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USATX USAA Tax Exempt Intermediate-Term

  • Fund
  • USATX
  • Price as of: Sep 17, 2019
  • $13.59 - $0.01 - 0.07%

USATX - Profile

Vitals

  • YTD Return 3.6%
  • 3 Yr Annualized Return -0.3%
  • 5 Yr Annualized Return 0.1%
  • Net Assets $5.04 B
  • Holdings in Top 10 7.6%

52 WEEK LOW AND HIGH

$13.59
$12.91
$13.79

Expenses

OPERATING RELATED FEES

  • Expense Ratio 0.52%

SALES FEES

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

BROKERAGE FEES

  • Turnover 8.00%

TRADING FEES

  • Max Redemption Fee N/A

Min Investment

STANDARD (TAXABLE)

$3,000

IRA

N/A

Fund Classification

PRIMARY CATEGORY

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

Distributions

  • YTD Total Return 3.6%
  • 3 Yr Annualized Total Return -0.3%
  • 5 Yr Annualized Total Return 0.1%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 3.07%
DIVIDENDS
  • Dividend Yield 1.5%
  • 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. 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 3.6% -0.2% 18.3% 52.41%
1 Yr 4.1% -4.4% 15.6% 46.75%
3 Yr -0.3%* -3.0% 9.3% 62.65%
5 Yr 0.1%* -14.8% 3.5% 46.48%
10 Yr 0.5%* -8.7% 6.5% 33.08%

* Annualized


Return Ranking - Calendar

Period USATX Return Category Return Low Category Return High Rank in Category (%)
2018 -1.8% -13.7% 6.9% 31.60%
2017 2.5% -6.5% 21.2% 13.22%
2016 -3.6% -58.1% 8.6% 95.42%
2015 -0.7% -24.0% 2.6% 39.77%
2014 3.7% -60.4% 83.0% 33.62%

Total Return Ranking - Trailing

Period USATX Return Category Return Low Category Return High Rank in Category (%)
YTD 3.6% -0.2% 18.3% 53.26%
1 Yr 4.1% -4.4% 15.6% 49.76%
3 Yr -0.3%* -3.0% 9.3% 69.97%
5 Yr 0.1%* -14.8% 5.5% 58.99%
10 Yr 0.5%* -8.7% 7.0% 51.61%

* Annualized


Total Return Ranking - Calendar

Period USATX Return Category Return Low Category Return High Rank in Category (%)
2018 -1.8% -13.7% 6.9% 40.54%
2017 2.5% -6.5% 27.0% 24.53%
2016 -3.6% -58.1% 10.7% 96.87%
2015 -0.7% -14.6% 4.2% 47.95%
2014 3.7% -60.4% 83.0% 41.33%

NAV & Total Return History

USATX - Holdings

Concentration Analysis

USATX Category Low Category High USATX % Rank
Net Assets 5.04 B 701 K 241 B 13.85%
Number of Holdings 1070 1 17412 14.25%
Net Assets in Top 10 375 M -179 M 23.7 B 24.03%
Weighting of Top 10 7.59% 2.5% 212.7% 92.75%

Top 10 Holdings

  1. LOWER ALA GAS DIST GAS PROJ REV 5% 0.91%

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

  3. PORT PORT ARTHUR TEX NAV DIST ENVIRONMENTAL FACS REV 1.55% 0.85%

  4. HARRIS CNTY TEX INDL DEV CORP SOLID WASTE DISP REV 5% 0.82%

  5. PORT PORT ARTHUR TEX NAV DIST ENVIRONMENTAL FACS REV 1.52% 0.80%

  6. PORT PORT ARTHUR TEX NAV DIST ENVIRONMENTAL FACS REV 1.55% 0.73%

  7. ST JAMES PARISH LA REV 1.62% 0.69%

  8. ST JAMES PARISH LA REV 1.56% 0.68%

  9. ARIZONA HEALTH FACS AUTH REV 3.25% 0.64%

  10. PENNSYLVANIA ECONOMIC DEV FING AUTH REV 3% 0.61%


Asset Allocation

Weighting Return Low Return High USATX % Rank
Bonds
99.26% 80.17% 129.72% 29.85%
Cash
0.74% -37.85% 22.95% 66.63%
Stocks
0.00% -14.50% 14.08% 26.74%
Preferred Stocks
0.00% -1.25% 4.10% 31.79%
Other
0.00% -16.03% 27.53% 25.64%
Convertible Bonds
0.00% 0.00% 6.30% 52.93%

Bond Sector Breakdown

Weighting Return Low Return High USATX % Rank
Municipal
99.26% 0.00% 106.42% 19.78%
Cash & Equivalents
0.74% -37.85% 22.95% 63.88%
Derivative
0.00% -24.73% 33.80% 26.26%
Securitized
0.00% 0.00% 141.25% 62.93%
Corporate
0.00% -1.23% 99.47% 67.62%
Government
0.00% -74.40% 115.78% 64.10%

Bond Geographic Breakdown

Weighting Return Low Return High USATX % Rank
US
98.78% 66.38% 150.14% 20.15%
Non US
0.48% -43.03% 26.38% 74.43%

USATX - Expenses

Operational Fees

USATX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.52% 0.00% 209.96% 79.21%
Management Fee 0.28% 0.00% 1.25% 16.74%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee 0.15% 0.00% 0.63% 74.14%

Sales Fees

USATX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.00% 5.75% N/A
Deferred Load N/A 0.00% 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 8.00% 0.00% 1856.00% 5.40%

USATX - Distributions

Dividend Yield Analysis

USATX Category Low Category High USATX % Rank
Dividend Yield 1.50% 0.00% 95.96% 39.52%

Dividend Distribution Analysis

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

Dividend Payout History


Net Income Ratio Analysis

USATX Category Low Category High USATX % Rank
Net Income Ratio 3.07% -0.18% 4.99% 21.46%

Capital Gain Distribution Analysis

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

USATX - Managers

Regina G. Conklin

Manager

Start Date

Tenure

Tenure Rank

Jun 01, 2003

16.26

16.3%

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.


John C. Bonnell

Manager

Start Date

Tenure

Tenure Rank

Jul 01, 2019

0.17

0.2%

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.


Andrew Hattman

Manager

Start Date

Tenure

Tenure Rank

Jul 01, 2019

0.17

0.2%

Andrew Hattman, CFA, CAIA, Victory Capital Portfolio Manager–USAA Investments, A Victory Capital Investment Franchise, has co-managed the Fund since July 2019. Mr. Hattman holds CFA and CAIA designations.


Tenure Analysis

Category Low

0.0

Category High

39.94

Category Average

7.49

Category Mode

7.29