
 6,900 Rollins, Inc. 124
 400 Standard Packaging Corp. * 6
 300 Team, Inc. * 4
 1,900 Tetra Tech, Inc. * 47
 4,600 Waste Connections, Inc. * 119
 600 Waste Management, Inc. 16
 400 Waste Services, Inc. * 2
 ---------------
 813
 ---------------
 HEAVY ELECTRICAL EQUIPMENT (0.0%)
 100 AZZ, Inc. * 3
 6,400 Capstone Turbine Corp. * 5
 300 Comverge, Inc. * 3
 300 PowerSecure International, Inc. * 1
 ---------------
 12
 ---------------
 HUMAN RESOURCE & EMPLOYMENT SERVICES (0.0%)
 200 CDI Corp. 2
 100 Heidrick & Struggles International, Inc. 2
 1,000 Kforce, Inc. * 11
 2 Manpower, Inc. --
 300 On Assignment, Inc. * 1
 100 Robert Half International, Inc. 2
 800 Spherion Corp. * 3
 100 Volt Information Sciences, Inc. * 1
 ---------------
 22
 ---------------
 INDUSTRIAL CONGLOMERATES (0.3%)
 3,700 Carlisle Companies, Inc. 84
 11,700 General Electric Co. 148
 300 Lydall, Inc. * 1
 800 McDermott International, Inc. * 13
 1,300 Otter Tail Corp. 29
 700 Raven Industries, Inc. 17
 248 Standex International Corp. 3
 200 Textron, Inc. 2
 3,900 Tredegar Corp. 69

================================================================================
 Portfolio of Investments | 28

================================================================================
 MARKET
 NUMBER VALUE
 OF SHARES SECURITY (000)
---------------------------------------------------------------------------------------------------------
 100 Walter Industries, Inc. $ 2
 ---------------
 368
 ---------------
 INDUSTRIAL MACHINERY (1.6%)
 400 3D Systems Corp. * 3
 500 Altra Holdings, Inc. * 3
 100 Ampco-Pittsburgh Corp. 2
 300 Badger Meter, Inc. 12
 1,700 Briggs & Stratton Corp. 25
 400 Chart Industries, Inc. * 5
 286 China Fire & Security Group, Inc. * 3
 200 CIRCOR International, Inc. 5
 3,700 CLARCOR, Inc. 115
 400 Colfax Corp. * 3
 10,900 Crane Co. 252
 1,300 Dover Corp. 40
 300 Flanders Corp. * 2
 600 Flow International Corp. * 1
 10,600 Flowserve Corp. 720
 3,000 Gardner Denver, Inc. * 80
 9,979 Gorman-Rupp Co. 213
 7,755 Harsco Corp. 214
 4,000 ITT Corp. 164
 64 John Bean Technologies Corp. 1
 100 K-Tron International, Inc. * 8
 600 Kadant, Inc. * 7
 400 Kaydon Corp. 13
 100 Kennametal, Inc. 2
 200 Key Technology, Inc. * 2
 200 L.B. Foster Co. "A" * 6
 100 Lincoln Electric Holdings, Inc. 4
 219 Middleby Corp. * 10
 4,236 Mueller Industries, Inc. 93
 1,900 Mueller Water Products, Inc. "A" 8
 300 NN, Inc. --
 300 Nordson Corp. 11
 100 Omega Flex, Inc. 1
 200 PMFG, Inc. * 1
 900 RBC Bearings, Inc. * 17
 5,149 Robbins & Myers, Inc. 98
 400 Sun Hydraulics Corp. 7
 5,100 Tennant Co. 76
 200 Thermadyne Holdings Corp. * 1
 6,700 Timken Co. 108
 1,500 Watts Water Technologies, Inc. "A" 33
 ---------------
 2,369
 ---------------
 MARINE (0.1%)
 800 Alexander & Baldwin, Inc. 21
 600 American Commercial Lines, Inc. * 3
 700 Eagle Bulk Shipping, Inc. 4
 300 Genco Shipping & Trading Ltd. 6
 500 Horizon Lines, Inc. "A" 3
 133 International Shipholding Corp. 3
 5,000 Kirby Corp. * 154
 100 TBS International Ltd. "A" * 1
 ---------------
 195
 ---------------
 MARINE PORTS & SERVICES (0.0%)
 200 CAI International, Inc. * 1
 ---------------
 OFFICE SERVICES & SUPPLIES (0.2%)
 500 ACCO Brands Corp. * 1
 600 American Reprographics Co. * 4
 2,900 Avery Dennison Corp. 83

================================================================================
29 | USAA First Start Growth Fund

================================================================================
 MARKET
 NUMBER VALUE
 OF SHARES SECURITY (000)
---------------------------------------------------------------------------------------------------------
 5,200 Brady Corp. "A" $ 110
 4,500 Herman Miller, Inc. 67
 700 HNI Corp. 11
 200 ICT Group, Inc. * 1
 100 Pitney Bowes, Inc. 3
 200 Standard Register Co. 1
 100 Steelcase, Inc. "A" --
 ---------------
 281
 ---------------
 RAILROADS (0.1%)
 400 CSX Corp. 12
 2,600 Genesee & Wyoming, Inc. "A" * 78
 ---------------
 90
 ---------------
 RESEARCH & CONSULTING SERVICES (0.3%)
 500 Corporate Executive Board Co. 9
 500 CRA International, Inc. * 12
 100 Duff & Phelps Corp. "A" * 2
 600 Exponent, Inc. * 17
 3,800 FTI Consulting, Inc. * 208
 400 Hill International, Inc. * 1
 100 ICF International, Inc. * 3
 300 LECG Corp. * 1
 800 Odyssey Marine Exploration, Inc. * 3
 100 VSE Corp. 3
 3,100 Watson Wyatt Worldwide, Inc. "A" 164
 ---------------
 423
 ---------------
 SECURITY & ALARM SERVICES (0.1%)
 4,300 Brink's Co. 122
 2,000 Corrections Corp. of America * 28
 100 Protection One, Inc. * --
 ---------------
 150
 ---------------
 TRADING COMPANIES & DISTRIBUTORS (0.2%)
 1,000 Aceto Corp. 7
 4,500 Beacon Roofing Supply, Inc. * 72
 100 DXP Enterprises, Inc. * 1
 400 Electro Rent Corp. 4
 2,200 Fastenal Co. 84
 2,400 GATX Corp. 72
 100 Houston Wire & Cable Co. 1
 800 RSC Holdings, Inc. * 6
 1,200 Rush Enterprises, Inc. "A" * 16
 100 United Rentals, Inc. * 1
 2,700 WESCO International, Inc. * 70
 ---------------
 334
 ---------------
 TRUCKING (0.8%)
 300 Avis Budget Group, Inc. * 1
 400 Celadon Group, Inc. * 3
 400 Dollar Thrifty Automotive Group, Inc. * 1
 25,000 HeartLand Express, Inc. 374
 225 Hertz Global Holdings, Inc. * 2
 15,102 Knight Transportation, Inc. 267
 600 Marten Transport Ltd. * 12
 6,900 Ryder System, Inc. 191
 600 Saia, Inc. * 8
 200 Universal Truckload Services, Inc. 2
 14,200 Werner Enterprises, Inc. 232
 900 YRC Worldwide, Inc. * 3
 ---------------
 1,096
 ---------------
 Total Industrials 11,658
 ---------------

================================================================================
 Portfolio of Investments | 30

================================================================================
 MARKET
 NUMBER VALUE
 OF SHARES SECURITY (000)
---------------------------------------------------------------------------------------------------------

 INFORMATION TECHNOLOGY (7.3%)
 -----------------------------
 APPLICATION SOFTWARE (0.9%)
 100 ACI Worldwide, Inc. * $ 2
 739 Actuate Corp. * 3
 100 Adobe Systems, Inc. * 3
 300 Advent Software, Inc. * 10
 700 Amdocs Ltd. * 15
 400 American Software, Inc. "A" 2
 1,772 ANSYS, Inc. * 49
 7,000 Autodesk, Inc. * 139
 700 Blackbaud, Inc. 11
 100 Blackboard, Inc. * 3
 900 Bottomline Technologies, Inc. * 7
 300 Cadence Design Systems, Inc. * 2
 500 Callidus Software, Inc. * 1
 100 Citrix Systems, Inc. * 3
 6,600 Compuware Corp. * 49
 200 Deltek, Inc. * 1
 100 Ebix, Inc. * 3
 1,400 Entrust, Inc. * 3
 900 Epicor Software Corp. * 5
 1,600 FactSet Research Systems, Inc. 86
 1,300 Fair Isaac Corp. 22
 300 Gerber Scientific, Inc. * 1
 200 Guidance Software, Inc. * 1
 5,900 Henry Jack & Associates, Inc. 106
 200 I2 Technologies, Inc. * 2
 200 Informatica Corp. * 3
 200 Interactive Intelligence, Inc. * 2
 100 Intuit, Inc. * 2
 403 JDA Software Group, Inc. * 6
 300 Kenexa Corp. * 2
 2,000 Lawson Software, Inc. * 11
 1,000 Magma Design Automation, Inc. * 2
 1,500 Mentor Graphics Corp. * 10
 100 MicroStrategy, Inc. "A" * 4
 300 Monotype Imaging Holdings, Inc. * 1
 800 MSC Software Corp. * 5
 400 NetScout Systems, Inc. * 3
 200 Nuance Communications, Inc. * 3
 1,900 OpenTV Corp. "A" * 3
 500 Opnet Technologies, Inc. * 4
 9,300 Parametric Technology Corp. * 104
 1,300 Pegasystems, Inc. 23
 200 PROS Holdings, Inc. * 1
 200 QAD, Inc. 1
 7,096 Quest Software, Inc. * 103
 500 Smith Micro Software, Inc. * 4
 1,100 Solera Holdings, Inc. * 25
 400 Sonic Solutions, Inc. * 1
 800 SPSS, Inc. * 25
 600 SuccessFactors, Inc. * 5
 300 Synchronoss Technologies, Inc. * 4
 11,000 Synopsys, Inc. * 239
 1,000 Taleo Corp. "A" * 12
 2,700 TIBCO Software, Inc. * 17
 9,100 Tyler Technologies, Inc. * 150
 1,000 Ultimate Software Group, Inc. * 19
 300 Unica Corp. * 1
 ---------------
 1,324
 ---------------
 COMMUNICATIONS EQUIPMENT (1.1%)
 5,800 3Com Corp. * 23

================================================================================
31 | USAA First Start Growth Fund

================================================================================
 MARKET
 NUMBER VALUE
 OF SHARES SECURITY (000)
---------------------------------------------------------------------------------------------------------
 400 Acme Packet, Inc. * $ 3
 1,800 Adaptec, Inc. * 5
 100 ADC Telecommunications, Inc. * 1
 400 Airvana, Inc. * 2
 19,500 ARRIS Group, Inc. * 208
 900 Aruba Networks, Inc. * 4
 184 Bel Fuse, Inc. "B" 3
 400 Black Box Corp. 11
 500 Blue Coat Systems, Inc. * 7
 300 Ciena Corp. * 4
 100 Cisco Systems, Inc. * 2
 100 Cogo Group, Inc. * 1
 7,800 CommScope, Inc. * 196
 100 Comtech Telecommunications Corp. * 3
 1,900 Corning, Inc. 28
 200 Dycom Industries, Inc. * 2
 504 Echelon Corp. * 4
 700 EMS Technologies, Inc. * 13
 1,400 Extreme Networks, Inc. * 2
 2,100 F5 Networks, Inc. * 57
 3,130 Finisar Corp. * 2
 400 Globecomm Systems, Inc. * 3
 1,500 Harmonic, Inc. * 11
 400 Harris Stratex Networks, Inc. "A" * 2
 3,400 Infinera Corp. * 29
 3,300 InterDigital, Inc. * 87
 700 Ixia * 4
 300 JDS Uniphase Corp. * 1
 200 Juniper Networks, Inc. * 4
 500 Loral Space & Communications, Inc. * 12
 200 Motorola, Inc. 1
 500 Netgear, Inc. * 8
 400 Neutral Tandem, Inc. * 11
 1,700 Nextwave Wireless, Inc. * --
 3,000 Oclaro, Inc. * 3
 200 Oplink Communications, Inc. * 2
 300 Opnext, Inc. * 1
 300 Parkervision, Inc. * 1
 200 PCTEL, Inc. 1
 6,300 Polycom, Inc. * 117
 3,200 Powerwave Technologies, Inc. * 3
 35,200 Riverbed Technology, Inc. * 645
 500 SeaChange International, Inc. * 3
 700 ShoreTel, Inc. * 4
 9,100 Sonus Networks, Inc. * 16
 3,100 Sycamore Networks, Inc. * 9
 700 Symmetricom, Inc. * 3
 2,900 Tekelec * 45
 500 Tellabs, Inc. * 3
 2,300 UTStarcom, Inc. * 3
 ---------------
 1,613
 ---------------
 COMPUTER HARDWARE (0.3%)
 500 3PAR, Inc. * 4
 700 Avid Technology, Inc. * 8
 500 Cray, Inc. * 2
 6,600 Data Domain, Inc. * 109
 300 Dell, Inc. * 3
 2,800 Diebold, Inc. 74
 400 Isilon Systems, Inc. * 1
 9,500 NCR Corp. * 96
 1,700 Palm, Inc. * 18
 800 Stratasys, Inc. * 8
 100 Sun Microsystems, Inc. * 1
 400 Super Micro Computer, Inc. * 2

================================================================================
 Portfolio of Investments | 32

================================================================================
 MARKET
 NUMBER VALUE
 OF SHARES SECURITY (000)
---------------------------------------------------------------------------------------------------------
 2,900 Teradata Corp. * $ 49
 ---------------
 375
 ---------------
 COMPUTER STORAGE & PERIPHERALS (0.8%)
 400 Brocade Communications Systems, Inc. * 2
 300 Compellent Technologies, Inc. * 3
 100 Electronics for Imaging, Inc. * 1
 100 EMC Corp. * 1
 1,300 Emulex Corp. * 13
 300 Hutchinson Technology, Inc. * 1
 1,300 Hypercom Corp. * 1
 500 Immersion Corp. * 2
 800 Intermec, Inc. * 9
 100 Intevac, Inc. * 1
 600 Netezza Corp. * 5
 100 Novatel Wireless, Inc. * 1
 400 Presstek, Inc. * 1
 36,100 QLogic Corp. * 512
 200 Rackable Systems, Inc. * 1
 250 Rimage Corp. * 4
 100 Seagate Technology 1
 3,320 Synaptics, Inc. * 108
 18,200 Western Digital Corp. * 428
 ---------------
 1,095
 ---------------
 DATA PROCESSING & OUTSOURCED SERVICES (0.8%)
 1,900 Alliance Data Systems Corp. * 79
 28,620 Broadridge Financial Solutions, Inc. 554
 200 Cass Information Systems, Inc. 7
 100 Convergys Corp. * 1
 200 Euronet Worldwide, Inc. * 3
 300 ExlService Holdings, Inc. * 3
 100 Genpact Ltd. * 1
 900 Global Cash Access Holdings, Inc. * 5
 500 Global Payments, Inc. 16
 1,000 Heartland Payment Systems, Inc. 8
 8,900 Hewitt Associates, Inc. "A" * 279
 600 infoGROUP, Inc. * 2
 2,400 Lender Processing Services, Inc. 69
 100 Metavante Technologies, Inc. * 2
 100 Paychex, Inc. 3
 500 TeleTech Holdings, Inc. * 7
 400 TNS, Inc. * 7
 7,600 Total System Services, Inc. 95
 900 VeriFone Holdings, Inc. * 7
 100 Western Union Co. 2
 ---------------
 1,150
 ---------------
 ELECTRONIC EQUIPMENT & INSTRUMENTS (0.4%)
 600 AVX Corp. 6
 600 Checkpoint Systems, Inc. * 7
 500 China Security & Surveillance Technology, Inc. * 3
 22,800 Cogent, Inc. * 259
 600 Cognex Corp. 9
 150 CPI International, Inc. * 2
 4,800 Dolby Laboratories, Inc. "A" * 193
 700 DTS, Inc. * 19
 500 Electro Scientific Industries, Inc. * 4
 700 FARO Technologies, Inc. * 11
 300 FLIR Systems, Inc. * 7
 333 Franklin Electric Co., Inc. 8
 300 ICx Technologies, Inc. * 1
 500 IPG Photonics Corp. * 6
 1,100 Kopin Corp. * 3
 800 Littelfuse, Inc. * 13

================================================================================
33 | USAA First Start Growth Fund

================================================================================
 MARKET
 NUMBER VALUE
 OF SHARES SECURITY (000)
---------------------------------------------------------------------------------------------------------
 390 Maxwell Technologies, Inc. * $ 4
 200 Measurement Specialties, Inc. * 1
 300 MTS Systems Corp. 6
 100 National Instruments Corp. 2
 600 Newport Corp. * 3
 700 OSI Systems, Inc. * 13
 200 Rogers Corp. * 5
 500 Technitrol, Inc. 2
 482 Universal Display Corp. * 5
 200 Vishay Intertechnology, Inc. * 1
 ---------------
 593
 ---------------
 ELECTRONIC MANUFACTURING SERVICES (0.1%)
 7,908 Benchmark Electronics, Inc. * 96
 600 CTS Corp. 4
 2,400 Jabil Circuit, Inc. 19
 1,600 KEMET Corp. * 1
 600 Methode Electronics, Inc. 4
 100 Multi-Fineline Electronix, Inc. * 2
 400 Park Electrochemical Corp. 8
 100 Plexus Corp. * 2
 11,800 Sanmina-SCI Corp. * 7
 800 Smart Modular Technologies, Inc. * 2
 600 Trimble Navigation Ltd. * 13
 700 TTM Technologies, Inc. * 5
 100 Tyco Electronics Ltd. 2
 ---------------
 165
 ---------------
 HOME ENTERTAINMENT SOFTWARE (0.0%)
 200 Activision Blizzard, Inc. * 2
 5,700 Take-Two Interactive Software, Inc. 52
 1,100 THQ, Inc. * 4
 ---------------
 58
 ---------------
 INTERNET SOFTWARE & SERVICES (0.3%)
 100 Akamai Technologies, Inc. * 2
 2,900 Ariba, Inc. * 28
 1,900 Art Technology Group, Inc. * 6
 3,700 AsiaInfo Holdings, Inc. * 62
 200 Bankrate, Inc. * 5
 100 Bidz.com, Inc. * --
 500 Chordiant Software, Inc. * 2
 700 comScore, Inc. * 9
 400 Constant Contact, Inc. * 6
 600 CyberSource Corp. * 9
 100 Dealertrack Holdings, Inc. * 2
 300 Dice Holdings, Inc. * 1
 500 Digital River, Inc. * 19
 500 DivX, Inc. * 3
 300 EarthLink, Inc. * 2
 100 eBay, Inc. * 2
 1,100 HSW International, Inc. * --
 200 IAC/InterActiveCorp. * 3
 600 InfoSpace, Inc. * 4
 800 Internap Network Services Corp. * 2
 500 Internet Brands, Inc. "A" * 3
 600 Internet Capital Group, Inc. * 3
 1,200 J2 Global Communications, Inc. * 29
 500 Limelight Networks, Inc. * 2
 300 Liquidity Services, Inc. * 2
 1,000 Loopnet, Inc. * 9
 400 Marchex, Inc. "B" 2
 700 ModusLink Global Solutions, Inc. * 3
 2,100 Move, Inc. * 4
 700 NIC, Inc. 4

================================================================================
 Portfolio of Investments | 34

================================================================================
 MARKET
 NUMBER VALUE
 OF SHARES SECURITY (000)
---------------------------------------------------------------------------------------------------------
 500 Online Resources Corp. * $ 2
 500 Perficient, Inc. * 4
 200 Rackspace Hosting, Inc. * 2
 1,400 RealNetworks, Inc. * 3
 800 S1 Corp. * 5
 100 Savvis, Inc. * 1
 1,500 Sohu.com, Inc. * 78
 900 SonicWALL, Inc. * 5
 700 SupportSoft, Inc. * 2
 800 Switch & Data Facilities Co., Inc. * 9
 538 TeleCommunication Systems, Inc. "A" * 5
 800 Terremark Worldwide, Inc. * 3
 300 TheStreet.com, Inc. 1
 1,286 United Online, Inc. 7
 400 ValueClick, Inc. * 4
 300 Vignette Corp. * 2
 700 Vocus, Inc. * 12
 400 Web Com Group, Inc. * 2
 1,500 Websense, Inc. * 27
 100 Yahoo!, Inc. * 1
 ---------------
 403
 ---------------
 IT CONSULTING & OTHER SERVICES (0.8%)
 100 Accenture Ltd. "A" 3
 1,165 Acxiom Corp. 11
 300 China Information Security Technology, Inc. * 1
 1,000 CIBER, Inc. * 3
 100 Cognizant Technology Solutions Corp. "A" * 3
 200 Forrester Research, Inc. * 5
 57,800 Gartner, Inc. * 781
 500 Hackett Group, Inc. * 1
 400 iGATE Corp. 2
 800 Integral Systems, Inc. * 5
 3,300 ManTech International Corp. "A" * 120
 200 Maximus, Inc. 8
 1,600 MPS Group, Inc. * 13
 300 NCI, Inc. "A" * 7
 600 Ness Technologies, Inc. * 2
 7,700 Perot Systems Corp. "A" * 108
 1,100 RightNow Technologies, Inc. * 8
 1,400 Sapient Corp. * 7
 2,000 Sykes Enterprises, Inc. * 40
 1,600 Unisys Corp. * 2
 200 Virtusa Corp. * 1
 ---------------
 1,131
 ---------------
 OFFICE ELECTRONICS (0.0%)
 1,100 Xerox Corp. 7
 300 Zebra Technologies Corp. "A" * 6
 ---------------
 13
 ---------------
 SEMICONDUCTOR EQUIPMENT (0.2%)
 1,400 Advanced Energy Industries, Inc. * 12
 100 Applied Materials, Inc. 1
 2,700 Asyst Technologies, Inc. * --
 4,500 Axcelis Technologies, Inc. * 2
 1,000 Brooks Automation, Inc. * 6
 100 Cabot Microelectronics Corp. * 3
 400 Cohu, Inc. 4
 700 Cymer, Inc. * 20
 3,200 Emcore Corp. * 4
 1,900 Entegris, Inc. * 3
 100 FEI Co. * 2
 300 FormFactor, Inc. * 5
 100 KLA-Tencor Corp. 3

================================================================================
35 | USAA First Start Growth Fund

================================================================================
 MARKET
 NUMBER VALUE
 OF SHARES SECURITY (000)
---------------------------------------------------------------------------------------------------------
 1,000 Kulicke & Soffa Industries, Inc. * $ 4
 100 Lam Research Corp. * 3
 1,100 Mattson Technology, Inc. * 1
 5,300 MEMC Electronic Materials, Inc. * 86
 1,000 Photronics, Inc. * 2
 200 Rubicon Technology, Inc. * 2
 400 Rudolph Technologies, Inc. * 2
 300 Semitool, Inc. * 1
 200 Teradyne, Inc. * 1
 2,500 Tessera Technologies, Inc. * 35
 400 Ultra Clean Holdings, Inc. * 1
 2,400 Ultratech, Inc. * 32
 1,100 Varian Semiconductor Equipment Associates, Inc. * 28
 600 Veeco Instruments, Inc. * 4
 ---------------
 267
 ---------------
 SEMICONDUCTORS (0.7%)
 400 Actel Corp. * 5
 700 Advanced Analogic Technologies, Inc. * 3
 800 Advanced Micro Devices, Inc. * 3
 100 Altera Corp. 2
 1,800 Amkor Technology, Inc. * 8
 1,000 ANADIGICS, Inc. * 3
 100 Analog Devices, Inc. 2
 1,100 Applied Micro Circuits Corp. * 6
 1,100 Atheros Communications, Inc. * 19
 500 Atmel Corp. * 2
 800 Ceva, Inc. * 7
 1,000 Cirrus Logic, Inc. * 5
 2,800 Cree, Inc. * 77
 200 Cypress Semiconductor Corp. * 2
 100 Diodes, Inc. * 1
 400 Entropic Communications, Inc. * 1
 700 Exar Corp. * 4
 25,900 Fairchild Semiconductor International, Inc. * 160
 200 Hittite Microwave Corp. * 7
 200 Integrated Device Technology, Inc. * 1
 100 Intel Corp. 2
 5,087 International Rectifier Corp. * 86
 500 Intersil Corp. "A" 6
 400 IXYS Corp. 4
 4,600 Lattice Semiconductor Corp. * 8
 100 Linear Technology Corp. 2
 800 LSI Corp. * 3
 1,300 Marvell Technology Group Ltd. * 14
 700 Micrel, Inc. 5
 100 Microchip Technology, Inc. 2
 900 Micron Technology, Inc. * 4
 1,800 Microsemi Corp. * 24
 900 Microtune, Inc. * 2
 700 MIPS Technologies, Inc. * 2
 700 Monolithic Power Systems, Inc. * 13
 100 NVE Corp. * 4
 100 NVIDIA Corp. * 1
 800 OmniVision Technologies, Inc. * 8
 500 ON Semiconductor Corp. * 3
 200 Pericom Semiconductor Corp. * 2
 500 PLX Technology, Inc. * 2
 3,600 PMC-Sierra, Inc. * 28
 300 Power Integrations, Inc. 6
 4,300 RF Micro Devices, Inc. * 9
 22,462 Semtech Corp. * 324
 400 Sigma Designs, Inc. * 5
 1,200 Silicon Image, Inc. * 3
 2,500 Silicon Laboratories, Inc. * 83

================================================================================
 Portfolio of Investments | 36

================================================================================
 MARKET
 NUMBER VALUE
 OF SHARES SECURITY (000)
---------------------------------------------------------------------------------------------------------
 1,200 Silicon Storage Technology, Inc. * $ 2
 1,000 SiRF Technology Holdings, Inc. * 3
 2,600 Skyworks Solutions, Inc. * 23
 4,500 Spansion, Inc. "A" * 1
 400 Standard Microsystems Corp. * 6
 264 Supertex, Inc. * 7
 308 Techwell, Inc. * 2
 100 Texas Instruments, Inc. 2
 1,200 Trident Microsystems, Inc. * 2
 2,200 TriQuint Semiconductor, Inc. * 8
 371 Volterra Semiconductor Corp. * 4
 100 Xilinx, Inc. 2
 2,500 Zoran Corp. * 22
 ---------------
 1,057
 ---------------
 SYSTEMS SOFTWARE (0.6%)
 200 ArcSight, Inc. * 3
 700 CommVault Systems, Inc. * 9
 800 DemandTec, Inc. * 6
 300 Double-Take Software, Inc. * 2
 600 FalconStor Software, Inc. * 2
 5,800 Macrovision Solutions Corp. * 117
 6,300 MICROS Systems, Inc. * 132
 9,900 Microsoft Corp. 201
 100 Netsuite, Inc. * 1
 400 Novell, Inc. * 2
 100 Oracle Corp. 2
 433 Phoenix Technologies Ltd. * 1
 100 Progress Software Corp. * 2
 1,890 Quality Systems, Inc. 101
 500 Radiant Systems, Inc. * 4
 2,800 Red Hat, Inc. * 48
 400 Sourcefire, Inc. * 4
 4,700 Sybase, Inc. * 160
 100 Symantec Corp. * 2
 500 VASCO Data Security International, Inc. * 4
 3,000 VMware, Inc. "A" * 78
 6,700 Wind River Systems, Inc. * 49
 ---------------
 930
 ---------------
 TECHNOLOGY DISTRIBUTORS (0.3%)
 400 Agilysys, Inc. 2
 100 Arrow Electronics, Inc. * 2
 4,100 Avnet, Inc. * 90
 800 Brightpoint, Inc. * 4
 2,200 Ingram Micro, Inc. "A" * 32
 800 Insight Enterprises, Inc. * 5
 11,400 Tech Data Corp. * 328
 200 TechTarget, Inc. * 1
 ---------------
 464
 ---------------
 Total Information Technology 10,638
 ---------------

 MATERIALS (2.9%)
 ----------------
 ALUMINUM (0.0%)
 200 Kaiser Alum Corp. 6
 ---------------
 COMMODITY CHEMICALS (0.2%)
 2,700 Calgon Carbon Corp. * 46
 6,600 Celanese Corp. "A" 138
 200 Innophos Holdings, Inc. 3
 200 NL Industries, Inc. 2
 400 Spartech Corp. 2

================================================================================
37 | USAA First Start Growth Fund

================================================================================
 MARKET
 NUMBER VALUE
 OF SHARES SECURITY (000)
---------------------------------------------------------------------------------------------------------
 5,149 Westlake Chemical Corp. $ 96
 ---------------
 287
 ---------------
 CONSTRUCTION MATERIALS (0.1%)
 100 Eagle Materials, Inc. 3
 400 Headwaters, Inc. * 1
 100 Martin Marietta Materials, Inc. 8
 3,100 Texas Industries, Inc. 99
 500 U.S. Concrete, Inc. * 1
 200 Vulcan Materials Co. 10
 ---------------
 122
 ---------------
 DIVERSIFIED CHEMICALS (0.4%)
 9 Ashland, Inc. --
 6,900 Dow Chemical Co. 110
 100 E.I. du Pont de Nemours & Co. 3
 11,400 Eastman Chemical Co. 452
 200 Huntsman Corp. 1
 300 LSB Industries, Inc. * 4
 1,400 Olin Corp. 18
 500 ShengdaTech, Inc. * 2
 1,400 Solutia, Inc. * 5
 ---------------
 595
 ---------------
 DIVERSIFIED METALS & MINING (0.1%)
 300 Brush Engineered Materials, Inc. * 5
 1,700 Compass Minerals International, Inc. 82
 300 RTI International Metals, Inc. * 4
 100 Southern Copper Corp. 2
 10,400 Titanium Metals Corp. 70
 ---------------
 163
 ---------------
 FERTILIZERS & AGRICULTURAL CHEMICALS (0.3%)
 1,500 American Vanguard Corp. 19
 2,100 CF Industries Holdings, Inc. 151
 3,700 Intrepid Potash, Inc. * 91
 300 Scotts Miracle-Gro Co. "A" 10
 6,700 Terra Industries, Inc. 178
 ---------------
 449
 ---------------
 FOREST PRODUCTS (0.0%)
 100 Deltic Timber Corp. 4
 1,600 Louisiana-Pacific Corp. 7
 ---------------
 11
 ---------------
 GOLD (0.1%)
 700 Allied Nevada Gold Corp. * 4
 16,900 Coeur d'Alene Mines Corp. * 23
 600 Newmont Mining Corp. 24
 2,900 Royal Gold, Inc. 105
 ---------------
 156
 ---------------
 METAL & GLASS CONTAINERS (0.3%)
 200 AEP Industries, Inc. * 4
 1,100 AptarGroup, Inc. 34
 100 Crown Holdings, Inc. * 2
 506 Myers Industries, Inc. 5
 200 Owens-Illinois, Inc. * 5
 11,500 Pactiv Corp. * 252
 2,000 Silgan Holdings, Inc. 93
 ---------------
 395
 ---------------
 PAPER PACKAGING (0.1%)
 700 Bemis Co., Inc. 17
 1,700 Boise, Inc. * 2

================================================================================
 Portfolio of Investments | 38

================================================================================
 MARKET
 NUMBER VALUE
 OF SHARES SECURITY (000)
---------------------------------------------------------------------------------------------------------
 3,300 Graphic Packaging Holding Co. * $ 6
 1,500 Packaging Corp. of America 24
 600 Sealed Air Corp. 11
 1,200 Smurfit-Stone Container Corp. * --
 2,300 Sonoco Products Co. 56
 100 Temple-Inland, Inc. 1
 ---------------
 117
 ---------------
 PAPER PRODUCTS (0.1%)
 1,900 AbitibiBowater, Inc. * --
 500 Buckeye Technologies, Inc. * 3
 2,200 Domtar Corp. * 4
 800 Glatfelter 7
 9,200 International Paper Co. 116
 6,000 MeadWestvaco Corp. 94
 600 Verso Paper Corp. 1
 700 Wausau Paper Corp. 6
 ---------------
 231
 ---------------
 PRECIOUS METALS & MINERALS (0.0%)
 800 Apex Silver Mines Ltd., acquired 9/04/08; cost $2 (a) *(b) --
 3,400 Hecla Mining Co. * 8
 700 Stillwater Mining Co. * 3
 ---------------
 11
 ---------------
 SPECIALTY CHEMICALS (0.3%)
 505 A. Schulman, Inc. 8
 100 Albemarle Corp. 3
 300 Arch Chemicals, Inc. 7
 500 Balchem Corp. 13
 400 Ferro Corp. 1
 150 GenTek, Inc. * 3
 800 H.B. Fuller Co. 14
 400 ICO, Inc. * 1
 400 Innospec, Inc. 3
 2,000 International Flavors & Fragrances, Inc. 62
 400 Landec Corp. * 3
 400 Metabolix, Inc. * 3
 2,500 Minerals Technologies, Inc. 93
 100 OM Group, Inc. * 3
 1,500 Polyone Corp. * 4
 100 Quaker Chemical Corp. 1
 200 Sensient Technologies Corp. 5
 100 Stepan Co. 4
 500 Symyx Technologies, Inc. * 2
 8,100 Valspar Corp. 194
 500 Zep, Inc. 7
 400 Zoltek Companies, Inc. * 3
 ---------------
 437
 ---------------
 STEEL (0.9%)
 100 AK Steel Holding Corp. 1
 200 AM Castle & Co. 2
 100 Carpenter Technology Corp. 2
 600 China Precision Steel, Inc. * 1
 3,700 Cliffs Natural Resources, Inc. 85
 100 Schnitzer Steel Industries, Inc. "A" 5
 300 Steel Dynamics, Inc. 4
 2,900 United States Steel Corp. 77
 100 Universal Stainless & Alloy Products, Inc. * 2
 77,000 Worthington Industries, Inc. 1,147
 ---------------
 1,326
 ---------------
 Total Materials 4,306
 ---------------

================================================================================
39 | USAA First Start Growth Fund

================================================================================
 MARKET
 NUMBER VALUE
 OF SHARES SECURITY (000)
---------------------------------------------------------------------------------------------------------

 TELECOMMUNICATION SERVICES (0.7%)
 ---------------------------------
 ALTERNATIVE CARRIERS (0.1%)
 700 Cogent Communications Group, Inc. * $ 6
 1,400 Global Crossing Ltd. * 10
 1,800 Globalstar, Inc. * 1
 700 iBasis, Inc. * 1
 7,300 Level 3 Communications, Inc. * 8
 2,000 PAETEC Holding Corp. * 6
 100 Premiere Global Services, Inc. * 1
 2,300 tw telecom, inc. * 21
 2,400 Vonage Holdings Corp. * 1
 ---------------
 55
 ---------------
 INTEGRATED TELECOMMUNICATION SERVICES (0.5%)
 1,400 Alaska Communications Systems Group, Inc. 9
 100 Atlantic Tele-Network, Inc. 2
 8,200 Cbeyond, Inc. * 167
 13,500 CenturyTel, Inc. 367
 3,600 Cincinnati Bell, Inc. * 10
 1,148 Fairpoint Communications, Inc. 1
 800 General Communication, Inc. "A" * 6
 10,400 NeuStar, Inc. "A" * 198
 400 NTELOS Holdings Corp. 6
 1,800 Qwest Communications International, Inc. 7
 300 Shenandoah Telecommunications Co. 6
 100 Windstream Corp. 1
 ---------------
 780
 ---------------
 WIRELESS TELECOMMUNICATION SERVICES (0.1%)
 100 Clearwire Corp. "A" * 1
 4,300 ICO Global Communications Holdings Ltd. * 2
 200 iPCS, Inc. * 3
 100 Leap Wireless International, Inc. * 4
 500 NII Holdings, Inc. * 8
 3,300 Sprint Nextel Corp. * 14
 500 Starent Networks Corp. * 10
 900 Syniverse Holdings, Inc. * 11
 3,900 Telephone & Data Systems, Inc. 112
 900 U.S. Cellular Corp. * 31
 400 USA Mobility, Inc. 4
 300 Virgin Mobile USA, Inc. "A" * 1
 ---------------
 201
 ---------------
 Total Telecommunication Services 1,036
 ---------------

 UTILITIES (2.5%)
 ----------------
 ELECTRIC UTILITIES (0.5%)
 100 Central Vermont Public Service Corp. 2
 4,357 CH Energy Group, Inc. 194
 5,200 Cleco Corp. 110
 4,600 DPL, Inc. 103
 100 Duke Energy Corp. 1
 100 Edison International 3
 6,400 El Paso Electric Co. * 88
 994 Hawaiian Electric Industries, Inc. 15
 700 ITC Holdings Corp. 31
 1,200 MGE Energy, Inc. 37
 6,100 Portland General Electric Co. 111
 400 Reliant Energy, Inc. * 2
 6,500 Weststar Energy, Inc. 114
 ---------------
 811
 ---------------

================================================================================
 Portfolio of Investments | 40

================================================================================
 MARKET
 NUMBER VALUE
 OF SHARES SECURITY (000)
---------------------------------------------------------------------------------------------------------
 GAS UTILITIES (0.8%)
 121 AGL Resources, Inc. $ 4
 100 Atmos Energy Corp. 2
 300 Chesapeake Utilities Corp. 9
 2,800 Laclede Group, Inc. 97
 13,200 New Jersey Resources Corp. 435
 3,800 Nicor, Inc. 122
 2,200 Northwest Natural Gas Co. 90
 6,100 Piedmont Natural Gas Co., Inc. 149
 1,000 South Jersey Industries, Inc. 35
 4,719 Southwest Gas Corp. 95
 1,400 UGI Corp. 32
 4,400 WGL Holdings, Inc. 137
 ---------------
 1,207
 ---------------
 INDEPENDENT POWER PRODUCERS & ENERGY TRADERS (0.8%)
 100 AES Corp. * 1
 100 Constellation Energy Group, Inc. 2
 100 Enernoc, Inc. * 1
 64,800 Mirant Corp. * 825
 6,800 NRG Energy, Inc. * 122
 6,300 Ormat Technologies, Inc. 222
 1,100 Synthesis Energy Systems, Inc. * 1
 ---------------
 1,174
 ---------------
 MULTI-UTILITIES (0.3%)
 100 Alliant Energy Corp. 2
 2,300 Avista Corp. 35
 500 Calpine Corp. * 4
 700 CenterPoint Energy, Inc. 7
 100 DTE Energy Co. 3
 1,800 Integrys Energy Group, Inc. 48
 700 NiSource, Inc. 8
 4,500 NorthWestern Corp. 94
 500 PNM Resources, Inc. 4
 100 Public Service Enterprise Group, Inc. 3
 1,800 Sempra Energy 83
 900 TECO Energy, Inc. 9
 3,600 Vectren Corp. 80
 100 Xcel Energy, Inc. 2
 ---------------
 382
 ---------------
 WATER UTILITIES (0.1%)
 100 American States Water Co. 3
 100 American Water Works Co., Inc. 2
 100 Aqua America, Inc. 2
 208 Cadiz, Inc. * 1
 300 California Water Service Group 12
 300 Connecticut Water Service, Inc. 6
 200 Consolidated Water Co. Ltd. 3
 600 Middlesex Water Co. 9
 1,800 SJW Corp. 45
 400 Southwest Water Co. 2
 ---------------
 85
 ---------------
 Total Utilities 3,659
 ---------------
 Total Common Stocks (cost: $86,628) 80,085
 ---------------
================================================================================
41 | USAA First Start Growth Fund

================================================================================

 PRINCIPAL
 AMOUNT MARKET
 $(000)/ VALUE
 SHARES SECURITY (000)
---------------------------------------------------------------------------------------------------------

 PREFERRED SECURITIES (1.2%)

 CONSUMER STAPLES (0.2%)
 -----------------------
 AGRICULTURAL PRODUCTS (0.2%)
 5,000 Dairy Farmers of America, Inc., 7.88%, cumulative redeemable, perpetual (c) $ 274
 ---------------

 FINANCIALS (0.8%)
 -----------------
 LIFE & HEALTH INSURANCE (0.1%)
 15,000 Delphi Financial Group, Inc., 7.38%, perpetual 198
 ---------------
 PROPERTY & CASUALTY INSURANCE (0.3%)
 2,500 Axis Capital Holdings Ltd., 7.50%, perpetual 151
 500,000 White Mountains Re Group, 7.51%, perpetual (c) 240
 ---------------
 391
 ---------------
 REINSURANCE (0.4%)
 500 Ram Holdings Ltd., 7.50%, non-cumulative, perpetual, acquired 03/09/2007;
 cost $526 (a), (b) * 87
 $1,180 Swiss Re Capital I LP, 6.85%, perpetual (c) 467
 ---------------
 554
 ---------------
 THRIFTS & MORTGAGE FINANCE (0.0%)
 1,000 Washington Mutual Capital Trust, 5.38%, cumulative convertible, perpetual * 7
 ---------------
 Total Financials 1,150
 ---------------

 TELECOMMUNICATION SERVICES (0.2%)
 ---------------------------------
 WIRELESS TELECOMMUNICATION SERVICES (0.2%)
 500 Centaur Funding Corp., 9.08% (c) 312
 ---------------

 U.S. GOVERNMENT (0.0%)
 ----------------------
 20,000 Fannie Mae, 8.25%, perpetual * 18
 10,000 Freddie Mac, 8.38%, perpetual * 5
 ---------------
 Total U.S. Government 23
 ---------------
 Total Preferred Securities (cost: $3,819) 1,759
 ---------------

 WARRANTS (0.0%)

 COAL & CONSUMABLE FUELS (0.0%)
 ------------------------------
 COAL & CONSUMABLE FUELS (0.0%)
 20 GreenHunter Energy, Inc., acquired 7/15/08; cost $0* (a) (b) --
 ---------------

 EXCHANGE-TRADED FUNDS (7.0%)
 245,090 iShares MSCI EAFE Index Fund 10,274
 100 iShares Russell 1000 Index Fund 5
 ---------------
 Total Exchange-Traded Funds (cost: $16,718) 10,279
 ---------------

================================================================================
 Portfolio of Investments | 42

================================================================================
 MARKET
 NUMBER VALUE
 OF SHARES SECURITY (000)
---------------------------------------------------------------------------------------------------------

 RIGHTS (0.0%)

 CONSUMER DISCRETIONARY (0.0%)
 -----------------------------
 APPLICATION SOFTWARE (0.0%)
 200 Deltek, Inc., acquired 4/09/09; cost $0 * (a) (b) $ --
 ---------------
 Total Equity Securities
 (cost: $107,165) 92,123
 ---------------

 PRINCIPAL
 AMOUNT COUPON
 (000) RATE MATURITY
---------------------------------------------------------------------------------------------------------

 BONDS (34.3%)

 CORPORATE OBLIGATIONS (14.8%)

 CONSUMER DISCRETIONARY (0.6%)
 -----------------------------
 APPAREL & ACCESSORIES & LUXURY GOODS (0.0%)
$ 250 Kellwood Co. 7.63% 10/15/2017 12
 ---------------
 BROADCASTING (0.4%)
 500 Liberty Media Corp., LLC 7.88 7/15/2009 498
 ---------------
 HOUSEHOLD APPLIANCES (0.2%)
 500 Stanley Works Capital Trust I 5.90 12/01/2045 276
 ---------------
 Total Consumer Discretionary 786
 ---------------

 CONSUMER STAPLES (0.2%)
 -----------------------
 DRUG RETAIL (0.2%)
 500 CVS Caremark Corp. 6.30 6/01/2037 325
 ---------------

 ENERGY (0.4%)
 -------------
 OIL & GAS REFINING & MARKETING (0.4%)
 500 Ultramar Diamond Shamrock Corp. 6.75 10/15/2037 502
 ---------------

 FINANCIALS (11.2%)
 ------------------
 ASSET MANAGEMENT & CUSTODY BANKS (0.3%)
 1,000 American Capital Strategies Ltd. 8.60 8/01/2012 451
 ---------------
 CONSUMER FINANCE (0.2%)
 500 General Motors Acceptance Corp., LLC 6.75 12/01/2014 320
 ---------------
 DIVERSIFIED BANKS (0.3%)
 500 USB Realty Corp. (c) 6.09 -(e) 225
 500 Wells Fargo Co. 7.98 -(e) 280
 ---------------
 505
 ---------------
 DIVERSIFIED REAL ESTATE ACTIVITIES (0.3%)
 500 Brascan Corp. 7.13 6/15/2012 451
 ---------------
 INVESTMENT BANKING & BROKERAGE (0.6%)
 1,000 First Republic Bank Corp.(f) 7.75 9/15/2012 848
 ---------------
 LIFE & HEALTH INSURANCE (1.3%)
 1,000 Great-West Life & Annuity Insurance Co. (c) 7.15 5/16/2046 494
 1,750 Lincoln National Corp. 6.05 4/20/2067 565
 500 MetLife Capital Trust IV (c) 7.88 12/15/2037 276

================================================================================
43 | USAA First Start Growth Fund

================================================================================

 PRINCIPAL MARKET
 AMOUNT COUPON VALUE
 (000) SECURITY RATE MATURITY (000)
---------------------------------------------------------------------------------------------------------
$ 500 Prudential Financial, Inc. 8.88% 6/15/2038 $ 270
 1,000 StanCorp Financial Group, Inc. 6.90 6/01/2067 350
 ---------------
 1,955
 ---------------
 MULTI-LINE INSURANCE (1.2%)
 732 Genworth Financial, Inc. 6.15 11/15/2066 102
 1,500 Glen Meadow (c) 6.51 2/12/2067 519
 1,000 Oil Casualty Insurance Ltd. (c) 8.00 9/15/2034 606
 1,500 Oil Insurance Ltd. (c) 7.56 -(e) 491
 ---------------
 1,718
 ---------------
 MULTI-SECTOR HOLDINGS (0.3%)
 500 Leucadia National Corp. 7.00 8/15/2013 433
 ---------------
 OTHER DIVERSIFIED FINANCIAL SERVICES (0.7%)
 1,000 General Electric Capital Corp. 6.38 11/15/2067 575
 1,500 Textron Financial Corp. (c) 6.00 2/15/2067 405
 ---------------
 980
 ---------------
 PROPERTY & CASUALTY INSURANCE (1.2%)
 500 Fidelity National Financial, Inc. 5.25 3/15/2013 414
 500 Fund American Companies, Inc. 5.88 5/15/2013 390
 500 Liberty Mutual Group, Inc. 7.30 6/15/2014 392
 500 MBIA Insurance Co. (c) 14.00 1/15/2033 190
 500 Travelers Companies, Inc. 6.25 3/15/2037 308
 ---------------
 1,694
 ---------------
 REGIONAL BANKS (1.9%)
 1,000 CBG Florida REIT Corp. (c) 7.11 -(e) 53
 1,000 Fulton Capital Trust I 6.29 2/01/2036 327
 500 Huntington Capital III 6.65 5/15/2037 145
 500 National City Preferred Capital Trust I 12.00 -(e) 433
 645 PNC Preferred Funding Trust (c) 6.52 -(e) 253
 500 Popular North America Capital Trust I 6.56 9/15/2034 143
 500 Regions Financing Trust II 6.63 5/15/2047 171
 400 Susquehanna Bancshares, Inc. 4.75 (g) 5/01/2014 165
 1,000 TCF National Bank 5.50 2/01/2016 542
 500 Webster Capital Trust IV 7.65 6/15/2037 214
 500 Zions Bancorp 5.50 11/16/2015 261
 ---------------
 2,707
 ---------------
 REITS - DIVERSIFIED (0.5%)
 1,000 Washington REIT(f) 5.25 1/15/2014 749
 ---------------
 REITS - INDUSTRIAL (0.2%)
 500 ProLogis 2.25 4/01/2037 359
 ---------------
 REITS - OFFICE (0.3%)
 200 Boston Properties, LP 6.25 1/15/2013 178
 500 Brandywine Operating Partnership, LP 5.70 5/01/2017 274
 ---------------
 452
 ---------------
 REITS - RETAIL (0.9%)
 1,000 Developers Diversified Realty Corp. 3.50 8/15/2011 575
 500 New Plan Excel Realty Trust, Inc. 4.50 2/01/2011 263
 577 New Plan Excel Realty Trust, Inc.,
 acquired 2/20/09; cost $196 (b) 7.68 11/02/2026 193
 500 Rouse Co., LP(c) (d) 6.75 5/01/2013 256
 ---------------
 1,287
 ---------------
 SPECIALIZED FINANCE (0.6%)
 500 Assured Guaranty U.S. Holdings, Inc. 6.40 12/15/2066 175
 2,000 Financial Security Assurance Holdings
 Ltd. (c) 6.40 12/15/2066 590
 500 XL Capital Ltd. 6.50 -(e) 150
 ---------------
 915
 ---------------

================================================================================
 Portfolio of Investments | 44

================================================================================
 PRINCIPAL MARKET
 AMOUNT COUPON VALUE
 (000) SECURITY RATE MATURITY (000)
---------------------------------------------------------------------------------------------------------
 THRIFTS & MORTGAGE FINANCE (0.4%)
$ 870 Independence Community Bank(f) 3.03% (g) 4/01/2014 $ 627
 500 Washington Mutual Preferred Funding Trust
 I (d) (c) 6.53 -(e) 1
 ---------------
 628
 ---------------
 Total Financials 16,452
 ---------------

 INDUSTRIALS (0.2%)
 ------------------
 BUILDING PRODUCTS (0.2%)
 500 USG Corp. 6.30 11/15/2016 332
 ---------------

 MATERIALS (0.3%)
 ----------------
 DIVERSIFIED METALS & MINING (0.3%)
 500 Falconbridge Ltd. 7.35 6/05/2012 442
 ---------------

 UTILITIES (1.9%)
 --------------
 ELECTRIC UTILITIES (1.4%)
 1,000 Monongahela Power Co.(f) 7.36 1/15/2010 1,018
 330 Oglethorpe Power Corp. 6.97 6/30/2011 339
 116 Power Contract Financing, LLC (c) 6.26 2/01/2010 114
 1,000 PPL Capital Funding, Inc.(f) 6.70 3/30/2067 581
 ---------------
 2,052
 ---------------
 MULTI-UTILITIES (0.5%)
 500 Black Hills Corp. 6.50 5/15/2013 459
 500 Puget Sound Energy, Inc. 6.97 6/01/2067 267
 ---------------
 726
 ---------------
 Total Utilities 2,778
 ---------------
 Total Corporate Obligations(cost: $29,726) 21,617
 ---------------

 EURODOLLAR AND YANKEE OBLIGATIONS (4.6%)

 ENERGY (0.4%)
 -------------
 INTEGRATED OIL & GAS (0.4%)
 200 PEMEX Finance Ltd. 9.03 2/15/2011 207
 500 Trans-Canada Pipelines Ltd. 6.35 5/15/2067 321
 ---------------
 Total Energy 528
 ---------------

 FINANCIALS (3.8%)
 -----------------
 DIVERSIFIED BANKS (2.1%)
 500 Barclays Bank plc (c) 5.93 -(e) 200
 500 BayernLB Capital Trust I 6.20 -(e) 90
 500 BVA International Preferred S.A.
 Unipersonal (c) 5.92 -(e) 243
 1,000 BOI Capital Funding Number 3, LP (c) 6.11 -(e) 190
 500 Landsbanki Islands hf(d) (c) 7.43 -(e) --
 500 Lloyds TSB Group plc (c) 6.27 -(e) 143
 500 Mizuho Capital Investment 1 Ltd. (c) 6.69 -(e) 307
 1,000 National Capital Trust II (c) 5.49 -(e) 515
 500 Natixis (c) 10.00 -(e) 205
 880 Nordea Bank AB (c) 5.42 -(e) 427
 500 Skandinaviska Enskilda Banken AB (c) 5.47 -(e) 208
 500 Standard Chartered plc (c) 6.41 -(e) 288
 500 Sumitomo Mitsui Financial Group (c) 6.08 -(e) 350
 ---------------
 3,166
 ---------------
================================================================================
45 | USAA First Start Growth Fund

================================================================================

 PRINCIPAL MARKET
 AMOUNT COUPON VALUE
 (000) SECURITY RATE MATURITY (000)
---------------------------------------------------------------------------------------------------------
 LIFE & HEALTH INSURANCE (0.1%)
$ 500 AXA S.A. (c) 6.46% -(e) $ 200
 ---------------
 MULTI-LINE INSURANCE (0.3%)
 1,000 ING Capital Funding Trust III 8.44 -(e) 430
 ---------------
 PROPERTY & CASUALTY INSURANCE (0.4%)
 500 Allied World Assurance Holdings Ltd. 7.50 8/01/2016 353
 500 Catlin Insurance Co. Ltd. (c) 7.25 -(e) 184
 ---------------
 537
 ---------------
 REGIONAL BANKS (0.2%)
 500 Credit Agricole S.A. (c) 6.64 -(e) 240
 1,000 Glitnir Banki hf(d) (c) 7.45 -(e) 1
 ---------------
 241
 ---------------
 REINSURANCE (0.5%)
 500 Montpelier Re Holdings Ltd. 6.13 8/15/2013 352
 500 Platinum Underwriters Finance, Inc. 7.50 6/01/2017 352
 ---------------
 704
 ---------------
 SPECIALIZED FINANCE (0.2%)
 500 QBE Capital Funding II, LP (c) 6.80 -(e) 325
 ---------------
 Total Financials 5,603
 ---------------

 MATERIALS (0.4%)
 ----------------
 DIVERSIFIED METALS & MINING (0.4%)
 500 Glencore Finance S.A. 8.00 -(e) 275
 500 Glencore Funding, LLC (c) 6.00 4/15/2014 308
 ---------------
 Total Materials 583
 ---------------
 Total Eurodollar and Yankee Obligations(cost: $14,468) 6,714
 ---------------

 ASSET-BACKED SECURITIES (7.6%)

 FINANCIALS (7.6%)
 -----------------
 ASSET-BACKED FINANCING (7.6%)
 158 Aerco Ltd. (c) 0.97 (g) 7/15/2025 159
 1,000 AESOP Funding II, LLC (c),(f) 0.67 (g) 3/20/2012 697
 425 American Express Credit Account Master
 Trust 0.72 (g) 9/15/2014 223
 500 American Express Credit Account Master
 Trust (c) 0.80 (g) 9/15/2016 160
 1,000 ARG Funding Corp. (c),(f) 4.29 4/20/2011 860
 1,000 Banc of America Mortgage Securities, Inc.(f) 4.15 (g) 7/25/2034 996
 500 Banc of America Securities Auto Trust 5.51 2/19/2013 433
 500 Bank of America Credit Card Trust 0.74 (g) 6/15/2014 328
 500 Bank One Issuance Trust 4.77 2/16/2016 299
 1,000 Bank One Issuance Trust 1.25 (g) 2/15/2017 468
 338 Capital One Auto Finance Trust (INS) 4.71 6/15/2012 325
 500 Capital One Multi-Asset Execution Trust 5.05 12/17/2018 455
 500 Citibank Credit Card Issuance Trust 6.30 6/20/2014 365
 500 CPS Auto Receivables Trust (INS) 6.48 7/15/2013 459
 256 Credit Acceptance Auto Dealer Loan Trust 6.16 4/15/2013 247
 500 Ford Credit Auto Owner Trust 2.20 (g) 4/15/2013 461
 500 GE Capital Credit Card Master Note Trust 0.56 (g) 9/15/2012 480
 1,000 GE Capital Credit Card Master Note Trust (f) 0.72 (g) 3/15/2013 868
 500 GE Dealer Floorplan Master Note Trust 0.46 (g) 10/20/2011 446
 500 MBNA Master Credit Card Note Trust 6.80 7/15/2014 382
 500 Rental Car Finance Corp. (c) 0.58 (g) 7/25/2013 255
 500 Triad Automobile Receivables Owners Trust 5.43 7/14/2014 420
 888 Trinity Rail Leasing, LP (c) 5.90 5/14/2036 578
 191 UPFC Auto Receivables Trust 5.75 9/15/2010 191
================================================================================
 Portfolio of Investments | 46

================================================================================

 PRINCIPAL MARKET
 AMOUNT COUPON VALUE
 (000) SECURITY RATE MATURITY (000)
---------------------------------------------------------------------------------------------------------
$ 298 USXL Funding, LLC (INS)(c) 5.38% (g) 4/15/2014 $ 271
 500 WFS Financial Owner Trust 4.76 5/17/2013 370
 ---------------
 Total Financials 11,196
 ---------------
 Total Asset-Backed Securities(cost: $12,460) 11,196
 ---------------

 COMMERCIAL MORTGAGE SECURITIES (7.3%)

 FINANCIALS (7.3%)
 -----------------
 COMMERCIAL MORTGAGE-BACKED SECURITIES (7.3%)
 1,000 Commercial Mortgage Loan Trust 6.02 (g) 12/10/2049 429
 1,000 Commercial Mortgage Trust (c),(f) 5.15 5/10/2043 1,010
 745 Credit Suisse First Boston Mortgage
 Securities Corp. 5.10 8/15/2038 370
 823 First Union National Bank Commercial
 Mortgage Trust (f) 7.39 12/15/2031 809
 1,000 GE Capital Commercial Mortgage Corp. (f) 6.07 6/10/2038 994
 500 GMAC Commercial Mortgage Securities,
 Inc. 4.75 5/10/2043 326
 432 Government Lease Trust (c) 6.48 5/18/2011 450
 720 GS Mortgage Securities Corp. II 4.30 1/10/2040 690
 1,000 J.P. Morgan Chase Commercial Mortgage
 Securities Corp. (f) 4.82 9/12/2037 892
 1,000 J.P. Morgan Chase Commercial Mortgage
 Securities Corp. (f) 5.49 (g) 4/15/2043 867
 500 J.P. Morgan Chase Commercial Mortgage
 Securities Corp. 5.81 6/12/2043 384
 1,000 LB-UBS Commercial Mortgage Trust (f) 4.85 9/15/2031 947
 559 Merrill Lynch Mortgage Investors, Inc. 7.56 11/15/2031 553
 1,000 Morgan Stanley Capital I, Inc. (f) 5.39 (g) 3/12/2044 890
 1,000 Prudential Mortgage Capital Funding, LLC (f) 6.76 5/10/2034 1,010
 ---------------
 Total Financials 10,621
 ---------------
 Total Commercial Mortgage Securities(cost: $11,121) 10,621
 ---------------
 Total Bonds
 (cost: $67,775) 50,148
 ---------------

 NUMBER
 OF SHARES
---------------------------------------------------------------------------------------------------------

 MONEY MARKET INSTRUMENTS (1.9%)

 MONEY MARKET FUNDS (1.9%)
 2,829,340 State Street Institutional Liquid Reserve Fund, 0.56% (h)(cost: $2,829) 2,829
 ---------------


 TOTAL INVESTMENTS (COST: $177,769) $ 145,100
 ===============


 NUMBER
 OF CONTRACTS
---------------------------------------------------------------------------------------------------------


 PURCHASED OPTIONS (0.4%)
 324 Put - On S&P 500 Index expiring June 20, 2009 at 800 (cost: $2,236) $ 632
 ===============


 WRITTEN OPTIONS (0.1%)
 (162) Call - On S&P 500 Index expiring May 16, 2009 at 915 (premiums received:
 $162) $ (104)
 ===============

47 | USAA First Start Growth Fund

NOTES TO PORTFOLIO
OF INVESTMENTS

April 30, 2009 (unaudited)

GENERAL NOTES

USAA MUTUAL FUNDS TRUST (the Trust), registered under the Investment Company Act of 1940 (the 1940 Act), as amended, is a 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 | 48

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.

B. FAIR VALUE MEASUREMENTS - Effective August 1, 2008, the Fund adopted Statement of Financial Accounting Standards (SFAS) No. 157, "Fair Value Measurements" (SFAS 157). This standard clarifies the definition of fair value, establishes a framework for measuring fair value, and requires additional disclosures about the use of fair value measurements.

49 | USAA First Start Growth Fund

SFAS 157 defines fair value 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, and establishes a three-level valuation hierarchy for disclosure purposes. The valuation hierarchy 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 Fund's own assumptions in determining the fair value.

The inputs or methodology used for valuing securities is not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Fund's assets as of April 30, 2009:

 Investments in
Valuation Inputs Securities Purchased Options
--------------------------------------------------------------------------------
Level 1 - Quoted Prices $ 93,205,000 $632,000
Level 2 - Other Significant Observable Inputs 51,808,000 -
Level 3 - Significant Unobservable Inputs 88,000 -
--------------------------------------------------------------------------------
Total $145,101,000 $632,000
--------------------------------------------------------------------------------

The following is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value:

 Investments in Securities
--------------------------------------------------------------------------------
Balance as of July 31, 2008 $-
Net realized gain (loss) -
Change in net unrealized appreciation (depreciation) (225,000)
Net purchases (sales) -
Transfers in and/or out of Level 3 313,000
--------------------------------------------------------------------------------
Balance as of April 30, 2009 $88,000
--------------------------------------------------------------------------------

Notes to Portfolio of Investments | 50

The following is a summary of the inputs used to value the Fund's liabilities as of April 30, 2009:

Valuation Inputs Written Options
--------------------------------------------------------------------------------
Level 1 - Quoted Prices $104,000
Level 2 - Other Significant Observable Inputs -
Level 3 - Significant Unobservable Inputs -
--------------------------------------------------------------------------------
Total $104,000
--------------------------------------------------------------------------------

C. FUTURES CONTRACTS - The Fund may enter into financial futures contracts as a proxy for a direct investment in securities underlying a Fund's index or in other financial instruments. A contract to buy establishes a long position while a contract to sell establishes a short position. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities as collateral for the account of the broker (the Fund's agent in acquiring the futures positions). Subsequently, payments known as variation-margin payments are made or received by the Fund each day, depending on the daily fluctuations in the value of the underlying security, and are recorded for financial statement purposes as unrealized gains or losses. In addition to the segregation of securities to cover the initial margin requirements, the Fund segregates securities to cover the value of all open futures contracts. 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. The use of futures transactions involves the risk of imperfect correlation between movements in the price of futures contracts and the underlying hedged securities and the risk that the counterparty will fail to perform its obligations. As of April 30, 2009, the Fund did not invest in any futures.

D. OPTION TRANSACTIONS - The Fund may write (sell) and purchase options on securities or securities indexes. The Fund employs an index option strategy which involves holding a combination of call and put options designed to limit market risk.

Writing put options tends to increase the Fund's participation in downward movements of the underlying security or index. Writing call options tends to decrease the Fund's participation in upward movements of the underlying security or index. When the Fund writes an option, an amount equal to the premium received by the Fund is recorded as a liability and is subsequently adjusted to the current value of the option written. Premiums received from writing options that expired worthless are treated by the Fund on the expiration date as realized gains from investments. If a written call index option or a written put index option is bought back prior to the index option expiration or cash settled upon expiration, the difference between premium received and payment to buy back the option or payment made for settlement upon expiration determines whether the Fund has realized a gain or loss. The Fund as a writer of an option bears the market risk of an unfavorable change in the price of the security or index underlying the written option. A written put index option has defined risk, which is the difference between the agreed-upon price that the Fund must pay to the buyer upon expiration of the put, and the index value, which could be zero, at the time of expiration.

51 | USAA First Start Growth Fund

Purchasing call options tends to increase the Fund's participation in upward movements of the underlying security or index. Purchasing put options tends to decrease the Fund's participation in downward movements of the underlying security or index. The Fund pays a premium which is recorded as an investment and subsequently marked-to-market to reflect the current value of the option. Premiums paid for purchasing options that expired worthless are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. If a call index option or put index option is closed prior to the option expiration or cash settled upon expiration, the difference between the premium paid and the proceeds received from the sale or upon settlement at option expiration determines whether the Fund has realized a gain or loss.

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. The Fund had no delayed-delivery or when-issued commitments as of April 30, 2009.

F. As of April 30, 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 April 30, 2009, were $6,117,000 and $40,390,000, respectively, resulting in net unrealized depreciation of $34,273,000.

G. The portfolio of investments category percentages shown represent the percentages of the investments to net assets, which were $146,445,000 at April 30, 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 13.2% of net assets at April 30, 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.

WARRANTS - entitle the holder to buy a proportionate amount of common stock at a specified price for a stated period.

RIGHTS - enable the holder to buy a specified number of shares of new issues of a common stock before it is offered to the public.

Notes to Portfolio of Investments | 52

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 Holdings, Ltd.
 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) Security was fair valued at April 30, 2009, by the Manager in accordance with valuation procedures approved by the Trust's Board of Trustees.
(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 April 30, 2009, was $280,000, which represented 0.2% of the Fund's net assets.
(c) 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.
(d) Currently the issuer is in default with respect to interest and/or principal payments.
(e) Security is perpetual and has no final maturity date but may be subject to calls at various dates in the future.
(f) At April 30, 2009, a portion of this security is segregated to cover the value of outstanding written call options.
(g) Variable-rate or floating-rate security - interest rate is adjusted periodically. The interest rate disclosed represents the current rate at April 30, 2009.
(h) Rate represents the money market fund annualized seven-day yield at April 30, 2009.
* Non-income-producing security.

53 | USAA First Start Growth Fund

ITEM 2. CONTROLS AND PROCEDURES

The principal executive officer and principal financial officer of USAA Mutual Funds Trust (Trust) have concluded that the Trust's disclosure controls and procedures are sufficient to ensure that information required to be disclosed by the Trust in this Form N-Q was recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms, based upon such officers' evaluation of these controls and procedures as of a date within 90 days of the filing date of the report.

There were no significant changes or corrective actions with regard to significant deficiencies or material weaknesses in the Trust's internal controls or in other factors that could significantly affect the Trust's internal controls subsequent to the date of their evaluation.

ITEM 3. EXHIBITS.

Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant: USAA MUTUAL FUNDS TRUST - Period Ended April 30, 2009

By:* /s/ CHRISTOPHER P. LAIA
 --------------------------------------------------------------
 Signature and Title: Christopher P. Laia, Assistant Secretary

Date: 06/24/2009
 -------------------------------

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: 06/29/2009
 ------------------------------


By:* /s/ ROBERTO GALINDO, JR.
 -----------------------------------------------------
 Signature and Title: Roberto Galindo, Jr., Treasurer

Date: 06/24/2009
 ------------------------------

*PRINT THE NAME AND TITLE OF EACH SIGNING OFFICER UNDER HIS OR HER SIGNATURE.

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