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USTEX USAA Tax Exempt Long-Term

  • Fund
  • USTEX
  • Price as of: Dec 15, 2017
  • $13.44
  • - $0.00
  • - 0.00%
  • Category
  • National Munis

USTEX - Profile

Vitals

  • YTD Return 1.7%
  • 3 Yr Annualized Return 3.1%
  • 5 Yr Annualized Return 2.9%
  • Net Assets $2.4 B
  • Holdings in Top 10 11.0%

52 WEEK LOW AND HIGH

$13.44
$13.14
$13.49

Expenses

OPERATING RELATED FEES

  • Expense Ratio 0.48%

SALES FEES

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

BROKERAGE FEES

  • Turnover 15.00%

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 Long

Distributions

  • YTD Total Return 1.7%
  • 3 Yr Annualized Total Return 3.1%
  • 5 Yr Annualized Total Return 2.9%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 3.97%
DIVIDENDS
  • Dividend Yield 0.6%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name USAA Tax Exempt Long 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 John C. Bonnell

Fund Description

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.

USTEX - Performance

Return Ranking - Trailing

Period USTEX Return Category Return Low Category Return High Rank in Category (%) Quintile
YTD 1.7% -13.2% 99.4% 32.04% 3
1 Yr 5.7% -5.8% 10.7% 16.78% 1
3 Yr 3.1% * -4.5% 7.0% 12.71% 1
5 Yr 2.9% * -0.7% 5.8% 9.64% 1
10 Yr 4.5% * -0.5% 5.9% 10.65% 1

* Annualized


Return Ranking - Calendar

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

Total Return Ranking - Trailing

Period USTEX Return Category Return Low Category Return High Rank in Category (%) Quintile
YTD 1.7% -13.2% 99.4% 32.04% 3
1 Yr 5.7% -8.9% 10.1% 11.24% 1
3 Yr 3.1% * -5.4% 7.0% 9.11% 1
5 Yr 2.9% * -1.6% 5.8% 8.18% 1
10 Yr 4.5% * -0.5% 5.9% 8.35% 1

* Annualized


Total Return Ranking - Calendar

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

NAV & Total Return History

USTEX - Holdings

Filings data as of: Oct 31, 2017

Concentration Analysis

USTEX Category Low Category High USTEX % Rank Quintile
Net Assets 2.4 B 491 K 56 B 9.82% 2
Number of Holdings 507 1 7001 11.61% 2
Net Assets in Top 10 265 M -162 M 1.43 B 8.87% 2
Weighting of Top 10 11.0% 0.0% 100.0% 24.03% 4

Top 10 Holdings

  1. Regl Transn Auth 6.5% 2.10%
  2. Port Port Arthur Tex Nav Dist 1.36% 1.29%
  3. Regl Transn Auth 5.75% 1.11%
  4. Miami-Dade Cnty Fla Aviation R Av 5.375% 1.07%
  5. St John Baptist Parish La Rev Rev 5.125% 1.05%
  6. Tyler Tex Health Facs Dev Corp Rev 5.25% 0.91%
  7. Tender Opt Bd Tr Rcpts / Ctfs Ctfs 0.90%
  8. Port Port Arthur Tex Nav Dist 1.36% 0.88%
  9. Illinois Fin Auth 5.375% 0.86%
  10. Liberty N Y Dev Corp Rev Rev Bds 5.25% 0.86%

Asset Allocation

Weighting Category Low Category High USTEX % Rank Quintile
Bonds
100.00% 0.00% 202.21% 1.45% 1
Stocks
0.00% 0.00% 1.02% 0.97% 1
Preferred Stocks
0.00% 0.00% 19.17% 1.94% 1
Other
0.00% -2.77% 30.00% 6.45% 2
Convertible Bonds
0.00% 0.00% 2.30% 0.65% 1
Cash
0.00% -110.85% 100.00% 30.00% 5

Bond Sector Breakdown

Weighting Category Low Category High USTEX % Rank Quintile
Municipal
100.00% 0.00% 122.29% 1.77% 1
Derivative
0.00% -6.22% 5.74% 0.65% 1
Cash & Equivalents
0.00% -110.85% 100.00% 29.35% 5
Securitized
0.00% 0.00% 30.04% 2.74% 1
Corporate
0.00% -1.49% 28.60% 4.03% 1
Government
0.00% -27.41% 117.34% 5.48% 1

Bond Geographic Breakdown

Weighting Category Low Category High USTEX % Rank Quintile
US
99.92% 0.00% 202.21% 2.10% 1
Non US
0.08% 0.00% 20.20% 10.65% 3

USTEX - Expenses

Operational Fees

USTEX Fees (% of AUM) Category Low Category High Rank in Category (%) Quintile
Expense Ratio 0.48% 0.09% 4.60% 21.26% 1
Management Fee 0.27% 0.00% 1.00% 4.99% 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

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

Trading Fees

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 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.

USTEX Fees (% of AUM) Category Low Category High USTEX Rank Quintile
Turnover 15.00% 0.42% 905.27% 13.69% 2

USTEX - Distributions

Dividend Yield Analysis

USTEX Category Low Category High USTEX % Rank Quintile
Dividend Yield 0.6% 0.00% 1.01% 0.98% 1

Dividend Distribution Analysis

USTEX Category Low Category High Category Mode
Dividend Distribution Frequency Monthly Quarterly Monthly Annually

Dividend Payout History


Net Income Ratio Analysis

USTEX Category Low Category High USTEX % Rank Quintile
Net Income Ratio 3.97% -0.41% 5.26% 2.42% 1

Capital Gain Distribution Analysis

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

USTEX - Managers

John C. Bonnell

Manager

Start Date

Aug 31, 2006

Tenure

11.26

Tenure Rank

7.2%

John C. Bonnell, CFA, Vice President and Senior Portfolio Manager 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.


Dale R. Hoffmann

Manager

Start Date

Dec 01, 2015

Tenure

2.0

Tenure Rank

17.7%

Dale R. Hoffmann, is assistant vice president of Money Market Funds. He has been with the investment industry since 1999 and has worked for the firm since 1991. He holds a B.S.B.A. from University of South Dakota and a M.B.A. from 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

38.1

Category Average

7.76

Category Mode

0.7