SEMIANNUAL REPORT - USAA.com

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Taxable Equivalent Illustration To match the Adviser Shares’ closing 30-day SEC Yield of 0.59% on 9/30/13, and assuming marginal federal tax rates of: 28.00% 36.80%* 38.80%* 43.40%* A fully taxable investment must pay: 0.82% 0.93% 0.96% 1.04% 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. 12 | USAA Tax Exempt Short-Term Fund
■ CUMULATIVE PERFORMANCE COMPARISON ■ $12,000 $11,500 $11,237 $11,000 $10,500 $10,669 $10,413 $10,000 $9,500 7/10 11/10 3/11 7/11 11/11 3/12 7/12 11/12 3/13 7/13 9/13 Barclays Municipal Bond Index $11,237 USAA Tax Exempt Short-Term Fund Adviser Shares $10,669 Lipper Short Municipal Bond Funds Index $10,413 Data from 7/31/10 through 9/30/13.* See page 9 for benchmark definitions. The graph illustrates the comparison of a $10,000 hypothetical investment in the USAA Tax Exempt Short-Term Fund Adviser Shares to the benchmarks. *The performance of the Barclays Municipal Bond Index and the Lipper Short Municipal Bond Funds Index is calculated from the end of the month, July 31, 2010, while the Adviser Shares’ inception date is August 1, 2010. There may be a slight variation of performance numbers because of this difference. Past performance is no guarantee of future results, and the cumulative performance quoted does not reflect the deduction of taxes that a shareholder would pay on distributions or the redemption of shares. Indexes are unmanaged and you cannot invest directly in an index. Investment Overview | 13
Page 1 and 2: SEMIANNUAL REPORT USAA TAX EXEMPT S
Page 3 and 4: emain solid. We continue to expect
Page 5 and 6: FUND OBJECTIVE The USAA Tax Exempt
Page 7 and 8: after Fed Chairman Ben Bernanke sug
Page 9 and 10: During the reporting period, we con
Page 11 and 12: Average Annual Compounded Returns w
Page 13 and 14: ■ CUMULATIVE PERFORMANCE COMPARIS
Page 15: USAA TAX EXEMPT SHORT-TERM FUND ADV
Page 19 and 20: ■ PORTFOLIO RATINGS MIX — 9/30/
Page 21 and 22: Corp., Assured Guaranty Municipal C
Page 23 and 24: Principal Market Amount Coupon Fina
Page 37 and 38: STATEMENT OF ASSETS AND LIABILITIES
Page 39 and 40: STATEMENTS OF CHANGES IN NET ASSETS
Page 41 and 42: valuation policies and procedures w
Page 43 and 44: that are observable for the securit
Page 45 and 46: the committed loan agreement. The f
Page 47 and 48: Capital share transactions for all
Page 49 and 50: September 30, 2013, the Fund Shares
Page 51 and 52: (9) FINANCIAL HIGHLIGHTS — FUND S
Page 53 and 54: EXPENSE EXAMPLE September 30, 2013
Page 55 and 56: ADVISORY AGREEMENT September 30, 20
Page 57 and 58: the Fund’s other service provider
Page 59 and 60: Trust, including that the Manager m

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