SEMIANNUAL REPORT - USAA.com

INVESTMENT OVERVIEW
USAA TAX EXEMPT SHORT-TERM FUND SHARES
(FUND SHARES) (Ticker Symbol: USSTX)
9/30/13 3/31/13
Net Assets $2,141.0 Million $2,185.7 Million
Net Asset Value Per Share $10.71 $10.84
Last 12 Months
Tax-Exempt Dividends Per Share $0.210 $0.219
Capital Gain Distributions Per Share – –
Dollar-Weighted Average
Portfolio Maturity † 2.0 Years 2.1 Years
† Dollar-weighted average portfolio maturity is obtained by multiplying the dollar value of each investment
by the number of days left to its maturity, adding those figures together, and dividing them by the total
dollar value of the Fund’s portfolio.
AVERAGE ANNUAL TOTAL RETURNS AS OF 9/30/13
3/31/13-9/30/13 * 1 Year 5 Years 10 Years
–0.28% 0.64% 3.26% 2.88%
30-DAY SEC YIELD AS OF 9/30/13 ** EXPENSE RATIO AS OF 3/31/13 ***
0.86% 0.55%
The performance data quoted represents past performance and is no guarantee
of future results. Current performance may be higher or lower than the
performance data quoted. The return and principal value of an investment will
fluctuate, so that an investor’s shares, when redeemed, may be worth more or
less than their original cost. For performance data current to the most recent
month-end, visit usaa.com.
*Total returns for periods of less than one year are not annualized. This six-month return is cumulative.
**Calculated as prescribed by the Securities and Exchange Commission.
***The expense ratio represents the total annual operating expenses, before reductions of any expenses
paid indirectly and including any acquired fund fees and expenses, as reported in the Fund’s prospectus
dated August 1, 2013, and is calculated as a percentage of average net assets. This expense ratio may
differ from the expense ratio disclosed in the Financial Highlights, which excludes acquired fund fees and
expenses.
No adjustment has been made for taxes payable by shareholders on their reinvested net investment
income and realized capital gain distributions.
6 | USAA Tax Exempt Short-Term Fund