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 tax for individual taxpayers.
| Period | USTEX Return | Category Return Low | Category Return High | Rank in Category (%) | Quintile |
|---|---|---|---|---|---|
| YTD | -4.2% | -13.2% | 99.4% | 64.56% | 5 |
| 1 Yr | -0.1% | -5.8% | 10.7% | 34.85% | 2 |
| 3 Yr | 2.1% * | -4.5% | 7.0% | 16.15% | 1 |
| 5 Yr | 3.7% * | -0.6% | 5.8% | 15.59% | 1 |
| 10 Yr | 5.7% * | 0.0% | 7.7% | 7.10% | 1 |
* Annualized
| Period | USTEX Return | Category Return Low | Category Return High | Rank in Category (%) | Quintile |
|---|---|---|---|---|---|
| 2017 | 1.7% | -5.3% | 5.6% | 28.38% | 2 |
| 2016 | -3.3% | -8.5% | 7.3% | 56.24% | 5 |
| 2015 | -0.9% | -10.9% | 8.8% | 52.65% | 5 |
| 2014 | 6.0% | -10.3% | 12.0% | 21.54% | 2 |
| 2013 | -6.7% | -11.9% | 8.7% | 50.67% | 4 |
| Period | USTEX Return | Category Return Low | Category Return High | Rank in Category (%) | Quintile |
|---|---|---|---|---|---|
| YTD | -4.2% | -13.2% | 99.4% | 64.24% | 5 |
| 1 Yr | -0.1% | -8.9% | 8.9% | 23.78% | 2 |
| 3 Yr | 2.1% * | -5.4% | 7.0% | 11.68% | 1 |
| 5 Yr | 3.7% * | -1.5% | 5.8% | 11.38% | 1 |
| 10 Yr | 5.7% * | 0.0% | 7.7% | 6.05% | 1 |
* Annualized
| Period | USTEX Return | Category Return Low | Category Return High | Rank in Category (%) | Quintile |
|---|---|---|---|---|---|
| 2017 | 1.7% | -5.3% | 5.6% | 28.38% | 2 |
| 2016 | -3.3% | -8.2% | 7.3% | 59.83% | 5 |
| 2015 | -0.9% | -9.7% | 9.3% | 62.39% | 5 |
| 2014 | 6.0% | -10.3% | 17.0% | 25.57% | 2 |
| 2013 | -6.7% | -11.9% | 8.9% | 56.05% | 4 |
| USTEX | Category Low | Category High | USTEX % Rank | Quintile | |
|---|---|---|---|---|---|
| Net Assets | 2.28 B | 491 K | 58.1 B | 10.63% | 2 |
| Number of Holdings | 514 | 1 | 7949 | 12.74% | 2 |
| Net Assets in Top 10 | 254 M | -275 M | 1.74 B | 9.35% | 2 |
| Weighting of Top 10 | 11.0% | 0.0% | 100.0% | 24.84% | 4 |
| Weighting | Category Low | Category High | USTEX % Rank | Quintile | |
|---|---|---|---|---|---|
| Bonds | 100.01% | 0.00% | 202.21% | 2.09% | 1 |
| Stocks | 0.00% | 0.00% | 0.32% | 0.97% | 1 |
| Preferred Stocks | 0.00% | 0.00% | 10.00% | 0.81% | 1 |
| Other | 0.00% | -2.77% | 28.44% | 5.81% | 2 |
| Convertible Bonds | 0.00% | 0.00% | 2.31% | 0.97% | 1 |
| Cash | -0.01% | -110.85% | 100.00% | 29.19% | 5 |
| Weighting | Category Low | Category High | USTEX % Rank | Quintile | |
|---|---|---|---|---|---|
| Municipal | 100.01% | 0.00% | 120.12% | 2.10% | 1 |
| Derivative | 0.00% | -5.91% | 0.85% | 0.48% | 1 |
| Securitized | 0.00% | 0.00% | 41.80% | 2.42% | 1 |
| Corporate | 0.00% | 0.00% | 41.51% | 5.16% | 2 |
| Government | 0.00% | -20.52% | 117.34% | 6.29% | 1 |
| Cash & Equivalents | -0.01% | -110.85% | 100.00% | 28.55% | 5 |
| Weighting | Category Low | Category High | USTEX % Rank | Quintile | |
|---|---|---|---|---|---|
| US | 99.93% | 0.00% | 202.21% | 2.42% | 1 |
| Non US | 0.08% | 0.00% | 26.08% | 12.58% | 3 |
| USTEX Fees (% of AUM) | Category Low | Category High | Rank in Category (%) | Quintile | |
|---|---|---|---|---|---|
| Expense Ratio | 0.47% | 0.08% | 4.60% | 21.90% | 1 |
| Management Fee | 0.27% | 0.00% | 0.65% | 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 |
| 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 | 14.00% | 0.00% | 504.54% | 16.43% | 1 |
| USTEX | Category Low | Category High | USTEX % Rank | Quintile | |
|---|---|---|---|---|---|
| Dividend Yield | 0.5% | 0.00% | 1.01% | 2.44% | 1 |
| USTEX | Category Low | Category High | Category Mode | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Monthly | Quarterly | Monthly | Annually |
| Date | Amount |
|---|---|
| Oct 31, 2018 | $0.041 |
| Aug 31, 2018 | $0.045 |
| Jul 31, 2018 | $0.040 |
| Jun 29, 2018 | $0.042 |
| May 31, 2018 | $0.041 |
| Apr 30, 2018 | $0.040 |
| Mar 29, 2018 | $0.043 |
| Feb 28, 2018 | $0.041 |
| Jan 31, 2018 | $0.040 |
| Dec 29, 2017 | $0.044 |
| Nov 30, 2017 | $0.042 |
| Oct 31, 2017 | $0.040 |
| Sep 29, 2017 | $0.044 |
| Aug 31, 2017 | $0.043 |
| Jul 31, 2017 | $0.041 |
| Jun 30, 2017 | $0.048 |
| May 31, 2017 | $0.046 |
| Apr 28, 2017 | $0.043 |
| Mar 31, 2017 | $0.047 |
| Feb 28, 2017 | $0.044 |
| Jan 31, 2017 | $0.041 |
| Dec 30, 2016 | $0.047 |
| Nov 30, 2016 | $0.043 |
| Oct 31, 2016 | $0.040 |
| Sep 30, 2016 | $0.049 |
| Aug 31, 2016 | $0.045 |
| Jul 29, 2016 | $0.045 |
| Jun 30, 2016 | $0.047 |
| May 31, 2016 | $0.046 |
| Apr 29, 2016 | $0.049 |
| Mar 31, 2016 | $0.047 |
| Feb 29, 2016 | $0.047 |
| Jan 29, 2016 | $0.042 |
| Dec 31, 2015 | $0.052 |
| Nov 30, 2015 | $0.045 |
| Oct 30, 2015 | $0.054 |
| Sep 30, 2015 | $0.049 |
| Aug 31, 2015 | $0.046 |
| Jul 31, 2015 | $0.052 |
| Jun 30, 2015 | $0.048 |
| May 29, 2015 | $0.048 |
| Apr 30, 2015 | $0.047 |
| Mar 31, 2015 | $0.045 |
| Feb 27, 2015 | $0.046 |
| Jan 30, 2015 | $0.047 |
| Dec 31, 2014 | $0.049 |
| Nov 28, 2014 | $0.045 |
| 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 |
| Dec 31, 2009 | $0.059 |
| Nov 30, 2009 | $0.053 |
| Oct 30, 2009 | $0.057 |
| Sep 30, 2009 | $0.054 |
| Aug 31, 2009 | $0.051 |
| Jul 31, 2009 | $0.059 |
| 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 |
| Dec 31, 2007 | $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 |
| 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 |
| 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 | $0.056 |
| Apr 30, 2003 | $0.054 |
| Mar 31, 2003 | $0.052 |
| Feb 28, 2003 | $0.055 |
| Jan 31, 2003 | $0.057 |
| Dec 31, 2002 | $0.054 |
| Nov 29, 2002 | $0.056 |
| Oct 31, 2002 | $0.055 |
| Sep 30, 2002 | $0.052 |
| Aug 30, 2002 | $0.060 |
| Jul 31, 2002 | $0.056 |
| Jun 28, 2002 | $0.053 |
| May 31, 2002 | $0.060 |
| Apr 30, 2002 | $0.056 |
| 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 31, 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 30, 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 | $0.069 |
| 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 |
| 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 |
| May 31, 1996 | $0.065 |
| Apr 30, 1996 | $0.069 |
| Mar 29, 1996 | $0.061 |
| Feb 29, 1996 | $0.065 |
| Dec 29, 1995 | $0.062 |
| Nov 30, 1995 | $0.066 |
| Oct 31, 1995 | $0.069 |
| Sep 29, 1995 | $0.064 |
| Aug 31, 1995 | $0.067 |
| Jul 31, 1995 | $0.067 |
| Jun 30, 1995 | $0.068 |
| May 31, 1995 | $0.072 |
| Apr 28, 1995 | $0.064 |
| Mar 31, 1995 | $0.068 |
| Feb 28, 1995 | $0.068 |
| Jan 31, 1995 | $0.070 |
| Dec 30, 1994 | $0.065 |
| Nov 30, 1994 | $0.067 |
| Oct 31, 1994 | $0.066 |
| Sep 30, 1994 | $0.066 |
| Aug 31, 1994 | $0.068 |
| Jul 29, 1994 | $0.057 |
| Jun 30, 1994 | $0.060 |
| Apr 29, 1994 | $0.062 |
| Mar 31, 1994 | $0.066 |
| Feb 28, 1994 | $0.068 |
| Jan 31, 1994 | $0.067 |
| Dec 31, 1993 | $0.067 |
| Nov 30, 1993 | $0.072 |
| Oct 29, 1993 | $0.064 |
| Sep 30, 1993 | $0.689 |
| Aug 31, 1993 | $0.071 |
| Jul 30, 1993 | $0.067 |
| Jun 30, 1993 | $0.077 |
| May 28, 1993 | $0.064 |
| Apr 30, 1993 | $0.071 |
| Mar 31, 1993 | $0.078 |
| Feb 26, 1993 | $0.072 |
| Jan 29, 1993 | $0.069 |
| Dec 31, 1992 | $0.073 |
| Oct 30, 1992 | $0.072 |
| Sep 30, 1992 | $0.074 |
| Aug 31, 1992 | $0.075 |
| USTEX | Category Low | Category High | USTEX % Rank | Quintile | |
|---|---|---|---|---|---|
| Net Income Ratio | 3.83% | 0.01% | 5.26% | 4.03% | 1 |
| USTEX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Daily | Annually |
Manager
Start Date
Aug 31, 2006Tenure
12.18
Tenure Rank
6.8%
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.
Manager
Start Date
Dec 01, 2015Tenure
2.92
Tenure Rank
17.1%
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.
Category Low
0.0
Category High
39.1
Category Average
8
Category Mode
0.5
Every fortnight, MutualFunds.com provides a snapshot of the performance of some key mutual funds...
Every fortnight, MutualFunds.com provides a snapshot of the performance of some key mutual funds...
Every fortnight, MutualFunds.com provides a snapshot of the performance of some key mutual funds...
Creating a properly diversified portfolio can be a difficult proposition, especially when...
Low Volatility ETFs invest in securities with low volatility characteristics. These funds tend to have relatively stable share prices, and higher than average yields.
Investors who suspect that the stock market may be about to decline can take action to reduce the...