- Quarterly Schedule of Portfolio Holdings of Registered Management Investment Company (N-Q)



 UNITED STATES
 SECURITIES AND EXCHANGE COMMISSION
 WASHINGTON, D.C. 20549

 FORM N-Q

 QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF
 REGISTERED MANAGEMENT INVESTMENT COMPANY


Investment Company Act file number: 811-7852

Exact Name of Registrant as Specified in Charter: USAA MUTUAL FUNDS TRUST

Address of Principal Executive Offices and Zip Code: 9800 FREDERICKSBURG ROAD
 SAN ANTONIO, TX 78288

Name and Address of Agent for Service: CHRISTOPHER P. LAIA
 USAA MUTUAL FUNDS TRUST
 9800 FREDERICKSBURG ROAD
 SAN ANTONIO, TX 78288

Registrant's Telephone Number, Including Area Code: (210) 498-0226

Date of Fiscal Year End: MARCH 31


Date of Reporting Period: DECEMBER 31, 2009



ITEM 1. SCHEDULE OF INVESTMENTS.
USAA MUTUAL FUNDS TRUST - 3RD QUARTER REPORT - PERIOD ENDED DECEMBER 31, 2009

 USAA NEW YORK MONEY MARKET FUND

[LOGO OF USAA]

USAA (R)

PORTFOLIO OF INVESTMENTS

3 RD QUARTER

USAA NEW YORK MONEY MARKET FUND

DECEMBER 31, 2009

(Form N-Q)

PORTFOLIO OF INVESTMENTS

December 31, 2009 (unaudited)

CATEGORIES AND DEFINITIONS

Variable-rate demand notes (VRDNs) - provide the right to sell the security at face value on either that day or within the rate-reset period. The interest rate is adjusted at a stipulated daily, weekly, monthly, quarterly, or other specified time interval to reflect current market conditions. The effective maturity of these instruments is deemed to be less than 397 days in accordance with detailed regulatory requirements.

Put bonds - provide the right to sell the bond at face value at specific tender dates prior to final maturity. The put feature shortens the effective maturity of the security.

Fixed-rate instruments - consist of municipal bonds, notes, and commercial paper. The interest rate is constant to maturity. Prior to maturity, the market price of a fixed-rate instrument generally varies inversely to the movement of interest rates.

Credit enhancements - add the financial strength of the provider of the enhancement to support the issuer’s ability to repay the principal and interest payments when due. The enhancement may be provided by a high-quality bank, insurance company or other corporation, or a collateral trust. The enhancements do not guarantee the values of the securities.

The Fund’s investments consist of securities meeting the requirements to qualify at the time of purchase as “eligible securities” under the Securities and Exchange Commission (SEC) rules applicable to money market funds. With respect to quality, eligible securities generally consist of securities rated in one of the two highest categories for short-term securities or, if not rated, of comparable quality at the time of purchase. USAA Investment Management Company (the Manager) also attempts to minimize credit risk in the Fund through rigorous internal credit research.

(INS)	Principal and interest payments are insured by one of the following: Assured Guaranty Corp., Assured Guaranty Municipal Corp., or Berkshire Hathaway Assurance Corp. Although bond insurance reduces the risk of loss due to default by an issuer, such bonds remain subject to the risk that value may fluctuate for other reasons, and there is no assurance that the insurance company will meet its obligations.
(LIQ)	Liquidity enhancement that may, under certain circumstances, provide for repayment of principal and interest upon demand from one of the following: Bank of America, N.A., Citibank, N.A., Dexia Credit Local, JPMorgan Chase & Co., JPMorgan Chase Bank, N.A., or Morgan Stanley.
(LOC)	Principal and interest payments are guaranteed by a bank letter of credit or other bank credit agreement.

1 | USAA New York Money Market Fund

PORTFOLIO ABBREVIATIONS AND DESCRIPTIONS

IDA	Industrial Development Authority/Agency
MTA	Metropolitan Transportation Authority

Portfolio of Investments | 2

PORTFOLIO OF INVESTMENTS

USAA New York Money Market Fund

December 31, 2009 (unaudited)

	Principal Amount (000)		Security		Coupon Rate			Final Maturity	Value (000)

			VARIABLE-RATE DEMAND NOTES (96.7%)
			New York (90.3%)
$		4,115	Albany IDA (LOC - RBS Citizens, N.A.)	0.70		%	5/01/2035			$	4,115
		1,600	Broome County IDA (LOC - Manufacturers & Traders Trust Co)	0.30			7/01/2023				1,600
		2,750	Chautauqua County IDA (LOC - PNC Bank, N.A.)	0.24			8/01/2030				2,750
		6,000	Chautauqua County IDA (LOC - PNC Bank, N.A.)	0.31			12/01/2031				6,000
		5,980	Dormitory Auth. (LIQ)(LOC - Dexia Credit Local) (a)	0.50			5/15/2022				5,980
		5,470	Dormitory Auth. (LOC - Allied Irish Banks plc)	0.35			9/01/2026				5,470
		4,000	Dormitory Auth. (LOC - Federal Home Loan Bank of Boston)	0.24			6/01/2034				4,000
		5,340	Dormitory Auth. (LOC - Key Bank, N.A.)	0.40			7/01/2038				5,340
		1,865	Dutchess County IDA (LOC - JPMorgan Chase Bank, N.A.)	0.45			10/01/2017				1,865
		2,195	Erie County IDA (INS)(LIQ) (a)	0.28			11/01/2015				2,195
		5,510	Erie County IDA (LOC - Sovereign Bank)	0.50			11/15/2036				5,510
		4,175	Essex County IDA (LOC - Key Bank, N.A.)	0.40			3/01/2032				4,175
		4,595	Monroe County IDA (LOC - Manufacturers & Traders Trust Co)	0.40			12/01/2034				4,595
		2,500	MTA (INS)(LIQ) (a)	0.23			3/01/2012				2,500
		1,100	MTA (LIQ)(INS)	0.34			11/01/2022				1,100
		5,910	New York City (LIQ)(LOC - Dexia Credit Local) (a)	0.50			2/01/2016				5,910
		1,075	New York City IDA (LOC - Manufacturers & Traders Trust Co)	0.40			12/01/2027				1,075
		1,500	New York City Municipal Water Finance Auth. (LIQ) (a)	0.23			6/15/2013				1,500
		4,655	New York City Municipal Water Finance Auth. (LIQ) (a)	0.25			6/15/2013				4,655
		4,500	New York City Transitional Finance Auth. (LIQ) (a)	0.23			11/01/2030				4,500
		5,200	Oneida County IDA (LOC - Manufacturers & Traders Trust Co)	0.30			6/01/2030				5,200
		4,600	Oneida County IDA (LOC - RBS Citizens, N.A.)	0.95			7/01/2037				4,600
		5,185	Ontario County IDA (LOC - ABN AMRO Bank N.V.)	1.25			3/01/2028				5,185
		3,000	Port Auth. of New York and New Jersey	0.31			11/16/2012				3,000
		3,620	Syracuse IDA (LOC - Key Bank, N.A.)	0.65			1/01/2023				3,620
		4,795	Thruway Auth. (LIQ) (a)	0.28			4/01/2013				4,795
		12,000	Triborough Bridge and Tunnel Auth. (LOC - Bayerische Landesbank)	0.27			1/01/2032				12,000
		5,060	Wayne County IDA (LOC - ABN AMRO Bank N.V.)	1.25			6/01/2012				5,060
		875	Westchester County IDA (LOC - JPMorgan Chase Bank, N.A.)	0.23			10/01/2028				875

										119,170

3 | USAA New York Money Market Fund

	Principal Amount (000)		Security		Coupon Rate			Final Maturity		Value (000)

			Puerto Rico (6.4%)
$		3,500	Commonwealth (LIQ)(LOC - Bank of America, N.A.) (a)	0.40		%	7/01/2011				$	3,500
		5,000	Highway and Transportation Auth. (INS)(LIQ) (a)	0.60			7/01/2041					5,000

											8,500

			Total Variable-Rate Demand Notes (cost: $127,670)								127,670


			PUT BONDS (1.0%)
			Puerto Rico (1.0%)
		1,280	Industrial, Medical and Environmental Pollution Control Facilities Financing Auth. (cost: $1,280)	2.00			3/01/2023					1,280

			FIXED-RATE INSTRUMENTS (2.3%)
			New York (2.3%)
		3,000	Erie County Fiscal Stability Auth. (cost: $3,012)	2.00			5/19/2010					3,012

			Total Investments (cost: $131,962)						$	131,962

($ in 000s)		VALUATION HIERARCHY

				(LEVEL 1) Quoted Prices in Active Markets for Identical Assets		(LEVEL 2) Other Significant Observable Inputs		(LEVEL 3) Significant Unobservable Inputs		Total
	VARIABLE-RATE DEMAND NOTES		$	—	$	127,670	$	—	$	127,670
	PUT BONDS			—		1,280		—		1,280
	FIXED-RATE INSTRUMENTS			—		3,012		—		3,012
Total			$	—	$	131,962	$	—	$	131,962

Portfolio of Investments | 4

NOTES TO PORTFOLIO

OF INVESTMENTS

December 31, 2009 (unaudited)

GENERAL NOTES

USAA MUTUAL FUNDS TRUST (the Trust), registered under the Investment Company Act of 1940 (the 1940 Act), as amended, is an open-end management investment company organized as a Delaware statutory trust consisting of 46 separate funds. The information presented in this quarterly report pertains only to the USAA New York Money Market Fund (the Fund), which is classified as diversified under the 1940 Act.

A. Security valuation – The value of each security is determined (as of the close of trading on the New York Stock Exchange (NYSE) on each business day the NYSE is open) as set forth below:

1. Pursuant to Rule 2a-7 under the 1940 Act, securities in the Fund are valued at amortized cost, which approximates market value. This method values a security at its cost on the date of purchase and, thereafter, assumes a constant amortization to maturity of any premiums or discounts.

2. Securities for which amortized cost valuations are considered unreliable or whose values have been materially affected by a significant event are valued in good faith at fair value, using methods determined by the Manager, an affiliate of the Fund, under valuation procedures and procedures to stabilize net asset value (NAV) approved by the Trust’s Board of Trustees.

B. Fair value measurements – Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The three-level valuation hierarchy disclosed in the portfolio of investments is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The three levels are defined as follows:

Level 1 – inputs to the valuation methodology are quoted prices (unadjusted) in active markets for identical securities.

Level 2 – inputs to the valuation methodology are other significant observable inputs, including quoted prices for similar securities, inputs that are observable for the securities, either directly or indirectly, and market-corroborated inputs such as market indices.

Level 3 – inputs to the valuation methodology are unobservable and significant to the fair value measurement, including the Manager’s own assumptions in determining the fair value.

The inputs or methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. For example, money market securities are valued using amortized cost, in accordance with rules under the 1940 Act. Generally, amortized cost

5 | USAA New York Money Market Fund

approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2.

C. Securities purchased on a delayed-delivery or when-issued basis – Delivery and payment for securities that have been purchased by the Fund on a delayed-delivery or when-issued basis can take place a month or more after the trade date. During the period prior to settlement, these securities do not earn interest, are subject to market fluctuation, and may increase or decrease in value prior to their delivery. The Fund maintains segregated assets with a market value equal to or greater than the amount of its purchase commitments.

D. Guarantee program – Subject to certain terms and conditions, the U.S. Department of the Treasury's Temporary Guarantee Program for Money Market Funds (the Program) provided coverage to shareholders for amounts held in participating money market funds as of the close of business on September 19, 2008, for the term of the Program of September 19, 2008, through September 18, 2009 (Program Term). The Fund was responsible for payment of fees required to continue its participation in the Program without regard to any waivers or expense limitations in effect for the Fund. The participation fee for the Program Term was 0.04% of the number of shares outstanding of the Fund as of September 19, 2008. Effective September 18, 2009, the Program has expired.

E. Subsequent events – Subsequent events are events or transactions that occur after the balance sheet date but before the quarterly report is issued and are categorized as recognized or non-recognized for financial statement purposes. The Manager has evaluated subsequent events through February 22, 2010, the date the quarterly report was issued, and has determined there were no events that required recognition or disclosure in the Fund's quarterly report.

F. As of December 31, 2009, the cost of securities, for federal income tax purposes, was approximately the same as that reported in the portfolio of investments.

G. The portfolio of investments category percentages shown represent the percentages of the investments to net assets, which were $131,993,000 at December 31, 2009, and, in total, may not equal 100%. A category percentage of 0.0% represents less than 0.1% of net assets.

SPECIFIC NOTES

(a)

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 the Manager under liquidity guidelines approved by the Trust's Board of Trustees, unless otherwise noted as illiquid.

Notes to Portfolio of Investments | 6

ITEM 2. CONTROLS AND PROCEDURES

The principal executive officer and principal financial officer of USAA Mutual
Funds Trust (Trust) have concluded that the Trust's disclosure controls and
procedures are sufficient to ensure that information required to be disclosed by
the Trust in this Form N-Q was recorded, processed, summarized and reported
within the time periods specified in the Securities and Exchange Commission's
rules and forms, based upon such officers' evaluation of these controls and
procedures as of a date within 90 days of the filing date of the report.

There were no significant changes or corrective actions with regard to
significant deficiencies or material weaknesses in the Trust's internal controls
or in other factors that could significantly affect the Trust's internal
controls subsequent to the date of their evaluation.



ITEM 3. EXHIBITS.

Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940
(17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.




 SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.

Registrant: USAA MUTUAL FUNDS TRUST - Period Ended December 31, 2009

By:* /s/ CHRISTOPHER P. LAIA
 --------------------------------------------------------------
 Signature and Title: Christopher P. Laia, Assistant Secretary

Date: 2/26/2010
 -------------------------------

Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.

By:* /s/ CHRISTOPHER W. CLAUS
 -----------------------------------------------------
 Signature and Title: Christopher W. Claus, President

Date: 2/26/2010
 ------------------------------


By:* /s/ ROBERTO GALINDO, JR.
 -----------------------------------------------------
 Signature and Title: Roberto Galindo, Jr., Treasurer

Date: 2/26/2010
 ------------------------------


*PRINT THE NAME AND TITLE OF EACH SIGNING OFFICER UNDER HIS OR HER SIGNATURE.

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