- 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 TAX EXEMPT LONG-TERM FUND

[USAA LOGO]

USAA (R)

PORTFOLIO OF INVESTMENTS

3 RD QUARTER

USAA TAX EXEMPT LONG-TERM FUND

DECEMBER 31, 2009

(Form N-Q)

PORTFOLIO OF INVESTMENTS

December 31, 2009 (unaudited)

CATEGORIES AND DEFINITIONS

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.

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.

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. VRDNs will normally trade as if the maturity is the earlier put date, even though stated maturity is longer.

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 market values of the securities.

(INS)	Principal and interest payments are insured by one of the following: ACA Financial Guaranty Corp., AMBAC Assurance Corp., Assured Guaranty Corp., CIFG Assurance, N.A., Financial Guaranty Insurance Co., Assured Guaranty Municipal Corp., National Public Finance Guarantee Corp., Radian Asset Assurance, Inc., or XL Capital Assurance. 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 Dexia Credit Local.
(LOC)	Principal and interest payments are guaranteed by a bank letter of credit or other bank credit agreement.

(NBGA)

Principal and interest payments or, under certain circumstances, underlying mortgages are guaranteed by a nonbank guarantee agreement from one of the following: Florida General Obligation, Texas Permanent School Fund, or Utah General Obligation.

1 | USAA Tax Exempt Long-Term Fund

PORTFOLIO ABBREVIATIONS AND DESCRIPTIONS

EDA	Economic Development Authority
EDC	Economic Development Corp.
ETM	Escrowed to final maturity
IDA	Industrial Development Authority/Agency
IDC	Industrial Development Corp.
ISD	Independent School District
MTA	Metropolitan Transportation Authority
PRE	Prerefunded to a date prior to maturity

Portfolio of Investments | 2

PORTFOLIO OF INVESTMENTS

USAA Tax Exempt Long-Term Fund

December 31, 2009 (unaudited)

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

			FIXED-RATE INSTRUMENTS (94.2%)
			Alabama (1.5%)
$		1,000	Marshall County Health Care Auth.	6.25		%	1/01/2022			$	1,028
		1,500	Marshall County Health Care Auth.	5.75			1/01/2032				1,489
		1,150	Marshall County Health Care Auth.	5.75			1/01/2032				1,141
		2,500	Montgomery Medical Clinic Board	4.75			3/01/2031				2,104
		2,500	Montgomery Medical Clinic Board	4.75			3/01/2036				2,028
		7,670	Parks System Improvement Corp.	5.00			6/01/2020				8,048
		7,805	Parks System Improvement Corp.	5.00			6/01/2021				8,190
		11,000	Univ. of Alabama at Birmingham (INS) (PRE)	5.88			9/01/2031				11,512

										35,540

			Arizona (2.2%)
		10,000	Mohave County IDA	8.00			5/01/2025				11,354
		1,000	Phoenix Civic Improvement Corp., 5.50%, 7/01/2013 (INS)	5.50		(a)	7/01/2029				906
		1,500	Phoenix Civic Improvement Corp., 5.50%, 7/01/2013 (INS)	5.50		(a)	7/01/2030				1,349
		3,500	Scottsdale IDA	5.25			9/01/2030				3,250
		28,500	Univ. Medical Center Corp.	5.00			7/01/2035				26,302
		2,000	Yavapai County IDA	5.63			8/01/2033				1,906
		7,500	Yavapai County IDA	5.63			8/01/2037				7,084

										52,151

			Arkansas (0.0%)
		1,000	Baxter County	4.63			9/01/2028				855

			California (4.7%)
		6,700	Corona-Norco Unified School District (INS)	5.50			8/01/2039				6,759
		2,000	Golden State Tobacco Securitization, 4.55%, 6/01/2010 (INS)	4.55		(a)	6/01/2022				1,809
		5,000	Golden State Tobacco Securitization, 4.60%, 6/01/2010 (INS)	4.60		(a)	6/01/2023				4,219
		5,000	Golden State Tobacco Securitization (PRE)	5.38			6/01/2028				5,105
		7,000	Health Facilities Financing Auth.	5.00			8/15/2039				6,510
		5,000	Indio Redevelopment Agency	5.25			8/15/2035				4,518
		17,025	Inland Empire Tobacco Securitization Auth., 5.75%, 12/01/2011	5.75		(a)	6/01/2026				12,264
		9,105	Public Works Board	5.00			11/01/2029				9,178
		2,610	Public Works Board	5.00			4/01/2030				2,369
		5,000	San Francisco City and County Redevelopment Financing Auth. (INS)	4.88			8/01/2036				4,170
		5,000	State	5.00			3/01/2029				4,774
		24,700	State	4.50			8/01/2030				21,242
		5,000	State	5.75			4/01/2031				5,064
		8,100	State	5.00			2/01/2032				7,498
		6,000	State	5.00			11/01/2032				5,546
		5,000	State	5.00			12/01/2032				4,621

3 | USAA Tax Exempt Long-Term Fund

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

$		2,500	Victor Elementary School District (INS)	5.13		%	8/01/2034			$	2,498

										108,144

			Colorado (2.2%)
		3,500	Denver Convention Center Hotel Auth. (INS)	4.75			12/01/2035				2,715
		1,000	Denver Health and Hospital Auth. (PRE)	6.00			12/01/2023				1,099
		3,730	Denver Health and Hospital Auth. (PRE)	6.00			12/01/2031				4,099
		3,000	Denver Health and Hospital Auth. (PRE)	6.25			12/01/2033				3,646
		15,765	Denver Health and Hospital Auth.	4.75			12/01/2034				12,814
		10,000	E-470 Public Highway Auth. (INS)	5.06		(b)	9/01/2035				1,699
		1,000	Eagle Bend Metropolitan District No. 2 (INS)	5.25			12/01/2023				899
		4,000	Health Facilities Auth. (INS)	5.50			12/01/2027				3,732
		3,500	Health Facilities Auth.	5.00			6/01/2029				3,230
		3,000	Health Facilities Auth.	5.25			6/01/2031				2,792
		2,000	Health Facilities Auth.	5.00			6/01/2035				1,748
		2,500	Health Facilities Auth.	5.25			6/01/2036				2,259
		8,250	State (INS)	5.00			11/01/2030				8,438
		2,000	Vista Ridge Metropolitan District (INS)	5.00			12/01/2036				1,727

										50,897

			Connecticut (1.8%)
		2,500	Health and Educational Facilities Auth. (INS)	5.13			7/01/2030				2,191
		64,950	Mashantucket (Western) Pequot Tribe, acquired 9/01/1997-3/01/2000; Cost $63,237 (c),(d)	5.75			9/01/2027				35,878
		1,500	Mashantucket (Western) Pequot Tribe, acquired 9/01/2001; Cost $1,446 (c),(d)	5.50			9/01/2028				783
		7,500	Mashantucket (Western) Pequot Tribe, acquired 7/24/2006; Cost $7,630 (c),(d)	5.50			9/01/2036				3,916

										42,768

			District of Columbia (1.0%)
		10,000	Community Academy Public Charter School, Inc. (INS)	4.88			5/01/2037				5,138
		7,500	Metropolitan Washington Airports Auth.	5.13			10/01/2034				7,764
		10,000	Metropolitan Washington Airports Auth.	5.63			10/01/2039				10,613

										23,515

			Florida (3.5%)
		15,665	Board of Education (NBGA) (PRE)	5.63			6/01/2025				16,172
		7,000	Board of Education (NBGA) (PRE)	5.63			6/01/2029				7,227
		370	Highlands County Health Facilities Auth. (PRE)	5.25			11/15/2036				437
		4,380	Highlands County Health Facilities Auth.	5.25			11/15/2036				4,227
		1,725	Hillsborough County IDA	5.50			10/01/2023				1,745
		2,000	Miami-Dade County School Board (INS)	5.25			2/01/2027				2,114
		5,000	Miami-Dade County School Board (INS)	5.00			5/01/2033				5,071
		2,000	Orange County Health Facilities Auth. (PRE)	5.75			12/01/2027				2,273
		3,000	Orange County Health Facilities Auth.	5.25			10/01/2035				2,925
		10,000	Orange County Health Facilities Auth.	4.75			11/15/2036				9,005
		2,000	Orange County School Board (INS)	5.00			8/01/2032				2,033
		8,000	Orange County School Board (INS)	5.50			8/01/2034				8,364
		22,130	Seminole Tribe (c)	5.25			10/01/2027				19,950

										81,543

			Georgia (1.7%)
		10,000	Burke County Dev. Auth.	7.00			1/01/2023				11,841
		12,000	Fayette County Public Facilities Auth. (PRE)	5.88			6/01/2028				12,401
		4,000	Glynn-Brunswick Memorial Hospital Auth.	5.63			8/01/2034				3,950
		10,000	Savannah EDA	6.15			3/01/2017				10,290

										38,482

Portfolio of Investments | 4

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

			Hawaii (0.3%)
$		6,000	State	6.50		%	7/01/2039			$	6,435

			Illinois (9.5%)
		520	Chicago (INS)	5.25			1/01/2029				537
		5,000	Chicago	6.75			12/01/2032				4,552
		3,445	Chicago-O'Hare International Airport (INS)	5.13			1/01/2020				3,514
		3,060	Chicago-O'Hare International Airport (INS)	5.13			1/01/2021				3,117
		2,000	Finance Auth.	5.00			4/01/2026				1,794
		5,000	Finance Auth.	5.50			8/15/2028				5,155
		2,500	Finance Auth. (INS)	5.75			11/01/2028				2,593
		5,000	Finance Auth.	7.25			11/01/2030				5,691
		4,500	Finance Auth.	5.00			4/01/2031				3,838
		7,565	Finance Auth.	5.50			4/01/2032				6,746
		17,840	Finance Auth.	4.50			11/15/2032				14,924
		5,000	Finance Auth.	5.75			10/01/2035				4,830
		9,000	Finance Auth.	5.00			4/01/2036				7,300
		3,770	Finance Auth.	5.50			4/01/2037				3,287
		20,000	Finance Auth.	5.38			8/15/2039				19,954
		1,205	Finance Auth.	5.25			10/01/2039				1,151
		9,825	Health Facilities Auth.	5.50			8/01/2020				10,270
		9,445	Health Facilities Auth.	5.25			9/01/2024				9,321
		5,030	Health Facilities Auth. (PRE)	6.85			11/15/2029				5,368
		2,500	Housing Dev. Auth.	4.85			1/01/2037				2,370
		5,000	Metropolitan Pier and Exposition Auth., 5.50%, 6/15/2012 (INS)	5.50		(a)	6/15/2020				4,918
		2,500	Metropolitan Pier and Exposition Auth., 5.55%, 6/15/2012 (INS)	5.55		(a)	6/15/2021				2,449
		8,000	Metropolitan Pier and Exposition Auth. (INS)	5.50			6/15/2023				8,589
		23,980	Regional Transportation Auth. (INS)	5.75			6/01/2020				28,386
		37,550	Regional Transportation Auth. (INS)	6.50			7/01/2030				47,326
		3,000	Schaumburg (INS)	5.25			12/01/2034				3,106
		4,555	State	5.13			6/15/2019				4,782
		4,071	Village of Gilberts (INS)	4.75			3/01/2030				4,080
		1,500	Village of Round Lake (INS)	4.70			3/01/2033				1,445

										221,393

			Indiana (3.0%)
		10,440	Bond Bank (PRE)	5.50			8/01/2021				10,862
		3,440	Finance Auth.	5.00			10/01/2033				3,356
		15,780	Health and Educational Facility Financing Auth.	5.00			2/15/2036				14,347
		16,000	Health and Educational Facility Financing Auth.	5.00			2/15/2039				14,522
		6,000	Indianapolis (INS)	5.50			1/01/2038				6,498
		7,500	Rockport (INS)	4.63			6/01/2025				7,184
		7,500	St. Joseph County Hospital Auth. (INS) (PRE)	5.63			8/15/2033				7,937
		4,195	Transportation Finance Auth. (PRE)	5.38			12/01/2025				4,390

										69,096

			Iowa (0.6%)
		1,000	Finance Auth. (INS)	5.25			5/15/2021				1,008
		3,495	Finance Auth. (INS)	5.25			5/15/2026				3,516
		5,000	Finance Auth. (INS)	4.75			12/01/2031				4,276
		5,000	Finance Auth. (INS)	5.00			12/01/2039				4,205

										13,005

			Kansas (0.7%)
		4,000	Burlington (INS)	4.85			6/01/2031				3,994
		12,500	Wyandotte County	5.00			12/01/2020				12,627

										16,621

5 | USAA Tax Exempt Long-Term Fund

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

			Kentucky (0.5%)
$		1,000		Economic Dev. Finance Auth. (INS)	6.00		%	12/01/2033			$	1,095
		4,000		Economic Dev. Finance Auth. (INS)	6.00			12/01/2038				4,320
		5,000		Municipal Power Agency (INS)	5.00			9/01/2037				5,009
		2,000		Owen County	6.25			6/01/2039				2,123

											12,547

				Louisiana (1.0%)
		25,000		Parish of St. John the Baptist	5.13			6/01/2037				22,626

				Maine (1.2%)
		27,750		Turnpike Auth. (INS) (PRE)	5.75			7/01/2028				28,786

				Maryland (1.0%)
		2,500		EDC	6.20			9/01/2022				2,856
		5,000		Health and Higher Educational Facilities Auth.	5.75			1/01/2033				4,994
		6,000		Health and Higher Educational Facilities Auth.	5.75			1/01/2038				5,967
		9,965		Health and Higher Educational Facilities Auth.	4.75			5/15/2042				9,236

											23,053

				Massachusetts (1.9%)
		2,000		Development Finance Agency (INS)	5.25			3/01/2026				1,877
		5,000		Health and Educational Facilities Auth. (INS) (PRE)	5.88			10/01/2029				5,260
		10,000		Health and Educational Facilities Auth.	6.25			7/01/2030				10,564
		3,500		Health and Educational Facilities Auth.	5.00			7/15/2032				2,834
		2,250		Health and Educational Facilities Auth.	5.00			7/01/2033				1,992
		500		Health and Educational Facilities Auth.	5.00			7/15/2037				391
		5,000		School Building Auth. (INS)	4.75			8/15/2032				5,048
		16,000		Water Resources Auth. (INS) (PRE)	5.75			8/01/2030				16,667

											44,633

				Michigan (0.7%)
		49,395		Building Auth. (INS)	5.01		(b)	10/15/2030				13,948
		3,000		Strategic Fund	5.63			7/01/2020				3,264

											17,212

				Minnesota (1.2%)
		5,625		Chippewa County	5.50			3/01/2037				5,193
		7,654		Higher Education Facilities Auth., acquired 8/28/2006; Cost $7,741 (c),(d)	5.43			8/28/2031				7,484
		2,500		Higher Education Facilities Auth.	5.00			10/01/2039				2,501
		3,000		St. Louis Park	5.75			7/01/2030				3,032
		10,000		Washington County Housing and Redevelopment Auth.	5.50			11/15/2027				9,049

											27,259

				Mississippi (0.4%)
		1,250		Hospital Equipment and Facilities Auth.	5.25			12/01/2031				1,124
		8,750		Warren County	4.80			8/01/2030				7,499

											8,623

				Missouri (1.7%)
		25,000		Cape Girardeau County IDA	5.00			6/01/2036				21,471
		1,000		Cape Girardeau County IDA	5.75			6/01/2039				1,012
		8,000		Cass County	5.63			5/01/2038				6,869
		2,000		Dev. Finance Board	5.00			6/01/2035				1,798

Portfolio of Investments | 6

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

$		7,500		Health and Educational Facilities Auth.	5.50		%	11/15/2033			$	7,552

											38,702

				Montana (0.3%)
		6,500		Forsyth (INS)	4.65			8/01/2023				6,240

				Nebraska (0.6%)
		2,250		Douglas County Hospital Auth.	6.13			8/15/2031				2,379
		4,500		Platte County (INS)	6.10			5/01/2025				4,516
		6,500		Platte County (INS)	6.15			5/01/2030				6,515

											13,410

				Nevada (2.6%)
		11,570		Clark County (INS)	5.25			6/15/2019				12,389
		21,000		Clark County (INS) (PRE)	5.50			7/01/2025				21,551
		4,000		Clark County (INS)	5.00			7/01/2026				4,125
		12,410		Clark County EDC	5.00			5/15/2029				12,348
		10,420		Truckee Meadows Water Auth. (INS)	4.88			7/01/2034				9,885

											60,298

				New Jersey (1.5%)
		3,000		Camden County Improvement Auth.	5.75			2/15/2034				2,704
		5,000		EDA	5.50			6/15/2024				4,893
		6,000		EDA	5.75			6/15/2029				5,796
		2,500		EDA	5.50			6/15/2031				2,313
		11,500		Health Care Facilities Financing Auth.	5.00			7/01/2029				9,219
		57,630		Health Care Facilities Financing Auth.	5.07		(b)	7/01/2032				9,469

											34,394

				New Mexico (1.2%)
		32,380		Farmington	4.88			4/01/2033				27,130

				New York (7.1%)
		21,485		Dormitory Auth.	6.00			8/15/2016				23,761
		5,010		Dormitory Auth., 5.95%, 7/01/2010 (INS) (PRE)	5.95		(a)	7/01/2020				5,044
		5,690		Dormitory Auth., 6.00%, 7/01/2010 (INS) (PRE)	6.00		(a)	7/01/2022				5,729
		2,395		Dormitory Auth.	5.25			7/01/2024				2,369
		3,210		Dormitory Auth., 6.05%, 7/01/2010 (INS) (PRE)	6.05		(a)	7/01/2024				3,232
		5,000		Dormitory Auth.	5.00			7/01/2026				4,783
		2,250		Dormitory Auth.	5.25			7/01/2029				2,202
		5,000		Dormitory Auth.	5.00			7/01/2036				4,481
		10,910		Dutchess County IDA (PRE)	5.75			8/01/2030				11,361
		16,130		Liberty Dev. Corp.	5.25			10/01/2035				16,129
		2,000		Long Island Power Auth.	5.75			4/01/2039				2,159
		4,165		New York City	5.30			12/01/2018				4,436
		5,105		New York City	5.88			8/01/2019				5,582
		970		New York City	6.00			5/15/2020				987
		7,830		New York City (PRE)	6.00			5/15/2020				8,076
		5,000		New York City	5.13			12/01/2028				5,284
		22,740		New York City (PRE)	5.75			5/15/2030				23,433
		3,025		New York City Municipal Water Finance Auth.	6.00			6/15/2033				3,124
		4,975		New York City Municipal Water Finance Auth. (PRE)	6.00			6/15/2033				5,155
		6,850		New York City Transit Auth., MTA, Triborough Bridge and Tunnel Auth. (INS) (PRE)	5.88			1/01/2030				6,919
		7,500		New York City Transitional Finance Auth.	5.00			1/15/2034				7,684
		1,500		Seneca Nation Indians Capital Improvements Auth. (c)	5.00			12/01/2023				1,239
		10,000		Triborough Bridge and Tunnel Auth.	5.00			11/15/2031				10,519

											163,688

7 | USAA Tax Exempt Long-Term Fund

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

			North Carolina (0.8%)
$		3,750	Charlotte-Mecklenberg Hospital Auth.	5.25		%	1/15/2034			$	3,842
		5,000	Columbus County Industrial Facilities & Pollution Control Financing Auth.	6.25			11/01/2033				5,039
		5,250	State Medical Care Commission	5.00			7/01/2033				4,459
		4,000	Wake County Industrial Facilities and Pollution Control Financing Auth.	5.38			2/01/2017				4,274

										17,614

			North Dakota (0.3%)
		7,250	Fargo (INS)	5.63			6/01/2031				7,322

			Ohio (2.1%)
		6,000	Air Quality Dev. Auth.	5.70			8/01/2020				6,256
		5,000	Air Quality Dev. Auth. (INS)	4.80			1/01/2034				4,871
		20,000	Buckeye Tobacco Settlement Financing Auth.	5.88			6/01/2030				17,073
		10,000	Buckeye Tobacco Settlement Financing Auth.	5.75			6/01/2034				8,235
		4,640	Higher Education Facility Commission (INS)	5.00			5/01/2036				3,880
		2,000	Lake County	5.63			8/15/2029				1,964
		6,325	Lorain County	5.25			2/01/2021				6,179

										48,458

			Oklahoma (2.4%)
		14,705	Chickasaw Nation (c)	6.00			12/01/2025				14,958
		13,125	Chickasaw Nation (c)	6.25			12/01/2032				13,045
		4,500	Municipal Power Auth. (INS)	4.50			1/01/2047				4,001
		7,500	Norman Regional Hospital Auth. (INS)	5.50			9/01/2023				6,708
		3,100	Norman Regional Hospital Auth.	5.38			9/01/2029				2,569
		8,695	Norman Regional Hospital Auth.	5.38			9/01/2036				6,782
		7,600	Norman Regional Hospital Auth.	5.13			9/01/2037				5,682
		2,675	Tulsa Industrial Auth.	5.00			10/01/2037				2,597

										56,342

			Oregon (0.1%)
		1,855	Keizer	5.20			6/01/2031				1,902

			Pennsylvania (0.0%)
		1,135	Allegheny County IDA	5.13			9/01/2031				993

			Rhode Island (1.2%)
		5,700	EDC (INS)	5.00			7/01/2031				5,475
		12,185	EDC (INS)	5.00			7/01/2036				11,197
		975	Housing and Mortgage Finance Corp.	6.85			10/01/2024				977
		9,950	Housing and Mortgage Finance Corp.	4.85			4/01/2033				9,713

										27,362

			South Carolina (3.0%)
		5,000	Georgetown County	5.70			4/01/2014				5,271
		2,250	Greenwood County	5.38			10/01/2039				2,251
		2,300	Jobs EDA (INS)	5.25			2/01/2021				2,304
		3,750	Jobs EDA (INS)	5.38			2/01/2026				3,712
		17,420	Jobs EDA	6.00			11/15/2026				17,606
		12,580	Jobs EDA (PRE)	6.00			11/15/2026				14,343
		10,000	Jobs EDA (INS)	4.60			4/01/2027				8,662
		14,505	Tobacco Settlement Revenue Management Auth.	5.00			6/01/2018				14,529

										68,678

Portfolio of Investments | 8

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

			South Dakota (0.3%)
$		2,500	Health and Educational Facilities Auth.	5.25		%	11/01/2027			$	2,542
		2,500	Health and Educational Facilities Auth.	5.25			11/01/2029				2,562
		3,000	Health and Educational Facilities Auth.	5.25			7/01/2038				2,965

										8,069

			Tennessee (1.7%)
		4,240	Jackson	5.50			4/01/2033				4,256
		3,000	Johnson City Health and Educational Facilities Board	5.50			7/01/2031				3,002
		5,000	Johnson City Health and Educational Facilities Board	5.50			7/01/2036				4,871
		5,605	Shelby County (PRE)	6.38			9/01/2019				6,396
		9,395	Shelby County (PRE)	6.38			9/01/2019				10,722
		11,075	Sullivan County Health Educational & Housing Facilities Board	5.25			9/01/2036				9,319

										38,566

			Texas (21.0%)
		19,500	Bell County Health Facilities Dev. Corp. (ETM)	6.50			7/01/2019				24,278
		1,520	Bexar County	5.00			7/01/2033				1,236
		1,795	Bexar County	5.00			7/01/2037				1,421
		5,000	Cypress-Fairbanks ISD (NBGA)	5.00			2/15/2035				5,242
		12,100	Denton ISD (NBGA)	5.16		(b)	8/15/2028				4,798
		13,885	Denton ISD (NBGA)	5.18		(b)	8/15/2029				5,187
		11,220	Denton ISD (NBGA)	5.20		(b)	8/15/2030				3,923
		15,645	Denton ISD (NBGA)	5.22		(b)	8/15/2031				5,161
		7,000	Duncanville ISD (NBGA)	4.63			2/15/2029				7,176
		2,240	Eagle Mountain-Saginaw ISD (NBGA)	4.50			8/15/2033				2,244
		10,420	Edinburg Consolidated ISD (NBGA) (PRE)	5.50			2/15/2030				10,487
		9,155	Ennis ISD (NBGA)	4.70		(b)	8/15/2034				2,343
		9,155	Ennis ISD (NBGA)	4.71		(b)	8/15/2035				2,148
		9,000	Fort Worth	6.00			3/01/2029				9,668
		8,085	Fort Worth	6.25			3/01/2033				8,697
		4,180	Guadalupe-Blanco River Auth. (INS)	5.00			5/15/2039				3,958
		3,000	Harlandale ISD (NBGA)	4.75			8/15/2036				3,043
		25,000	Harris County	4.75			10/01/2031				25,674
		4,000	Harris County Education Facilities Finance Corp.	5.25			10/01/2029				4,129
		1,500	Harris County Health Facilities Dev. Corp.	7.25			12/01/2035				1,688
		7,000	Harris County IDC	5.00			2/01/2023				6,986
		2,660	Hopkins County Hospital District	5.75			2/15/2028				2,387
		2,000	Hopkins County Hospital District	6.00			2/15/2033				1,774
		2,255	Hopkins County Hospital District	6.00			2/15/2038				1,957
		12,500	Houston Airport System	5.50			7/01/2034				13,402
		22,000	Houston ISD (NBGA)	5.00			2/15/2033				23,163
		5,000	Irving ISD (NBGA)	5.38		(b)	2/15/2028				1,975
		22,000	Judson ISD (NBGA)	4.50			2/01/2035				21,852
		7,750	Kerrville Health Facilities Dev. Corp.	5.38			8/15/2035				6,898
		12,700	Lower Colorado River Auth. (INS)	5.00			5/15/2031				12,829
		5,300	Matagorda County	6.30			11/01/2029				5,733
		4,235	Mesquite Health Facilities Dev. Corp.	5.63			2/15/2035				3,551
		10,945	Midlothian Dev. Auth. (PRE)	7.88			11/15/2021				12,094
		890	Midlothian Dev. Auth.	5.13			11/15/2026				764
		9,175	Midlothian ISD (NBGA)	5.00			2/15/2034				9,319
		11,500	North Central Health Facilities Dev. Corp. (INS)	5.25			8/15/2022				11,893
		3,000	North Texas Tollway Auth.	5.63			1/01/2028				3,112
		15,000	North Texas Tollway Auth.	5.63			1/01/2033				15,383
		5,000	North Texas Tollway Auth.	5.63			1/01/2033				5,128
		15,000	North Texas Tollway Auth.	5.75			1/01/2033				15,416
		12,500	North Texas Tollway Auth.	5.75			1/01/2040				12,806
		3,195	Northside ISD (NBGA)	5.13			2/15/2022				3,315
		13,500	Port of Corpus Christi IDC	5.45			4/01/2027				12,543

9 | USAA Tax Exempt Long-Term Fund

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

$		5,490		Red River Education Finance Corp.	4.38		%	3/15/2027			$	5,441
		1,000		San Leanna Education Facilities Corp.	5.13			6/01/2026				980
		1,815		San Leanna Education Facilities Corp.	5.13			6/01/2027				1,765
		6,025		San Leanna Education Facilities Corp.	4.75			6/01/2032				5,333
		2,395		San Leanna Education Facilities Corp.	5.13			6/01/2036				2,157
		7,205		Schertz - Cibolo - Universal City ISD (NBGA)	5.09		(b)	2/01/2033				2,171
		6,200		Schertz - Cibolo - Universal City ISD (NBGA)	5.11		(b)	2/01/2035				1,635
		1,100		Tarrant County Cultural Education Facilities Finance Corp.	6.00			11/15/2026				1,025
		6,315		Tarrant County Cultural Education Facilities Finance Corp.	5.63			11/15/2027				5,711
		4,000		Tarrant County Cultural Education Facilities Finance Corp.	6.00			11/15/2036				3,484
		13,000		Tarrant County Cultural Education Facilities Finance Corp.	5.13			5/15/2037				10,827
		4,000		Tarrant County Cultural Education Facilities Finance Corp.	5.75			11/15/2037				3,495
		4,000		Transportation Commission	4.50			4/01/2033				3,974
		4,595		Tyler Health Facilities Dev. Corp. (PRE)	5.75			7/01/2027				5,236
		7,350		Tyler Health Facilities Dev. Corp. (PRE)	6.00			7/01/2027				8,186
		22,000		Tyler Health Facilities Dev. Corp.	5.25			11/01/2032				21,456
		10,000		Tyler Health Facilities Dev. Corp.	5.00			7/01/2033				8,406
		8,585		Tyler Health Facilities Dev. Corp. (PRE)	5.75			7/01/2033				9,782
		2,500		Tyler Health Facilities Dev. Corp.	5.00			7/01/2037				2,061
		5,000		Tyler Health Facilities Dev. Corp.	5.38			11/01/2037				4,883
		1,000		Uptown Development Auth.	5.50			9/01/2029				978
		22,995		Veterans' Land Board	6.25			8/01/2035				24,240
		3,000		Weatherford ISD (NBGA)	4.83		(b)	2/15/2027				1,296
		2,500		Weatherford ISD (NBGA)	4.84		(b)	2/15/2028				1,014
		4,315		Weatherford ISD (NBGA) (PRE)	5.45			2/15/2030				4,833
		3,105		Weatherford ISD (NBGA)	5.45			2/15/2030				3,268
		6,360		West Harris County Regional Water Auth. (INS)	4.70			12/15/2030				6,350

											486,768

				Utah (0.3%)
		7,150		Nebo School District (NBGA) (PRE)	5.50			7/01/2020				7,338

				Virginia (2.0%)
		11,280		College Building Auth.	5.00			6/01/2026				10,079
		5,000		College Building Auth.	5.00			6/01/2029				4,343
		880		College Building Auth. (PRE)	5.00			6/01/2036				1,024
		3,120		College Building Auth.	5.00			6/01/2036				2,636
		1,478		Farms of New Kent Community Dev. Auth.	5.13			3/01/2036				932
		8,665		Farms of New Kent Community Dev. Auth.	5.45			3/01/2036				5,693
		2,000		Farms of New Kent Community Dev. Auth.	5.80			3/01/2036				1,370
		1,300		Lewistown Commerce Center Community Dev. Auth.	5.75			3/01/2017				1,171
		10,875		Lewistown Commerce Center Community Dev. Auth.	6.05			3/01/2027				8,482
		4,500		Peninsula Town Center Community Dev. Auth.	6.45			9/01/2037				3,753
		5,000		Small Business Financing Auth.	5.25			9/01/2037				4,281
		3,000		Watkins Centre Community Dev. Auth.	5.40			3/01/2020				2,845

											46,609

				Washington (1.6%)
		7,665		Health Care Facilities Auth. (INS)	5.25			10/01/2021				7,735
		13,030		Health Care Facilities Auth. (INS)	4.75			12/01/2031				10,877
		2,500		Health Care Facilities Auth. (INS)	6.00			8/15/2039				2,650
		5,000		Housing Finance Commission (INS)	6.00			7/01/2029				5,007
		8,730		Snohomish County (INS)	5.13			12/01/2021				8,967
		1,100		Snohomish County (INS) (PRE)	5.13			12/01/2021				1,191

											36,427

Portfolio of Investments | 10

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

			West Virginia (0.2%)
$		2,500		West Virginia Univ. Board of Governors (INS)	5.00		%	10/01/2027			$	2,558
		2,500		West Virginia Univ. Board of Governors (INS)	5.00			10/01/2028				2,551

											5,109

				Wisconsin (1.1%)
		5,000		Health & Educational Facilities Auth.	5.75			11/15/2030				5,343
		2,500		Health & Educational Facilities Auth.	5.38			8/15/2037				2,520
		635		Health and Educational Facilities Auth.	5.38			10/01/2021				650
		10,600		Health and Educational Facilities Auth.	5.38			2/15/2034				10,084
		8,000		Univ. of Wisconsin Hospitals and Clinics Auth. (INS) (PRE)	6.20			4/01/2029				8,199

											26,796

				Wyoming (0.5%)
		2,360		Municipal Power Agency	5.50			1/01/2033				2,440
		2,300		Municipal Power Agency	5.50			1/01/2038				2,362
		6,000		Sweetwater County	5.25			7/15/2026				6,215

											11,017

				Total Fixed-Rate Instruments (cost: $2,254,791)							2,184,416

				PUT BONDS (1.7%)
				Arizona (0.6%)
		12,500		Maricopa County	6.00			5/01/2029				13,072

				Indiana (0.4%)
		9,000		Rockport	6.25			6/01/2025				9,966

				Louisiana (0.5%)
		10,000		Public Facilities Auth.	7.00			12/01/2038				10,749

				Michigan (0.2%)
		5,500		Strategic Fund Ltd. (INS)	4.85			9/01/2030				5,635

				Total Put Bonds (cost: $37,000)							39,422

				VARIABLE-RATE DEMAND NOTES (2.8%)
				Florida (0.0%)
		650		Sarasota Manatee Airport Auth. (LOC - SunTrust Bank)	0.27			8/01/2014				650

				Missouri (0.0%)
		20		St Louis (LIQ)(LOC - Dexia Credit Local) (c)	0.33			7/01/2026				20

				Nebraska (0.0%)
		200		Lancaster County Hospital Auth. (LOC - Allied Irish Banks plc)	0.35			7/01/2030				200

				Nevada (0.9%)
		19,855		Washoe County (LIQ) (c)	0.60			12/01/2035				19,855

				New York (0.1%)
		3,200		New York City (LOC - Dexia Credit Local)	0.30			1/01/2036				3,200

11 | USAA Tax Exempt Long-Term Fund

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

				Pennsylvania (0.5%)
$			10,200	Allegheny County IDA (LOC - Allied Irish Banks plc)					0.36			%	7/01/2038								$	10,200

				Puerto Rico (1.3%)
			5,000	Electric Power Auth. (LIQ)(LOC - Dexia Credit Local) (c)					0.40				7/01/2026									5,000
			22,965	Highway & Transportation Auth. (LIQ)(LOC - Dexia Credit Local) (c)					0.40				7/01/2030									22,965
			1,945	Sales Tax Financing Corp. (LIQ)(LOC - Dexia Credit Local) (c)					0.54				8/01/2042									1,945

																					29,910

				Total Variable-Rate Demand Notes (cost: $64,035)																	64,035

				Total Investments (cost: $2,355,826)													$		2,287,873


($ 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
		FIXED-RATE INSTRUMENTS				$	—	$		2,184,416				$		—		$		2,184,416
		PUT BONDS					—			39,422						—				39,422
		VARIABLE-RATE DEMAND NOTES					—			64,035						—				64,035
Total						$	—	$		2,287,873				$		—		$		2,287,873

Portfolio of Investments | 12

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 Long-Term 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. Debt securities with maturities greater than 60 days are valued each business day by a pricing service (the Service) approved by the Trust’s Board of Trustees. The Service uses an evaluated mean between quoted bid and asked prices or the last sales price to price securities when, in the Service’s judgment, these prices are readily available and are representative of the securities’ market values. For many securities, such prices are not readily available. The Service generally prices these securities based on methods that include consideration of yields or prices of tax-exempt securities of comparable quality, coupon, maturity, and type; indications as to values from dealers in securities; and general market conditions.

2. Debt securities purchased with original or remaining maturities of 60 days or less may be valued at amortized cost, which approximates market value.

3. Securities for which market quotations are not readily available or are considered unreliable, or whose values have been materially affected by events occurring after the close of their primary markets but before the pricing of the Fund, are valued in good faith at fair value, using methods determined by USAA Investment Management Company (the Manager), an affiliate of the Fund, under valuation procedures approved by the Trust’s Board of Trustees. The effect of fair value pricing is that securities may not be priced on the basis of quotations from the primary market in which they are traded and the actual price realized from the sale of a security may differ materially from the fair value price. Valuing these securities at fair value is intended to cause the Fund’s net asset value (NAV) to be more reliable than it otherwise would be.

Fair value methods used by the Manager include, but are not limited to, obtaining market quotations from secondary pricing services, broker-dealers, or widely used quotation systems. General factors considered in determining the fair value of securities include fundamental analytical data, the nature and duration of any restrictions on disposition of the securities, and an evaluation of the forces that influenced the market in which the securities are purchased and sold.

13 | USAA Tax Exempt Long-Term Fund

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.

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. The purchase of securities on a delayed-delivery or when-issued basis may increase the volatility of the Fund’s NAV to the extent that the Fund makes such purchases while remaining substantially fully invested.

D. 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.

E. 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. Gross unrealized appreciation and depreciation of investments as of December 31, 2009, were $79,635,000 and $147,588,000, respectively, resulting in net unrealized depreciation of $67,953,000.

F. The portfolio of investments category percentages shown represent the percentages of the investments to net assets, which were $2,317,390,000 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.

Notes to Portfolio of Investments | 14

SPECIFIC NOTES

(a)		Stepped-coupon security that is initially issued in zero-coupon form and converts to coupon form at the specified date and rate shown in the security’s description. The rate presented in the coupon rate column represents the effective yield at the date of purchase.
(b)		Zero-coupon security. Rate represents the effective yield at the date of purchase.
(c)		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.
(d)		Security deemed illiquid by the Manager, under liquidity guidelines approved by the Trust's Board of Trustees. The aggregate market value of these securities at December 31, 2009, was $48,061,000, which represented 2.1% of the Fund’s net assets.

15 | USAA Tax Exempt Long-Term Fund

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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