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Institutional Investment Manager
UNITED SERVICES AUTOMOBILE ASSOCIATION
UNITED SERVICES AUTOMOBILE ASSOCIATION (CIK: 0001021249) incorporated in Texas, located at 9800 Fredericksburg Rd, San Antonio, TX. Institutional holdings reported to the SEC.

Institutional Holdings (2014Q2)
Portfolio Summary: 1,223 holdings with a total value of $27,247,915,000.
#
Name
Shares
Value ($)
%
Options
Notes
101 TIME WARNER INC 866,088 60,843,000 0.22%
102 UNITEDHEALTH GROUP INC 742,690 60,715,000 0.22%
103 MONSANTO CO NEW 484,311 60,413,000 0.22%
104 REPUBLIC SVCS INC 1,587,641 60,283,000 0.22%
105 ELDORADO GOLD CORP NEW 7,879,000 60,196,000 0.22%
106 VANGUARD INTL EQUITY INDEX F 1,142,793 59,757,000 0.22%
107 INTERCONTINENTAL EXCHANGE IN 312,230 58,980,000 0.22%
108 AUTOMATIC DATA PROCESSING IN 743,681 58,959,000 0.22%
109 BLACKROCK INC 183,729 58,720,000 0.22%
110 BIOGEN INC 184,227 58,089,000 0.21%
111 MCDONALDS CORP 567,061 57,126,000 0.21%
112 ISHARES TR 508,355 56,982,000 0.21%
113 CME GROUP INC 794,841 56,394,000 0.21%
114 APPLIED MATLS INC 2,473,451 55,776,000 0.20%
115 MICROCHIP TECHNOLOGY 1,117,341 54,537,000 0.20%
116 SPDR SERIES TRUST 1,297,650 54,151,000 0.20%
117 LUMEN TECHNOLOGIES INC 1,494,951 54,117,000 0.20%
118 KOHLS 1,026,645 54,084,000 0.20%
119 VODAFONE GROUP PLC NEW 1,619,742 54,083,000 0.20%
120 INTL PAPER CO 1,065,751 53,788,000 0.20%
121 NATIONAL OILWELL VARCO INC 651,628 53,662,000 0.20%
122 FORD MTR CO DEL 3,078,426 53,072,000 0.19%
123 DANAHER CORP DEL 672,900 52,977,000 0.19%
124 KIMBERLY CLARK CORP 467,715 52,019,000 0.19%
125 OMNICOM GROUP INC 726,809 51,763,000 0.19%
126 MORGAN STANLEY 1,593,477 51,517,000 0.19%
127 CELGENE CORP 597,818 51,341,000 0.19%
128 EXPRESS SCRIPTS HLDG CO 736,219 51,042,000 0.19%
129 LOCKHEED MARTIN CORP 316,642 50,894,000 0.19%
130 HANESBRANDS INC 512,597 50,460,000 0.19%
131 NEWMONT CORP 1,932,678 49,167,000 0.18%
132 INTERNATIONAL BUSINESS MACHS 268,912 48,746,000 0.18%
133 REYNOLDS AMERICAN INC 804,854 48,573,000 0.18%
134 ALTERA CORPORATION 1,390,109 48,320,000 0.18%
135 TRANSOCEAN LTD 1,064,156 47,919,000 0.18%
136 ACCENTURE PLC IRELAND 589,431 47,650,000 0.17%
137 THERMO FISHER SCIENTIFIC INC 403,440 47,606,000 0.17%
138 PEOPLES UNITED FINANCIAL INC 3,130,703 47,493,000 0.17%
139 PAN AMERN SILVER CORP 3,091,100 47,448,000 0.17%
140 MCKESSON CORP 253,068 47,124,000 0.17%
141 GENERAL DYNAMICS CORP 403,130 46,985,000 0.17%
142 LYONDELLBASELL INDUSTRIES N 480,529 46,924,000 0.17%
143 STANLEY BLACK &DECKER INC 530,947 46,628,000 0.17%
144 ITAU UNIBANCO HLDG SA 3,188,119 45,845,000 0.17%
145 MASTERCARD INCORPORATED 623,683 45,822,000 0.17%
146 LORILLARD 750,914 45,783,000 0.17%
147 ANADARKO PETE CORP 417,915 45,749,000 0.17%
148 DOW CHEM CO 888,547 45,725,000 0.17%
149 ISHARES RUSSELL 2000 VALUE ETF 441,548 45,594,000 0.17%
150 TARGET CORP 779,157 45,152,000 0.17%
Page 3 of 25

Portfolio data is normalized using SEC Form 13F filings, including the Original 13F-HR (0001140361-14-032062, filed 2014.08.13).

From 2023-01-03 onward, the SEC requires values to be reported in nearest dollars. Earlier filings reported values in thousands; therefore, positions shown as $0 in older filings may represent actual values between $0–$999.