- 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 INTERMEDIATE-TERM FUND

[USAA LOGO]

USAA (R)

PORTFOLIO OF INVESTMENTS

3 RD QUARTER

USAA TAX EXEMPT INTERMEDIATE-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.

Periodic auction reset bonds – interest rates are reset periodically through an auction mechanism. The bonds have the option to be sold at face value at each interest rate reset date to the extent that there are sufficient bids in the auction.

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., Assured Guaranty Municipal Corp., CIFG Assurance, N.A., Financial Guaranty Insurance Co., 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 Merrill Lynch & Co., Inc.
(LOC)	Principal and interest payments are guaranteed by a bank letter of credit or other bank credit agreement.

1 | USAA Tax Exempt Intermediate-Term Fund

(NBGA)

Principal and interest payments or, under certain circumstances, underlying mortgages are guaranteed by a nonbank guarantee agreement from one of the following: Fannie Mae, Federal Housing Association Insured Mortgage Nursing Home, Government National Mortgage Association, or Texas Permanent School Fund.

PORTFOLIO ABBREVIATIONS AND DESCRIPTIONS

EDA	Economic Development Authority
EDC	Economic Development Corp.
ETM	Escrowed to final maturity
IDA	Industrial Development Authority/Agency
IDB	Industrial Development Board
IDC	Industrial Development Corp.
ISD	Independent School District
PRE	Prerefunded to a date prior to maturity
USD	Unified School District

Portfolio of Investments | 2

PORTFOLIO OF INVESTMENTS

USAA Tax Exempt Intermediate-Term Fund

December 31, 2009 (unaudited)

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

			FIXED-RATE INSTRUMENTS (90.9%)
			Alabama (1.0%)
$		345	Montgomery BMC Special Care Facilities Financing Auth. (INS)	4.88		%	11/15/2018			$	345
		16,340	Montgomery Medical Clinic Board	4.75			3/01/2026				14,476
		5,000	Prattville IDB	5.15			9/01/2013				5,121
		5,000	Private Colleges and Universities Facilities Auth. (INS)	4.75			9/01/2026				4,937
		2,000	Univ. of Alabama at Birmingham (INS) (PRE)	5.75			9/01/2020				2,092

										26,971

			Alaska (0.8%)
		7,650	Four Dam Pool Power Agency (LOC - Dexia Credit Local) (PRE)	5.00			7/01/2021				8,698
		3,750	North Slope Borough (INS)	4.36		(a)	6/30/2011				3,681
		2,000	State (INS)	4.75			4/01/2021				2,010
		2,520	State (INS)	4.75			4/01/2022				2,531
		2,000	State (INS)	4.75			4/01/2023				2,006
		4,110	State (INS)	4.75			4/01/2024				4,119

										23,045

			Arizona (1.5%)
		1,170	Health Facilities Auth.	4.50			4/01/2016				1,201
		425	Health Facilities Auth.	5.00			4/01/2017				439
		1,150	Health Facilities Auth.	4.75			4/01/2025				1,144
		2,500	Maricopa County Union High School District No. 210 (INS)	4.50			7/01/2024				2,551
		15,000	Mohave County IDA	7.50			5/01/2019				17,101
		3,270	Phoenix Civic Improvement Corp., 5.50%, 7/01/2013 (INS)	4.50		(b)	7/01/2024				3,028
		2,115	Phoenix Civic Improvement Corp., 5.50%, 7/01/2013 (INS)	4.54		(b)	7/01/2025				1,952
		2,000	Pinal County IDA (INS)	5.25			10/01/2020				1,944
		1,250	Pinal County IDA (INS)	5.25			10/01/2022				1,198
		2,000	Pinal County IDA (INS)	4.50			10/01/2025				1,693
		1,535	State Univ. (INS)	5.00			9/01/2024				1,585
		7,180	Univ. Medical Center Corp.	5.00			7/01/2022				7,160

										40,996

			Arkansas (0.6%)
		3,125	Baxter County	5.00			9/01/2026				2,844
		6,230	Independence County	5.00			1/01/2021				6,142
		4,000	Independence County (INS)	4.90			7/01/2022				4,034
		4,905	Jefferson County	4.60			10/01/2017				4,952

										17,972

			California (9.0%)
		10,000	Chabot-Las Positas Community College District (INS)	4.85		(a)	8/01/2022				5,153

3 | USAA Tax Exempt Intermediate-Term Fund

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

$		5,000	Chabot-Las Positas Community College District (INS)	4.88		% (a)	8/01/2023			$	2,401
		5,000	City and County of San Francisco Airport Commission	5.25			5/01/2022				5,315
		7,000	City and County of San Francisco Airport Commission	5.25			5/01/2023				7,369
		2,000	Coronado Community Dev. Agency (INS)	5.00			9/01/2024				1,963
		7,000	Health Facilities Financing Auth.	5.13			7/01/2022				7,289
		5,000	Irvine USD Special Tax District (INS)	5.25			9/01/2019				5,326
		2,500	Irvine USD Special Tax District (INS)	4.50			9/01/2020				2,535
		6,745	Kern County Board of Education (INS)	5.00			6/01/2026				6,878
		20,000	Los Angeles Department of Water and Power (INS)	4.75			7/01/2025				20,644
		3,320	Modesto Irrigation District (INS)	5.64		(a)	7/01/2017				2,276
		3,325	Modesto Irrigation District (INS)	5.69		(a)	7/01/2018				2,145
		5,000	Public Works Board	5.50			6/01/2019				5,092
		6,400	Public Works Board	5.50			4/01/2021				6,567
		6,755	Public Works Board	5.60			4/01/2022				6,914
		3,130	Public Works Board	5.75			4/01/2023				3,209
		1,430	Sacramento Financing Auth. (INS)	5.00			12/01/2024				1,382
		15,265	Sacramento Municipal Utility District Financing Auth. (INS)	4.75			7/01/2024				14,647
		4,720	Salinas Union High School District (INS)	4.37		(a)	6/01/2016				3,608
		2,000	Salinas Union High School District (INS)	4.37		(a)	10/01/2016				1,500
		3,525	San Bernardino County Redevelopment Agency (INS)	5.00			9/01/2025				3,431
		2,395	San Diego USD (INS)	4.50			7/01/2025				2,424
		3,945	San Jose	4.95			4/01/2012				4,032
		3,000	San Jose USD (INS)	4.50			6/01/2024				2,953
		7,065	Santa Clara County Financing Auth. (INS)	4.75			5/15/2023				7,274
		7,400	Santa Clara County Financing Auth. (INS)	4.75			5/15/2024				7,572
		7,750	Santa Clara County Financing Auth. (INS)	4.75			5/15/2025				7,864
		3,500	Santa Rosa Rancheria Tachi Yokut Tribe (c)	5.00			3/01/2020				2,852
		2,175	Semitropic Improvement District (INS)	5.25			12/01/2018				2,310
		2,500	Solano Community College District (INS)	4.85		(a)	8/01/2023				1,217
		4,735	Solano Community College District (INS)	4.88		(a)	8/01/2024				2,109
		4,035	South Orange County Public Financing Auth. (INS)	5.00			8/15/2022				4,030
		4,920	South Orange County Public Financing Auth. (INS)	5.00			8/15/2025				4,790
		20,000	State	5.25			10/01/2022				20,748
		27,445	State	5.75			4/01/2027				28,622
		3,120	Statewide Communities Dev. Auth.	5.00			5/15/2021				3,043
		3,275	Statewide Communities Dev. Auth.	5.00			5/15/2022				3,166
		3,440	Statewide Communities Dev. Auth.	5.00			5/15/2023				3,304
		3,610	Statewide Communities Dev. Auth.	5.00			5/15/2024				3,439
		3,795	Statewide Communities Dev. Auth.	5.00			5/15/2025				3,585
		1,245	Systemwide Univ. (INS)	5.50			11/01/2015				1,377
		16,020	Tobacco Securitization Auth.	4.75			6/01/2025				14,275
		3,470	Tuolumne Wind Project Auth.	5.00			1/01/2022				3,634
		2,000	Washington Township Health Care District	5.75			7/01/2024				2,023

										252,287

			Colorado (2.2%)
		4,500	Adams County (INS)	4.38			9/01/2017				4,354
		5,000	Adams County (INS)	5.10			1/01/2019				5,055
		2,000	Arapahoe County School District No. 6 (INS)	5.25			12/01/2018				2,180
		2,585	Arapahoe County School District No. 6 (INS)	5.25			12/01/2019				2,816
		2,000	Arapahoe County School District No. 6 (INS)	5.25			12/01/2020				2,175
		2,000	Arapahoe County School District No. 6 (INS)	5.25			12/01/2021				2,172
		2,400	Denver Health and Hospital Auth. (PRE)	6.25			12/01/2016				2,649
		30,955	Denver Health and Hospital Auth.	4.75			12/01/2027				27,205
		1,000	Health Facilities Auth.	5.25			6/01/2023				988
		2,140	Pueblo School District No. 60 (INS) (PRE)	5.25			12/15/2020				2,404

Portfolio of Investments | 4

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

$		9,045	State (INS)	5.00		%	11/01/2023			$	9,482

										61,480

			Connecticut (0.5%)
		4,000	Health and Educational Facilities Auth. (INS)	5.00			7/01/2025				3,574
		4,400	Mashantucket (Western) Pequot Tribe, acquired 9/18/1997 and 12/20/2001; cost $4,388 (c),(d)	5.70			9/01/2012				2,540
		16,500	Mashantucket (Western) Pequot Tribe, acquired 9/18/1997 - 9/11/2009; cost $14,993 (c),(d)	5.75			9/01/2018				9,281

										15,395

			Delaware (0.3%)
		1,495	Health Facilities Auth. (INS)	4.80			5/01/2017				1,365
		1,830	Health Facilities Auth. (INS)	4.90			5/01/2018				1,644
		1,000	Health Facilities Auth. (INS)	5.00			5/01/2019				888
		1,515	Health Facilities Auth. (INS)	5.05			5/01/2020				1,328
		1,010	Municipal Electric Corp. (INS)	5.25			7/01/2013				1,073
		1,460	Municipal Electric Corp. (INS)	5.25			7/01/2017				1,551
		1,580	Municipal Electric Corp. (INS)	5.25			7/01/2018				1,654

										9,503

			District of Columbia (0.4%)
		7,000	District of Columbia (INS)	5.00			1/01/2025				7,223
		7,930	District of Columbia (INS)	4.75			5/01/2027				4,603

										11,826

			Florida (5.7%)
		5,165	Brevard County School Board (INS)	5.00			7/01/2025				5,264
		2,500	Broward County Airport System	5.00			10/01/2024				2,556
		6,500	Broward County School Board (INS)	5.00			7/01/2023				6,715
		4,000	Broward County School Board (INS)	5.00			7/01/2024				4,123
		3,710	Broward County School Board (INS)	5.00			7/01/2025				3,802
		7,905	Dade County (INS)	6.00		(a)	10/01/2011				7,401
		8,610	Dade County (INS)	6.10		(a)	10/01/2012				7,576
		3,270	Flagler County School Board (INS)	5.00			8/01/2025				3,352
		8,000	Hillsborough County IDA	5.65			5/15/2018				8,515
		1,725	Hillsborough County IDA	5.50			10/01/2023				1,745
		4,250	Indian River County School Board (INS)	5.00			7/01/2024				4,363
		5,000	JEA St. Johns River Power Park (INS)	5.00			10/01/2020				5,355
		1,090	Miami Beach Health Facilities Auth.	6.13			11/15/2011				1,093
		1,670	Miami Dade County (INS)	5.00			4/01/2022				1,724
		2,805	Miami Dade County (INS)	5.00			4/01/2023				2,885
		8,375	Miami Dade County (INS)	4.75			11/01/2023				8,408
		2,345	Miami Dade County, 5.00%, 10/01/2013 (INS)	4.54		(b)	10/01/2024				1,818
		9,830	Miami Dade County (INS)	4.75			11/01/2024				9,881
		3,670	Miami Dade County, 5.00%, 10/01/2013 (INS)	4.57		(b)	10/01/2025				2,811
		2,500	Miami Dade County (INS)	5.00			10/01/2026				2,564
		10,000	Miami Dade County School Board (INS)	5.00			2/01/2024				10,552
		12,000	Miami Dade County School Board (INS)	5.25			5/01/2025				12,765
		12,000	Orange County Health Facility Auth.	5.25			10/01/2022				12,081
		5,000	Orange County Health Facility Auth.	5.38			10/01/2023				5,070
		7,450	Palm Beach County Health Facilities Auth. (INS)	5.00			12/01/2021				6,716
		1,500	Palm Beach County School Board (INS)	5.25			8/01/2018				1,622
		650	Palm Beach County School Board (INS)	5.00			8/01/2022				675
		6,000	Seminole Tribe (c)	5.75			10/01/2022				5,815
		14,815	Seminole Tribe (c)	5.50			10/01/2024				13,875

										161,122

5 | USAA Tax Exempt Intermediate-Term Fund

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

			Georgia (0.9%)
$		10,000		Burke County Dev. Auth.	7.00		%	1/01/2023			$	11,841
		5,000		Coweta County Dev. Auth. (INS)	4.35			9/01/2018				5,002
		4,000		Glynn-Brunswick Memorial Hospital Auth.	5.25			8/01/2023				4,041
		5,000		Savannah Hospital Auth. (INS)	5.00			7/01/2018				5,027

											25,911

				Guam (0.2%)
		6,000		Education Financing Foundation (INS)	4.50			10/01/2026				4,822

				Hawaii (0.1%)
		2,760		Housing Finance and Dev. Corp.	5.45			7/01/2017				2,763

				Idaho (0.0%)
		1,000		Univ. of Idaho (INS)	4.75			4/01/2022				1,022

				Illinois (5.6%)
		1,000		Bedford Park Village	4.60			12/01/2017				979
		3,240		Bedford Park Village	4.80			12/01/2020				3,115
		3,085		Bedford Park Village	4.90			12/01/2023				2,928
		405		Channahon	6.25			1/01/2010				405
		6,040		Channahon	6.88			1/01/2020				6,081
		2,000		Chicago (PRE)	5.00			11/01/2019				2,158
		5,000		Chicago	6.63			12/01/2022				4,756
		29,925		Chicago School Board (INS)	4.82		(a)	12/01/2013				27,266
		2,170		Chicago-O'Hare International Airport (INS)	5.50			1/01/2014				2,260
		7,000		Chicago-O'Hare International Airport (INS)	5.00			1/01/2021				7,313
		10,000		Chicago-O'Hare International Airport (INS)	5.00			1/01/2022				10,404
		2,000		Finance Auth.	5.00			8/15/2017				1,769
		750		Finance Auth.	5.25			4/01/2022				712
		2,000		Finance Auth.	5.00			4/01/2023				1,862
		3,400		Finance Auth. (INS)	5.00			11/01/2023				3,424
		10,500		Finance Auth. (INS)	5.00			11/15/2023				10,355
		4,165		Finance Auth.	5.00			4/01/2025				3,811
		8,000		Finance Auth.	4.50			11/15/2026				7,184
		1,750		Finance Auth.	5.40			4/01/2027				1,620
		1,000		Health Facilities Auth.	5.25			9/01/2013				1,006
		2,000		Health Facilities Auth.	5.25			9/01/2014				2,012
		2,500		Health Facilities Auth.	5.25			9/01/2018				2,507
		3,000		Health Facilities Auth. (INS)	5.00			2/15/2020				3,028
		4,250		Health Facilities Auth. (PRE)	6.80			11/15/2020				4,534
		825		Housing Dev. Auth.	4.55			7/01/2021				835
		650		Housing Dev. Auth.	4.60			7/01/2023				655
		8,050		Lake County Community Unit School District (INS)	5.13		(a)	12/01/2016				6,371
		2,500		Metropolitan Pier and Exposition Auth., 5.20%, 6/15/2012 (INS)	5.20		(b)	6/15/2017				2,484
		2,500		Metropolitan Pier and Exposition Auth., 5.30%, 6/15/2012 (INS)	5.30		(b)	6/15/2018				2,477
		4,000		Metropolitan Pier and Exposition Auth., 5.40%, 6/15/2012 (INS)	5.40		(b)	6/15/2019				3,947
		2,000		Northeastern Illinois Univ.	4.75			10/01/2025				2,026
		4,735		Northern Illinois Univ. (INS)	4.88			4/01/2018				4,804
		7,815		Univ. of Illinois (INS) (PRE)	5.00			8/15/2020				8,341
		3,600		Volo Village, Lake County	5.00			3/01/2016				3,159
		14,070		Will County Forest Preserve District (INS)	5.40		(a)	12/01/2017				10,587

											157,175

				Indiana (2.9%)
		7,465		Bond Bank (PRE)	5.50			8/01/2016				7,767

Portfolio of Investments | 6

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

$		20,000		Finance Auth. (INS)	4.55		%	12/01/2024			$	19,183
		1,900		Finance Auth.	5.00			10/01/2027				1,945
		6,725		Health and Educational Facilities Financing Auth.	5.00			2/15/2022				6,676
		1,400		Health Facility Financing Auth.	5.25			2/15/2018				1,401
		6,000		Indianapolis	6.05			1/15/2010				5,966
		3,000		Jasper County (INS)	5.85			4/01/2019				3,264
		4,950		Municipal Power Agency (INS)	5.25			1/01/2017				5,203
		2,100		Municipal Power Agency (INS)	5.25			1/01/2018				2,193
		6,000		Rockport (INS)	4.63			6/01/2025				5,748
		965		St. Joseph County	5.45			2/15/2017				965
		7,260		St. Joseph County	5.75			2/15/2019				6,823
		11,000		Univ. of Southern Indiana (INS)	5.00			10/01/2018				11,260
		1,500		Vanderburgh County Redevelopment District	5.00			2/01/2026				1,472

											79,866

				Iowa (0.7%)
		9,190		Finance Auth. (INS)	5.00			7/01/2014				9,932
		1,325		Finance Auth. (INS)	5.00			12/01/2021				1,278
		1,390		Finance Auth. (INS)	5.00			12/01/2022				1,334
		1,460		Finance Auth. (INS)	5.00			12/01/2023				1,385
		1,535		Finance Auth. (INS)	5.00			12/01/2024				1,440
		1,610		Finance Auth. (INS)	5.00			12/01/2025				1,496
		1,690		Finance Auth. (INS)	5.00			12/01/2026				1,561

											18,426

				Kansas (0.7%)
		1,025		Wyandotte County	4.75			12/01/2016				1,049
		19,000		Wyandotte County	5.00			12/01/2020				19,193

											20,242

				Kentucky (0.3%)
		7,500		Economic Dev. Finance Auth. (INS)	5.75			12/01/2028				8,217

				Louisiana (2.0%)
		2,150		Local Government Environmental Facilities and Community Dev. Auth. (INS)	5.25			12/01/2015				2,291
		2,260		Local Government Environmental Facilities and Community Dev. Auth. (INS)	5.25			12/01/2016				2,387
		2,355		Local Government Environmental Facilities and Community Dev. Auth. (INS)	5.25			12/01/2017				2,471
		7,000		New Orleans (INS)	5.13			9/01/2021				7,085
		6,825		Office Facilities Corp. (INS)	5.38			5/01/2018				7,020
		2,000		Office Facilities Corp. (INS)	5.25			11/01/2018				2,104
		5,175		Offshore Terminal Auth.	5.20			10/01/2018				5,178
		4,450		St. Martin Parish	4.35			10/01/2012				4,702
		3,955		St. Tammany Parish Hospital Service District No. 1 (INS)	5.00			7/01/2018				3,875
		9,000		Transportation Auth. (INS)	4.38			12/01/2023				9,007
		9,000		Transportation Auth. (INS)	4.38			12/01/2024				9,001

											55,121

				Maine (0.1%)
		1,715		Housing Auth.	5.35			11/15/2021				1,728
		1,500		Jay	4.85			5/01/2019				1,437

											3,165

				Maryland (0.4%)
		2,915		Community Dev. Administration	5.88			7/01/2016				2,919
		2,500		EDC	6.20			9/01/2022				2,857

7 | USAA Tax Exempt Intermediate-Term Fund

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

$		5,000	Health and Higher Educational Facilities Auth.	6.00		%	1/01/2028			$	5,183

										10,959

			Massachusetts (1.5%)
		5,105	Commonwealth	5.75			6/15/2015				5,331
		4,500	Commonwealth (INS) (PRE)	5.50			3/01/2018				4,934
		7,775	Commonwealth (INS) (PRE)	5.38			8/01/2021				8,618
		9,000	Health and Educational Facilities Auth.	6.00			7/01/2024				9,479
		4,000	Health and Educational Facilities Auth.	5.00			7/15/2027				3,381
		5,545	Massachusetts Bay Transportation Auth.	4.60		(a)	7/01/2022				3,217
		7,790	Massachusetts Bay Transportation Auth.	4.65		(a)	7/01/2023				4,256
		5,000	Massachusetts Bay Transportation Auth.	4.70		(a)	7/01/2024				2,573
		1,600	Massachusetts Bay Transportation Auth.	4.73		(a)	7/01/2025				781
		110	Water Pollution Abatement Trust	4.75			8/01/2025				117

										42,687

			Michigan (1.9%)
		18,000	Building Auth. (INS)	4.81		(a)	10/15/2022				9,041
		2,585	Detroit Building Auth. (LOC - Comerica Bank, N.A.)	6.15			2/01/2011				2,592
		4,000	Detroit Downtown Dev. Auth. (INS)	5.00			7/01/2018				3,797
		25,000	Dickinson County EDC	4.80			11/01/2018				24,025
		1,855	Hospital Finance Auth.	6.25			10/01/2016				1,856
		2,675	Hospital Finance Auth.	5.00			11/15/2019				2,656
		3,400	Hospital Finance Auth.	5.00			11/15/2022				3,296
		2,000	Kent Hospital Finance Auth.	5.50			7/01/2020				1,770
		3,000	State Trunk Line Fund	5.00			11/01/2019				3,322
		2,000	State Trunk Line Fund	5.00			11/01/2020				2,195

										54,550

			Minnesota (1.9%)
		1,080	Chippewa County	5.38			3/01/2022				1,070
		5,120	Chippewa County	5.50			3/01/2027				4,911
		18,015	Cohasset	4.95			7/01/2022				18,261
		2,500	Higher Education Facilities Auth.	4.50			10/01/2027				2,477
		15	Housing Finance Agency	6.00			1/01/2018				15
		3,000	Municipal Power Agency	4.38			10/01/2025				3,001
		5,315	St. Paul Housing and Redevelopment Auth.	5.70			11/01/2015				5,294
		1,500	St. Paul Housing and Redevelopment Auth.	5.85			11/01/2017				1,481
		7,680	St. Paul Housing and Redevelopment Auth.	5.15			11/15/2020				7,028
		3,500	St. Paul Housing and Redevelopment Auth.	5.25			5/15/2026				3,348
		5,260	Washington County Hospital and Redevelopment Auth.	5.38			11/15/2018				4,964

										51,850

			Mississippi (0.1%)
		1,650	Hospital Equipment and Facilities Auth.	5.00			12/01/2016				1,662
		1,000	Hospital Equipment and Facilities Auth.	5.25			12/01/2021				963
		1,385	Lincoln County (INS)	5.50			4/01/2018				1,385

										4,010

			Missouri (1.1%)
		17,545	Cape Girardeau County Health Care Facilities IDA	5.00			6/01/2027				16,199
		1,000	Cass County	5.00			5/01/2022				950
		3,315	Cass County	5.38			5/01/2022				3,261
		2,000	Cass County	5.50			5/01/2027				1,815
		2,000	Dev. Finance Board	4.75			6/01/2025				1,875
		2,385	Fenton City	4.50			4/01/2021				2,316
		1,760	Riverside IDA (INS)	5.00			5/01/2020				1,765

Portfolio of Investments | 8

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

$		1,330	St. Joseph IDA	5.00		%	4/01/2027			$	1,340

										29,521

			Montana (0.3%)
		6,500	Forsyth (INS)	4.65			8/01/2023				6,240
		2,300	Health Facilities Auth.	6.38			6/01/2018				2,301

										8,541

			Nebraska (0.2%)
		500	Platte County Hospital Auth. No. 1 (INS)	5.50			5/01/2010				504
		500	Platte County Hospital Auth. No. 1 (INS)	5.55			5/01/2011				508
		500	Platte County Hospital Auth. No. 1 (INS)	5.65			5/01/2012				508
		500	Platte County Hospital Auth. No. 1 (INS)	5.75			5/01/2013				507
		500	Platte County Hospital Auth. No. 1 (INS)	5.90			5/01/2015				507
		3,500	Platte County Hospital Auth. No. 1 (INS)	6.05			5/01/2020				3,528
		560	Scotts Bluff County Hospital Auth.	5.13			11/15/2019				562

										6,624

			Nevada (1.1%)
		1,000	Clark County (INS)	4.50			11/01/2016				1,001
		5,000	Clark County (INS) (PRE)	5.25			7/01/2019				5,351
		2,865	Clark County	5.00			5/15/2020				2,958
		6,040	Department of Business and Industry (INS)	5.76		(a)	1/01/2017				1,107
		18,000	Humboldt County	5.15			12/01/2024				18,678
		2,000	Reno (INS) (PRE)	5.00			5/15/2018				2,035

										31,130

			New Hampshire (0.2%)
		5,000	Business Finance Auth.	5.85			12/01/2022				5,077

			New Jersey (2.0%)
		2,000	EDA	5.75			12/01/2016				2,000
		5,000	EDA (INS)	5.00			7/01/2022				5,083
		8,830	EDA	5.25			9/01/2023				9,477
		13,500	EDA	5.50			6/15/2024				13,210
		20,000	State Turnpike Auth.	5.00			1/01/2021				21,672
		5,000	Tobacco Settlement Financing Corp.	5.00			6/01/2017				4,969

										56,411

			New Mexico (1.2%)
		15,000	Farmington	5.70			12/01/2016				14,999
		2,000	Farmington	6.30			12/01/2016				2,001
		4,150	Farmington	6.30			12/01/2016				4,152
		4,890	Jicarilla Apache Nation (c)	5.00			9/01/2018				5,086
		3,250	Jicarilla Apache Nation (c)	5.50			9/01/2023				3,402
		4,000	Sandoval County	4.38			6/01/2020				4,079

										33,719

			New York (11.2%)
		2,500	Albany IDA	5.75			11/15/2022				2,611
		5,500	Dormitory Auth.	5.75			7/01/2013				5,929
		1,500	Dormitory Auth.	5.25			7/01/2015				1,646
		4,000	Dormitory Auth.	5.20			2/15/2016				4,009
		5,420	Dormitory Auth. (LOC - Allied Irish Banks plc)	4.40			7/01/2016				5,628
		2,005	Dormitory Auth.	5.25			7/01/2016				2,161
		4,760	Dormitory Auth.	5.30			2/15/2017				4,770
		2,000	Dormitory Auth.	5.25			7/01/2017				2,130
		12,560	Dormitory Auth. (ETM)	5.30			2/15/2019				14,387
		5,000	Dormitory Auth.	5.00			7/01/2020				5,014

9 | USAA Tax Exempt Intermediate-Term Fund

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

$		3,590		Dormitory Auth. (PRE)	5.05		%	2/01/2022			$	3,938
		24,935		Dormitory Auth.	5.00			7/01/2022				24,436
		2,500		Dutchess County IDA	4.50			8/01/2026				2,357
		2,300		East Rochester Housing Auth. (NBGA)	4.05			2/15/2012				2,346
		2,000		East Rochester Housing Auth. (NBGA)	4.63			2/15/2017				2,077
		17,075		Long Island Power Auth.	5.00			4/01/2023				18,125
		10,000		Metropolitan Transportation Auth.	6.25			11/15/2023				11,525
		16,565		Metropolitan Transportation Auth.	5.00			11/15/2024				17,399
		6,800		Metropolitan Transportation Auth.	5.00			11/15/2024				7,175
		2,500		Metropolitan Transportation Auth. (INS)	5.00			11/15/2024				2,638
		21,625		New York City	5.50			8/01/2015				23,991
		4,455		New York City	5.63			8/01/2015				4,847
		6,865		New York City	5.75			8/01/2016				7,490
		5,000		New York City	5.25			10/15/2019				5,270
		5,000		New York City	5.13			11/15/2022				5,424
		4,330		New York City	5.13			12/01/2022				4,664
		6,000		New York City	5.13			12/01/2023				6,441
		10,000		New York City	5.00			4/01/2024				10,508
		5,240		New York City	5.00			8/01/2024				5,555
		15,000		New York City	5.00			8/01/2024				16,097
		5,000		New York City	5.25			11/15/2024				5,439
		5,000		New York City	5.00			2/01/2025				5,293
		2,175		New York City IDA (INS)	4.15			7/01/2014				2,096
		1,050		New York City IDA (INS)	4.75			7/01/2019				943
		10,000		New York City Municipal Water Finance Auth.	5.38			6/15/2017				10,873
		4,795		New York City Transitional Finance Auth. (INS)	5.25			8/01/2019				5,210
		3,500		New York City Transitional Finance Auth.	5.00			1/15/2022				3,801
		25,000		New York City Transitional Finance Auth.	5.00			5/01/2026				27,215
		6,000		Seneca Nation Indians Capital Improvements Auth. (c)	5.00			12/01/2023				4,956
		775		Suffolk County IDA	5.00			11/01/2013				810
		1,880		Suffolk County IDA	5.00			11/01/2014				1,942
		1,000		Suffolk County IDA	5.00			11/01/2015				1,021
		3,180		Suffolk County IDA (INS)	4.75			6/01/2026				2,178
		11,000		Tobacco Settlement Financing Corp.	5.50			6/01/2018				11,642

											314,007

				North Carolina (1.5%)
		6,000		Eastern Municipal Power Agency	5.50			1/01/2012				6,447
		4,885		Eastern Municipal Power Agency	5.50			1/01/2015				5,259
		1,830		Eastern Municipal Power Agency	5.50			1/01/2016				1,970
		1,000		Eastern Municipal Power Agency	5.50			1/01/2017				1,071
		3,000		Eastern Municipal Power Agency	5.00			1/01/2024				3,102
		5,500		Medical Care Commission	5.00			7/01/2027				4,964
		5,000		Municipal Power Agency No. 1	5.50			1/01/2013				5,547
		2,000		Municipal Power Agency No. 1	5.25			1/01/2020				2,190
		3,600		Turnpike Auth. (INS)	5.00			1/01/2022				3,853
		3,330		Turnpike Auth. (INS)	5.13			1/01/2024				3,556
		4,000		Wake County Industrial Facilities and Pollution Control Financing Auth.	5.38			2/01/2017				4,274

											42,233

				North Dakota (0.1%)
		1,000		Grand Forks (INS)	5.00			12/15/2022				1,053
		2,055		Williams County	5.00			11/01/2021				1,958

											3,011

				Ohio (2.3%)
		4,000		Air Quality Dev. Auth.	5.63			10/01/2019				4,101
		9,000		Air Quality Dev. Auth.	5.70			8/01/2020				9,385
		3,000		American Municipal Power, Inc.	5.00			2/15/2021				3,157
		2,760		American Municipal Power, Inc.	5.00			2/15/2022				2,886

Portfolio of Investments | 10

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

$		22,375		Buckeye Tobacco Settlement Financing Auth.	5.13		%	6/01/2024			$	20,182
		2,400		Fairview Park (INS)	4.13			12/01/2020				2,433
		4,000		Franklin County	5.80			10/01/2014				4,049
		2,650		Franklin County	5.50			7/01/2017				2,424
		10,000		Hamilton (INS)	4.65			10/15/2022				10,439
		855		Housing Finance Agency (NBGA)	5.10			9/01/2017				891
		1,750		Miami County	5.25			5/15/2021				1,804
		2,000		Miami County	5.25			5/15/2026				2,015

											63,766

				Oklahoma (1.5%)
		5,360		Cherokee Nation (INS) (c)	4.60			12/01/2021				5,002
		10,275		Chickasaw Nation (c)	5.38			12/01/2017				10,899
		5,000		Chickasaw Nation (c)	6.00			12/01/2025				5,086
		3,895		Comanche County Hospital Auth. (INS)	5.25			7/01/2022				3,881
		3,000		Comanche County Hospital Auth. (INS)	5.25			7/01/2023				2,963
		1,400		Norman Regional Hospital Auth.	5.50			9/01/2024				1,242
		13,100		Norman Regional Hospital Auth.	5.00			9/01/2027				10,591
		1,295		Valley View Hospital Auth.	6.00			8/15/2014				1,296

											40,960

				Oregon (0.1%)
		1,000		Washington, Yamhill and Multnomah Counties Hillsboro School District No. 1J (INS)	4.58		(a)	6/15/2025				470
		5,900		Washington, Yamhill and Multnomah Counties Hillsboro School District No. 1J (INS)	4.59		(a)	6/15/2026				2,598

											3,068

				Pennsylvania (1.0%)
		1,000		Allegheny County IDA	5.00			9/01/2021				949
		1,220		Allegheny County IDA	5.10			9/01/2026				1,116
		17,300		Allegheny County IDA	4.75			12/01/2032				18,097
		5,500		Higher Educational Facility Auth. (INS)	5.25			8/01/2014				5,572
		1,615		Lancaster County Hospital Auth.	5.00			11/01/2026				1,625

											27,359

				Rhode Island (0.5%)
		340		Health and Educational Building Corp. (INS)	5.50			5/15/2012				341
		765		Health and Educational Building Corp. (INS)	5.50			5/15/2016				766
		5,500		Health and Educational Building Corp. (INS)	5.00			5/15/2026				5,614
		5,915		Housing and Mortgage Finance Corp.	4.65			10/01/2026				5,925

											12,646

				South Carolina (2.2%)
		4,250		Georgetown County	5.95			3/15/2014				4,421
		5,000		Georgetown County	5.70			4/01/2014				5,271
		5,000		Lexington County Health Services District, Inc.	5.00			11/01/2024				5,077
		7,335		Lexington County Health Services District, Inc.	5.00			11/01/2026				7,387
		5,870		SCAGO Educational Facilities Corp. (INS)	4.75			12/01/2026				5,057
		6,325		SCAGO Educational Facilities Corp. (INS)	4.75			12/01/2026				5,703
		29,015		Tobacco Settlement Revenue Management Auth.	5.00			6/01/2018				29,063

											61,979

				South Dakota (0.3%)
		1,700		Health and Educational Facilities Auth.	5.00			11/01/2024				1,737
		6,025		Housing Dev. Auth. (INS)	5.15			11/01/2020				6,171

											7,908

11 | USAA Tax Exempt Intermediate-Term Fund

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

			Tennessee (1.0%)
$		7,000		Jackson	5.25		%	4/01/2023			$	7,183
		2,125		Johnson City Health and Educational Facilities Board	5.25			7/01/2026				2,127
		1,000		Nashville and Davidson County Health and Educational Facilities Board (INS)	5.10			8/01/2019				863
		1,255		Shelby County Health, Educational and Housing Facility Board (PRE)	6.00			9/01/2016				1,420
		745		Shelby County Health, Educational and Housing Facility Board (PRE)	6.00			9/01/2016				843
		1,565		Shelby County Health, Educational and Housing Facility Board (PRE)	6.25			9/01/2018				1,781
		935		Shelby County Health, Educational and Housing Facility Board (PRE)	6.25			9/01/2018				1,064
		14,750		Sullivan County Health, Educational and Housing Facilities Board	5.25			9/01/2026				13,420

											28,701

				Texas (17.5%)
		910		Alamo Community College District (INS) (PRE)	5.00			11/01/2020				983
		1,050		Alamo Community College District (INS)	5.00			11/01/2020				1,111
		2,300		Austin (INS)	5.00			11/15/2024				2,403
		5,610		Austin Utility Systems (INS)	5.15		(a)	5/15/2017				4,351
		1,855		Bastrop ISD (NBGA)	5.55		(a)	2/15/2014				1,723
		3,030		Bastrop ISD (NBGA)	5.55		(a)	2/15/2015				2,704
		3,055		Bastrop ISD (NBGA)	5.60		(a)	2/15/2016				2,596
		3,155		Bastrop ISD (NBGA)	5.60		(a)	2/15/2017				2,552
		4,540		Bexar County Health Facilities Dev. Corp.	5.00			7/01/2027				3,928
		32,925		Brazos River Auth.	5.38			4/01/2019				32,886
		5,365		Cass County IDC	5.35			4/01/2012				5,511
		2,680		Central Regional Mobility Auth., 4.55%, 1/01/2014 (INS)	4.55		(b)	1/01/2020				1,957
		3,445		Central Regional Mobility Auth., 4.60%, 1/01/2014 (INS)	4.60		(b)	1/01/2021				2,474
		2,600		Conroe ISD (NBGA)	5.00			2/15/2023				2,826
		3,100		Conroe ISD (NBGA)	5.00			2/15/2024				3,343
		13,745		Denton ISD (NBGA)	5.03		(a)	8/15/2023				7,301
		16,500		Denton ISD (NBGA)	5.06		(a)	8/15/2024				8,273
		2,905		Eagle Mountain-Saginaw ISD (NBGA)	4.38			8/15/2026				2,975
		1,520		Edgewood ISD (NBGA)	4.88			8/15/2019				1,562
		1,595		Edgewood ISD (NBGA)	5.00			8/15/2020				1,684
		1,675		Edgewood ISD (NBGA)	5.00			8/15/2021				1,768
		2,245		Ennis ISD (NBGA)	4.56		(a)	8/15/2024				1,134
		3,715		Ennis ISD (NBGA)	4.58		(a)	8/15/2025				1,775
		3,720		Ennis ISD (NBGA)	4.60		(a)	8/15/2026				1,676
		6,580		Fort Worth ISD (NBGA) (PRE)	5.00			2/15/2018				6,919
		40,000		Harris County IDC	5.00			2/01/2023				39,922
		1,895		Hidalgo County Health Services Corp.	4.75			8/15/2017				1,855
		350		Hidalgo County Health Services Corp.	5.00			8/15/2019				342
		3,805		Hidalgo County Health Services Corp.	5.00			8/15/2022				3,613
		1,785		Hidalgo County Health Services Corp.	5.00			8/15/2026				1,625
		3,000		Houston (INS)	5.00			3/01/2019				3,210
		4,000		Houston Airport System	5.00			7/01/2024				4,236
		7,000		Houston Airport System	5.00			7/01/2025				7,376
		4,955		Houston ISD Public Facility Corp. (INS)	5.35		(a)	9/15/2015				4,263
		3,635		Houston ISD Public Facility Corp. (INS)	5.35		(a)	9/15/2015				3,128
		6,955		Houston ISD Public Facility Corp. (INS)	5.38		(a)	9/15/2016				5,662
		2,635		Houston ISD Public Facility Corp. (INS)	5.38		(a)	9/15/2016				2,145
		3,885		Houston ISD Public Facility Corp. (INS)	5.40		(a)	9/15/2017				2,997
		5,000		Irving ISD (NBGA)	5.31		(a)	2/15/2025				2,366
		2,200		Judson ISD (INS)	5.00			2/01/2023				2,308
		1,500		Judson ISD (INS)	5.00			2/01/2024				1,569
		1,595		La Porte ISD (INS)	5.00			2/15/2022				1,681

Portfolio of Investments | 12

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

$		3,535		La Porte ISD (INS)	5.00		%	2/15/2024			$	3,700
		3,830		Lewisville (INS)	5.38			9/01/2015				3,849
		4,555		Lower Colorado River Auth. (INS)	4.38			5/15/2025				4,571
		4,555		Lower Colorado River Auth. (INS)	4.38			5/15/2026				4,542
		2,560		Marlin ISD Public Facility Corp., acquired 7/22/1998; cost $2,602 (d)	5.85			2/15/2018				2,566
		3,425		Mesquite Health Facilities Dev. Corp.	5.50			2/15/2025				3,092
		2,040		Midlothian Dev. Auth. (INS)	5.00			11/15/2018				1,943
		2,235		Midlothian Dev. Auth. (INS)	5.00			11/15/2021				2,088
		9,265		Midlothian Dev. Auth.	6.00			11/15/2024				8,878
		1,695		Midlothian Dev. Auth. (INS)	5.00			11/15/2026				1,497
		2,755		Midlothian Dev. Auth.	5.13			11/15/2026				2,366
		2,500		North Texas Tollway Auth.	6.00			1/01/2023				2,706
		15,000		North Texas Tollway Auth.	6.00			1/01/2025				16,167
		2,800		Northside ISD (NBGA) (PRE)	5.00			2/15/2017				2,944
		2,500		Northside ISD (NBGA)	5.00			2/15/2017				2,616
		2,865		Northside ISD (NBGA) (PRE)	5.00			2/15/2018				3,013
		2,555		Northside ISD (NBGA)	5.00			2/15/2018				2,650
		1,220		Nueces River Auth. (INS)	5.00			7/15/2023				1,280
		1,530		Nueces River Auth. (INS)	5.00			7/15/2024				1,602
		5,945		Plano ISD (NBGA)	5.00			2/15/2019				6,166
		2,965		Plano ISD (NBGA)	4.50			2/15/2023				3,103
		4,835		Port of Corpus Christi IDA	5.40			4/01/2018				4,766
		19,050		Port of Corpus Christi IDC	5.40			4/01/2018				18,838
		2,000		Red River Education Finance Corp.	4.38			3/15/2025				2,006
		5,255		Red River Education Finance Corp.	4.38			3/15/2026				5,252
		8,395		Rockwall ISD (NBGA)	5.14		(a)	2/15/2022				4,793
		9,205		Sabine River Auth. (INS)	4.95			3/01/2018				9,409
		1,965		San Leanna Education Facilities Corp.	5.13			6/01/2023				1,972
		1,000		San Leanna Education Facilities Corp.	5.13			6/01/2024				997
		1,545		San Leanna Education Facilities Corp.	5.13			6/01/2025				1,530
		5,200		Schertz-Cibolo-Universal City ISD (NBGA)	4.86		(a)	2/01/2023				2,848
		3,320		State	5.00			8/01/2016				3,690
		3,750		Tarrant County Cultural Education Facilities Finance Corp.	5.25			11/15/2022				3,736
		9,410		Tarrant County Cultural Education Facilities Finance Corp.	5.50			11/15/2022				8,799
		1,100		Tarrant County Cultural Education Facilities Finance Corp.	6.00			11/15/2026				1,025
		8,300		Tarrant County Cultural Education Facilities Finance Corp.	5.13			5/15/2027				7,481
		8,000		Tarrant Regional Water District (INS)	5.25			3/01/2017				8,891
		2,000		Tarrant Regional Water District (INS)	5.25			3/01/2019				2,182
		2,000		Tarrant Regional Water District (INS)	5.25			3/01/2020				2,182
		5,000		Tarrant Regional Water District (INS)	4.38			3/01/2021				5,151
		7,000		Transportation Commission	4.38			4/01/2025				7,180
		18,000		Transportation Commission	4.50			4/01/2026				18,624
		4,000		Transportation Commission	4.75			4/01/2027				4,201
		3,895		Tyler Health Facilities Dev. Corp.	5.25			7/01/2011				3,967
		2,125		Tyler Health Facilities Dev. Corp.	5.25			7/01/2012				2,182
		1,500		Tyler Health Facilities Dev. Corp.	5.25			7/01/2013				1,546
		7,170		Tyler Health Facilities Dev. Corp.	5.25			11/01/2019				7,497
		7,945		Tyler Health Facilities Dev. Corp.	5.25			11/01/2021				8,197
		3,360		Tyler Health Facilities Dev. Corp.	5.25			11/01/2022				3,453
		3,800		Tyler Health Facilities Dev. Corp.	5.25			11/01/2023				3,888
		8,745		Tyler Health Facilities Dev. Corp.	5.25			7/01/2026				8,099
		4,500		Univ. of Texas Board of Regents (PRE)	5.38			8/15/2017				4,841
		7,000		Univ. of Texas Board of Regents (PRE)	5.25			7/01/2018				7,584
		12,505		Univ. of Texas Board of Regents	4.25			8/15/2025				12,828
		11,900		Univ. of Texas Board of Regents	4.25			8/15/2026				12,168
		1,795		Weatherford ISD (NBGA)	4.73		(a)	2/15/2023				988
		1,795		Weatherford ISD (NBGA)	4.77		(a)	2/15/2024				934
		5,970		Williamson County (INS)	5.13			2/15/2022				6,564
		1,385		Wylie ISD (NBGA)	5.00		(a)	8/15/2014				1,266

13 | USAA Tax Exempt Intermediate-Term Fund

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

$		1,690		Wylie ISD (NBGA)	5.10		% (a)	8/15/2015			$	1,479

											489,086

				Utah (0.9%)
		4,410		Intermountain Power Agency (INS) (ETM)	5.00			7/01/2012				4,426
		19,626		Jordanelle Special Service District (c)	12.00			8/01/2030				20,289

											24,715

				Virginia (1.9%)
		1,750		Albemarle County IDA	5.00			1/01/2024				1,635
		2,290		College Building Auth.	5.00			6/01/2021				2,149
		11,280		College Building Auth.	5.00			6/01/2026				10,079
		1,775		Commonwealth Housing Dev. Auth.	4.35			1/01/2017				1,800
		1,810		Commonwealth Housing Dev. Auth.	4.35			7/01/2017				1,835
		15,342		Farms of New Kent Community Dev. Auth.	5.13			3/01/2036				9,677
		3,889		Peninsula Town Center Community Dev. Auth.	5.80			9/01/2017				3,690
		6,752		Peninsula Town Center Community Dev. Auth.	6.25			9/01/2024				6,019
		5,378		Peninsula Town Center Community Dev. Auth.	6.35			9/01/2028				4,684
		5,510		Public School Auth. (PRE)	5.00			8/01/2017				5,718
		5,000		Richmond Convention Center Auth. (PRE)	6.13			6/15/2020				5,184
		1,000		Small Business Financing Auth.	5.13			9/01/2022				945

											53,415

				Washington (0.5%)
		1,800		Health Care Facilities Auth. (INS)	5.00			12/01/2023				1,698
		2,000		Health Care Facilities Auth. (INS)	5.00			12/01/2024				1,862
		2,310		Health Care Facilities Auth. (INS)	5.00			12/01/2025				2,129
		1,470		Higher Education Facilities Auth.	5.20			10/01/2017				1,476
		2,000		Housing Finance Commission (INS)	5.88			7/01/2019				2,012
		5,000		King County Housing Auth. (INS)	5.20			7/01/2018				4,715

											13,892

				Wisconsin (1.0%)
		4,130		Health and Educational Facilities Auth. (INS)	5.25			8/15/2012				4,137
		5,000		Health and Educational Facilities Auth. (INS)	5.13			8/15/2020				5,011
		8,300		Health and Educational Facilities Auth.	5.13			2/15/2026				7,995
		2,350		Housing and EDA	4.85			9/01/2017				2,402
		1,345		Kaukauna Area School District (INS)	4.85			3/01/2017				1,401
		6,000		Sheboygan (INS)	5.00			9/01/2015				6,634

											27,580

				Total Fixed-Rate Instruments (cost: $2,549,110)							2,546,732

				PUT BONDS (7.0%)
				Alabama (0.4%)
		10,900		Baptist Health Care Auth.	6.00			11/15/2024				11,499

				Arizona (0.5%)
		12,500		Maricopa County	6.00			5/01/2029				13,072

				California (0.1%)
		3,000		Health Facilities Financing Auth.	4.95			7/01/2026				3,195

				Florida (0.6%)
		16,000		Putnam County Dev. Auth. (INS)	5.35			3/15/2042				17,027

Portfolio of Investments | 14

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

				Georgia (0.3%)
$		8,015		DeKalb County Housing Auth.	4.70		%	10/01/2031			$	8, 364

				Illinois (0.3%)
		7,500		Educational Facilities Auth.	4.75			11/01/2036				7,873

				Louisiana (0.5%)
		14,000		Public Facilities Auth.	7.00			12/01/2038				15,049

				Massachusetts (0.2%)
		6,000		Dev. Finance Agency	5.75			12/01/2042				6,378

				Michigan (1.6%)
		15,000		Hospital Finance Auth.	6.00			12/01/2034				17,404
		15,000		Monroe County EDC (INS)	4.65			10/01/2024				15,519
		10,550		Strategic Fund Ltd. (INS)	4.85			9/01/2030				10,809

											43,732

				New York (0.3%)
		8,500		Hempstead	5.00			12/01/2010				8,515

				Ohio (0.3%)
		8,000		Air Quality Dev. Auth.	5.75			6/01/2033				8,523

				Pennsylvania (0.4%)
		10,000		Economic Dev. Financing Dev. Auth.	2.63			12/01/2033				9,994

				Tennessee (0.1%)
		1,975		Knox County Health, Educational, and Housing Facilities Board (NBGA)	4.90			6/01/2031				2,075

				Texas (1.1%)
		3,465		Beaumont Multifamily Housing Finance Corp. (NBGA)	4.70			12/15/2031				3,542
		7,500		Matagorda County Navigation District No. 1	5.13			6/01/2030				7,808
		3,470		Montgomery County Housing Finance Corp. (NBGA)	4.85			6/01/2031				3,611
		15,000		North State Tollway Auth.	6.00			1/01/2038				16,609

											31,570

				Wisconsin (0.3%)
		9,000		Madison	4.88			10/01/2027				9,638

				Total Put Bonds (cost: $185,517)							196,504

				PERIODIC AUCTION RESET BONDS (0.1%)
				Oklahoma (0.1%)
		5,900		Tulsa County Industrial Auth., acquired 7/20/2006; cost $5,900 (d),(e)	0.64			1/01/2039				1,770

				VARIABLE-RATE DEMAND NOTES (0.9%)
				California (0.2%)
		6,000		State (LIQ)(LOC - Dexia Credit Local) (c)	0.30			8/01/2032				6,000

15 | USAA Tax Exempt Intermediate-Term Fund

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

				Louisiana (0.2%)
$			6,000	Local Government Environmental Facilities and Community Dev. Auth. (LOC - Regions Bank)					0.95			%	4/01/2035							$	6,000

				Multi-State (0.1%)
			3,635	Non-Profit Preferred Funding Trust I (LIQ) (c)					1.75				9/15/2037								3,635

				Tennessee (0.2%)
			5,200	Shelby County Health, Educational and Housing Facility (LOC - Regions Bank)					0.95				5/01/2033								5,200

				Texas (0.2%)
			5,000	Harrison County Health Facilities Dev. Corp. (LOC - Regions Bank)					0.95				4/01/2026								5,000

				Total Variable-Rate Demand Notes (cost: $25,835)																25,835

				Total Investments (cost: $2,766,362)														$ 2,770,841


($ 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				$	—	$		2,546,732				$		—	$		2,546,732
		PUT BONDS					—			196,504						—			196,504
		PERIODIC AUCTION RESET BONDS					—			—						1,770			1,770
		VARIABLE-RATE DEMAND NOTES					—			25,835						—			25,835
Total						$	—	$		2,769,071				$		1,770	$		2,770,841

Reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value:

	PERIODIC AUCTION RESET BONDS
Balance as of March 31, 2009	$-
Net realized gain (loss)	-
Change in net unrealized appreciation/depreciation	(4,130)
Net purchases (sales)	-
Transfers in and/or out of Level 3	5,900
Balance as of December 31, 2009	$1,770

Portfolio of Investments | 16

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 Intermediate-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.

USAA Tax Exempt Intermediate-Term Fund | 17

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 the securities valued using significant unobservable inputs, the Manager determined the market quotations from the pricing services were not determinative of fair value. As such, the securities were valued in good faith using methods determined by the Manager, under valuation procedures approved by the Trust’s Board of Trustees. These unobservable inputs included risk premium adjustments reflecting the amount the Manager assumed market participants would demand because of the risk (uncertainty) in the cash flows from the securities and other information related to the securities such as credit quality and coupon rates. Refer to the portfolio of investments for a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value.

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 quarterly report 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

Notes to Portfolio of Investments | 18

appreciation and depreciation of investments as of December 31, 2009, were $81,654,000 and $77,175,000, respectively, resulting in net unrealized appreciation of $4,479,000.

F. The portfolio of investments category percentages shown represent the percentages of the investments to net assets, which were $2,802,042,000 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)		Zero-coupon security. Rate represents the effective yield at the date of purchase.
(b)		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.
(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 $16,157,000, which represented 0.6% of the Fund’s net assets.
(e)		Security was fair valued at December 31, 2009, by the Manager in accordance with valuation procedures approved by the Trust's Board of Trustees.

USAA Tax Exempt Intermediate-Term Fund | 19

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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