- 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

[GRAPHIC OF USAA LOGO]

USAA(R)

PORTFOLIO OF INVESTMENTS

3 RD QUARTER

USAA TAX EXEMPT 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.

(LOC)

Principal and interest payments are guaranteed by a bank letter of credit or other bank credit agreement.

(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., Bayerische Landesbank, Citibank, N.A., Citigroup, Inc., Deutsche Bank A.G., Deutsche Postbank, Dexia Credit Local, Freddie Mac, JPMorgan Chase & Co., JPMorgan Chase Bank, N.A., Key Bank, N.A., Merrill Lynch & Co., Inc., Royal Bank of Canada, Societe Generale, Wachovia Bank, N.A. or WestLB A.G.

1 | USAA Tax Exempt Money Market Fund

(NBGA)

Principal and interest payments or, under certain circumstances, underlying mortgages are guaranteed by a nonbank guarantee agreement from one of the following: Du Pont (E.I.) De Nemours and Co., Freddie Mac, Merrill Lynch & Co., Inc., Minnesota General Obligation, Montana Board of Investments Intercap Program, National Rural Utility Corp., or Texas Permanent School Fund.

(INS)

Principal and interest payments are insured by one of the following: Assured Guaranty Corp., Assured Guaranty Municipal Corp., Berkshire Hathaway Assurance Corp., or National Indemnity Co. 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.

PORTFOLIO ABBREVIATIONS AND DESCRIPTIONS

EDA	Economic Development Authority
EDC	Economic Development Corp.
IDA	Industrial Development Authority/Agency
IDB	Industrial Development Board
IDC	Industrial Development Corp.
ISD	Independent School District
MTA	Metropolitan Transportation Authority
USD	Unified School District

Portfolio of Investments | 2

PORTFOLIO OF INVESTMENTS

USAA Tax Exempt Money Market Fund

December 31, 2009 (unaudited)

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

			VARIABLE-RATE DEMAND NOTES (90.6%)
			Alabama (3.2%)
$		3,000	Auburn IDB (LOC - Compass Bank)	1.31		%	4/01/2019			$	3,000
		3,200	Auburn IDB (LOC - Allied Irish Banks plc)	0.68			5/01/2020				3,200
		600	Demopolis IDB (LOC - Compass Bank)	0.46			8/01/2022				600
		1,200	Foley Redevelopment Auth. (LOC - RBC Bank (USA))	0.90			6/01/2038				1,200
		11,130	Huntsville (LIQ) (a)	0.25			5/01/2015				11,130
		2,005	Huntsville Educational Building Auth. (LOC - SunTrust Bank)	2.61			12/01/2022				2,005
		2,340	Marengo County Port Auth. (LOC - Compass Bank)	0.46			7/01/2026				2,340
		700	Mobile Medical Clinic Board (LOC - Regions Bank)	2.75			2/01/2011				700
		3,425	Mobile Medical Clinic Board (LOC - Regions Bank)	2.50			3/01/2022				3,425
		5,015	Montgomery (LOC - Regions Bank)	3.79			6/01/2022				5,015
		1,100	Northport (LOC - Regions Bank)	2.75			9/03/2015				1,100
		3,725	Northport (LOC - Regions Bank)	1.50			7/01/2018				3,725
		1,200	Oxford IDA (LOC - Federal Home Loan Bank of Atlanta)	0.50			12/01/2029				1,200
		12,795	Spanish Fort Redevelopment Auth. (LIQ)(LOC - Bank of America, N.A.) (a)	0.40			3/01/2012				12,795
		10,000	Tuscaloosa County IDA (LOC - JPMorgan Chase Bank, N.A.)	0.32			3/01/2027				10,000
		10,000	Tuscaloosa County IDA (LOC - JPMorgan Chase Bank, N.A.)	0.32			12/01/2027				10,000
		11,000	Tuscaloosa County Port Auth. (LOC - Federal Home Loan Bank of Atlanta)	0.37			5/01/2030				11,000
		32,500	Tuscaloosa County Port Auth. (LOC - Compass Bank)	0.55			12/01/2031				32,500

										114,935

			Arizona (0.7%)
		5,200	Chandler IDA (LOC - Comerica Bank, N.A.)	0.33			12/01/2037				5,200
		5,175	Phoenix Civic Improvement Corp. (INS)(LIQ) (a)	0.23			7/01/2034				5,175
		13,000	Verrado Western Overlay Community Facilities District (LOC - Compass Bank)	0.70			7/01/2029				13,000

										23,375

			Arkansas (0.1%)
		5,175	Texarkana (LOC - PNC Bank, N.A.)	0.40			3/01/2021				5,175

			California (2.1%)
		18,400	Infrastructure and Economic Dev. Bank (LOC - Allied Irish Banks plc)	0.25			8/01/2037				18,400
		6,400	Irvine Ranch Water District (LOC - Landesbank Baden-Wurttemberg)	0.30			5/01/2037				6,400
		5,000	San Diego USD (LIQ)(LOC - Dexia Credit Local) (a)	0.50			7/01/2028				5,000

3 | USAA Tax Exempt Money Market Fund

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

$		15,000	State (LIQ) (a)	0.28		%	12/01/2030			$	15,000
		7,700	State (LIQ) (a)	0.28			12/01/2030				7,700
		3,000	State (LIQ)(LOC - Dexia Credit Local) (a)	0.30			8/01/2032				3,000
		20,000	Statewide Communities Dev. Auth. (LIQ)(LOC - Citigroup, Inc.) (a)	0.50			7/01/2012				20,000

										75,500

			Colorado (4.8%)
		4,940	Arista Metropolitan District (LOC - Compass Bank)	0.70			12/01/2030				4,940
		3,335	Bachelor Gulch Metropolitan District (LOC - Compass Bank)	0.75			12/01/2023				3,335
		6,510	Base Village Metropolitan District No. 2 (LOC - U.S. Bank, N.A.)	0.25			12/01/2038				6,510
		8,100	Brighton Crossing Metropolitan District No. 4 (LOC - Compass Bank)	0.75			12/01/2034				8,100
		13,950	Centerra Metropolitan District No. 1 (LOC - Compass Bank)	0.70			12/01/2029				13,950
		8,625	Commerce City Northern Infrastructure General Improvement District (LOC - U.S. Bank, N.A.)	0.25			12/01/2038				8,625
		6,500	Cornerstar Metropolitan District Co. (LOC - Compass Bank)	0.75			12/01/2037				6,500
		1,870	Denver Urban Renewal Auth. (LOC - Compass Bank)	0.70			9/01/2017				1,870
		15,815	Denver Urban Renewal Auth. (LOC - Compass Bank)	0.70			9/01/2017				15,815
		8,885	Denver Urban Renewal Auth. (LOC - Compass Bank)	0.70			9/01/2017				8,885
		2,020	El Paso County (LOC - JPMorgan Chase Bank, N.A.)	0.67			11/01/2021				2,020
		1,155	Health Facilities Auth. (LOC - JPMorgan Chase Bank, N.A.)	0.67			1/01/2018				1,155
		10,055	Health Facilities Auth. (LOC - Key Bank, N.A.)	0.40			6/01/2030				10,055
		20,230	Health Facilities Auth. (LOC - Allied Irish Banks plc)	0.29			6/01/2037				20,230
		23,990	Jefferson Metropolitan District (LIQ)(NBGA) (a)	1.25			12/01/2028				23,990
		600	Postsecondary Educational Facilities Auth. (LOC - Wells Fargo Bank, N.A.)	0.37			6/01/2011				600
		1,340	Postsecondary Educational Facilities Auth. (LOC - JPMorgan Chase Bank, N.A.)	0.67			4/01/2013				1,340
		6,650	Timnath Dev. Auth. (LOC - Compass Bank)	0.75			12/01/2029				6,650
		24,560	University of Colorado Hospital Auth. (INS)(LIQ)	0.34			11/15/2033				24,560

										169,130

			Connecticut (0.2%)
		6,495	Health and Educational Facilities Auth. (LOC - Allied Irish Banks plc)	0.60			7/01/2030				6,495

			Delaware (0.4%)
		8,050	EDA (LOC - Citizens Bank of Pennsylvania)	0.50			7/01/2033				8,050
		6,600	EDA IDA	1.65			12/01/2014				6,600

										14,650

			Florida (5.3%)
		9,840	Brevard County Housing Finance Auth. (LIQ)(NBGA) (a)	0.35			12/01/2032				9,840
		16,195	Broward County Housing Finance Auth. (LIQ)(NBGA) (a)	0.50			9/01/2032				16,195
		3,635	Collier County IDA (LOC - SunTrust Bank)	0.40			9/01/2029				3,635
		5,205	Dade County (LOC - SunTrust Bank)	0.35			8/01/2015				5,205

Portfolio of Investments | 4

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

$		24,890	Highlands County Health Facilities Auth. (LOC - Federal Home Loan Bank of Atlanta)	0.21		%	11/15/2026			$	24,890
		8,850	Highlands County Health Facilities Auth.	0.22			11/15/2027				8,850
		22,280	Highlands County Health Facilities Auth. (LOC - Federal Home Loan Bank of Atlanta)	0.26			11/15/2034				22,280
		1,200	Hillsborough County IDA (LIQ)(LOC - Citibank, N.A.) (a)	0.45			4/01/2014				1,200
		13,200	Housing Finance Corp. (LIQ)(NBGA) (a)	0.50			10/01/2032				13,200
		900	Jacksonville	0.25			5/01/2029				900
		4,560	JEA (INS)(LIQ) (a)	0.30			10/01/2013				4,560
		6,405	Miami-Dade County IDA (LOC - Federal Home Loan Bank of Atlanta)	0.20			5/01/2028				6,405
		8,000	Miami-Dade County School Board (INS)(LIQ) (a)	0.30			5/01/2016				8,000
		14,400	Orlando-Orange County Expressway Auth. (LIQ)(INS)	0.27			7/01/2032				14,400
		2,000	Palm Beach County (LOC - Northern Trust Co.)	0.38			3/01/2027				2,000
		17,915	Peace River (LIQ)(INS) (a)	0.30			10/01/2013				17,915
		975	Pembroke Pines (INS)(LIQ)	0.24			7/01/2032				975
		4,405	Sunshine State Governmental Financing Commission (LOC - Dexia Credit Local)	0.27			7/01/2016				4,405
		10,970	Univ. Athletic Association, Inc. (LOC - SunTrust Bank)	0.42			10/01/2031				10,970
		2,890	Univ. of North Florida Financing Corp. (LIQ)(LOC - Deutsche Bank A.G.) (a)	0.23			11/01/2027				2,890
		9,975	West Palm Beach (LIQ) (a)	0.27			10/01/2012				9,975

										188,690

			Georgia (1.4%)
		8,000	Floyd County Dev. Auth. (LOC - RBC Bank (USA))	0.70			4/01/2017				8,000
		10,000	Hall County Hospital Auth. (INS)(LIQ)	0.30			5/01/2036				10,000
		30,150	Metropolitan Rapid Transit Auth. (LOC - Bayerische Landesbank)(LOC - WestLB A.G.)	0.32			7/01/2025				30,150

										48,150

			Hawaii (0.3%)
		5,130	Pacific Health (LOC - Bank of Nova Scotia)	0.22			7/01/2033				5,130
		6,450	Pacific Health (LOC - Bank of Nova Scotia)	0.22			7/01/2033				6,450

										11,580

			Illinois (3.0%)
		13,325	Chicago (LIQ) (a)	0.30			5/01/2014				13,325
		20,130	Chicago (LIQ)(INS) (a)	0.30			1/01/2015				20,130
		4,200	Dev. Finance Auth.	0.37			1/01/2016				4,200
		1,255	Dev. Finance Auth. (LOC - Northern Trust Co.)	0.95			8/01/2022				1,255
		3,190	Finance Auth. (LOC - Fifth Third Bank)	3.00			3/01/2031				3,190
		7,650	Finance Auth. (LOC - RBS Citizens, N.A.)	0.90			1/01/2037				7,650
		6,500	Finance Auth. (LOC - RBS Citizens, N.A.)	0.80			9/01/2043				6,500
		19,990	Metropolitan Pier and Exposition Auth. (LIQ)(LOC - Deutsche Bank A.G.) (a)	0.23			6/15/2034				19,990
		6,000	Metropolitan Pier and Exposition Auth. (LIQ)(LOC - Deutsche Bank A.G.) (a)	0.23			12/15/2039				6,000
		4,249	Springfield Airport Auth.	0.62			10/15/2016				4,249
		20,760	Woodridge (INS)(LOC - Societe Generale)	0.60			7/01/2020				20,760

										107,249

			Indiana (2.6%)
		6,755	Berne (LOC - Federal Home Loan Bank of Indianapolis)	0.35			10/01/2033				6,755
		646	Crawfordsville (LOC - Federal Home Loan Bank of Indianapolis)	0.33			1/01/2030				646

5 | USAA Tax Exempt Money Market Fund

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

$		8,165		Dev. Finance Auth. (LOC - Key Bank, N.A.)	0.65		%	1/01/2023			$	8,165
		5,995		Evansville (LOC - Fifth Third Bank)	0.51			1/01/2025				5,995
		9,620		Finance Auth. (LOC - Federal Home Loan Bank of Indianapolis)	0.35			7/01/2029				9,620
		3,155		Finance Auth. (LOC - National City Bank)	0.40			6/01/2037				3,155
		10,430		Health Facilities Auth. (LOC - Fifth Third Bank)	2.50			4/01/2022				10,430
		9,000		Health Facilities Auth. (LOC - Fifth Third Bank)	0.75			11/01/2024				9,000
		1,300		Huntington	0.67			6/26/2014				1,300
		4,140		Jasper County (LOC - Fifth Third Bank)	0.75			12/01/2022				4,140
		1,355		Morgan County (LOC - Fifth Third Bank)	0.75			12/01/2027				1,355
		10,695		Morgan County (LOC - Fifth Third Bank)	0.75			12/01/2027				10,695
		1,600		St. Joseph County (LOC - Wells Fargo Bank, N.A.)	0.37			6/01/2022				1,600
		9,200		Tipton (LOC - Fifth Third Bank)	0.75			6/01/2031				9,200
		5,475		Winona Lake (LOC - Fifth Third Bank)	0.75			6/01/2031				5,475
		6,490		Winona Lake (LOC - Key Bank, N.A.)	0.55			7/01/2031				6,490

											94,021

				Iowa (3.8%)
		6,850		Chillicothe	0.37			1/01/2023				6,850
		12,750		Council Bluffs	0.37			1/01/2025				12,750
		14,900		Finance Auth. (NBGA)	0.22			11/01/2035				14,900
		8,000		Finance Auth. (NBGA)	0.22			11/01/2035				8,000
		23,000		Finance Auth.	0.34			6/01/2036				23,000
		33,000		Finance Auth.	0.34			9/01/2036				33,000
		34,900		Louisa County	0.40			10/01/2024				34,900
		1,500		Sheldon	0.62			11/01/2015				1,500

											134,900

				Kansas (0.1%)
		3,815		North Newton (LOC - U.S. Bank, N.A.)	0.28			1/01/2023				3,815

				Kentucky (2.4%)
		1,685		Boone County (LOC - JPMorgan Chase Bank, N.A.)	0.67			11/01/2021				1,685
		20,975		Economic Dev. Finance Auth. (INS)(LIQ)	0.45			8/01/2018				20,975
		2,000		Frankfort	0.67			5/07/2014				2,000
		9,005		Hancock County (LOC - BMO Bank of Montreal)	0.35			7/01/2010				9,005
		9,490		Hancock County (LOC - BMO Bank of Montreal)	0.35			7/01/2011				9,490
		20,000		Hancock County (LOC - HSBC Bank USA)	0.35			7/01/2012				20,000
		1,555		Lexington-Fayette Urban County (LOC - JPMorgan Chase Bank, N.A.)	0.67			7/01/2021				1,555
		3,275		Lexington-Fayette Urban County (LOC - Federal Home Loan Bank of Cincinnati)	0.50			12/01/2027				3,275
		18,110		Louisville and Jefferson County (INS)(LIQ) (a)	0.23			12/01/2012				18,110

											86,095

				Louisiana (2.2%)
		1,550		Ascension Parish	0.67			9/01/2010				1,550
		6,600		Ascension Parish	0.37			3/01/2011				6,600
		4,000		Donaldsonville IDB (LOC - Regions Bank)	4.30			2/01/2027				4,000
		1,470		Environmental Facilities and Community Dev. Auth. (LOC - Federal Home Loan Bank of Dallas)	0.37			4/01/2018				1,470
		1,900		Hammond Area Economic and Industrial Dev. District (LOC - Federal Home Loan Bank of Dallas)	0.37			3/01/2033				1,900
		9,540		New Orleans (LOC - Capital One, N.A.)	1.00			8/01/2024				9,540
		3,570		Public Facilities Auth. (LOC - Federal Home Loan Bank of Dallas)	0.37			12/01/2014				3,570
		1,100		Public Facilities Auth.	0.37			8/01/2017				1,100

Portfolio of Investments | 6

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

$		8,690		Public Facilities Auth. (LOC - Bank of New York Mellon)	0.55		%	4/01/2021			$	8,690
		3,400		Public Facilities Auth. (LOC - Capital One, N.A.)	0.85			7/01/2023				3,400
		625		Public Facilities Auth. (LOC - Capital One, N.A.)	0.85			7/01/2023				625
		3,190		Public Facilities Auth. (LOC - Capital One, N.A.)	0.85			7/01/2027				3,190
		25,000		St. James Parish (LOC - Natixis)	0.30			11/01/2039				25,000
		7,800		St. Tammany Parish Dev. District (LOC - Federal Home Loan Bank of Dallas)	0.37			3/01/2033				7,800

											78,435

				Maine (0.4%)
		13,100		Finance Auth. (LOC - Banco Santander)	0.33			7/01/2037				13,100

				Maryland (0.9%)
		1,000		Baltimore County IDA	0.67			3/01/2014				1,000
		2,635		Chestertown (LOC - RBS Citizens, N.A.)	0.90			3/01/2038				2,635
		7,500		Gaithersburg (LIQ)(LOC - Citibank, N.A.) (a)	0.45			7/01/2014				7,500
		19,795		Montgomery County Auth. (LOC - Manufacturers & Traders Trust Co)	0.42			12/01/2027				19,795

											30,930

				Massachusetts (0.6%)
		5,500		Dev. Finance Agency (LOC - TD Bank, N.A.)	0.35			9/01/2038				5,500
		16,100		Dev. Finance Agency (LOC - RBS Citizens, N.A.)	0.31			7/01/2043				16,100

											21,600

				Michigan (5.2%)
		21,105		Building Auth. (LIQ)(INS) (a)	0.30			10/15/2014				21,105
		22,675		Charlotte Hospital Finance Auth. (LOC - Fifth Third Bank)	0.75			5/01/2029				22,675
		12,930		Detroit School District (LIQ)(LOC - Dexia Credit Local) (a)	0.50			5/01/2025				12,930
		12,325		Higher Education Facilities Auth. (LOC - Comerica Bank, N.A.)	0.35			8/01/2026				12,325
		3,000		Hospital Finance Auth. (INS)(LIQ)	0.28			6/01/2022				3,000
		10,660		Huron County (LOC - Fifth Third Bank)	0.75			10/01/2028				10,660
		31,575		Marquette County (LOC - RBS Citizens, N.A.)	0.65			3/01/2033				31,575
		5,325		Oakland County EDC (LOC - Allied Irish Banks plc)	0.40			9/01/2023				5,325
		1,545		Oakland County EDC (LOC - Allied Irish Banks plc)	0.90			9/01/2023				1,545
		19,640		Oakland County EDC (LOC - Fifth Third Bank)	0.75			3/01/2029				19,640
		6,925		Oakland County EDC (LOC - Comerica Bank, N.A.)	0.35			12/01/2032				6,925
		7,055		Oakland County EDC (LOC - Comerica Bank, N.A.)	0.33			5/01/2037				7,055
		12,445		Strategic Fund (LOC - Allied Irish Banks plc)	0.34			5/01/2032				12,445
		14,140		Strategic Fund (LOC - Comerica Bank, N.A.)	0.33			7/01/2034				14,140
		4,675		Strategic Fund (LOC - Comerica Bank, N.A.)	0.33			7/01/2034				4,675

											186,020

				Minnesota (0.5%)
		2,880		Canby Community Hospital District No.1	0.62			11/01/2026				2,880
		4,100		North Suburban Hospital District (LOC - Wells Fargo Bank, N.A.)	0.37			2/01/2013				4,100
		4,675		Rochester (LOC - ABN AMRO Bank N.V.)	1.25			4/01/2022				4,675
		6,150		St. Paul Housing and Redevelopment Auth. (LOC - Allied Irish Banks plc)	0.32			2/01/2026				6,150

											17,805

7 | USAA Tax Exempt Money Market Fund


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

			Mississippi (1.2%)
$		15,610	Business Finance Corp. (LOC - Regions Bank)	2.50		%	10/01/2018			$	15,610
		5,995	Business Finance Corp. (LOC - Federal Home Loan Bank of Dallas)	0.32			6/01/2029				5,995
		5,500	Business Finance Corp. (LOC - Federal Home Loan Bank of Dallas)	0.37			3/01/2033				5,500
		7,310	Business Finance Corp. (LOC - Hancock Bank)	0.73			4/01/2033				7,310
		9,900	Business Finance Corp. (LOC - Hancock Bank)	0.36			12/01/2036				9,900

										44,315

			Missouri (1.4%)
		15,000	Buchanan County (LOC - Wells Fargo Bank, N.A.)	0.34			10/01/2026				15,000
		6,500	Health and Educational Facilities Auth. (LOC - Allied Irish Banks plc)	0.34			6/01/2023				6,500
		5,850	Health and Educational Facilities Auth. (LOC - KBC Bank, N.V.)	0.30			8/01/2029				5,850
		10,345	Health and Educational Facilities Auth. (LOC - Bank of Oklahoma, N.A.)	0.41			7/01/2040				10,345
		9,000	Jackson County IDA (LOC - Commerce Bank, N.A.)	0.38			7/01/2025				9,000
		1,785	St. Louis County IDA (LOC - U.S. Bank, N.A.)	0.40			6/15/2024				1,785

										48,480

			Nebraska (0.1%)
		400	Lancaster County Hospital Auth. (LOC - Allied Irish Banks plc)	0.35			7/01/2030				400
		2,130	Sarpy County	0.67			7/01/2013				2,130

										2,530

			Nevada (1.4%)
		28,700	Clark County (LOC - Bayerische Landesbank)	0.30			7/01/2029				28,700
		20,000	Clark County (LOC - Landesbank Baden-Wurttemberg)	0.30			7/01/2040				20,000

										48,700

			New Hampshire (0.4%)
		15,800	Health and Educational Facilities Auth. (LOC - Federal Home Loan Bank of Boston)	0.23			7/01/2032				15,800

			New Jersey (1.1%)
		26,360	EDA (LIQ)(LOC - Dexia Credit Local) (a)	0.50			9/01/2022				26,360
		3,220	EDA (LOC - Valley National Bank)	0.50			3/01/2031				3,220
		9,830	Health Care Facilities Financing Auth. (LIQ)(LOC - Bank of America, N.A.) (a)	0.40			7/01/2013				9,830

										39,410

			New York (6.1%)
		4,300	Allegany County IDA (LOC - Key Bank, N.A.)	0.60			4/01/2029				4,300
		5,500	Broome County IDA (LOC - Manufacturers & Traders Trust Co)	0.30			7/01/2023				5,500
		5,730	Broome County IDA (LOC - Manufacturers & Traders Trust Co)	0.30			7/01/2040				5,730
		3,595	Clinton County IDA (LOC - Key Bank, N.A.)	0.40			7/01/2042				3,595
		11,350	Dormitory Auth. (LIQ)(LOC - Dexia Credit Local) (a)	0.50			5/15/2022				11,350
		8,745	Dormitory Auth. (LOC - Federal Home Loan Bank of Boston)	0.24			6/01/2034				8,745

Portfolio of Investments | 8

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

$		5,870	East Rochester Housing Auth. (LOC - RBS Citizens, N.A.)	0.53		%	12/01/2036			$	5,870
		870	Erie County IDA (INS)(LIQ) (a)	0.28			11/01/2015				870
		1,295	Essex County IDA (LOC - Key Bank, N.A.)	0.40			3/01/2032				1,295
		1,475	Lancaster IDA (LOC - Manufacturers & Traders Trust Co)	0.37			11/01/2032				1,475
		24,600	Local Government Assistance Corp. (INS)(LIQ)	0.30			4/01/2022				24,600
		6,725	Monroe County IDA (LOC - Key Bank, N.A.)	0.40			6/01/2026				6,725
		9,115	Monroe County IDA (LOC - RBS Citizens, N.A.)	0.53			7/01/2027				9,115
		1,500	MTA (INS)(LIQ) (a)	0.23			3/01/2012				1,500
		3,800	MTA (INS)(LIQ)	0.34			11/01/2022				3,800
		3,370	New York City (LIQ)(LOC - Dexia Credit Local) (a)	0.50			2/01/2016				3,370
		11,000	New York City Housing Dev. Corp. (LOC - Bank of America, N.A.)	0.22			11/01/2048				11,000
		1,300	New York City Municipal Water Finance Auth. (LIQ) (a)	0.25			6/15/2013				1,300
		5,200	Oneida County IDA (LOC - Manufacturers & Traders Trust Co)	0.30			6/01/2030				5,200
		6,090	Ontario County IDA (LOC - Key Bank, N.A.)	0.65			7/01/2030				6,090
		13,120	Ontario County IDA (LOC - RBS Citizens, N.A.)	0.53			6/01/2036				13,120
		17,660	State Dormitory Auth. (LOC - Key Bank, N.A.)	0.40			11/01/2036				17,660
		21,375	Triborough Bridge and Tunnel Auth. (LOC - Bayerische Landesbank)	0.27			1/01/2032				21,375
		16,375	Urban Dev. Corp. (LIQ)(LOC - Dexia Credit Local) (a)	0.40			3/15/2023				16,375
		26,910	Urban Dev. Corp. (LIQ)(LOC - Dexia Credit Local) (a)	0.40			3/15/2024				26,910

										216,870

			Ohio (5.7%)
		22,300	Air Quality Dev. Auth.	0.35			9/01/2030				22,300
		2,170	Cadiz (LOC - National City Bank)	1.25			1/01/2033				2,170
		22,420	Clinton County (LOC - Fifth Third Bank)	0.55			6/01/2032				22,420
		4,385	Cuyahoga County (LOC - Key Bank, N.A.)	0.65			3/01/2033				4,385
		6,200	Darke County (LOC - Fifth Third Bank)	0.75			12/01/2024				6,200
		8,710	Delaware County (LOC - Fifth Third Bank)	0.51			10/01/2033				8,710
		1,950	Hamilton County (LOC - Fifth Third Bank)	0.55			4/01/2028				1,950
		3,600	Hilliard (LOC - U.S. Bank, N.A.)	0.35			8/01/2012				3,600
		8,945	Housing Finance Agency (INS)(LOC - Societe Generale)	0.60			9/01/2026				8,945
		9,465	Logan County (LOC - Fifth Third Bank)	0.75			4/01/2027				9,465
		2,800	Meigs County (LOC - U.S. Bank, N.A.)	0.35			8/01/2012				2,800
		13,095	Montgomery County (LOC - Fifth Third Bank)	0.75			9/01/2026				13,095
		25,000	Montgomery County (LIQ)(INS)	0.30			8/01/2047				25,000
		21,880	Northeast Regional Sewer District (LIQ) (a)	0.25			5/15/2015				21,880
		2,775	Portage County (LOC - JPMorgan Chase Bank, N.A.)	0.62			12/01/2022				2,775
		17,230	Univ. of Akron (INS)(LIQ)	0.36			1/01/2029				17,230
		15,285	Univ. of Akron (INS)(LIQ)	0.36			1/01/2029				15,285
		8,005	Univ. of Cincinnati (LOC - Bayerische Landesbank)	0.63			6/01/2034				8,005
		3,000	Warren County (LOC - U.S. Bank, N.A.)	0.35			8/01/2012				3,000
		3,310	Wayne County (LOC - Fifth Third Bank)	0.75			9/01/2021				3,310

										202,525

			Oklahoma (3.1%)
		8,700	Garfield County Industrial Auth.	0.45			1/01/2025				8,700
		2,460	IDA (LOC - JPMorgan Chase Bank, N.A.)	0.67			8/01/2018				2,460
		32,400	Muskogee Industrial Trust	0.54			1/01/2025				32,400
		56,000	Muskogee Industrial Trust	0.52			6/01/2027				56,000

9 | USAA Tax Exempt Money Market Fund

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

$		11,400		Tulsa Industrial Auth. (LOC - Bank of Oklahoma, N.A.)	0.42		%	11/01/2026			$	11,400

											110,960

				Oregon (1.2%)
		2,900		Multnomah County (LOC - Key Bank, N.A.)	0.50			12/01/2029				2,900
		38,100		Port of Portland (LOC - Bank of Tokyo-Mitsubishi UFJ, Lt)	0.47			12/01/2014				38,100

											41,000

				Pennsylvania (3.9%)
		6,100		Allegheny County Hospital Dev. Auth. (LOC - SunTrust Bank)	0.40			9/01/2027				6,100
		10,830		Central Bucks School District (LIQ)(LOC - Dexia Credit Local) (a)	0.50			5/15/2022				10,830
		5,250		Chartiers Valley Industrial and Commercial Dev. Auth.	1.12			11/15/2017				5,250
		25,000		Delaware Valley (LOC - Bayerische Landesbank)	0.30			8/01/2016				25,000
		27,000		Emmaus General Auth. (INS)(LIQ)	0.32			12/01/2028				27,000
		2,400		Higher Educational Facilities Auth. (LOC - Fulton Bank)	2.25			11/01/2028				2,400
		2,200		Higher Educational Facilities Auth. (LOC - Fulton Bank)	2.25			11/01/2033				2,200
		20,000		Lackawanna County (LIQ)(INS)	0.41			9/01/2035				20,000
		10,000		Lackawanna County (LIQ)(INS)	0.45			9/01/2035				10,000
		3,700		Langhorne Manor (LOC - Citizens Bank of Pennsylvania)	0.58			10/01/2032				3,700
		5,120		Langhorne Manor (LOC - Citizens Bank of Pennsylvania)	0.58			10/01/2032				5,120
		20,040		Water Auth. (LIQ)(INS)	0.41			11/01/2024				20,040

											137,640

				Puerto Rico (2.7%)
		8,865		Commomwealth (LIQ)(LOC - Dexia Credit Local) (a)	0.50			7/01/2041				8,865
		28,490		Commonwealth (LIQ)(LOC - Bank of America, N.A.) (a)	0.40			7/01/2011				28,490
		28,920		Electric Power Auth. (LIQ)(LOC - Citibank, N.A.) (a)	0.42			3/01/2010				28,920
		27,985		Electric Power Auth. (LIQ)(LOC - Dexia Credit Local) (a)	0.50			7/01/2033				27,985

											94,260

				Rhode Island (0.2%)
		2,820		EDC (LOC - RBS Citizens, N.A.)	0.70			10/01/2034				2,820
		1,880		Health and Educational Building Corp. (LOC - RBS Citizens, N.A.)	0.31			4/01/2035				1,880
		2,745		Health and Educational Building Corp. (LOC - RBS Citizens, N.A.)	0.31			4/01/2036				2,745

											7,445

				South Carolina (1.6%)
		15,075		Charleston County School District (INS)(LIQ) (a)	0.30			12/01/2013				15,075
		29,110		Jobs EDA (LOC - Regions Bank)	2.10			10/01/2035				29,110
		13,640		Jobs EDA (LOC - SunTrust Bank)	0.35			11/01/2035				13,640

											57,825

				South Dakota (1.5%)
		5,975		Health and Educational Facilities Auth.	0.62			11/01/2020				5,975

Portfolio of Investments | 10

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

$		3,780		Health and Educational Facilities Auth.	0.62		%	11/01/2025			$	3,780
		7,970		Health and Educational Facilities Auth.	0.62			11/01/2027				7,970
		36,495		Health and Educational Facilities Auth. (LOC - Allied Irish Banks plc)	0.42			7/01/2033				36,495

											54,220

				Tennessee (1.1%)
		13,935		Cookeville Regional Medical Center Auth. (LOC - Regions Bank)	0.95			3/01/2036				13,935
		5,100		Jackson Health, Educational and Housing Facility Board (LOC - Regions Bank)	0.95			9/01/2016				5,100
		2,665		Jackson Health, Educational and Housing Facility Board (LOC - Regions Bank)	0.95			7/01/2024				2,665
		9,500		McMinn County (LOC - Regions Bank)	0.95			11/01/2036				9,500
		4,840		Memphis-Shelby County (LOC - SunTrust Bank)	0.40			1/01/2028				4,840
		2,430		Metropolitan Government of Nashville and Davidson County (LOC - Fifth Third Bank)	0.55			12/01/2024				2,430

											38,470

				Texas (9.3%)
		11,000		Atascosa County IDC (NBGA)	0.95			6/30/2020				11,000
		770		Bell County Health Facilities Dev. Corp. (LOC - JPMorgan Chase Bank, N.A.)	0.52			5/01/2023				770
		25,285		Brazos County Health Facilities Dev. (LIQ)(NBGA) (a)	1.10			1/01/2019				25,285
		2,565		Cameron Education Corp. (LOC - JPMorgan Chase Bank, N.A.)	0.67			6/01/2031				2,565
		9,105		Crawford Education Facilities Corp. (LOC - BNP Paribas)	1.10			5/01/2035				9,105
		8,210		Denton County (LIQ) (a)	0.30			7/15/2011				8,210
		6,845		Department of Housing and Community Affairs (LOC - Bank of America, N.A.)	0.28			5/01/2042				6,845
		9,570		El Paso County Hospital District (LIQ) (a)	0.30			8/15/2013				9,570
		10,245		Forney ISD (LIQ)(NBGA) (a)	0.23			8/15/2033				10,245
		21,335		Houston (INS)(LIQ) (a)	0.30			11/01/2011				21,335
		20,140		Houston (INS)(LIQ) (a)	0.23			5/15/2015				20,140
		29,460		Houston (LOC - Bank of America, N.A., Bank of New York Mellon, Dexia Credit Local, and State Street Bank and Trust Co.)	0.25			5/15/2034				29,460
		53,350		Houston (LOC - Bank of America, N.A., Bank of New York Mellon, Dexia Credit Local, and State Street Bank and Trust Co.)	0.25			5/15/2034				53,350
		7,435		Judson ISD (INS)(LIQ) (a)	0.30			2/01/2031				7,435
		1,800		North Central IDA	0.67			10/01/2013				1,800
		16,230		Student Housing Auth. (LIQ)(NBGA) (a)	0.35			10/01/2033				16,230
		21,225		Tarrant County Health Facilities Dev. (LOC - HSH Nordbank A.G.)	0.35			8/15/2036				21,225
		14,470		Tarrant County Housing Finance Corp. (LIQ)(NBGA) (a)	0.35			11/01/2029				14,470
		19,500		Transportation Commission (LIQ) (a)	0.23			4/01/2033				19,500
		9,090		Transportation Commission (LIQ) (a)	0.23			4/01/2035				9,090
		7,700		Trinity River IDA	0.70			1/01/2013				7,700
		25,635		Turnpike Auth. (INS)(LIQ) (a)	0.23			1/01/2012				25,635

											330,965

				Utah (0.6%)
		19,965		Board of Regents (LIQ)(LOC - Dexia Credit Local) (a)	0.50			4/01/2029				19,965

				Vermont (0.2%)
		6,665		Educational and Health Buildings Financing Agency (LOC - Allied Irish Banks plc)	0.40			4/15/2033				6,665

11 | USAA Tax Exempt Money Market Fund

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

			Virginia (2.4%)
$		5,760		Alexandria IDA (LOC - Branch Banking & Trust Co.)	0.23		%	10/01/2030			$	5,760
		11,025		Alexandria IDA (LOC - SunTrust Bank)	0.30			10/01/2043				11,025
		28,800		Chesapeake Hospital Auth. (LOC - Federal Home Loan Bank of Atlanta)	0.35			7/01/2031				28,800
		7,700		Chesterfield County EDA (LIQ)(INS)	0.27			11/01/2042				7,700
		3,500		Fairfax County EDA (LOC - SunTrust Bank)	0.35			6/01/2037				3,500
		21,085		Harrisonburg Redevelopment and Housing Auth. (LIQ)(NBGA) (a)	0.35			2/01/2026				21,085
		5,250		Henrico County EDA (INS)(LIQ)	0.27			11/01/2042				5,250
		585		Lynchburg IDA (LOC - SunTrust Bank)	0.50			12/01/2034				585

											83,705

				Washington (3.5%)
		5,000		Economic Dev. Finance Auth. (LOC - Bank of the West)	0.27			2/12/2019				5,000
		5,645		Health Care Facilities Auth. (INS)(LIQ) (a)	0.55			8/15/2013				5,645
		14,550		Health Care Facilities Auth. (LOC - Key Bank, N.A.)	0.50			7/01/2030				14,550
		18,475		Health Care Facilities Auth. (INS)(LIQ)	0.55			12/01/2036				18,475
		27,500		Health Care Facilities Auth. (LOC - Key Bank, N.A.)	0.32			7/01/2038				27,500
		10,520		Higher Education Facilities Auth.	0.29			10/01/2031				10,520
		42,055		Housing Finance Commission (LOC - HSH Nordbank A.G.)	0.35			3/01/2036				42,055

											123,745

				West Virginia (0.5%)
		2,775		Harrison County (LOC - U.S. Bank, N.A.)	0.35			12/01/2012				2,775
		9,630		Marshall County	0.37			3/01/2026				9,630
		3,100		Monongalia County (LOC - U.S. Bank, N.A.)	0.35			12/01/2012				3,100
		2,200		Ripley (LOC - U.S. Bank, N.A.)	0.35			12/01/2012				2,200

											17,705

				Wisconsin (0.1%)
		820		Health and Educational Facilities Auth. (LOC - JPMorgan Chase Bank, N.A.)	0.67			5/01/2026				820
		2,035		Milwaukee Redevelopment Auth. (LOC - JPMorgan Chase Bank, N.A.)	0.35			5/01/2025				2,035

											2,855

				Wyoming (1.1%)
		16,500		Converse County	2.02			12/01/2020				16,500
		6,700		Platte County (NBGA)	0.70			7/01/2014				6,700
		9,335		Sweetwater County	2.02			12/01/2020				9,335
		6,305		Sweetwater County	2.02			12/01/2020				6,305

											38,840

				Total Variable-Rate Demand Notes (cost: $3,216,545)							3,216,545


				PUT BONDS (2.6%)
				Alabama (0.5%)
		18,500		Mobile IDB	1.40			7/15/2034				18,500

Portfolio of Investments | 12

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

			Colorado (0.1%)
$		3,570		NBC Metropolitan District (LOC - U.S. Bank, N.A.)	1.00		%	12/01/2030			$	3,570

				Florida (0.5%)
		16,000		Escambia County	1.75			4/01/2039				16,000

				Georgia (0.2%)
		7,500		Monroe County Dev. Auth.	0.80			11/01/2048				7,500

				Montana (1.3%)
		9,415		Board of Investments (NBGA)	2.15			3/01/2017				9,415
		12,055		Board of Investments (NBGA)	2.15			3/01/2018				12,055
		11,750		Board of Investments (NBGA)	2.15			3/01/2025				11,750
		12,735		Board of Investments (NBGA)	2.15			3/01/2028				12,735

											45,955

				Pennsylvania (0.0%)
		1,750		Allegheny County IDA (LOC - PNC Bank, N.A.)	0.98			12/01/2040				1,750

				Total Put Bonds (cost: $93,275)							93,275

				FIXED-RATE INSTRUMENTS (6.7%)
				California (1.1%)
		40,000		State	3.00			5/25/2010				40,273

				Connecticut (0.3%)
		10,000		Waterbury	2.50			9/01/2010				10,099

				Kentucky (0.3%)
		11,000		Rural Water Finance Corp.	1.25			1/01/2011				11,060

				Minnesota (1.1%)
		3,700		Crookston ISD (NBGA)	1.00			9/29/2010				3,712
		1,330		Kimball ISD (NBGA)	1.50			9/14/2010				1,335
		1,350		Morris ISD (NBGA)	1.25			9/16/2010				1,356
		1,075		Onamia ISD (NBGA)	1.50			9/15/2010				1,079
		4,270		Red Wing ISD (NBGA)	2.00			8/18/2010				4,296
		2,355		St. Anthony ISD (NBGA)	2.00			8/11/2010				2,366
		8,050		St. Cloud ISD (NBGA)	1.50			8/24/2010				8,083
		4,250		St. Francis ISD (NBGA)	1.00			9/20/2010				4,260
		4,600		Water Finance Auth.	2.25			5/01/2010				4,619
		3,080		West Central Area ISD (NBGA)	1.50			9/01/2010				3,093
		3,700		West St. Paul ISD (NBGA)	2.75			3/11/2010				3,707

											37,906

				Missouri (0.3%)
		8,800		Public Utilities Commission	2.25			8/01/2010				8,863

				New York (0.3%)
		3,000		Erie County Fiscal Stability Auth.	2.00			5/19/2010				3,012
		8,805		Erie County Fiscal Stability Auth.	1.25			7/30/2010				8,840

											11,852

				Texas (3.3%)
		15,000		Dallas Area Rapid Transit	0.55			1/21/2010				15,000

13 | USAA Tax Exempt Money Market Fund

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

$			10,000	Dallas Area Rapid Transit					0.55			%	2/10/2010								$	10,000
			20,000	Dallas Area Rapid Transit					0.48				2/24/2010									20,000
			15,000	Dallas Area Rapid Transit					0.37				3/03/2010									15,000
			10,000	Houston					0.32				1/20/2010									10,000
			15,000	Houston					0.55				1/20/2010									15,000
			10,000	Houston					0.55				1/20/2010									10,000
			13,600	Houston					0.35				2/03/2010									13,600
			10,000	Houston					0.35				3/03/2010									10,000

																					118,600

				Total Fixed-Rate Instruments(cost: $238,653)																	238,653

				Total Investments (cost: $3,548,473)													$		3,548,473



($ 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				$	—	$		3,216,545				$		—		$		3,216,545
		PUT BONDS					—			93,275						—				93,275
		FIXED-RATE INSTRUMENTS					—			238,653						—				238,653
Total						$	—	$		3,548,473				$		—		$		3,548,473

Portfolio of Investments | 14

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 Tax Exempt 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

15 | USAA Tax Exempt 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 $3,551,669,000 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 | 16

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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