SEMIANNUAL REPORT - USAA.com

Taxable Equivalent Illustration
To match the Fund Shares’ Dividend Return for the period ended 9/30/13,
and assuming marginal federal tax
rates of: 28.00% 36.80%* 38.80%* 43.40%*
A fully taxable investment must pay the following:
Period Dividend Return
10 Years 3.05% 4.23% 4.82% 4.98% 5.39%
5 Years 2.73% 3.79% 4.32% 4.46% 4.83%
1 Year 1.93% 2.69% 3.06% 3.16% 3.42%
To match the Fund Shares’ closing 30-day SEC Yield of 0.86% on 9/30/13,
A fully taxable investment must pay: 1.19% 1.35% 1.40% 1.51%
This table is based on a hypothetical investment calculated for illustrative
purposes only. It is not an indication of performance for any of the USAA
family of funds. Taxable equivalent returns or yields will vary depending on
applicable tax rates.
Some income may be subject to federal, state, or local taxes, but not the alternative minimum tax. Based
on 2013 tax rates or rates in effect as of the issuance of this report.
*The above marginal rates assume income exceeds $250,000 and investment income is subject to the
3.80% medicare tax which is applied for income over a specific level, depending on the federal income tax
filing status.
8 | USAA Tax Exempt Short-Term Fund