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USATX USAA Tax Exempt Intermediate-Term

  • Fund
  • USATX
  • Price as of: Dec 02, 2016
  • $12.89
  • + $0.01
  • + 0.08%
  • Category
  • National Munis

USATX - Profile

Vitals

  • YTD Return -4.7%
  • 3 Yr Annualized Return 4.1%
  • 5 Yr Annualized Return 4.2%
  • Net Assets $4.69 B
  • Holdings in Top 10 7.4%

52 WEEK LOW AND HIGH

$12.89
$12.88
$13.90

Expenses

OPERATING RELATED FEES

  • Expense Ratio 0.54%

SALES FEES

  • Front Load N/A
  • Deferred Load N/A

BROKERAGE FEES

  • Turnover 10.00%

TRADING FEES

  • Max Redemption Fee N/A

Min Investment

STANDARD (TAXABLE)

$3,000

IRA

N/A

Investment Themes

CATEGORY

National Munis
  • Fund Type Open End Mutual Fund
  • Investment Style Muni National Interm

Distributions

  • YTD Total Return -4.7%
  • 3 Yr Annualized Total Return 4.1%
  • 5 Yr Annualized Total Return 4.2%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 3.28%
DIVIDENDS
  • Dividend Yield 0.5%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name USAA Tax Exempt Intermediate Term Fund
  • Fund Family Name USAA
  • Inception Date Mar 19, 1982
  • Shares Outstanding N/A
  • Share Class No Load
  • Currency USD
  • Domiciled Country United States
  • Manager Regina G. Shafer

Fund Description

The USAA Tax Exempt Intermediate-Term Fund (USATX) focuses on providing high income for tax-sensitive investors. It does this by betting on intermediate-term municipal bonds from a variety of state, town and municipality issuers. Munis are generally exempt from Federal and some state taxes. Using credit analysis, the actively managed fund seeks out only high-quality muni bonds. The duration of the fund’s holdings is kept between six and 12 years.

With its low costs, USATX makes an ideal core bond position for investors in high tax brackets or in a taxable account. The fund is managed by USAA Investments.

USATX - Performance

Return Ranking - Trailing

Period USATX Return Category Return Low Category Return High Rank in Category (%) Quintile
YTD -4.7% -6.1% 99.4% 62.76% 5
1 Yr 3.8% -7.6% 10.7% 31.44% 2
3 Yr 4.1% * -4.5% 7.6% 39.51% 2
5 Yr 4.2% * -1.7% 6.9% 30.35% 2
10 Yr 4.3% * -2.3% 5.3% 20.09% 2

* Annualized


Return Ranking - Calendar

Period USATX Return Category Return Low Category Return High Rank in Category (%) Quintile
2015 -0.7% -10.9% 2.6% 45.61% 4
2014 3.7% -2.2% 12.0% 38.05% 3
2013 -4.6% -11.9% 0.1% 27.76% 3
2012 3.3% -7.1% 10.2% 28.95% 3
2011 5.6% -1.8% 15.2% 33.62% 3

Total Return Ranking - Trailing

Period USATX Return Category Return Low Category Return High Rank in Category (%) Quintile
YTD -4.7% -6.1% 99.4% 64.39% 5
1 Yr 3.8% -8.9% 10.0% 18.96% 1
3 Yr 4.1% * -5.4% 7.6% 31.72% 2
5 Yr 4.2% * -0.9% 6.9% 24.39% 2
10 Yr 4.3% * -2.3% 5.3% 15.81% 1

* Annualized


Total Return Ranking - Calendar

Period USATX Return Category Return Low Category Return High Rank in Category (%) Quintile
2015 -0.7% -9.7% 5.1% 56.76% 5
2014 3.7% -0.9% 17.0% 46.25% 4
2013 -4.6% -11.9% 2.1% 37.07% 3
2012 3.3% -0.6% 17.8% 37.85% 3
2011 5.6% -1.1% 16.2% 44.33% 3

NAV & Total Return History

USATX - Holdings

Filings data as of: Sep 30, 2016

Concentration Analysis

USATX Category Low Category High USATX % Rank Quintile
Net Assets 4.69 B 491 K 53 B 4.35% 1
Number of Holdings 906 1 6199 4.19% 1
Net Assets in Top 10 352 M -179 M 1.27 B 5.32% 1
Weighting of Top 10 7.4% 0.0% 100.0% 30.32% 5

Top 10 Holdings

  1. Lower Ala Gas Proj Rev Proj 5% 0.94%
  2. Harris Cnty Tex Indl Dev Corp Rev Bds 5% 0.93%
  3. Golden St Tob Securitization C Enhanced 0.84%
  4. St James Parish La Rev Var Rev B 0.8% 0.74%
  5. Iowa Fin Auth 4% 0.69%
  6. Metropolitan Transn Auth 4% 0.69%
  7. Denver Colo Health & Hosp Auth 4.75% 0.66%
  8. California St Go Bds 5.75% 0.65%
  9. Arizona Health Facs Auth 2.48% 0.64%
  10. Chattanooga Tenn Health Edl & Rev 0.85% 0.63%

Asset Allocation

Weighting Category Low Category High USATX % Rank Quintile
Bonds
99.76% 0.00% 202.21% 2.74% 1
Cash
0.24% -110.85% 100.00% 27.74% 5
Other
0.00% -2.77% 27.54% 6.94% 2
Convertible Bonds
0.00% 0.00% 2.79% 0.81% 1
Preferred Stocks
0.00% 0.00% 11.46% 1.45% 1
Stocks
0.00% 0.00% 1.40% 1.13% 1

Bond Sector Breakdown

Weighting Category Low Category High USATX % Rank Quintile
Municipal
99.76% 0.00% 140.62% 2.58% 1
Cash & Equivalents
0.24% -110.85% 100.00% 27.90% 5
Securitized
0.00% 0.00% 41.81% 2.74% 1
Corporate
0.00% 0.00% 34.61% 4.35% 1
Derivative
0.00% -0.43% 4.79% 0.48% 1
Government
0.00% -42.63% 117.34% 7.58% 2

Bond Geographic Breakdown

Weighting Category Low Category High USATX % Rank Quintile
US
99.76% 0.00% 202.21% 2.74% 1
Non US
0.00% 0.00% 20.62% 0.81% 1

USATX - Expenses

Operational Fees

USATX Fees (% of AUM) Category Low Category High Rank in Category (%) Quintile
Expense Ratio 0.54% 0.10% 4.60% 21.42% 1
Management Fee 0.32% 0.00% 1.00% 4.35% 1
12b-1 Fee N/A 0.00% 1.00% N/A N/A
Administrative Fee 0.15% 0.00% 0.35% 3.42% 3

Sales Fees

USATX Fees (% of AUM) Category Low Category High USATX Rank Quintile
Front Load N/A 0.50% 5.75% N/A N/A
Deferred Load N/A 0.50% 5.50% N/A N/A

Trading Fees

USATX Fees (% of AUM) Category Low Category High USATX Rank Quintile
Max Redemption Fee N/A 0.25% 2.00% N/A N/A

Turnover Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

USATX Fees (% of AUM) Category Low Category High USATX Rank Quintile
Turnover 10.00% 0.00% 783.51% 15.94% 1

USATX - Distributions

Dividend Yield Analysis

USATX Category Low Category High USATX % Rank Quintile
Dividend Yield 0.5% 0.00% 2.86% 7.67% 1

Dividend Distribution Analysis

USATX Category Low Category High Category Mode
Dividend Distribution Frequency Monthly Annually Monthly Annually

Dividend Payout History


Net Income Ratio Analysis

USATX Category Low Category High USATX % Rank Quintile
Net Income Ratio 3.28% -0.60% 5.26% 11.43% 1

Capital Gain Distribution Analysis

USATX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Daily Annually

USATX - Managers

Regina G. Shafer

Lead Manager

Start Date

Jun 01, 2003

Tenure

13.43

Tenure Rank

4.8%

Shafer joined USAA Investment Management Company in 1991. She worked for five years in mutual fund support, performing accounting and reporting functions for fund portfolios. In 1996, she moved to a position as a fixed-income securities analyst before being named a portfolio manager in 1999. Shafer holds the Certified Public Accountant and Chartered Financial Analyst designation.


Dale R. Hoffmann

Manager

Start Date

Dec 01, 2015

Tenure

0.92

Tenure Rank

17.2%

Dale R. Hoffmann, assistant vice president of Money Market Funds. He has 15 years of investment management experience and has worked for us for 23 years. Education: B.S.B.A., University of South Dakota; M.B.A., St. Mary’s University. He is a member of the National Federation of Municipal Analysts and the Southern Municipal Finance Society.


Tenure Analysis

Category Low

0.0

Category High

37.1

Category Average

7.32

Category Mode

4.8