USATX: USAA Tax Exempt Intermediate-Term

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USATX USAA Tax Exempt Intermediate-Term

  • Fund
  • USATX
  • Price as of: Dec 04, 2019
  • $13.64
    - $0.00 - 0.00%

Profile

USATX - Profile

Vitals

  • YTD Return 4.0%
  • 3 Yr Annualized Return 1.9%
  • 5 Yr Annualized Return 0.1%
  • Net Assets $5.02 B
  • Holdings in Top 10 7.2%

52 WEEK LOW AND HIGH

$13.64
$13.06
$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


Distributions

  • YTD Total Return 4.0%
  • 3 Yr Annualized Total Return 1.9%
  • 5 Yr Annualized Total Return 0.1%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 3.07%
DIVIDENDS
  • Dividend Yield 1.0%
  • 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.


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Categories

Fund Company Quick Screens

USATX - Fund Company Quick Screens


Performance

USATX - Performance

Return Ranking - Trailing

Period USATX Return Category Return Low Category Return High Rank in Category (%)
YTD 4.0% -0.4% 83.7% 54.48%
1 Yr 4.4% -2.3% 83.7% 60.13%
3 Yr 1.9%* -2.5% 22.5% 29.06%
5 Yr 0.1%* -14.6% 11.3% 59.47%
10 Yr 0.6%* -1.4% 7.4% 52.14%

* Annualized

Return Ranking - Calendar

Period USATX Return Category Return Low Category Return High Rank in Category (%)
2018 -1.8% -13.7% 0.8% 31.56%
2017 2.5% -2.8% 21.2% 14.21%
2016 -3.6% -58.1% 8.6% 93.01%
2015 -0.7% -24.0% 3.0% 39.73%
2014 3.7% -34.8% 26.9% 35.07%

Total Return Ranking - Trailing

Period USATX Return Category Return Low Category Return High Rank in Category (%)
YTD 4.0% -0.4% 83.7% 55.42%
1 Yr 4.4% -2.3% 83.7% 60.17%
3 Yr 1.9%* -2.5% 22.5% 36.72%
5 Yr 0.1%* -14.6% 11.3% 67.28%
10 Yr 0.6%* -1.4% 7.4% 62.47%

* Annualized

Total Return Ranking - Calendar

Period USATX Return Category Return Low Category Return High Rank in Category (%)
2018 -1.8% -13.7% 6.5% 39.71%
2017 2.5% -2.7% 27.0% 24.93%
2016 -3.6% -58.1% 10.7% 94.36%
2015 -0.7% -14.6% 4.2% 47.81%
2014 3.7% -34.8% 26.9% 42.43%

NAV & Total Return History


Holdings

USATX - Holdings

Concentration Analysis

USATX Category Low Category High USATX % Rank
Net Assets 5.02 B 691 K 245 B 14.04%
Number of Holdings 1081 2 17572 13.47%
Net Assets in Top 10 360 M -203 M 25.7 B 24.30%
Weighting of Top 10 7.21% 2.5% 138.1% 93.91%

Top 10 Holdings

  1. LOWER ALA GAS DIST GAS PROJ REV 5% 0.92%
  2. GOLDEN ST TOB SECURITIZATION CORP CALIF TOB SETTLEMENT REV 0% 0.83%
  3. HARRIS CNTY TEX INDL DEV CORP SOLID WASTE DISP REV 5% 0.81%
  4. PORT PORT ARTHUR TEX NAV DIST ENVIRONMENTAL FACS REV 1.73% 0.80%
  5. ST JAMES PARISH LA REV 1.7% 0.68%
  6. ST JAMES PARISH LA REV 1.77% 0.67%
  7. PORT PORT ARTHUR TEX NAV DIST ENVIRONMENTAL FACS REV 1.87% 0.67%
  8. ARIZONA HEALTH FACS AUTH REV 3.43% 0.63%
  9. PENNSYLVANIA ECONOMIC DEV FING AUTH REV 3% 0.62%
  10. ARKANSAS DEV FIN AUTH HEALTH CARE REV 3.13% 0.59%

Asset Allocation

Weighting Return Low Return High USATX % Rank
Bonds
99.87% 80.25% 160.29% 19.56%
Cash
0.13% -60.29% 28.73% 77.73%
Stocks
0.00% -17.64% 26.52% 13.64%
Preferred Stocks
0.00% -1.25% 8.19% 19.49%
Other
0.00% -36.80% 30.83% 13.32%
Convertible Bonds
0.00% 0.00% 4.87% 45.10%

Bond Sector Breakdown

Weighting Return Low Return High USATX % Rank
Municipal
99.87% 0.00% 149.42% 13.18%
Cash & Equivalents
0.13% -60.29% 28.73% 77.41%
Derivative
0.00% -25.78% 41.91% 12.86%
Securitized
0.00% 0.00% 136.75% 56.39%
Corporate
0.00% -1.23% 98.80% 64.48%
Government
0.00% -86.06% 125.80% 57.53%

Bond Geographic Breakdown

Weighting Return Low Return High USATX % Rank
US
99.40% 63.24% 157.48% 14.46%
Non US
0.47% -27.08% 24.33% 73.89%

Expenses

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% 79.08%
Management Fee 0.28% 0.00% 1.25% 17.85%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee 0.15% 0.00% 0.63% 72.18%

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

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% 2053.00% 4.90%

Distributions

USATX - Distributions

Dividend Yield Analysis

USATX Category Low Category High USATX % Rank
Dividend Yield 0.98% 0.00% 94.96% 42.71%

Dividend Distribution Analysis

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

Net Income Ratio Analysis

USATX Category Low Category High USATX % Rank
Net Income Ratio 3.07% 0.00% 6.30% 23.76%

Capital Gain Distribution Analysis

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

Dividend Payout History

View More +

Fund Manager Analysis

USATX - Fund Manager Analysis

Managers

Regina G. Conklin


Start Date

Tenure

Tenure Rank

Jun 01, 2003

16.43

16.4%

Regina G. Conklin, CFA, CPA, Victory Capital Senior Portfolio Manager--USAA Investments, a Victory Capital investment franchise, has 24 years of investment management experience, and has worked 28 years with USAA Asset Management Company (AMCO), which was acquired by the Adviser's parent company in 2019. Ms. Conklin is a member of the CFA Institute, the CFA Society of San Antonio, and the National Federation of Municipal Analysts.

John C. Bonnell


Start Date

Tenure

Tenure Rank

Jul 01, 2019

0.33

0.3%

John C. Bonnell, CFA, Victory Capital Senior Portfolio Manager--USAA Investments, a Victory Capital investment franchise, has 30 years of investment management experience, 25 of which have been with USAA Asset Management Company (AMCO), which was acquired by the Adviser's parent company in 2019. 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, and the National Federation of Municipal Analysts.

Andrew Hattman


Start Date

Tenure

Tenure Rank

Jul 01, 2019

0.33

0.3%

Andrew Hattman, CFA, CAIA, Victory Capital Portfolio Manager--USAA Investments, a Victory Capital investment franchise, has eight years of investment management experience, all of which have been with USAA Asset Management Company (AMCO), which was acquired by the Adviser's parent company in 2019. Mr. Hattman holds CFA and CAIA designations.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.0 32.94 7.62 7.46