UATXX Usaa Treasury Money Market Trust (MM)

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 USAA (R)

PORTFOLIO OF INVESTMENTS
1ST QUARTER
USAA NEW YORK MONEY MARKET FUND
JUNE 30, 2010

 (Form N-Q)

48505-0610 (C)2010, USAA. All rights reserved.
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PORTFOLIO OF INVESTMENTS

June 30, 2010 (unaudited)

CATEGORIES AND DEFINITIONS

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

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

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

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

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



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

 PORTFOLIO ABBREVIATIONS AND DESCRIPTIONS

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1 | USAA NEW YORK MONEY MARKET FUND

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IDA Industrial Development Authority/Agency
MTA Metropolitan Transportation Authority

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 PORTFOLIO OF INVESTMENTS | 2

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PORTFOLIO OF INVESTMENTS

June 30, 2010 (unaudited)



PRINCIPAL
AMOUNT COUPON FINAL VALUE
(000) SECURITY RATE MATURITY (000)
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 VARIABLE-RATE DEMAND NOTES (99.0%)

 NEW YORK (97.5%)
$ 3,955 Albany IDA (LOC - RBS Citizens, N.A.) 0.48% 5/01/2035 $ 3,955
 1,140 Broome County IDA (LOC - Manufacturers &
 Traders Trust Co.) 0.36 7/01/2023 1,140
 2,750 Chautauqua County IDA (LOC - PNC Bank, N.A.) 0.31 8/01/2030 2,750
 6,000 Chautauqua County IDA (LOC - PNC Bank, N.A.) 0.37 12/01/2031 6,000
 4,800 Dormitory Auth. (LOC - KBC Bank, N.V.) 0.23 7/01/2029 4,800
 1,365 Dormitory Auth. (LOC - Federal Home Loan
 Bank of Boston) 0.27 6/01/2034 1,365
 5,340 Dormitory Auth. (LOC - Key Bank, N.A.) 0.38 7/01/2038 5,340
 1,865 Dutchess County IDA (LOC - JPMorgan Chase
 Bank, N.A.) 0.31 10/01/2017 1,865
 1,265 Erie County IDA (LOC - Fifth Third Bank) 0.85 10/01/2026 1,265
 5,075 Erie County IDA (LOC - Sovereign Bank) 0.38 11/15/2036 5,075
 2,165 Essex County IDA (LOC - Key Bank, N.A.) 0.38 3/01/2032 2,165
 4,000 Local Government Assistance Corp. (LOC -
 Bayerische Landesbank)(LOC - WestLB A.G.) 0.29 4/01/2023 4,000
 4,000 Long Island Power Auth. (LOC - JPMorgan
 Chase Bank, N.A.) (LOC - Landesbank
 Baden-Wurttemberg) 0.25 5/01/2033 4,000
 4,530 Monroe County IDA (LOC - Manufacturers &
 Traders Trust Co.) 0.56 12/01/2034 4,530
 4,000 MTA (INS)(LIQ) (a) 0.32 3/01/2012 4,000
 5,000 MTA (INS)(LIQ) 0.33 11/01/2029 5,000
 6,000 New York City (LOC - Bank of America, N.A.) 0.33 8/01/2034 6,000
 1,400 New York City Housing Dev. Corp. (LOC - Bank
 of America, N.A.) 0.27 11/01/2048 1,400
 1,075 New York City IDA (LOC - Manufacturers &
 Traders Trust Co.) 0.56 12/01/2027 1,075
 1,500 New York City Municipal Water Finance Auth. (LIQ) (a) 0.32 6/15/2013 1,500
 4,500 New York City Transitional Finance Auth. (LIQ) (a) 0.31 11/01/2030 4,500
 4,000 Oneida County IDA (LOC - Manufacturers &
 Traders Trust Co.) 0.36 6/01/2030 4,000
 4,600 Oneida County IDA (LOC - RBS Citizens, N.A.) 0.51 7/01/2037 4,600
 5,185 Ontario County IDA (LOC - ABN AMRO Bank N.V.) 1.31 3/01/2028 5,185
 3,500 Ontario County IDA (LOC - Key Bank, N.A.) 0.38 7/01/2030 3,500
 3,000 Port Auth. of New York and New Jersey 0.37 11/16/2012 3,000
 4,795 Thruway Auth. (LIQ) (a) 0.34 4/01/2013 4,795
 6,860 Triborough Bridge and Tunnel Auth. (LOC -
 Bayerische Landesbank) 0.30 1/01/2032 6,860
 5,060 Wayne County IDA (LOC - ABN AMRO Bank N.V.) 1.31 6/01/2012 5,060
 875 Westchester County IDA (LOC - JPMorgan
 Chase Bank, N.A.) 0.30 10/01/2028 875
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 109,600
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3 | USAA NEW YORK MONEY MARKET FUND
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PRINCIPAL
AMOUNT COUPON FINAL VALUE
(000) SECURITY RATE MATURITY (000)
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 PUERTO RICO (1.5%)
$ 1,700 Commonwealth (LIQ) (LOC - Bank of America, N.A.) (a) 0.40% 7/01/2011 $ 1,700
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 Total Variable-Rate Demand Notes (cost: $111,300) 111,300
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 PUT BONDS (1.1%)

 PUERTO RICO (1.1%)
 1,280 Industrial, Medical and Environmental Pollution
 Control Facilities Financing Auth. (cost: $1,280) 0.95 3/01/2023 1,280
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 TOTAL INVESTMENTS (COST: $112,580) $ 112,580
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($ IN 000s) VALUATION HIERARCHY
 -------------------
 (LEVEL 1)
 QUOTED PRICES (LEVEL 2)
 IN ACTIVE OTHER (LEVEL 3)
 MARKETS SIGNIFICANT SIGNIFICANT
 FOR IDENTICAL OBSERVABLE UNOBSERVABLE
ASSETS ASSETS INPUTS INPUTS TOTAL
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 VARIABLE-RATE DEMAND NOTES $ -- $ 111,300 $ -- $ 111,300
 PUT BONDS -- 1,280 -- 1,280
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Total $ -- $ 112,580 $ -- $ 112,580
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 For the period ended June 30, 2010, there were no transfers of securities
 between levels 1, 2, or 3. The Fund's policy is to recognize transfers into
 and out of the valuation levels as of the beginning of the period in which
 the event or circumstance that caused the transfer occurred.

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 PORTFOLIO OF INVESTMENTS | 4


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NOTES TO PORTFOLIO OF INVESTMENTS

June 30, 2010 (unaudited)

GENERAL NOTES

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

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

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

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

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

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

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

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

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

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5 | USAA NEW YORK MONEY MARKET FUND
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approximates the current fair value of a security, but since the value is not
obtained from a quoted price in an active market, such securities are reflected
as Level 2.

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

D. As of June 30, 2010, the cost of securities, for federal income tax purposes,
was approximately the same as that reported in the portfolio of investments.

E. The portfolio of investments category percentages shown represent the
percentages of the investments to net assets, which were $112,469,000 at June
30, 2010, and, in total, may not equal 100%. A category percentage of 0.0%
represents less than 0.1% of net assets.

SPECIFIC NOTES

(a) Restricted security that is not registered under the Securities Act of
 1933. A resale of this security in the United States may occur in an
 exempt transaction to a qualified institutional buyer as defined by
 Rule 144A, and as such has been deemed liquid by the Manager under
 liquidity guidelines approved by the Trust's Board of Trustees, unless
 otherwise noted as illiquid.

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 NOTES TO PORTFOLIO OF INVESTMENTS | 6

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