The fund invests primarily in investment-grade securities the interest from which is excludable from gross income for federal income tax (referred to herein as "tax-exempt securities"). During normal market conditions, at least 80% of its net assets will consist of tax-exempt securities. The fund's dollar-weighted average portfolio maturity is 10 years or more. At least 80% of the fund's annual net investment income dividends will be tax-exempt and excludable from the calculation of the federal alternative minimum taxes for individual taxpayers.
| Period | USTEX Return | Category Return Low | Category Return High | Rank in Category (%) | Quintile |
|---|---|---|---|---|---|
| YTD | 1.7% | -3.4% | 99.4% | 41.75% | 3 |
| 1 Yr | 1.0% | -5.8% | 10.7% | 18.57% | 1 |
| 3 Yr | 3.3% * | -4.5% | 7.0% | 14.43% | 1 |
| 5 Yr | 3.4% * | -0.6% | 5.8% | 10.46% | 1 |
| 10 Yr | 4.6% * | -0.5% | 5.9% | 11.48% | 1 |
* Annualized
| Period | USTEX Return | Category Return Low | Category Return High | Rank in Category (%) | Quintile |
|---|---|---|---|---|---|
| 2016 | -3.3% | -8.5% | 7.3% | 54.22% | 5 |
| 2015 | -0.9% | -10.9% | 7.2% | 52.14% | 5 |
| 2014 | 6.0% | -7.7% | 12.0% | 21.99% | 2 |
| 2013 | -6.7% | -11.9% | 5.4% | 49.33% | 4 |
| 2012 | 5.5% | -7.1% | 10.2% | 11.38% | 1 |
| Period | USTEX Return | Category Return Low | Category Return High | Rank in Category (%) | Quintile |
|---|---|---|---|---|---|
| YTD | 1.7% | -3.0% | 99.4% | 41.75% | 3 |
| 1 Yr | 1.0% | -8.9% | 8.9% | 13.36% | 1 |
| 3 Yr | 3.3% * | -5.4% | 7.0% | 10.82% | 1 |
| 5 Yr | 3.4% * | -1.3% | 5.8% | 7.89% | 1 |
| 10 Yr | 4.6% * | -0.5% | 5.9% | 9.39% | 1 |
* Annualized
| Period | USTEX Return | Category Return Low | Category Return High | Rank in Category (%) | Quintile |
|---|---|---|---|---|---|
| 2016 | -3.3% | -8.2% | 7.3% | 57.94% | 5 |
| 2015 | -0.9% | -9.7% | 6.9% | 61.88% | 5 |
| 2014 | 6.0% | -7.7% | 17.0% | 26.53% | 2 |
| 2013 | -6.7% | -11.9% | 5.1% | 54.67% | 4 |
| 2012 | 5.5% | -0.6% | 17.8% | 17.68% | 2 |
| USTEX | Category Low | Category High | USTEX % Rank | Quintile | |
|---|---|---|---|---|---|
| Net Assets | 2.41 B | 491 K | 55.6 B | 9.66% | 2 |
| Number of Holdings | 502 | 1 | 6689 | 11.77% | 2 |
| Net Assets in Top 10 | 257 M | -413 M | 1.15 B | 9.03% | 2 |
| Weighting of Top 10 | 10.7% | 0.0% | 100.0% | 24.03% | 4 |
| Weighting | Category Low | Category High | USTEX % Rank | Quintile | |
|---|---|---|---|---|---|
| Bonds | 100.00% | 0.00% | 202.21% | 1.29% | 1 |
| Stocks | 0.00% | 0.00% | 1.19% | 1.29% | 1 |
| Preferred Stocks | 0.00% | 0.00% | 11.10% | 0.81% | 1 |
| Other | 0.00% | -2.77% | 29.98% | 7.90% | 2 |
| Convertible Bonds | 0.00% | 0.00% | 2.05% | 0.81% | 1 |
| Cash | 0.00% | -110.85% | 100.00% | 30.48% | 5 |
| Weighting | Category Low | Category High | USTEX % Rank | Quintile | |
|---|---|---|---|---|---|
| Municipal | 100.00% | 0.00% | 126.36% | 1.45% | 1 |
| Derivative | 0.00% | -6.36% | 6.21% | 0.48% | 1 |
| Cash & Equivalents | 0.00% | -110.85% | 100.00% | 30.32% | 5 |
| Securitized | 0.00% | 0.00% | 30.81% | 2.58% | 1 |
| Corporate | 0.00% | 0.00% | 34.74% | 4.35% | 1 |
| Government | 0.00% | -27.55% | 117.34% | 15.16% | 3 |
| Weighting | Category Low | Category High | USTEX % Rank | Quintile | |
|---|---|---|---|---|---|
| US | 100.00% | 0.00% | 202.21% | 1.29% | 1 |
| Non US | 0.00% | 0.00% | 29.22% | 0.81% | 1 |
| USTEX Fees (% of AUM) | Category Low | Category High | Rank in Category (%) | Quintile | |
|---|---|---|---|---|---|
| Expense Ratio | 0.48% | 0.09% | 4.60% | 21.90% | 1 |
| Management Fee | 0.27% | 0.00% | 1.00% | 4.83% | 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 |
| USTEX Fees (% of AUM) | Category Low | Category High | USTEX 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 |
| USTEX Fees (% of AUM) | Category Low | Category High | USTEX Rank | Quintile | |
|---|---|---|---|---|---|
| Max Redemption Fee | N/A | 0.25% | 2.00% | N/A | N/A |
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.
| USTEX Fees (% of AUM) | Category Low | Category High | USTEX Rank | Quintile | |
|---|---|---|---|---|---|
| Turnover | 15.00% | 0.42% | 905.27% | 13.69% | 2 |
| USTEX | Category Low | Category High | USTEX % Rank | Quintile | |
|---|---|---|---|---|---|
| Dividend Yield | 0.6% | 0.00% | 1.01% | 0.98% | 1 |
| USTEX | Category Low | Category High | Category Mode | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Monthly | Quarterly | Monthly | Annually |
| Date | Amount |
|---|---|
| Oct 31, 2014 | $0.053 |
| Sep 30, 2014 | $0.043 |
| Aug 29, 2014 | $0.048 |
| Jul 31, 2014 | $0.049 |
| Jun 30, 2014 | $0.048 |
| May 30, 2014 | $0.051 |
| Apr 30, 2014 | $0.049 |
| Mar 31, 2014 | $0.044 |
| Feb 28, 2014 | $0.047 |
| Jan 31, 2014 | $0.050 |
| Dec 31, 2013 | $0.048 |
| Nov 29, 2013 | $0.049 |
| Oct 31, 2013 | $0.047 |
| Sep 30, 2013 | $0.044 |
| Aug 30, 2013 | $0.050 |
| Jul 31, 2013 | $0.047 |
| Jun 28, 2013 | $0.041 |
| May 31, 2013 | $0.047 |
| Apr 30, 2013 | $0.044 |
| Mar 28, 2013 | $0.044 |
| Feb 28, 2013 | $0.045 |
| Jan 31, 2013 | $0.042 |
| Dec 31, 2012 | $0.043 |
| Nov 30, 2012 | $0.049 |
| Oct 31, 2012 | $0.044 |
| Sep 28, 2012 | $0.040 |
| Aug 31, 2012 | $0.049 |
| Jul 31, 2012 | $0.045 |
| Jun 29, 2012 | $0.046 |
| May 31, 2012 | $0.046 |
| Apr 30, 2012 | $0.045 |
| Mar 30, 2012 | $0.049 |
| Feb 29, 2012 | $0.047 |
| Jan 31, 2012 | $0.044 |
| Dec 30, 2011 | $0.051 |
| Nov 30, 2011 | $0.048 |
| Oct 31, 2011 | $0.045 |
| Sep 30, 2011 | $0.053 |
| Aug 31, 2011 | $0.049 |
| Jul 29, 2011 | $0.050 |
| Jun 30, 2011 | $0.051 |
| May 31, 2011 | $0.050 |
| Apr 29, 2011 | $0.054 |
| Mar 31, 2011 | $0.052 |
| Feb 28, 2011 | $0.053 |
| Jan 31, 2011 | $0.048 |
| Dec 31, 2010 | $0.054 |
| Nov 30, 2010 | $0.050 |
| Oct 29, 2010 | $0.050 |
| Sep 30, 2010 | $0.049 |
| Aug 31, 2010 | $0.050 |
| Jul 30, 2010 | $0.054 |
| Jun 30, 2010 | $0.053 |
| May 28, 2010 | $0.049 |
| Apr 30, 2010 | $0.056 |
| Mar 31, 2010 | $0.053 |
| Feb 26, 2010 | $0.053 |
| Jan 29, 2010 | $0.048 |
| Nov 30, 2009 | $0.053 |
| Oct 30, 2009 | $0.057 |
| Sep 30, 2009 | $0.054 |
| Aug 31, 2009 | $0.055 |
| Jul 31, 2009 | $0.055 |
| Jun 30, 2009 | $0.054 |
| May 29, 2009 | $0.055 |
| Apr 30, 2009 | $0.056 |
| Mar 31, 2009 | $0.055 |
| Feb 27, 2009 | $0.056 |
| Jan 30, 2009 | $0.057 |
| Dec 31, 2008 | $0.058 |
| Nov 28, 2008 | $0.052 |
| Oct 31, 2008 | $0.059 |
| Sep 30, 2008 | $0.053 |
| Aug 29, 2008 | $0.057 |
| Jul 31, 2008 | $0.055 |
| Jun 30, 2008 | $0.053 |
| May 30, 2008 | $0.056 |
| Apr 30, 2008 | $0.055 |
| Mar 31, 2008 | $0.052 |
| Feb 29, 2008 | $0.058 |
| Jan 31, 2008 | $0.051 |
| Nov 30, 2007 | $0.057 |
| Oct 31, 2007 | $0.054 |
| Sep 28, 2007 | $0.048 |
| Aug 31, 2007 | $0.058 |
| Jul 31, 2007 | $0.051 |
| Jun 29, 2007 | $0.053 |
| May 31, 2007 | $0.052 |
| Apr 30, 2007 | $0.050 |
| Mar 30, 2007 | $0.053 |
| Feb 28, 2007 | $0.052 |
| Jan 31, 2007 | $0.048 |
| Dec 29, 2006 | $0.055 |
| Nov 30, 2006 | $0.052 |
| Oct 31, 2006 | $0.050 |
| Sep 29, 2006 | $0.054 |
| Aug 31, 2006 | $0.052 |
| Jul 31, 2006 | $0.048 |
| Jun 30, 2006 | $0.055 |
| May 31, 2006 | $0.052 |
| Apr 28, 2006 | $0.048 |
| Mar 31, 2006 | $0.055 |
| Feb 28, 2006 | $0.052 |
| Jan 31, 2006 | $0.048 |
| Dec 30, 2005 | $0.055 |
| Nov 30, 2005 | $0.051 |
| Oct 31, 2005 | $0.048 |
| Sep 30, 2005 | $0.055 |
| Aug 31, 2005 | $0.052 |
| Jul 29, 2005 | $0.052 |
| Jun 30, 2005 | $0.052 |
| May 31, 2005 | $0.050 |
| Apr 29, 2005 | $0.054 |
| Mar 31, 2005 | $0.052 |
| Feb 28, 2005 | $0.053 |
| Jan 31, 2005 | $0.048 |
| Dec 31, 2004 | $0.055 |
| Nov 30, 2004 | $0.052 |
| Oct 29, 2004 | $0.052 |
| Sep 30, 2004 | $0.052 |
| Aug 31, 2004 | $0.051 |
| Jul 30, 2004 | $0.054 |
| Jun 30, 2004 | $0.053 |
| May 28, 2004 | $0.050 |
| Apr 30, 2004 | $0.057 |
| Mar 31, 2004 | $0.053 |
| Feb 27, 2004 | $0.052 |
| Jan 30, 2004 | $0.054 |
| Dec 31, 2003 | $0.055 |
| Nov 28, 2003 | $0.050 |
| Oct 31, 2003 | $0.057 |
| Sep 30, 2003 | $0.052 |
| Aug 29, 2003 | $0.056 |
| Jul 31, 2003 | $0.055 |
| Jun 30, 2003 | $0.053 |
| May 30, 2003 | $0.256 |
| Apr 30, 2003 | $0.054 |
| Mar 31, 2003 | $0.052 |
| Feb 28, 2003 | $0.052 |
| Jan 31, 2003 | $0.055 |
| Dec 31, 2002 | $0.054 |
| Nov 29, 2002 | $0.055 |
| Oct 31, 2002 | $0.055 |
| Sep 30, 2002 | $0.052 |
| Aug 30, 2002 | $0.060 |
| May 31, 2002 | $0.058 |
| Apr 30, 2002 | $0.054 |
| Mar 28, 2002 | $0.056 |
| Feb 28, 2002 | $0.057 |
| Jan 31, 2002 | $0.055 |
| Dec 31, 2001 | $0.056 |
| Nov 30, 2001 | $0.061 |
| Oct 29, 2001 | $0.062 |
| Sep 28, 2001 | $0.055 |
| Aug 31, 2001 | $0.058 |
| Jul 31, 2001 | $0.062 |
| Jun 29, 2001 | $0.058 |
| May 31, 2001 | $0.060 |
| Apr 30, 2001 | $0.063 |
| Mar 30, 2001 | $0.058 |
| Feb 28, 2001 | $0.061 |
| Jan 31, 2001 | $0.066 |
| Dec 29, 2000 | $0.058 |
| Nov 30, 2000 | $0.062 |
| Oct 31, 2000 | $0.064 |
| Sep 29, 2000 | $0.060 |
| Aug 31, 2000 | $0.062 |
| Jul 31, 2000 | $0.062 |
| Jun 30, 2000 | $0.063 |
| May 31, 2000 | $0.067 |
| Apr 28, 2000 | $0.059 |
| Mar 31, 2000 | $0.062 |
| Feb 29, 2000 | $0.062 |
| Jan 31, 2000 | $0.063 |
| Dec 31, 1999 | $0.063 |
| Nov 30, 1999 | $0.067 |
| Oct 29, 1999 | $0.060 |
| Sep 30, 1999 | $0.063 |
| Aug 31, 1999 | $0.065 |
| Jul 30, 1999 | $0.061 |
| Jun 30, 1999 | $0.070 |
| May 28, 1999 | $0.057 |
| Apr 30, 1999 | $0.063 |
| Mar 31, 1999 | $0.068 |
| Feb 26, 1999 | $0.063 |
| Jan 29, 1999 | $0.060 |
| Dec 31, 1998 | $0.063 |
| Nov 30, 1998 | $0.065 |
| Oct 30, 1998 | $0.062 |
| Sep 30, 1998 | $0.064 |
| Aug 31, 1998 | $0.064 |
| Jul 31, 1998 | $0.064 |
| Jun 30, 1998 | $0.068 |
| May 29, 1998 | $0.060 |
| Apr 30, 1998 | $0.064 |
| Mar 31, 1998 | $0.067 |
| Feb 27, 1998 | $0.064 |
| Jan 30, 1998 | $0.062 |
| Dec 31, 1997 | $0.069 |
| Nov 28, 1997 | $0.060 |
| Oct 31, 1997 | $0.065 |
| Sep 30, 1997 | $0.069 |
| Aug 29, 1997 | $0.061 |
| Jul 31, 1997 | $0.065 |
| Jun 30, 1997 | $0.067 |
| May 30, 1997 | $0.063 |
| Apr 30, 1997 | $0.065 |
| Mar 31, 1997 | $0.065 |
| Feb 28, 1997 | $0.065 |
| Jan 31, 1997 | $0.066 |
| Dec 31, 1996 | $0.067 |
| Nov 29, 1996 | $0.063 |
| Oct 31, 1996 | $0.065 |
| Sep 30, 1996 | $0.067 |
| Aug 30, 1996 | $0.064 |
| Jul 31, 1996 | $0.070 |
| Jun 28, 1996 | $0.061 |
| USTEX | Category Low | Category High | USTEX % Rank | Quintile | |
|---|---|---|---|---|---|
| Net Income Ratio | 3.97% | -0.41% | 5.26% | 2.58% | 1 |
| USTEX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Daily | Annually |
Manager
Start Date
Aug 31, 2006Tenure
11.09
Tenure Rank
7.2%
John C. Bonnell, CFA, assistant vice president of USAA Investment Management Company(IMCO). Prior to joining IMCO, Mr. Bonnell worked for OppenheimerFunds as a vice president and portfolio manager (May 2004 - July 2006). Education: B.B.A., University of Texas at San Antonio; M.B.A., St. Mary’s University. He holds the Chartered Financial Analyst (CFA) designation and is a member of the CFA institute, the CFA Society of San Antonio, and the National Federation of Municipal Analysts.
Manager
Start Date
Dec 01, 2015Tenure
1.83
Tenure Rank
17.5%
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.
Category Low
0.1
Category High
38.0
Category Average
7.8
Category Mode
2.8
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