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USATX USAA Tax Exempt Intermediate-Term

  • Fund
  • USATX
  • Price as of: May 14, 2019
  • $13.48 + $0.02 + 0.15%
  • Category
  • National Munis

USATX - Profile

Vitals

  • YTD Return 2.7%
  • 3 Yr Annualized Return -0.6%
  • 5 Yr Annualized Return -0.1%
  • Net Assets $4.81 B
  • Holdings in Top 10 7.2%

52 WEEK LOW AND HIGH

$13.48
$12.91
$13.48

Expenses

OPERATING RELATED FEES

  • Expense Ratio 0.51%

SALES FEES

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

BROKERAGE FEES

  • Turnover 11.00%

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 2.7%
  • 3 Yr Annualized Total Return -0.6%
  • 5 Yr Annualized Total Return -0.1%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 3.09%
DIVIDENDS
  • Dividend Yield 0.0%
  • 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. Conklin

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 (%)
YTD 2.7% -3.2% 4.3% 40.91%
1 Yr 2.9% -3.1% 5.2% 23.91%
3 Yr -0.6%* -3.1% 1.8% 60.08%
5 Yr -0.1%* -2.2% 2.0% 51.66%
10 Yr 0.9%* -8.8% 2.8% 31.60%

* Annualized


Return Ranking - Calendar

Period USATX Return Category Return Low Category Return High Rank in Category (%)
2018 -1.8% -4.8% 0.8% 53.57%
2017 2.5% -0.9% 5.6% 24.50%
2016 -3.6% -6.1% 7.3% 90.43%
2015 -0.7% -10.9% 2.6% 78.82%
2014 3.7% -60.4% 12.0% 54.62%

Total Return Ranking - Trailing

Period USATX Return Category Return Low Category Return High Rank in Category (%)
YTD 2.7% -3.2% 4.8% 43.87%
1 Yr 2.9% -3.1% 7.2% 29.05%
3 Yr -0.6%* -3.0% 3.1% 66.40%
5 Yr -0.1%* -1.9% 3.8% 57.68%
10 Yr 0.9%* -8.8% 4.8% 41.72%

* Annualized


Total Return Ranking - Calendar

Period USATX Return Category Return Low Category Return High Rank in Category (%)
2018 -1.8% -4.8% 1.7% 57.54%
2017 2.5% -0.9% 6.2% 30.72%
2016 -3.6% -6.1% 7.3% 92.87%
2015 -0.7% -9.6% 3.9% 82.48%
2014 3.7% -60.4% 12.0% 59.45%

NAV & Total Return History

USATX - Holdings

Concentration Analysis

USATX Category Low Category High USATX % Rank
Net Assets 4.81 B 770 K 66.2 B 12.25%
Number of Holdings 1048 3 8426 14.65%
Net Assets in Top 10 345 M -122 M 1.81 B 17.03%
Weighting of Top 10 7.23% 2.5% 100.0% 87.52%

Top 10 Holdings

  1. LOWER ALA GAS DIST GAS PROJ REV 5% 0.88%

  2. GOLDEN ST TOB SECURITIZATION CORP CALIF TOB SETTLEMENT REV 0% 0.86%

  3. HARRIS CNTY TEX INDL DEV CORP SOLID WASTE DISP REV 5% 0.86%

  4. ST JAMES PARISH LA REV 1.68% 0.71%

  5. ST JAMES PARISH LA REV 1.68% 0.70%

  6. PORT PORT ARTHUR TEX NAV DIST ENVIRONMENTAL FACS REV 1.65% 0.69%

  7. PORT PORT ARTHUR TEX NAV DIST ENVIRONMENTAL FACS REV 1.75% 0.67%

  8. ARIZONA HEALTH FACS AUTH REV 3.35% 0.65%

  9. ARKANSAS DEV FIN AUTH HEALTH CARE REV 3.05% 0.62%

  10. CALIFORNIA ST 5.75% 0.58%


Asset Allocation

Weighting Return Low Return High USATX % Rank
Bonds
99.87% 66.80% 103.87% 16.04%
Cash
0.13% -2.12% 31.82% 81.19%
Stocks
0.00% 0.00% 0.01% 47.52%
Preferred Stocks
0.00% 0.00% 9.32% 47.52%
Other
0.00% -3.88% 30.00% 51.88%
Convertible Bonds
0.00% 0.00% 2.58% 47.72%

Bond Sector Breakdown

Weighting Return Low Return High USATX % Rank
Municipal
99.69% 0.00% 112.93% 18.02%
Cash & Equivalents
0.31% -7.72% 31.82% 75.45%
Derivative
0.00% 0.00% 0.01% 47.92%
Securitized
0.00% 0.00% 25.65% 48.91%
Corporate
0.00% 0.00% 39.31% 55.45%
Government
0.00% -13.64% 71.35% 46.73%

Bond Geographic Breakdown

Weighting Return Low Return High USATX % Rank
US
99.39% 53.15% 103.17% 11.49%
Non US
0.48% 0.00% 25.08% 36.24%

USATX - Expenses

Operational Fees

USATX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.51% 0.08% 4.80% 82.02%
Management Fee 0.30% 0.00% 0.65% 17.39%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee 0.15% 0.01% 0.34% 74.40%

Sales Fees

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

Trading Fees

USATX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.25% 2.00% 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 Return Low Category Return High Rank in Category (%)
Turnover 11.00% 0.00% 504.54% 8.70%

USATX - Distributions

Dividend Yield Analysis

USATX Category Low Category High USATX % Rank
Dividend Yield 0.02% 0.00% 0.94% 40.51%

Dividend Distribution Analysis

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

Dividend Payout History


Net Income Ratio Analysis

USATX Category Low Category High USATX % Rank
Net Income Ratio 3.09% 0.01% 4.95% 22.33%

Capital Gain Distribution Analysis

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

USATX - Managers

Regina G. Conklin

Manager

Start Date

Tenure

Tenure Rank

Jun 01, 2003

15.92

15.9%

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

Tenure

Tenure Rank

Dec 01, 2015

3.41

3.4%

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

39.6

Category Average

7.67

Category Mode

4.15