SEMIANNUAL REPORT - USAA.com

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NOTES TO PORTFOLIO OF INVESTMENTS September 30, 2013 (unaudited) ■ GENERAL NOTES Market values of securities are determined by procedures and practices discussed in Note 1 to the financial statements. The portfolio of investments category percentages shown represent the percentages of the investments to net assets, and, in total, may not equal 100%. A category percentage of 0.0% represents less than 0.1% of net assets. ■ SPECIFIC NOTES (a) Zero-coupon security. Rate represents the effective yield at the date of purchase. (b) Restricted security that is not registered under the Securities Act of 1933. A resale of this security in the United States may occur in an exempt transaction to a qualified institutional buyer as defined by Rule 144A, and as such has been deemed liquid by USAA Asset Management Company (the Manager) under liquidity guidelines approved by the Trust’s Board of Trustees (the Board), unless otherwise noted as illiquid. (c) Security deemed illiquid by the Manager, under liquidity guidelines approved by the Board. The aggregate market value of these securities at September 30, 2013, was $3,125,000, which represented 0.1% of the Fund’s net assets. (d) Variable-rate or floating-rate security — interest rate is adjusted periodically. The interest rate disclosed represents the current rate at September 30, 2013. See accompanying notes to financial statements. 32 | USAA Tax Exempt Short-Term Fund
STATEMENT OF ASSETS AND LIABILITIES (IN THOUSANDS) September 30, 2013 (unaudited) ASSETS Investments in securities, at market value (cost of $2,121,108) $2,163,069 Cash 1,978 Receivables: Capital shares sold 3,125 Interest 16,780 Total assets 2,184,952 LIABILITIES Payables: Securities purchased 30,000 Capital shares redeemed 3,478 Dividends on capital shares 472 Accrued management fees 578 Accrued transfer agent’s fees 30 Other accrued expenses and payables 54 Total liabilities 34,612 Net assets applicable to capital shares outstanding $2,150,340 NET ASSETS CONSIST OF: Paid-in capital $2,128,225 Accumulated undistributed net investment income 2 Accumulated net realized loss on investments (19,848) Net unrealized appreciation of investments 41,961 Net assets applicable to capital shares outstanding $2,150,340 Net asset value, redemption price, and offering price per share: Fund Shares (net assets of $2,140,956/199,951 shares outstanding) $ 10.71 Adviser Shares (net assets of $9,384/877 shares outstanding) $ 10.71 See accompanying notes to financial statements. Financial Statements | 33
Page 1 and 2: SEMIANNUAL REPORT USAA TAX EXEMPT S
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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 and 16: USAA TAX EXEMPT SHORT-TERM FUND ADV
Page 17 and 18: ■ CUMULATIVE PERFORMANCE COMPARIS
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 35: Principal Market Amount Coupon Fina
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

SEMIANNUAL REPORT - USAA.com

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