SEMIANNUAL REPORT - USAA.com

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Adviser Shares. Under the plan, the Adviser Shares pay fees to USAA Investment Management Company, the distributor, for distribution and shareholder services. USAA Investment Management Company pays all or a portion of such fees to intermediaries that make the Adviser Shares available for investment by their customers. The fee is accrued daily and paid monthly at an annual rate of 0.25% of the Adviser Shares’ average net assets. Adviser Shares are offered and sold without imposition of an initial sales charge or a contingent deferred sales charge. For the six-month period ended September 30, 2013, the Adviser Shares incurred distribution and service (12b-1) fees of $11,000. F. Underwriting services — USAA Investment Management Company provides exclusive underwriting and distribution of the Fund’s shares on a continuing best-efforts basis and receives no commissions or fees for this service. (7) TRANSACTIONS WITH AFFILIATES The Manager is indirectly wholly owned by United Services Automobile Association (USAA), a large, diversified financial services institution. At September 30, 2013, USAA and its affiliates owned 465,000 shares, which represent 53.0% of the Adviser Shares and 0.2% of the Fund. Certain trustees and officers of the Fund are also directors, officers, and/or employees of the Manager. None of the affiliated trustees or Fund officers received any compensation from the Fund. (8) SECURITY TRANSACTIONS WITH AFFILIATED FUNDS During the six-month period ended September 30, 2013, in accordance with affiliated transaction procedures approved by the Board, purchases and sales of security transactions were executed between the Fund and the following affiliated USAA Fund at the then-current market price with no brokerage commissions incurred. Cost to Net Realized Seller Purchaser Purchaser Gain to Seller USAA Tax Exempt USAA Tax Exempt Intermediate-Term Fund Short-Term Fund $25,751,000 $713,000 46 | USAA Tax Exempt Short-Term Fund
(9) FINANCIAL HIGHLIGHTS — FUND SHARES Per share operating performance for a share outstanding throughout each period is as follows: Six-Month Period Ended September 30, Year Ended March 31, 2013 2013 2012 2011 2010 2009 Net asset value at beginning of period $ 10.84 $ 10.80 $ 10.61 $ 10.62 $ 10.38 $ 10.59 Income (loss) from investment operations: Net investment income .10 .22 .27 .29 .32 .45 Net realized and unrealized gain (loss) (.13) .04 .19 (.01) .24 (.20) Total from investment operations (.03) .26 .46 .28 .56 .25 Less distributions from: Net investment income (.10) (.22) (.27) (.29) (.32) (.46) Net asset value at end of period $ 10.71 $ 10.84 $ 10.80 $ 10.61 $ 10.62 $ 10.38 Total return (%)* (.28) 2.41 4.40 2.62 5.46 (a) 2.38 Net assets at end of period (000) $2,140,956 $2,185,741 $2,124,120 $1,860,300 $1,752,698 $1,211,460 Ratios to average net assets:** Expenses (%) (b) .55 (c) .55 .55 .54 .55 (a) .56 Net investment income (%) 1.87 (c) 2.02 2.54 2.69 3.01 4.36 Portfolio turnover (%) 2 3 16 10 16 24 * Assumes reinvestment of all net investment income and realized capital gain distributions, if any, during the period. Includes adjustments in accordance with U.S. generally accepted accounting principles and could differ from the Lipper reported return. Total returns for periods of less than one year are not annualized. ** For the six-month period ended September 30, 2013, average net assets were $2,162,812,000. (a) During the year ended March 31, 2010, SAS reimbursed the Fund Shares $47,000 for corrections in fees paid for the administration and servicing of certain accounts. The effect of this reimbursement on the Fund Shares’ total return was less than 0.01%. The reimbursement decreased the Fund Shares’ expense ratios by less than 0.01%. This decrease is excluded from the expense ratios in the Financial Highlights table. (b) Reflects total operating expenses of the Fund Shares before reductions of any expenses paid indirectly. The Fund Shares’ expenses paid indirectly decreased the expense ratios by less than 0.01%. (c) Annualized. The ratio is not necessarily indicative of 12 months of operations. Notes to Financial Statements | 47
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 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: September 30, 2013, the Fund Shares
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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