SEMIANNUAL REPORT - USAA.com

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TABLE OF CONTENTS Fund Objective 1 Managers’ Commentary 2 Investment Overview 6 Financial Information Portfolio of Investments 16 Notes to Portfolio of Investments 32 Financial Statements 33 Notes to Financial Statements 36 Expense Example 49 Advisory Agreement 51 This report is for the information of the shareholders and others who have received a copy of the currently effective prospectus of the Fund, managed by USAA Asset Management Company. It may be used as sales literature only when preceded or accompanied by a current prospectus, which provides further details about the Fund. ©2013, USAA. All rights reserved.
FUND OBJECTIVE The USAA Tax Exempt Short-Term Fund (the Fund) provides investors with interest income that is exempt from federal income tax. Types of Investments The Fund invests primarily in investment-grade securities, the interest from which is exempt from federal income tax. During normal market conditions, at least 80% of the Fund’s net assets will consist of tax-exempt securities. The Fund’s dollar-weighted average portfolio maturity is three years or less. IRA DISTRIBUTION WITHHOLDING DISCLOSURE We generally must withhold federal income tax at a rate of 10% of the taxable portion of your distribution and, if you live in a state that requires state income tax withholding, at your state’s set rate. However, you may elect not to have withholding apply or to have income tax withheld at a higher rate. If you wish to make such an election, please call USAA Asset Management Company at (800) 531-USAA (8722). If you must pay estimated taxes, you may be subject to estimated tax penalties if your estimated tax payments are not sufficient and sufficient tax is not withheld from your distribution. For more specific information, please consult your tax adviser. Fund Objective | 1
Page 1 and 2: SEMIANNUAL REPORT USAA TAX EXEMPT S
Page 3: emain solid. We continue to expect
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 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
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ADVISORY AGREEMENT September 30, 20
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the Fund’s other service provider
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Trust, including that the Manager m
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SEMIANNUAL REPORT - USAA.com

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